Archive for the ‘New Construction Complexes’ Category:

The West Tower of the Strand was released for sale today. Units range from $319,000 for 792 square feet to over $2 million for a penthouse. (more…)

Two years ago, we used to tell our clients to expect around $280-$300 a square foot for downtown Portland condo space. Last year it was about $350. Now $400+. We’re not talking penthouses here. Just a nice condo unit in a Pearl/downtown complex. (more…)

The John Ross sold over 200 units the first week they were on the market. Who are these people and where do they come from? The Oregonian answered the question in Sunday’s paper:

52% are between 20-30 years old
20% between 30-39
20% between 40-49
6% between 50-59
2% 60 and older

54% are local to the Portland area
11% are from Portland suburbs
18% from Oregon, outside of the Portland area
9% from California and Washington
7% from the rest of the U.S.
1% international (more…)

Another front page Oregonian headline today about the condo market, specificly the John Ross Condos in the South Waterfront. Over 80% of their units sold within a week of release. Who are these buyers and where are they coming from? (more…)

Build it and they will come. Actually, don’t even break ground and they will come. If the Portland real estate market is hot, the Portland condo market is on fire.

The demand for lofts and condos in Portland continues to amaze. The John Ross started taking reservations by appointment last Saturday. 220 of 286 units are sold! Nothing remains below $699,000.

The Strand only has a couple of condo units left in the first two towers- starting at $649,000. There are townhouses still available. The West tower is reported to be opening for reservations in October.

$774,000 gets you two bedroom and 1610 square feet in the Meriwether. The remaining units start there and top out at $1,500,000.

Construction continues at the Vaux (pronounced vo) on NW 24th at Raleigh. The June 30th pricelist had one unit under $300,000 remaining.

Onder Development (same developer as the Strand) got their tower next to the Uptown shops on 24th and Burnside approved by the city council to the pain of the neighborhood association. Read an article in the Portland Tribune here. (more…)

The John Ross in the South River Blocks will start taking reservation on July 9th through July 17th by appoinment only and then will release the remaining units to the public on the 19th. They are not selling to investors at this time. A reservation is a non-binding agreement between both the buyer and the seller and is approved by the Oregon Department of Real Estate. Oregon law requires that any and all deposit monies made with a reservation are fully refundable, no questions asked, at any time requested. The reservations will be converted to binding contracts later in the year. (more…)

The Strand down at Riverplace was wildly popular when it was released in April. Now, just a few units in the first two buildings remain available. The West Tower will be released later in the year. (more…)

We’ve already talked a lot about the Strand, Vaux, Merriwether, and other complexes already under construction. A special note and condolences goes out to the friends and family of Erik van Doormick, the developer of the Benson Tower, who was killed in a private plane crash at the beginning of June.

So what’s next? Rumor on the street based on what I’ve heard:

Portland City Council had a change of heart and approved the Uptown Condo project behind the Uptown Shopping Center at NW 24th and Burnside. The building will be 150 feet tall, twice the height city code allows for.

The Cambridge is seven units on NW Westover between Flanders and Glisan. They are listed in the mls system between $665,000 and $749,000 and are scheduled for early spring 2007 completion.

Demolition is in full swing at NW 13th and Marshal. The Coplin will take its place. (more…)

You can’t turn the TV on or open the newspaper without finding a feature about home prices these days. Traditional methods of pricing a home don’t work in this market. Even looking back at the past six months of comparable sales will result in a price below current market value. (more…)

I’ve had multiple requests in the last couple of days on the topic of the reservation process for new construction. There is no uniform policy so the answers here mostly use The Strand as an example. Keep in mind that we are not the listing agents for any of the new construction developments, this post outlines my experience to date.

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