Lower-priced apartment conversions will test condo market
By Charles TurnerThere’s a current listing in the Henry (Pearl District) that prices out at about $500 per square foot.
Coming soon, the Harrison Condos will put the rapidly escalating condo prices to the test. The condo conversion will be much more reasonaby priced than the new constructions that are popping up all over the city.
The Porland Business Journal’s front page story on March 3, 2006
Sales of the first 190-plus units in the former Portland Center apartments, now the Harrison condominiums, will begin this month. With an inventory of more than 560 units and townhomes carrying prices well below that of new construction in the neighborhood, Harrison offers an interesting test of the strength of Portland’s growing penchant for urban living.
At $175,000, Harrison units start at about $100,000 per unit less than prices asked at the South Waterfront. In aiming for a smaller price, Harrison is catering to an underserved market, and the commercial real estate community is anxious to see how well it is received.
I will be watching how fast the new Harrison Condos sell. I used to live there when they were apartments. I was able to afford the rent but unable to afford to buy a condo. I ended up purchasing a condo that was converted from apartments close to downtown but at a much lower price. There are so many apartments being converted to condos that there may not be that many apartment buildings left in the downtown area in the future. I just read that the new apartments in downtown Vancouver are converting to condos too.
A move, they called a “historic decision”, was made when the West Miami leaders approved an eight-story, multiuse complex. The complex has townhouses and retail and commercial spaces.Many residents now agree with the project. In January, neighboring places did not agree on the 2-acre project located on the 2100 block of 67th avenue.
Commissioner Ed Muhiña voted for the project. However, Susana Palomino did not agree that the buildings should be taller. She blamed herself for not paying attention when West Miami approved the project two years ago.
By Mabelle Sese