Portland South Waterfront Update
My property search of the Portland’s South Waterfront shows 110 active listings in RMLS. They range in price from $170,000 to $1,999,000. Both units are in the John Ross.
The South Waterfront was not insulated from the real estate market decline. The Adrea (the far left building in the picture above) was converted to apartments (as was the Wyatt in the Pearl and 2121 Belmont in SE). From there, we have Atwater Place, the John Ross, the two Meriwether Towers and OHSU’s building on the far right. This is a great picture of the proposed build-out of the area.
May 20th, 2009 at 11:17 am
Those rents for the Ardea seem…uhh…ridiculously high on their website! Is ANYBODY really paying that in Portland?
May 20th, 2009 at 7:57 pm
Justin, Ryan Frank/Front Porch RE blog over at Oregonlive.com had a link which I cannot find at this moment re: rental rates and discounts. I think the Wyatt lead the way with 26% discounts for the tenants, a free month or two or three and all of a sudden the monthly rent doesn’t seem so steep. I’ve been at my Forest Heights complex for 2 years and just got a free month which is unheard of for current tenants. I would guess that the Ardea can cut you a deal. But after your one year lease is up be ready to wheel and deal again or be ready to move or be ready for the steep price..
You might find this link interesting: “Portland rental market next to fall” Read the PDF for more insight.
http://blog.oregonlive.com/frontporch/2009/05/top_5_portland_market_shows_mo.html#more
My brother leased for 6 months at the Wyatt and got a free month just on a 6 month lease! Usually have to sign a 12 month lease to get the deals.
Cheers and happy apartment hunting. It’s a great time to be a renter;O)
May 21st, 2009 at 3:05 pm
Most know that we are living in the Wyatt right now. We should be back in our house in about a month when the “Untitled Crowley Project” finishes shooting (Harrison Ford and Branden Frasier). We negotiated what we felt was the best deal for what we were getting. We once did a Mexico timeshare thing where a couple was bragging that they got XYZ for sitting through the sales pitch. All we could do was smile. For all I know the guy next to us was stifling hysterical laughter. Not really much difference with buying cars or real estate: negotiate your best deal.
May 23rd, 2009 at 11:25 am
Having relocated here from SoCal now going on 5 years I can tell you first hand that the rental market has changed significantly. When I first arrived managers were not flexible in terms and yes, you had to sign a 12+ month lease to get any leeway in $. Now it seems like anything goes. Not only are advertised rents dropping, numerous deals are presented at the table. So Justin, NOBODY is paying that in Portland. Just another wet dream of those in over their heads.
May 23rd, 2009 at 6:37 pm
Another point I’d like to make, I am not so sure I would want to get into a long term lease given the changing real estate market. I think there will be some great buys in the next 6-8 months. Either way, it’s great to be on the buyer’s end of things right now.