South Waterfront John Ross Auction
By Charles Turner
Fifty John Ross condos in the South Waterfront go on the auction block this Sunday.
Almost five years ago, I wrote this post on “Who Buys New Construction Condos?” It provided a demographic breakdown that the Oregonian published of the 200 pending buyer contracts:
52% are between 20-30 years old
20% between 30-39
20% between 40-49
6% between 50-59
2% 60 and older54% 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
At the time, $240,000 bought 823 SQFT. The auction list has an 847 SQFT unit listed for a minimum selling price of $130,000. That doesn’t mean it will sell for that price.
The John Ross responded to the Atwater auction last year by reducing prices on units which drove a wave of new sales.
[photo from John Ross Auction site]
Charles, Not sure what you are posting other than you wrote an article and that there will be an auction! Thanks for promoting the Auction Method of Marketing.
This auction should promote another wave of interest into the South Waterfront area. I heard that there were some 2300 visitors the first two weeks after the marketing campaign started for these auctions. This will be a good auction with some deals and a reset of Fair Market Value on some.
By resetting the Fair Market Value will a property tax decrease follow? Sheesh, some of those ‘affordable’ units have $4K/yr in property taxes! Plus the HOA.
It will be very interesting. Anxious to see the results and curious to hear about the buyers, ie investors, FHA (is that even an option w/ auctions?), 2nd homes, etc.
FHA financing is building specific. The John Ross is FHA approved. Property taxes are set but then can be appealed within a certain time frame. In Multnomah County, this is the form: Board of Property Tax Appeal 2009-2010 Real Property Petition.