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.
Not long ago, we quoted $280 to $350 per square foot in the Pearl District. Now we’re seeing new construction over $400. $500 can’t be far if the market continues.
On Portland Architecture there is a conversation going on about this trend. Is it a problem or is it just the Portland market catching up to the rest of the West Coast?