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Who Buys New Construction Condos?

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

I was surprised at the high percentage of 20 somethings. $240,000 gets you 823 sqft in the John Ross. The same money gets you a 1581 sqft three bedroom house in Hilsboro 13 miles from downtown.

Location, Location, Location.

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