Today’s Oregonian story on the Portland condo market is clear and concise with good stats to back up what we know about the condo market right now: it has changed drastically. New construction is ongoing and plans for more are being put on hold and some buildings converted to apartments.
Interestingly, even with all the problems, one interviewee doesn’t think that people will lose money if they got in a couple of years ago, they just aren’t going to make as much as the hoped and the units are taking longer to sell.
The city has a condo glut, and thousands more are rising out of the ground. In the past six years, developers built 4,042 downtown condos, more than twice the figure from the previous 30 years. Today, developers have nearly 2,114 condos under construction.
The Wyatt was switched to apartments but now the article reports developer Robert Ball has sold the entire building!
The buyer that we are working with in the Pearl on a condo made an offer significantly below asking. The seller countered but our counter back was the same price as the first offer we made. That was accepted. Its a new tough reality for sellers but properties are moving.