It's official, Portland’s Condo market has crashed.. Well that’s my opinion. Condos have been sitting empty all over Portland. Even as I look out my office window I see unfinished condos sitting vacant. They’re everywhere! This is a huge dicicator of distress (not that we didn't know that already). The Atwater Place condos in the South Waterfront will be auctioned off with reserve prices less than half of what they were valued at in 2007 when the building was constructed. The development company built 212 condo units 23 stories high. This project is on the auction block. The date is set for Sept. 20th starting at 4pm at the Marriott Portland Downtown Waterfront.
A Company called “Accelerated Marketing Partners” will be doing the auction. I'm estimating around 800 unsold condo units in newly constructed buildings downtown. Yes.. you heard it correctly. 800. Talk about massive inventory. We’re drowning in condos. This auction is a good thing. It will put things in perspective for the people of Portland. We are in a condo crisis for sure. Supply & Demand. It's that simple. Too much supply meand cheaper prices for you. According to an announcement for the auction, one bedroom condo units boasting 1,318 square feet are for auction with minimum bids starting at only $169,000.
So let’s compare this to the units that were sold in November and December of 2007. Back then, Atwater Place sold 10 condo units with a range of square footage between 1,200 to 1,300. These condo units sold for prices of $472,000 to $640,161. That's outrageous by today's standards! Huge discounts are being offered. Two bedroom condo units will be starting at $269,000. The riverfront residences will start at $699,000.
The building has been open since January 2008. Units are available to view from 11 a.m. to 7 p.m. daily. Registration is fast and easy. Email me for more details at SoldByAaron@gmail.com or you can use the contact form located on the right. You can even call me if you like. My number is 503-332-9777.
Take care and Good luck friends.
Aaron Majors
FOR AUCTION ~ 2874 SE EVELYN PL, GRESHAM, OR 97080
Find out more about this home at www.portlandhomeauction.com
This home is truly amazing. Best Wishes Friends,
Aaron Majors
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Auctions are on the rise, and home buyers and sellers alike are finding satisfication on the benifits. Learn more today!
Best Wishes,
Aaorn Majors
I would say that the number one rule would be to get a Realtor that is expierenced. Check out: www.PORTLANhomeAUCTION.com. You can search home auctions, foreclosures, short sales, and much more. Need some tips? Check out the blog posts. Have questions... Send an email.
#1. Find the home for auction in your area. Sign up for up to date reports on upcoming home auctions. Develop a system for keeping track of home auctions.
#2. Confirm the home is still for auction. Do this by contacting your Realtor.
#3. Check portential value of home. How much is it worth? How much are you saving? A skilled Realtor will do this for you and show you the equity you may be recieving.
#4. Determine the bid amount. Don't get emotionally attached yet. It's all about the numbers. Figure out your limit to bid and STICK to it.
#5. Bid on the home. Write an offer with your Realtor and bid on the home.
#6. TAKE OWNERSHIP! Good job. Now your a savvy home buyer.
Good Luck!
Aaron Majors
"Sucess is not final... Failure is not fatal..." ~Winston Chruchhill~
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