Saturday, March 1, 2008

Free Fall Friday - 4401 NE Grand, 12.5% off!


Here's a duplex that's just been on the market a while, and now has been reduced $50k, down from $399k $349k, a 12.5% reduction.

http://www.wellcomemat.com/home/channels/kurtzteam/9ABC91FEA1#wrapper

According to my calculations, even at this "new, reduced" price you would still pay over $1000 a year to have the pleasure of saying you own this architectural gem. The price would still have to drop another $30k before it breaks even given current rent levels, let alone turns a profit.

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8 comments:

Ray said...

They should have a new show called Rent that Flip. There are so many would be home flippers out there that can't get what they need. Now over-priced rentals on the market... $1,000 deposits. You would not believe it! But it's a buyers market and a renters market. Boohoo for the speculators.

Ray said...

Oh... and how would it feel after you sign your new lease you realize your home has been listed for the last year and is STILL being listed?!? Man, that would be a trip.

yamyam said...

I've seen this monstrosity on CL for months now. I can't really tell if it's a converted garage or just a hovel.

PDXOutsider said...

20 years ago it could have been all yours for the princely sum of $5000!

the 70's was a bleak decade for architecture.

ne_renter said...

Having watched the presentation and checked portlandmaps, it's a flip of dubious quality that's overpriced to boot. Fuck 'em until they get serious.

Ray said...

Check this free website out to review public records! Including historic sales prices of homes.

http://publicrecords.netronline.com/dir.aspx?StateID=39

PDXOutsider said...

hey ray, it looks like that site links back to portlandmaps.com, which i have bookmarked on the main page. unless i'm missing something.

portlandmaps is a wealth of information, including things like checking if permits were pulled for recent work.

bearlee said...

The Tabor Hill Condominiums, a 60's conversion, may be a story though I am having trouble recalling what the original asking prices were. RMLS# 8006122, 8013499, 8017504, 7086063, 7087640, 7087643, 7100439, 7086000, 7100442, 8006156, 8006197, plus three more(tired of c and p. No luck on portlandmaps, either. Not sure how many were converted to begin with. Anyone live near SE 73 and Burnside to check things out?

"HUGE PRICE REDUCTION"