So I plugged it into the Rent vs. Buy calculator...
You could pay $21k per year, with probably $5k in upfront costs to rent the loft. Or pay $24k per year to own it, with $65k up front. And take on all the risk of the market decline (or increase!).
Here's the listing in case the craigslist listing gets pulled:
$1750 / 2br - Be the first to live in this beautifully designed building (Portland) (map)
The building is centrally located a short distance to several North and Northeast Portland retail areas including the Mississippi Historic district and Alberta Street. Major connector streets to downtown, Northwest Portland and freeway entrances to I-5 and I84 are within blocks. MAX light-rail train on Interstate Avenue is minutes away as is Portland Community College campus.
The units include floor to ceiling double sliding glass doors to connect the kitchen and living space to the private front alleyway, making the space feel larger while providing a place to dine or relax just outside your door. An aluminum grate floor above the first floor, allows light to reach farther into the ground floor while encouraging airflow up through the entire unit. The second floor is one large light filled space with a smaller bedroom or office space on the north side. The third floor master bedroom has a floor to ceiling window with an etched lower section for privacy and a large closet along one end.
Also available are 2 Live/Work units with ground floor retail space. http://portland.craigslist.org/mlt/off/835690122.html (office & commercial) for information.
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13 comments:
Wow. I know I'll be flamed for admitting that I just bought a house, but my mortgage payment for the 2 bedroom that I just bought in Montavilla (equally sketchy but potentially nice as the Wi/Van corridor)is much less that $1750 a month and I didn't even put that much down! I can see putting down that kind of money on rent on a place in the Pearl IF (and I'm going out on a limb here) living in a tony neighborhood was really important to you (obviously it isn't for me), but North Williams? And I thought the prices they were advertising at 2121 Belmont were ridiculous!
"I know I'll be flamed for admitting that I just bought a house"
No flaming. I just feel sorry for you.
I don't know if the sympathy is really necessary. For me, owning as a long term hedge against inflation made sense. I have a stable job, was able to parlay an over 800 credit score (after years of paying my bills on time) and first-time buyer status into a fixed rate low interest loan, was realistic about what would fit in my budget and plan on being there for a while. As for market timing, reasonably priced (less than 200,000) starter homes with convenient public transit access that aren't falling apart are still selling at or near asking price. I'd be really interested to hear other people's experience and observations concerning pricing on that segment of the market as opposed to McMansions in Happy Valley or unrealistic flips (250,000 starter homes in Rockwood with structural problems, but lots of pretty paint and granite)
I like the building. But who is going to rent for that much in that area? Who is renting 2121 belmont? Are they having any luck with that?
Doug,
You did well. Nothing wrong with buying. Sounds like you got a greatdeal. You should be happy. Owning is fun.
I am really digging the design of those lofts but I think the rent is too high for the area.
The building pictured is the Williams5 building, not the Hakoya Lofts ...
Both projects seem overpriced to me, although I like them both.
Yes, the Hakoya project is still for sale per craigslist
http://portland.craigslist.org/mlt/reb/839670095.html
$299000 Hakoya Lofts * * * NEW / GREEN (16 NE Shaver St, Portland, OR) (map)
"owning as a long term hedge against inflation made sense"
your problem starts with "de" not "in".
"are still selling at or near asking price"
That is mighty powerful FB weed you are smoking.
I had 30" to kill while near Mississippi Area and thought I'd drive around. I stumbled across the Hakoya project...yuck (IMHO), in 5 years, if not maintained well, it's gonna be an eyesore. Anyone know what material the exterior is made of?
Stumbled across the Sumner Brownstones, very nice little pocket. I am more curious about the city block of new, two story townhome style apartments just to the west which are brightly painted near Sumner and Vancouver Ave. Anyone have info on 'em.
http://www.oregonlive.com/realestate/oregonian/index.ssf?/base/homes_real_estate/1219431330258150.xml&coll=7
http://portland.craigslist.org/mlt/reb/839670095.html
http://www.williamsfivecondos.com/
Williams 5, not Hakoya. Look inside sometime and you'll see why they're going for $1750. They're stand out over any modern architecture condos in town in a huge way.
Hakoya Lofts are still for sales and not for rent is my understanding. I was recently directed to this site for more information, the photos are stunning.
http://www.facebook.com/album.php?aid=2001104&id=1439434349
Will gonna check the place. Thanks for the information.
Paula M
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