"The John Ross condominiums have sweeping views, an elegant shape that inspires architectural envy, and a whole lot of unsold units.
To date, just 177 of its 303 units have attracted buyers.
According to Multnomah County property records, a database that includes sale dates along with information about the property, buyers and prices, just two units have sold in 2008."Only 2 units have sold in 5 months? At that rate I'll be dead before they sell the rest.
According to the article, there are over 3 years of inventory for condo's at the current sales rate.
"Today, Portland has about 2,500 unsold condominiums, a figure that includes developers' inventories and another 1,000 "phantom units," which refers to condominiums bought by investors who intended to turn a quick profit and who apparently are holding out for the market to return.
Assuming Portland buyers have an appetite for 700 to 1,000 units a year, it will take nearly three years to clear out the current inventory."I'm still amazed that the construction industry hasn't found better ways to predict when the market is going to slowdown or pickup. It seems like it's always feast of famine. Develop thousands of new units, flood the market, stop construction, then miss the bottom and scramble to build more.
""We probably have about a two-year supply in the downtown area," said Newton, who said barring an economic collapse, Portland continues to attract newcomers and will need to keep adding new housing in the future."
Yes yes, we know so many people are moving here. With a soft economy I'm not sure where these jobs are coming from. I'll post the migration statistics when I find them again.
But if you're in the market for a condo (and I know a few readers are) it should be a great time to negotiate. And will likely only get better until the inventory drops, either from increased sales, or conversions to apartments.