Prices slashed at the John Ross condos

Condos still aren't moving, so prices are continuing to fall. This price cut is pretty serious. From the Portland Business Journal today:

"Gerding Edlen Development Co. has added the John Ross condominiums at
South Waterfront to list of projects with slashed prices.

The company cut prices by approximately one-third in a bid to find buyers
for 110 unsold units in 18 months....

A sample of units available at John Ross include a 12th floor studio now
available for $199,999, down $100,000. The new price translates to $311 per
square foot.

A 30th floor penthouse unit with three bedrooms and three and a half
bathrooms now is available for $1.5 million, down nearly $1 million. The new
price is equal to $434 per square foot.

Realty Trust notified John Ross homeowners of the decision to cut prices on
July 10."

While those current homeowners must have known that their condos were worth less than they paid earlier, they now have a nice figure to quantify their loss. 33%. Ouch.

I still wouldn't touch a condo in Portland for the next few years, if not ever.