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.

Hakoya Lofts - Now $274.5k to $325k (16 NE Shaver St)

Back in September the Hakoya Lofts were going for $300k to $325k, or about $290 / sq ft.

The prices on 5 of them (did one sell?) have now been dropped to $274.5 - $300k, or about 8.5%. The price / sq ft drops to $269. (RMLS # 9008947)

The lofts look nice in the photos, althought I think the big garage door faces north. A huge south facing window would be really nice during Portland's dreary winters.

They also face competition from these lofts down the street on MLK.


I believe there are also a number of big loft projects over on Mississippi.

Hokoya Lofts - N William St. Corridor

I've driven past this building, (the Hakoya or Hokoya lofts, even the builders don't seem to know. Marketing 101 people, spell the name right! You say tomato, I say tomoto, I say you're wrong, etc. etc...) a few times, and just saw it pop up on the RMLS. There appear to be 6 2-3 bedroom units in the building, but don't know how many have sold yet, and it appears that all six are still available, albeit poorly marketed. (see RMLS #8082053)

I was a little shocked to see the prices, starting at $300k and going up from there (that's $290 / square foot for this 1034 sq. ft. loft). $300k will buy almost any house in the immediate neighborhood, and I'm pretty sure I'd rather have a yard and basement for my $300k. I'm not sure that this is the greatest location for lofts, but then again there must be a market for new construction/condos/lofts in a more residential neighborhood. I'm not sure why people don't love old houses as much as me, but I guess it's theoretically possible.

Anybody seen the inside or braved the "hardhat tours"? Anybody out there considering one? This stretch of Williams looks kind of funky/hip (and scary in places) but we haven't really explored it yet.