Thanks to Stephanie for sending in an email about this condo with the note: "Here's a condo in the downtown area. It looks like it sold for $525,300 in April 2006 (per Portland Maps). It's on the market today for $436,999. What's the story on this?" MLS#8018072
That's a 17% decline in one year. Ouch.
It doesn't appear to be a foreclosure, at least I couldn't find it on RealtyTrac.
Based on Portland Maps the property tax jumped from $1890 in 2006 to $6100 in 2007.
Is this a sign that the condo glut is starting to push down prices? I don't know anything about this building, any readers know more?
9 comments:
It is a short sale...
There is one other listing in the building @ $539.9K.
the taxes went up because it was new construction and was only partially assessed the first year then fully assessed the second. Not unusual at all.
Thanks to both of you for the additional info.
That actually looks like a very good buy. There is nothing in that area like it for the price. Too bad the complex is SOOOO ugly. The area is kind of on the fringe right now but will develop eventually.
The area is on the fringe? If you think that area is on the fringe than you have no clue what the fringe is! I know that building I lived in that neighborhood for 10 years and worked 6 years over at Con-Way. Nice places, I remember when they were built and I knew they would be spendy. I am suprised to see it so low now. Someone needs out bad.
I hope some of that decline comes over to my neighborhood in lot prices. I want to build a new place and the land is so damn spendy!
I have lived in the NW Neighborhood since 1987 and am in the real estate business so I think I know more about what is the fringe than some cube farmer at Con-Way.
There is no real retail or residential to the north of this site and it is many blocks to the east or west before you hit any density of retail or residential. Only in the last couple years has anyone developed anything even close to this site. It was gutsy to do those rowhouses on Overton between 19th and 20th a couple years ago because of the fringe location and it is several blocks "into the neighborhood" from this ugly project.
Anon 4:10
"I am suprised to see it so low now."
Yeah......its shocking...
Pulled the trigger on that speculative property in St. Johns yet?
"so I think I know more about what is the fringe than some cube farmer at Con-Way."
hey, keep it polite people. argue the point, not the person. cheap shots don't make you look any smarter.
I am surprised about the price of this condo.
Dierdre G
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