Lair Hill - 30% off!

A reader sent this one in. RMLS # 8101965 It's now listed for $299k, down from $429k. That's quite the discount - over 30%. I have to wonder if the $429k price was just wishful thinking, or a marketing ploy to make it look like a big discount. Anybody know this area and care to speculate? At the current price it's going for $200 / sq ft, less than the median $247 / sq ft for zip code 97239 according to Trulia. Then again the interior is pretty generic 90's bland, and it's an attached house, so I would expect a lower comp.

And for those who have been wondering why it's been so quiet here lately, well, it's been a crazy month. My parents were in town for a week, then I was back in Michigan celebrating my mom's retirement, and on the way back I picked up some nasty bug that had me in bed for 2 days. After catching up on work from all that the blog just didn't get much love. But please keep sending in your finds, rumors and questions and I will post them as quickly as I can!

Cheers!
Ian

17% off - 1420 NW 20th Ave Unit: 501

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?