Condo and Single Family Home inventory continues to be exceptionally low. If you would like to see all MLS listed condos in Portland, please visit my website www.portlandlistings.com
Photo of the John Ross Condos in Summer
The holidays have past, and we were in the depths of winter. A lot of people in Portland get depressed this time of the year because of the lack of sunlight, but people who want to sell condos or homes in Portland are in full party mode. They are dancing a jig. It is still the most wonderful time of the year if you have real estate to sell.
Inventory is of condos and homes is pathetic... leftovers from last year that were over priced or poor quality. Yesterday I went on "Broker's Tour" to see if I could come across some decent homes for buyers that I am working with, and I found some!! However, the listing agents were talking about multiple offers. I was looking for homes for one particular buyer, and she will not be available to look at homes until January 19th. I am afraid that it will be too late for the nice properties that I looked at yesterday.
I wrote an offer on a bank owned condo in downtown Portland last week, and I received an email from the listing agent that said, we have multiple offers, please submit your highest and best offer. My client instructed me to write an above list price offer, and now we wait. This is the state of the market. Condos and homes that are appropriately priced are selling very fast.
One very interesting opportunity that I have identified is condos at the John Ross and the Atwater at the South Waterfront. These two buildings are not subject to pending litigation, and for the next few months the only inventory available to non-cash purchasers will be at the John Ross and the Atwater. The Meriwether is still mired in the lawsuit against the developer, and this means that roughly 50% of the condo inventory at the South Waterfront is still frozen. Once the lawsuit is resolved, Katie bar the door. There is going to be a waterfall of inventory coming out of Meriwether buildings... no pun intended.
