Article
Portland Condos---An Overview
One of the largest cities in the Pacific North West, Portland is blessed with a rather large population. In fact it is the most populated city in the region, second only to Seattle. Often referred to as the city of roses, Portland was famous for its laid back lifestyle and a cosmopolitan cultural mix. But a flurry of real estate activities in the recent years has replaced the slow paced lifestyle and the city is emerging as the real estate hotspot in the region. With Portland condos dominating the real estate market, young professionals as well as the retirees, all types of buyers are opting for the condo properties in the city---either old or new.
Despite economic meltdown, Portland condos market is on the rise, thanks to the city’s booming economy. Change in the pattern of demographics has sparked off demands for downtown residences. This led to the unveiling of numerous high-rise condo projects across the city. At one point of time the city was replete with enormous Victorian mansions. A number of these structures are being demolished to find lands for building luxury sky scrappers. Many of the old structures are however being upgraded as modern condominiums. As a result, a number of old neighborhoods have reinvented themselves as happening localities. All these Portland condos---the freshly built ones and the conversion ones---make the best housing solution for the first time home buyers. These condo properties also make good real estate investment choice for the discerning investors.
As opposed to the real estate trends in the neighboring states, the Portland condo market has remained more or less stable during the slow months. Building costs skyrocketed due to increase in the mortgage rates and labor costs; but this failed to drown consumers’ confidence in Portland properties. And the net result is: the sales of pre-construction Portland condos have increased significantly over the past five years. The singles in particular, find these properties attractive, as they are far cheaper than the comparable properties in California city of Los Angeles or Washington city of Seattle.
With a number of new condo projects on the card and a few renovation projects on their way to completion, the downtown Portland condo market is in an all time high. Preconstruction units can still be bought for a considerably lower price. But with an enormous growth waiting down the line, the prices of Portland condos are going to skyrocket in upcoming years. It makes sense in buying a pre-construction unit when it is still cheaper as compared to the properties in the neighboring big cities.
