Article
Portland Condos Market---Important Trends
When it comes to Portland real estate, it seems the market is up for some serious business after months-long hibernation. Most activities have been observed in the Portland Metro area. Majority of the new condos have been sold out in their first phases. The cautious buyers are however doubtful as to what the reality is , Is the Portland condos market going back to 2004-2005 levels or is it just the marketing campaigns fueled by the smart developers?
Now, certain factors contributed to the buyers’ decisions. These factors explain why this certain spurt in the activities should be considered a reality and not just hype.
Since Federal rate cuts failed to bring back the buyers in the market and did little to help builders sell their condo units faster, the builders themselves worked out a market-driven plan. They have dropped prices of the new Portland condos units. Additionally they offered attractive incentives on the unsold units. Most of the developers sent across the message that they were ready for price negotiations and this helped buyers grab cool bargains on the prices of ready to move Portland condos. As for example, the condo prices in Bethany area have dropped from $280K to $229K over just one and half year. No wonder, a new Tanasboune crossing condo experienced a grand opening with all its first phase units sold out in a single day. More new Portland condos in Bethany areas are ready to follow the footsteps of Tanasboune Place.
So far as Portland condos are concerned, one unmistakable trend stands out and that is: smaller units are more in demand. The Portland condos in the less than 1,000 square feet segment are most in demand. The buyers from all strata of the society are opting for these smaller homes and they include empty nesters to newly married couples without kids, from singles to the retirees. For these buyers, these small Portland condos make the most practical choice. As such, the buyers are ready to pay the price for the luxury features and great locations and stop sticking to huge single family homes that are difficult and expensive to maintain.
Another important trend relates to the space saving designs and floor plans of the Portland condos. Developers and buyers alike are emphasizing on the aspect of storage. Take the case of Tanasbourne Place, a condominium project in Beaverton by Polygon Northwest, for instance. In this apartment, all units are provided with small, attached garages. Garage walls can be used for extra storage space. You will even come to find walk in closet and laundry room in these small one-bedroom Tanasbourne condos. Benson Tower, off Southwest 11th Avenue in downtown Portland gives another good example of this trend. This property offers underground parking along with garage storage space. The property also offers spots in wine storage area so that its wine-loving residents can have extra stretches of space for storing their expensive vintage wine.
Based on these trends, the real estate experts have unanimously agreed on one point and that is: the Portland condos market is slowly coming back to its 2004-2005 levels. The current appreciation rate has been estimated at 4% and being regarded as quite fair. In other word, the Portland condos market is showing clear signs of correction.
