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Mike Thelin

The half million-dollar unit is described as being one-bedroom with den on the 17th floor with a view and floor-to-ceiling glass--sounds pretty posh. There were some units available in the Meriwether in the low 200s--and they were still pretty nice.

justin

You forgot to mention that perhaps the Meriwether is overpriced, the housing market will bust and those condos will suddenly become a lot more affordable.

That said: I agree about suburbs being the new slums. And I agree, even with a market bust, the SW Waterfront will never be affordable to the majority of Portland residents.

Brian Libby

Looks like there's a similar problem in the River District. Check out this PDC report:
http://www.pdc.us/new/releases/2005/0601_riverdistrict.asp

Mike Thelin

The Meriwether is overpriced according to whom? If it were in Seattle or San Francisco, units would be much more expensive.

I don't believe the Portland market to be inflated--not yet. I do believe, however, that gains in property values will peak this summer and appreciate at a much slower rate for the next several years, but the market won't bust--that is, property values won't decrease here.

justin

uh, Mike the SW Waterfront isn't Seattle or San Fransisco, which is why some think it might be overrpriced...

as for Portland's housing market, I sincerely hope the market doesn't depreciate. But I read a couple of articles where more and more home-owners are taking out interest only loans, and investors in California are buying Portland property, while taking losses on the rent. These two factos make me think PDX might be in for a housing bust... but who knows...

Mike Thelin

Justin,

The fact that California buyers are purchasing properties in Portland for both personal residences and investments is precisely why I mentioned San Francisco and Seattle. Ask any realtor who specializes in condo sales where there clients are coming from and you'll be surprised. Plus, as someone who works in the real estate consulting world, I can attest that the Portland market has not appreciated at the rate of some US cities and is generally considered to still be affordable to investors. The Bay Area market, for example, has experienced price increases of about 20 percent in the past year. If there is not a correction in that market, I will be very surprised.

I'm not saying that housing prices in Portland haven't gotten expensive compared to say five, or even three, years ago. I'm saying that housing prices haven't rose to the point to warrant a 'bust'. Still, you're right to point out the danger in interest-only loans and short-term adjustable rate mortgages. This may be a problem for some investors in several years when the initital terms of such loans expire.

justin

Alright Mike, you're obviously out of my league. I defer to your opinion...

I still predict a bust. But as a wise Anchorman once said, "Agree to disagree. Agree to disagree."

Mike Thelin

You may be right, and a lot of people in the know certainly agree with your point view. I agree to disagree as well.

Rachel Coble

11/04- $375 per square foot

11/05- $475-500 per square foot. (Depending on height of floor)

Rachel Coble's 17th floor......

PRICELESS :)

469,000 sounds pretty good now..

rachel coble

sold two weeks..... 628,000 go green!!!!!! atwater!!!!patricia paiane rules! realty trust!!!!

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