This page contains a single entry from the blog posted on April 20, 2008 2:00 PM. The previous post in this blog was $4.19 Nation. The next post in this blog is The Clinton fix is in. Many more can be found on the main index page or by looking through the archives.

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Sunday, April 20, 2008

Buy a condo, they'll throw in a hybrid Camry?

The Rose Quarter may have taken a big step toward condo-ization with the sale of the old Ford dealership on NE Broadway. With Sam the Tram and the boys ready to run a streetcar from the Pearl District over the Broadway Bridge and right through there on the way to MLK Boulevard, you can get bet that old Joe Weston and his ilk are standing by with some awful apartment towers for as soon as we get over the real estate bubble.

Interestingly, the property was reportedly purchased by an outfit called Portland Management Properties LLC. That outfit is listed as being controlled by Fares Rustom, who also controls nearby Broadway Toyota. Are Rustom and his partners planning to sell cars where the Ford dealership used to be? Or is it all just a waiting game until the wrecking ball shows up and the soulless towers start to rise?

Comments (8)

No mention of your gig this AM

Maybe later.

"That outfit is listed as being controlled by Fares Rustom, who also controls nearby Broadway Toyota."

I got told by the last Ford guys he planned on making it into a KIA dealeship or moving the Toyota dealer there.

On your gig, I like him, but does Rob Kremer ever shut up? THe show loses a lot when he is the only one talking.

I dunno about a Camry, but I have been hearing a radio commercial lately for a developer in some town on the coast that is offering a small boat and to pay your mortgage for the first year if you buy now...kinda sad really.

I was reading an interesting article this morning about new rules Fannie Mae etc are putting out that will make it harder to get a qualifying mortgage on condos. The rules cover such things as the number of owners of units who are investors and how comprhensive the condo association rules are. Basically the broker will need to verify that the project will need to meet these new rules our the loans can't be sold to Fannie Mae.

The mortgage brokers are going nuts as the net result of all this will be that you will not be able to shop your condo purchase mortgage beecause only a few lenders will be able to afford the research necessary to guarantee that the condo project meets the new rules.

Greg C

PS. I guess it's time for me to sell my condo in the Pearl.

I guess it's time for me to sell my condo in the Pearl.

A bit past time. By about two years.

"A bit past time. By about two years."

Actually sale prices in my building have held firm. Time on market has lengthened but the prices have not dropped. Generally sales of condos in existing buildings in the Pearl are doing ok. Except in one or two cases it's the new stuff that isn't selling fast enough for the developers to make any money.

Greg C

This is interesting story as I know mr rustom lives in the pearl.I think everyone needs to start asking question on how this will benefit the community o whole.Or is Mr. rustom and his partners serving themselves.

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