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This page contains a single entry from the blog posted on August 21, 2009 1:57 PM. The previous post in this blog was More on the Obama sellout. The next post in this blog is Have a great weekend. Many more can be found on the main index page or by looking through the archives.

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Friday, August 21, 2009

Clearance sale! All linchpins must go!

A big event on tap next month down at the SoWhat Discovery Foreclosure Center:


Comments (22)

Never buy a condo. Especially from the likes of this bunch. 169K may sound great but what are the monthly dues? and with a scarcity of other owners, who is contributing to the operating reserves? Has the developer even established a homeowners association yet? How can a buyer be certain that the building and/or grounds won't require some costly fixes in the near future which could mean enormous other assessments. With builders and developers going bankrupt all over the place, there would be little chance for remedy in case of any structural issues.
Is the parking spot a seperate deed?
Do yourselves a favor and buy a detatched, single family dwelling in a county with a stable tax base.

does each unit come with a hot chik ?

Isn't the fancy new light rail/bike bridge going to interfere with the views?

Woah, from 1,069,000 to 399,000? Wonder what the current owners feel when they see those prices??

The same thing the taxpayers of Portland feel. Thanks, Vera, Sam, Erik, Randy -- the whole crew. Another great job.

Perhaps this familiar character -- an ad in reverse for the salutary effects of walking -- needs a prominent new home now that he has achieved a hint of the status that voters would never grant him:
http://blogs.wweek.com/news/2009/08/20/streetcar-smith-vs-pedestrian-pete/

Has the Planning Commission ever been home to other than blatant opportunists? Where are they when the planning goes awry?

Ranz is right. The purchase price is only the start.

Let's not forget Amanda Fritz, a Board member of the Coalition for an Unlivable future ,also spent 5 years as a Vera lacky on the Planning Commission. Thank you too Mrs. Fritz

It could be a chance to participate in some fine legal expenses.

Atwater Place Prestine New Condominium
+ Walking & Running Path Right out your Door + HOA- $482. per month. Atwater Place, designed by nationally-recognized Portland architect Thomas Hacker, ...
portland.craigslist.org/mlt/reb/1315488386.html - Similar

Wow! A walking & running path right outside my door? All we have are old tree lined sidewalks. HOA of $482. That's less than my water bill! Er.. City of Portland Water, sewer and storm water management account.

I suppose this "clearance" sale type of advertising doesn't sit well for promoters of the 2009 Street of Condo Dreams in the Pearl either.

http://www.streetofdreamspdx.com/homes/homes.php


Anyone want to bet only a small number of these overpriced boxes actually sell? Who would be stupid enough to open themselves up to Lord only knows what extra expenses and fees?

"Do yourselves a favor and buy a detatched, single family dwelling in a county with a stable tax base"

I did that only now it appears that hairbrained schemes aren't confined to Portland.

...with a scarcity of other owners, who is contributing to the operating reserves?

Per ORS 100, the developer has to start paying into the operations and reserve accounts for all unsold units, as soon as the first unit sells. But a huge loophole was left - the payments can be deferred for a year or until the unit sells, whichever is first. And with the developer in charge of it until the turnover meeting, there's little oversight.

Has the developer even established a homeowners association yet?

Likewise, not required until a year after the first unit sells.

How can a buyer be certain that the building and/or grounds won't require some costly fixes in the near future which could mean enormous other assessments. With builders and developers going bankrupt all over the place, there would be little chance for remedy in case of any structural issues.

Absolutely true. And this has already happened in the Pearl.

Meltdown accelerating on the commercial side as well:

http://globaleconomicanalysis.blogspot.com/2009/08/calpers-walks-away.html

I will never forget taking the model tour of these (the model was an actual model under glass) and told the sales person that this will be a major failure due to the lah-lah land they were in on price & HOA dues. Plus the development was built on a scrap yard. I have heard stories of many residents that have been sick.
Total bust down there. I wouldn't give them $500.00 for one.

What a surprise! Who would have figured? Linchpins going in the hottest place in Portland for under $170k? Plus fees, of course. Um...what happens when they fail to sell? I seem to remember a family in Florida that were the only occupants of a similar condo tower. Don't you get hit really hard with maintenace fees if the building isn't full?

john rettig -- good info.

What is Mark Edlan doing in regards to the HOA's at the John Ross? How many lawsuits have been filed there? Does anyone have a link for further information?

Living there has one benefit. There's lots of good public transportation in the SoWat area - streetcars ("You can use your OHSU ID badge to ride the streetcar for free!" - scraped fro OHSU site), trams, & shuttle buses. I was there recently for a doc's appointment and surprised by all the transportation for one small section of town. Not too happy to see that given the cuts in service in other parts of SW.

Department of missed PR Opportunity:
Where is the press coverage for the two jobs created for sign spinners this weekend? Nothing says "High Class High Rise" like a couple of guys holding "Condo Auction" arrows out on the street

SoWhat meets SayWhat?.

Couldn't the sellers afford a photographer with a decent shift lens to remove the vertical distortion from the image of their building?

Gardiner, curve and slanting walls are all the rage in architecture, so the photo is a cheap way to achieve it. Disregard the increased maintenance and construction costs for curves and slants. It's cool.


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