This page contains a single entry from the blog posted on September 20, 2009 10:30 PM. The previous post in this blog was Memories on the market. The next post in this blog is You never give me your money. Many more can be found on the main index page or by looking through the archives.

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Sunday, September 20, 2009

SoWhat condo auction picks up a few stray rubes

But the bottom line: "Even after the auction, the Atwater Place will remain more than half vacant two years after sales began." Hard to believe that the O's official developer cheerleader was actually bold enough to write that. But he did the best he could to bury it -- the very last sentence of his story.

The lead of the article features a Corvallis couple who were hoping to buy a SoWhat condo for $169,000 (and pay hefty monthly condo association fees) so that they and a friend "could sleep over after visiting the big city for a show and dinner." They didn't get their wish. Maybe someone should explain to them the concept of hotels.

Comments (10)

I like these lines:

"As hundreds of people crammed a conference room, auction company Accelerated Marketing Partners turned on the rock music, amped up the mics and sent their whistling staffers skipping through the aisles to unload 41 condos.

Their hustle appeared to pay off."

1 a : jostle, shove b : to convey forcibly or hurriedly c : to urge forward precipitately
2 a : to obtain by energetic activity b : to sell something to or obtain something from by energetic and especially underhanded activity (hustling the suckers) c : to sell or promote energetically and aggressively d : to lure less skillful players into competing against oneself at (a gambling game)

"A condo with two bedrooms and a bonus room sold for $842,000, a 42 percent discount."

WOW I guess the lesson learned here is never underestimate the powers of marketing psychology!

I really hate to say it, but as far as the market has yet to drop, another group of "upside downers" has just been created.

For some the condo is half empty and for some it's half full.

I guess the recession is over when someone who graduated from high school 6 years ago can snap up a $582,000 condo ...

If you want the details, Mr Frank did an in depth on the sales results in a XLS:


This is about 25% of the unsold ones, how do they keep the hype alive now. I really can't imagine people are un-smart enough to think they could lease them out.

I'm sure Sam and Randy are working on a plan right now for the city to buy out the unsold units and leave them empty thereby lowering the overall energy consumption of the buildings and keeping things sustainable and green and all that.

Did you see that carpet?

If you want a condo in the city and you require a stunning view, may I suggest you check out the Abitare condos on SW Barbur. (the ones with the blue awnings)
There are a couple listings there for 1/8 the cost of a SoWa unit with the same view. (I'm NOT a realtor)

Reminds me of the mid-70's when Sylvan Heights condos were first built. Back then condos were something exotic, and a hard sell in this market unless it was to a California transplant.

Four years later still not sold out and they were running ads all over with a financing package. I think a one bedroom ended up being 183.00 per month with taxes and insurance.

Aaaaaaaand we get a demonstration of the old real estate term "knife-catcher". These folks sure seem to think that their value isn't going to go down even further. (Even funnier is watching the hipsters getting their parents to buy them condos. When their folks get laid off and can't afford to put half their income into that beautiful highrise view, you're going to be seeing a lot of wannabe musicians and "creative class" ah-teests crying as they're having to move back to Wisconsin.)

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