Detail, east Portland photo, courtesy Miles Hochstein / Portland Ground.

For old times' sake
The bojack bumper sticker -- only $1.50!

To order, click here.

Excellent tunes -- free! And on your browser right now. Just click on Radio Bojack!

E-mail us here.


This page contains a single entry from the blog posted on September 17, 2009 2:14 PM. The previous post in this blog was Hold your breath, again. The next post in this blog is Wheels coming off for the Adelmans. Many more can be found on the main index page or by looking through the archives.



Law and Taxation
How Appealing
TaxProf Blog
Mauled Again
Tax Appellate Blog
A Taxing Matter
Josh Marquis
Native America, Discovered and Conquered
The Yin Blog
Ernie the Attorney
Above the Law
The Volokh Conspiracy
Going Concern
Bag and Baggage
Wealth Strategies Journal
Jim Hamilton's World of Securities Regulation
World of Work
The Faculty Lounge
Lowering the Bar
OrCon Law

Hap'nin' Guys
Tony Pierce
Parkway Rest Stop
Along the Gradyent
Dwight Jaynes
Bob Borden
Dingleberry Gazette
The Red Electric
Iced Borscht
Jeremy Blachman
Dean's Rhetorical Flourish
Straight White Guy
As Time Goes By
Dave Wagner
Jeff Selis
Alas, a Blog
Scott Hendison
The View Through the Windshield
Appliance Blog
The Bleat

Hap'nin' Gals
My Whim is Law
Lelo in Nopo
Attorney at Large
Linda Kruschke
The Non-Consumer Advocate
10 Steps to Finding Your Happy Place
A Pig of Success
Attorney at Large
Margaret and Helen
Kimberlee Jaynes
Cornelia Seigneur
And Sew It Goes
Mile 73
Rainy Day Thoughts
That Black Girl
Posie Gets Cozy
Cat Eyes
Rhi in Pink
Ragwaters, Bitters, and Blue Ruin
Rose City Journal
Type Like the Wind

Portland and Oregon
Isaac Laquedem
Rantings of a [Censored] Bus Driver
Jeff Mapes
Vintage Portland
The Portlander
South Waterfront
Amanda Fritz
O City Hall Reporters
Guilty Carnivore
Old Town by Larry Norton
The Alaunt
Bend Blogs
Lost Oregon
Cafe Unknown
Tin Zeroes
David's Oregon Picayune
Mark Nelsen's Weather Blog
Travel Oregon Blog
Portland Daily Photo
Portland Building Ads
Portland Food and
Dave Knows Portland
Idaho's Portugal
Alameda Old House History
MLK in Motion

Retired from Blogging
Various Observations...
The Daily E-Mail
Saving James
Portland Freelancer
Furious Nads (b!X)
Izzle Pfaff
The Grich
Kevin Allman
AboutItAll - Oregon
Lost in the Details
Worldwide Pablo
Tales from the Stump
Whitman Boys
Two Pennies
This Stony Planet
1221 SW 4th
I am a Fish
Here Today
What If...?
Superinky Fixations
The Rural Bus Route
Another Blogger
Mikeyman's Computer Treehouse
Portland Housing Blog

Wonderfully Wacky
Dave Barry
Borowitz Report
Stuff White People Like
Worst of the Web

Valuable Time-Wasters
My Gallery of Jacks
Litterbox, On the Prowl
Litterbox, Bag of Bones
Litterbox, Scratch
Ride That Donkey
Singin' Horses
Rally Monkey
Simon Swears
Strong Bad's E-mail

Oregon News
The Oregonian
Portland Tribune
Willamette Week
The Sentinel
Southeast Examiner
Northwest Examiner
Sellwood Bee
Mid-County Memo
Vancouver Voice
Eugene Register-Guard
OPB - Portland
Salem Statesman-Journal
Oregon Capitol News
Portland Business Journal
Daily Journal of Commerce
Oregon Business
Portland Info Net
McMinnville News Register
Lake Oswego Review
The Daily Astorian
Bend Bulletin
Corvallis Gazette-Times
Roseburg News-Review
Medford Mail-Tribune
Ashland Daily Tidings
Newport News-Times
Albany Democrat-Herald
The Eugene Weekly
Portland IndyMedia
The Columbian

The Beatles
Bruce Springsteen
Joni Mitchell
Ella Fitzgerald
Steve Earle
Joe Ely
Stevie Wonder
Lou Rawls

E-mail, Feeds, 'n' Stuff

Thursday, September 17, 2009

SoWhat suckers read writing on wall

The upcoming fire-sale auction of condos in Portland's disastrous SoWhat district is worrying some of the retiree rubes who paid top dollar for units in those bunkers:

He says the auction could attract "a different type of clientele" who might not have "the same level of respect" for the building—meaning it might attract young people with less money.
Wait 'til the loud parties start. Too funny.

Comments (23)

The cheapest units in there are going for $170k. There's no way the "different clientelle" can afford even that. Those towers are going empty for a while.

Hey, those retirees will make their money back eventually... as long as they don't sell for another 52 years.

It's sad, but frankly predictable. SoWhat will forever be our poster child for the housing tulip mania we just went through.

Well, Chris, that depends upon whether or not anybody's planning to rent them out. True, the typical hipster would prefer to live off Alberta, but I could very easily see a lot of those condos being rented out as "artist space": i.e., ten people in a two-bedroom because they can cover rent and cable between them.

hmmm..bad timing on everybody's part. Who could have seen this coming?

Hey, they're stuck. They paid $600K for a condo worth $300K and now the HOAs may not being paid.

Renting them out is probably against the CCNRs (banks won't loan on future purchases if there are more than 15% or so rentals.)

Not a lot of happy faces down there. I am curious about what happens with the auction. They're actually OK units.

I see a way out of this for Portland. We have the Rose Gardens, right? Why not plant a few thousand tulips down at SoWhat and call it Bubble Gardens?

Humor and marketing, people. National exposure.

Who knows?

Maybe some of the tourists who flock here from around the world to see our iconic tram, will stop by the new garden and spend even more money.

One possible snag: There's toxicity issues by the river. Will tulips even grow down there?

Turn it into a Casino/Red Light District of Bibical proportions. Real Sodom and Gommorah . Bangkok on the Willamette. It's isolated enough from the city and they plan to run Max down there anyway so a line straight from the Airport would keep most of the international sex tourists outside of the public eye. Also you have that tram straight to the hospital to deal with all the STD's and old geezers keeling over from Heart attacks and 4 hour you know whats.

Does Portland/PDC already have a claim or interest, just like any "lender", corresponding to any and all manner of exemptions from taxation or system development charges etc?

Proof: Suppose all the non-equal treatment for tax purposes etc were void based on some trigger event such as any default or bankruptcy by any counterparty ("stakeholder?") to any of the myriad fancy contracts/exemptions. What might the price/"value" be then? Would it magically then become "affordable"?

pdxnag, the PDC is not a shrewd negotiator. Their negotiations amount to: "Where do you want us to back up the truck full of money?"

If you want to add a sex trade, would you consider modeling it after Amsterdam? That way we can keep the tulip garden.

I admit I'm still not crazy about your idea, but using the tram to transport STD victims to OHSU is a winner.

I'm seriously wondering whether they will find enough SCHMUCKS stupid enough to buy those units - even at the so-called "Fire Sale" prices. Why on earth would anyone want to move into a building that's over 60% vacant and pay for the "priviledge" of doing so?
Anybody want to make a bet that less than half these units sell? The proof will be when the auction company is tight lipped and/or non-commital about how many units were purchased.

What happens the next time we have something like the Flood of '96 and all those underground garages flood? Dragonboat races in the lobby?

This is happening all over the country, not just in SoWhat. But yeah, it's gonna be a tough transition for the folks who bought at top price.

I can't wait until there is another 100mph windstorm and a bunch of windows get broken out of those vacant towers. Either that, or bored, unemployed kids driving by on the Ross Island Bridge are going to have that collective light bulb "click on" above their heads, and begin taking pot shots at them with air rifles or .22s.

Personally, I think they'll look great in 5 to 10 years, all abandoned and decrepit, with those broken windows finally gone un-repaired for lack of funds. Then we can solve the homeless problem and let the thousands of bums downtown move in.

We must have tulips the reference to the 16th century tulip craze is just too sweet to let slide. I want something like the island of lost boys in Pinnochio, a true Sodom on the Willamette flood plain. Portlands own Time Square. Casinos, strip joints, whore houses. Pretty much what 4th ave. was back in the 70's but on a bigger scale with more panache. What else are you going to do with it besides turn it in to public housing. At least the Sex Industry would be able to sustain itself economically and that is what it's all about in Portland. Sustainability. It can still be green, just a little slimey. The Jazz Age preceded the Depression lets go down in flames, lets go out with a bang and not a whimper.

The Miami condo market went down well before this one. If they had read the damn news papers they would have known things weren't great.

What I want to know is what happens when a earthquake hits. Will the ground under those things liqueify?

Is retail next? See this and wonder.

"A recent book, “Retrofitting Suburbia,” by Ellen Dunham-Jones and June Williamson, notes that in 1986, the United States had about 15 square feet of retail space per person in shopping centers. That was already a world-leading figure, but by 2003 it had increased by a third, to 20 square feet. The next countries on the list are Canada (13 square feet per person) and Australia (6.5 square feet); the highest figure in Europe is in Sweden, with 3 square feet per person."

Do our tax laws create this, or maybe our zoning codes?

I'd like to see all the Gresham-ites move in with their raised-up 4x4s and modified Hondas with coffee-can exhaust pipes. I can just see the windows shaking from the trunk-sized speakers and all the spit stains on the common area rugs. Ha ha ha aha ha ha ha!!!!

I wish I had some cash sitting around. A $199,000 one bedroom, if you get it near the low end of the auction price, will have a mortgage of around $1000/month if you put 20% down. I'm pretty sure you could get close to that in the rental market.

I bet these things sell at that price for investors and the place will fill up with renters from OHSU and PSU.

A $199,000 one bedroom, if you get it near the low end of the auction price, will have a mortgage of around $1000/month if you put 20% down.

Just don't forget to look at the HOA dues. They probably are still apportioned per the pre-crash real estate values.

Not only HOA dues, but also special assessments for deferred maintenance.

Developers would rather sell every unsold unit at auction than pay to maintain a building they originally built.

These "bargain" condos are money pits of unknown depth.

This idea of SoWa urban dystopia has legs.

SoWa was SO predictable, even in the best of times. How would want to live there? It is close to but not in the city. There are very limited ways in and out and almost no amenities save the view. Why not just go to John's landing or even LO if you don't want the city life. Is a 5 or 15 minute drive that different?

I've lived in NW or Pearl or Goose Hollow or Downtown since the mid 80's. I was shocked to see the sales activity but now that we know the vast majority was from speculation, it makes more sense.

SoWa will NEVER be a top-tier place. Well, at least in our lifetimes.

M.W. asks if our zoning laws did this.
Well, when the first child molester was our mayor we developed downtown zoning that ruled buildings be shorter the closer to the river you were. You know, public spaces, quality of life.... Chicago's "River-in-a-Concrete Canyon" was not desirable model. But, money talks and Vera/Sam ashcanned the rules because rapacious greed IS a good model.


As a lawyer/blogger, I get
to be a member of:

In Vino Veritas

Lange, Pinot Gris 2015
Kiona, Lemberger 2014
Willamette Valley, Pinot Gris 2015
Aix, Rosé de Provence 2016
Marchigüe, Cabernet 2013
Inazío Irruzola, Getariako Txakolina Rosé 2015
Maso Canali, Pinot Grigio 2015
Campo Viejo, Rioja Reserva 2011
Kirkland, Côtes de Provence Rosé 2016
Cantele, Salice Salentino Reserva 2013
Whispering Angel, Côtes de Provence Rosé 2013
Avissi, Prosecco
Cleto Charli, Lambrusco di Sorbara Secco, Vecchia Modena
Pique Poul, Rosé 2016
Edmunds St. John, Bone-Jolly Rosé 2016
Stoller, Pinot Noir Rosé 2016
Chehalem, Inox Chardonnay 2015
The Four Graces, Pinot Gris 2015
Gascón, Colosal Red 2013
Cardwell Hill, Pinot Gris 2015
L'Ecole No. 41, Merlot 2013
Della Terra, Anonymus
Willamette Valley, Dijon Clone Chardonnay 2013
Wraith, Cabernet, Eidolon Estate 2012
Januik, Red 2015
Tomassi, Valpolicella, Rafaél, 2014
Sharecropper's Pinot Noir 2013
Helix, Pomatia Red Blend 2013
La Espera, Cabernet 2011
Campo Viejo, Rioja Reserva 2011
Villa Antinori, Toscana 2013
Locations, Spanish Red Wine
Locations, Argentinian Red Wine
La Antigua Clásico, Rioja 2011
Shatter, Grenache, Maury 2012
Argyle, Vintage Brut 2011
Abacela, Vintner's Blend #16 Abacela, Fiesta Tempranillo 2014
Benton Hill, Pinot Gris 2015
Primarius, Pinot Gris 2015
Januik, Merlot 2013
Napa Cellars, Cabernet 2013
J. Bookwalter, Protagonist 2012
LAN, Rioja Edicion Limitada 2011
Beaulieu, Cabernet, Rutherford 2009
Denada Cellars, Cabernet, Maipo Valley 2014
Marchigüe, Cabernet, Colchagua Valley 2013
Oberon, Cabernet 2014
Hedges, Red Mountain 2012
Balboa, Rose of Grenache 2015
Ontañón, Rioja Reserva 2015
Three Horse Ranch, Pinot Gris 2014
Archery Summit, Vireton Pinot Gris 2014
Nelms Road, Merlot 2013
Chateau Ste. Michelle, Pinot Gris 2014
Conn Creek, Cabernet, Napa 2012
Conn Creek, Cabernet, Napa 2013
Villa Maria, Sauvignon Blanc 2015
G3, Cabernet 2013
Chateau Smith, Cabernet, Washington State 2014
Abacela, Vintner's Blend #16
Willamette Valley, Rose of Pinot Noir, Whole Clusters 2015
Albero, Bobal Rose 2015
Ca' del Baio Barbaresco Valgrande 2012
Goodfellow, Reserve Pinot Gris, Clover 2014
Lugana, San Benedetto 2014
Wente, Cabernet, Charles Wetmore 2011
La Espera, Cabernet 2011
King Estate, Pinot Gris 2015
Adelsheim, Pinot Gris 2015
Trader Joe's, Pinot Gris, Willamette Valley 2015
La Vite Lucente, Toscana Red 2013
St. Francis, Cabernet, Sonoma 2013
Kendall-Jackson, Pinot Noir, California 2013
Beaulieu, Cabernet, Napa Valley 2013
Erath, Pinot Noir, Estate Selection 2012
Abbot's Table, Columbia Valley 2014
Intrinsic, Cabernet 2014
Oyster Bay, Pinot Noir 2010
Occhipinti, SP68 Bianco 2014
Layer Cake, Shiraz 2013
Desert Wind, Ruah 2011
WillaKenzie, Pinot Gris 2014
Abacela, Fiesta Tempranillo 2013
Des Amis, Rose 2014
Dunham, Trautina 2012
RoxyAnn, Claret 2012
Del Ri, Claret 2012
Stoppa, Emilia, Red 2004
Primarius, Pinot Noir 2013
Domaines Bunan, Bandol Rose 2015
Albero, Bobal Rose 2015
Deer Creek, Pinot Gris 2015
Beaulieu, Rutherford Cabernet 2013
Archery Summit, Vireton Pinot Gris 2014
King Estate, Pinot Gris, Backbone 2014
Oberon, Napa Cabernet 2013
Apaltagua, Envero Carmenere Gran Reserva 2013
Chateau des Arnauds, Cuvee des Capucins 2012
Nine Hats, Red 2013
Benziger, Cabernet, Sonoma 2012
Roxy Ann, Claret 2012
Januik, Merlot 2012
Conundrum, White 2013
St. Francis, Sonoma Cabernet 2012

The Occasional Book

Marc Maron - Waiting for the Punch
Phil Stanford - Rose City Vice
Kenneth R. Feinberg - What is Life Worth?
Kent Haruf - Our Souls at Night
Peter Carey - True History of the Kelly Gang
Suzanne Collins - The Hunger Games
Amy Stewart - Girl Waits With Gun
Philip Roth - The Plot Against America
Norm Macdonald - Based on a True Story
Christopher Buckley - Boomsday
Ryan Holiday - The Obstacle is the Way
Ruth Sepetys - Between Shades of Gray
Richard Adams - Watership Down
Claire Vaye Watkins - Gold Fame Citrus
Markus Zusak - I am the Messenger
Anthony Doerr - All the Light We Cannot See
James Joyce - Dubliners
Cheryl Strayed - Torch
William Golding - Lord of the Flies
Saul Bellow - Mister Sammler's Planet
Phil Stanford - White House Call Girl
John Kaplan & Jon R. Waltz - The Trial of Jack Ruby
Kent Haruf - Eventide
David Halberstam - Summer of '49
Norman Mailer - The Naked and the Dead
Maria Dermoȗt - The Ten Thousand Things
William Faulkner - As I Lay Dying
Markus Zusak - The Book Thief
Christopher Buckley - Thank You for Smoking
William Shakespeare - Othello
Joseph Conrad - Heart of Darkness
Bill Bryson - A Short History of Nearly Everything
Cheryl Strayed - Tiny Beautiful Things
Sara Varon - Bake Sale
Stephen King - 11/22/63
Paul Goldstein - Errors and Omissions
Mark Twain - A Connecticut Yankee in King Arthur's Court
Steve Martin - Born Standing Up: A Comic's Life
Beverly Cleary - A Girl from Yamhill, a Memoir
Kent Haruf - Plainsong
Hope Larson - A Wrinkle in Time, the Graphic Novel
Rudyard Kipling - Kim
Peter Ames Carlin - Bruce
Fran Cannon Slayton - When the Whistle Blows
Neil Young - Waging Heavy Peace
Mark Bego - Aretha Franklin, the Queen of Soul (2012 ed.)
Jenny Lawson - Let's Pretend This Never Happened
J.D. Salinger - Franny and Zooey
Charles Dickens - A Christmas Carol
Timothy Egan - The Big Burn
Deborah Eisenberg - Transactions in a Foreign Currency
Kurt Vonnegut Jr. - Slaughterhouse Five
Kathryn Lance - Pandora's Genes
Cheryl Strayed - Wild
Fyodor Dostoyevsky - The Brothers Karamazov
Jack London - The House of Pride, and Other Tales of Hawaii
Jack Walker - The Extraordinary Rendition of Vincent Dellamaria
Colum McCann - Let the Great World Spin
Niccolò Machiavelli - The Prince
Harper Lee - To Kill a Mockingbird
Emma McLaughlin & Nicola Kraus - The Nanny Diaries
Brian Selznick - The Invention of Hugo Cabret
Sharon Creech - Walk Two Moons
Keith Richards - Life
F. Sionil Jose - Dusk
Natalie Babbitt - Tuck Everlasting
Justin Halpern - S#*t My Dad Says
Mark Herrmann - The Curmudgeon's Guide to Practicing Law
Barry Glassner - The Gospel of Food
Phil Stanford - The Peyton-Allan Files
Jesse Katz - The Opposite Field
Evelyn Waugh - Brideshead Revisited
J.K. Rowling - Harry Potter and the Sorcerer's Stone
David Sedaris - Holidays on Ice
Donald Miller - A Million Miles in a Thousand Years
Mitch Albom - Have a Little Faith
C.S. Lewis - The Magician's Nephew
F. Scott Fitzgerald - The Great Gatsby
William Shakespeare - A Midsummer Night's Dream
Ivan Doig - Bucking the Sun
Penda Diakité - I Lost My Tooth in Africa
Grace Lin - The Year of the Rat
Oscar Hijuelos - Mr. Ives' Christmas
Madeline L'Engle - A Wrinkle in Time
Steven Hart - The Last Three Miles
David Sedaris - Me Talk Pretty One Day
Karen Armstrong - The Spiral Staircase
Charles Larson - The Portland Murders
Adrian Wojnarowski - The Miracle of St. Anthony
William H. Colby - Long Goodbye
Steven D. Stark - Meet the Beatles
Phil Stanford - Portland Confidential
Rick Moody - Garden State
Jonathan Schwartz - All in Good Time
David Sedaris - Dress Your Family in Corduroy and Denim
Anthony Holden - Big Deal
Robert J. Spitzer - The Spirit of Leadership
James McManus - Positively Fifth Street
Jeff Noon - Vurt

Road Work

Miles run year to date: 5
At this date last year: 3
Total run in 2017: 113
In 2016: 155
In 2015: 271
In 2014: 401
In 2013: 257
In 2012: 129
In 2011: 113
In 2010: 125
In 2009: 67
In 2008: 28
In 2007: 113
In 2006: 100
In 2005: 149
In 2004: 204
In 2003: 269

Clicky Web Analytics