SoWhat condo values keep declining (Jack Bog's Blog)

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This page contains a single entry from the blog posted on April 24, 2011 11:43 AM. The previous post in this blog was A souvenir from downtown Portland. The next post in this blog is Lakers have hands full. Many more can be found on the main index page or by looking through the archives.

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« A souvenir from downtown Portland | Main | Lakers have hands full »

Sunday, April 24, 2011

SoWhat condo values keep declining

Here's one unit that's said to be priced 40% below the top of the market. "Only" $225 a square foot! And perhaps with a great view of an immigration jail site. Go by streetcar!

Posted at 11:43 AM | Permalink

Comments (12)

At that price I might buy one to use as a getaway from Lake Oswego. And, I might soon be able to go by streetcar!

Posted by mrfearless47 | April 24, 2011 1:27 PM

I wouldn't jump on that too fast, mrfearless. You still have property taxes based on assessments done in better days, and who knows how high association fees.

Posted by John Rettig | April 24, 2011 2:56 PM

The coolest thing about condo homeowner fees is the reverse tontine effect as other buyers drop out and units are not sold or resold.

Posted by Allan L. | April 24, 2011 3:02 PM

.....reverse tontine effect

I had to look that one up, and it may be a pretty accurate description of the situation.

Per ORS 100 the declarant has to accrue the association fees on the developer-owned units, and pay them in full when the unit sells, or one year after the first unit sells, whichever comes first. Want to speculate whether they're doing the honorable thing and keeping this in a reserve, to assure it can be paid up when due? Any buyer doing due diligence would be able to get this information from the association, which is controlled at this point by the.....um..... declarant.

Posted by John Rettig | April 24, 2011 4:07 PM

$225 per square foot is a steal compared to the eye popping $262-$330 per square foot for the "micro homes" they're putting in on 43rd and Division. The 364-687 square foot "micro homes" start at $120,000.

http://www.drhorton.com/Where-We-Build/Oregon/Portland/Division/Division-43.aspx

Posted by Pragmatic Portlander | April 24, 2011 4:58 PM

Wow Pragmatic, 364 sq.ft. isn't much larger than my living room.

Rental apartments are headed in the same "micro" direction. At what point are builders just insulting people? "You should be happy to pay me the same rent for 50% of the space! It's a new living concept!"

They're trying to spin they're own cheapness/greediness as a "new lifestyle." Don't miss out on this community of other suckers... erm, I mean, sustainable Portlanders living in the midst of a hot mixed-use neighborhood!

Posted by Snards | April 24, 2011 7:30 PM

to put it into perspective -- a single car garage is usually about 225 sq ft. a double is usually about 425.

Posted by concordbridge | April 24, 2011 8:15 PM

Why 364 square feet, when we could be doing this:

http://en.wikipedia.org/wiki/Capsule_hotel

With just 111 cubic feet of space, your capsule consists of a matress, a TV, wireless internet is available, and a locker for your personal belongings. A communal toilet and shower facility is footsteps away.

It's good enough for Navy sailors (who don't get the luxury of fully enclosed capsules or soundproofing)...it's good enough for Portland's "sustainable" residents.

Posted by Erik H. | April 24, 2011 10:30 PM

Why do they call them apartments when they're all stuck together? - Gallagher

Posted by Max | April 24, 2011 10:55 PM

Are children being propagandized to readily accept
this style of living all for the good of the planet?

Posted by watching for our children | April 24, 2011 11:14 PM

http://www.cybertown.com/colonies/aptvrml.html

Escape from 20th century Earth and become one of the first people from Earth to have your own 3D Virtual Reality apartment -- completely free! The Cybertown off-world Colony is now offering 4 prebuilt apartment types modeled in 3D VRML and freely available to you and soon we'll also be offering you the capability of building and customizing your own 3D VR apartments and having your friends over to visit in multiuser VR. * THEY'RE HERE NOW - OR SEE UPDATE AT THE BOTTOM OF THIS PAGE!.....

Posted by clinamen | April 24, 2011 11:49 PM

Clinamen--looks like Webkins for adults.

Posted by Michelle | April 25, 2011 11:35 AM

In Vino Veritas

Quinta das Amoras, Vinho Tinto 2009
Mauro Molino, Barbera d'Alba 2009
Garda Chiaretto Rose
Columbia Crest, Two Vines Vineyard 10 White
Chateau Ste. Michelle, Pinot Gris, Columbia Valley 2009
L'Hortus, Rose de Saignee 2010
Maculan, Pino & Toi 2008
McKinley Springs, Bombing Range Red 2008
Trader Joe's Pinot Gris 2009
Montes Alpha, Cabernet 2007
Gran Sasso, Sangiovese, Terre di Chieti 2009
Garda, Classico Chiaretto Rose
Beaulieu, Cabernet, Rutherford 1999
Picos del Montgo, Tempranillo 2008
Chateau de Montmirail, Vacqueyras 2008
La Granja 360, Syrah 2009
Montgras, Carmenere Reserva 2009
Lange, Pinot Gris 2009
Columbia Crest, Horse Heaven Hills Cabernet 2008
Kirkland, Pinot Grigio 2010
Trader Joe's Coastal Syrah 2009
Columbia Crest, Horse Heaven Hills Merlot 2008
Trader Joe's Coastal Chardonnay 2009
Vieux Papes Red
Domaine de l'Aujardiere, Chardonnay 2009
Santa Rita, Cabernet, Medalla Real 2007
Penfold's, Koonunga Hill Shiraz Cabernet 2008
Guild, Red, Lot #02 2008
Dievole, Dievolino Sangiovese 2008
Laforet, Burgogne Chardonnay 2009
Columbia Winery, Merlot 2007
Bonterra, Cabernet 2008
Elk Cove, Pinot Gris 2009
Maquis Lien 2006
Scott Paul, Pinot Noir, Le Paulee 2007
Cameron, Chardonnay
B.R. Cohn, Cabernet, Silver Label 2006
Graffigna, Cabernet 2005
Palo Alto, Reserve Red 2008
Menguante, Garnacha 2008
Lange, Pinot Gris 2009
Felsina Berardenga, Vin Santo 1997
Anne Amie, Pinot Gris 2009
McKinley Springs, Bombing Ramge Red 2007
Vieux Papes Red
Dionysius Chardonnay 2009
Haden Fig, Pinot Noir 2009
Vega Montan, Mencia 2008
Chateau la Vernede, Coteaux du Languedoc 2007
Mount Defiance, Hellfire (White) 2008
Root: 1, Cabernet 2008
Columbia Crest, Two Vines Pinot Grigio 2009
Columbia Crest, Two Vines, Vineyard 10 White, 2008
Columbia Crest, Two Vines, Vineyard 10 Rose, 2007
Abacela, Grenache Rose 2009
Avia Cabernet 2004
Lemelson Pinot Noir, Thea's Selection 2007
Chateau de la Roulerie, Rose d'Anjou 2009
Casal Garcia, Vinho Verde Rose
La Ferme Julien, Rose 2008
Cana's Feast, Bricco Red, 2006
Hogue, Genesis Merlot, 2008
Owen Roe, Sharecropper's Cabernet, 2008
Kim Crawford, Unoaked Chardonnay 2008
J. Scott, Pinot Noir 2008
Edmunds St. John, White, Heart of Gold 2008
Columbia Crest, Walter Clore Private Reserve 2006
Stevenot, Cabernet, Sierra Foothills, "Stanford" 2000
Portuga, Vinho Rose 2009
Taylor Fladgate, First Estate Reserve Porto
Franciscan, Cabernet, Napa 2006
Chaparral de Vega Sindoa, Garnacha 2008
Quinta da Aveleda, Vinho Verde 2008
St. Francis, Chardonnay Sonoma 2008
E. Guigal, Cotes du Rhone Blanc, 2007
Edmunds St. John, Bone-Jolly, Gamay Noir 2008
St. Innocent, Pinot Noir 2006
Jigsaw, Pinot Noir 2007
Chateau Ste. Michelle, Merlot, Indian Wells 2007
Charles Shaw, Chardonnay 2008
Edmunds St. John, Bone-Jolly, Gamay Rosé 2009
Cameron, Willamette Valley Chardonnay
Il Valore, Sangiovese, Giovane, Puglia 2008
Duck Pond, Chardonnay, Wahluke Slope 2007
Kim Crawford, Marlborough Pinot Noir 2008
Domaine du Pesquier, Cotes du Rhone 2005
Cantina Zaccagnini, Montepulciano d'Abruzzo 2006
Domaine Matrot, Chardonnay, Bourgogne 2007
David Hill, Oregon Sparkling Wine, Brut
Chandler Reach, Monte Regalo 2006
Elk Cove, Pinot Gris 2008
Kirkland, Columbia Valley Merlot 2008
D'Aragon, Old Vine Garnacha 2008
Columbia Crest, Walter Clore Private Reserve 2005
Pavin & Riley, Merlot 2006
David Hill, Estate Pinot Noir, Barrel Select 2006
Castle Rock, Paso Robles Cabernet 2006
Magnificent, Cabernet, Steak House 2008
Conundrum 2008
Beaulieu, Cabernet, Rutherford 1998
Saint Cosme, Cotes-du-Rhone 2007
La Granja, Tempranillo 360, 2008
Santa Rita, Mendalla Real Cabernet 2006
Columbia Crest, Grand Estates Merlot 2006
Andezon, Cotes-du-Rhone 2007
Collegiata, Montepulciano d'Abruzzo
Troon, Druid's Fluid 2008
La Granja, Tempranillo 2008
Monte Antico, Toscana 2006
Vieux Papes, Blanc de Blancs

The Occasional Book

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: 54
At this date last year: 50
Total run 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