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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!

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!

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.

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

.....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.

$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.


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!

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

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


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.

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

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


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