Thursday, October 9, 2008

Anecdotal evidence in the pearl

I had the privilege of waking up at 6am this past Sunday to cheer on a friend in the Portland Marathon. As I walked around the Pearl District I noticed several real estate key box collections. The picture below shows 13 condos for sale in one building. I don’t remember the building but I think I counted 10 stories on it, so let’s say 130 units in the building (just to keep the math simple). Obviously this is anecdotal but it does show why developers are switching their condo projects to 'luxury' apartments.

Speaking of conversions, I am guessing that we are almost done with the conversions. Only two buildings left. The Encore and 937.

I wonder how many other units are on the rental market trying to wait out the slump.