Thursday, January 1, 2009

Portland brokers optimistic about 2009

From the DJC:

The real estate market downturn started during the summer of 2007 and will likely not show signs of improvement until the final months of 2009, real estate experts say.
While brokers at the national level remain cautious about the coming year, Portland-area brokers plan to try to buck the trend by keeping the market moving throughout the entire year.
“The Portland commercial real estate market is positioned to roll through the downturn,” said Crispin Argento, Colliers International's Portland-based research analyst. “That’s because we didn’t throw all our eggs into the housing mess.”
Still, that doesn’t mean the stagnant multifamily housing market won’t cause problems for the rest of the city’s real estate scene in 2009.
Greg LeBlanc, a real estate analyst for Portland State University, estimates that by the end of 2009 there may be between 3,000 to 4,000 new high-end apartments on the market – a result of luxury condominiums going unsold and converting to apartments.
According to a Colliers International national survey, real estate investors are looking to 2009 with a marked sense of caution and conservatism, exacerbated by the full-blown economic meltdown.
In fact, the Colliers International survey and resulting 2009 outlook indicates that 22 percent of that company’s investors foresee the coming year as an active one for buyers, compared to 78 percent who said they wouldn’t venture back into the market until the second half of 2009.