Wednesday, March 25, 2009

2009 Street of Dreams gets cancelled

From OPB:

Today’s economic problems are having all kinds of repercussions. The ‘Street of Dreams’ – a developer’s showcase of new homes in Portland -- has been cancelled in favor of a ‘Condo Show.’

The Street of Dreams is a much-anticipated annual event where visitors pay about $17 dollars to tour a street of new multi-million dollar homes.

But this year, instead of a new street, real estate agents are turning to Portland’s Pearl District, where many new condos remain vacant. Eric Stride is with the Portland Home Builders Association.

Eric Stride: “In the past couple of years we’ve been in price ranges of up to two and a half million dollars. This year our goal was to be closer to a million dollars. Obviously a sign of the market.”

Visitors to the ‘Condo Show’ will buy a punch card and then be handed a map. Oregon’s real estate market continues to look anemic. At the current rate of sales, it would take more than a year to sell everything listed in Portland.

Another good sign- work to sell existing inventory rather than build more. It took a few years and a few bankruptcies but the home builders are finally catching on.

The Home Builders Association contacted me with the following:
The Street of Dreams was not cancelled in favor of a condo show. We are doing an urban edition, which is something we've discussed for many years. Based on recent studies we did regarding the show, people are interested in seeing urban luxury living. We were planning on showcasing condominium homes in the Pearl even before there were issues with the Lake Oswego site.

I didn't even know there were problems with the Lake Oswego you guys have any details?