Friday, June 12, 2009

Some South Waterfront units are starting to sell

From the DJC:

Atwater Place in Portland’s South Waterfront neighborhood opened about a year ago, just as the economy was turning south and fewer people were buying condominiums.
The 214-unit, upscale waterfront condo tower fell victim to the effects of a credit crisis, rising unemployment and the bursting of the real estate bubble.
Atwater units are still not selling as fast as originally anticipated, but Todd Prendergast, a principal broker with Realty Trust, said he’s been encouraged by buyers’ interest in the tower and other South Waterfront buildings in the last two months.

Eight Atwater units have sold in the last month, compared with a rate of about one or two per month over the winter. The building is about 30 percent sold.
Prendergast acknowledged that some of the activity is normal for this season, as buyers start to emerge after winter.

He said another factor that could be spurring sales in South Waterfront is lower prices. He said that drops have been as much as 30 percent from the original asking prices – as much as $300,000 for some units.