Friday, July 17, 2009

John Ross developer cuts prices by 30%

From the Portland Business Journal:

Gerding Edlen Development Co. has added the John Ross condominiums at South Waterfront to a list of projects with slashed prices.
The company cut prices by approximately one-third in a bid to find buyers for 110 unsold units in the next 18 months.

Realty Trust Group, which is marketing the John Ross for the ownership group, announced the price cuts Wednesday. Patrick Clark, principal broker for the John Ross, said the new prices reflect the reality of the residential market, which includes approximately 800 unsold luxury condominiums around downtown Portland.
A sample of units available at John Ross includes a 12th floor studio now available for $199,999, down $100,000. The new price translates to $311 per square foot.
A 30th-floor penthouse unit with three bedrooms and three and a half bathrooms now is available for $1.5 million, down nearly $1 million. The new price is equal to $434 per square foot.
Realty Trust notified John Ross homeowners of the decision to cut prices on July 10.
“Without question, the overall state of the economy has significantly impacted sales and closing activity,” it told previous buyers.