Tuesday, April 13, 2010

South Waterfront auction goes for half off

From the Oregonian:

Compared with the prices at the height of the real estate boom, the auction bidders took home condos at an average 50 percent discount.

The John Ross condos were listed for an average of $711,000 during the top of the housing market. They sold Sunday for about $316,000, according to winning bids announced at the auction.

Despite the discounts, the sell-off moves the lender closer to getting the John Ross off its books and to its goal of selling out the 303-unit building by the end of 2010. The auction sales also will reduce the lender's costs for property taxes and insurance. If all the sales close, the auction will have produced $14.8 million in sales.