A Different Inventory Problem in Portland

Here’s what happens when markets soften or become oversupplied.

Lockbox bench

This is a park bench outside a condo complex in Northern Virginia (DC suburb) with 47 lockboxes attached. Each lockbox represents a condo unit that is for sale or for rent. The scary thing is that this is the first phase of two, and this phase has 220 units.

Now, apparently this is a case of speculative investors (flippers), snapping up properties and re-marketing them.

I have not seen anything like this in Portland…yet.

First, many condo developers in Portland now limit the number of units that can be re-sold in the first year or two. Second, current low inventories (under 3 months worth) continue to keep the balance tipped in favor of sellers here.

Full story at the Bubble Meter.

[tags] condo, Portland, inventory, lockboxes [/tags]

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April 6, 2006 · Filed Under Market Activity

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