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Brought to you by Lori Ares, home-buyer specialist and broker licensed with M Realty LLC. Read more...
Contact: (503) 936-4192
And by Ron Ares, re:PDX founder / editor and marketing specialist.
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John Ross Condo Auction Preview
Jason Lucas and I spent a couple hours at the John Ross condos on Monday to see every unit and to document the features, views, and finishes for all the properties going on the auction block on April 11, 2010.
[ NOTE: March 31 - We are having some issues getting the photos online. Please check back. ]
We’ve summarized the opportunities in the table below, including view direction, estimated property taxes and monthly HOA fees. We took a couple pictures of each unit to give a rough idea of the view and kitchen set-up. Floor plans are available, too. Just ask us.
Additionally, we’ve prepared some spreadsheet analyses for the auction that might give you a sense of how you might bid. Note, if you wish to have agency advice during the auction process, you will need to register an agent (like Jason or I) with the John Ross sales office prior to April 8. Also, the auctioneer is hosting a free informational seminar on April 3 at 1:00 pm at the John Ross information office.
If you would like to talk through your strategy for the auction, give us a call: Jason Lucas at (503) 481-7332 or Ron Ares at (503) 460-7992. Jason in particular has seen dozens of units in the South Waterfront properties (including the Meriwether and Atwater) and he wrote the expanded John Ross section at the bottom of this post.
John Ross Auction
Studios
All studio units include a full bath and feature a westerly view of hills and the city.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 23 | 1816 | SW | 637 | $184,000 | $110,000 | $2,869 | $245 |
| 26 | 1916 | SW | 637 | $188,000 | $110,000 | $3,078 | $245 |
| 29 | 2016 | SW | 639 | $194,000 | $110,000 | $3,083 | $246 |
| 32 | 2116 | SW | 639 | $194,000 | $110,000 | $3,083 | $248 |
| 33 | 2202 | NW | 639 | $194,000 | $110,000 | $3,083 | $246 |
| 39 | 2416 | SW | 639 | $204,000 | $110,000 | $3,083 | $247 |
| 43 | 2616 | SW | 641 | $209,000 | $110,000 | $3,294 | $247 |
Lofts
All lofts (but one) face northerly with city views and include a full bath.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 9 | 806 | NE | 770 | $219,000 | $110,000 | $2,737 | $290 |
| 12 | 1106 | NE | 770 | $224,000 | $115,000 | $3,127 | $293 |
| 16 | 1506 | NE | 773 | $229,000 | $115,000 | $3,129 | $290 |
| 18 | 1606 | NE | 842 | $234,000 | $120,000 | $3,231 | $313 |
| 24 | 1904 | NW | 791 | $235,000 | $125,000 | $3,386 | $295 |
| 27 | 2004 | NW | 793 | $239,000 | $130,000 | $3,408 | $299 |
| 31 | 2114 | SW | 793 | $239,000 | $130,000 | $3,408 | $302 |
| 41 | 2606 | NE | 847 | $249,000 | $130,000 | $3,733 | $317 |
1 Bedrooms
Most (please note the exceptions in the table below) of the 1-bedroom units face to the west and have city or hill views. Each unit includes one full bath and a study.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 8 | 610 | SE | 1,207 | $299,000 | $165,000 | $4,614 | $442 |
| 10 | 1018 | SW | 1,205 | $299,000 | $155,000 | $5,001 | $439 |
| 11 | 1100 | NW | 1,205 | $299,000 | $160,000 | $5,001 | $438 |
| 13 | 1210 | SE | 1,207 | $339,000 | $175,000 | $5,001 | $438 |
| 14 | 1310 | SE | 1,207 | $349,000 | $180,000 | $5,001 | $438 |
| 15 | 1500 | NW | 1,207 | $329,000 | $170,000 | $5,005 | $439 |
| 17 | 1518 | SW | 1,207 | $329,000 | $165,000 | $5,005 | $439 |
| 19 | 1618 | SW | 1,207 | $334,000 | $165,000 | $5,005 | $440 |
| 21 | 1718 | SW | 1,207 | $336,000 | $165,000 | $5,005 | $440 |
| 30 | 2018 | SW | 1,209 | $337,000 | $165,000 | $5,400 | $443 |
| 37 | 2318 | SW | 1,209 | $339,000 | $175,000 | $5,400 | $441 |
| 40 | 2600 | NW | 1,210 | $349,000 | $180,000 | $5,788 | $444 |
| 44 | 2618 | SW | 1,210 | $349,000 | $175,000 | $5,791 | $441 |
2 Bedrooms
All 2-bedroom units face easterly and have limited river views. Each unit includes a study.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 20 | 1710 | SE | 1,826 | $489,000 | $260,000 | $8,447 | $674 |
| 22 | 1810 | SE | 1,826 | $496,000 | $260,000 | $8,447 | $677 |
| 25 | 1910 | SE | 1,826 | $497,000 | $260,000 | $9,100 | $679 |
| 28 | 2008 | NE | 1,831 | $499,000 | $270,000 | $9,112 | $676 |
| 34 | 2208 | NE | 1,831 | $509,000 | $270,000 | $9,112 | $686 |
| 35 | 2210 | SE | 1,831 | $509,000 | $270,000 | $9,112 | $680 |
| 36 | 2308 | NE | 1,831 | $519,000 | $260,000 | $9,112 | $680 |
| 38 | 2410 | SE | 1,831 | $524,000 | $270,000 | $9,112 | $680 |
| 42 | 2608 | NE | 1,833 | $529,000 | $270,000 | $9,883 | $688 |
Park Homes
| AUC. # | UNIT # | VIEW | SQ. FT. | BATHS | OTHER | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 1 | 203 | S | 1,874 | 2 | Den | $479,000 | $275,000 | $7,274 | $698 |
| 2 | 207 | W | 2,267 | 2.5 | Den | $519,000 | $290,000 | $7,748 | $831 |
| 3 | 301 | NE | 1,778 | 2 | Study | $499,000 | $270,000 | $7,239 | $662 |
| 4 | 313 | NW | 2,269 | 2.5 | Den | $549,000 | $290,000 | $7,748 | $831 |
| 5 | 407 | SW | 1,889 | 2.5 | Den | $499,000 | $280,000 | $7,714 | $704 |
| 6 | 409 | W | 1,928 | 2.5 | Study | $499,000 | $280,000 | $7,577 | $714 |
| 7 | 411 | W | 1,928 | 2.5 | Study | $495,000 | $280,000 | $7,453 | $712 |
Penthouses
| AUC. # | UNIT # | VIEW | SQ. FT. | BATHS | OTHER | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 45 | 2701 | NW | 1,938 | 2 | $579,000 | $290,000 | $10,161 | $717 | |
| 46 | 2703 | NE | 2,700 | 2.5 | Den | $849,000 | $430,000 | $15,397 | $976 |
| 47 | 2707 | SW | 1,938 | 2 | $579,000 | $290,000 | $10,314 | $719 | |
| 48 | 2905 | SE | 2,700 | 2.5 | Den | $849,000 | $430,000 | $16,557 | $975 |
| 49 | 2907 | SW | 1,895 | 2 | $579,000 | $290,000 | $10,620 | $700 | |
| 50 | 3003 | S | 3,456 | 2.5 | Den, Study | $1,149,000 | $600,000 | $24,653 | $1,285 |
Every effort has been made to ensure accuracy, but please note these are estimates provided by the developer.
More about the John Ross Condominiums
The John Ross Condominiums were developed by Gerding Edlen along with Williams & Dame Development. The building is Portland’s tallest residential building standing 31 stories. There are 303 condo units in the John Ross ranging in size from 600 square foot studios to a 5000+ square foot penthouse. The building is unique aesthetically because of the elliptical shape of the building’s tower which also provides great views from almost all of the condos.
The interiors of the John Ross tower units are clean and modern with hardwood floors, high-end appliances, wool carpets in bedrooms, and silestone quartz or granite counter tops. Although the materials are high quality in general, the overall fit and finish of the building is a tier below the Atwater or Meriwether properties. Given the price point of the John Ross condos, however, the building offers a very competitive value for South Waterfront home ownership.
Features of the building include secure parking in the underground garage, a 5th floor garden terrace and community area, and impressive lobby with full-time concierge.
Situated in the center of the South Waterfront neighborhood, the John Ross is a block from the Portland Streetcar which connects to Downtown, the Pearl District, and Nob Hill. The Aerial Tram is also just steps away next to OHSU.
Links
John Ross Auction site
John Ross Condos site
Oregonian coverage of the auction
Portland Real Estate Market Activity – February 2010 Results
If you believed the Portland-area housing market was in recovery mode, February 2010’s results won’t bolster your confidence.
Yes, sales are up 18% over February 2009. And, yes, pending sales are up 45% over last year.
But if you’re a home seller, it still may not be a good time to market your property. Average and median sale prices dropped 3.3% and 2.1% respectively between January to February, and are a good 8.5% and 9.3% down from a year ago. From the peak values in 2007, prices in the Portland real estate market have declined by 23%.
At the current rate of sales, it would take 13 months to absorb the current housing inventory; better than the nearly 17 months rate this time last year. On average, homes that do sell take 5 months to find a willing buyer.
With less than 60 days left to get a property under contract and qualify for federal tax credits, activity seems to be up (looking at pending sales). This activity may be emphasizing smaller, affordable properties, thereby pulling the average prices lower, but that’s just a theory.
Market Summary
| February 2010 |
January 2010 |
Last Year February 2009 |
|
| Median Sale Price | $235,000 | $240,000 | $259,000 |
| Average Sale Price | $273,100 | $282,400 | $298,500 |
| Closed Sales | 1,015 | 986 | 857 |
| Pending Sales | 1,850 | 1,535 | 1,276 |
| New Listings | 3,902 | 3,937 | 3,471 |
| Active Listings | 13,101 | 12,449 | 14,188 |
| Total Market Time * | 150 days | 145 days | 153 days |
| Inventory (in months) | 12.9 | 12.6 | 16.6 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $432,200 | $360,000 | -9.7% | 153 |
| West Portland & Downtown | $415,200 | $315,000 | -10.8% | 208 |
| NW Washington County | $361,600 | $340,000 | -9.8% | 144 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,800 | $295,500 | -8.5% | 184 |
| Northeast Portland | $274,800 | $243,800 | -10.7% | 114 |
| Milwaukie / Clackamas | $252,700 | $235,000 | -8.2% | 136 |
| Oregon City / Canby | $251,300 | $221,400 | -11.4% | 149 |
| Hillsboro / Forest Grove | $242,900 | $213,000 | -10.9% | 138 |
| North Portland | $239,600 | $225,000 | -10.8% | 74 |
| Beaverton / Aloha | $238,500 | $217,600 | -12.2% | 168 |
| Southeast Portland | $226,700 | $197,900 | -11.7% | 119 |
| Gresham / Troutdale | $204,200 | $190,000 | -14.2% | 162 |
| Yamhill County | $198,000 | $190,000 | -16.0% | 154 |
| Columbia County | $189,200 | $184,000 | -14.6% | 183 |
Market data courtesy of RMLS, February 2010.
Free Homeownership Preservation Workshop Comes to Portland
If you’re struggling to keep your home, you may want to take advantage of an upcoming workshop and free counseling put on by the federal government.
From the Making Home Affordable Program:
A homeownership preservation workshop, sponsored by the Obama Administration’s Making Home Affordable Program, HOPE NOW Alliance and NeighborWorks® America, will be held in Portland for all homeowners who may be at risk of foreclosure. The workshop is free, open to the public, and provides a chance for homeowners to meet face-to-face with their mortgage company and a HUD-approved counseling agency to work on a solution to help them stay in their home.
WHO: Portland homeowners who are in default on their mortgage or may be at risk of foreclosure
WHAT: Free Homeownership Preservation Workshop
WHEN: Tuesday, March 23, 2010, 1:00 pm -7:30 pm
WHERE: Doubletree Hotel Portland, 1000 NE Multnomah Street, Portland, OR 97232
The Obama Administration’s Making Home Affordable Program was created to help millions of homeowners refinance or modify their mortgage payments to a level that is more affordable.
More information at www.MakingHomeAffordable.gov and a link to the flyer (in Spanish, too).
John Ross Condos Go To Auction
UPDATE 3/31/2010: We’ve prepared a preview of the John Ross auction, complete with taxes, HOAs, and other useful items. Visit our preview post for more.
Like the neighboring Atwater Place, owners of the John Ross Condominiums have decided to auction 50 unsold units in an effort to clear the books of remaining inventory in 2010.
Opening bid prices are 47% below current list prices and in some cases, 70% off the original list prices published during the go-go days of the 2005 bubble market. For example, studio prices start at $110,000. At the high-end, a 3,456 sq. ft. 3-bedroom/3.5 bathroom unit on the 30th floor starts at $600,000. It’s current list price is $1,149,000.
Where pricing will end up is anyone’s guess, but for comparison purposes, the Atwater Place auction averaged $300 per sq. ft. back in September 2009.
Bidders can attend the April 11 auction with a $5,000 cashier’s check and a preapproval by one of the project’s preferred lenders (or proof of funds, if cash). Using a preferred lender may provide you with a $3,000 credit toward your closing costs. The transaction must close by May 26, 2010.
You must register before April 8, and if you want your own agent to advise you on your purchase, you must register them with the John Ross sales office upon your first visit.
To date, the building has sold 223 of 303 total units, and spokesmen are hopeful they can get FHA lending qualification on the building in time for the auction.
More information on the John Ross auction:
Here is the auction site, auction brochure, and Term & Conditions document.
New Administration Program Pays Owners to Take Short Sale Option
New solutions from the Obama administration for the housing crisis continue to emerge.
From the New York Times comes:
More than five million households are behind on their mortgages and risk foreclosure. The government’s $75 billion mortgage modification plan has helped only a small slice of them. Consumer advocates, economists and even some banking industry representatives say much more needs to be done.
In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions.
Taking effect on April 5, the program could encourage hundreds of thousands of delinquent borrowers who have not been rescued by the loan modification program to shed their houses through a process known as a short sale, in which property is sold for less than the balance of the mortgage. Lenders will be compelled to accept that arrangement, forgiving the difference between the market price of the property and what they are owed.
Under the new program, the servicing bank, as with all modifications, will get $1,000. Another $1,000 can go toward a second loan, if there is one. And for the first time the government would give money to the distressed homeowners themselves. They will get $1,500 in “relocation assistance.”
