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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
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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
Comments
One Response to “John Ross Condo Auction Preview”
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Those minimum bids look just about right;O) But dang, look at those taxes and HOA fees. Good luck, everyone!
I would love to see a profile of the buyers, ie investors, first time buyer, etc.