PORTLAND, Ore. -- A local real estate agent is taking advantage of a buyer’s market -- to the point of desperation.

(kgw.com Graphic)

Tom Heincke -- also known as Agent 503 -- runs a website called the desperate sellers' database. It lists area homes and condos that have dropped in price since being on the market for 100 days or more.

Many of the properties featured are recently constructed Pearl district condos.

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Heincke also said that South Waterfront developments such as the Meriwether or the John Ross list several price reductions, some by as much as 20 percent.

At least a third of the properties listed noted a 15 percent reduction.

Home prices in the Portland area also dropped. September 2008 home sale prices fell 6.24 percent compared to September 2007, with the current median price of a home at $255,000. Nationally, home prices fell by 11.03 percent, with a median price of $195,000.