PORTLAND, Ore. -- It worked for Atwater Place in South Waterfront last fall. Now owners of the John Ross there hope an auction will work for them to help sell out the largest condo project in Portland.
Owners of the project hope to sell out all 303 units by the end of 2010. Fifty condos will be sold at auction on April 11th. Starting price is $110,000 up to $600,000 for a 3,456 square foot penthouse with 180 degree views.
"The last asking price was a $1.1million, now at the auction the minimum selling price is where the bidding will start is at $600,000," said Debi Roks with Kennedy Wilson auctions.
Roks is in charge of answering prospective buyers questions. The rules of the auction are simple. Buyers must be pre-qualified and come of the auction April 11th at the Hilton Executive Tower at 921 SW Sixth Avenue with a cashiers check for $5,000.
It will be used for a portion of the 3% deposit for purchasers. This auction is what's called absolute. "Wherever the bidding ends that is the sales price," said Roks.
This is the second auction of condos at the South Waterfront development.
It comes as the Portland condo market is trying to find balance of inventory versus demand.
"Clearly we'd like to sell the project out within 2010," noted Patrick Clark, a principle with Realty Trust.
Clark believes this auction will stabilize the condo market. In the last year there were 2,600 unsold condominiums in Portland, now that's down to 450. As many as 1,000 of those units are not being sold as apartments.
"We see a pathway towards much less supply, a likely a return to stability in the coming year" said Clark.
The auction is timed to let buyers take advantage of the federal tax credit of up to $8,000.
A preview of the units begin Saturday March 13th. The John Ross will be open daily 11am until 6pm. For more information here's a link. www.thejohnrossauction.com