Pearl District News

[MarkDaMan]

nationwide the housing market might be cooling off, but here in Portland it's still HOT!

Demand Out Distances Housing Supply
11/10/2005

On Thursday November 3rd The Metropolitan sales were kicked off with a three-day buyers’ preview of the 136-unit condominium community. At the end of the preview, 500 buyers had indicated their interest in purchasing one of the homes.

“We had a sense that we would have more buyers interested than we had homes to sell,” said Tiffany Sweitzer, President of Hoyt Street Properties (HSP). “Prior to the launch more than 4,600 inquiries had been received regarding the project.”

Faced with this enviable problem, HSP and Hoyt Realty Group designed a lottery system that gave everyone an equal chance at purchasing a home. On Sunday November 6th two hundred names were drawn and the process of informing the winners began the following day.

As the developer of a 30-block neighborhood in the Pearl District, Hoyt Street Properties is accustomed to a high level of interest in its projects. For example, the 124 unit Park Place condominium, overlooking Jamison Park, sold out just 8 months after it opened in May 2004. A year later the Pinnacle Condominium’s 176 homes were sold before its doors opened.

“We believe this increased level of interest is directly related to the progress we are making in transforming a former railroad yard into a unique mixed-use community,” speculated Sweitzer. “After 10 years of effort people are now able to feel and visualize the distinctive nature of our urban neighborhood with its own lively character and personality.”