Quote:
Originally Posted by sowat
Meanwhile there are still 7 active Clinton Condo listings, after that burst of sales last month. Very little activity on the listed 937 Condos as yet this spring. One of the two Z-haus units finally went pending, the other still unsold. So much for green shoots.
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You gotta remember that the Portland housing market peaked almost a year *after* the national market peaked. Even if there were signs of "green shoots" in the national housing market, there is no good reason to expect PDX to follow suit immediately, especially when our unemployement numbers are generally worse than the national average.
Nationally, the housing bust is now a relatively old story, but in Portland it's still fairly new. If you recall, it wasn't that long ago when conventional wisdom held that PDX would escape the housing bust completely unscathed, and that a short "leveling off" in prices was the worst we should expect. This bubble is going to take a lot more time to unwind.
Too bad about the Clinton condos, though. One of my favorite buildings in town. That financing might not hurt the developers all that much; the bank who financed the project may be offering it in order to avoid foreclosing on the project (sort of a win-win incentive)...
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