April 14, 2024


Mad about real estate

Sales Are Increasing With Pearl District Condos Leading The Way

The National Association of Realtors publish annual figures, revealing that in 2006 there was no more than a $400 increase in the price of Pearl District condos from the price of condos in 2005. Whether we are looking at the 937 Condos, Pearl Lofts, or the Waterfront Pearl, none of the Pearl District condos were immune to the downturn in the property market. The price of Pearl District condos, in 2006, was $234,200 on average. As the slide in the property market began to bit from thereon in, various sales events such as the Atwater Auction were held to try to push sales of newly built condos. The first quarter of 2009 resulted in just 94 sales of Pearl District condos: the final month of that year closed on 220 sales. This was a 40{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} increase on the same period for the previous year, which is clearly good news to the real estate business in general.

Reduction in Sales Price

Nevertheless, statistics are never exactly what they seem and the truth of the 40{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} increase is revealed in a reduction in the purchase price of each of the Pearl District condos to encourage the property sales to move. The disparity between prices in 2006 and 2009 become clearer when you consider that 25{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of all Pearl District condos are being sold for less than $200k for a 750 square foot property. A property selling for an average of $350,000 in October 2008 was being priced at $290,000 in December 2009 to encourage sales to start moving again. Moreover, around 10{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of Pearl District condos were in the possession of the banks.

Rental Apartments

It seems that the worst hit during this recession is the luxury end of the market. Pearl District condos that are being purchased for rental apartments are still moving, albeit slowly. Evidence of this can be seen with the 190 units at Ladd Tower whose project was rapidly re-thought and continued as a development for apartments rather than for condos as originally planned. The 937 Condominiums that were planned to be built as a 16 storey tower with mixed usage continued as planned. The focus, and probably the selling point, for each of these Pearl District condos, is sustainable development. This is achieved through the gold LEED design in accordance with the US Green Building Council’s Leadership in Energy and Environmental Design.

937 Condo Tower Block

This 16 storey tower is to include 114 residential units as well as car parking and commercial buildings below. The actual tower, 170 feet tall, is situated between 9th and 10th Avenues, on Northwest Glisan Street. The completed building is resplendent in its geometric stacked design of glass, steel and brick with vertical rows of balconies and 300 square foot eco-roof. Now that this building has been finished, the latest information provided in February 2009, is that 25{ef6a2958fe8e96bc49a2b3c1c7204a1bbdb5dac70ce68e07dc54113a68252ca4} of the residential units have been sold. Whether or not more of these Pearl District condos have been in this eco-friendly tower block remains to be seen; the information just wasn’t forthcoming.