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Portland condo market slows

09/2007 - It's official. The Portland Oregon condo market has an over supply of inventory. The latest decision made by the owner of a 15-story Wyatt building in the Pearl District proves that. The Wyatt will switch to apartments, according to the developer's announcement in September 2007.

The Wyatt is the second high-rise to switch to apartments in the past six months. Despite all sorts of incentives to buyers, sales for the Wyatt had been extremely slow.

The Wyatt is to be among one of Portland's fanciest towers with slate floors, a water feature, and a full concierge service.

At an average price per square foot of about $500, there just wasn't enough buyers who can afford it.

In March, another developer, Opus Northwest, also announced the Ladd Tower in the South Park Blocks would switch from condos to apartments.

WHat does all this news mean to the Portland condo buyers? An over supply will drive condo prices down for awhile until the supply and demand for condos reaches a balance. This means that the next 6 to 9 months is the best time to get a good deal on condo purchases.


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