PORTLAND Aubrey MacMillan and Jared Johnson say they were lucky to find a three-bedroom house they could afford in Portland’s scorching residential market. But the first-time buyers in their 20s had more than good fortune shine on them.
Have Portland’s luxury condos lost their luster? People want less density, more sanctuary
Updated 8:20 PM;
Today 6:30 PM
Pearl District luxury condos are selling for less due to people not wanting to live in Portland s urban core during the coronavirus pandemic.Cascade Sotheby’s International Realty/Ruum Media
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Not every home for sale is flying off the market at record prices, despite the frustration felt by hopeful buyers. Interest in downtown Portland’s luxury condos has fallen so much that next-door neighbors are snapping up an adjacent unit to expand their living space, a condo combining concept seen in Manhattan and San Francisco, but new to Portland.
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Homes in Seattle s Capitol Hill neighborhood. (Seattle Municipal Archives)
The latest data indicates that housing prices in the Puget Sound region are continuing to grow rapidly. Despite that, Windermere Chief Economist Matthew Gardner also believes that there’s a bit of good news for buyers as well.
The median price of a residential home in King County grew by 16% year-over-year as of April, with similar increases in Snohomish (28%) and Pierce (23%) counties. That has options scarce for the time being, with the Northwest Multiple Listing Service (NWMLS) estimating that it will likely take between four to six months for the Puget Sound region to shift to “a more balanced market.”