If you've been paying attention, you'll have noticed the majority of those big residential construction projects of late, have all been apartment buildings, adding to Portland's rental inventory. Expensive rental inventory, but rental inventory none the less.
Nextportland.com is reporting a new condominium project has been proposed for the Pearl; the first condominium project to be proposed in about three years. The proposed project, Block 20, is a 21 story tower with 149 residential units, parking for 192 cars and 224 bicycles. It would take up a full block that previously housed the Hoyt Street rail yards, between NW 11th and 12th Avenues and NW Pettygrove and Quimby.
In a December 2015 article, Luke Hammill, of the Oregonian wrote about the notably small increase in owner occupied housing when comparing the rental housing versus owner occupied from 2005 - 2009 and 2010 to 2014. Rental housing units increased by 14% where ownership housing increased by only 1%.
Is this project an aberration? Or might we see new condominium projects outside the Pearl, and appearing in Portland's popular east side neighborhoods? I know I have out of state buyer clients, primarily retiring baby boomers, who would LOVE spacious one-level condominiums on the close-in east side.
Shoot me an email or give me a ring if you have questions about Portland real estate. firstname.lastname@example.org 503-312-8038.