A weird developer lady called me today for some sort of market survey. I get these calls all the time--usually from other apartment managers trying to figure out if their rents are in line with how the rental market is going. But this call was a little different somehow. I got super-friendly with her and sorta prodded her for information, and found out that she's part of some development team looking to build an APARTMENT building in inner southeast Portland. Not a condo, an APARTMENT building.
I can't say that I'm shocked, but I am pleasantly surprised. After all, Ladd Tower has announced that they're switching to apartments. There are rumors that the Wyatt might be giving up on the whole condo thing. And today I was told that the monstrosity going up at 2121 SE Belmont has sold exactly ZERO units so far (I should note that I haven't been able to confirm this).
So the Good News is that it seems the condo market is dead, and the pendulum is swinging more into renters' favor. The asterisk is for the fact that you'll probably have to wait until about June of 2010 to feel the effects of this supposed market shift.
Hey, maybe that lady that called me today was actually from the office of the 2121Belmont Condo and they're already figuring out if they should switch to apartments. Bad for me, good for you.
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