pearl district blog...
September 19,2007
The Wyatt will convert to apartments
by pearlgirl
Portland's recent slowdown in condo sales has claimed another victim: The 15-story Wyatt in the heart of the Pearl District will switch to apartments, Bob Ball, the developer, said Tuesday.
The Wyatt becomes the second high-rise to switch to apartments in the past six months.
With sales slower than expected, Ball said he tried to entice buyers with discounted prices for condos and upgrades. But he sold 53 condos, fewer than half of what he needed by now. Move-ins were to begin in early November.
read more at OregonLive
Victim? Since the rental market is heating up, maybe this will be a great thing for the Wyatt. I think it's a beautiful building and how lucky for renters to be able to lease a building built as condos (instead of buying a condo built as apartments,right?) with all of the nice amenities and finishes. When the market improves, these units can be sold. Bob is smart to roll with the punches and make the best of a soft market even though I'm sure it was difficult.
***update*** blog links
Portland Housing Blog chimes in
The Wyatt becomes the second high-rise to switch to apartments in the past six months.
With sales slower than expected, Ball said he tried to entice buyers with discounted prices for condos and upgrades. But he sold 53 condos, fewer than half of what he needed by now. Move-ins were to begin in early November.
read more at OregonLive
Victim? Since the rental market is heating up, maybe this will be a great thing for the Wyatt. I think it's a beautiful building and how lucky for renters to be able to lease a building built as condos (instead of buying a condo built as apartments,right?) with all of the nice amenities and finishes. When the market improves, these units can be sold. Bob is smart to roll with the punches and make the best of a soft market even though I'm sure it was difficult.
***update*** blog links
Portland Housing Blog chimes in
posted at 07:21 AM
3 comments
Comments:
Anonymous - December 11, 2007 03:10 PM
To be honest, Ball just couldn't bring a competitve edge when it came to new construction. His pricing was competing with a Platinum Leed certified building, with more premium finishes. In comparision to other buildings the interior of the Wyatt units left a lot to be desired. Penthouse finishes were similar to that of higher end apartments. Not a suprise at all...by the way check other condo buildings..Sales are still happening and the Wyatt isn't a good example for the Portland/Pearl Market...
Anonymous - September 19, 2007 12:23 PM
Rough week for Bob Ball
moreno1 - September 19, 2007 11:50 AM
Ouch. Maybe they're having issues with the stucco finish?
oh wait, that's the OTHER Ball building...
In all seriousness, I did hear that Encore was going to go rental, excpet they could not find any renters who'd want to live ON the train tracks.
Ambiance at $600 SqFt...
oh wait, that's the OTHER Ball building...
In all seriousness, I did hear that Encore was going to go rental, excpet they could not find any renters who'd want to live ON the train tracks.
Ambiance at $600 SqFt...
Add a Comment:
pearl district
Neighborhood Association
Board Meetings
6pm, 2nd Thursday of each month
Pacific Northwest College of Art
1241 NW Johnson St.
Committee Meetings
Planning
1st & 3rd Tuesdays
Board Meetings
6pm, 2nd Thursday of each month
Pacific Northwest College of Art
1241 NW Johnson St.
Committee Meetings
Planning
1st & 3rd Tuesdays
6pm, PNCA
1241 NW Johnson St.
Transportation Sub-Committee
Transportation Sub-Committee
2nd Thursday of every month
3:30pm, Ecotrust
721 NW 9th Ave.
Livability
3rd Thursday of every month
(except June, July & August)
6pm, Umpqua Bank
6pm, Umpqua Bank
1139 NW Lovejoy
Communications
Last Tuesday of every month
6pm, Umpqua Bank
Last Tuesday of every month
6pm, Umpqua Bank
