Web site tracks 'desperate' area home sellers
By Brian Barker KATU NewsPORTLAND, Ore. - It's no secret it is a tough time to sell a house. Some sellers can wait and some can't. Now a Web site is tracking what it calls "desperate home sellers." The site contains a database of vacant homes that have been on the market for more than 100 days in the Portland area and/or where sellers have cut their asking price by at least 7 percent. "We have about 175 properties in the database right now," said Tom Heinicke of Meadows Group Realty recently. Condos in particular have taken a big hit in the area. For example, in the John Ross building in the South Waterfront District, one unit there has dropped by $120,000 in the past seven months. There are four units there that meet Heinicke's definition of "desperate." Across town in the Pearl District, three places have been on the market for a year and a half and have dropped their prices by $120,000. It's not just condos taking a hit. A mansion in southeast Portland was on the market for $1.7 million but is about to sell for $900,000. Across the metro area, prices are down in most neighborhoods – with a few exceptions such as in north and northeast Portland. |
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