Portland Condos a bargain yet?

Portland condos are still dropping in price, but if we are not at the bottom yet, it might be soon. As of June 6, 2010 the most recent data for the 97209 zip code (mostly the Pearl District) are as follows:  289 units are for sale, 24 sold in the past 30 days, the median sale price was $305,000 and the average price per square foot of sold properties was $309/sf for properties between 100K and 1M.  Just a few years ago, $400 to $500 per square foot was the norm.

The price per square foot in the 97239 zip code (mostly the South Waterfront) is even lower... coming in at $250/sf, but the median price of a condo sold there was $329,000 for the same price range as the pearl district.  

The prices in the south waterfront have been brought down by excess inventory and two auctions that have occurred: One last fall at the Atwater and one in May 2010 at the John Ross. At the price of $250/sq. foot for new construction, the buyer has the opportunity to buy at close to developer cost.  The banks and developers were forced to cut their losses by offering auction pricing, but the strategy has seemed to work, and this area is poised for a rebound. 

The Pearl district has avoided auctions up to this point because of the limited amount of new inventory put on the market during the past few years, but the newer buildings like the 937 Condominiums that still have developer inventory are accepting offers that are significantly lower than asking price.

There is detailed pricing at this website: Portland Condos