SoWhat District Sees First Condo Conversion
From the Oregonian:
Portland’s sputtering condo sales and surging apartment market have pushed the city’s most prolific developers to turn a 31-story condo tower into luxury apartments.It’s the fifth such switch since March 2007.Developer Mark Edlen said he and his investors will make the glassy tower — known as the 3720 — the first apartment building in the new South Waterfront district.Edlen said three factors drove the switch on the nearly finished building: the slowing housing market, a tighter mortgage market that’s reduced the number of potential buyers, and the strengthening rental market.For anyone who follows the real estate market, the change in plans isn’t much of a surprise.South Waterfront has 266 condos for sale in two other slow-selling towers.The last thing Edlen, a lead developer on five of South Waterfront’s six towers, needs is more supply and competition against his own projects. The apartment market is red hot, with vacancy […]
Original post by noreply@blogger.com (Clint8200)
