Construction is nearing completion on the east building at The Redd on Salmon Street, the two-block food distribution hub by the Ecotrust. The Daily Journal of Commerce published photos of the progress made to date.
In what is believed to be a first for Portland, a quarter of the units at the TwentyTwenty Condominiums are being marketed exclusively to buyers who live in Asia, reports the Oregonian.
The Daily Journal of Commerce published photos of the recently completed Garlington Place Apartments in Northeast Portland. The 52 unit development includes a mix of homes designated as affordable to people earning under 60% of median family income, for veterans, and for clients of the adjacent health clinic in critical need.
The Oregonian reported that the 148-unit affordable housing development at 1727 NW Hoyt St was approved by the Historic Landmarks Commission. Housing activist and attorney Alan Kessler has filed a lawsuit against the City of Portland, over the high cost of extracting public records, according to the Willamette Week. Kessler had requested records related to the involvement of one of the members of the Landmarks Commission during early Design Advice Request meetings.
I’m sure those Asian buyers won’t inflate our housing market any further. I can’t wait to have rates as good as Vancouver and Seattle for a barebones building like 20/20 – I mean, we get a great looking extruding air conditioning unit coming out of our living room wall! With units costing from $300k/one-bedroom to $500k/two-bedroom, who wouldn’t want to be packed tightly together overlooking a dirty, loud expressway? Asian-based buyers would! Of course!
^Absolute sarcasm. This 20/20 project wasn’t made to be minimalist, but merely a way to spend the least amount of money to get the biggest gain, and it shows. Why do you think the firms are looking to other markets to sell off this boondoggle? Locals aren’t able to afford it because it wasn’t made for us in mind. Developers will continue exploiting our city, and when their expenditure becomes too great, they’ll move on to the next genuinely unique city to build overpriced, compact ‘multi-family’ housing.
The article also says that about half the buyers will be investors. That means that half of the condos are going to be rentals. This is bad news for anyone locally who actually wants to buy one of these. The rules for rentals in a condo complex and obtaining a mortgage can be strict with I believe no more than 20% being rentals. That means this whole building will end up being just investment properties with no tenant actually invested in living there.