More than 750 people gathered for the auction yesterday, and 47 condos sold, when one of the primary owners of the John Ross Building put up units that had never sold since it was completed in 2008. The average sale price on Sunday was $316,000, down from $711,000 at the height of the market. That's about a 50% discount... which shows how far the market in Portland has really fallen in the last few years. Condo are always harder to sell and resell, so it's no surprise that prices have fallen a lot more that single family homes. Also, the South Waterfront area has not boomed as many had promised or hoped. Empty buildings and continuing construction with little to no neighborhood development do not spur sales on. The John Ross is also become less expensive than the neighboring Atwater, with the Ross's average price per square foot at $200, and the Atwater's at $300.
Read more about the auction and the John Ross here.
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