Atwater Place
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Courtesy of Brent Wojahn, The Oregonian - Click for more photos After more than a month of anticipation, guerilla marketing and widespread media coverage, the Atwater Auction is in the books. Westport Capital Partners, the business entity that wields controlling interest in the condominium development, appears to have netted more than $19 Million in sales.
Having sold 40 out of the available 41 units at an average price of approximately $299/sf is not particularly good, but it's not bad either. As reported on PortlandWatefront.com, the aggregate sales for the South Waterfront - including John Ross, Meriwether and Atwater Place - averaged an asking price of $325/sf and a sales price of $310/sf for the past three months. Atwater Place is considered by some to be the more upscale property between the three developments in the South Waterfront and was expected to fetch a premium.
Mark Edlen, of Gerding Edlen Development, has a residence in the Atwater. Mr. Edlen and his partner Bob Gerding, who recently passed away, are credited for many of Portland's sustainable developments - including notable projects in The Brewery Blocks such as Whole Foods, The Gerding Theater, The Henry and M Financial; The Cyan; The Ardea, John Ross, Atwater Place and The Meriwether.
Attention now turns to the 100+ units that remain unsold. Will the auction establish a floor for prices going forward or will Portland's economic woes continue to erode home values? At $300/SF, Portland's waterfront still has relative pricing power, albeit lower than expectations at the peek of the market.
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KOIN Anchor/Reporter Ken Boddie interviews Kathy Quick after the Atwater AuctionKen Boddie of KOIN Local 6 did a follow-up story on the Atwater Auction. Ken interviewed Kathy Quick, Principal Broker of Quick & Associates Real Estate.
Quick & Associates is boutique agency focused on Portland Waterfront and Lake Oswego properties - and the owners of PortlandWaterfront.com. Click here to view Ken's follow-up story courtesy of KOIN Local 6.
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