Atwater Auction Recap: 40 out of 41 Ain't Bad
;)
Courtesy of Brent Wojahn, The Oregonian - Click for more photosHat tip to The Oregonian's real estate reporter Ryan Frank for his coverage of this story. Despite being ushered out of the main auction room by Accelerated Marketing, his Front Porch blog gave the world near real-time insights into what was going on behind the scenes.
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.
Kathy Quick
;)
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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Reader Comments (8)
So I have to ask, what got you kicked out of the auction?!?!
It was Ryan Frank from The O that got the boot. Should I clarify in the post?
I must have misread it over at Portland Housing Blog...can we assume he got the boot because of his live blogging?! I find it odd.
I think all media was restricted from the "auction room." They were allowed to wait outside and interview, but not inside the room itself. It is curious, though. I would have thought that the auction company would have wanted the coverage.
Is there a list of what the auction sales prices were, by unit? Has anyone posted that info?
Yes there is:
Unit No: Original Price / Minimum Bid / Winning Bid / % Drop
119: $931,000 / $429,000 / $550,000 / -41%
121: $849,000 / $429,000 / $462,000 / -46%
201: $559,000 / $269,000 / $359,000 / -36%
217: $449,000 / $199,000 / $304,000 / -32%
233: $346,125 / $169,000 / $241,000 / -30%
235: $346,000 / $169,000 / $240,000 / -31%
301: $569,000 / $269,000 / $380,000 / -33%
305: $719,000 / $349,000 / $516,000 / -28%
309: $699,000 / $329,000 / $416,000 / -40%
317: $459,000 / $199,000 / $319,000 / -31%
327: $509,000 / $219,000 / $334,000 / -34%
329: $449,000 / $219,000 / $329,000 / -27%
331: $439,000 / $199,000 / $310,000 / -29%
333: $439,000 / $199,000 / $307,000 / -30%
339: $629,000 / $269,000 / $424,000 / 33%
343: $359,000 / $169,000 / $241,000 / -33%
347: $569,000 / $269,000 / $415,000 / 27%
401: $579,000 / $269,000 / $395,000 / -32%
427: $529,000 / $219,000 / $338,000 / -36%
441: $369,000 / $169,000 / $254,000 / -31%
445: $379,000 / $169,000 / $242,000 / -36%
900: $677,000 / $349,000 / $439,000 / -35%
902: $699,000 / $349,000 / $485,000 / -31%
904: $682,000 / $349,000 / $464,000 / -31%
908: $1,189,000 / $699,000 / $891,000 / -25%
910: $857,000 / $399,000 / $605,000 / -29%
912: $890,000 / $399,000 / $601,000 / -32%
1500: $722,000 / $349,000 / $441,000 / -39%
1502: $799,000 / $349,000 / $497,000 / -38%
1506: $1,199,000 / $679,000 / $795,000 / -34%
1508: $1,459,000 / $699,000 / $842,000 / -42%
1510: $979,000 / $399,000 / $579,000 / -41%
1512: $945,000 / $399,000 / $664,000 / -30%
1612: $999,000 / $399,000 / $675,000 / -31%
1900: $759,000 / $349,000 / $445,000 / -41%
1904: $659,000 / $349,000 / $402,000 / 39%
1906: $1,299,000 / $679,000 / $800,000 / -38%
1908: $1,539,000 / $699,000 / $897,000 / -42%
1910: $919,000 / $429,000 / $582,000 / -37%
1912: $1,069,000 / $399,000 / $681,000 / -36%
2200: $1,302,000 / $899,000 / No bids made.
Courtesy of Ryan Frank, real estate reporter at The Oregonian
http://blog.oregonlive.com/frontporch/2009/09/atwater_place_sunday_auction_r.html
My analysis of the sale results:
Because most condo buildings don't offer a parking place for each bedroom the value of the parking places needs to be backed out of this offering but added in when estimating the market value of a particular unit, for my analysis I used $20,000 as the value of a secure parking place. My next adjustment was for the value of Premium Finishes which I arbitrarily set at $40,000.
Total sales: $19,160,000
Sq footage sold: 63,251
Parking spots sold: 67
Premium finishes: 13 (out of 40 units)
Result: $274 per sq foot standard finish without parking
Weakness:
The offering had two holes, floor wise, in the building and doubtless some units had more attractive views than others.
This blends in one bedroom vs larger units per sq foot. It costs more to build one bedroom units on a sq footage basis as there is a higher % of expensive space.. kitchen and bathrooms.
This ignores both location and design in what people are willing to spend.
This ignores the fact that quick closing is required.
Will this valuation bleed to other buildings and if so which ones?
Does anyone have information on the REDC auction of Meriwether 6#11 on 9/20? (there is a buyer's premium of 5% on REDC sales)
Hi Nell,
Thanks for your comment. I'm going to need to soak on your analysis a bit (I have my head in some other stuff right now). But thanks for working the numbers ... thought provoking.