In 2005, the builders of the John Ross tower captured Portland's condo craze when would-be buyers reserved 80 percent of the building's units in six days. 

Click for larger image. Courtesy of Steve Cowden, The Oregonian.Five years, one recession and dozens of cancelled sales later, the tower is headed for the auction block. 

The lender that controls the John Ross -- named for a British naval officer who explored the unsettled Northwest -- will try to unload 50 condos in a few, fast-paced hours on April 11. 

The minimum bids, on average, will be 47 percent below the current list prices and 70 percent below the highest listed prices.

The price cuts reflect the new reality for Portland's downtown condo market. 

Last fall, the lender who controls the Atwater Place -- a high-end project across from the John Ross -- auctioned 40 condos at about 36 percent off the original list prices.

The Atwater Condos went through their own auction process earlier this year (click here for details and condos for sale). The luxury condo complex still has many units awaiting sale.

Click here to see the current South Waterfront condos for sale. Click here to see the auction site. Click here to download the John Ross auction brochure.

The money is coming from from the federal program called TIGER (Transportation Investment Generating Economic Recovery) and will be aimed at enhancing transportation connections, specifically the Southwest Moody Avenue reconstruction project.

Click here to download pdf.

Ryan Frank, real estate reporter for The Oregonian had some interesting reporting on this and other Portland-area housing facts:

In Portland, 16.7 percent of the region’s 473,000 mortgages were underwater. That’s nearly 80,000 loans. Seattle was slightly better with a 15 percent underwater rate.

One in six Portand-area listings a short sale: The five-county Portland market this week has 13,058 active listings and 2,093 of them are short sales. That’s 16 percent or one of every six listings.

Nearly one in 10 Oregon homeowners were late on at least one mortgage payment, or in foreclosure, in the last three months of the year, according to the Mortgage Bankers Association's quarterly report.

Home sales tumbled 35 percent in January from the month before and neared record lows seen last winter... sellers closed 986 sales in January, the third worst month since record keeping began in 1992.

Click here to download pdf calendar

Courtesy of Pam Martin/The Oregonian. Click for larger view.

The PDC board voted 4-0 this morning to delay construction of OHSU's South Waterfront parking garage. The land, known was Block 33, was also supposed to house South Waterfront's first affordable apartments. They were supposed to go on top of the garage.

Here's a summary of the changes in the deal the PDC approved today:

OHSU was originally supposed to start building the garage at Block 33 in 2005 to serve its expansion from Marquam Hill into South Waterfront. The most recent deal had required the university to start construction by later 2010. This new deal extends the deadline further.

PDC in 2005 paid OHSU $3 million to reserve parking stalls in the future garage. The PDC also paid Homer Williams’ group, North Macadam Investors, $3 million for development rights to build the apartments above the garage.

Under this deal, OHSU will refund the $3 million without interest

PDC will sell the air rights it had purchased from North Macadam Investors (for $3 million) to OHSU for $1 million in credits toward future transportation system development charges. If OHSU happens to sell Block 33 in the next seven years, PDC will collect 25 percent of the net proceeds up to $2 million. That's an improvement for the city from the original deal proposed in December. That version allowed the city to recover just 10 percent of the profits if OHSU sold the property in the next five years.

Read the rest of Ryan's column here.

I represent a married couple who are looking for a single-level condo with no stairs along Portland's (west side) waterfront. They need to sell their Neskowin beach front property first.  

It's located in Sahhali Shores with breathtaking views of Cascade Head, Neskowin Village and wetlands! Great cul-de-sac location, oceanviews from every bedroom, custom kitchen and bathrooms, and a fantastic MEDIA room! Wired for surround sound, perfect for enjoying big-screen entertainment! Built-in Generator for worry-free operation in a power outage. Neighborhood beach access.

If you have a waterfront condo that fits the bill and are interested in a fabulous beach front property, give me at call at 503-730-0702.

STUNNING CITY AND WATERFRONT VIEW. Single-level, ground floor, Portland waterfront condo will be open Sunday, February 21st from 2:00 to 4:00 p.m..

Click for larger viewPriced aggressively at $265,000 (other units have sold in the $300s) 1204 SF, 2 Bedroom, 2 Bath, Riverwind condo is in original mint condition. Two car tandem detached garage. Two storage spaces.

The Riverwind community has a strong HOA and is located in the heart of John's Landing just steps away from shopping, restaurants, trails, transit and of course, the Willamette River.

This office exclusive listing is not in RMLS per the request of the owner. Call Kathy Quick, Principal Broker, Quick & Associates Real Estate 503-730-0702 for details.

5922 SW Riveridge Lane, Portland, Oregon 97239.

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Quick & Associates Real Estate prepped, painted and staged the property. Call Kathy Quick, Principal Broker, 503-730-0702 for more details.