Klr, Home Owner in Portland, OR

We are interested in a condo in downtown Portland. What is the average square foot cost for downtown condos?

Asked by Klr, Portland, OR Sat Mar 31, 2012

Would also like to know the relationship between County market value record and true market value. This condo's County market value is $272,000 whereas owners say it will list for $369,000.

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Cricket Forsey’s answer
Condo costs vary widely. Condition, location, amenities, parking spot, laundry.. lots of variables.
post again and narrow down with some more specifics and you'll get better responses.
When looking at Condos...keep in mind a few extra important items: Home owners association aka HOA dues (again these vary widely) Strengthof HOA (its important to know if the HOA is in good shape)

Market value vs Assessed Value: Assessed values were established back in the 90's and then are increased by a max of 3%/ yr. In most cases the assessed value is still much lower than market value.

Cricket Forsey
Keller Williams Portland Premiere
http://www.forsalebyforsey.com
Web Reference: http://forsalebyforsey.com
0 votes Thank Flag Link Sat Mar 31, 2012
I started to write a reply, but the reply got too lengthy. I'd be happy to explain this if you want to chat. You've asked two separate questions and each reply is lengthy. I can sum it up for you: there is no such thing as "county market value." I'm going to assume you're looking at the tax rate. The tax rates on property and the current market value are two separate things. Also, there is no such thing as an average square foot cost for downtown condos when you're "comping" them out. Again, kinda lengthy to write a reply. If you want clarification I'm available to explain it all. I'd be happy to answer these questions and explain it to you in detail

Carla Muss-Jacobs, Principal Broker/Owner
EBA Portand, LLC
Exclusive Buyers Agent
0 votes Thank Flag Link Sat Mar 31, 2012
Really depends on condition of the condo and location, but you can find them as low as 200.00 per sf, but it can run as high as 400SF or more. If you're looking for more help, please visit my website.
0 votes Thank Flag Link Sat Mar 31, 2012
Price per square foot for the 62 condos sold within the confines of I-405 in the last 3 months was $384; no other criteria was included in that.

County market value vs real market value is a much more difficult thing to discuss; Multnomah County's tax determination is one of the more arcane arts and you could take a Master class and still not be able to explain it.

Hope this helps!
0 votes Thank Flag Link Sat Mar 31, 2012
Generally speaking, for active condo listings in the downtown area, the average price per square foot is approximately $358. For properties that have sold in the past 3 months, the average price per square foot is $311. The corresponding price per square foot based on the listing price of those units sold is $325. So the units that have actually sold have an average price per square foot that is lower than the average price per foot of the currently active listings. Of course, the downtown area has several different neighborhoods and the price per square foot may be different depending on the area you would like to live. The price per foot also changes depending on the building or complex.

Your second question is more difficult. Only the tax assessor knows for sure about the correlation between the actual market value and the County's market value. Some properties show a County market value that is very close to the actual market value, while others are way off the mark.

I would be happy to talk with you further about the specifics of the property you have in mind.


Jon Cohen
Real Estate Broker, J.D.
The Portland Home Team
Keller Williams Realty Professionals
9755 SW Barnes Rd. Suite 560
Portland, OR 97225
Tel: 503.720.9393
Fax: 503.336.6185
E-mail: Jon@PortlandHomeTeam.com
Web: http://www.PortlandHomeTeam.com

Combining a lawyer’s experience
with a passion for real estate.
0 votes Thank Flag Link Sat Mar 31, 2012
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