Are the Riverscape townhomes a risk, because of the large amount of unsold properties?

Asked by Linda, 97006 Thu Jul 24, 2008

We have been looking for a home in this area to live in, not as some short-term investment. We love the area, but are stumped by the high level of unoccupied units, both in the high rise and the townhomes. We have asked questions on this sight before similar to this question, but no answers. The lack of responses makes us wary of these units. What, if any, is the problem? I know the market is slow, but the new condos just south seem to be selling well, however, the floorplans there are less appealing to us.

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Todd, Home Buyer, Portland, OR
Fri Aug 14, 2009
Call me if you have an interest -- I live there. I will gladly give you my phone number off line. Write to Todd
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Tom Inglesby, Agent, Portland, OR
Thu Jul 24, 2008
Linda the south water front is dead and it slowed last summer. The number one thing to think about today is getting the best price you can and interest rates. If rates go up 1% it will raise your payments hundreds of dollars per month. Find the comps and compare a good agent can do this for you. All condos are slow and will be slow in the next few years because of the supply and no demand compared to a couple of years ago. We have actually been slow for 2 years compared to 2005 and 2006. When the big push for condos came buyers were buying 2 years out when the buyers bought 2 years ago and now are thinking about closing many are not going forward with the sales. Look for the long term and you will be fine.
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
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Dallas Texas, Agent, Dallas, TN
Thu Jul 24, 2008
You need to talk with the local residence of that community who can provide answers and addtional details Real estate professionals per code of ethics can’t make comments on where person should live. If you work positively with a real estate agent I am assured solutions to all of your questions could be resolved.
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Jean Pritcha…, , Gresham, OR
Thu Jul 24, 2008
If you are serious about buying a Riverscape townhome, have a Realtor do a market analysis for you. See what is available, sold, pending and those that did not sell, Look at a 3 month history of the market in the area and it will give you a better picture. If you really like the area, and the townhome, and plan to spend several years in the location, rates are great and it is a time when most sellers are negotiating on the listed price. Let me know if I can help you.
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