I agree with the commentator who said last year would have been best, but now is better than next year
! City Center living in Portland makes sense on so many levels, and in my opinion, a downtown condo should enjoy greater appreciation than condo's in other areas. As the investor owner of a small downtown condo, I understand your desire to have your own home there.
Among the items you and your broker will want to review will be the Home Owner Association (HOA) rules and regs (ie can you rent out your unit in the future?), the financial stability of the HOA, the possibility of special assessments in the future by the HOA if it is under capitalized. There is an Oregon Buyer's Advisory for Resale of Condominiums that will help pinpoint the issues for you, plus a special condominium purchase agreement.
If you decide to make an offer on a bank owned property, you will want to find out the amount of past monthly dues that are owed, and negotiate about who will be paying those dues if the HOA will not waive them.
I can email you a copy of the buyer's condominium advisory if that would be helpful, and also provide you a referral to a mortgage company who is up to date on condo buildings that are approved for FHA loans!
Hopefully you'll be in your own home by beautiful spring in the Pearl!
Call or email any time,
Sharon Francis, Principal Broker
Meadows Group Realtors Inc.