The Wyatt | x | 15 floors | Complete

[edirp]

New mixed-use, 15-story building located in the Pearl District of Downtown Portland. The project includes: high-rise residential, mid-rise lofts, live/work townhouses and retail commercial space at the street level, to create an active pedestrian environment.

http://img.photobucket.com/albums/v252/edirp/Cronin5.jpg

http://img.photobucket.com/albums/v252/edirp/Cronin4.jpg

http://img.photobucket.com/albums/v252/edirp/Cronin3.jpg

http://img.photobucket.com/albums/v252/edirp/Cronin2.jpg

[pdxstreetcar]

that looks like it will be quite a nice building and it looks a lot better in that rendering than the rendering posted at the site

[MarkDaMan]

Haven't drove past the site in three weeks and when I went past this weekend they actually have a hole the entire block, a couple stories into the ground. It looks like they finally kicked it into high gear!

[MarkDaMan]

new Cronin Block renderings (under construction)
http://www.ffadesign.com/projects/images/mix_cronin05.jpg
http://www.ffadesign.com/projects/images/mix_cronin04.jpg
http://www.ffadesign.com/projects/images/mix_cronin03.jpg
http://www.ffadesign.com/projects/images/mix_cronin02.jpg

[urbanlife]

it should fit into the Pearl quite nicely. Where is the site exactly for this building?

[pdxtraveler]

It is next to the Streetcar lofts at between 12th and 13th and Northrup and Marshall.

[MarkDaMan]

next to the brewery and the Go By Streetcar condo.

[urbanlife]

okay, that lot. I was wondering what was going there. That should work out well. I like the amount of retail space it will add, should create a little bit more pedestrian traffic in that part of the Pearl.

[pdxtraveler]

Besides it is next to the new Safeway sight (though must say I haven't heard much about that lately).

[MarkDaMan]

YAHOO! my first photo online...current Croning Block construction photo
http://static.flickr.com/34/100165772_aab46b1768_m.jpg

[pdxstreetcar]

that is one deep hole...it has to be at least 4 stories deep

next to the brewery and the Go By Streetcar condo.
Now we have "GO BY CAB" on the side of the Radio Cab building at NW 16th & Marshall

[MarkDaMan]

Portland Architecture has a good writeup on the Croning Block
http://chatterbox.typepad.com/portlandarchitecture/
...here are the renderings he posted

http://chatterbox.typepad.com/photos/uncategorized/cronin2.jpg

http://chatterbox.typepad.com/photos/uncategorized/cronin1.jpg

http://chatterbox.typepad.com/photos/uncategorized/cronin3.jpg

[der Reisender]

renderings make it look nice enough, better than average Pearl fare. anyone been by the site recently, how far along is the project?

[CouvScott]

renderings make it look nice enough, better than average Pearl fare. anyone been by the site recently, how far along is the project?

I drove past it today and they looked like they were pouring the floor for P1. So, a couple more weeks and they will be out of the ground.

[CouvScott]

Starting to emerge from the ground...
http://i40.photobucket.com/albums/e214/couvttocs/MVC-877F.jpg

[MarkDaMan]

The Cronin Block has been named The Wyatt

www.thewyatt.com

[pdxstreetcar]

why are they marketing this project so late? here it is about a year after site work began and only now the project has an official name and website. most buildings like this are already sold out before construction begins.

[MarkDaMan]

this whole tower has been put together in an odd way. It took them months to excavate, and than a few months to start the garage. I'd assume they'd just call them the Cronin Condos since news reports have already called them that.

[zilfondel]

Well, because Wyatt Earp stayed there!

Seriously, odd name. Wonder where it came from?

[Fulham]

this whole tower has been put together in an odd way. It took them months to excavate, and than a few months to start the garage. I'd assume they'd just call them the Cronin Condos since news reports have already called them that.

Thirdhand, according to an architect but through my Mom...

"the reason The Wyatt didn't have pilings AND has those water tanks on the street is because they discovered a SPRING underneath the site and had to build it this way....sort of "floating"! Wobble. Wobble, CRASH!!!!! Yikes!"

[MarkDaMan]

I wouldn't want to be in there during an earthquake...

[Dougall5505]

http://i96.photobucket.com/albums/l177/dougall5505/DSC02516.jpg

http://i96.photobucket.com/albums/l177/dougall5505/DSC02517.jpg

http://i96.photobucket.com/albums/l177/dougall5505/DSC02518.jpg
you can see the casey's crane
http://i96.photobucket.com/albums/l177/dougall5505/DSC02519.jpg

[MarkDaMan]

Bond, can you change the name of this thread to Portland: The Wyatt?


The Wyatt rises on tail end of condo boom
by Kennedy Smith
11/09/2006

Although it’s still under construction, the newest condominium tower in the community north of Lovejoy Street has already seen steady sales.

The Wyatt – which will stand 15 stories tall with 245 condo units and retail on the ground floor upon completion in late 2007 – has garnered interest from at least 70 people who have already been pre-approved for purchase, according to Robert Ball, a developer with Evergreen Signature LLC, which owns the tower.

“Now we’re just going through the process of getting appointments set up and having them pick out units,” Ball said. “We’re feeling really good about the mixed product.”

The building, across the street from the Bridgeport Brewpub and Bakery, includes two-story penthouses and town houses ranging in price from $225,000 to $2,565,000.

The demographics of interested parties are “across the board,” Ball said, from young professionals to retired people.

Portland experienced somewhat of a condominium boom in the last few months, but Ball said that’s slowing down.

“I see it as returning to normal, which I think is a good thing,” he said. “We’ve seen steady traffic of potential buyers; the buildings aren’t selling out in a weekend, but that can’t continue. We have steady, good, solid buyers.”

This is the 40-year-old Ball’s third project in the Pearl District, the other two being the Marshall Wells Lofts, at Northwest 10th Avenue and Lovejoy Street, and the Avenue Lofts, at Northwest 13th Avenue and Irving Street.

Buying activity for The Wyatt, Ball said, is occurring at about the same pace it did when he marketed the Marshall Wells and Avenue Lofts buildings. “I’ve never had a project where stuff sold out in a weekend, but it seems to be on pace with them,” he said. “I think in 2005 when things were really heated, I think I caught the tail end of that with the Avenue Lofts.”

The building – named after a former congressman – is expected to be completed in about a year, Ball said.

What’s in a name?

“(Ball) went through a very interesting naming process,” said Denny Schleifer, marketing director for Pearl Real Estate, “and ended up naming it after a good friend of his, former Democratic Congressman Wendell Wyatt.”

Wyatt is a retired shareholder at the Portland law firm of Schwabe, Williamson and Wyatt. He served from 1964 to 1975 in the U.S. House of Representatives, where he was on the executive committee of the Board of the Good Samaritan Foundation and was co-founder of the U.S.-Japan Parliamentary Conference.

“He is a very good, old dear friend of mine,” Ball said. “He’s from Astoria like me, and he’d known my grandparents very well. He’s just the sweetest person, and I just did it because he’s my friend and very dear to me.”

The Wyatt isn’t the first building in Portland to boast that nomenclature.

Another building in Portland, downtown’s 18-story federal building, is named after Wyatt and another former representative, Edith Green. The Edith Green Wendell Wyatt Federal Building, built in 1975, is located at 1220 S.W. Third Ave.

Anderson Construction is The Wyatt’s general contractor. Fletcher Farr Ayotte is the interior designer and architect.
http://www.djc-or.com/viewStory.cfm?recid=28326&userID=1

[bvpcvm]

the web site now has a nice little fly-by video (http://www.thewyatt.com/wyattVideo/wyattVideo.html), which of course isn't for dial-up.

[pdxman]

Looks nice...i love these videos. I wish every condo would do this for their building.

[robbobpdx]

the web site now has a nice little fly-by video (http://www.thewyatt.com/wyattVideo/wyattVideo.html), which of course isn't for dial-up.

Really cool video. :worship: Wish more developers would do that so you could really get a look at the place.

For those who haven't seen the video, it starts out sort of street level, and pans all around the building, the goes up higher, and then eventually down to the entrance and inside.

I thought the funniest thing, near the beginning of the video, was the bicyclist running the stop sign without even looking. Just sailed right through :haha:

But I have to say, I didn't really like maybe the most important part of the building IMO . . . the inside of the units. I think the exterior is great, location is great, etc. etc. It's a cool design outside. But your basic loft-like unit (at least the one they showed in the video). Maybe I'm too picky, but I thought the Wyatt was going to be a bit homier inside. The units look quite concretee, although their do appear to be quite nice windows.

[robbobpdx]

One thing I don't get about the Wyatt website is it's been out there for quite awhile, but no floorplans, no details on the building etc. on their site. Except for this new flyby video all you can do is register or pre-qualify. How would you know if you WANTED to pre-qualify if you can get a look at it? Maybe that's why they did the flyby. Sure would like to see some floorplans.

[twofiftyfive]

I thought the funniest thing, near the beginning of the video, was the bicyclist running the stop sign without even looking. Just sailed right through :haha:

Also you have to mentally insert the Metropolitan.

[MarkDaMan]

That was pretty damned awesome! I think it should be a requirement for every website to do this.

I seemed to spy a massive fireplace in the restaurant type space and the residential garden is a nice touch.

[Leo]

But I have to say, I didn't really like maybe the most important part of the building IMO . . . the inside of the units. I think the exterior is great, location is great, etc. etc. It's a cool design outside. But your basic loft-like unit (at least the one they showed in the video).

The interior in that simulation is actually quite a step up from a basic loft-like unit. It has a window in the bedroom area! I actually quite like the interior.

I've seen the floorplans. They are definitely a step up from usual "tunnel-loft" format. However, they also contain the usual Robert Ball bonehead mistakes like elevator shafts next to bedroom walls. I bought a place in one of his buildings before; I'm not making that mistake again ...

[MarkDaMan]

very cool, fly-by the Wyatt (not recommended for dial-up)
http://www.thewyatt.com/wyattVideo/wyattVideo.html

[Urbanpdx]

My favorite part is the f***ing bike rider running the stop sign. Very realistic!

[pdxstreetcar]

I suppose theres no reason you couldnt have the ceiling finished with sheetrock especially if one bought in early enough (assuming they go on sale before completion).

This building has a great street interaction. I'm just not sure about the garage entrance right next to the front door. There probably was little choice with where the garage entrance could be located (cant be on 13th, Northrup (streetcar line) and probably not Marshall since I imagine that cobblestoned street will become somewhat of a "woonerf").

[Urbanpdx]

I doubt they would sheetrock the ceiling. Most buildings offer VERY few options for customization. You would no doubt have to do it after move in. In addition, most times you are not allowed to fasten anything to the concrete because of the risk of severing a tensioner so it might not be possible to get a finished ceiling.

[westsider]

Not unless you want to lower the celling by running 6bys across to the walls.

[MarkDaMan]

^can't they just put those fancy copper tiles on the ceiling like they used to do in the 19th century...an updated 21st century version could probably take care of the need to put a sheet-rock ceiling in.

[westsider]

Not many people want to put $100,000 into their ceiling.

[MarkDaMan]

^true enough, but can't an, uhumm, plastic or acrylic version be designed that doesn't look faux and be a helluva lot cheaper? I'm thinking something on the lines of office ceiling tiles that aren't office ceiling tiles, that might glue to the ceiling.

[westsider]

Ha ha, you want to glue drop ceiling panels on the ceiling? That would be cost effective..... Well, I've seen a cheaper version of the old tin ceilings but I think it's designed to nail up. It might be possible to use an adhesive but another problem is that the metal might amplify any noise.

[zilfondel]

I thought the entrance to the building was kind of anti-climactic. Too bad, I think they could have made it even more grand.

[MarkDaMan]

^no, I'm fine with a cement roof. I'm just trying to think of a solution to those that don't want to see a warehouse style loft...other than the obvious of not moving in, in the first place.

Two guys created a website in their garage where they posted video clips. Less than two years later they sold youtube for $1.65 Billion.

All I need to do is come up with ONE idea that I can get people to buy into...maybe there are enough people tired of looking at new construction cement roofs, and an actual way to create good looking, glue-on ceiling tiles? I was helping my dad pick out new wood floors and another person came in and was going to put stick-on tiles on top of their linoleum in a house worth more than $400,000, people buy dumb things, plastic ceiling tiles just might be one of them.

[Urbanpdx]

There are a million people that come up with ONE great idea for every one that actually bets everything they own, works night and day and does something with their idea. Of those only a percent or two make any money.

[MarkDaMan]

^and only one in like 15 million that play, win the Powerball. I still buy a ticket when it's over $100Mil :)

I'm not betting my life on one grand idea, but it wouldn't hurt to strike gold, so to speak.

[Urbanpdx]

What I was talking about is having an idea that you might buy the ticket but not getting off your butt to go to the 7-11. Like that ceiling idea, I would bet that, even if you come up with something, you'll never bring it to market.

[bvpcvm]

^ uh, what? isn't that a little hostile? and unprovoked?

[robbobpdx]

^and only one in like 15 million that play, win the Powerball. I still buy a ticket when it's over $100Mil :)

I'm not betting my life on one grand idea, but it wouldn't hurt to strike gold, so to speak.

Hey, why not??? If done well, this could be something that solves the problem of not having a dropped ceiling. Years from now, when the glue on ceiling tiles (patented by Mark) could be EVERYWHERE. Ideas have to come from somewhere, and it sure beats a bare concrete ceiling, IMO.

The bare concrete ceiling may not be that much of a problem IF the developers do a good job of insulating the floor above (plywood, and other layers of cushioning). But not all developers do, and unfortunately it's a real drag to find that out later. Sometimes the sales folks don't tell you the complete truth on that (I know that SHOCKS everyone). But anyway, it would be great to find a solution that's not too complicated or overly expensive. Something that wouldn't even require a permit.

I for one am glad to hear some creative ideas out there. Thanks Mark! :D

[zilfondel]

Wow. I think I'd rather leave it plain concrete.

Either that or get those faux s american 'tapestry' thingies the hippies and college students get, and drape 'em from the ceiling. Give it the 'ol Indian look, with the incense.

That'd rule for a $400,000 condo, actually. =D

[Drmyeyes]

Frescoe. There's decorative artists here in town who do that.

[robbobpdx]

Wow. I think I'd rather leave it plain concrete.

Either that or get those faux s american 'tapestry' thingies the hippies and college students get, and drape 'em from the ceiling. Give it the 'ol Indian look, with the incense.

That'd rule for a $400,000 condo, actually. =D

:previous: Obviously a lot of people must like bare concrete or developers wouldn't be building them (I guess). But I prefer sheetrock ceilings, so you can have recessed lights, junction boxes where you want (without conduits) etc. It's just a personal preference. If a developer builds a condo right (not necessarily a loft) then there would be good sound insulation from the sheetrock ceiling that would be dropped down some from the concrete, plus hopefully they would also insulate well below the hardwood floors (several layers, etc.). It makes for happier neighbors IMO.

I think lots of people think a concrete building will provide sound insulation, and then they're disappointed to find out that's not necessarily the case if other things aren't done.

Obviously the stick-on ceiling tiles is just one idea, but an idea none-the-less. New ideas aren't necessarily bad. If done well, who knows? But I personally would just skip the bare concrete and go for a ceiling that doesn't need to be retrofitted.

[Urbanpdx]

^ uh, what? isn't that a little hostile? and unprovoked?

I'm sorry but the hotility probably came from knowing that most here would not take the risks or put in the work to actually do anything big but are quick to loath the small percentage of people who do and the smaller percentage who succeed and and demand that government confiscaste as much of the fruits of their success as possible. All the while they enjoy the products and services and quality of life provided for by the doers.

I know, political rant but that is the answer to your question.

[robbobpdx]

Looks like the Wyatt's website was just recently updated, and they now have floor plans and photos, in addition to that really cool flyby video.

[MarkDaMan]

this tower was a hole for over a year, but has jumped 5 or 6 floors in the last two or three months...amazing!

[robbobpdx]

I sure do like the exterior of this building (the representations, I mean).

For some reason I just don't like the floorplans very much. I realize they ARE better than the shotgun units which have just a window at one end -- no question about that. But, there's just something lacking. Guess it's just that in some cases there seems to be enough square footage, but not enough room division or definition. I thought I could tell that from the cool flyby video, and now that I've seen the floorplans I think my original impression was right on (for what I like to see in a floorplan, that is).

It looks like maybe the designers tried to be a hybrid condo / loft, but in my opinion not enough of a condo. If you check out the floorplans, look at the huge penthouse unit that's 3,000 square feet or so. It's got a couple of bedrooms, sure, but then a HUGE long room (probably could have a bowling alley in there).

I guess it's just my preference for rooms and walls coming through.

[Leo]

I guess it's just my preference for rooms and walls coming through.

You can always put the walls in yourself; it is more difficult to remove a wall than to put one in. It’s probably cheaper to build without walls, and the developer can charge the same price for the cheaper loft that he would charge for a traditional apartment.

Personally, I like as few walls as possible, but I do like an enclosed bedroom. Partly for noise issues, but mostly because it forces the developer to put a window in the bedroom.

[robbobpdx]

You can always put the walls in yourself; it is more difficult to remove a wall than to put one in. It’s probably cheaper to build without walls, and the developer can charge the same price for the cheaper loft that he would charge for a traditional apartment.

Personally, I like as few walls as possible, but I do like an enclosed bedroom. Partly for noise issues, but mostly because it forces the developer to put a window in the bedroom.

:previous: I totally agree about the separate bedroom, AND the window thing. What's up with all those designs that have a bedroom "area" that is way far from the windows? Anyway, as noted, the Cronin/Wyatt does have bedrooms and windows, so that's a good thing :)

I bet you can't very easily put up walls though. Probably some condo rule about that -- well unless they don't go all the way to the ceiling. I like open floorplans also, for dining, living, etc. Gotta have a separate bedroom (or bedrooms) though, like you said.

[JoshYent]

local architectural critic Brian Libby at Portland Architecture has a good writeup on the Croning Block
http://chatterbox.typepad.com/portlandarchitecture/
...here are the renderings he posted

http://chatterbox.typepad.com/photos/uncategorized/cronin2.jpg

http://chatterbox.typepad.com/photos/uncategorized/cronin1.jpg

http://chatterbox.typepad.com/photos/uncategorized/cronin3.jpg



i really like this

[MarkDaMan]

^Welcome over Josh...the Wyatt is coming along nicely. If you haven't been passed it in the last couple months, they are about ten stories up, but are adding the brick on the lower floors. It has a classic Manhattan look, one of the classiest in the Pearl so far IMHO.

That Riverscape development is actually just north of the Fremont bridge in the industrial area, outside the loop. I think the city is demanding high density in the 405 loop, I haven't seen anything low rise come up in the Pearl in the past 3 years.

[pdxman]

I couldn't find the Wyatt thread, so i'll just post here. thewyatt.com website finally put the live webcam up. Check it out...

[sirsimon]

Awesome - I wish every major project had a webcam.

[Dougall5505]

and you can see it on thewyatt's webcam www.thewyatt.com

[pdxstreetcar]

The Wyatt

http://farm1.static.flickr.com/164/395826080_8fff844392_o.jpg

http://farm1.static.flickr.com/147/395826083_ab8d34d8d1_o.jpg

[zilfondel]

Probably one of the last brick mid-rises to be built in Portland.

[thewack]

Out of curiousity, is this building going to be LEED certified? Based on the renderings, I don't see a Green roof. It might look really cool to have plants up there aside from the area between the towers.

[NJD]

Probably one of the last brick mid-rises to be built in Portland.

knowing portland's love for brick... i doubt it.

The Wyatt is supposed to have a roof terrace, whether or not it's a functional greenroof or not I do not know...

[pdxstreetcar]

Probably one of the last brick mid-rises to be built in Portland.

what about 937?

[zilfondel]

what about 937?

terra cotta tiling, isn't it?

Perhaps I should have been more specific: taller buildings, not the squatty 3-5 story ones. All the taller buildings seem to be headed towards metal and glass only. Just my prediction. :cool:

[der Reisender]

i went by there on saturday while roaming the Pearl, and one of the construction folks at the Wyatt informed me that the 2nd block for the Lovejoy development was getting razed/cleared this coming weekend...if anyone's interested in checking that out

[Dougall5505]

it looks like the lovejoy could be brick also
http://www.thelovejoy.net/images/design_residential_13.jpghttp://www.thelovejoy.net/images/design_residential_14.jpg

[pdxstreetcar]

I think 937 is white brick.

BTW the website is up for the project...
http://www.937condominiums.com/

[Leo]

knowing portland's love for brick... i doubt it.

The Wyatt is supposed to have a roof terrace, whether or not it's a functional greenroof or not I do not know...

I think the roof terrace is more like an elevated couryard (like Streetcar lofts). There is no proper roof terrace on the roof of the tower.

[brandonpdx]

^The currently U/C Westerly is Brick. The recently completed Pinnacle is brick. No way this is the last brick building of its size. They'll be building brick buildings taller than this 100 years from now and beyond!

[zilfondel]

One of the reasons so many buildings in the Pearl are brick is because the city design review mandated it... besides the Pearl, where else in Portland have midrise/highrise brick buildings been built? I suppose some hospitals are, but there hasn't been much, although the Strand and the tower in NW do come to mind. Any of the projects for SOWA brick, like the Alexan?

[hi123]

the wyatt, which looks to be a good quality building from xnine on flickr:
http://flickr.com/photo_zoom.gne?id=439161291&context=set-72157600001905968&size=l
The building's design isn't great, but it looks to be well done at least :)

[hi123]

Great hi res images of the wyatt. The street level looks to be very pedestrian friendly.:banana: :)
http://thewyatt.com/images/wyatt_wallpaper/The-Wyatt-Still-Aerial-NE.jpg

http://thewyatt.com/images/wyatt_wallpaper/The-Wyatt-Still-Townhomes.jpg

Imges from: thewyatt.com

[Dougall5505]

i think the wyatt is topped out now if your look at the webcam

[Dougall5505]

check this out quick before it gets dark http://thewyatt.com/wyattWebCam.html theres definetly something going on

[MarkDaMan]

Ball lets history guide him with new venture
Portland Business Journal - July 6, 2007
by Wendy Culverwell
Business Journal staff writer

Robert Ball, the developer who turned some of Portland's best-known industrial buildings into some of its hippest new residences, is building his first new-construction project.

The Wyatt, a 15-story condominium in construction at Northwest 13th Avenue and Marshall Street, is a new building that reflects Ball's history with, well, history.

For the Wyatt, the developer recycled bricks from an old building removed from the construction site and took care to design a building that wouldn't overshadow its beloved neighbor, the Bridgeport Brewery.

And in a city that frowns on skybridges and other structures above streets, Ball succeeded in gaining permission to reinstall the brewery's iconic trestle, once used as a walkway and access point for the railroad tracks that ran below.

The city transportation department typically prefers to avoid overhead structures, but agreed after Ball asked the state office of historic preservation to write a letter advocating for the trestle.

It is being repaired and will be reinstalled, but will be strictly for decoration. The trestle is the building's logo as well. The Wyatt even takes its name from a piece of history. Ball named the building for a friend, former U.S. Rep. Wendell Wyatt, a Republican from Oregon.

"I wanted something that meant something," he explained.

The Wyatt, one of at least five residential projects under construction in the Pearl District, is tracking for a November move-in date for residents. So far, about 50 of its 245 units are sold or reserved.

It's a slower market than the overheated days of 2005, when The Wyatt was launched.

In 2005, buyers lined up outside sales offices to reserve whatever they could get their names on. Today's buyers are taking time and coming back again and again before committing, Ball said.

The Wyatt is priced at $400 to more than $500 a square foot, with prices comparable to the asking prices for resale units in Pearl District.

Ball said he's pleased with the rate of sales and says he would start the project again today given the chance. Bordered by Bridgeport Brewery on one side and a future Safeway grocery store on another, The Wyatt occupies one of the expanding Pearl District's hottest corners.

But the prime location required special attention. Ball talked to neighborhood leaders about what they wanted at the corner and was told not to overwhelm the brewery with a giant block of a building. The architect, Fletcher Farr Ayotte, designed a building that steps away from the brewery, preserving air space around the historic site.

The design, featuring red brick, black windows and details such as decorative cornices and lintels, is winning praise from neighbors and real estate professionals alike.

"It's a nice-looking building. I like the appearance of it," said John Cooper, principal broker with Portland Condos LLC. The Wyatt is visible above the Streetcar Lofts from his window.

Cooper agreed the market has slowed, but noted that the inventory of for-sale condominiums has returned to normal after being overheated.

In addition to residential units, The Wyatt will have about 11,000 square feet of retail space. Thom Brockmiller, principal broker with Gray and Associates, is representing the space to prospective tenants.

In the two months since Andersen Construction topped out the building when workers installed the 15th floor, interest in the corner has picked up, Brockmiller said.

Construction of Lovejoy Station, which will include a Safeway, has started across Marshall Street, bringing more attention to the district.

wculverwell@bizjournals.com | 503-219-3415
http://portland.bizjournals.com/portland/stories/2007/07/09/story5.html?t=printable

[pdxstreetcar]

50 of 245 units sold, considering this is one of the higher profile projects under construction i'm wondering how other major projects are selling? like the sowa projects? i know the benson has quite a few left

[Leo]

50 of 245 units sold, considering this is one of the higher profile projects under construction i'm wondering how other major projects are selling? like the sowa projects? i know the benson has quite a few left


I would venture to say that Robert Ball’s record is finally catching up with him. It would be more poetic justice if it wasn’t the South wall, but the North wall of Marshall Wells (directly across from The Wyatt’s sales office) that was wrapped in plastic.

However, I went into the Encore sales office two weeks ago, and they only had six or seven floorplans marked with “reserved” or “sold” stickers. That’s another fairly high-profile project that seems to be pre-selling rather slowly.

There’s a lot of speculators in condo pre-sales. Now that lending standards are inching back towards responsible, speculator pre-sales may be impacted. Going forward, developers may need to rely more on post-construction sales, since resident buyers would be more interested in seeing the finished product before buying than speculators.

I would be interested in the SoWa statistics as well. There's lots of units on RMLS, and I've even seen a couple of ads for foreclosure-forced sales in the Meriwether already (don't know if they were all for the same unit or not).

[Dougall5505]

the wyatt on flickr
http://farm2.static.flickr.com/1154/835979524_2c659d6953_o.jpg

[PDX City-State]

Okay...I've heard this rumor three times now and want to see if anyone else has heard it. A very reliable source tells me sales are slow at the Wyatt and that it's becoming very likely the Wyatt will become luxury rentals. Anyone?

[kvalk]

I heard that too...but it might have been from you, does that count?

[Leo]

Okay...I've heard this rumor three times now and want to see if anyone else has heard it. A very reliable source tells me sales are slow at the Wyatt and that it's becoming very likely the Wyatt will become luxury rentals. Anyone?


It would not be a bad idea, but it doesn't seem like they're planning to go that way. They have a model unit now and are giving hardhat tours. Who gives hardhat tours for a rental?

[oregone]

That would not surprise me at all. One of the apartment buildings I manage is in the process of being sold. The original plan was to convert to condos, but now the plan is to leave it as apartments until the market turns around. Of course, I'm still losing the building.

[PDX City-State]

They have a model unit now and are giving hardhat tours. Who gives hardhat tours for a rental?

That doesn't really matter...just because they're exploring the option doesn't mean they'd stop trying to sell them. Condo sales are very soft right now...no one is buying.

[PacificNW]

⤴⤴ "no one is buying" is a generalization. Yes, the market has slowed, but people are still purchasing condo's.

[PDX City-State]

"no one is buying" is a generalization. Yes, the market has slowed, but people are still purchasing condo's.

You're right...condos are selling, but there's a whole lot of inventory right now above 350k. The entry-level market is still doing fine.

Mike

[PacificNW]

⤴⤴ :cheers:

[ScizzoTX]

That would not surprise me at all. One of the apartment buildings I manage is in the process of being sold. The original plan was to convert to condos, but now the plan is to leave it as apartments until the market turns around. Of course, I'm still losing the building.

Oregone, is the building you're referring to The Louisa?

[oregone]

Oregone, is the building you're referring to The Louisa?

No, different one. Is the Louisa changing hands?

[jonnyz1245]

AFAIK things are still on track at the Wyatt for a Nov 1 move-in

I have been on the fence on whether or not to buy unit in the wyatt. I want a unit with a deck and a view and pickings are slim in the pearl with that combo.

i do know that sales are slow and can't figure out why they don't just knock off 5 or 10% from the asking prices. I think those units would fly if they did that. They would still be on the high end at those reduced prices but right now they are way overpriced given other units of similar quality in the pearl...

both the encore and the wyatt are experiencing very slow sales. I have read price list for the waytt an over a 5 month period I think they sold a max of 6 units...

I also know that 4 of their sales staff up and quit/got fired last week and now work for realty trust. would be interesting to hear the story behind that one...

[pdx2m2]

I've also heard sales are very slow. They went from selling most units in a few months to selling 1-2 a week and now hear that it's more like 1-2 units a month.

[Leo]

AFAIK things are still on track at the Wyatt for a Nov 1 move-in

i do know that sales are slow and can't figure out why they don't just knock off 5 or 10% from the asking prices. I think those units would fly if they did that. They would still be on the high end at those reduced prices but right now they are way overpriced given other units of similar quality in the pearl...

both the encore and the wyatt are experiencing very slow sales. I have read price list for the waytt an over a 5 month period I think they sold a max of 6 units...


At this stage of the real estate cycle, all the sellers chase the market down. Real estate is a pretty inefficient market; instead of prices decreasing when demand falls, prices appear to be stable while the number of transactions just plummets like a rock, indicating that the seller's asking price is way above the market price. If you look at cities like San Diego, DC, and Miami, it took them about 12-18 months to transition from positive price appreciation with slow sales to the beginning of a small amount of price depreciation. And sales are still slow, even at the lower price, indicating that the market price is falling faster than the sellers are decreasing asking prices.

I stopped by The Encore sales office last Thursday. It looks like they've sold only ten out of 177 units, with reservations for three more. Considering how heavily they've marketed The Encore during the prime spring selling season, I think that a "slowing" condo market would be an understatement. I also think that the true impact of the mortgage/credit squeeze has not yet worked its way into the real estate market, so I don't foresee much improvement for the fall (or next spring) selling season.

[jonnyz1245]

I don't think we have seen anything when it comes to what is about to happen with the credit market and the portland condo market. I live in the pearl and have a couple friends who are realators and the change is coming...slowly. The portland condo market is going to be hit very hard in the coming months, much more so than the overall housing market.

The encore/wyatt/937 have a lot of units that are unsold and will end up costing big bucks to carry. I would be surprised if they all go apt.

I have heard that the encore is going apt. but never the wyatt. and this comes from somebody pretty high up in the local game...

still, if the wyatt reprices down 5 or 10% I will buy a unit tomorrow!!

[Dougall5505]

what about the metropolitan? did that sell well

[jonnyz1245]

out for a year or two.

[MarkDaMan]

the Metro was selling long before our slowdown.

I don't think we have seen anything when it comes to what is about to happen with the credit market

that is really true. A couple that are my friends decided to start looking for a place to purchase two years ago. Both of them are mangers at Starbucks, they both have excellent credit, and between them, bring in just shy of $70,000 per year. They decided to let the market depress a little bit to afford a nicer place and found the ideal location last November. Not until last month did they finally get a loan they could agree to. Despite the sub-prime fallout, the sub-prime terms for top of the line credit was the only thing they could get arranged until months of tedious work and paperwork that would make your head spin. Luckily, the same place remained on the market the entire time and their move-in is a week away. But if my friends don't easily qualify for a decent loan, I fear there are a lot of buyers not buying because of loan conditions, or lack of
loans that make common and economic sense.

[tworivers]

I'm glad I squeezed into the housing market three years ago when I did.

I got a close-in NE fixer for 200K. 30yr fixed mortgage w/decent interest (one of my parents had to co-sign at the very last second because my income wasn't quite high enough, which was humbling at the age of 32). 4 bedrooms. That extra br gave me enough extra wiggle room to afford the mortgage. And after 2 years of rapid appreciation I sold 50% of the house to a roommate and friend; we re-financed and I walked with some cash; and now my share of the new mortgage, minus one of the rented bedrooms, is under $300/month. I never thought of myself as "wily" until now... but it was really just luck and following my intuition.

Has anyone else had an experience like this?

I'm really glad that I didn't go with a condo, too, just because that market seems so much more volatile.

Does anyone have info on the Casey? Is the Atwater still dead? Both of those buildings look like quality, but I know their price points reflect that, too.

[PDX City-State]

I bought my first house with no money down in 2003...and I recently bought a condo downtown and found the entire ballgame had changed with regard to financing. Even with great credit, ten percent seemed to be the minimum down payment and the interest rates aren't nearly as good. Still, I disagree that condos are more volatile...they're just a little overbuilt and overpriced right now. For urban folk, a condo is the way to go...so convenient and enjoyable to have the entire city at your doorstop while still earning equity.

[Leo]

Condos have historically been more volatile than houses ... Although I think that may change this time around. The reason for the volatility is that condos behave much more like commodities: In a glut, you can find several condos that are very similar, and so they need to compete on price. Houses, historically, have been more differentiated, so price wars don't happen as easily. But these days, with hundreds of cookie-cutter houses in giant developments, I expect that houses will behave more like condos.

This slump could have a good side effect for those of us who like unique buildings in our town. I think it could provide an incentive for developers to stop building copies of a single design (The Gregory, The Edge, The Elizabeth) and bring something more unique to the marketplace. On the other hand, they could end up cutting their losses and simply going into hibernation until the next boom ...