Home Back Issues Nov/Dec 2012 Staying alive

Staying alive

| Print |  Email
Articles - Nov/Dec 2012
Monday, November 05, 2012
Article Index
Staying alive
Page 2
Page 3
Page 4
Page 5

Condos, apartments

1112 StayingAlive 05
The resort boom went bust in Central Oregon, but it’s slowly waking up. R&H Construction has been working at Black Butte Ranch outside of Sisters, where it built the Glaze Meadow recreation center.Moribund. Almost dead. Not even on the radar. It should come as no surprise that this is how builders describe the state of the condominium market. Hugely overbuilt during the real-estate boom, the condo market from Portland to Bend and beyond has remained largely dormant for the past few years as prospective buyers, spooked by the new age of lending requirements, turned toward rentals.

“We are still not at a stage where condos make any sense,” says Gerard Mildner, director for PSU’s Center for Real Estate.

In their stead is a rising tide of in-fill apartment projects. No fewer than 500 units were expected to be added to downtown Portland by the middle of this year, with more on the way. A proposed “superblock” project in the Lloyd District could add almost 800 more apartments and 50,000 square feet of retail space in four towers, and Zidell Marine Corporation has announced plans to develop 30 waterfront acres near Portland’s Ross Island with potentially everything from residential units to a corporate campus.

Steve Galash, vice president for R&H Construction Co., says a condo scenario similar to Portland’s has played out in Bend.

“Condos were going nuts. A lot of developers just made their projects pencil by adding a condo component,” he says. “Then they all kind of fell together. The result has been that the apartment market here, like in other places, is starting to get more popular.”

In Portland, at least, there is already concern that the apartment market has gotten too popular and that it may be headed the way of the condo tower.

“The apartment market has been in a bit of a boom over the past year or two,” says Kurt Schultz, a principal with SERA Architects, which has designed several apartment complexes in Portland. “But there are some who think we’re already at the peak of the market.”



 

More Articles

College Conundrum

October 2014
Thursday, September 25, 2014
BY KIM MOORE

University and college tuition fees have been rising for more than a decade, while state funds for higher education have steadily declined.


Read more...

Powerlist: Colleges and Universities

September 2014
Wednesday, August 27, 2014
BY KIM MOORE

A conversation about higher education with the presidents of the University of Oregon and Clackamas Community College, followed by September's powerlist.


Read more...

Downtime

September 2014
Wednesday, August 27, 2014
BY JESSICA RIDGWAY

How State Representative Julie Parrish (House District 37) balances life between work and play.


Read more...

Buyer's Remorse

September 2014
Tuesday, August 26, 2014

Parents and students paying for college today are like homeowners who bought a house just before the housing bubble burst.


Read more...

What I'm Reading

October 2014
Thursday, September 25, 2014

Nick Herinckx, CEO of Obility, and Jake Weatherly, CEO of SheerID, share what they've been reading.


Read more...

Podcast: Interview with Pete Friedes

Contributed Blogs
Wednesday, August 27, 2014

082714-thumb friedesbookTom Cox interviews Pete Friedes, author of "The 2R Manager," about becoming a Best Boss.


Read more...

Gone Girl

News
Monday, September 29, 2014
roundup-logo-thumb-14BY LINDA BAKER | OB EDITOR

Wehby disappears, Kitzhaber fails to disclose and Seattle gets bike share before Portland.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS