John Ross Building Tour

Sun Apr 4, 2010 11:28:53 am by Dustin
Filed under Dealing with People, Finance, Fun, General, Household, a little about life

Yesterday, Jason and I traveled over to the John Ross building for an information session about its upcoming auction. For all of you who are wondering, wow, this is a nice building.

Going into the day, I was still leaning toward actually attending the auction. Yes, yes, I know I said I would not buy a house this year. Looking at the possible purchase prices of some of these units, I was curious enough to get more information.

The building was open to the public, so we went through about a dozen units. I found two units I was really, really, really interested in 1618 and 2018. Both are the same floor plan – one bed, bath, and study – facing Southwest.

I spoke with two realtors while traversing the building. One basically told me I would be an idiot to not – at my age – buy one of the units. The other thought anybody who bought was an idiot since purchase prices were expected to be 60% of the minimum auction price. This person also told me unit 1218 – same floor plan as I liked – was a short sale she was trying to sell. The most recent offer on that until was $215k, putting it at ~40% increase.

Those purchase prices plus huge taxes and larger HOA convinced me to not buy – again. Although it is a lovely place in an area of town that is most likely going to boom, I still should not buy.

  1. Jeff

    The next time someone tells you that you are an idiot to NOT do something…then ask them why they haven’t already done it!!! They are salesmen and it’s their job to get you to buy a house.

  2. James

    More important than whether that part of town will boom is whether you want to live there (unless this is just an investment). It doesn’t much matter how great of a deal it is if you’re not the sort of person who would enjoy living in a condo. I know I’m not. An HOA would be a deal-killer for me, too.

    I never know what to think about these auctions or short sales. I know some people have gotten great deals (my uncle just got a steal on a house in the bay area), but some of those I’ve looked at have been roughly market price. If you do go to the auction, decide what it’s worth to you ahead of time and don’t get sucked into chasing the price above that just because it’s a limited time opportunity. There will be other opportunities. This auction is going to draw a lot of attention, and enough bidders will run the prices right back up to what the realtors are asking.

  3. James

    In case you’re curious and haven’t seen it, I noticed the Oregonian had a blog post about the results, including a spreadsheet. It looks like the units you had your eye on both went for over $250,000: