Our property focus this month is Pennoyer Street Townhomes.  these homes are a special offering the marketplace for several reasons.  Legally, they are like all the homes in The Meriwether, but they are different in the lifestyle they offer and the type of homeowner they attract.  Townhome people prefer the convenience, community and location of an urban area, but they also seek the independence of their own front door and garage.  For some, it is a case of walking right out the door and being outside in the neighborhood, while for others it is the handy, private and full size garage which doubles as secure parking and personal storage.  Ultimately, these differences produce a feeling more akin to a single family home than a condo.

On Pennoyer Street there are distinguishing features specific to Pennoyer townhomes.

Jackson Group listing at 835 SW Pennoyer #1006120

First, Pennoyer itself has the special characteristic of being a limited access street, which is to sale that is is really a pedestrian plaza.  Further, this plaza adjoins the courtyard of Atwater Place and connects residents of all buildings in the district to both the waterfront greenway and the District’s Central Park.  Urban master planning of this kind, creating open space and pedestrian connectivity, is hard to find for townhouse infill projects around the city, so the Pennoyer Street Townhomes have a special quality that is related to their location in the heart of South Waterfront, steps from the river and parks that distinguish the area.

A recent story in The Oregonian quoted claims from an economist that “tree-lined” streets add $7000-$13,000 in value to homes nearby.  Pennoyer Street Townhomes have the potential of becoming a one-of-a-kind opportunity in Portland with the pedestrian plaza, Willamette Riverfront, public parks, etc.,adding value to the neighborhood and the homes themselves.