You might be confused if you listen to the buyers and sellers talk about it today.  While buyers bought for substantially reduced prices, even by today’s standards, there are some who will tell you that they are happy, even thrilled, with their “deal” but they had hoped to buy for less.  And, the seller had hoped to sell homes for 180% of minimum, but the auction resulted in prices of about 155% of minimum.  Not rich, but also not bad for an auction, and they did sell 47 homes so sales velocity was achieved!  Sorry, guys, you can’t have it both ways, except to say “win/win”!

The moral to the story is two lessons, actually.  The first is one of human nature – no matter what we want, when we get it we can still have remorse for what might have been.  The second lesson also speaks to our human psyche – when the market is uncertain (have we hit the bottom yet, or not?) people obsess about their choices and second guess their decisions.  In this case, all sales are final!

Here below is a sampling of some sales from the auction.  Call or email us for a full spreadsheet in Excel.

Sean is a gentleman, sincere and genuine – the kind of self you want to be around, with the ethics, talent and character that anyone would admire.

My professional relationship with Sean began in 2004 when, as Director of Sales for urban condo projects at Realty Trust, I hired him to be the closing broker for the Henry Condominium.  Sean’s skill as an engaged listener and problem solver was revealed immediately. From that position Sean moved to broker at the South Waterfront Discovery Center where we did marketing and sales for The Meriwether, John Ross and Atwater Place Condominium towers.  Sean performed so well in his role that he was given the position of Lead Broker for the Civic Condominium in Downtown Portland and he moved to the B Street Gallery to lead the team for that project.

From the Civic Sean moved back to South Waterfront, this time as General Manager of the Discovery Center. Sean demonstrated leadership in sales and proved to be an effective builder of teams in every situation. In 5 fast years Sean gained a career’s worth of experience and credibility in real estate. Each one of these promotions came about because Sean produces results through excellent communication skills, a high standard of service and a thorough knowledge of properties and the real estate process.

At all times during Sean’s ascent in real estate, we stayed connected.  We’d meet for coffee and talk – deconstructing the high points of our project work together and speculating about the new realities in real estate and what it might mean for our careers and futures.  We helped each other navigate the bubble, and then the bust, staying engaged and active and positively focused. There was always an aspect to how we would stay connected as we planned for the recovery.

At The Jackson Group we have always been organized around the concept of bringing together a team of talented and accomplished brokers with individual specialties and shared values.  Our purpose is to serve our clients with superior care in the many different real estate transactions they pursue.  Our style is to offer “Ritz Carlton” talent and service from specialization of effort and collective commitment to care for the unique requests of each individual client.

Sean is a perfect fit for this model! Kelly, Sarah and I are thrilled to have him on the team.  We welcome him and know that you will as well.

]]> http://thejacksonfiles.com/2010/01/24/welcome-sean-becker/feed/ 0 http://thejacksonfiles.com/2009/09/20/sold-to-the-highest-bidder-atwater-place/ http://thejacksonfiles.com/2009/09/20/sold-to-the-highest-bidder-atwater-place/#comments Mon, 21 Sep 2009 04:35:12 +0000 jacksonb http://thejacksonfiles.com/?p=289

By Becky Jackson

The Atwater Place auction was  fun and crazy.  I have renamed the auctioneer “Accelerated Chaos”!  They have their systems, and they are working with many newly-hired and un-trained people, but there were so many confusing and contradicting rules and statements going into the auction and a million small, redundant steps for everyone to follow.  Seems like they wanted to foster chaos along with the hype.

The auction was active, fast – but not uncomfortable, and sales were generally well above the minimum bids, consistent with recent market results and at substantial discounts from the recent price lists.  Many of the sales were at prices which can be negotiated from developer price lists if a buyer is brave enough to ask and push for it, so in the end we reach the real market price, one way or another.  Sellers can set asking prices, but Buyers determine value by offering and paying what they will.  Tonight 40 people offered and agreed to buy which made a vigorous market happen where there had not been one before.  Some may have paid a bit more than they expected, having gotten caught up in the bidding, I don’t know, but the overall average is a sales price of $291/SF, a substantial discount from most current price lists on A-grade new condos.

There appeared to be numerous willing bidders for all units, except the penthouse which had no offers, and which is fully valued at their ‘minimum’ in my opinion and validated by the buyers tonight. There were also very few bidders for the two townhomes, which is consistent with current market demand for townhomes and reflected in the much lower price/SF for those homes.

This auction was certainly not a cheap process to pursue, but it did lead to sales of 40 homes in a months time – a significant jump in velocity for condos sales for sometime.  Now, the challenge is how they follow that up and sell another 100+ high end homes with the same level of urgency!

The owners of Atwater Place in South Waterfront announced recently that 40 homes in the building will be sold at auction on September 20^th. Many of you have called or emailed with comments and questions, so I thought I would speak up about this to help others understand what is happening, what it means for the marketplace and what you need to know if you want to participate.

Many people are talking about this auction as if it were a sorry situation, but that is absolutely not the case. The best thing for the marketplace is to have these condo buildings with many unsold homes have an auction to sell condos at prices that buyers are willing and eager to pay, rather than continue to sit with unsold homes that are priced as if we are going to go back to $400/SF! Well, that ain’t happening any time soon, and when the owners of condos understand that, we will have a healthy and active market again. The best thing for the current owners of homes in these buildings is that the rest of the homes get sold and the buildings get fully occupied by new homeowners who move in, shop in the nearby retail, take walks in the neighborhood and help make the building and neighborhood a vibrant place to live.

Atwater Place Condominiums at South Waterfront

The auction for Atwater Place is the first to happen in Portland’s downtown area so we will be learning on this one how the marketplace will respond. I believe it is a terrific opportunity for condo buyers to buy premium homes in a stellar building and a top quality neighborhood. These are all good features of A-grade property, the kind that every homeowner seeks, and the only reason these homes are not already sold is that they are priced too high on the builders’ price lists. The auction should give buyers the chance to set prices they are willing to pay, which may not be as low as the minimum bid, but which will be appropriate for the current economy and today’s market environment.

Here’s what you need to know if you are interested in attending the auction – and The Jackson Group is well prepared and available to assist you with any specific needs, from plain old information to full blown representation for a purchase. The seller will pay the fee for our services to represent you to buy at the auction, though there are some rules attached to that. Call us if you have questions, and plan to have one of us accompany you to visit the Auction Showroom to register you as our client.

Facts to know:

Auction Date and Location: 4:00PM Sunday, September 20, 2009

Marriott Portland Downtown

1401 SW Naito Parkway

Portland, OR 97201

40 Homes are offered for sale at the auction, with pre-set minimum bids which, if offered, will be accepted. The seller reserves the right to change the units offered at the auction and may do so based on buyer interest. The homes range in size from a 931SF 1-bedroom to a 2355SF premium home with minimum bid prices from $169,900 to $899,000. We have the complete list of homes plus floor plans, so call us if you want more details.

All potential buyers must be prequalified with one of the pre-approved lenders (Bank of America or MetLIfe Home Loans) prior to the auction – even if you intend to use your own lender. Cash buyers must provide proof of funds prior to the auction.

All buyers who wish to participate in the auction must be registered by submitting a completed written form by 7pm on September, 18^th. On auction day, bidders must have a cash equivalent (cashier’s check payable to yourself) of $2500 for each home they may purchase. Upon successful purchase, buyers must endorse their cashier’s check to Ticor Title Company and agree as part of their purchase agreement to increase their deposit to 3% of the sales price, which must be paid with a personal check payable to Ticor Title that evening.

Closing of all successful purchases shall happen by October 19^th, unless an extension is agreed to in writing with the seller.

There are at least a dozen other special conditions, so if you need more information, please call us and we can go through all the fine print with you. Again, we believe this is a positive event for the marketplace and we encourage people who may be interested in buying a downtown condo to get involved if only to learn and then determine if there is a positive possibility for them in this auction.

Have a great holiday weekend!

Becky