John Ross Auction – CLICK HERE

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Auction Day: Sunday, September 20th, 2009

Sunday, September 20th, 2009 at Marriott Portland Downtown Waterfront. This Auction begins at 4pm. Registered Bidders should arrive by 3pm to pick up bid packets.

Location:

Marriott Portland Downtown Waterfront

14101 SW Natio Parkway

Portland, Oregon 97201

Taking a Tour:

1. *Note* A Broker must be with you for your 1st visit in order for you to have representation during the auction.

Financing Info:

Financing is available for these condos. If you use your own lender then you must submit a pre approval lender to the preferred Lender. The Preferred lenders are: MetLife Home Loans and Bank of America. A buyer that uses one of these preferred lenders will receive $1,500 towards closing costs. When you submit your Bidder Registration Form, You must bring your Pre approval letter with you on Auction Day.

Amazing Location

This is truly an amazing location on the South Waterfront. These condos keep luxury in mind while complimenting the nature beauty of the waterfront. Glass design, Adjacent to the river, modern touches and finishes compliment the views of Ross Island, Mt. Hood, the West Hills, city lights and the Williamette River. These condos are a Portland Landmark.

Amenities

The South Waterfront offers many amenities and is close to public transportation and city conveniences.

• Parks and Trails
• Green Building Practices
• Retail
• Views

Why live on the South Waterfront?

The South Waterfront in Portland is one of Oregon’s newest Condominium projects where contemporary living meets nature. Residents and visitors find urban living relaxing and enjoy the natural elements along the Willamette River. The South Waterfront has transformed Portland into one of the most livable cities in the country. The Point Towers in Vancouver B.C. are said to have inspired this collage of alternative transportation, parks, trails, green building practices, mixed use retails and modern art and design.

A little History

Two of Portland’s most prestigious real estate developers started losing control of these two condo towers on the South Waterfront during the housing crisis when the condo market tanked. Gerding Edlen Development Co. & Williams & Dame Development built and marketed the John Ross and Atwater Place Condos. Some of the bill was paid by tax payers, as this was a huge riverfront urban renewal project. We shelled out $125 million tax dollars.

Developers soon became very familiar with the crashing market. When sales slowed and the condos were sitting empty during the seasonal peak. Lenders took primary control leaving some involvement from the developers. The whole Portland Condo Market is in trouble. Home prices are done 17% in this Region. The Recession is effecting the entire nation, and now we are seeing this right in front of us.

It’s not just the Atwater Place that is in trouble

The Waterfront Peral, another big condo project in the hands of a lender after a foreclosure process. The Lenders actually sued the owners of the KOIN Center. The South Waterfront is one of a kind in size and scale. Such a different outcome then projected by the City. Who hasn’t been hurt by this recession? No the John Ross and Atwater Place are said not to be in foreclosure or default. The lenders have just been brought in to help make decisions by the developers. These lenders will sign all the papers for sales.

Atwater Place Description

Located in Block 34 of the South Waterfront, the Atwater Place boasts 22 stories. A rectangle in shape, this building has 212 condos. Only five of these are townhomes. The sizes of units are from 1,100 sq ft to 3,700 sq ft. Almost every unit has views of the Willamette River and Mt Hood. Don’t forget about the 10,000 sq ft of retail space (all located on the ground floor). Gardens are incorporated with other green features like eco-roofs which has helped the Atwater PL condos receive a silver certification rating. The sustainable aspects of the building include: storm water management for run off, glazing on the building is for heating and cooling, low flow toilets, showers, and faucets, non toxic finishes, and a lot of recycled content. Designed by Thomas Hacker and GBD Architects. They used glass on the building’s face and has a raised courtyard and ground level plaza. This project started in December 2007 and was finished in 2007.