Oregon Public Broadcasting

About 500 people turned up to bid on condos at the Atwater tower in Portland’s South Waterfront Sunday evening. As KristianFoden-Vencil reports, not every unit sold, but buying was brisk.

Forty condos in the 200-unit tower were up for auction. Most units sold for between 20 and 40 percent less than their original price. Buyer Nick Knapp was pleased.

Nick Knapp: “I truly did not think I would be buying a unit when I came today. I figured the bids would be a little higher and the first four or five that sold, which I like less than this unit, sold for $100,000 more -- so I’m guardedly happy.”

Other buyers, like Grayson Pounder, walked away empty handed.

Grayson Pounder: “They exceeded my expectation of what I’d be willing to spend, knowing where new construction is, especially in downtown with all the condos. Knowing what the rental prices are, to make those prices being bid today work, I’d have to get a much better deal.”

The investment group that built the tower auctioned the units to pay back an undisclosed percentage of its loan.