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Creative ways people are avoiding foreclosure in downtown high rises

 

As prices are falling and people are finding themselves out of work, people are looking for ways to make money any way they can to avoid foreclosure. Over the past couple years in Northwest Portland we have an area known as the Pearl District. It really has become an up and coming area with many new condos and fancy shops being put in, but just like everywhere else prices started to drop and the market for these high end condos also dropped.

Now, the economy is even hitting these people that a few years ago could afford these very luxury condos, but now are finding themselves out of work and looking for any way they can to keep their condos until they can find a new job. Well, it seems some have managed to find away to do exactly that.

You see, in Portland parking is at a premium and a lot of people bike, but these condos were sold with a parking place and sometimes even two. The residences are now starting to sell these premium parking places and helping themselves pay for their mortgage for sometimes up to 10 months, that is a lot of time to find another job. I know I wish I could sell my parking place for that much, I could walk six blocks if it meant having 10 months worth of mortgage payments paid.

I applaud these residences of Portland for coming up with this very creative way of avoiding losing there homes and keeping yet another short sale or foreclosure from hitting the market and making the home prices fall even more. I hope you find that job soon!

 

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 5 commentsRespect Realty LLC • May 21 2009 10:03PM

Comments

Its interesting to see that they can at least do something like that.

Posted by Shane OnullGorman, Eau Claire Wisconsin, Real Estate Agent & Realtor- Buy or Sell (Eau Claire Realty, Inc.) over 10 years ago

Hi Todd, I love the Pearl District and am sorry to hear that some of the residents are having difficulties.  I love the ingenuity of renting out their parking spaces to help pay the mortgage!

Posted by Shirley Parks, Broker, 210-414-0966, San Antonio TX Real Estate (Sands Realty 210-414-0966) over 10 years ago

TC,

Hey...any port in a storm...!!! I was wondering if these parking spaces are encumbered by the first mortgages on the properties...??? Thanks,   Fran

Posted by Fran Gaspari, "The Title Man" - Title Insurance - PA & NJ (Patriot Land Transfer, Inc.) over 10 years ago

Creativity is what will bring us out of the economy we are in and these folks know it is just a matter of time.

Posted by Terry & Bonnie Westbrook, Westbrook Realty - Grand Rapids Forest Hills MI Re (Westbrook Realty Broker-Owner) over 10 years ago

Renting out your premium parking space is definitely a novel way to make your mortgage payment.  Amazing how creative you can be when pressed with a need...

Posted by Ryan Shaughnessy, Broker/Attorney - Your Lafayette Square Real Estate Partner (PREA Signature Realty - www.preasignaturerealty.com) over 10 years ago

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