Quote:
Originally Posted by PhillyPDX
The bought the building for only $48k in 2017? Peak Portland demand....is that a typo? That's like 2 zeroes less than I would expect, depending on how much of the lot was included. At that crazy low price maybe it needs millions in repairs and isn't worth it to them?
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It's not correct. Looking at the County tax records, a Goodman connected LLC bought the property for $1.5 million in 2006. The $48k is associated with a deed that was recorded in 2017 for some other purpose, and didn't result in a change in ownership.
Quote:
Originally Posted by AdamUrbanist
I don’t see any evidence this block has near-term redevelopment potential regardless of the building valuation. My guess is this is more about minimizing carrying costs - avoiding maintenance, reducing taxes, and limiting liability and bad press (i.e. the Manashe's fentanyl market on 4th and Washington).
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I think you're correct about the chance of a near-term redevelopment being low, and yet... I still don't get how demolition helps with carrying costs? The building had tenants as of 2024. The taxes owed on the property had already gone down enough that they're lower than what a lot of individuals pay on fancier condos or single family houses, and of course they don't go to
zero after the building is demolished. All I can think is that there was some kind of issue with the building that would have required imminent and
very expensive repairs in order to keep tenants in place?
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