Investor Lists 3 Portofino Units

162156 0 Investor Lists 3 Portofino Units

Over the years an investor accumulated at least three units at the Portofino, a loft-y Capitol Hill building on Pine. I’m surprised that with rising rents and declining vacancy rates that they’d unload them now. But times must be tough because they’re all short sales:

  • Unit #311 for $249,950: 514 square feet, corner unit, last sold 7/3/06 for $256k.
  • Unit #212 for $249,950: 541 square feet, last sold 12/6/07 for $258k.
  • Unit #210 for $229,950: 592 square feet, last sold 8/27/03 for $205.

I’d normally caution people away from short sales but after seeing a short sale in my building, Trace Lofts, sell yesterday for the great price of $199k (last sale was 10/2/07 for $335k), it might be time to warm up to them. $324/square foot for Trace Lofts is a screaming deal (and decimates my comps.)

About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • Guest

    This same investor also owns unit 211 in that building. I’ve seen a couple of other units in the Portofino for sale at a loss, but apparently there are no takers. It’s a great location although aside from the postage-stamp-sized shared deck up top, there are few amenities.

  • Emailers2

    If you drive around town you will see numerous apartment / house for rent signs. I am not buying the hype of low vacancy and higher rents. I think that the hype goes to those who are developing high rise apartment complexes. Hype because that is where the development money is and absent financing developers / builders have no work. No work means no income.

  • Tiffany

    Why do they list these large studios as 1 bedroom units? This is a pet peeve of mine, and it seems like it’s wasting everyone’s time if they list them incorrectly.

  • Tiffany

    Why do they list these large studios as 1 bedroom units? This is a pet peeve of mine, and it seems like it’s wasting everyone’s time if they list them incorrectly.