Buying Condo in Portland - Good / Bad Idea? (Lake Oswego: hardwood floors, low income)

[Pen Cap Chew]

I'm considering purchasing a condo in the Pearl District and I have never lived in one. I've never even lived in apartments before, only houses. Has anyone here purchased a condo in the Pearl and how was / is your experience? Is it worth the cost? I'm looking to spend $400 to 500,000 max and you don't get much for that in the Pearl. I currently own a house on 4 acres and am tired of the upkeep and think condo living would be a piece of cake. I like the idea of buying in the Pearl because I think the value in the condo will remain or increase. I know that some people (Nova, I'm talking about you ) categorize The Pearl as Yuppieville or snobby but I don't see it that way. There's all kinds of people in the Pearl, low income to rich, and all different types of personalities. I like the area. Powell's is close by and I'm a vegan and there's a nice 100% vegan cafe in the "Yoga in the Pearl" called Blossoming Lotus. And I like the idea of not needing a car and just biking or walking.

So my question is: how is condo living? Are walls generally thin and you can hear your neighbors? I like playing rock music loud -- is this a problem LOL? Seriously, I can't live without music. And I have an electric guitar too -- I guess that can get me in trouble. Is there such a building for younger people or for the musically inclined where music is more tolerated and not full of grannies (nothing against grannies -- actually it might be better if I find a granny building because maybe they're all deaf and wouldn't hear my music haha). What other problems with condo living may cause problems for me? What's the best location in the building for a condo? Is it more quiet at the top in a penthouse, more noisy in the middle or near the bottom because you can maybe hear traffic? I basically want to make noise without bothering people and I don't want to hear other people's noise.

What are some of your favorite condo buildings in the Pearl and why? I tend to like the condo conversions rather than the new buildings that are going up all over? Thanks!

[nedroj]

If you are sure you want to buy a condo than get what you can afford where you want. Location, location location. It sounds like this holds true for you. Don't expect to make money off your purchase though. Be prepared to break even when you sell it.

Personally I would never buy a condo because the idea of merely owning the space between the walls seems hollow to me. Plus it seems a risky long term investment. After the building is twenty years old, how much will be falling apart? And if you are looking at a conversion make sure you do the proper amount of research and then some extra into the history of the building. Track down someone who used to live/use the building before it got converted. The apartment complex I live in now was built in the 1920s and I suspect that it could be turned into condos, but in so doing I think major repair work would not be done properly and merely covered over. The current owner is a good guy, but if he sold it I could see it happening.

Oh yeah, thin walls, very thin walls. This means get to know your neighbors and turn off your base. If you on the bottom I think you get away with a little more noise.

[nancy thereader]

I'm also looking for a condo, but I can not pay quite as much as you. I'd like an over 55 place (well, I'm old ). Let me know how your search goes. There are wonderful places in Portland. One is 555 Second Street , (that's the name of the place). Just google it and see what you think.

[Pen Cap Chew]

Thanks for the responses.

Oh yeah, thin walls, very thin walls. This means get to know your neighbors and turn off your base. If you on the bottom I think you get away with a little more noise.

I wonder if all the new condo buildings in the Pearl are made more sound-proof. I'd think this would be on the top of the list that buyers would want. Surely the new buildings are not being built with paper-thin walls, I'm hoping.

Originally Posted by nancy thereader

There are wonderful places in Portland. One is 555 Second Street , (that's the name of the place). Just google it and see what you think.

Hi Nancy. I googled 555 Second Street -- It's in Lake Oswego. Looks pretty nice (at least the drawings they have as the building is under construction). Kind of a country home look to them. It looks like a nice area but it's really expensive. The cheapest is $425,000, with most in the $600,000 to $700,000 range. The most expensive is $1,475,000. Gulp.

I've seen a few condos in the Pearl for as low as $122,000 but you don't get much SQFT. Very tiny. But if you just want a place to basically sleep, take a shower, make a few meals, it's doable. There are some condos in the Pearl for $200,000 or less that give you more space but still small. It seems $400,000 to $500,000 is what you need to get 1000 sqft or more. I don't know about any condos exclusively for 55 or older, there must be some. I'll let you know if I find any.

[oldtintype]

I think the noise level really depends on the builder and what efforts they take with sound proofing, hardwood floors vs. carpet, etc. Our current building was built in 1999 and the walls are fine, the noise that travels between floors sucks. BUT, we don't have carpet, which is a big difference. I've read most places are doing thicker cement flooring between units (our is NOT like this) and things like that for sound proofing. When you look at units I'd specifically ask about sound proofing measures. While this is an apartment building, not a condo, check out the "acoustic separation" decription on this page as an example: Sitka Apartments-Portland Oregon Apartments

[suncat]

Pencap, you might want to check out The Edge Lofts, in the Pearl. I've been in that building many times, and it seems to have a younger demographic living there. It's a solid concrete building, and noise doesn't seem to be an issue.

It seems like the newer Pearl buildings are more noise-proof, and the older warehouse conversions are not.

[Hawkeye48]

I've never lived in Portland, but I wish I did. But a couple of things about condos.

My girlfriend has a condo and we never hear the neighbors next door. Upstairs she has a neighbor who is about 300 pounds, and he gets off work at 2 in the morning. Lots of walking around noise in the middle of the night. I could put up with that type of noise for a short time in an apartment, but not in a condo where I'd expect to live for five or ten years.

Also, if you are going to buy a condo, make sure the whole complex is going condo. In many areas when they can't sell out all the units they end up renting the remaining ones. If you are going to spend a lot of money on a condo you don't want to end up with renters next door.

One option you may want to look at is a townhouse. Some of the newer ones I've seen are built pretty solid. And with two or three floors you would have more options on where you play your music.

[Pen Cap Chew]

Thanks for the link, oldtintype. It's nice to know there are some measures being taken to reduce noise.

suncat, The Edge is actually on my list as one of my favorites. I have never been in it but I've researched it and I'm digging it. I like the concrete pillars in some of the condos and it looks well-built and just solid-looking.

Thanks, Hawkeye48. I've been considering a townhouse - I like having my own entrance. Having to use an elevator everyday might get old and annoying so it might better to get a townhouse.

[nancy thereader]

Townhouses are my favorite, also. That's what I have here on LI & that's what I wnt to get when I move. Are there many townhome communities in Portland?

[Hawkeye48]

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