2445 Portland Ave. So.Asking Price: $132,905
Assessed Tax Value: $505,500
Property Taxes (2009): $8,216
Last Sale: $480,000 (3/1/2007)
This 5,200 FSF, Brick Four-plex came (back) on the market late Friday afternoon. A quick look at its selling history indicates that it’s been on and off the market, at ever lower prices, since July, 2005.
What it actually sells for is anyone’s guess (I haven’t been inside). But it’s a safe bet that it’s worth a fraction of the $505,500 the city says it is. Bet #2: it would sell faster without an $8,216 annual property tax bill attached — more than the next owner’s likely mortgage payments. (You’d further guess that those taxes haven’t been paid in quite awhile, leaving a big, fat lien against the property.)
Such out-of-whack tax bills are one of the reasons many foreclosures languish on the market.
Ross, First of all, great blog! It is illuminating to see your thoughts on the current market, particularly on the subject of the tax bill being higher than the mortgage on a forclosed property like this mulit-plex. I am a Realtor on the Central Oregon Coast (Newport, Lincoln City area) and we are experienceing a similar situation, although the values are staying higher due to the fact that we are coastal with pretty decent weather, close enough to Portland Oregon to keep people interested. Oregon is growing despite the housing downturn. We have a fourplex with partial ocean views here going for under $280,000.00 and I am amazed it is still there. I predict it will be gone by late spring no matter what happens anywhere else. Anyway, enjoy your day, have a prosperous week ahead!