Portland Condo Owners are Selling with Massive Losses, for Less than they Cost 15 Years Ago

Portland Detached Home Values have More than Doubled in the Last 10 Years

Portland home owners have experienced dramatic appreciation in the value if they owned a detached home from 2015 to 2025. In May of 2015, the average home value of a sold property in Portland, Oregon was about $300,000 flat. In May of 2025, the average home sales price is over $600,000 – a whopping 100%+ increase.

Portland Condo Owners are Selling their Condos for Less than they were Worth 15 Years Ago

Let’s take a look at a few sad examples together.

The Benson Tower is a beautiful high rise built in 2007 in downtown Portland next to Portland State University. In 2007, this would be considered prime real estate and would likely be looked at as a strong investment. The above is a picture of unit 1503 when it was listed for sale and sold in the spring of 2024.

Unit 1503 sold for the first time in 2008 for $458,700.

Unit 1503 sold in 2024 for $414,500, a depreciation of $44,200, or around 10% after 16 years.

Unit 1503 was purchased by its last owner in 2017 for $515,000, the same owner that sold it for $414,500, a loss of more than $100,000, a total depreciation of around 20%, after seven years!

I feel for this owner. In 2017, everything seemed fine in the Portland real estate market. This owner tried to sell in 2020 for the first time, like so many of us that perhaps needed to move for one reason or another in that difficult year. It took them four years to sell at over $100,000 loss.

Unfortunately, this is not an isolated incident, but is a common story, and is reflective of a Portland condo market that has been dropping in value year after year. It is hard to say when the Portland condo market will hit absolute bottom.

The Old Town Lofts are located in Old Town downtown Portland, Oregon. The high rise was built in 2001 and is situated close to the Pearl District. This photo is from unit 401 that sold in late 2024. As you can see, this is not a distress unit, but was sold in excellent condition.

Unit 401 sold for $307,700 in 2006.

Unit 401 sold for $250,000 in 2024. This is a depreciation of $57,700, or about 19%, after 18 years.

Condos throughout Multnomah County are Losing Value, not just in Downtown Portland, Oregon

This beautiful Columbia Riverfront condo complex, Mews at North Harbour, was built in 2000. Unit 26 sold, as pictured above, sold in 2025.

Unit 26 was listed for $415,000 and sold in 2004.

Unit 26 was listed for $399,000 and sold in 2025, more than 20 years later.

The Elisabeth Lofts were built in 2005 in the Pearl District in Portland, Oregon. The photo above is of unit 1501, a stunning 2,326 sq. ft. Penthouse with incredible views.

Unit 1501 sold in 2008 for $1,800,000.

Unit 1501 sold in 2025 for $1,720,000, a deprecation of $80,000 after 19 years.

Why is the Portland Condo Market Dramatically Worse than the Portland Detached Market?

There are many reasons for this. The condo market in Portland started slowing down in 2017 with the rise of so many luxury apartment high-rises built in downtown and all over the east side. Then COVID hit in 2020 and the suburbs and rural areas boomed as people sought to escape higher density living situations. Then came the downtown riots and increase in homelessness causing downtown condos to suffer faster and worse than the rest of the condos in the metro (see our report). Then came post-COVID and post-riots with insurance rates skyrocketing, which has lead to a dramatic increase in HOA fees. The last report I wrote on HOA fees in 2023 showed that HOA fees were up 30% in 3 years, or had risen about 10% a year for three years in a row, that from 2020 to 2023 HOA fees rose 30%. I wouldn’t be surprised if my next HOA report shows that 10% increase a year in HOA fees has continued to today. On top of all of that, while prices for many of those condos have remained flat or declined in the last fifteen years or more, their property taxes have increased in that same timeframe.

The local government has turned a blind eye toward the plight of Portland condo owners.

On top of everything mentioned above, while prices for many of those condos have remained flat for fifteen years or more, their property taxes have never stopped increasing, even as their values dropped. Using our examples from above:

333 NW 9th Ave Unit 1501 sold value in 2008, $1,800,000 – property tax, $14,660.
333 NW 9th Ave Unit 1501 sold value in 2025, $1,720,000 – property tax, $25,185.

411 NW Flanders St Unit 401 sold value in 2006, $307,700 – property tax, $3,216.
411 NW Flanders St Unit 401 sold value in 2025, $250,000 – property tax, $4,952.

1500 SW 11th Ave Unit 1503 sold value in 2017, $515,000 – property tax, $6,069.
1500 SW 11th Ave Unit 1503 sold value in 2024, $414,500 – property tax, $7,434.

When will the Portland Condo Market Hit Bottom?

I wish I knew. Sure would be nice if someone in the government would take notice and provide any sort of relief. Not all condos are owned by the rich. Many are owned by struggling families and individuals, whom I have met in person. Many of these unfortunate folks originally thought or were told that condos were a cheaper alternative to owning a detached house, and have been watching helplessly now for years as their property values declined, while their HOA fees and property taxes climbed to new heights. There are thousands of Portlanders stuck silently in this terrible financial situation, and I’m not sure who is paying them any attention. 

2025 Oregon House Bill 3746, Sponsored by Rep. Pam Marsh

 This bill is sponsored by the committee on housing and homelessness, and according (wweek.com) and (oregonlive.com) the bill is trying to boost condo construction, which is seen as a more affordable step to homeownership. (The bill would shorten the homeowner’s window to sue condominium developers for construction defects, thereby increasing the likelihood of more condos being built.) According to the testimony by the Partners for Affordable Housing, if this bill passes it would, “increase homeownership opportunities at a more affordable level than many single family homes,” and, “when families can get in the door to home ownership at the more affordable prices often provided by condos, they can build wealth and transform the trajectory of their lives.”

Yes, let’s open the door wider to the financial trap (proven in this article) that is Portland condo home ownership in the last fifteen years. Let’s see how many more thousands of Portlanders we can trick into buying new condos with low HOA fees (initially), and then watch as the years go by and the value of the biggest investment in their lives depreciates, and their cost of living skyrockets. 

That might sound a bit harsh, but perhaps you haven’t met some of the Portland condo owners I have, who are struggling to make ends meet and can’t sell their condo for what they bought it for, even if they’d purchased it more than ten years ago. I can’t see a valid reason to increase Portland condo supply while our condo market continues in a multi-year long slide without an end in sight. 

To be fair, this bill is for all of Oregon, and perhaps there are other parts of the state where it would be helpful, but I hope someone is running the numbers for their cities like I’m running them for Portland, and in Portland, suggesting that developing new condos is a means of creating long-term wealth for people who can’t afford single family homes, is a cruel joke. A cruel joke that is happening right now to the people living in our city.