| The National Association of Realtors publish annual | | | | Rental Apartments |
| figures, revealing that in 2006 there was no more | | | | It seems that the worst hit during this recession is |
| than a $400 increase in the price of Pearl District | | | | the luxury end of the market. Pearl District condos |
| condos from the price of condos in 2005. Whether | | | | that are being purchased for rental apartments are |
| we are looking at the 937 Condos, Pearl Lofts, or the | | | | still moving, albeit slowly. Evidence of this can be seen |
| Waterfront Pearl, none of the Pearl District condos | | | | with the 190 units at Ladd Tower whose project |
| were immune to the downturn in the property | | | | was rapidly re-thought and continued as a |
| market. The price of Pearl District condos, in 2006, | | | | development for apartments rather than for condos |
| was $234,200 on average. As the slide in the | | | | as originally planned. The 937 Condominiums that |
| property market began to bit from thereon in, | | | | were planned to be built as a 16 storey tower with |
| various sales events such as the Atwater Auction | | | | mixed usage continued as planned. The focus, and |
| were held to try to push sales of newly built condos. | | | | probably the selling point, for each of these Pearl |
| The first quarter of 2009 resulted in just 94 sales of | | | | District condos, is sustainable development. This is |
| Pearl District condos: the final month of that year | | | | achieved through the gold LEED design in accordance |
| closed on 220 sales. This was a 40% increase on the | | | | with the US Green Building Council's Leadership in |
| same period for the previous year, which is clearly | | | | Energy and Environmental Design. |
| good news to the real estate business in general. | | | | 937 Condo Tower Block |
| Reduction in Sales Price | | | | This 16 storey tower is to include 114 residential units |
| Nevertheless, statistics are never exactly what they | | | | as well as car parking and commercial buildings below. |
| seem and the truth of the 40% increase is revealed | | | | The actual tower, 170 feet tall, is situated between |
| in a reduction in the purchase price of each of the | | | | 9th and 10th Avenues, on Northwest Glisan Street. |
| Pearl District condos to encourage the property sales | | | | The completed building is resplendent in its geometric |
| to move. The disparity between prices in 2006 and | | | | stacked design of glass, steel and brick with vertical |
| 2009 become clearer when you consider that 25% | | | | rows of balconies and 300 square foot eco-roof. |
| of all Pearl District condos are being sold for less than | | | | Now that this building has been finished, the latest |
| $200k for a 750 square foot property. A property | | | | information provided in February 2009, is that 25% |
| selling for an average of $350,000 in October 2008 | | | | of the residential units have been sold. Whether or |
| was being priced at $290,000 in December 2009 to | | | | not more of these Pearl District condos have been in |
| encourage sales to start moving again. Moreover, | | | | this eco-friendly tower block remains to be seen; the |
| around 10% of Pearl District condos were in the | | | | information just wasn't forthcoming. |
| possession of the banks. | | | | |