[WestVirginiaRebel]

Wanna bet that the people who bought these towers have never even been there?

Sounds like they may have created a whole new slew of Republican voters in Portland. The law of unintended consequences...

[ex-Texan]

This deal illustrates many problems with the real estate bubble. One is the optimistic belief that properties will continue to rise, even if they are over priced for the community. Another is how easy it is today to persuade out of state investors to put millions of dollars into a real estate deal. (Learn More?)

The investors who purchased the building are based in Portland. But they utilized a NYC investment group to finance the deal. To my way of thinking, this was not a major deal from a NY perspective (< $ 80 million). I would guess that investment group in NY never sent an official to inspect the properties. They probably relied on reports from people in Portland. First class air fare and a hotel may be very cheap with hindsight if the investment looses money.

That is why I said: "If I owned stock [in that company] I would sell it sooner rather than later."

I do not see much of a market for tiny condos (575 sq ft) selling for $ 185,000 in an building overlooking a park filled with homeless people and dope smoking college students.

Just my opinion, people. I have a right to express my private views. Please hold your flames.