Waterfront Pearl…. our Condo of The Week!
The Waterfront Pearl in Portland’s Pearl District is truly a gem sitting on the shores of the Willamette River. In recent years, the Waterfront Peal has gone through a few changes. Originally designed to sell as luxury condos, The Waterfront Pearl was a victim of the times and did not go as planned by the developers. For the last several years the Waterfront Pearl units have been in the luxury rental market. Now, as the market is improving, the Waterfront Pearl is going back to selling condominiums! It will start in the South building as the management group will need to reach FHA guidelines for financing. Currently, Waterfront Pearl is Non Warrantable. What this means is that a non warrantable condo cannot be sold to Fannie Mae or Freddie Mac. What does this mean to a buyer? Currently there are only two lenders who will finance on this project, Premier Mortgage Resources and CalCon Mutual. They will require 15-20% down and they will be higher rates than you would normally receive. Cash buyers will have no problems, in fact, this is what the majority of recent sales have been.
I for one am glad to see this project come back to life as it is a really nice building in an awesome location within the Pearl District. Other than Pacifica Tower just north of this project, this building offers stunning water views that other Pearl district properties just don’t have. Watch the sunrise behind Mt. Hood with a nice cup of coffee. Relax on your deck and watch the boats go by! I recently wrote about a penthouse unit at the Waterfront Pearl that came on the market. This unit is still available for those of you who may have an interest in a top floor condo with sensational views. If a peaceful setting is what you are searching for… welcome to Waterfront Pearl!
To view units in this building or other condominiums in the Pearl District, South Waterfront or Downtown call Brad Golik at 503-896-8856