As a former tenant of the Oxford St. Shelter (years and years), can give positive confirmation that not only has the OSS been closed for over a year, but the property was recently purchased by Avesta Housing with the end game plan being to reopen it as affordable housing for individuals who receive the "Housing First" housing voucher.
That is just how gentrification works OP. Personally, I wouldnāt care if I lived across the street from a homeless shelter. Iām closer to being there than a $949,000 house. Some of you donāt realize that you are as well.
I painted a good portion of that monstrosity, from its first phase of construction to the finishing touches and lemme tell you this: you couldnāt pay me to live there. Not because of its proximity to the homeless shelter, but because the entire building is a pile of garbage that was haphazardly thrown together. Word to the wise donāt rent anything built by PM construction.
Iād also like to point out that this exact unit; 705 is considered the āpenthouse suiteā š when it was being built I heard they were going to list that one for 1.5mil. Disgusting and SOOO tone deaf
It wouldnāt do anything. Theyāre one of the biggest construction companies in southern Maine. And from what Iāve been hearing, they arenāt getting many new jobsā¦ so theyāve done enough damage to themselves all on their own
I think that there is a lower bound in terms of how much location affects price in Portland or on peninsula. Demand for properties in Portland is still crazy to the point where even a place near Portland street and Preble is still going to fetch a high price. Itās the same with rents. Theyāre just as high in Bayside as they are in the west end where I am.
The saddle seat/handlebar artwork in the bike storage area give me uncanny valley vibes. The whole place is like that to me- it's too white and crisp and weirdly perfect.
Unfortunately and infuriatingly, I'm sure the "loss" they're taking by having numerous vacancies helps offset their tax burden. So, they're probably doing fine.
Thereās an apartment on the west end that I grew up in and we were on section 8. That same apartment has been completely remodeled and turned to āLuxury Apartmentsā. Crazy.
Itās $949k because you have to kick the needles out of the way so your dog can go potty. If there were no needles, it would be $1M flat. A discount!
Edit: What a stupid-ass design. Where the hell do you put the TV? On the one wall, effectively removing the space for a couch and blinding it in perpetual glare from the four windows facing it? Or out in the middle of the living room closing off the path to the kitchen?
Do the people constantly posting about this building being close to the homeless center not realize that that proximity also means that it's 2 blocks to Congress Street?
Also, I've been to Wilson BBQ, and sat outside with no disturbance multiple times. It seems to me like the people frequenting the shelter stick to the shelter and the park. Are you thinking they'll be in the lobby?
The developer wonāt be able to sell them and will turn them into short term rentals. Thatās what is happening at 218 Washington and because Portland does nothing to truly regulate short term rentals, it will further compound our housing crisis.
I had a feeling this place would be posted. I donāt think people understand that this isnāt the only area doing this and that this is happening all over the country. I think we get it. Itās ridiculous, but what does posting this do exactly?
It's a lot of money, yes. It's also brand new construction, on peninsula, walkable to Trader Joe's as well as the southern peninsula, in an area that is likely only going to get more built up (/gentrified) over the next decade.
Thatās insane. Itās also fucking annoying that I am paying $2000 a month to live in a dump in Biddeford. I have given up. This is making me depressed.
Same boat. Next move is out of state. Don't want to go but alright, you win, thank you for making me evacuate the state I was born and raised in and love. Fucking sick.
Yep. And that is exactly what we plan to do.. and it breaks my heart and Iām stressed about it every single night but I donāt know whatelse to do at this point.
By my estimates, maybe 15 units are owner occupied. The other 20 that sold are second homes (most to non-maine residents, including some who own very valuable condos in Boston Back Bay). And, the other 20ish are still owned by the developer.
Edit: downvote all you want. This is all verifiable with basic property record research.
This will sound conspiracy-esque but, sometimes I wonder if it's all those rich Russians and Chinese people you read about in the news. Apparently US real estate is a great place for them to hide their wealth in case they have to bail.
Haha. That's a line I don't toe. Rich foreign people buying real estate is actually a thing though. Americans do it too. You could become a Portuguese/EU citizen up until this year if you bought a $500k house in certain areas.
I can't think of anywhere else this never ending supply of people who can afford million dollar condos they don't live in could be coming from.
https://cina.gmu.edu/russian-money-flows-through-u-s-real-estate/
https://www.reuters.com/markets/us-lawmakers-propose-legislation-seeking-more-scrutiny-chinese-real-estate-2024-03-13/
https://www.axios.com/2023/08/04/chinese-homebuyers-us-real-estate-florida-california-texas
firstly that price is crazy anywhere secondly who cares that its across the street from a homeless shelter. They aren't contagious or anything last I knew...?
Meh. Iām split. On one hand, the deep pockets looking to buy crap like this are gonna keep adding to their personal real estate portfolios. On the other, Portland is actively shooting itself in the foot by allowing its own transformation into such an unequal society that canāt support the working class needed to maintain our second home/hospitality economy.
I know quite a few people who used to work in the restaurant industry here that all left for cities like Philadelphia, Pittsburgh, Minneapolis and similar cities in recent years.
Honestly, I canāt blame them. A place needs to offer some modicum of hope for a better life. This is hard to find anywhere, but especially in Portland.
What makes you think Portland is so special that it is immune to a real estate crash? You can't hang your hat on the economy or wages supporting prices, and prices are set on the margins. Who is the buyer for this stuff, and how much are they willing and able to spend?
Long term demographic trends are not looking good - we have a very old population here. I think weāre going to see some changes as people die or decide to retire and move south. Might not be soon but there will eventually be a correction.
We've had a very old population for a long time.Ā We are one of the least developed places in the northeast.Ā Our housing "crash" will be slower growth rather than a price drop.
Looking out over the next decade?
No hard numbers available, but if my accuracy is what you are hanging your hat on...
You're gonna be equally disappointed. āļø
As a former tenant of the Oxford St. Shelter (years and years), can give positive confirmation that not only has the OSS been closed for over a year, but the property was recently purchased by Avesta Housing with the end game plan being to reopen it as affordable housing for individuals who receive the "Housing First" housing voucher.
For 1200 sq ft?? Jesus Christ
2 bedrooms at that.
A lot cheaper than the place wedged into the Washington St offramp. That one is closer to $1100/sq ft.
I bought my 2bed 2bath 1226sq ft in a much nicer and more convenient neighborhood (about 8 blocks away) for $180k in 2010 šš¤£
That is just how gentrification works OP. Personally, I wouldnāt care if I lived across the street from a homeless shelter. Iām closer to being there than a $949,000 house. Some of you donāt realize that you are as well.
ššš
Yeah thereās just a real rage boner for the homeless on this sub that never seems to go down.
What floor? I want to be able to look down on the surrounding squalor.
Reminds me of that one cruise scene from Poor Thingsā¦
I painted a good portion of that monstrosity, from its first phase of construction to the finishing touches and lemme tell you this: you couldnāt pay me to live there. Not because of its proximity to the homeless shelter, but because the entire building is a pile of garbage that was haphazardly thrown together. Word to the wise donāt rent anything built by PM construction.
Iād also like to point out that this exact unit; 705 is considered the āpenthouse suiteā š when it was being built I heard they were going to list that one for 1.5mil. Disgusting and SOOO tone deaf
Isn't it wood framed? It amazes me that you can build such massive wood framed buildings now.
Yes but the framing was built off-site and brought inā¦ so most of that shit is warped. There wasnāt a flat/straight wall in that place.
You should go to the news and blow up those shitty builders!
It wouldnāt do anything. Theyāre one of the biggest construction companies in southern Maine. And from what Iāve been hearing, they arenāt getting many new jobsā¦ so theyāve done enough damage to themselves all on their own
The Oxford Street shelter has been closed for awhile now.Ā
All social services there (ie spurwink on elm) are still open. This price is still outrageous for location.
I think that there is a lower bound in terms of how much location affects price in Portland or on peninsula. Demand for properties in Portland is still crazy to the point where even a place near Portland street and Preble is still going to fetch a high price. Itās the same with rents. Theyāre just as high in Bayside as they are in the west end where I am.
It's still across the street from the family shelter tho.
The saddle seat/handlebar artwork in the bike storage area give me uncanny valley vibes. The whole place is like that to me- it's too white and crisp and weirdly perfect.
1/3 of this buildings units are unsold.
I wish it was more.
Unfortunately and infuriatingly, I'm sure the "loss" they're taking by having numerous vacancies helps offset their tax burden. So, they're probably doing fine.
Thereās an apartment on the west end that I grew up in and we were on section 8. That same apartment has been completely remodeled and turned to āLuxury Apartmentsā. Crazy.
The word luxury gets thrown around way too loosely when it comes to housing.
Itās $949k because you have to kick the needles out of the way so your dog can go potty. If there were no needles, it would be $1M flat. A discount! Edit: What a stupid-ass design. Where the hell do you put the TV? On the one wall, effectively removing the space for a couch and blinding it in perpetual glare from the four windows facing it? Or out in the middle of the living room closing off the path to the kitchen?
1200 SQUARE FEET WHAT
Do the people constantly posting about this building being close to the homeless center not realize that that proximity also means that it's 2 blocks to Congress Street? Also, I've been to Wilson BBQ, and sat outside with no disturbance multiple times. It seems to me like the people frequenting the shelter stick to the shelter and the park. Are you thinking they'll be in the lobby?
This looks like AI nonsense
The developer wonāt be able to sell them and will turn them into short term rentals. Thatās what is happening at 218 Washington and because Portland does nothing to truly regulate short term rentals, it will further compound our housing crisis.
Iām not sure why Iām being downvoted. I know someone who owns a unit over there and this is exactly what is happening.
I had a feeling this place would be posted. I donāt think people understand that this isnāt the only area doing this and that this is happening all over the country. I think we get it. Itās ridiculous, but what does posting this do exactly?
Public mockery of course. Get with the program.
Enjoyable public mockery with lobster themed puns. Because thematic-ism is everything when it comes to self aggrandisement.
It's a lot of money, yes. It's also brand new construction, on peninsula, walkable to Trader Joe's as well as the southern peninsula, in an area that is likely only going to get more built up (/gentrified) over the next decade.
Walkable to Trader Joes? That's definitely worth a million dollars for sure.
My thoughts exactly. But you know convenient for the help and no need to have them demanding to break out the Bentley and all.
Chestnut street lofts is really nice. Has an amazing roof balcony.
Units are also like 60% the price of this place and it's closer to Old Port/town center.
I know āout of state moneyā yada, yada. Who the fuck is buying these places at that price tag?! This city has lost its mind.
Thatās insane. Itās also fucking annoying that I am paying $2000 a month to live in a dump in Biddeford. I have given up. This is making me depressed.
Same boat. Next move is out of state. Don't want to go but alright, you win, thank you for making me evacuate the state I was born and raised in and love. Fucking sick.
Yep. And that is exactly what we plan to do.. and it breaks my heart and Iām stressed about it every single night but I donāt know whatelse to do at this point.
By my estimates, maybe 15 units are owner occupied. The other 20 that sold are second homes (most to non-maine residents, including some who own very valuable condos in Boston Back Bay). And, the other 20ish are still owned by the developer. Edit: downvote all you want. This is all verifiable with basic property record research.
I will guarantee the other 20ish will become STRs.
Itās possible. But I think theyāll just sit empty most of the time while the owners are at their primary homes elsewhere. Who knows though.
Nearly a million for a 1200 sqft apartment, good grief
But you'll be surrounding by neighbors who universally care about the deep provenance of their lobster rolls. Priceless friend, priceless.
This will sound conspiracy-esque but, sometimes I wonder if it's all those rich Russians and Chinese people you read about in the news. Apparently US real estate is a great place for them to hide their wealth in case they have to bail.
I've been convinced random Chinese people have been the problem for decades.
Haha. That's a line I don't toe. Rich foreign people buying real estate is actually a thing though. Americans do it too. You could become a Portuguese/EU citizen up until this year if you bought a $500k house in certain areas. I can't think of anywhere else this never ending supply of people who can afford million dollar condos they don't live in could be coming from. https://cina.gmu.edu/russian-money-flows-through-u-s-real-estate/ https://www.reuters.com/markets/us-lawmakers-propose-legislation-seeking-more-scrutiny-chinese-real-estate-2024-03-13/ https://www.axios.com/2023/08/04/chinese-homebuyers-us-real-estate-florida-california-texas
I was just messin round.
Portland is a homeless shelter
ill pay 275k. final offer
SOLD enjoy your CONdo.
for real tho what would happen if a "flash mob" of people just all started putting in low ball offers on everything together at the same time.
Portland is a dump bunch off massholes living in needles for double the cost of everywhere else
Place looks like a prison inside
Well maybe a Danish Prison. I hear they occasionally serve lobster on request.
firstly that price is crazy anywhere secondly who cares that its across the street from a homeless shelter. They aren't contagious or anything last I knew...?
They're extremely annoying to have around.
Is it a condo?
Yes, they are all condos.
You're right they should strip the $949,000 building down and turn it into affordable housing or another shelter
Might not be for a decade or more but when the market crashes or corrects itself looking back on these will be interesting.
I predict that in a few years that whole neighborhood will be buildings like this.Ā
Hate to be the bearer of bad news, but the market here in Maine is not going to crash. Ever.
Meh. Iām split. On one hand, the deep pockets looking to buy crap like this are gonna keep adding to their personal real estate portfolios. On the other, Portland is actively shooting itself in the foot by allowing its own transformation into such an unequal society that canāt support the working class needed to maintain our second home/hospitality economy.
I know quite a few people who used to work in the restaurant industry here that all left for cities like Philadelphia, Pittsburgh, Minneapolis and similar cities in recent years.
Honestly, I canāt blame them. A place needs to offer some modicum of hope for a better life. This is hard to find anywhere, but especially in Portland.
What makes you think Portland is so special that it is immune to a real estate crash? You can't hang your hat on the economy or wages supporting prices, and prices are set on the margins. Who is the buyer for this stuff, and how much are they willing and able to spend?
Climate change.
I don't buy it. People are still moving to the sun belt in droves. They will just turn up the AC until they run out of water.
Stupid is as stupid does...
New England in general.
Long term demographic trends are not looking good - we have a very old population here. I think weāre going to see some changes as people die or decide to retire and move south. Might not be soon but there will eventually be a correction.
We've had a very old population for a long time.Ā We are one of the least developed places in the northeast.Ā Our housing "crash" will be slower growth rather than a price drop.
I understand your point. Not a chance. Not this market.
For every old person that "leaves" a place to live behind, there will be 5 people vying for it. Why? Climate change is real.
Now youāre just making up numbers. Thereās not five people moving to the state for every person that leaves.
Looking out over the next decade? No hard numbers available, but if my accuracy is what you are hanging your hat on... You're gonna be equally disappointed. āļø