Is it a good time to buy a condo in Portland, Oregon?Because of overdevelopment, the condo market has really tanked in the past year. Last summer, we were going to buy a small, 1 bedroom condo in a location that wasn't our favorite for $230k (listing price a bit higher). Having remained renters, I'm really glad we didn't buy that place; right now it's listing for $170k. We've watched the condo buildings in our neighborhood turn into rentals. We've thought several times, over a year of searching, that the close-in Eastside condo market was really ripe and that we should pounce on it before values go back up. We thought that about the $230k place, in fact. At the time, it really was the best deal. I don't want to be kicking myself a few years down the road if condo prices in the neighborhoods we like climb back up and rents do too. Tax credit is awesome. I also don't want to buy if prices still may drop or if there are arguments against condo ownership in times like these. Neither my husband nor I are thrilled about looking for condos again. We've had so much fall through that we hate, hate, hate the whole process (we've taken a 5 month break so far). If you do think there's a good deal to be had (preferably 2 bedrooms), on either the Belmont/Hawthorne/Clinton corridor or the Mississippi area, let me know that, too!March 26 2009 - Portland0YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.