The apartment market is stable, but uncertainty abounds

With an unprecedented 2,500 new luxury units about to hit the downtown apartment market, it only fuels the uncertainty.

In the realm of multifamily real estate, the divide between buyers and sellers has never been wider, industry analysts say.

Sellers are looking backward, at better times; buyers are looking forward, toward an uncertain market.

Those better times were last year, as it turns out.

At this point in 2007, there had been 258 multifamily buildings sold in the Portland area. As of late September 2008, there had been only 69, said Jeremy Snow, a real estate appraiser with PGP Valuation.

Buyers are holding tight, waiting for signs the market is improving, Snow said.

Click here to read the full article in the DJC.