And Enhances Commissions for Buyer's Agents**

Another confirming data point came in an email that I just received from The Strand.  Arguably one of the waterfront's best selling new condo developments, the swanky three tower development next to Riverplace just announced a major price reduction and an increase of the commission to buyer's agent.

For example, a 2151 SF Townhouse that had recently been listed at $749,000 has now been reduced by $100K to $649,000.  The commissions have been increased from the standard 2.7% to 3.5% as an incentive to help drive sales.

Despite The Strand's relative success, the downward price adjustment is most likely in response to high condo inventories in Portland generally, and along the waterfront specifically.  Also likely adding to the price pressure is  the moribund luxury home market -- of which makes up a goodly portion of The Strand's inventory (click here to read more).

**The increase in buyer's agent commissions brings up an interesting question that I get asked time and again by prospective waterfront condo buyers: "Can't I get a better deal by 'going direct'?" 

To wit, my reply is always the same: the value of a buyer's agent doesn't change - whether it's new construction or existing homes... condos or a single family residence.  I can't count how many times I've seen unrepresented buyers pay too much for  properties simply because they don't do in-depth analysis on the property/area.