A so-called “zombie house” in Southwest Portland has been abandoned, unfinished and even abused by squatters, but the property is still for sale for $1.3 million.
The building, on SW 133rd Avenue, was built in 2006 by Bill Nuess, a builder and developer who purchased the land.
Nuess wanted the mansion to house his entire family, especially his elderly mother, and from there convert it into a retirement home.
The developer had set up a limited liability company with 17 investors to finance the construction.
However, Nuess halted construction during a financing freeze after the Great Recession of 2008, put it up for sale in 2010, and died in 2016 with the mansion unfinished and abandoned, described as a “fixer upper.”
A so-called “zombie mansion” in southwest Portland has been abandoned, unfinished and even abused by squatters, but the property is still for sale for $1.3 million.
In a 2021 study, Portland topped the list of metropolitan areas with so-called 'zombie houses' Realtor.com.
Typically, 'zombie homes' are sold as is, without any renovations and at a deep discount, with real estate agent Eric Squires admitting the price for the mansion, $1.3 million, is a risk.
“But there is real value here. The bones are good, and when it's finished it will be a $3 to $6 million property,” Squires shared. The Oregonian.
He adds that since submitting a For Sale listing on December 13, he has received several calls, including from people who already live in the area.
“A smart investor bought the land out of tax foreclosure and cleaned it up. We have cured the legal circus that clouded title with 17 partnerships, and cleared other liens and judgments,” Squires said.
'It is time to give a happy conclusion to this long story.'
The abandoned mansion is in an unincorporated part of the province and near a number of luxury homes, a quality gap he believes a smart investor can close.
Nuess envisioned a 1,125-square-foot living room, as well as the possibility of an elevator that would access all three floors.
The building, on SW 133rd Avenue, was built in 2006 by Bill Nuess, a builder and developer who purchased the land. In the photo: plans for the country house
Nuess wanted the mansion to house his entire family, especially his elderly mother, and from there convert it into a retirement home.
The developer had set up a limited liability company with 17 investors to finance the construction
However, Nuess halted construction during a financing freeze after the Great Recession of 2008, put it up for sale in 2010, and died in 2016 with the mansion unfinished and abandoned, described as a “fixer upper.”
Typically, 'zombie homes' are sold as is, without any renovations and at a deep discount, with real estate agent Eric Squires admitting the price for the mansion, $1.3 million, is a risk.
He adds that since he registered 'For Sale' on December 13, he has received several calls, including from people who already live in the area.
Squires says even if the property were to be demolished, it is zoned to house six homes per acre.
The garage could even be converted into living space, as it is large enough for 10 cars.
There is work to be done as the interior walls are not insulated and there is graffiti and spray paint on everything from bathtubs to plywood and broken windows.
The listing calls it a “work in process… packed with potential and unique features.”
However, the agents add that they have cleared the blackberry vines and other debris and it is now owned by just one of 17 investors, who bought it for $690,000 in November last year.
Squires says the seller is willing to finance a loan to anyone willing to buy with a 50 percent cash down payment.