Can you tell me everything you would tell a friend who was thinking of buying a loft in Portland?
Question submitted by a client relocating from out-of-state.
First you have the real estate adage of location, location, location. Not only do we need to look at the physical address but we also need to look at the height of the unit in the building and the direction it face. In the Pearl, Mt. Hood facing views are generally considered more desirable than city facing views. You will always trade location for price. In the Pinnacle Condominiums, unit 407 was listed for $274,000 and unit 707 for $287,000. Both units are 865sqft with the only difference being height in the building. Per square foot, downtown real estate is the most expensive in Oregon. Expect to pay $300-$350+/sqft.
As of right now, there are 10 listings in the Pearl District priced under $300,000. The lowest priced is $239,900; average price per square foot is $322 and average size 802 sqft. There are lower priced units at both the Uptown Condos and McCormick Pier condo conversions but they are outside of the Pearl.
People often ask us about the metits of loft living versus condo living. The first step is to define what the difference is in the units. For our purposes and what is generally agreed upon in the portland market is that a loft has open spaces and no true walled-in bedrooms. Condos have solid walls with doors separating living space from bedroom space. Read More
Congratulations, you have an accepted offer. What happens next? In almost cases, there will be a professional home inspection. The buyer should always have a home inspection and it is at the buyer’s expense. The length of the inspection period is clearly defined in the earnest money agreement (the purchase contract). If the buyer does not act during the defined period, the contingency goes away; non-action is considered acceptance.
Yet another construction fence has popped up on the west side of the river. This time at Riverplace. The 218 unit development will include three 11-13 story glass towers with condos, townhouses and commercial space.
Residential spaces will be between 650-3000 square feet and will be priced between $250,000-$2,000,000. Eighty percent will have views. Read More
Both the Elizabeth and Pinnacle Condos are nearing completion in the Pearl. Latest reports say that the Lexis Aparments will be converting to condos priced from $150,000-$500,000. No further details at this time but drop us a line if you want to be kept informed. Read More
I spent this last week looking at new construction between $300,000 and $380,000 in the Portland Metro area. Most impressive was Sexton Crest… a subdivision by Polygon Homes (www.Polygonhomes.com) in the Murrayhill area of Beaverton. This neighborhood has a combination of townhomes and single family residences. The neighborhood has four single-family floor plans ranging in size from 1,366 to 2,441 square feet. The townhomes come in two- and three-bedroom plans. Polygon also offers Tansborne Place off 185th. These homes are smaller with less lot size but still have the Polygon quality. I also like Riverside Homes (www.Riversidehome.com). They have a lot of projects coming up soon. Currently, Hobbs Farm in Cornelius has three Juniper floor plans available. Around $280,000, these are great value. And the homes are gorgeous! But Cornelius is a ways out there and you have to be willing to drive! 🙂 Read More
is currently in a Sellers Market for homes priced under $400,000.
The average sales price is $246,000 for the
metro area. The median sales price is $204,500. –Unbelievable–these home
prices have more than doubled since 1987!
There are currently 2,017 homes for sale priced between $150,000 and $400,000.
This includes new construction, and homes in lovely, established
neighborhoods. In the past month 906 homes have sold. The homes available for
sale divided by the homes sold means all available inventory
would be “absorbed” or sold in 2.2 months. This is relatively
unchanged from last month. This is great for sellers. Buyers need to get
pre-approved for a loan and have an experienced agent working on their behalf.
In the entire Portland Metro area the median sales price appreciated 9.4% in the
last 12 months to $204,500 and the average sales price is now $246,000.
If you’re a home buyer and need an automated MLS search, go to my site www.TurnerRealtors.com
The Best Homes Sell Fast so go to the property search button to set up your own
search requirements. Every day you’ll receive emails with the newest homes on
the market that meet your search requirements. It’s easy, it’s free and there’s
no obligation. Read More