Portland Real Estate Blog

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.

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! And Cornelius has that small town feeling that some people like and some don’t. You have quite a drive to the nearest Whole Foods or New Seasons! For a lot of square feet for the money, check out Hoodland Estates in Gresham. This new construction with over 3000 sq feet is easily attainable around $340,000. Built by Delcal (www.decalcustomhomes.com) these homes are great value. Check them out at the intersection of 282nd and Chase Road! Buena Vista Custom Homes (www.BuenaVistaHomes.com) currently offers Falcon Crest in Aloha (homes ready for purchase), Angela Gardens in Beaverton off 180th and Walker Road (3 homes ready in 60 days), and Kessler Estates in Tigard (homes ready now!) Centex homes (www.CentexHomes.com) also have some new homes out there but these are generally more entry level homes. You can get a lot of square footage, but the features aren’t as high end. Finally, we looked at two homes in Fieldstone at Murrayhill, a subdivision by JLS Custom Homes (www.jlscustomhomes.com). These homes were very English Tudor in design. Located in a great area, they looked gorgeous. We weren’t able to check out the model because it is only open Saturday and Sunday but I will be back!

February:

Portland

is currently in a Sellers Market for homes priced under $400,000.

The average sales price is $246,000 for the

Portland

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

Portland

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.

If you’re thinking of selling your home, click on the 
"find out what your home is worth button" on my website
. There is no obligation and no cost to you. You’ll receive a professional
analysis of your home compared to similar sold homes and a list of which homes
yours will be competing with for the best buyers.


Location Characteristics:

Portland

Oregon

is a wonderfully livable city with mild climate, friendly people and a wide
variety of things to do. The Portland Oregon Visitors Assn. (POVA) calls

Portland

"the city of books, beer & wine,  bikes
and blooms." But that overlooks the Portland Trailblazers, the symphony and
art museum.

Portland

is located 78 miles from the ocean and 65 miles to Mt Hood. The population is
approx 510,000 within the city limits and 1.8 million within the metro area. We
have a bad reputation in

Portland

for always having rain. But the average precipitation is 37" per year–less
than

Atlanta

,

Baltimore

,

Houston

or

Seattle

. 
Approximately 2,000+ new residents moved here in 2004.  They must know
something good!

Question: My wife and I own a house in the city. With the addition of our first child, we needed a larger home and bought one in the suburbs. It is tempting to sell our other house, especially since the market is so robust, and given the favorable capital gains tax treatment currently in existence. However, we have been leaning toward renting it — at least for a few years. Do you have any suggestions?

Answer: You have posed a difficult question, and there are no solid answers. Much will depend on your personal situation — both financial as well as psychological. There are many issues which you — and your family and your financial advisors — should consider before you take the plunge into those murky waters called "rental" or "sale." Here are some of the various matters which you should investigate:

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Should I be the First in Line for New Developments?

Real estate has the oft-used phrase, “everything is negotiable.”  That’s not entirely true.  During the pre-completion sale phase of new developments, the buyer pays the price the developer is asking.  As the project nears completion, there are fewer units available and prices have generally increases. 

Example: the July 10, 2004 price sheet for the Elizabeth Lofts lists unit 1001 for $321,265.  Today, that same unit is listed the Multiple Listing Service for $359,000.  That’s more than a 10% increase in six months.  “So what you’re telling me is that this is a no brainer good investment?”  No, I am not.

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1/31/05 price list shows availability of 33 of the 224 units in the complex!  They’re priced be $200,800 for 734 sqft. and no parking to $875,000 for 2151 sqft. and two parking spaces.  Planned completion is Spring ‘06.

Years ago, every Realtor was working for the seller.  The buyer was left to fend for themselves.  The system has evolved over the years and now the majority of the real estate transactions we see involve two agents in what is called a co-op transaction.  Our Welcome Message has links to the Agency Disclosure Pamphlet and the Buyer’s Advisory Brochure. 

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