Searching RMLS for residential property this morning there are 4208 Active listings in Portland. Of those, 441 (10.4%) are bank owned. There is a single listing over $1,000,000 priced at $1.7M. 750 (17.8%) are listed as short sales. There are four short sales listed over $1,000,000; the most expensive being $3,490,000.
Though short sales occur across the entire spectrum of the Portland real estate market the concentration is at lower end of the market. In the $100,000-$200,000 range there are 418 short sales of 1363 active listings. That’s 30% compared to the market average of 17.8%. The percentage drops to 16.2% in the $200k-$300k range.
If you are in a short sale situation you need to seek professional advice from a Realtor experienced with the short sale process, an accountant and an attorney. There are very important decisions that need to be made during the process and each has financial and legal ramifications. There are 90 agents in the Portland market that have completed the Certified Distressed Property Expert (CDPE) designation. Jenny is one of those 90 CDPEs.
Short sales and foreclosures are about the only things selling here in Florida at this point. Worse, every snowbird thinks,” gee if prices have come down this much, maybe if we wait another year, they’ll be even lower.”