You’ve made the decision to sell one home and move into another. You need the money from the sale of your old home to complete the purchase of your new home. You face two challenges. First, making an offer contingent on the sale of an existing property is considered a weak offer and if you are competing with other buyers you are going lose out. Also, expect to pay more than you would for a non-contingent offer. Second, you want to move from one place to the other without being homeless.
Current word is that the Strand by Riverplace will start taking reservations on March 28th. Preliminary marketing materials, not the final thing, will be available on the 21st. We are not the listing agents for the property but work as buyers agents. The Portland Streetcar began running to Riverplace on March 11th.
Portland monthly just published their new Real Estate Guide.
Their Top 20 Neighborhoods article from 2004 is also great. Download The Portland Top 20 (17mb!)
Overall Portland metro appreciation for 2004 was 11%! That’s the highest it has been in years.
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.
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.
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.