New 24-Story Tower is Going to be Developed in West Downtown Portland
A 225 unit apartment with office space, retail, and underground parking will be built in the next three years along Washington St between 11th and 12th. While there will be a swimming pool on the 8th floor, there will be no affordable housing since the building permit was submitted before Feb 1st.
According to the Fitch Rating, which uses nominal income, population, rents, unemployment, and home prices for its criteria, Detroit came in #1, followed by New York City, Philadelphia, Chicago, and Cincinnati as the most undervalued places in the country.
Latest data regarding home prices and inventory in the Portland Neighborhoods. The Pearl District comes in the highest for price per square foot at $568 while the average home price was highest in Riverdale Area of Multnomah County.
Home prices are up, mortgage rates are higher than before the election but have not moved much this week. There is a large drop in refinancing applications but mortgage applications to purchase a home is up.
The difference between a floating home and a house boat are that a floating home is built on floats that are anchored to a semi-permanent location on the water. A house boat on the other hand is a vessel that has a motor and is free to travel the water.
HUD suspends FHA mortgage insurance rate cut one hour after Trump took Office
The first thing the Trump administration did was to indefinitely suspend a pending rate cut for mortgage insurance required to get a FHA loan. The concern was to not have another bailout from the U.S. Treasury like it did in 2013.
Old Portland Macaroni Factory turned into a home selling for $3.85 Million
Because of the lack of pasta in Portland Dominique Blandino sent for her brother Dominic from Spain to bring over pasta molds in the early 1900’s. This was the beginning of Oregon Macaroni . The building is still on the corner of NE 8th and Davis but was bought out in the late 60’s by Rice-A-Roni pioneers and later restored featuring two spacious living units on the ground floor and open office, meeting rooms, and studio upstairs.
Tenants gathered enough signatures for two county-level ballot measures. These measures would have returned rents to 1980 levels while also limiting rent increases. While both measures did not pass, one came close enough for home builders to rush a two year ban on rent control legislation.
Home Prices are Still Rising Even as the Market Slows
Oregon showed a slowing in October for home sales. With the inventory down the median sales prices continued to increase. The report also showed a slight increase for homes to stay on the market before selling except for new construction listing which are going fast.
Renters are more likely to move to Portland than from Portland. San Francisco on the other hand ranks 4th as a place where renter want to move it and also 4th as a place where renters want to move away.
Billions are Being Moved into Real Estate by Investors
The S&P 500 is adding a division for real estate stocks. This is because the officials at S&P Dow Jones think the industry is large enough and should be split off. Investors looking for balance in their portfolios will have to make some adjustments.
With a shortage of appraisers In Portland, it is taking a minimum of 45 days from the day of acceptance to get a home appraised. This is causing a lot of problems down the line with negotiations of sales price, living situations, and no time to challenge an appraisal.
One quarter of Americans said that their prefered option for investing for at least 10 years was real estate followed closely by cash. Stocks and precious metals were quite a bit lower in preference while bonds were the least popular.
picture courtesy of sunshineexclusiveproperties.com
United States Real Estate is being Flooded by Foreign Buyers
Foreign buyers are spending less overall but are purchasing more. In other words the value of the homes they are buying are typically higher than the median price of all U.S. homes yet are more economical than in the past. This may be due to investers looking beyond the most expensive cities.
Between October 2014 and 2015 homes in the Portland area increased in value by 10.9% and continued increasing by even more the following months putting them at the top of the market in increased value.
Low Inventory of Homes may be Due to the Urban Growth Boundary
Portland is a place where people move to causing the population to grow about 10% each year. Space is limited in which to build within the Urban Growth Boundaries. While building up condo style offers more homes within the boundary, there is also a push to enlarge the boundaries to accommodate more inventory.
What Does an Apartment in the Tallest Residential Structure in the Western Hemisphere Cost?
The average selling price for an apartment at 432 Park Avenue in NYC is $21 million which is about 10 times higher than the average Manhattan apartment. Since only 70% of the apartments have sold and sales have seemed to plateau, developers are dividing some of the full-floor apartments into smaller units to try and boost sales.
No Affordable Housing Deals in Portland Despite the Housing Boom
There was not one developer that tapped into the City funds to encourage affordable housing by offering tax credits. Because of no affordable housing, it leaves many trying to deal with skyrocketing rents.
"No Californians" Stickers are Being Slapped on For Sale Signs
Because of low inventory, building wars are taking place when selling homes. Some people are blaming Californians for moving up her paying more than the home is worth so local people cannot afford to move.
The Orange Line is Attracting New Buyers to Milwaukie
Buyers are looking for housing in Milwaukie within a mile of the new Max Line. Since it is typically more economical to live in Milwaukie than closer to town and the Max line offers a trip into town in 30 minutes Milwaukie is now a sought after community.
The housing market is doing well. The median home price is up 7% from a year ago and the days on the market is also down 7% from last year. Realtor.com has identified the 20 hottest markets in the U.S.
With 2,7942 homes selling in May which was 18.5% increase from last year, it would take just 1.7 months at that rate to sell all the homes that are on the market. Usually a six month inventory indicates a balanced market.
Infill home are homes that have been built on land which was formally vacant. There have been many complaints from neighborhood groups from this type of construction as often the home built is bigger than the others in the neighborhood or built too close to an existing property line.
Taking into account market health, price per square foot, 10 year housing price change, property taxes, and change in vacancy rate, the area that came up on top for investment purposes was a small dairy and ranching community called Bonanza.
Portland Marijuana Growers are Looking For Real Estate
In preparation for the recreational market of marijuana, cannabis producers are looking for warehouse and retail space. Because Portland already has been home to big medical marijuana growers and with the increased anticipation of a legalized recreational market there has been a rapid expansion of marijuana growers.
Realtor.com Lists the Top 10 Most Impressive Penthouses in 2014
The most expensive penthouse can be rented for $45,000 a month. At 5,781 square feet, it has 4 bathrooms and 3 bedrooms. It comes fully furnished including a grand piano, private elevator, art, 25 foot ceilings, views of the ocean, downtown, and hills. It is also included full service of valet parking, security, pool, gym, library, concierge and wine storage.
A higher GDP, low mortgage rates, normal appreciation, and less foreclosures are some of the positive trends in 2014. Holding back the recovery are tight credit card standards, limited inventory, fewer first time home buyers, increase in renters, and lower new home sales.
How the Real Estate Market is Affected by Legalizing Marijuana
Since marijuana is illegal under federal law there is danger of civil asset forfeiture. A marijuana related businesses may have a harder time acquiring a mortgage loan and marijuana growing houses may have a hard time keeping out smells and mold to name a few of the challenges.
It is predicted that interest rates will rise, home appreciation will slow, will be an increase in homebuilding, decline in refinancing for single family homes and an increase in multi-family mortgage originations.
Oregon rates their schools for 2014. If you would like to see how your school rated or check out other schools in the area you will be able to see how they were rated on improving student’s math and reading scores among other things.
Demographic Information in Portland and Surrounding Areas
According to Realtor.com, the average home price in Portland is $228,820 while the average sold price is $366,111. To view all kinds of statistics in regard to how parents rated certain grade schools to what lifestyles are dominant in certain areas or zip codes, it might be worth reading these statistics before you decide where you might want to purchase your new home.
A tree has been taken down with a bulldozer in order to keep the root system in tack. It is being placed in Suter Creek and will provide and ideal environment for fish to hide. Keeping the roots in tack will allow the tree to stay in the water much longer and will enhance fish habitat.
According to the New York Times mortgage rates should stay low for a few more months making it a great time to purchase a home. From 1985 to 2000, paying the principal and interest on a median-priced home came to about 22 percent of median household income while now people are spending only about 15 percent of income for the median-priced home.
Oregon Tech Jobs Hit a High Last Month Due To Software Employment
There has not been this high of employment since August 2002 when electronic manufacturing dominated Oregon technology. Most of that manufacturing has gone to Asia's low cost factories. Oregon has gradually developed a software sector built initially around open technology which allows anyone to make modifications which encouraged many start-up companies. Software now accounts for 40 percent of all Oregon tech jobs compared to 25 percent 10 years ago.
July 26 through August 24th came with an opportunity to visit homes of your dreams. The NW Natural Street of Dreams is a premiere event of the Home Builders Association of Portland Metro. This best attended home show in the United States began in 1976 and has been continuing each summer adding the most modern resources of the day.
Companies have pocketed illegal fees from struggling homeowner about to lose their home. If you are a distressed homeowner pay attention to companies that demand upfront money to guarantee that you will receive a modification in your mortgage or some other assistance will be obtained.
Oregon’s First Sports Facility For Special Needs Athletes Is A Possibility
Tualatin Hills Park and Recreation District is working with the Beaverton School District to construct an athletic complex adjacent to Mountain View Junior High in Aloha. The plan is to have side-by-side synthetic turf fields with lights as well as a trail, picnic facilities, parking lot, restrooms and possibly an additional synthetic turf field for special needs athletes which would be Oregon’s first “Champions Too” sports facility. They are looking for funding for this project.
New Seasons is projected to be opened in the Spring of 2016 and with it will come 150 jobs. The store will be located on North Lombard and Westanna Avenue and will serve residence from St. Johns, University Park, Portsmouth, Cathedral Park and New Columbia.
Oregon ranks 20th for Highest Closing Costs in the United States
Bankrate asked 10 lenders from each state to give a good faith estimates on closing cost for a $200,000 mortgage loan. Their hypothetical loan was for a single family house in that states largest city. They used a criteria of 20% down with excellent credit. Texas came in with the highest closing costs followed by Alaska.
Stephens Creek Crossing Project is now completed in Southwest Portland
This large project was funded in part by Hope VI, a federal intended to revitalize distressed public housing. This project includes 122 flats and townhomes with 17 apartments having accessibility for seniors and disabled.
Proposal to Allow Projecting Signs on Broadway in Downtown Beaverton
Since 1978 there has been a code to limit projecting signs, those at a 90-degree angle to one per building. While this had its purpose in the past to not increase the signage in downtown Beaverton, it has posed a problem for many retail businesses to be seen by potential customers.
Less First Time Home Buyers Have a Trickle Effect On Housing
First time home buyers are coming in at 29% of the real estate market when they should be around 40-45% for a healthy market. There needs to be more first time home buyers so in turn others can sell their homes. It seems the biggest factor for less first time home buyers is the money needed for the down payment.
Portland is Rated Third as The Fittest City in the U.S.
The American College of Sports Medicine compiled federal data based on chronic health problems, health behaviors, physical environments, and recreational facilities and Portland came in third with Washington DC coming in first and Minneapolis second. We excelled in eating our vegetables, biking or walking to work, and also the number of farmer’s markets and dog parks.
According to the Oregon Employment Department, Oregon increased the number of jobs by 2.6% over the last year while the national growth rate was 1.7%. The greatest growth was in construction which added 8,000 jobs. Professional and business services were also up about 4.1% by adding 8,500 jobs.
Despite the fact that some homeowners can qualify for new loans, some of the larger banks are still foreclosing on them. Even though some banks have paid huge amounts of money in settlement for improper foreclosures, they still are making mistakes and foreclosing on people they shouldn’t be.
The plan is to bring a bike check-out system to downtown Portland in 2015. This system has already proven itself in New York and with a city that is an avid bike city like Portland, it is bound to be a success.
If you live in Portland you may want to see how the value of the median home price has changed over the last year. When purchasing a home one thing you may want to consider is which neighborhoods are coming down in value and which ones are rising in value. The charts provided will also show you the crime rate, lifestyle or livability of the neighborhood, as well as the make-up of the people.
The Lake Oswego School Board is reviewing findings from a very extensive real estate study. They are specifically looking at elementary and Jr. High structures. They are finding that some schools have higher maintenance costs than the value of the building. The purpose of the study was to help the board decide which school buildings to keep, sell, or improve.
Zillow has a tool to show home value forecasts in the next year. It gives forecasts for cities all over the country. Portland came in at 4.2% increase in value. This is good news for home owners and potential buyers.
Hillsboro, Cornelius, and Forest Grove are showing a sellers market with the value of houses going up and supply levels low at 3.1 months. The average sales price in November 2013 was $318,100 while in November 2012 the average sales price was $279,400. The average time when a homeowner lists their home to when a home has an accepted offer is 80 days which is down from 101 days a year ago.
A 1031 Exchange May Be Your Answer To Selling Your Investment Property
If you have a property that you have been renting for a long time and you now would like to sell but you realize that the capital gains tax you will have to pay on this property is going to run you through the roof, you may want to consider another option. A 1031 exchange will allow you to defer that tax until you sell your last investment property.
Take a look of a video of what Oregon has to offer. Travel Oregon came up with the seven wonders as the Oregon Coast, Mount Hood, the Columbia River Gorge, Crater Lake, the Painted Hills, the Wallowas, and Smith Rock.
After the severely depressed or white hot market in the past, it looks like 2014 will be a year of settling down. It looks like we are in the middle of a buyers’ market which can be frustrating for first-time homebuyers who have to deal with banks who are cautious of loaning them money and also a lack of inventory from homeowners not wanting to sell if values are going up.
“The market is taking a breather from a 6 months run up in the middle of 2013”. Other highlights are inventory is declining slightly, there are less bank owned homes, and fixed rate loans dropped just slightly to 4.375%.
Vacation home sales jumped 29.7% from approximately 717,000 in 2013 from 553,000 in 2012 while investment home sales declined 8.5% from approximately 1.10 million in 2013 from 1.21 million in 2012. The National Association of Realtors’ Chief Economist Lawrence Yun shares his opinion as to what is going on with these statistics.
In this poll, residents from every state were asked whether they would rather move or live in their current state. Oregon and Maine tied at 79% for the greatest percent of people wanting to stay in their state.
According to the National Association of Realtors, pending sales in January stayed pretty much the same with some gains in the South and Northeast and some declines in the West and Midwest. In the West the limited inventory and also tight credit play a factor in this decline.
According to Gorilla Capital, foreclosures in 20 Oregon counties are slightly up from December. It is expected that in the first quarter foreclosures will continue to rise slowly until they are at the early 2013 levels.
New lending rules will take effect January 2014. These rules will require that people cannot borrow more than 43% of their household income. While it is designed to help with loan defaults, if will also mean that a lot of people will not be able to qualify for home purchases or refinancing.
Home buying is up and there has been a return to the median home prices of five years ago. According to Portland Monthly, 73% of the people who took their readers survey think it is a good time to buy and sell a home. In their opinion Portsmouth (North) is the best for first time home buyers. For urbanites their pick is Richmond (southeast). They picked Sellwood-Moreland (southeast) for investors, Ashcreek (outer southwest) for families, and South Waterfront (southwest) for empty-nesters.
The housing market recovered strong last year and is now getting closer to normal. It was one of the best highlights of our economy last year with household wealth and new home construction increasing.
How Affordable is Your City for Purchasing a Home Compared To Other Cities?
If you are thinking about moving to a different city, you may want to take a look at what an average home will cost and what kind of salary it will take to get a loan. If you are moving from Portland to Cleveland then you are in good shape but not so good if you are moving to San Francisco where the average home costs $679,800
Beaverton Made One of the Largest Multifamily Housing Deal of the Year
A 279-unit apartment complex located close to some big businesses like Nike, Intel, Tektronix and Columbia Sportswear sold last month in one of the largest multifamily housing deals of the year for $41 million.
Want to put your old Christmas Tree to good use? Fishermen will be gathering up trees and taking them to the coast where they will be put into the waters to help protect the coho salmon from predators as well as providing new sources of food.
The overall social media landscape has grown tremendously over the last couple of years and has become increasingly important real estate marketing. Choosing the right platform to help your business succeed is vital and many professionals are using Google Plus as their network of choice.
CoreLogic, a real estate research firm said that the rate of outstanding mortgages was 2% a decrease of .6% points compared to August 2012. This was against the national foreclosure rate of 2.36% in August.
Have you ever been curious as to what some of values are for some of films most exotic houses? Movoto did just that. Take a look to see what the value of Harry Potter’s Hogwarts Castle, Wayne Manor from Batman, the Ghostbusters’ firehouse and Tony Stark’s mansion are.
Portland Ranks Number 1 as Best City for Movie Lovers
Portland is known for having a vibrant market for independent films and according to Movota Real Estate the Rose City claimed the number 1 spot beating out San Francisco, Seattle, New York and even LA.
If you are looking to revamp your home’s curb appeal, you might be wondering what simple things you can do besides reviving your landscaping and gardens. Updating or repairing your roof can immensely boost your curb appeal instantly.
Confidence in Home Builders Hits a 7 Year High
According to the National Association of Home Builders, builder confidence rose 6 points to 57 on the House Market Index. New, single family homes are on the rise and confidence in builders in increasing.
FHA is Failing in Selling it’s REO’s
When compared to its mortgage giants Freddie Mac and Fannie Mae, the Federal Housing Administration is lagging on its performance in selling its inventory of REO properties. The Government Accountability Office analyzed more than 400,000 repossessed homes that FHA sold from 2007-2012.
With inventories at a historic low and home prices on the rise, nearly three quarters of American’s say it’s a good time to buy a home.
Ideas for Staging Your Home
Often times when sellers think about staging their home for a sale dollar signs cross their minds. The reality it, that doesn’t have to be the case. Here are a few options for staging that sellers should consider before listing their home.
Schedule a one time consultation
Full Staging plus renovation
Overall, the goal is to put your best foot forward if you are serious about selling your home.
As part of the Sellwood Bridge Project, Multnomah County announced a major detour that will effect bike rides who ride between downtown Portland and the Sellwood Bridge. This detour will impact riders of the Westside Trail until at least early 2014 as the contractor replaces the culvert that crosses Stephens Creek under the trolley tracks.
Harsch Investment Properties and the Portland Development Commission opened the Centennial Mills site to fellow developers and community leaders to solicit ideas for the future of the former mill. One this is for sure, the redevelopment of the crumbling 11 building site won't be an easy task. Though a formal proposal is months away, the beginning ideas of office spaces, housing and retail development will attempt to preserve this historical site.
Designed to make the house hunting process simple and seamless, was the motivator for this new real estate website called househapp.org. The site is driven by pictures and has been compared as a kind of Facebook for real estate.
What is the latest with injured Yankees third basemen, Alex Rodriguez? Besides raking in $30 million a year for playing baseball, he has a pretty good real estate deal going on too. He has reportedly sold his 20,000 square foot Miami home for $30 million, netting himself a profit of a whopping $15 million!
What Are Some of Portland's Hottest Neighborhoods?
With Portland's real estate market looking pretty lively lately and with the average price rising 18.4% compared to a year ago what are some of the hottest areas to live in? Using statistics of the most closed homes in an area, NW Portland ranked number one. This includes parts of the Pearl District, Alphabet District, Willamette Heights, Kings Heights and Goose Hollow. SW Portland areas such as Multnomah Village, South Waterfront, Burlingame, Johns Landing, Fulton Park and Taylor's Ferry came in second.
Good Neighbor Bill – A Bill that Targets Vacant Foreclosures
Often times, vacant foreclosed homes can be a haven for criminals and eyesore for neighbors. A recent analysis found that more than half of about 2300 Oregon homes in foreclosures are sitting empty. This proposal is aimed at the worst of those vacant properties.
In the April report, published by RMLS, the average home price peeked over the $300,000 mark for the first time in about four years to $302,600. That is 15.3% more than a year ago. The inventory of unsold homes in April dropped to 3.1 months, which is the lowest it’s been since March 2010. The bad news? Lower inventory brings on frustration for buyers.
Does Portland Rank Among the Top 10 Neighborhoods Tourists Haven't Found Yet?
According to a recent guide published by USA Today, there are 10 neighborhoods across the country that tourists haven't yet found. And guess what? Portland's Central Eastside is one of them! From paddlers to foodies to beer and wine connoisseurs people are hooked. San Francisco's Valencia Street and Seattle's Ballard all rank in the top 10 as well.
Fannie Mae Reveals and Increasing Amount of Optimism Regarding Home Prices
Through Fannie Mae's National Housing Survey conducted in April, there is an increased optimism and attitude towards both the housing industry and overall economy. Furthermore, it's the first time in the survey's three year history that the majority of Americans surveyed now expect home prices to increase.
Spring has sprung and that means that buyers are starting to flood the markets, but with low inventory levels the competition is stiff. How do you become the most attractive buyer to a seller? Here are a few tips.
1. Plan Ahead
2. Set Your Home Price
3. Know that Cash is King
4. Get Preapproved before Your Search
5. Limit your Contingencies
6. Add a Personal Touch
7. Be flexible with Closing Dates
These days, real estate websites generate a lot of traffic, but who generates the most? In a ranking published for February, Yahoo Real Estate claimed the top spot, followed by Realtor.com, Zillow was third, then FrontDoor Real Estate. Trulia and Rent.com rounded out the five and six spots.
According to the real estate blog, Movoto, yes, Portland is nerdy! In fact in a recent study that surveyed the entire US and a list that is 10 deep, Portland comes in at number two as the most nerdiest! Criteria such as people per comic book store, people per video store and people per computer store were used to finaliz the findings.
With the exclusions of short sales and foreclosures, home prices have risen over 8% over last year; this is the biggest gain since May 2006. The states with the highest appreciation include Arizona, Nevada, Idaho, California and Hawaii.
The National Association of Realtors said that the real estate market has shifted towards a sellers market. The inventory of homes listed for sale in January fell by nearly 5%! That's the lowest amount of inventory since December 1999.
Nationally, there are three indicators that Trulia uses to determine the barometer of the housing market. They include: construction starts, existing homes sales, and the delinquency-plus-foreclosure rate. By analyzing the data, Trulia believes that the housing market is now at 50% of the way back to normal.
When excluding housing-related industries, employment within the private sector topped its pre-recession high revealing that the job market is moving along quite nicely. The housing market has a huge influence on jobs, when the rates are low, it encourages people to buy a house and fill it, creating manufacturing jobs and the cycle becomes quite successful.
Want to Know Why Housing Inventory Keeps Decreasing?
In 2012, house sales were up by 9% nationally, the highest total since 2007. You might ask yourself, why? Here are a few reasons.
1. Many homeowners are underwater
2. Trading-up is just not an option due to lack of equity
3. People like to buy at the bottom, but few homeowners want to sell
4. Investors are purchasing more
5. Banks are taking their time with foreclosures
6. Less homes are being built by builders
Portland is Named One of Ten Best US Cities for Urban Forests
American Forests, funded by the US Forest Service found that many cities are working to improve their green infrastructure, but being in the top ten, these cities have made it a prolonged investment. Each of the top ten cities agree that trees don’t just provide an aesthetic value, they also help in a number of other ways such as increasing property values, reducing energy cost and lowering medical costs by improving human health.
With the observance of Martin Luther King Jr's birthday upon us, perhaps we should get out into our community and help others, just like MLK encouraged. Hands of Greater Portland is an organization that gathers volunteer opportunities from across the greater Portland area.
Zindell Yards :: A New Vision for 30-Acres Nestled Near the Willamette River
A 30-acre riverfront parcel, now called Zindell Yards, is about to undergo a metamorphosis. This parcel is situated along the banks of the Willamette River and according to architects, it shall be transformed into an urban space of tranquil greenery, or a park disguised as a vibrant city.
The first week of 2013 proved to be a good one for mortgage rates! With 3.34% for a 30 year fixed conventional loan. Analysts expect that 2013 will be the year for the housing and mortgage industry to gain momentum.
Homebuyers Use Internet as Primary Research with Web Searches Climbing 253% in Four Years!
It is true. The internet has had a tremendous impact on the real estate industry with buyers using the internet to find their home. This article states that in the last four years 90% of homebuyers use the internet as their primary research tool.
On December 15th, the Portland Aquarium officially opened their doors to the public. Located in Milwaukie off of McLoughlin Blvd, the aquarium is home to some of nature's most precious and fascinating animals. With activities such as birthday parties, sleeping with sharks or an exclusive behind the scenes tour, this new attraction will surely be a hit with Portland folks. Expect the local real estate market around this new project to benefit. Areas like SE Portland, Clackamas, Happy Valley in addition to Milwaukie will all be able to add it to their nearby attractions and amenities lists.
With the State of Washington topping the ranking at number 1, Oregon slides in at number 13. The report categorizes Oregon as an over achiever in the index that uses broadband adoption, network quality and economic structure as indicators on how to rank each state.
Due to a combination of rising prices and falling inventories, Portland ranks number 6 in the nation for strength for home sellers. Asking prices average $167 per square foot, which is up 12.8% to a year ago.
Are you looking to buy your very first home? If so, there has not been a more perfect time than now. You can find incredible deals on short sales and foreclosed homes and will see very low interest rates.
Compared to a statistic in the 1980's of one in five, only one in eight American's moved in 2012. This report is up from last year, but still much lower than it used to be. Interestingly, unemployed people are more likely to move that people with jobs.
Home Builders Association Says Portland is an Improving Market
Portland joins 75 other metropolitan areas on a list compiled by Freddie Mac as an improving market. This index uses cities that have seen a 6 month growth in employment, new home construction and prices of homes. There are now a total of 201 metropolitan areas on this list.
Willow Tufano made news last year purchasing a house in Florida for $12,000 after saving up a downpayment from selling property from foreclosed homes. Well she did it again and not only that she is in the process of making a reality television show highlighting her new knowledge.
Coming in at number 95, the gorgeous community of Hillsboro, just 20 miles west of Portland offers expansive spaces, an array of year round outdoor activities and big technology companies to add to the charm of living here.
When a seller is actually wanting as low of a price as possible on their home that is called flopping. The idea is that if a seller can show that they have tried to sell their home, to no avail, the bank might be willing to lower the value of the property in order to unload it.
The Federal Reserve Bank in NY reported that banks owned approximately 4,452 foreclosed homes in Oregon. The inventory has been shrinking and if trends continue, foreclosed homes owned by the bank could be cut by 45% around this time next year.
Great news for the construction industry within the Portland Metro Area, 4700 construction jobs have been added between August 2011 and August 2012. This is a 10% growth in employment puts Portland at number 5 in the country for gains in the construction industry.
Portland's Silicon Forest ranked number six in the nation for the amount of technology jobs posted online from January to August 2012. This ranking confirms Portland's status as a hot spot to technology jobs. In addition this jump in tech jobs, tech salaries are up too, specifically 12% in 2011 to an average of $82,000.
Portland area prices rose 3% compared to 2011. This is the 3rd consecutive month of gains in the Metro area. Prices are now 8.6% higher than their lowest point on average back in March of 2005, but still 25% lower than their high. This means that the market is less volatile. According to RMLS, the median home sale price was $241,000 in August which is 7% higher when compared to August 2011.
The topic was brought up because many new apartment buildings being built have no parking spaces. These types of building can really suit a lifestyle and age group well. See the news headline below called Portland's Plan for Baby Boomers and you'll get an good indicator of just what I mean. Of the 40 apartment building filed last year 25 of them did not have any parking. Opponents say that the side streets will be jammed packed with cars, but planners and developers say that no parking will provide more frequent mass transit and makes neighborhoods walkable.
Portland is well known for integrating biking, walking and skateboarding with public transportation but the Portland Plan is a 164 page document that outlines how Portland should grow by looking ahead 25 years. The Portlanders who are aging and ready to retire in the next decade can feel good knowing that Portland State University's Institute on Aging and the World Health Organization's Age Friendly Cities project will help to understand how environments can support active and healthy aging.
According to Case-Shiller Home Price Indices the report in June 2012 showed that home prices have increased across the country. They have both a 10 city and 20 city index and both of these were positive. Home prices are significant because it has a direct effect on consumer spending and jobs. High debt in a household will keep spending down as these people are focusing on repairing their finances. If home prices are stable or rising it will help people to keep from being upside down on their home mortgages which means less bank owned, less inventory and more economic growth.
The US Green Building Council (USGBC) created the LEED rating system in 2000. LEED stands for Leadership in Energy and Environmental Design. One could have a LEED certified building or an entire subdivision of LEED certified homes. LEED certification is attained through an independent third party. The LEED rating system is on-going and will continue to lead to the improvement of building practices for years to come. The four different levels of certification are Certified, Silver, Gold, and Platinum.
New Real Estate Words in the Merriam Webster Dictionary
Merriam-Webster released some of the new words that were added to their dictionary. I'm embarrassed to repeat a few of them but the real estate related words include "underwater" and "man cave". The new words are in "quotes ".
I'd like to share with you instances on how these words might be used in relation to real estate.
John was hesitant in purchasing his new Street of Dreams home because he was so afraid he was going to be "underwater" before he could enjoy it but the size of the "man cave" in that home was a complete "game changer" for John and he decided to buck up and move in; now whenever he's "gassed" he simply goes to "man cave" grabs an "energy drink" and ads to his current "bucket list". His first "aha moment" came to John in the middle of an "earworm" "mash up".
New South Waterfront Building Under Construction Going To Be An OHSU/OSU Building
The Portland Design Commission approves of the Collarborative Life Science Building and construction is currently under way and is expected to open as early as August 2013 for the Portland State University (PSU) fall term and spring term of 2014 for the academic programs at Oregon Health Science University (OHSU) and Oregon State University (OSU). The building is planning to achieve LEED Platinum certification. Once completed the building will host the new OHSU school of Denistry, space for lectures and labs for PSU, education space for OHSU students who study nursing, physician assistants and radiation technologists, a college of pharmacy, a simulation center and many more specialized fields. The ground floor of the building will be retail space for lease.
The 2012 Street of Dreams takes place in a subdivision called The Vineyard in West Linn, Oregon. The new home showcase runs from July 28th - August 26th. There are a total of 7 new homes, one of which is already sold, that range in price from 1-1.5 million dollars. Each home is on a 10,000-15,000 square foot lot with 4000-5000 square feet of living space, and at least 3 bedrooms and 3 garages. The 7 builders are: Delahunt Homes, Inc., Pahlisch Homes, Inc., Stone Bridge Homes NW, Hutchinson Home Builders, J.T. Smith Companies, BC Custom Homes and Bernard Custom Construction. Adults are $15.00 to get in and kids under 10 are free.
Portland, Oregon is Becoming a Hot Bed for National Retailers
Big retailers are back and excited about Portland. As reported on KGW, Barnes & Noble is setting up shop at Bridgeport Village in a space Borders used to be while focusing more on technology. At Washington Square House of Hoops and Tesla the electric car dealership are in the works, at Pioneer Mall, Ross Dress for Less is moving into another space, and TJ Maxx will launch it's first location in a downtown area. H&M is adding another location at the Lloyd Center and the Yard House Brew Pub will be taking Saks Fifth Avenue's location at Pioneer Place.
What does all this mean? It's yet another indication that Portland's economy has turned and is further stabilizing. Big retailers considered Portland a sub par market just a few years back and now many of the companies are considering Portland again as an ideal location for their business.
North Portland Residential Real Estate Appreciates 17.6% or $43,700 In One Year
North Portland, Oregon homes appreciate 17.6% from June 2011 to June 2012. This is an enormous jump in price appreciation from one year to the next. As would expect with these kind of numbers they also lead the Portland Metropolitan area with the lowest cumulative time on market at 84 days. There is an 11.7% positive change as it relates to the Average Sales Price Percent Change from one year to the next. The Average Sales Price Percent Change is a conservative indicator as to broad market trend. It takes the average sales price over the previous 12 months (7/1/2011-6/30/2012) and compares it to the average sales price over the previous 12 months before that (7/1/2010-6/30/2011). The high demand, low supply and 3.5% 30 year fixed mortgages has caused a bit of a frenzy in North Portland at the moment.
Reverse mortgages were for seniors who wanted to use their homes equity to live off of paying them a monthly amount to cover their regular expenses using an adjustable rate loan. Nowadays the report states 70 percent of reverse mortgage loans are lump sum payment and fixed rate loans. The Consumer Financial Protection Bureau (CFPB) is wanting more regulation because they do not feel seniors can handle the loans with foreclosures and missed payments increasing on these loans.
The State Wants More Taxes. Oregon Realtors Want More Sales. Big Shocker Huh!
The new measure 79 on the ballots is about transfer taxes on real estate that benefits the Local and State Governments. The government is always looking for more ways to make money and putting a tax on real estate sales is what they are shooting for now. This is nothing new to Oregon and if this tax goes into place you can be sure that it will be more difficult to buy or sell a home not to mention more money directly out of your pocket. The yes on measure 79 website has a calculator to help you see the potential impact. If you put in $281,000 (which is the average sales price in Portland ending May 2012) the calculator estimates the amount of additionally tax would be $5535.70. This is substantial.
45 Degrees Central A $90 Million Dollar Investment in Beaverton
Located directly across from Nike World Headquarters this 26 acre land development will bring, 220 single family homes, 140 condominiums and a dense urban feel with no yards. It will have a clubhouse, pool, and park. There was talk of building a hotel and know the thought is to build an athletic facility where you can buy a membership. The condos will range from $90,000-$180,000 while the single family homes will range from $235,000-$250,000. This is a perfect location for people who work at Nike as you would walk to work and if you work at Intel it's one short Max ride away.
It's just a really cool building. Cool design, cool innovations, cool energy efficiency. Some of the highlights are that the total renovation costs will add up to $152,000,000. The cistern collects water used for the toilets, the elevators generate their own power, the windows are shaded by aluminium. The new tenants will be the Department of Housing and Urban Development, the Bureau of Land Management, the USDA Fruit and Vegetable Program and Forest Service.
Affordable Housing in Beaumont-Wilshire Neighborhood?
A four story apartment building in the 4400 block of NE Fremont is slated to be constructed after Everett Custom Homes finishes the acquisition of the land. There is slated for approximately 60 1 bedroom units and now they are thinking it might have more like 56 units with some of those being 2 bedrooms. Currently there are concerns about no additional parking, no mixed use retail space and the development not fitting into the area because it attracts only single people.
In the first quarter of 2012, twenty-six percent of all homes sold were in some stage of foreclosure. This is an increase of 8% from the previous quarter. The average home price purchased in some kind of for closure was $161,214.
Three Sky Rise Apartment Buildings Slated to Begin Construction in the Lloyd Blocks
The Lloyd District home of the Rose Garden, Memorial Coliseum, Lloyd Shopping Center and many big office buildings and the Light rail are now going to have three new friends. One building will be 13 stories high, another 18 and the tallest will be the maximum zoning height for the LLoyd District area at 32 stories tall. These massive projects which are slated to begin by year end should help local businesses flourish and local construction jobs also flourish.
Here are three Oregon senior communities you can grow old and enjoy. They offer retirement living, assisted living, personal care and memory care. In add it on you receive, wellness care, physical activities, events and much more. The three communities are:
Edgewood Point Assisted Living, SW Scholls Ferry Rd.
7733 SW Scholls Ferry Rd
Beaverton, OR 97008
Stoneybrook Assisted Living, SW Hollyhock Circle
4650 SW Hollyhock Circle
Corvallis, OR 97333
Portland area Real Estate Agents are participating and joining in on the National Open House weekend from the National Association of Realtors. Its a time to get out shopping and enjoy the great weather Portland summers have to offer!
Portlanders have always lead the way with creating and wanting "walkable neighborhoods". That is people would prefer to drive less and do more local shopping within walking distance. It turns out the rest of the nation agrees and is following suit. According to the National Association of Realtors 80% of people look for homes in pedestrian rich areas and furthermore 60% would even sacrifice home size if they could drive less. Our company uses a walkability score on all of our listings on our website and so do some of the other larger brokerages such as Windermere and John L. Scott. If you are reading this and have no idea what I'm talking about go to walkscore.com here.
Why Foreclose, Take Advantage of Doing A Short Sale
Banks prefer you sell your home for less than you owe rather than foreclose. In fact short sales are so prevalent that 17% of all transaction across the country are short sales ending February. America's largest mortgage servicer has doubled the number of short sales approved. Lenders follow their money and they realize they make more doing a short sale in fact some stats have them making 20% more than a foreclosure. The owners of the home make out too because it shows good faith on their part in solving the problem rather than just dumping it so they not only have peace of mind but also it's reflects much better on their credit report.
Want to Live in North Bethany Take a Look at Arbor Oaks
North Bethany is a growing and mid-scale master planned community of 230 homes that when finished will comprise 500 homes. It's located off NW Springville Rd in Washington County. The community has a pool and an adjacent elementary school and sits near PCC's Rock Creek campus, West View High School and a 32 acre THPRD complex. The new area that was just opened will have daylight basements 1700-4000 sq feet and priced from $290,000-$635,000. For more details about this community you can visit Arbor Custom Homes here.
Homeowner's Associations Can Go Down With Windbags
Ever heard the expression "TMI" too much information? This little expression can cost an HOA thousands of dollars. There is a fine line as to what the board of an HOA should tell their members and what they shouldn't. If a board is required to disclose certain material facts it's just as important how you disclose those facts as it is what the facts are.
US Government Settlement of $25 Billion For Mortgage Service Foreclosure Abuses Filed
The US Department of Justice, The US Department of Housing and Urban Development and 49 State Attorney Generals filed an agreement with the nations five largest mortgage servicers regarding foreclosure abuses. The five banks were Bank of America, Wells Fargo and Company, JPMorgan Chase and Company, Ally Financial, and Citigroup. Twenty billion of the $25 billion is going to be used for home refinancing and principle reductions for underwater homeowners. The article suggests that 1 million borrowers will be helped out from this settlement.
Polygon Northwest Homes' Timberland Offers A Fallback For Increasing Rent
Timberland is an 88 acre master planned development located off NW Barnes Road in Northwest Portland. When some of the high rise rental condominiums downtown have been increasing their rents some of these renters have found a home in this development which is a short 5-10 minute drive downtown and located between Cedar Mill and Forest Heights. It can be cheaper to purchase in this development then to rent.
The Pearl has always been a pride and joy for Portlanders; it was the place to be and the place to be seen. Retailers felt the same way. Now that the Pearl is maturing, still very expensive retailers are wising up and choosing to cut overhead and display there products in different ways. A few businesses that have left the Pearl include: Eddie Bauer, Adidas, Puma and a few restaurants closed or relocated. There are many that would suggest looking at the Pearl with a different point of view such as, there is Section 8 housing there, some restaurants are closing shop and heading to the Pearl, and lease rates are not increasing.
Will Park Avenue West 27 Floor Building Ever Start Construction Again?
The Park Avenue West was going to be a 27 Floor Building High Rise Construction Project located at 728 SW 9th Ave which is directly behind Nordstrom and near Pioneer Courthouse Square. The building was 50% leased but the project was stopped in April of 2009. After much energy spent shoring up financing, the construction will restart in 2013 and conclude in 2015. It's going to be a really cool building with underground parking, retail, office and two twin spires that light up at night. It will also have biker friendly commuter showers, bike parking and lockers. It will make it Portland's third highest skyscraper behind that of the Wells Fargo Center and US Bancorp Tower buildings.
Do you live in Portland? Do you live in a radon hot zone? Have you heard that radon is the number two cause of lung cancer and your really freaked out? Yes there are studies that show that certain areas of Portland have high radon levels compared with the entire country and yes there can be cause for real concern. If you smoke or have lung issues and your home has a high exposure to radon it's going to increase your likelihood that you'll have a problem too. Freaked out yet? Want the good news? Ok the good news is first and foremost if there is a problem it can be remedied. Radon is one of those issues where your home could have very high levels but your neighbors home might not have any at all. What do you do now, you ask? First, get some tests completed by professionals to see if you have a problem. You can call any radon inspection company and for $150 they'll come out and put equipment in your home for 48-96 hours testing the radon exposure. You'll need to keep the doors and windows shut the majority of time so a good time to do it is just before a vacation or extended weekend. You can also buy different kits at Home Depot as well. If the results are deemed unsafe when compared to EPA (Environmental Protection Agency) or the World Health Organization standards, then you have options. There are many radon remediation companies out there that will help to eliminate or reduce the radon in your home. They will put special equipment in your basement or home to get the radon out of your home. Then they will retest the home after so you'll see the differences.
Hoyt Street Properties Get's Fined by Oregon DEQ for Christmas Horses
Do you remember that really cool horse show with incredibly beautiful horses, acrobats and actors that took place in the Pearl District around Christmas time? Well Oregon's Department of Environmental Quality is not happy with the way the show disposed of gravel. The fine was $4941 for water quality violations and was charged to Hoyt Street Properties who is the owner of the land. DEQ claims that because the gravel did not go through an appropriate washing it could put fish habitat at risk.
Anthony Tuomi Pleads Guilty to Screwing Over Investors To The Tune of $5,000,000
Anthony Tuomi was the Chief Financial Officer of Willamette Development Services. Willamette Development Services was an real estate development company headquartered in Albany, Oregon. The original purpose of the company was when it was founded in 2006 was for building commercial and residential homes across the Willamette Valley.
New 6 Story South Waterfront Building Going Begins Construction
This is an affordable housing project. The project costs are estimated at $50,000,000 and will house 209 residents that meet the eligible income requirements. Also Veterans get 42 of those units who earn less than $15,000 a year. The South Waterfront has been a neat area to be apart of over the last decade. They have many really nice residences in 6 different high rise condominiums buildings. A few of the buildings are for owning and the other buildings are for renting. It's a perfect place to live if you work at OHSU or the VA. Simply walk to the gondola and take it to work.
Is Your Rent Going Up You Need An Affordable Place to Live? Partner with Proud Ground!
Proud Ground is a non profit company started in 1999 to keep homes affordable forever. Using creative financing with a various grants, loans, and trusts Proud Ground is able to help Portlanders get into affordable quality (many times new) homes. Pohl Real Estate, LLC has personally worked with Proud Ground to get a client into a home in Gresham. Our client has a disability, very low fixed income through social security and receives section 8 money and through a combination of programs we he was able to purchase his first home. He would not have been able to purchase if it were not for Proud Ground and various others partners.
Staley Purchase Finalizes Work on the Staley Agreement
James Staley has waited for this day his entire life. Through partnership with many organizations his dream of home ownership came true. Mr. Staley has a developmental disability that mainly affects his speech, but through a mass community effort involving, Community Vision, Proud Ground, City of Gresham, SHOP Program, land trusts, grants, gifts from his Mom and late Father, Freddie Mac, HomeStreet Bank, Pohl Real Estate, and a victory in the class action suit the Staley Agreement, Jim was finally able to walk into his new home before Christmas. One requirement for one of the grants was that he had to get community volunteers to help him work on the house after purchasing. Jim is one of the most likable guys you'll ever meet; he had about 30 volunteers from family and friends show up to move bark dust, grade the landscaping and drainage, fix lights, weatherize the home, paint, and clean up. We are honored to have helped Jim purchase this home.
The name of the Grant is the Sustainable Communities Challenge Grant and it was issued by the US Department of Housing and Urban Development (HUD). The grant's purpose is to help eight key elements of the Civic Plan which was adopted in April of 2011 by the City Council. This grant among other things will help with creeks and natural resources, streetscapes, parking and use, development for the Beaverton Round and Westgate sites, creation of desired development styles, and integrating affordable housing into future development plans. Lots of organizations are partnering up.
With Foreclosures Mounting, Experts Say To Reduce Principal On The Loan
Some experts say the answer to our nation's financial woes all tie into the real estate crisis and it's not enough to reduce interest rates but but banks need to reduce principal balances owed as well. The arguments for this approach are by reducing the principal balances to normal levels based upon today's values banks would avoid the many of the foreclosure costs and the homeowners would be able to have extra income to be able to jump start the economy again. The thought is if you have more money to spend and some peace of mind you'll spend it. They claim it can be better for the investor as well because they incur most of the costs in a foreclosure such as legal fees, maintenance costs, sales costs and more. Instead of forking all the money out for foreclosures they should reduce the principle balance and avoid foreclosure and get the homeowners spending money again. Banks and Investors who own the value of the notes disagree with the principal reduction idea, their stance is a deals a deal. If you allow a principal reduction when does it end and then everyone in the entire nation will be coming to get their principal reduction as well.
A quote from the owner Nathan Kairns as stated in the Oregonian, "People are so doom and gloom on housing, but we’re doing really well," he said. “We didn’t have a lot of inventory when things turned bad, and we’ve been able to come in and buy land at a corrected price and are building a good product." He further states that prices may be the same from builder to builder but the product can be widely different and he attributes that to his success.