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The Wrong Kind of Real Estate Party 2007-03-15 16:12:00 Here’s another reason to do a sewer scope: the infamous party line.Party
line? Telephone, you mean? No. I mean party line, as in a shared sewer line. Yikes!I client of mine had interest in an old Portland home in North Irvington. By old, I mean early 1900s. In speaking to the listing agent, she told me that when the home been under contract previously, it was discovered thru a sewer scope that the home’s sewer line connected to the neighbors’.That is a party line.The previous homebuyer terminated the contract even though the sewer scope showed that there were no problems with the cast iron line. Apparently, the scope was only performed until the point it met the neighbor’s line and no further. Why they didn’t expand the scope, I don’t know since I wasn’t there. But that homebuyer ran away because he didn’t like the idea of his line going into the neighbor’s yard. I can’t say I disagree.The thing to consider about party line is that even if all the lines i Read more:Wrong
, Estate
, Real Estate
The Fine Line of Customizing Homes 2007-03-14 17:07:00 A recent article in the Wall Street Journal explained how professional athletes can have a difficult time selling their homes. The homes tend to very nice, but athletes have a knack for really customizing their homes.The example given was Red Sox slugger Manny Ramirez and his $6.9 million, 4,500 square foot condo. Apparently the master bedroom is decked out like Fenway Park, including a green monster wall and trademark Citgo sign. The condo is not selling.I’ll assume most people reading this blog don’t have home plate in the bedroom, but athletes are just like everyone else. Sometimes, they customize too much.A couple of days ago, for instance, I showed a home in SE Portland near Clinton. The home was built in 1909 and had many of the typical features of a house built back then, except…Except the kitchen cabinets. The cabinets below the countertops were fine, but the ones above were no less than six feet off the ground. I’m serious. The very bottom of the cabinets were Read more:Homes
The Story of Portland Flipper, Part I 2007-03-12 15:13:00 As I’ve mentioned previously in this blog, rehabbing homes or “flipping” them has been quite the popular thing in Portland’s real estate market.Of course, that’s easier said than done. It has to make financial sense. Otherwise, who wants to labor so hard for pennies?A client of mine named Dustin is doing just this, flipping a fixer, and he was kind enough to share his story thru the question and answer session that follows. At this point, he has purchased a fixer in North Portland's Kenton neighborhood and is in the early rehab stages:Q: What made you want to flip a home?A: I felt it was a way in which I could make a decent living without having to answer to anyone else. I could work my own hours and make the creative decisions myself. I didn’t want to be at the customer’s whim any more.Q: What experience do you have that gave you the confidence you could pull this off?A: I had worked in construction in one form or another for about 15 years… the last six I had been pr Read more:Flipper
Understanding Flag Lots in Portland 2007-03-09 18:09:00 I recently started working with a first time homebuyer who is not from Portland. It wasn’t long before the term “flag lot” became part of our vocabulary.In fact, most people react by saying, “What’s a flag lot? I’ve never heard of it.”Homes on flag lots are those that you often can’t see from the street. In other words, the house is tucked in behind a house that is on the street. The lot literally takes the shape of a flag and pole. He’s a PDF diagram of a flag lot. As the City of Portland puts it, a flag lot is a lot with two distinct parts:1. The flag, which is the only building site; and is located behind another lot; and2. The pole, which connects the flag to the street; provides the only street frontage for the lot; and at any point is less than the minimum lot width for the zoneFlag lots are not just found within Portland's city limits. You'll find them in Beaverton, Aloha, all the suburbs really. New houses often get squeezed onto these lots.In my expe Read more:Understanding
Why Use A Realtor To Buy A New Home 2007-03-08 17:05:00 A new client asked me the other day about buying a new home in Tigard. I’m glad he asked because he didn’t fully understand the benefits of working with a Realtor
when it comes to new construction. I know he’s not the only one wondering “why use a real estate agent to buy a new home?”Here's my answer (admittedly biased).It doesn't cost you a penny. Builders know that most serious buyers work with buyer's agents. Therefore, many if not most of a builder's sales are made with buyers who have representation and are not purchasing alone. Because of this, a builder will compensate a buyer's agent for bringing a buyer to the transaction.If this is true, wouldn't the builder give the buyer a discount if a real estate agent wasn't involved? No. The builder is prepared to pay the buyer's agent. The commission is already built into the sales price (sometimes as a marketing cost). If you purchase new construction without a Realtor, the builder keeps the built-in commissi Read more:New Home
Portland Metro Counties Comparison 2007-03-07 18:41:00 More 2006 numbers to digest…. This time a look at the counties making up metro PortlandAppreciation Rate = County+19% = Yamhill County+15% = Columbia County+14% = Multnomah County+16% = Clackamas County+12% = Washington CountyAverage Sales Price = County$267,100 = Yamhill County$229,100 = Columbia County$309,500 = Multnomah County$388,200 = Clackamas County$316,300 = Washington County
No Money Down! 2007-03-06 17:11:00 I can picture a loud mattress or car salesman yelling, “No Money
Down” in one of those late afternoon tv commercials, but homebuyers are starting to live by this slogan.Nearly 30% of homebuyers and 45% of first time homebuyers nationwide no longer make down payments when buying homes, according to a new study by the California Association of Realtors.The culprit, to no surprise, is rising home prices.From my perspective, this is fairly accurate in the Portland area. Previous homeowners tend to have enough equity for a good size down payment. First-time homebuyers, however, tend to have small amounts or none. I agree.I asked Chris Martin, a mortgage broker in Portland with the U.S. Funding Group, to explain what he sees. He replied, “My experience with the purchase market is very similar to the study findings. Most first time homebuyers don’t have the means to come up with say 3%-5% down and closing costs. Closing costs are property specific but can range from $4000-$7000
Portland City Website Provides Great Information 2007-03-05 17:37:00 The cool thing about my profession is that I get to meet new people all the time. The stories are different and so are the personalities. Yet, everyone wants what’s best for them (whatever that may be).I met a couple from Seattle the other day. They’re moving to Portland for career reasons and wanting a house “close in.” They like the charm of old houses, want to be close to downtown, and prefer the neighborhood feel of having a local coffee shop, restaurants, and parks.We looked at homes near Mt. Tabor and Hawthorne, as well as Sellwood in SE Portland. We also checked out Irvington and Beaumont Village in NE Portland. These are all areas that fit the description I mentioned above.One thing that’s also important to these homebuyers is safety. Quite frankly, I don’t remember the last time someone buying a home didn’t want that. But as I’ve mentioned before in this blog, real estate is personal and therefore often subjective. Someone may say that a safe neighborh Read more:Great
New Homes Sales Down, Prices Up in Portland 2007-03-02 17:42:00 Figures provided by the RMLS show that new home sales in the Portland metro area fell 7% in 2006 compared to 2005.Technically, there were 5,045 sales for new homes, those under construction, and those proposed in 2006. The figure in 2005 was 5,407 homes.Despite the drop, new homes sold for 16% more throughout the Rose City and (mainly the) suburbs.The average sales price of a new home in 2006 was $365,600 vs. $315,200 in 2005.The median sales price of a new home in 2006 was $300,000 vs. $259,000 in 2005.Considering the incentives builders have been throwing at buyers lately, I’m surprised sales fell only 7%. It’s gone from a market where builders were holding lotteries for home sites to one where builders are now offering homebuyers appliances, free landscaping, free air conditioning, “green” cars, you name it.By the way, the U.S. Commerce Department reported this week that new home sales throughout the country are down 16.6%, the largest decline in 13 years. Regarding this rep Read more:Homes
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How Long Will It Take To Sell My Portland Home? 2007-03-01 17:14:00 As mentioned previously, it is taking longer to sell homes in metro Portland. The average for the entire area is 65 days. That’s three full weeks longer than this time a year ago.This means sellers should give good consideration to when they list their home for sale or put the “For Sale” sign in the yard themselves if they’re going FSBO.For homebuyers, this housing trend means more leverage in every sense, including more homes to choose from.Of course, 65 days is the average. Many real estate properties, such as new homes in the suburbs, take longer than two months. And some still sell the first day they hit the RMLS.It just depends on the property and neighborhood. But since I can’t list the market times for the thousands of home for sale in Portland, these averages will have to do.Here they are:DOM – Metro Portland Area56 – Southeast (SE) Portland58 – Beaverton, Aloha58 – Oregon City, Canby59 – Northeast (NE) Portland60 – North (N) Portland61 – West Portl
Portland's RMLS Goes Green 2007-02-27 17:53:00 As of today, Portland is the first metropolitan area in the country that’s multiple listing service allows “green homes” to be searched.The Regional Multiple Listing Service (RMLS) is effectively today allowing Portland real estate agents and appraisers to search for homes that have met national standards for earth friendly construction. This is being done by creating new menus within the RMLS that give Realtors the ability to search specifically for these homes.At this point, homebuyers and sellers will not have the capability to conduct green searches themselves, but those homebuyers working with Realtors can have these searches conducted for them. Similarly, homeowners selling green homes can now have them marketed as such within the RMLS.What’s available?A new green certification field will be used only for new homes that meet a certification program. In other words, your Realtor can search for green homes only and bypass all others if desired.The programs include Energy St Read more:Green
Stamping Out Lock Bumping 2007-02-26 18:58:00 One of the local tv stations here in Portland ran a story recently about "lock bumping." No, this doesn't have anything to do with locking an interest rate. It has to do with your home security and how burglars can break into homes.I couldn't find the story aired locally, but check out this "lock bumping" news story from another city. It may be worth giving your locks at home an extra look. And no, crooks aren't learning anything new; homeowners are. Read more:Bumping
Portland Appreciation Rates 2007-02-23 18:01:00 Where do I buy a home in Portland?That’s a great question that I often hear and the answer is personal, in my opinion, dictated by personal needs and wants. In other words, this can be pretty subjective.That said, certain neighborhoods seem to always have high demand. Laurelhurst, Hawthorne, Irvington, Bridlemile, Council Crest, Multnomah Village: these are some where appreciation tends to be strong.Still, these are only six neighborhoods out of Portland’s 95 (not including any of the suburbs). And generally speaking, appreciation has been good everywhere despite less homes being sold.Here are the real estate appreciation rates for Portland covering the last 12 months:Rate - Metro Portland Area19.8% - Milwaukie, Clackamas16.4% - North Portland16.2% - Southeast Portland15.7% - Gresham, Troutdale15.6% - Hillsboro, Forest Grove15.3% - Lake Oswego, West Linn14.4% - Northeast Portland14.4% - Oregon City, Canby11.6% - Beaverton, Aloha8.9% - West Portland8.6% - Northwest Washington County Read more:Rates
Sales Prices of Portland, Oregon Homes 2007-02-21 18:20:00 January 2007 is in the books and real estate figures for Portland, Oregon
and its’ suburbs are now available for the first month.Here are the average and median sales prices for real estate properties sold in January:Average - Median = Metro Portland Area$586,100 - $473,000 = Lake Oswego, West Linn$390,800 - $352,500 = West Portland$371,700 - $317,800 = Tigard, Tualatin, Sherwood, Wilsonville$368,200 - $313,000 = Milwaukie, Clackamas$329,500 - $309,900 = Northwest Washington County$317,300 - $270,000 = Oregon City, Canby$313,600 - $274,800 = Hillsboro Forest Grove$293,700 - $260,000 = Gresham, Troutdale$284,200 - $257,000 = Northeast Portland$282,300 - $260,000 = Beaverton, Aloha$261,800 - $236,300 = Southeast Portland$255,800 - $247,000 = North PortlandPlease note these figures represent only January. Read more:Homes
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PDX Housing Inventory Highest In 5 Years 2007-02-19 23:16:00 Any question about whose market Portland belongs to has been erased.It’s a buyer’s market, clear and cut, now that housing inventory is at its’ highest level since 2002.Housing
inventory now stands at 6.2 months. In other words, if no other homes were listed for sale, the supply would dry up in 6.2 months. The last time the Portland metro area had a higher inventory of homes for sale was January of 2002 (although January of 2004 was close with 6.1 months worth of homes).A balanced market between homebuyers and sellers is 5.0 months, according to the National Association of Realtors. Any number more than 5.0 month favors buyers and a 6.2 month supply is not fractional.What’s this mean?Homebuyers in Portland and the suburbs definitely have more selection. More choices equate to leverage and a better vantage point to negotiate from. While it’s true that bidding wars still exist (for the right home in the right neighborhood at the right price), they are now far from the norm.Home Read more:Inventory
, Years
Top Ten Ranking for Portland 2007-02-18 02:37:00 A couple of weeks ago Cooking Light ranked Portland 2nd in the country for healthiest city. Now Men’s Fitness has the Rose City 9th for fittest city. They’re kind of the same thing, but not bad either way.The Top 10 Fittest Cities in 20072007 RANKING1. Albuquerque2. Seattle3. Colorado Springs4. Minneapolis5. Tucson6. Denver7. San Francisco8. Baltimore9. Portland10. HonoluluHere's the news release where there the Rose City is mentioned. Read more:Ranking
, Top Ten
Portland 4th Best City To Have Baby 2007-02-15 17:24:00 I guess it really it tough to stay at the top. A year after being named the best city in America to have a baby, Portland now ranks 4th in the country.Why does this matter in a real estate blog? A year ago, I helped a couple who were first-time homebuyers from California buy a home in Portland. They had a newborn and this ranking mattered to them because it was another "quality of life" issue confirming their decision to relocate.To the rest of the story...Fit Pregnancy Magazine has ranked the top ten cities in the U.S. to have a baby examing factors such as doctors and hospitals to doulas, midwives, breastfeeding success rates, birth and health risk, stroller-friendly trails and parks, affordability, etc.Here’s what the magazine had to say about Portland:“Moms come in at number one for nursing their babies: Fully 89 percent initiate breastfeeding, and six months later 57 percent are still at it. Not surprisingly, we found more breastfeeding-support stores and lactation consulta
Finding Fixers in Portland 2007-02-13 17:00:00 “I’d like to buy a fixer.”“I want to rehab a house.”“I’m interested in flipping homes.”These phrases, I hear all the time. It seems like I’ve been blogging about this issue for a while, but the interest has never died down. Flipping homes is popular, real popular in Portland… but that’s easier said than done.The tight seller’s market Portland experienced in 2005, I believe, made finding an appropriately priced fixer difficult. And even though the seller’s market is gone, fixers aren’t exactly price right. I often seem them priced too high for a “flip.” And when they are priced right, offers come in fast and numerous. One recent fixer in Northeast Portland drew at least seven offers the weekend it was listed.If this is something you want to do, do your home work. Have your numbers ready. Understand the market. Be ready to act fast. At least until Portland’s real estate market for fixers changes which I don’t see happening soon.
Two Inspections To Consider 2007-02-11 19:44:00 Recently, I helped a client buy a home in North Portland. A bungalow built in the 1920s, this house was an ideal candidate for two inspections typically not covered in a general home inspection: a sewer scope and oil tank locator service.My buyer conducted both inspections and in both cases it was a wise move.The sewer scope, as I’ve written previously, is a pretty common inspection in Portland, especially for older homes. For $100, a camera is sent thru the clean-out and into the sewer line all the way to the city’s main. Even though this home had a newer sewer line installed in the 1990s, the scope was conducted. We discovered gaps in line that the soon-to-be new homeowner would have been responsible for. Large holes were also found in the city’s portion (a copy of the scope was given to the city so that the city could make repairs; free by the way).This bungalow had a gas furnace and the seller didn’t know of any abandoned oil tanks on the property. But oil lines in t
Most Pending Sales Down In Portland 2007-02-09 19:37:00 During the last 12 months, appreciation has been consistent and strong in the Portland real estate market, despite less homes being sold.Here is a look at how pending sales have either increased or decreased during the last 12 months compared to the previous 12 months:Sales
+/- = Portland Area+5.9% = North Portland+5.7% = West Portland-11.8% = Southeast Portland-13.4% = Oregon City, Canby-14.3% = Beaverton, Aloha-14.7% = Northeast Portland-15.5% = Milwaukie, Clackamas-16.0% = Lake Oswego, West Linn-19.0% = Northwest Washington County-19.4% = Tigard, Tualatin, Sherwood, Wilsonville-19.8% = Hillsboro, Forest Grove-28.1% = Gresham, Troutdale
Droves Rank Oregon 2nd For Relocations 2007-02-06 19:55:00 I help a lot of people relocate to Portland. Typically, “quality of life” is the number one reason I’m told for moving to Portland.Now, a new “migration” study by an expert in the moving business shows that Oregon
ranks 2nd in the country for in-bound moves. In other words, people are making Oregon a popular place to move to. This is what United Van Lines had to say, “Supporting the idea that Americans still believe there is fortune to be found in the West, the Western portion of the country emerged as a top migration spot. Capturing the No. 2-inbound ranking, Oregon (62.5%) sustained its 19-year, high-inbound trend.”By the way, North Carolina ranked first in the country for in-bound moves.The complete study can be found here for Oregon Relocation.
Pear District Keeps Drawing 2007-02-05 17:09:00 A couple of years ago, the Pearl District
was named by a national publication as one of the top five places to retire. This came to mind the other day when my wife's aunt and uncle paid us a visit. By the end of the trip they marveled at the Pearl District with its' condos and lofts, and of course great restaurants.Here's a recent article on the Pearl....On a pre-dinner stroll through the Pearl District in Portland, Ore., we passed blocks of shiny new boutiques selling high-end design books, dog grooming services and $75 sweaters for babies. High-rise condos and bustling restaurants seemed to have sprung up on every elegant, cobblestoned corner.I turned to my husband, Michael. ''This is amazing,'' I said. ''It's all new.'' He rolled his eyes. It was the fifth time in 10 minutes I had expressed such sentiments…Transit geeks and urban-planning nerds have long loved Portland for its light rail, slow-growth policies and dedication to public art that extends to former Mayor
Another Accolade for Portland 2007-02-01 16:58:00 Portland is one of America’s most literate cities, ranking 10th in the country according to a new study. The report ranked the 70 largest cities in the U.S. (those with a population of at least 250,000 and above).The study focused on six indicators of literacy: newspaper circulation, number of bookstores (can anyone say Powell’s?), library resources, periodical publishing resources, educational attainment, and Internet resources.The Top Ten Most Literate Cities follow:1. Seattle, WA2. Minneapolis, MN3. Atlanta, GA4. Washington, D.C.5. St. Paul, MN6. Pittsburgh, PA7. Cincinnati, OH8. Denver, CO9. San Francisco, CA10. Portland, OR Here’s a link to the rest of the story
Average Market Time in Portland 2007-01-30 18:07:00 The amount of time it takes to sell a Portland area home has risen by two weeks from a year ago.On average, it is taking 55 days on the market to sell Portland real estate. A year ago, the average market time was 41 days.Here are the current average market times for Portland and the suburbs, from shortest time span to longest:DOM - Area47 – Northwest Washington County47 – Tigard, Tualatin, Sherwood, Wilsonville50 – North Portland50 – Hillsboro, Forest Grove51 – Beaverton, Aloha52 – Southeast Portland55 – Lake Oswego, West Linn55 – West Portland56 – Northeast Portland59 – Gresham, Troutdale61 – Milwaukie, Clackamas73 – Oregon City, Canby Read more:Average
, Market
Portland 2006 Market Share 2007-01-28 20:21:00 Who sells the most homes in Portland? RE/MAX Equity Group.Here is a market share comparison for real estate sales in the Portland/Vancouver area in 2006:Market
share - Real estate company15.2% - RE/MAX Equity Group7.0% - John L. Scott6.5% - Prudential Northwest Properties5.4% - Coldwell Banker BSSP4.8% - Windermere/C&C4.7% - The Hasson Company2.6% - Realty Trust Group2.2% - Keller Williams Realty2.0% - Windermere/Stellar Group1.8% - Meadows Group Inc.Based on data from RMLS Read more:Share
, Market Share
How Prevalent Are Home Warranties in Portland? 2007-03-16 16:21:00 I was asked the other day how prevalent home warranties are in Portland’s real estate transactions. Great question, but I really don’t have an answer. My guess is that they’re in 50% of the transactions.Certainly, there’s no requirement for a seller to provide a buyer a home warranty. They are, however, very popular among Portland homebuyers. And that’s today’s topic.Spring is on the horizon and I bet there are people right now all over Portland starting to prep their home for sale. If that’s you, consider the home warranty – regardless if you’re selling it For Sale By Owner (FSBO) or listing your home with a Realtor.First, it will make your home more attractive. It’s just a little peace of mind for a potential buyer; a little less worry in case the water heater breaks three days after closing.Second, home warranties also protect you… before your home sells. If your home is on the market, you can begin coverage. Let’s use that same water heater for this
PDX Market Picking Up With Spring 2007-03-19 16:04:00 Just when it seemed conditions favored homebuyers in Portland’s real estate market, spring has arrived and the market has adjusted. In other words, homebuyers have less selection in what is still technically a buyer’s market.Housing inventory in metro Portland now stands at 5.2 months. This is a decrease in inventory from January’s 6.2 months (which also happened to be the highest volume in five years). So now if no other homes were listed for sale, the supply would dry up in 5.2 months.I’m not surprised this happened. Much of 2006 witnessed an increase of homes for sale in Portland. The trend continued into early 2007, but spring is typically the start of the real estate buying and selling season. And day-to-day, my experiences have told me that the market’s historical awakening was on schedule.Will we return to a tight seller’s market in Portland? Probably not, but in certain areas inventory remains tight. Interest rates are still low and the market has a nice balance tod Read more:Market
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A Green View from Portland's N. Mississippi District 2007-03-20 16:16:00 The term “green real estate” is becoming more popular, but one recent article wonders out loud if the slowdown in the national housing market will stunt green growth.That’s fair, but developers quoted in the article from Portland don’t seem to mind or agree.Excerpts:"The developers of the Mississippi
Avenue Lofts in Portland (along with partner David Yoho), Jackson and Wilcox say they expect to break ground as early as February on 32 units of high-density housing in a neighborhood that was plagued with boarded-up storefronts just a few years ago. The plans call for brownstone-like townhouses along the street and penthouses with wide wood-festooned rooftop decks, as well as more affordable one-bedroom units.What’s more, the Mississippi Avenue Lofts are aiming to achieve a Gold designation from the U.S. Green
Building Council’s LEED (Leadership in Energy & Environmental Design) program. The building plans include an innovative energy sharing system for heating and cooling tha Read more:District
Average & Median Prices of Homes in Portland 2007-03-21 16:56:00 In the last couple of weeks, I’ve met different sets of homebuyers who are relocating to Portland. One of the areas they’ve independently been referred to is Lake Oswego. Great area, they’ve been told.It is very popular and for that, it’s also, by area, the most expensive place to live around Portland.Here are the year-to-date average and median sales prices of homes in the Portland area:Average
- Median
= Area$533,700 - $452,500 = Lake Oswego, West Linn$405,300 - $359,000 = West Portland$378,600 - $333,000 = Tigard, Tualatin, Sherwood, Wilsonville$357,500 - $310,000 = Milwaukie, Clackamas, Happy Valley, Damascus$352,900 - $328,500 = Northwest Washington County$318,500 - $294,200 = Oregon City, Canby$301,600 - $265,900 = Northeast Portland$295,800 - $262,500 = Hillsboro, Forest Grove$281,400 - $260,000 = Beaverton, Aloha$275,000 - $252,500 = Gresham, Troutdale$265,700 - $234,000 = Southeast Portland$261,800 - $245,000 = North Portland Read more:Prices
, Homes
Portland Homes Sitting Longer in 2007 2007-03-23 16:43:00 On average, it’s taking three weeks longer in 2007 to sell a home in Portland than in 2006.The average market time for an area Portland home is now 66 days compared to 45 days a year ago.Here are the average market times for Portland homes that are for sale:DOM - Area84 – Northwest Washington County81 – Oregon City, Canby72 – Gresham, Troutdale70 – West Portland69 – Milwaukie, Clackamas67 – Lake Oswego, West Linn66 – Tigard, Tualatin, Sherwood, Wilsonville61 – Beaverton, Aloha60 – North Portland57 – Hillsboro, Forest Grove55 – Northeast Portland55 – Southeast Portland Read more:Homes
, Sitting
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