Written by admin on July 10, 2010 – 7:19 am
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If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…
Portland Real Estate Blog | Portland Real Estate Blog
Every month those with an interest in the Portland real estate market eagerly wait for reports to come out. RMLS Market Action is published mid-month and Case.
Portland’s Maywood Park is having their 23rd Annual GARAGE SALE …
We have access to some charming homes for sale in Maywood Park, including a fantastic upcoming listing on NE 96th, so if you're interested in Portland Real Estate and want to tour houses in this historic city-within-a-city, …
Portland Housing Blog: Goldman Sachs: Portland Real Estate Market …
Goldman Sachs: Portland Real Estate Market Ranked 3rd Highest in Nation for Downside Risk. Rather ironically, in April it was Forbes reporting that Portland and Seattle housing markets were among those poised to experience the most …
Hope you enjoy the read as much as I did and please if you have something to say, use the comments form below to let everyone know your thoughts.
Have a great day!
Portland, Oregon Real Estate Market Forces Buyers To Get Creative
The real estate market in Portland, OR is forcing potential buyers to think creatively.
Many neighborhoodsespecially in some of Portlands more desirable locations: Alameda, Mount Taber, Hawthorne, Rose City Park and Multnomahremain costly and coveted.
Buyers who are ready to purchase a home but cant afford the high prices of these neighborhoods are looking to smaller homes as alternatives.
Homes with three bedrooms or less are considerably less expensive than a home with three or four bedrooms. This is common sense. But the clever part is when a home has existing space that could in the future be converted into another bedroom or bathroom.
Such was the case when a young couple from Oregon searched for their first home. They had been renting for years, had saved money, and knew where they wanted to live. But they couldnt afford the down payment on a home that had more than two bedrooms. The Oregonian ran an interesting feature article about the couple.
As recently as last summer, former pro baseball player Given Kutz and his wife, Katie, a nurse, weren’t in the market to buy a house. Kutz was transitioning to a law enforcement career, while his wife was preparing to graduate from nursing school.
“We had talked about an investment, a house we knew would appreciate if we put a little work into it,” said Kutz, a former University of Portland baseball pitcher who had played for the Great Lakes Loons, a Class A affiliate of the Los Angeles Dodgers. “We originally thought about buying something larger — three bedrooms, two baths. We had some savings, but with the market doing what it’s doing and the money we had, we were forced to look at smaller homes.”
Their can do attitude wound up working in their favor. They found a two-bedroom home with a space that could be used for anther bedroom in the future.
Eventually, M Realty broker Alicia Selliken found them a prospect: a two-bedroom, 1910-vintage “Sears bungalow,” assembled from mail-order parts, on Northeast 66th Avenue. Kutz loved the Rose City Park neighborhood, the unique character of the home and the fact that it had an unfinished basement. Eventually, the couple offered $213,000: $40,000 under its appraised price. The
1000
offer was accepted, and they’ve already finalized plans to add a bedroom, bathroom and laundry room to the basement.
It seems this is becoming a trend. Three bedroom homes are more expensive and there are more of them on the market. Six times as many three bedrooms were recently listed for sale on the RMLS system in the early part of 2008. The homes tend to stay on the market longer, too. Two-bedroom homes spent an average of 54 days on the market, while three bedroom homes stayed on for 71 days.
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Michael Russell writes about a variety of subjects, including real estate, environmentalism and architecture. This article discusses real estate trends in Portland, Oregon. For more information on Portland Real estate, visit The Real Estate Book.
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