Portland Poised for Growth

Even though the U.S. economy continues to be challenged, Portland appears to be holding its own and showing improvement in the residential housing market. Like the rest of the country Portland has experienced its own bumps and bruises but we’re starting to see some positive signs and improvement in the market. Fortunately, Portland enjoys superb livability and lifestyle which positions us to emerge even stronger as the market continues to heal itself.

In the Portland market, this year has resembled the activity in 2010 until this fall where we’ve seen a positive shift in sales activity. A couple of recent market statistics for the Portland metro area that indicate buyers and sellers are reaching agreement at increased levels are as follows:

1. Closed sales were up 14.1 percent in October 2011 compared to October 2010.

2. Pending sales went up 15.1 percent year over year with 22 percent fewer newly listed properties on the market.

Below are several market drivers that support the improving picture:

• Interest rates: lowest rates in recorded history,

• Inventory: With 6.8 months of total remaining inventory, Portland is at its lowest level in several years.

• Affordability: The current median home price of $223,900 is back to the 2004 level power has shifted substantially.

• Job growth: Oregon is currently ranked 13th out of 50 states for job growth, one ahead of Massachusetts and one behind Washington. Such growth means that demand will only continue to increase.

If you'd like to talk with us about buying or selling a home in the Portland area, please contact us.

Just Sold - Two bedroom unit at The Metropolitan

Our City Properties Group recently sold unit #410 at The Metropolitan representing the sellers. This lovely 2 bedroom unit with 1636 sqft, upgraded interiors, fireplace, view terrace, and 2 parking spaces sold for $760,000 or approx $465 per sqft.

Contact us today to receive a free market analysis or to schedule a no obligation “prepare your home” walk thru with John and Dianne.

To learn more about the group and our process for selling a house, please see our website - www.cityproperties.re. For information on condos for sale in the downtown area, visit our popular condo site - bpr.com.
  

Small Penthouse Sold at The Benson

Unit 2603 has sold at The Benson in downtown Portland for a price of $675,000. This is the first sale for this unit and at 1010 sq ft, it sold for a price of $668 per sqft. The unit does have two parking spaces and an amazing view. The penthouse was designed By Henry Brown of Bedford Brown and had many deluxe features. The Benson tower is nicely located in the downtown Cultural district with easy access to the Park Blocks, theaters, and museums.

For more information on The Benson, please visit our website www.bpr.com.

Sellers: Price it right

According to an article in Money Magazine, the longer you can wait for prices to stabilize in your area and for demand to pick up, the less likely you'll need to entertain low-ball offers. If you have to make a move in 2012, though, the trick will be to price your home correctly out of the gate.

According to a recent national survey of real estate agents, 75% of homeowners believe their house is worth more than what agents put the fair market value at, and nearly one in two homeowners still overestimate their home's value by more than 10%.

Meanwhile, Trulia reports that about one in four homes in its database has gone through at least one price reduction, and the average price cut for those homes is 8%.

Joe Magdziarz, president of the Appraisal Institute, says you and your agent should stick with comparable sales data just within the past 90 days, as that's what lenders expect appraisers to use.

Source: CNN Money, November 14, 2011.

For more information about our team and how we can help you buy or sell real estate in the Portland area, please visit our two popular websites: www.cityproperties.re and www.bpr.com.

New info on home buyers

The National Association of Realtors recently completed a study of today's home buyers and sellers. Home buyers are staying well within their means with notably higher incomes and modestly higher down payments than buyers in the previous year due to the restrictive mortgage credit environment, despite historically favorable housing affordability conditions.

Paul Bishop, NAR vice president of research, clarified the impact of unnecessarily restrictive mortgage credit. “The bar has been raised to qualify for a loan. Buying your first home has never been particularly easy, but with record-high housing affordability conditions and a pent-up demand, we normally would expect a stronger performance,” he said. “This underscores how important it is to open the credit spigot for creditworthy buyers – banks simply need to get back into the business of lending. Higher home sales would help create jobs through related economic activity.”

Fifty-four percent of first-time buyers financed with a low-down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.

If you are interested in knowing more about this subject or would like to have a referral to a lender in our area, please send me an email or a note. You can contact me thru our web site www.cityproperties.re.

Pearl Townhome for sale

One of the Pearl District brick town houses on NW 11th Street has come on the market. It's beautifully built and wonderfully decorated. Many people see and appreciate these unique homes and want to be informed when they become available. This unit is 2000 sqft on two levels. Our team recently sold the last unit that came on the market and we're hoping to be able to sell this one too. The asking price is $1,325,000. It's listed by another firm but we can show it and help you make a purchase.

For more information, please visit our website www.bpr.com. A feature page for this condo is located here: Pearl Townhouse.

Listing at The Strand with City and River Views

We have a fabulous listing on the downtown waterfront at The Strand. It's unit #505 in the north tower and features awesome views. Lights twinkle from downtown office towers, waterfront locations, and several river bridges. The location is close to the park where many waterfront activities occur. This two bedroom, two bath luxury condo has contemporary styling and is immaculately maintained. The Strand offers underground parking, a riverside location, and concierge service.

For more information on this condo listing and a link to the virtual tour, please visit our websites bpr.com or cityproperties.re.

New listing at the Pearl Lofts

We have a new Pearl District listing at the Pearl Lofts... unit #204. This is a luxurious remodeled town home with designer finishes. It features premium kitchen appliances with custom oak cabinets.

The condo has 2 bedrooms, two full baths, a bonus room that can be used as an office/den and authentic oak hardwood floors. Bathrooms feature premium fixtures and custom cabinets. Large open plan living/dining with tall ceilings. It's also wired for home theater in the living room space. This condo comes with a private, one car garage with attic storage.

It's well priced at $570,000.

Learn more about the building and the condo at our website page http://bpr.com/pearl-district-lofts-pearl-lofts.html