You may have already read the article in the Oregonian this morning by Ryan Frank regarding the state of our real estate market.  The headline read: "It's Time To Buy!" and outlined why it may be a great time to invest in the Portland market right now.

I've included a link to the article so you can check it out when you get a moment.  It makes an interesting case for not waiting to get into the market if you are thinking about buying a home and planning on having that be your primary residence over the next 5 years....

Read the entire article:  "It's Time To Buy!"

Does Trump Really Need More Money??

We've heard alot about a slowing market...but a $100 Million sale seems to buck that trend! Came across this article on CNBC.com. Interesting interview with Donald Trump as well regarding real estate across the board.
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Business magnate Donald Trump recently sold a house in Palm Beach for $100 million, although the U.S. housing sector is still weak, he told "Squawk Box."
"I'm a little bit of a tale of two cities. I just sold a house in Palm Beach for a number of approximately $100 million," Trump said. "I bought it a little while ago and sold it for a lot of money."
"Palm Beach or Manhattan, they are doing pretty well. You go outside of Manhattan, I can't think of a community that's doing well," he added. (The entire Trump Interview can be heard here).

The U.S. economy is driven by oil, Trump added, and at the moment there are better investment opportunities abroad. "Probably the saddest thing of all is that not many people want to invest in the US right now," he said. But the situation is likely to improve soon, Trump added. "Things that I couldn't buy a few years ago, I would be buying," he added.

April Market Update

Below is the link for the updated Market Action Report for April.

http://www.rmlsweb.com/temp%2Fdocuments%2F1500-1699%20Market%20Action%20and%20Statistics%20Menu%2F1504%20Market%20Action%20-%20April%202008.pdf


Comparing April 2008 to April 2007, market activity remains slow. On the other hand, month-to-month activity (March v. April) showed growth in some categories. One area of growth from March to April was pending sales, which grew 6.8% (2,070 v. 1,938). This is the first increase in pending sales from March to April since 2005. New listings also grew 2.7% (5,295 v. 5,155). Closed sales dropped 6.4% (1,582 v. 1,691). This drop is on par with the last threeyears, though, as closed sales have dropped an average of 6.7% from March to April. On the other hand, when comparing April 2008 with the same month in 2007, transactions were down across the board. New listings fell 2.9%. Closed sales and pending sales decreased 39% and 31%, respectively.

Downtown Condo Update

So I wanted to update you on what's been going on with the downtown condo market of late. I have been extremely busy over the past week with "sales events", buyers looking for that "perfect deal", and even sellers jumping back into the market...

As many may have seen in the paper, heard on the radio, or passed it on the street car, The Harrison Condominiums had a "Name Your Price" sales event this past weekend. The developers are trying to sell out the remaning 20 or so units in the East Tower and Townhome units. The event was rather successful with at least 8-10 units going into contract...and buyers still trickling in. I was on hand on Saturday (working with 2 buyers) to witness first hand that there are definitely buyers in our market looking for a deal!

Interestingly enough, I got a call yesterday from an agent representing the seller of The Casey to let me know that the price on Unit 1301 (which my buyers were interested in) will be going up! I have yet to se some written details on the new price, but that was the first time in a while I had heard the phrase "price increase"! Perhaps its a sign of what's to come??

And for those of you who haven't checked it out...I was in The Cyan earlier today. Great new building with a Eurpoean feel. The developers spent quite a bit of time researching smaller living spaces in Europe and Tokyo while in the design phase for the building which definitely shows in the final result. Parking is only an option for residents with a real push for living greener and reducing yor carbon footprint. Hope you are ok with smaller space...which also means leaving a smaller footprint!! The location couldnt be better...just steps away from the financial district, court house, waterfront park, and downtown shopping options. Check out http://www.cyandpdx.com/ or give me a call for some more details.

New York Eyes Portland

I came across this article about Portland in the New York Times Magazine...Of course being originally from New York, I thought it was pretty cool.  Glad to see Portland is getting the recognition it deserves.

Check it out:

NY Times Article

EARTH ADVANTAGE CERTIFIED

So I finally spent some time last week and went through the Earth Advantage Sustainability Training for Accredited Real Estate Professionals (sounds pretty important huh?).

The fact is, it is VERY important.  The goal of the course is to enlighten real estate brokers on how to help clients make better decisions, not only in their future home purchases, but also in the way they are living now.  The focus was on "Green" construction and remodeling...and how to live a more sustainable life.  I have always been very interested in "decreasing my carbon footprint" (check out www.myfootprint.org) but wasn't sure exactly how to go about doing that.

After a couple of days in the class, I could be found out home changing out light bulbs, installing power strips, changing shower heads and bathroom fixtures...I even had the caulking gun out!

The underlying "green building approach" however encompasses energy and water consumption, air quality, durability, and structural integrity...this translates into more comfort, lower utility bills, better health, safety, low maintenance, and quality materials in your home.

I will post quite a bit more on the topic in the near future.  In the mean time, feel free to call me with questions if you are getting ready to remodel....There are some great tips to GO GREEN.

The Elizabeth

The Elizabeth Lofts is located on NW 9th between Everett and Flanders. The building offers 182 contemporary styled lofts spaces and is 16 stories high.

The Elizabeth offers a full time concierge service. It was designed and developed by Carroll Aspen..who have done such stand out buildings such as Chown Pella Lofts, Mckenzie Lofts, The Gregory, and The Edge.

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Total Active: 10 High List: $2,950,000 High DOM: 286 Low List: $394,900 Low DOM: 8
Avg List: $906,890 Avg DOM: 104
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Total Pending: 6 High List: $669,950 High DOM: 217 Low List: $359,000 Low DOM: 15
Avg List: $487,808 Avg DOM: 100
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Total Sold: 30 High List: $2,899,000 High Sale: $2,800,000 High DOM: 355
%SP/LP: 96.38 Low List: $329,000 Low Sale: $320,000 Low DOM: 0
%SP/OLP: 91.35 Avg List: $669,272 Avg Sale: $645,018 Avg DOM: 68
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Total: 101 High List: $2,950,000 High Sale: $2,800,000 High DOM: 365
Low List: $320,000 Low Sale: $320,000 Low DOM: 0
Avg List: $698,943 Avg Sale: $645,018 Avg DOM: 92

Park Place Condominiums

Located at NW11th and Lovejoy, Parkplace is a 13 story building with a total of 131 units....incorporating flats, lofts, penthouses and townhomes. Park Place has over 36 different floor plans, a unique quality for Pearl District buildings.

The bulding has been one of the more desirable new construction buildings in the Pearl with a great location and easy access to the street car and park.

The building offers a full time concierge service.

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Total Active: 11 High List: $1,975,000 High DOM: 261 Low List: $479,000 Low DOM: 8 Avg List: $985,664 Avg DOM: 88
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Total Sold: 16 High List: $1,199,000 High Sale: $1,170,000 High DOM: 200
%SP/LP: 97.13 Low List: $450,000 Low Sale: $440,000 Low DOM: 2
%SP/OLP: 93.89 Avg List: $703,600 Avg Sale: $683,425 Avg DOM: 58
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Total: 50 High List: $1,975,000 High Sale: $1,170,000 High DOM: 387
Low List: $440,000 Low Sale: $440,000 Low DOM: 2
Avg List: $804,163 Avg Sale: $683,425 Avg DOM: 99

PSU Center For Real Estate

I was just put onto this great report issued by PSU's Center For Real Estate...

http://www.pdx.edu/media/r/e/RE_Quarterly_08_1Q.pdf

Lot's of great information!

I'll write about the highlights later...

Marshall Wells Lofts

The Marshall Wells Lofts were originally built in 1915 but recently developed into lofts style condominiums. Originally an industrial warehouse, the building now houses 164 loft spaces featuring cork floors, exposed steal and wood beams, open spaces, and a picturesque water tower on the North East Corner that has become a neighborhood landmark.

The building houses a few local businesses on Easter face including Symmetry Salon and a personal favorite Urban Grind (now offering local beers).

The year's activity for the building is posted below for the entire building.



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Total Active: 3 High List: $609,900 High DOM: 121 Low List: $274,900 Low DOM: 39
Avg List: $408,233 Avg DOM: 68
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Total Pending: 2 High List: $309,000 High DOM: 101 Low List: $279,900 Low DOM: 60
Avg List: $294,450 Avg DOM: 80
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Total Sold: 10 High List: $549,900 High Sale: $509,900 High DOM: 138
%SP/LP: 96.45 Low List: $259,900 Low Sale: $252,500 Low DOM: 9
%SP/OLP: 93.9 Avg List: $368,870 Avg Sale: $355,780 Avg DOM: 84

The Avenue Lofts

Originally built in 1923 and located at 1400 NW Irving, The Avenue has become one of the most desirable "true loft" buildings in The Pearl. Redeveloped in 2004 by local developer Robert Ball, The Avenue featured 195 loft spaces and a few live/work options as well. The building benefits from a tax freeze until 2015. Below are the complete statistics for the year 2007. For a complete list of available lofts in the building call 503.416.3377.

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Active: 9 High List: $650,000 High DOM: 289 Low List: $307,900 Low DOM: 1
Avg List: $435,178 Avg DOM: 76
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Total Pending: 2 High List: $469,900 High DOM: 54 Low List: $449,000 Low DOM: 9
Avg List: $459,450 Avg DOM: 32
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Total Sold: 21 High List: $699,900 High Sale: $665,000 High DOM: 325
%SP/LP: 97.13 Low List: $299,900 Low Sale: $290,000 Low DOM: 4
%SP/OLP: 92.7 Avg List: $406,676 Avg Sale: $394,995 Avg DOM: 91
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High List: $739,000 High Sale: $665,000 Low List: $245,000 Low Sale: $290,000
Avg List: $442,608 Avg Sale: $394,995 Avg DOM: 91

Pearl District Statistics

Recently I have had a lot of people asking me for updated statistics on certain buildings here in The Pearl District. I will be attempting to provide updated statistics for 2007 on the buildings with the most activity. If you don't see your building posted, just leave me a comment and I will get your stats up as quick as possible.

For such a "terrible" year that we constantly hear about you will see that plenty of inventory and product was sold...but in new construction and resale units. Every building had at least some sort of increase from the previous year, which is great news and a welcomed statistic. Keep checking back for more building stats as well as an overall comparison of markets in the Porltand Metro area.

As always feel free to call me for more specific questions at 503.416.3377.

It's About Time!

In an effort to keep my readers up to date on local real estate, I wanted to share this article I recently read on nuwireinvestor.com regarding the Portland real estate market.  Click below to view the article.  It cites a few key areas (Close in North East and South East) and even a couple of neighborhoods (Alberta Arts District and St. Johns) as some key places to keep your eye on.  If you would like more specific stats on these two areas just drop me an email.  I will try to post a few recent listings later today or tomorrow to give you a better idea of what you might be able to find right now.

"Steady Growth In Portland Real Estate"

http://www.nuwireinvestor.com/articles/steady-growth-in-portland-real-estate-51406.aspx

Portland Area Real Estate

ALL THINGS REAL ESTATE...

It's hard to imagine the news of late without something being said about real estate...mostly terrible tales of foreclosure and drops in value, sub-prime mortgages and loss in equity, the housing bubble and  the mortgage meltdown.

Portland...stop listening to the news and reading the paper.  You live in one of three cities (Seattle, WA and Charlotte, NC round out the list) in the entire country that have seen values increase over the last year and the real estate market remain stable.   Unfortunately most of the news we get is from national sources and news feeds...adding to the hysteria and nervousness of buyers and sellers in our city of Portland.  This blog was designed and developed with the idea of giving you a local source of real estate news and market updates.  Each market across the country is unique, and as true Portlanders, would we expect anything less from our "unique" city?  I will make sure to keep you up to date on what is going on nation wide as well, but always with a focus of how that relates to us here locally.  I'll be posting great deals that I come across the market as well.  Feel free to post, email, or even call me with any questions or comments.  If you have an article you'd like to see posted, just let me know.  This is a local blog with local news generated by local residents.