Hi Julie,
I have a high personal appreciation for the overlook district. It is in a more "advanced" up and coming neighborhood with the spill over of close-in east-side and downtown neighborhoods. The University of Portland helps with long term resale in my opinion and a yard (one without a 50K landscaping need) holds more value than a garage (especially when people are going to need to downsize their automotive needs here in the near future). I'd really weigh in all the pros and cons, but without knowing more than neighborhood and garage vs. yard (assuming both are in mind condition) my opinion is go with overlook and the yard. The neighborhood holds a lot of charm and is well established.

Wed May 7 2008, 13:44

Thanks Aimee! I appreciate you recognizing the substitution principle. Regards, Chris@HouseNow.com

Mon Mar 3 2008, 21:20

Hi!
North Portland (Overlook/Kenton/Arbor Lodge) has seen better appreciation rates over the last couple of years than Madison HS area, but I am seeing a big surge in buyers moving to Roseway -- it's conveniently located (airport, downtown) and they have made some significant changes to the schools (Roseway Heights). I think it will continue to be a great area to live and I expect the appreciation in that area to begin rising...

Mon Mar 3 2008, 10:26

Thanx eveyrone - I appreciate your helping me mull thru this next investment.
All properties have Pros and Cons. Maybe the economics will work out
to do both in the coming months. You never know!

Mon Feb 18 2008, 15:24

Large sunny back yard? Go for it! As mentioned, they're not making large lots anymore in the Metro area...

Good luck!

Sun Feb 17 2008, 22:58

Assuming your price point & improvement comparisons between the 2 neighborhoods are the same, the other answers are best. Your lifestyle will dictate the correct answer. Some neighborhoods grow to expensive such that lower priced neighborhoods appreciate quickly and suddenly owing to demand affordability.

Sun Feb 17 2008, 17:37

I would go for the large sunny back yard. Large lots are a thing of the past and will always be in demand.

Sun Feb 17 2008, 17:17

I'm with Dirk on this one. North Portland has had some of the highest appreciation in the Portland Metro area. The latest RMLS report shows an 8.3% appreciation rate from from January 2007 to this year. If the neighborhood immediately around the house looks good I say go with Overlook. People like big yards, and if it offers enough room, they can build a big garage! Good luck.

Sun Feb 17 2008, 17:00

This was a good answer and I give an A for effort but Overlook is a way hotter area closer to U of P and the Urban Core. The Roseway area is nice but a home with a big garage in Roseway is really not anything special. Depends on the street in Overlook but I like your chances a lot better there.

It is what it is.

Stay closer in. Bottom line is get what you want if the value is rigth! Do not second guess yourself. Values are good all over so go for it!

Best wishes;

Dirk Knudsen
ReMax Hall of Fame
#1 Rated sales team in Oregon
503-799-8383

Sun Feb 17 2008, 16:42

Hi Julie, well...this is a tough and good question. I vote for the garage for better resale...but you have too consider each neighborhood has a different appeal factor such that land values may vary between the two. For example, a 5,000sf site may be worth twice as much as a 10,000sf site in a different neighborhood (obviously an inferior neighborhood). In any event, people have cars and like to park them in a garage or port area.

I am a State Certified Residential appraiser of 15 years, principal broker & owner/founder of www.HouseNow.com. As an appraiser, when comparing market sales, pendings or active offerings we do our best to stay within the same neighborhood. Within that neighborhood, we measure difference for units of comparison such as site size, living area, bathrooms, and/or garage count/area. A garage is an improvement whereas a large, rear yard is an amenity.

Let us say, when comparing two properties on the same street, that site sizes are the same when comparing two properties. The only difference is that one property has a garage which consumes some of the yard (rear, alley access) and the other home has a large rear yard (like you are presenting in your question)...you will likely realize a higher resale value for the property having the garage...logically, you would price it higher. However, the amenity of a large, sunny rear yard is often unquantifiable....but you can always describe your large, sunny rear yard as being of a size too accommodate a garage...such that you appeal to TWO types of buyers: one that needs a large yard and the other that needs a garage. Hope this helps. You are comparing an apple to an orange, but both can be tasty.

Sun Feb 17 2008, 16:16