Market Conditions in 97211>Question Details

C, Other/Just Looking in NE Portland

NE Portland property values

Asked by C, NE Portland Wed Sep 5, 2007

Is there such a thing as a micro-real estate market within parts of Portland, such as gentrifying NE Portland that are predicted to [continue to] increase in value despite the dire national forecasts of a tumbling market? We have many new PDC developments opening within the next 18 months surrounding our property and formerly run-down homes being remodeled and wonder if we should hold off putting our house on the market for a year or two?

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6
There are also micro-markets by types of Property. A well-priced Fixer in the $200k range may get 8 offer the first week (one near my home did) while already restored with a LOT of similar competition may be overlooked for many months. That could mean a good deal for you as Buyer, on a finished hme that you LOVE.

PDC does have a 0 pct rehab loan - but currently only in 2 areas: the Interstate URA and the Lents URA. That could help you attract your Buyer if some work is needed and you want to sell. See if Comps indicate you could compete on price, and still afford a new house that will make you HAPPY.

If you are in the Interstate URA yours *could* really go fast, even if a Fixer. Many people don't know Lents as well yet, but MAX is being built now, there are great buslines, and it's a great area for young families to get a lot of house (with yards) for a good price. Also a good place for owner-occupied rehabbers to buy low and get PDC financing and make a fair profit when they sell. Hopefully that PDC program will be extended to other areas, like Conservation Districts that have faced high crime and unemplyment challenges. Best wishes for your decision. If you ar uncertain and considering waiting, why not explore getting a Home Equity Line of Credit in place, so you can be ready anytime with a nice Down Payment? Your Bank may have it with no extra fees required. Also, it's never too early to find out what errors may lurk in your Credit report. it could take MONTHS to get corrections, so get moving on it even if you think you'll wait a yer or more. (With a qualifying score, the MacQuarrie Mortgage, tied to a checking account to prevent NSF's, and also help with early payoff of the principal - sounds like a GREAT new alternative for stable folks in control of their spending) Check it out! Jules ( nope, not a Broker, but able to suggest referrals)
1 vote Thank Flag Link Mon Oct 15, 2007
C
To add onto what Tom said about interest rates- if you have a low interest rate on your mortgage, or could re-finance, and then have a buyer assume the loan in the future when a 4-6% interest rate is very desirable compared to a 7-12%. That might be worth talking to a mortgage broker about. I recommend Jonelle Knipe of Landover Morgage (http://www.landovermortgage.com/jonelleknipe). Also, construction is tough to live with, and if it's going to be 2 years or so, think about if you want to live with the noise, trucks, debrise, and construction workers near your house. If you have any further questions about selling your house, or where you would move after that, please email me at bethsilva@cbseal.com
Web Reference: http://www.bethsilva.com
0 votes Thank Flag Link Sun Sep 19, 2010
Yes, all close in eastside and north is hot at certain price points. I would not wait to sell since the interest rates are so good right now. they were almost 1 3/4% less than last year earlier this spring. Rates have gone up 1/2 % in past week and it has affected you as reduced buying power by almost $18,000 if you wait and rates go up another 1/2 point then you will be able to buy $36000 less house and also the buyer that wants yours will not be able to buy. The time to move is now. Good Luck
Tom Inglesby, Broker
RE/MAX Equity Group Inc.
503-495-5416
0 votes Thank Flag Link Thu Jul 31, 2008
YES - there are definitely micro-markets all around Portland... pockets of NE included. Now whether or not you should sell right now is a loaded question. I would ask the following: what condition is your home in? What types of developments are coming up around you - i.e. will they make your neighborhood more or less desireable once complete? What price bracket will you be in when you sell? Do you have a 'vintage' home? Do you need to sell right now?

The decision to sell is so multi-faceted that I highly recommend talking with a good realtor that can give you concrete advice based on actually seeing your home and knowing the neighborhood. Then, take that information and, along with your life needs, I think the decision will come to you much easier that it seems :)
0 votes Thank Flag Link Wed Sep 26, 2007
I would like to add a link to Portland Development Commission's website that gives detailed information on this Urban Renewal Areas you are referring to. You can check the map for your area to see whether your property falls within the boundaries of any of these.

You should also investigate possible loans available through PDC for upgrades to your home, if needed. They are fairly easy to obtain if you have any problems or violations that fall under Title 29 code issues. Even my own home qualifies.

I have worked with the PDC on behalf of several clients and find them just wonderful and full of information and advocacy. A wonderful benefit of being a Portlander!
0 votes Thank Flag Link Wed Sep 5, 2007
You are absolutely correct about the micro-markets in Portland. The PDC development area is offering so many wonderful options for both builders - by waiving their system development charges when they elect to build within these designated areas - to a 10 year property tax abatement to the buyer of those homes, within certain income limitations.

Another fact is that while we are slowing down here in Portland a bit, we are not yet caught up in the extreme slow downs the rest of the nation are experiencing. So your best bet is to get a competitive market analysis from a terrific broker and see how it looks if placed on the market right now. What will the proceeds likely be? And how will that information for into your plan for your future.
0 votes Thank Flag Link Wed Sep 5, 2007
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