Mimi, Other/Just Looking in Portland, OR

What are the market trends in SW Portland (close in, Burlingame/Hillsdale area)? What about SE Hawthorne?

Asked by Mimi, Portland, OR Wed May 6, 2009

Seems like parts of SE and NE have become much more expensive than the SW hills. Are people still interested in SW Portland? It seems like prices have fallen dramatically and I wonder what kind of people are moving to SW Portland.

Are there any forecasts for SE Hawthorne? I, like everyone else in Portland, would like to move there but am totally outpriced.

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Answers

5
Mimi,

My view is that you never know if you are really out priced in the current market. Forecasts are based on recent months past performance, and this model really does not support the actual price that a seller will agree to in the next few months. Savvy buyers are very interested in property that is 'close in' and whether their particular market is in SW or NE or anywhere else really is very subjective. My advice is to establish what you can actually afford to pay, get your ducks in a very straight row (meaning get a loan pre approval with a good lender who can adjust quality loans to meet your needs and the seller requirements, understand what your cost of purchase will be and have that money ready to go, pick your location carefully, adjust your attitude to be positive and patient) and interview/select a savvy Realtor to help you out (choose someone who really understands the market plus is an excellent negotiator and who can create a good contract for you) and then start looking at property. When looking, have your Realtor help you look at the history of the properties, the debt attached to the properties, and project the intent and agenda of the seller. This will give you a good idea of how to craft your offer to purchase. Remember: a good contract is always about two things: Price and Terms. If you want a certain location, start at the middle of that location and work your way outwards.

Good luck and I hope this is helpful. Of course, call or email me if you want additional help along these lines.
Karla Divine, Broker
503-819-6923
0 votes Thank Flag Link Thu May 7, 2009
Your not out priced. You just have to shop hard and wait for an opportunity. Because there is not any new units in this area and all the close in PDX areas they are tougher to find good inventory in. There are a lot of foreclosures and shorts coming in though.

Property Taxes are horrendous in the City and while their is an Urban Mystique in these areas I predict that they will continue to slow. SW area is an interesting phenomenon. Seems undervalued to me. My guess is that if you are going to live in Multnomah County and in the City of PDX you will want more urban. If your a Suburbanite like me why not move a little further out and get Beaverton Schools?? Much stronger than Portland Schools and homes are a bit less even yet.

Families do not seem to be moving around much and urban pioneers, DINKS, SINKS, and Gen Next are preferring urban lifestyle probably....so your point is well taken. I suspect so goes the Urban Core the SW hills will follow a little behind.

Great Thoughts.

Regards;

Dirk
Web Reference: http://www.theknudsens.com
0 votes Thank Flag Link Wed May 6, 2009
Hi Mimi - if you click on the Web Reference link below, it will take you to the current Market Action Report published by RMLS each month. It will give the stats on the whole Portland Metro area.

Hope that helps.

Kelly Gebler
Real Estate Broker & Loan Officer
Keller Williams Realty & Sunset Mortgage Co.
0 votes Thank Flag Link Wed May 6, 2009
The market goes up and down but Portland culture keeps climbing. Take that into consideration along with the statistical reality that the highest priced homes (many in SW) are hit the hardest and you've got the market flip-flopped. (free Portland stats sign up on my website - I think its the best info around)
0 votes Thank Flag Link Wed May 6, 2009
The close in markets eastside Hawthorne/Sellwood are very active and have seen very little if any price drop. Location is #1 as it always is when you buy and sell. Check http://www.walkscore.com but prices under $500,000 on the eastside have been selling. The westside some pocket areas are still seeing a slight rise in prices but again it is under $500,000 with most buyers trying to get the loan under the $417,000 cap for the best interest rate and keep out of the jumbo loans. I have been showing Sellwood and in the price range of $250-$400,000 I would think there is less than a one month supply of homes for sales when they are selling quickly. You cannot wait for the prices to come down. If rates go up 1/2 point then the house price you are looking at needs to drop 10% to keep your payment the same. Do you think home values are going to drop and rates are going to stay this low. Rates are at a 50 year low and will go up. The first time buyer $8,000 credit is getting many buyers to buy their first house. This $8,000 is going to stop Nov 30,2009 so you close before this date to get it. You can buy a house today and file and amended return for 2008 and get your money back this year. Could you use the money? Know one knows when we are at the low point until 6-9 months after it bottomed out. I can be specific to area and price range and neighborhoods but it is very hard to make wide general statements about a large area but Portland is made up of quite a few small price points for neighborhoods that are very hard to generalize. You have to have experience to know the difference.
Give me a call and I can further explain it.

Tom Inglesby, Broker,
ABR,CRS,RECS, Eco Broker EA S.T.A.R.
Re/Max Equity Group, Inc.
503-319-9035
0 votes Thank Flag Link Wed May 6, 2009
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