Elisha Joyce

Whenever a Buyer is comparing a home that sits on a "busy" street with one that is on a less traveled street, one will always lean towards the less traveled street if all things are equal. However, every property is completely unique and, if you have amenities (i.e. double lot, sit high off the street, beautiful landscaping/screening, and interior updating that is classic and charming) that win out over a "quieter" location, your location may not be that big of an issue IF the price you're asking reflects the compromise of location.

I always tell my buyers and sellers that it isn't that it's "hard" to sell a home in a less desirable spot - it is simply that you'll have fewer potential eyes looking your way (since many will outright rule out a home based on location alone). With that said, I go back to my earlier point: if you are competitive in price, and, for the price point you beat out your competition with your amenities and upgrades, you have a better chance at moving with the normal pace of things.

:) Elisha - Tue Jun 3 2008, 08:04

Don't believe the hype! The national media may be right that the slow market is moving into Portland, but by no means have we gone backwards like other hard-hit markets. We are simply flat. For example, the March market action based on the MLS stats clearly shows the average sale price appreciated 4.9%. If you look at NE and SE areas in particular, YTD appreciation has been 6.9% and 5.0% respectively. If anyone has been hit "hard" as the national media suggests it is the suburban areas where new construction has saturated the market. The urban, close-in "city-dweller" markets, however, are still faring well provided they are priced right (in light of the comps that are available now) and stand out above the competition. (Portlands close-in neighborhoods have high demand regarless of the overall market because of the unique neighbhoord offerings and vintage charm of the homes.) In my opinion, the BEST place to buy in Portland right now is IN the city into a vintage charmer with great walkability.

Now, in regards to your particular purchase, the best resource is your agent. Your agent put in the offer, so your agent knows the contract (i.e. whether or not you have an opportunity to still pull out) and your agent can provide you with the comps for the particular house (although I agree with one of the other responses that said $329K doesn't seem above the norm for Hawthorne... and, ideally, the comps would be been reviewed BEFORE you put in your offer).

Finally, the "bubble" (even if we agree there is one that has burst in Portland) affects Sellers and the prices they can reap on their homes. From a Buyers perspective, this is a GREAT time to buy because Sellers are likely willing to negotiate. I mean, with high inventory like we have Sellers are doing what it takes to get you to take their home over another. Buyers have choices and Buyers have power in this market. So, again, I say breathe easy provided you make a thoughtful, comp based offer. - Thu May 8 2008, 14:46

BEST ANSWER
Hands down I say the Hawthorne house. Anything close in and "urban" (like Hawthorne) is always in higher demand and tends to build better appreciation in the shorter term. You will reap much better equity putting your sweat into the Hawthorne house (provided it is keeping with the character and charm of the vintage so that it appeals to urban buyers when you go to resell). As for Tigard, it is a GREAT suburb of the city and not to far from downtown... but simply not "Portland" and without the awesome, artsy, urban vibe many people are drawn to.

As for the 1 bathroom issue, urban buyers are more forgiving of homes that have 1 bathroom and 1 (or no) gararage because they are typcially buying the location and charm of the house (versus the amenities that newer construction homes offer). So, not a huge issue for resell down the road (although it would be great if you could figure out a way to add a second one).

All of this advice is based on the resell potential down the road... but, nothing should discount what your living goals are NOW. If you're coming to Portland and want urban and can handle the space the home offers you and your lifestyle, then the Hawthorne house is it (per the reasons listed above). If you want to be out of the city, then Tigard isn't too far outside of downtown and would be a great urban alternative. - Thu May 8 2008, 11:19

Hi again :)

If you're working off the 205 in Vancouver I say the Hollywood District, Lloyd Center, Laurelhurst, and Irvington areas would be the best bet for ease of commute and great access to neat stuff. They are all right off the 84 (which hits the 205 and takes you straight to Vancouver). Now, I don't know what your price point is... and these areas tend to be a higher price point because they are so desirable. But, they will offer exactly what you're looking for :)

Now - yes - other areas such as Hawthorne, Belmont, and NW would be awesome and are perfect places for young, single people. But, you'll be adding on city drive time to the communte (verusus just jumping right on the freeway). Again, price point will dictate which areas you'll be looking in... but, if it turns out you can get a sweet place in an awesome location that's not right on the 84 - it just might be worth it! (Especially since NW and Hawthorne have quite the vibe...)

Cheers... - Mon Mar 31 2008, 00:21

Hi Nicole - you'll love Portland! The process of actually closing on a condo will take approximately 30 days from the day you write the offer. (Depending on negotiations and whether or not you need additional time to close, it could add another week to 15 days on top of that.)

As for the actual search, I say begin your search NOW :) This is a GREAT time for buying condos in Portland because inventory is high - and that means power is in your hands. You can start by simply searching for condos in your price range and then doing more in-depth research into the neighborhoods/buildings you're finding listings. Obviously, depending on your job's location and your preferences on urban versus suburban, vintage building versus new, and square footage requirements, you'll be able to elimintate many condos right off the bat. But, once you're familiar with what the Portland market is offering, and once you hook up with an agent that understands what you're looking for and gets you right to the good stuff, you should be able to settle in and find something within a few days of being here in the city.

Many blessings, - Mon Mar 31 2008, 00:12