I am not an agent and have no interest or motivation in telling you anything that I do not firmly believe. I would stay the hell away from this area. This area is homeless and addict central and there are more and more businesses leaving because of the problems. If you look at this site (http://rosecityresource.org/map) you can see that where you are thinking of buying is right in the middle of their resources. Plus, Portland refuses to consider moving them somewhere else and the street people now think they own the sidewalks, etc., and are entitled to everything. I would not let anyone I cared about walk down there alone at night and I don't even do so and I am 6'3 250#'s. It is also terrible in the mornings as the homeless who sleep down by the river get woken up by the police and all drift into this area to get fed, get treatments, etc. I am there at least once a week as I love the Chinese Garden which unfortunately for it is in the middle of all of this junk. There are other affordable and safer places to live and buy. Also, even if it were safe, you are at least 5 or 6 blocks from anything like a decent grocery store.... more
The standard rule is all offers are subject to financing approval unless it was changed on the earnest money. I will not show buyers property unless they have been pre approved for a loan which means they have already submitted their paper work to under writing. Buyers think that they got a loan once so it is easy. It is not easy and that is why the average buyer has a 749 credit score and puts 20% down and there are 37% of buyers paying cash and cashing out their stocks into something that is showing a good gain right now. Some of the big banks like the pre qualified letter that says if you are breathing and everything on their list that they have not asked you to verify is true they might give you a loan. we are seeing many buyers being told 2 weeks before closing after further review they cannot get a loan. This is terrible and could have been solved 4 weeks before and saved the buyer $800 in costs. So please you buyers out there get pre approved. If your lender one of the big boys will not do it, contact me and I can get you pre approved in 7 days. Good luck to you. Tom Inglesby, Broker.... more
To me, this is an easy answer...depending on your timeline. If you are looking at a shorter time frame, renting may be the answer. If you are looking to settle down for a longer period, no question, now is a good time to buy. I say this not because I would like to help you buy a condo (which I would!) but because of the current market dynamics. Rentals are at a premium right now and several new apartment buildings are in the works in the NW area. This is not the case with buying though. There are no new buildings in the works so current demand will remain high for the already low inventory. Yes this could change over time, but remember, it takes time to build new buildings. The other thing to keep in mind are the current interest rates. Money is cheap right now!!! The amount of square footage that you are able to buy is much greater now because of lower prices and financing that is half of what it was not that long ago! If you decide to wait before you buy you could be facing higher prices and higher rates, this could be the difference in whether you could afford a 2 bedroom unit right now or only a 1 bedroom unit in the future...depending on your needs of course.
The best thing you can do right now is get out and take a look at what is available in the market. Inventory is low right now so your "dream condo" may not even be on the market right now. But having patience and working with a good agent who knows the market could lead to you finding the perfect place in the near future!
Best of luck!
The buildings are always rented when built years ahead of time. They are just bringing one one line now in South water front. There is some rule that the city has but it is not followed. Like the south waterfront building is I think 3-4 years behind. It really doesn't have an impact since there are buildings down there that are city subsidized now and it is the highest price area in Portland for condos.
Tom Inglesby, Broker
RE/MAX Equity Group... more
If you are looking for general information about the condo...size, number of bedrooms, most recent sale price you might try zillow.com. This website has its good and bad points - but it can give you stats (which I believe are gathered from public record) which includes square footgage and # bedrooms, last sale amount and other information on public record.
Please keep in mind that the information that zillow has is only as good at the county and tax records (which sometimes is not entirely accurate).
Zillow will also give you a "zestimate" of the value. This is where the website falls short in my opinion.
More Questions? Shoot me an email at email@example.com
Keller Williams Realty
The Pearl District only has so much space. That is the difference between the pearl and say....the south waterfront. The pearl district has been planned for the past 10yearrs or so and the development is actually almost finished. When they building stops because there is no where left to build, prices will increase. And with gas at a premium I think we will see the opposite of the 50's era consume us. Most folks will want to live within walking distance of work, max, groceries, restaurants, entertaiment & parks. The Pearl has it all.... more