Bajohns99, Home Buyer in Vernon, Portland, OR

Based on recent comparables, what would be a reasonable price to pay for new infill construction? One home

Asked by Bajohns99, Vernon, Portland, OR Wed Jun 24, 2009

is approx. 1700 sq. ft and the other is approx 2400 sq ft - vintage reproduction look that fits in the neighborhood.

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Adam Rust, Agent, Portland, OR
Wed Aug 5, 2009
You know the addage that the three rules of real estate are: location, location, location. So, the answer to your question depends largely on where these houses are located. Also, give careful consideration to quality of construction. There is a lot of new construction out there that is dressed up enough to make people think it's good when it really isn't.

I suspect that I know the two houses you are referring to. They sound like two places that are located close to Alberta park. Those units have a pretty sweet location, but I don't think that their finish quality justifies the asking price. I just sold a new construction house near NE Killingsworth & Rodney Ave. that had more square footage, much higher quality finish, at a lower price than what is being asked for the houses by Alberta park. One way to think of it is in terms of price per square foot. The place I sold went at $188/sqft. The places near Alberta park are asking $206/sqft and $215/sqft respectively. That's quite a difference in value, especially when the houses you are asking about have higher asking prices for a lower quality of finish. I think that it is fair to pay somewhere around $190/sqft for a well done house with nice finishes. For a house with mediocre finishes, I would suggest something more in the range of $175/sqft.

I hope this info helps. I am sure that a more precise answer to your question could be formulated by examining more specific information about the houses your are asking about as well as other comps.
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Jesse Knight, Agent, Clackamas, OR
Sun Jun 28, 2009
Honestly, I'd need more information. Specifically, the area. Different parts of Portland have very, very different comparable values. If you'd like to contact me, email me at jesse@realtynetwork.net and I'll see what I can do to help you out.
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