I'd like to buy a condo in Portland, Oregon but am not in a rush. Are prices slowly appreciating still?

Asked by Erick, 95672 Wed Sep 26, 2007

I'm interested in a variety of possible locations in Portland and have heard great things about the Lake Oswego area. I'm looking for a 2-bedroom place

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21
Brian Ramsay, , 97209
Wed May 7, 2008
Erick,

With condos my advice is this.....Buy condos where there is high condo density. The value of those condos hold stronger resale in the future than those that are surrounded by other single family residences such as those in Lake Oswego and surrounding suburbs/neighborhoods. When people buy condos these days it is because they are looking to simplify their life/lifestyle in some capacity such as: more security, limited maintenance and better location. It also seems when looking at condos in other off the path locations they look great to begin, but we quickly realize that finishes and newness wear off and again location means everything (LOCATION LOCATION LOCATION).

So to answer your question directly: The condo market is hurting a bit to say the least, especially in certain buildings and areas. If you are looking to buy a condo, work with a condo expert such as myself, buy a condo in a condo dense area and make sure that the building and location you buy into has a long established history of appreciation. As of today we have 536 condos available for purchase in downtown Portland and I see some really great opportunities available for the right buyer.

Best of Luck.

Brian Ramsay
Realty Trust Group Inc
Principal Broker, Condos Lofts and Townhomes
503-416-3380
Web Reference:  http://www.oregonstyle.com
2 votes
Elisha Joyce, , Portland, OR
Wed Sep 26, 2007
I say YES to appreciation! Appreciation has definitely slowed around the metro area (as in the rest of the country, but not to such an extreme)... but that's a good thing for you as a buyer because it also means prices have leveled out, too. It is a BUYER'S market right now and, with so much inventory, there are deals to be had! Get a deal on the buy side and you'll reap greater benefits on the sale side...

Now, why Lake Oswego? Unless you want to be in Lake Oswego for work or the school district or because you simply love the area I would say get the most for your money as close to the city as you can. Suburban properties always move at a slower rate than urban properties - so buying in city (if you love the city lifestyle) will give you the most bang for your buck in the long run.

Now - get out there and buy something and get your money working for you ;)
2 votes
Shannon Reed, , 97209
Mon May 5, 2008
Erik, you have asked about a condo in Portland and you keep getting answers about how great Lake Oswego is! It is a wonderful place, but not what you are asking. I live and work in the condo market and I can tell you that there are some real good buys depending on which type of urban living you prefer. Here is the funny thing..those who try to time the market looking for the lowest low, generally miss out on the best market. This is how I can help educate you so that you can make a choice that is best for YOU! Hope this helps.
1 vote
Sheryl, Home Buyer, Eugene, OR
Thu Jan 17, 2008
Funny how all these realtors say the market is ok. I'm moving to Portland early next year, and have been watching prices on trulia, craigslist, etc., for over one year. Many houses AND condos are not moving for many months, with hefty price reductions. One condo conversion project in Irvington keeps running an ad that says, "Hurry! Only 3 left!" There have been 3 left for at least 6 months. There are also more and more ads saying "very motivated seller" and "huge price reduction" that make it clear that homes are not moving like they were. Take your time, and start watching the market. As an ex-realtor, I warn you not to be too swayed by anything they tell you. The Wall Street Journal recently ran an article about the national housing market that stated that inventory was up over 40% in the "hot" markets of Portland and Seattle. Soon that growing inventory will really start to affect prices, just like it in other places.
1 vote
Darin Provost, Agent, Portland, OR
Fri Dec 7, 2007
Condominium's are popular in Portland. The number of condo's for sale this past month reached 2,600 - a 300 percent increase from five years ago! Condominium prices have increased an average of 4% this past year.
Web Reference:  http://www.darinprovost.com
1 vote
Ron Ares, , Portland, OR
Wed Sep 26, 2007
Pricing depends some on where you're looking. If you're looking in the city center, prices are flat, maybe even down some from earlier in the year (inventory is way up).

In Lake Oswego, where there is *some* scarcity of inventory, prices are still appreciating. You'll find about 150 units with 2+ bedroom units priced between $145,000 and $1.4 million. Several of the listings are condo conversions that have just been released.

Not to seem self-serving, but I recently reviewed the condo market:
Downtown only: http://www.repdx.com/2007/08/29/downtown-portland-condo-repo…
Portland metro area: http://www.repdx.com/2007/08/27/portland-condo-market-update…

Hope that helps.
Web Reference:  http://www.repdx.com
1 vote
Carla Muss-J…, , Portland, OR
Sat Jun 30, 2012
The questions are also fun for me to go back and re-read. This one was ask almost 5 years ago and what time does tell!! Are prices appreciating. Back in 2007 that was a great question.
0 votes
John Reilly, Both Buyer And Seller, Portland, OR
Mon Sep 29, 2008
Prices in Portland always go up. Look at the long history and you will see a steady increase with occasional flat lines even in the bad market time periods. A slight downturn in Portland is historically temporary. Mortgage prices are cheaper than anytime in the last 50 years. Even Donald Trump says now is the best time to buy. If you wait you will not get what you want.
0 votes
Sandy, Home Seller, 97223
Fri Aug 29, 2008
Hey first time home buyer! FHA Approved! Price just reduced! $184,900. Walk to New Seasons Market coming in 2009! Scholls Village gated condo community in desirable 97223 area. Move-in ready! Quiet location. Upgraded stainless appliances w/chef's range hood. A/C. High efficiency washer dryer. 2br 2.5ba 2 car attached garage. 1163 sq. ft. HOA only $170/month. Condo includes 1 year home warranty! RMLS # 8069289
0 votes
Sandy, Home Seller, 97223
Wed Aug 20, 2008
Thought you might be interested....
Scholls Village Gated Community
2br 2.5 bath, 2 car tandem garage
Quiet, Private, Secure Community
$189,900
rmls #8069289
0 votes
Chantelle Vo…, Agent, Canby, OR
Tue May 6, 2008
Erick,

Here is a link to an article with condo stats from last months RMLS Report: http://www.rmlsweb.com/temp%2Fdocuments%2F1500-1699%20Market…

I hope this helps answer your question! Please feel free to call or email me for additional information.

Chantelle Volk, Realtor
Windermere Realty Partners, Inc.
Cell: 503-867-1652
Office: 503-698-6600
0 votes
Jason H. Gom…, , Beaverton, OR
Tue May 6, 2008
Erick,
While home prices have seen appreciation of Parts of OR, Portland specifically, condos typically don't see the same appreciation rates and standard, or town homes. If you're curious about what's going on in Portland view my website, I have free RMLS and map searches so you can look in a specific area, it's incredibly useful, I use it myself actually.
Web Reference:  http://www.gomeshomes.net
0 votes
Wendy Boso, Agent, PLTD, OR
Mon May 5, 2008
Eric, Wow! You have great timing. You've decided to purchase when every seller is trying to sell and offering concessions to buyers. There are a ton of 100% financing options and you can get pre-approved on my secured website below. You'll also need to choose a realtor who understands you and your needs as a buyer. Realtors get paid by the seller and can offfer you valueable information such as appreciation numbers, protection throughout a transaction, inspection advice, and property availability as soon as they hit the market. Property is still appreciating although not as fast. Still you'll have to ask yourself if you want to pay your mortgage OR your landlords?

Take Care,
Wendy Boso John L. Scott
Web Reference:  http://www.fedupfsbo.com
0 votes
D, , Oregon
Fri May 2, 2008
Hello Erick,
If you are wanting to purchase a condo, I strongly suggest calling me to go over financing guidelines, if you need it. Government loans are less strict on condo financing but there have been recent changes and there is an upcoming change for condo financing that has not been announced yet (coming June 2nd). Many have been caught off guard and we strive hard to keep up with the ever rapidly changing guidelines. I'd be happy to keep you in the loop of what current options there are for condo financing. Email me at crystal@ambientlending.com or call me, toll free 877-777-9763. We lend throughout the entire State of Oregon. http://www.ambientlending.com
0 votes
Jesse Knight, Agent, Lake Oswego, OR
Thu May 1, 2008
Hi Erick. The simple answer is yes, the market is still appreciating. It is also, though, completely true that inventory is way up. So what does this mean? It means that we're in an appreciating buyers' market. Prices have not come down and it's hard to say if they will. The stats say no, the news says yes. What we know, though, without conjecture, is that we have a huge amount of inventory and really low interest rates, meaning it's a really good time to be a buyer. Those are the facts. What happens next, hard to say. My gut feeling is that Portland will continue to churn along at this pace, much slower than in the past, but much better than most of the rest of the nation.

Lake Oswego is really beautiful, but a bit pricier. Portland has so many different areas that are wonderful. If you'd like to list a few of your wants and needs, then I can help you figure out some locations you might like.

You can always email me at jesse@therealtynetwork.net.

Good luck!
0 votes
June Lizotte,…, , Portland, OR
Wed Apr 30, 2008
Following is a portion of the latest monthly Market Action Report published by the Regional Multiple Listing Service for the Portland and surrounding areas. As you can see, there is continued appreciation, but if you ignore the appreciation and do not get the big picture of the realization that the market is adjusting itself after being so out of wack with double digit appreciation for about 4 years, you could assume the market is all bad. It's not. It is one of 3 metro areas that are still seeing positive momentum even though there are so many homes on the market and many of the sellers missed the memo that they need to be reasonable when pricing their home. It's been very important to perform CMA's every 3 weeks to stay on target. There are two markets- the ones who purchased 2 years ago at prices at the top of that soon-to-tumble market and the 2nd market is those who've been sitting on their real estate for several years. Both of these affect the stats. If you would like a complete pdf of the following report please email me personally at jlizotte@prunw.com and I will send any who ask a copy. Regards, June Lizotte,

* Due to possible reporting inconsistencies, Average Market Time should be used to analyze trends only.
A Publication of RMLSâ„¢, The Source for Real Estate Statistics in Your Community
Residential Market Highlights
© Copyright RMLS™ 2008. All Rights Reserved.
TABLE OF CONTENTS
Portland Metro Area............................. 1-3
Portland Metro/SW Washington......... 4-5
SW Washington.................................... 6-7
Lane County, OR.................................. 8-9
Douglas County, OR........................ 10-11
Coos County, OR....................................12
Curry County, OR..................................13
Mid-Columbia................................... 14-15
Columbia Basin................................. 16-17
Union & Baker County, OR............. 18-19
residential REVIEW: Metro Portland, Oregon March 2008 Reporting Period
March Residential Highlights
Market activity in March showed
forward progress for month-to-month
comparisons, but remains slow
compared with the level of activity a
year ago.
When comparing March to February
2008, closed sales were up 22.2% (1,691
v. 1,384) while pending sales also
increased 5.5% (1,938 v. 1,837).
On the other hand, comparing
March 2008 with March 2007, closed
sales were down 39.1% and pending
sales decreased 36.9%. New listings
also dropped a slight 1.8%.
Also notable in March was a
decrease in the level of inventory from
February. At the March rate of sales,
the 15,412 active residential properties
would last 9.1 months.
First Quarter/Year-to-Date
Comparing market activity through
March 2008 to the same period in 2007,
Average
N ew Pending Closed Average Median Market
Listings Sales Sales Sale Price Sale Price Time*
March 5,155 1,938 1,691 336,700 286,500 83
Year-to-Date 14,695 5,282 4,285 339,400 282,300 84
Metro Portland,
Oregon
March 5,251 3,070 2,775 336,300 286,200 65
Year-to-Date 13,697 8,204 6,359 328,500 280,000 65
2007 2008
(Active Listings / Closed Sales) Inventory in Months
2006 2007 2008
January 3.2 6.2 12.8
February 2.7 5.2 10.4
March 2.0 3.8 9.1
April 2.4 4.4
May 2.3 4.5
June 2.6 5.0
July 3.5 5.7
August 3.6 6.2
September 4.5 8.6
October 4.6 8.4
November 5.1 8.3
December 4.5 8.5
the first quarter also shows slowing
in the number of transactions. New
listings grew 7.3% (14,695 v. 13,697).
However, closed sales dropped 32.6%
(4,285 v. 6,359) and pending sales were
down 35.6% (5,282 v. 8,204).
Appreciation
A comparison of the 12 months
ending in March 2008 with the 12
prior shows that the average sale price
appreciated 4.9% ($344,700 v. $328,700).
Using the same formula, the median
sale price appreciated 5.1% ($290,000
v. $276,000).
Condo Appreciation**
Average Change from
Sale Price Prior Year
March 2008 $264,300 5%
March 2007 $251,300 4%
March 2006 $242,800 14%
March 2005 $210,600 13%
March 2004 $173,600 8%
**Average sale price represents condo sales in the
Portland metro area for the month of March each year.
AREa REPORT • 3/2008
Metro Portland & Adjacent Regions, Oregon
Web Reference:  http://www.junelizotte.com
0 votes
Thomas F. Mc…, , Baltimore, MD
Thu Jan 17, 2008
Everybody is talking about next year being a recession, even from the FED. Usually they are wrong so it is probably over!
I have been a real estate broker for 20 year and they were coming to me in 2005-2006 thinking it was a seller's market and we knew it was over them. We kept thinking where are all of these people coming from? They were coming from New York, and Washington and all over the area to buy but the strong seller's market had started to change in November of 2005. But they rushed anyway.

We got them out pretty strongly but they didn't anticipate the change very well so I don't anticipate they will now.

It is especially great to move up. Listen to my website and podcast for December especially.
0 votes
., , suburbs of Portland
Sun Jan 13, 2008
Hi Erick - Portland is still top 3 in terms of growth and continuing price appreciation BUT the good news for buyers is that there is a good amount of inventory out there and condos are appreciating much less than single family homes.

Lake Oswego is a great area and a prime location for many reasons, some of them being the schools; the reputation for it's shops, restaurants and nightlife; and of course the summer recreation on the lake. I have noticed lower to moderately priced LO 2 bedroom condos for sale and I held an open house at one a few weeks ago - but I'm not sure if they are still available. There are also some condo conversions down on the eastern lakeshore, but they were selling quickly last I looked. One thing to caution is that I've seen reports on condos close to the lake having mold problems.

Away from the lake, Mt. Park north of LO downtown has many condos, usually there's a good supply to choose from. You'd have a great view and also, most condo HOAs over there give you access to the Mt. Park Rec Center, if that appeals to you.

Prices in areas of LO will vary greatly so it will depend on what you are looking to spend? Please let me know if I can assist you in any way! Good luck in your search.
0 votes
Dirk Knudsen, Agent, Hillsboro, OR
Fri Jan 11, 2008
Erick. The market in portland is fine. Flat but Fine. For a condo pick an area and get educated. Than pick a few projects you like and set up automated alerts for new homes and watch and see. The deals are out there but they will likely be fewer by Summer. The Pearl District is gettin soft and there are some buys there too! So the answer is Flat....No Ruash...But watch rates and Values and be active and ready to strike. We never know when the bottom of a market correction is until it is over! email me if you would like daily reports with addresses in your email box dleivered to you.

Success to you;

Dirk Knudsen
"the Real Estate Doctor"
Web Reference:  http://www.nwhomecenter.com
0 votes
Wayne Pruner, , Tigard, OR
Tue Jan 8, 2008
Condos are appreciating ever so slightly right now. They are probably the weakest segment of the real estate market right now. Not nearly as hot as it was. That makes for some real bargains and many choices right now if you want a condo. Lake Oswego is great place to live, along with many other areas. It depends on your lifestyle. Lake Oswego is expensive. There may be better choices for you.
0 votes
Emily Erekuff, Home Owner, Menifee, CA
Fri Sep 28, 2007
Hi Erick,

Trulia currently lists 42 2 bedroom condos for sale in Portland and about 8 of those properties are in Lake Oswego. I've included a link below to those homes and hope that this information is helpful.

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes
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