Jules, Other/Just Looking in Portland, OR

What significant imacts would the development of affordable units have on the Pear District community?

Asked by Jules, Portland, OR Sat May 10, 2008

My question is relevant to incomes between $20k - $65k. I mean it’s no secret that increased density drives retail energy. Drive the economy through neighborhood diversification; on the other hand, since the peal district has virtually no foreclosures perhaps present homeownerhip trends work the best for this neighborhood.

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Benjamin Fic…, Agent, Phoenix, AZ
Sat May 10, 2008
Great question, I'm not as optimistic (pessimistic?) as Dirk that there will not be affordable housing in the Pearl. In terms of rentals, the Pearl has one of the highest per capita ratios of affordable living rentals in the Portland area. In terms of owner occupied units, My gut says that the Pearl will follow suit (with falling prices) of the surrounding area. If you look at the numbers, you can see that things are definitely out of whack. Year to date there have only been 19 sales, while we have (at the time of posting) 316 units for sale. Oregon's boom started later than the rest of the country, and our falling prices (depending on the area) happened later as well. It is only a matter of time before the Pearl catches up. I don't believe we will see 20% drops or anything that dramatic, but it will all balance out in the end.
1 vote
Tom Inglesby, Agent, Portland, OR
Mon Jan 7, 2013
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
0 votes
Brian Ramsay, , 97209
Mon May 12, 2008
Hi Jules,

Great Question and I am glad you asked it. I am sure you aware of the buildings that already exist in the pearl that are available for incomes such as those stated. For example, the Lovejoy Station at NW Lovejoy and 10th is a building that subsidizes rents based on median incomes, so do several others including one for ages 55 and older. The district also has a number of apartment buildings such as the Wyatt, The Burlington, The Louisa, and soon to come The Lovejoy all of which offer market rent apartments to the general public.

As far as foreclosures, the district does have a number of them available and on the market. The best website to use for foreclosures in my opinion is http://www.usa-foreclosure.com or with your preferred Realtor.

I am biased when it comes to the Pearl as it is the primary neighborhood that I work in, but I feel that it has been planned very well for a new neighborhood and will continue to adjust as time progresses. It is a highly competitive district when it comes to housing, food, entertainment and quality of life. There is plenty of on and off street parking, housing opportunities for all income brackets, Fine Arts, Galleries, transportation (including the infamous ZIP car http://www.zipcar.com) and educational institutions etc...

Hope that begins to help you with your question.

Best of Luck,

Brian Ramsay
Realty Trust Group Inc.
Principal Broker
Web Reference:  http://www.oregonstyle.com
0 votes
June Lizotte,…, , Portland, OR
Mon May 12, 2008
You are right to think density (regardless of the diversification) impacts the energy in the marketplace; however, certain characteristics of an individual neighborhood development plan are always a consideration, which ultimately must include a calculation based on the diversification that plan will make possible. The Pearl development plan seems to have had a predetermined 'end result' in mind and it doesn't seem to include much in the way of 'affordable housing' ... however, with the recent market slump it seems it should be more affordable now than ever...it's time for the sellers to get a clue and for buyers who wouldn't otherwise have been able to get in, to take advantage of this opportunity while they can. Rates are down, prices are more negotiable than ever with so many on the market. If you need help locating property I can help. Direct any questions you may have via my web site if you would like my assistance.
Web Reference:  http://www.junelizotte.com
0 votes
Dirk Knudsen, Agent, Hillsboro, OR
Sat May 10, 2008
There will never be affordable housing in the Pearl. Portland looks all politically correct on the surface but the Pearl fetaured the "rich getting richer" and tons of tax breaks to boot and it will always be that way. There will be a lot of short sales in the Pearl and some foreclosures but in the greater scheme of things it is almost built out and the neighborhood is pretty stable.

Should pretty much stay that way.

Thanks and good question;

0 votes
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