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Market Conditions in Portland : Real Estate Advice

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  • Local Info67
  • Home Buying357
  • Home Selling67
  • Market Conditions37

Activity 84
Marvin Von R…, Real Estate Pro in Tigard, OR
Tue Jul 2, 2013
Marvin Von Renchler answered:
What everyone else said. Many times a private negotiator can be hired to facilitate these transactions. I believe that there are many legal landmines for a real estate agent in a transaction, and that the danger of lawsuits would be much higher if the buyers/sellers knew more about the process.

Though you are negotiating terms with the lender, they do not own the home. The lender doesnt have it listed. The lender owes you nothing.

Many buyers think they will be getting a great deal on a short sale. Not true (always a few exceptions) you are just buying a house at its full current value. Doesnt matter if it used to be worth $500,000 and you are getting it for $100,000. $100,000 is what it is NOW worth. Man y lebnders/laon servicers do not want to take short sale offers no2w. They would rather fully foreclose. Why? Thats an entire hours worth of discussion. Point is our government is printing billions and floating the banking system so they dont have to worry about taking back properties. For which party did you vote?
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0 votes 7 answers Share Flag
Pam Zielinski, Real Estate Pro in Netarts, OR
Sat Jun 15, 2013
Pam Zielinski answered:
Plenty of those kinds of lots in my area. Would you consider Tillamook County?
0 votes 2 answers Share Flag
Jennifer Pet…, Real Estate Pro in Portland, OR
Fri May 31, 2013
Jennifer Peterson answered:
Did you have a question about this listing? Or did you find what you are looking for?
0 votes 2 answers Share Flag
Dustin Miller, Real Estate Pro in Lake Oswego, OR
Wed May 29, 2013
Dustin Miller asked:
Portland is up 12.6% over last year, which was our true bottom--March 2012. http://localrealtor.wordpress.com/ to see how 2012 was really our bottom so far in Portland real estate.
0 votes 0 Answers Share Flag
Josh Reiter, Real Estate Pro in West Linn, OR
Sun May 26, 2013
Josh Reiter answered:
Are you after a house like this? Lets talk if that is the case, I have a home down the street I will be listing in June. Its a bit less sf but you may be interested.

Best,

Josh Reiter ABR, GRI
Principal Broker
503-706-1411
Taylor Realty Group
1110 NW Flanders, Suite 201
Portland, OR 97209
www.byjosh.com
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0 votes 5 answers Share Flag
Rene Gillette…, Real Estate Pro in Portland, OR
Mon May 20, 2013
Rene Gillette Popnoe answered:
Yes you are correct. Since you asked means you are still interested in the property? Was your previous offer ever accepted? Or put in back up position?

I have experienced while doing short sales, that in this market a few of the bigger banks have rejected offers they were currently working with a buyer after an appraisal showed improved values in a particular neighborhood. In one case the bank countered back at $20,000 more what they had once accepted.
For more detailed information specific to this property feel free to call or email.
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0 votes 4 answers Share Flag
Rene Gillette…, Real Estate Pro in Portland, OR
Fri May 17, 2013
Rene Gillette Popnoe answered:
In the latest April market action report that came out this week it shows Portland's (Tri-County area) average DOM is 91.
However, days on market vary greatly from neighborhood to neighborhood.
Also, median is a better and more accurate way of calculating what you can expect in our current market. The difference between average and median can be drastic. For example: if you have had a short sale house that was on the market for 250 days then it would bring the average down, but this wouldn't be an accurate number for a traditional sale in the same area.
If there are specific areas or neighborhoods someone is interested in then your local Realtor can help you get specific numbers for the property.
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0 votes 5 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Sat May 4, 2013
Tom Inglesby answered:
This was a special property with a couple of other work live units close by. Many times these are attached single family homes with no HOA. It depends how the builder applies for the permit. IF you would like other information on possible other ones please give me a call? Thanks, Tom Inglesby, Broker, RE/MAX ... more
0 votes 4 answers Share Flag
Linda Heinri…, Real Estate Pro in Lake Oswego, OR
Thu May 2, 2013
Linda Heinrichs answered:
It is either price or condition because the close-in NE/SE market is on fire under $300k. If it is in the Grant school boundaries then under $600k. I am sure her agent is coaching them to do a price reduction and it will happen. Good luck. ... more
0 votes 8 answers Share Flag
Leilani Powe…, Real Estate Pro in Gresham, OR
Sun Apr 21, 2013
Leilani Powell answered:
Portland is definitely a sellers market. The reason being is that the inventory simply can't hold up to the amount of buyers there are out there. Buyers do have an advantage personally due to low interest rates and overall market return. Though, the sellers still win due to multiple offers and bidding wars. Prices for homes in Portland are holding strong and slowly rising. It's a great city to be in and is in the top ten cities in the nation to live a green life in. Inventory will continue to be a struggle to keep up because more people want in than out. ... more
0 votes 10 answers Share Flag
Marvin Von R…, Real Estate Pro in Tigard, OR
Mon Apr 15, 2013
Marvin Von Renchler answered:
Not all BPOs are drive by. Many are interior. Though I am paid to do many of them---I do not think drive by BPOs should even be legal. WAYYY too much room for error.
0 votes 7 answers Share Flag
The Stephen…, Real Estate Pro in Portland, OR
Fri Apr 12, 2013
The Stephen FitzMaurice Team answered:
Prediction here - it will get worse. There are so many motivated buyers right now, it is truly amazing.
0 votes 4 answers Share Flag
stephen webb…, Real Estate Pro in Kirkland, WA
Wed Mar 27, 2013
stephen webber answered:
All good news!
And in Seattle we are experiencing more multipul offers than I have seen in my 34 years of real estate. The market is on fire.
Good by recession!!
0 votes 1 answer Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Tue Mar 19, 2013
Tom Inglesby answered:
this question was asked in 2009. The market is great right now 2013 and probably up some but it depends on the school district and price range. The lower the better if you are in Ainsworth since there are not many homes in Ainsworth under $500,000. Tom Inglesby, Broker RE/MAX Equity Group ... more
0 votes 6 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Wed Mar 13, 2013
Tom Inglesby answered:
Peggy is right the HOA is $651 a month. Don't get confused with value when you see the price of this property and you see the average price of homes in this area are 4 times higher because you are comparing manufactured homes to free standing homes or condos so the values will always be higher. You can expect your HOA to go up 6-10% each year. Good luck. Tom Inglesby, Broker RE/MAx Equity Group ... more
0 votes 2 answers Share Flag
Linda Heinri…, Real Estate Pro in Lake Oswego, OR
Tue Jan 29, 2013
Linda Heinrichs answered:
Available and waiting for a new owner. I like this location because you can get a little more for your money, since it is not in the thick of things. Easy walkability.
0 votes 5 answers Share Flag
Brad Golik, Real Estate Pro in Portland, OR
Wed Jan 9, 2013
Brad Golik answered:
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!

Brad Golik
www.LuxuryCondosofPortland.com
www.TheCondoPulse.com
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0 votes 7 answers Share Flag
Tom Inglesby, Real Estate Pro in Portland, OR
Mon Jan 7, 2013
Tom Inglesby answered:
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
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0 votes 5 answers Share Flag
Brad Golik, Real Estate Pro in Portland, OR
Wed Nov 28, 2012
Brad Golik answered:
My #1 suggestion would be to work with a condo specialist!
I often tell sellers that "anyone" can sell your condo...but at what price?
Sure, I would love to compete for your business so don't get me wrong here. If I were selling my condo, I would most likely select an agent that specializes in condos. If you did not select me for your listing, I would gladly give you the name of the 1 or 2 agents that I would select if it were my own. These agents, like myself, specialize with condos and market to condo buyers!

The problem with selecting just "any" agent to sell your condo is that they don't have marketing that is targeted to condo buyers everyday! They might be selling a HOME in the west hills one day and then Lake Oswego the next. They can not flip on a switch and become an expert in marketing condos overnight, it just doesn't work this way. And be prepared...every agent you interview will tell you they will market your condo on the internet!!!

I see that you posted your question the start of November and there has not been a larger new listing come on the market yet this month at Eliot Tower so I am guessing you might still be thinking about selling? At 1,800 square feet, you own a higher end luxury condo that deserves "high"end marketing. I would say to start thinking like a buyer. Start searching Google and Bing like a buyer would...Eliot Tower condominiums, Portland luxury condominiums, What are the HOA fees at Eliot Tower? etc.
The agents that have websites that show up on these searches are probably the agents that you should consider hiring to sell your condo...because they are putting your condo in front of serious buyers! Keep in mind, you don't see Trulia, Zillow or Realtor.com show up on these searches. I bring this up because when most agents say they will "market" your home online, this is usually what they mean...and yes, I also market on all of these websites as well, but it takes much more to do a good job of marketing your condo!

Thanks!
www.EliotTowerCondo.com
www.LuxuryCondosofPortland.com
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0 votes 11 answers Share Flag
Dragos Tavir…, Real Estate Pro in Portland, OR
Sun Nov 25, 2012
Dragos Tavirlau answered:
Hello. I live in Hazelwood for more than 10 years. This neighborhood is spread in SE and NE so for someone who intends to move in this area it's very important to know that there's a difference in pricing between the two sides. The SE part where you look can also be "split" in several areas where the prices are also different and can change consistently from street to street. Over the last years the SE side has seen a major drop in prices, way more than the NE side of the neighborhood, but at this time sees a fast increase. Will this increase last? Most likely at this time and for the next months. To predict something for the next 5 years it's really difficult. There are so many things, influencing the real estate market, to take into consideration and they are not under our control. I can elaborate a lot but it doesn't make any sense because you need an idea on what happens in the area. If you'd like a "street by street" opinion I'd be glad to provide it. No strings attached. 503-984-3485 cell. ... more
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