It’s Tough to Buy a House in Portland Right Now

But the city’s suburbs and exurbs are even hotter markets.

Remote work wasn’t the reason Dwight and Carla Hager decided to move out of their house in Portland’s Reed neighborhood last summer, but it blew their list of possible destinations wide open.

Dwight’s commute used to take him to either Kaiser Permanente’s Sunnyside or Hillsboro facilities, depending on the day. But when the COVID-19 pandemic hit, his call center shifts turned into work-from-home days. The new schedule—coupled with Carla’s planned retirement in a few years—meant the two could potentially have moved as far as McMinnville, Dwight says. They ultimately settled on Wilsonville as the sweet spot between city amenities, open space, and a reasonable commute.

Like the Hagers, plenty of Portlanders jumped farther out from the city in the past year. The housing market is surging throughout Portland and the surrounding counties, fueled by record-low interest rates and a desire for more space during a pandemic that’s kept many families cooped up together for months on end.

“An urban-to-suburban trend has been something that’s been widely talked about,” says Terry Wollam, managing broker at Wollam & Associates in Vancouver. “It’s not just urban-to-suburban, but it’s also suburban-to-rural.”

Wollam says he’s seen increased interest as far up Interstate 5 as Kalama and Kelso. On the Oregon side, Clackamas, Sandy, Boring, and Damascus have all become more popular destinations, according to Christopher Love, managing broker at the Woodstock office of John L. Scott Real Estate.

A recent John L. Scott Portland-area analysis shows a pattern of shrinking inventories and faster sales in the second half of 2020. The percentage of homes with pending sales in their first 30 days on the market hovered at 40–50 percent in 2019, but has been above 60 percent since June. The same pattern can be seen to an even greater degree in Clackamas, Washington, Columbia, and Clark Counties, where the 30-day-sales percentages ranged from about 68 to 86 percent between June and November 2020.

There’s another, less-conventional indicator of rural growth, Wollam says: a booming market for septic systems in new houses beyond the reach of municipal sewers. Cory McNair, owner of McNair Septic Design and Consulting in Clark County, just over the river in Washington, says 2020 was one of the company’s busiest years.

Some of the growth was in repair work, he says—existing systems failing under heavier use—but much of it was also in new systems for fresh construction in towns like Yacolt, Woodland, and Kalama.

It’s easy to see where the demand comes from. More than 800,000 Oregonians—around 40 percent of the state’s workforce—are capable of remote work based on their industries, according to a July 2020 report from the Oregon Employment Department.

Working from home makes long commutes less of an issue, and it pushes people farther from the urban core in search of roomier houses with space for work, school, and recreation.

“We’ve seen more people want to buy houses with pools and workout facilities, the extra amenities that they can do at home, and when they stretch outside of the city limits their dollar stretches further,” says Jessica Tindell, president of the Portland Metro Association of Realtors.

The pandemic accelerated the suburban trend, but it didn’t create it. Love says his office has seen increased interest in the suburbs and exurbs for a couple of years, driven by a desire for lower property taxes and more space as Portland proper becomes denser.

“I think [COVID] was a scale-tipper,” Love says. “That was the last straw.’”

Wollam says he’s also seen a big surge in additions and renovations. The inner Portland market also remains highly sought after, Love says, with plenty of newcomers and locals who want to downsize or upsize.

Ultimately, single-family homes with space for home offices are in demand across the board, says Gerard Mildner, academic director at Portland State University’s Center for Real Estate. Buying a new house is a long-term commitment, but buyers and even some employers seem willing to bet remote work will stick around.

For example, Riverview Community Bank switched about 100 of the 237 employees at its Washington and Oregon branches to remote work, says executive vice president Kim Capeloto. The customer service staff will eventually need to return, but there’s a backroom contingent that may be able to stay remote.

“I think we’ll still have folks that operate remotely, for sure,” he says. “I think that it’ll end up being more of an option.”

By Anthony Macu  |  Source

Homes for Sale at West Linn and Lake Oswego’s Average Price of $812,700

What should a home shopper expect to pay to buy into the West Linn-Lake Oswego area? The Regional Multiple Listing Service’s January housing report found the average sale price was $812,700.

That’s a big gap between usually close second West Portland, which came in at $699,900, according to Dustin Miller of Windermere Realty Trust in Lake Oswego.

The suburbs, which have long been attracting buyers who want more living and yard space, are even more valuable during COVID 19-driven confinement.

Years of declining inventory of Portland metro homes for sale have also been pushing prices higher to sellers’ benefit.

In this week’s real estate gallery, we look at residential properties for sale around $812,700.

19603 River Run Dr. in Lake Oswego is listed at $800,000.

The traditional-style house, built in 1981, has hardwood floors, a fireplace, sunroom, large upstairs bonus room, four bedrooms, 2.5 bathrooms and 2,656 square feet of living space.

There is a two-car garage and a fenced yard plus a hot tub and an outbuilding.

“Fabulous neighborhood and home next to River Run Park,” says listing agent Sharon Loffelmacher of The Hasson Company.

See more homes for sale in the 97034 zip code

2815 S.W. Fairview Blvd. in Portland’s Arlington Heights neighborhood is listed at $800,000.

The remodeled midcentury modern house, built in 1956 on a 4,791-square-foot lot, has hardwood and laminate floors throughout, four bedrooms, three bathrooms and 2,223 square feet of living space.

The kitchen has quartz slab counters, stainless-steel gas appliances and custom cabinets. The master bathroom has a custom tiled shower. A bonus area and wet bar are on the lower level with two bedrooms and a full bathroom.

The backyard has a tiered patio, shed and fire pit.

“Prime location just above Washington Park near the Rose Garden and Hoyt Arboretum,” says listing agent Marc Fox with Matthew Soukup of Keller Williams Realty Portland Premiere.

See more homes for sale in the 97205 zip code

4846 Lower Dr. in Lake Oswego is listed at $812,900.

The traditional-style house, built in 2012 on a 6,534-square-foot lot, has five bedrooms, three bathrooms and 2,655 square feet of living space.

The open-concept kitchen has stainless-steel appliances, tile backsplash and a center island. The master bedroom has a walk-in closet and ensuite bathroom with double vanity sinks and a garden tub.

“Create a private retreat in your backyard by adding lights and outdoor furniture … near Lake Oswego Swim Park,” says listing agent Jeff Knipe with Anna Scattarella of Knipe Realty ERA Powered.

See more homes for sale in the 97035 zip code

1001 N.W. Lovejoy St #208 in Portland’s Pearl District is listed at $815,000.

The contemporary condo, built in the 2006 Metropolitan Condominiums building, has hardwood floors, a fireplace, granite counters, two bedrooms, two bathrooms, a laundry room and 1,386 square feet of living space.

Homeowners association fees are $900 a month, which include 24-hour concierge service, a gym, conference space, wine locker rooms and a library. The deed comes with two adjacent parking spaces and a storage locker.

“Sophisticated apartment located on the courtyard, semi-private setting,” says listing agent Tim Walters of RE/MAX Equity Group.

See more homes for sale in the 97209 zip code

3904 Wellington Place in West Linn is listed at $829,000.

The traditional-style house, built in 1995 on 0.35 acres, has high ceilings, five bedrooms, 3.5 bathrooms and 4,129 square feet of living space.

There is a three-car garage and three decks.

“Nestled at the end of a cul-de-sac in the highly sought-after neighborhood of Barrington Heights, this stunning home boasts beautiful amenities throughout,” says listing agent Kathy Hart of eXp Realty.

See more homes for sale in the 97068 zip code

— Janet Eastman | 503-294-4072

Source: Article

Portland Home Prices Skyrocket with Record-low Real Estate Inventory

With fewer houses on the market and more people looking to buy, Portland homes are selling well over their listed prices.

PORTLAND, Ore. — Portland’s home real estate market appears to be getting hotter: in December, the area’s real estate inventory dropped to a record low – and experts don’t expect it to improve much when January’s numbers are released.

“I think we were all a bit surprised about this happening because a lot of us, you know, we’re nervous about how COVID is going to affect real estate,” said Alexsis Woolsey, a sales executive with Ticor Title.

According to the Regional Multiple Listing Service, the real estate inventory in the Portland metro area dropped to 0.8 in December. This means if no other houses were listed for sale, the number of available houses would sell within 0.8 months, or about 24 days.

Portland’s real estate inventory has been steadily decreasing since April, when it was 2.4.

Woolsey said the combination of fewer homes on the market and more people buying as they try to take advantage of low mortgage interest rates are what’s causing homes to sell so quickly.

To give some perspective, in January 2020, there were 2,884 listings put on the market and 1,738 sold. In January 2021, 2,600 listings were put on the market and 1,810 sold, according to RMLS.

Woolsey said sales will be pending within hours of homes going on the market. That’s how competitive things are right now.

“I would say it’s a fantastic time to be alive if you’re a seller because you have your pick and it’s unbelievable. Because of the lack of options that buyers have, they are willing to pay more than premium for that house,” said Andrew Finkle, owner of Finkle Real Estate. He has seen this competition play out with his clients.

In a recent situation, he had a client who paid $920,000 to purchase a home that was listed for $850,000.

He’s also represented the seller in a transaction that earned more than $100,000 of what its listed price was.

“I was selling a place for $699,000 and we had 12 offers and the highest offer was financed and they had escalation up to $857,000. We were listed at $699,000 and we ended up taking actually a cash offer at $800,000 for finance purposes,” Finkle said.

Woolsey explains it as basic supply and demand.

“When there are a lot of buyers in the market looking for a home that’s going to increase prices because there’s a lot of people who want to buy, so, you know, a lot of homes are receiving multiple officers and going for well over asking, which indicates a strong seller’s market,” she said.

In January 2020, homes were selling for an average of 98.82% of the listing price. In January 2021, that number jumped to 103.9%, according to RMLS.

The situation isn’t unique to Portland. According to Realtor.com, national real estate inventory in the U.S. declined by 39.6% over 2020. Their records show that the average home in the U.S. spent 66 days on the market in December 2020, which is 13 days less than the previous year. In the 50 largest U.S. metropolitan areas, homes spent an average of 56 days on the market in December 2020, 12 days less than in December 2019.

The finalized Portland January report from RMLS hasn’t been released yet, but preliminary numbers show the average number of days homes were on the market in January 2021 was 39 compared to 63 in January 2020.

Woolsey said the median number of days on market usually serves as a better indicator of how quickly things are selling, since there are always specialty properties that can take longer to find a buyer. In January 2021 the median days on market for homes in Portland was 11 days. In January 2020, the median days on market was more than triple  that – 38 days.

By looking at the preliminary January numbers, Woolsey said real estate experts expect the inventory rate to remain about the same or think it could drop even lower.

Finkle says more houses tend to go on the market starting in April and he’s hoping that’s the case this year. For now, he said it’s a crazy market out there and for people looking to purchase a home, it’s going to take a lot of patience, a lot of persistence, and oftentimes, multiple offers.

This article was written by Amanda Arden. The source can be found here.

Top 20 Most-Viewed Oregon Homes for Sale

In past years, the most viewed Oregon homes for sale online were over the top. In 2020, that changed, along with everything else.

This year, as people faced a pandemic health crisis, economic insecurity and a need for more space to be used as a home office, gym and virtual classroom, home shoppers got serious.

They searched for a well-priced home in the right location instead of spending time eyeing fantasy dwellings – although the fabled Blackberry Castle, famous for being for sale since 2015, is finally in escrow.

Popular online searches ranged from a midcentury modern in Portland’s Bridlemile neighborhood, which is listed at $2,195,000, to a 1950 Mount Hood cabin in Government Camp, which sold Dec. 3 for $245,000.

The listing history of each property reflects the Portland-area market: The number of homes for sale has dipped to the lowest level ever as prices spike in bidding wars.

Some buyers, not wanting to miss an opportunity for rock-bottom mortgage interest rates in the 2.7% range while facing a market with little inventory are offering full asking price or more. For that, they expect most of the repairs found during an inspection to be paid for by the seller, say real estate agents.

If repair negotiations don’t please the buyer, there could be a “sale fail,” in which the buyer backs out, and the property bounces back on the market.

We asked the researchers at the Zillow real estate marketplace to single out Oregon homes that have received high views online.

There’s a floating house, where the owner will lend to the buyer, and a Victorian-era home, but the most popular residential properties viewed on Zillow in the last month have been properties that a location scout would pick to represent a traditional home.

Here’s the list of the top 20 most-viewed Oregon homes for sale:

1912 remade Craftsman in Portland Heights: 2909 S.W. Upper Dr. is listed at $450,000.

The Craftsman sits on one acre and was remodeled into a contemporary-style house with banks of windows. Inside, there are English oak hardwood and bluestone tile floors, a floor-to-ceiling stone fireplace in the vaulted great room, three bedrooms, two bathrooms and 1,824 square feet of living space.

“Slab quartz counters, walnut cabinetry, Jeld-Wen windows,” says listing agent Lorna Murray of RE/MAX Equity Group.

Annual property taxes: $7,922

Market history: The property was listed for sale on Sept. 20, 2019 for $699,900, according to public records. The price dropped $200,900 about a month later, on Oct. 15, 2019, to $499,000. An offer was accepted on March 30, 2020, then the property was put back on the market on April 6, 2020. The house was pending again on May 11, 2020, then it was relisted again on May 24, 2020. When it was listed again on Sept. 16, 2020, the price was lowered $49,000 to $450,000.

Since being listed on Zillow 455 days ago, the listing has received 39,429 views and 2,040 saves.

See more homes for sale in the 97201 zip code

Northwest contemporary in Portland’s Multnomah Village: 8476 S.W. 37th Ave. is listed at $684,999.

The house was built in 1924 on an 8,712-square-foot, secluded corner lot three blocks from village amenities. Inside, there is a gas fireplace, three bedrooms, two bathrooms and 2,174 square feet of living space. There is also a large deck and basement space.

“This rare-design home is flooded with natural light from oversized windows. Corner lot has the possibility for future development and/or ADU (buyer to do due diligence),” says listing agent Taylor Rhodes of Uptown Properties.

Annual property taxes: $7,044

Market history: The house sold in February 2017 for $350,000, according to public records. It was put on the market Nov. 12, 2020 at $684,999. An offer was accepted on Dec. 13, 2020 and the sale is pending.

Since being listed on Zillow 36 days ago, the listing has received 21,302 views and 1,309 saves.

See more listings in the 97219 zip code

1956 contemporary house in Salem: 4670 Croisan Creek Road South is listed at $360,000.

The single-level house, built on one acre, has floor-to-ceiling windows in the dining and step-down living room. There is a sliding glass door that opens to the wraparound deck from each of the three bedrooms. There are two bathrooms and 1,782 square feet of living space.

The property has a year-round creek and an abundance of wildlife.

“Frank Lloyd Wright-inspired architecture on a private oasis, three minutes to Sprague,” says listing agent Colleen Benson of Keller Williams Capital City.

Annual property taxes: $2,976

Market history: The property was listed for sale Nov. 20, 2020 and an offer was accepted five days later, according to public records.

Since being listed on Zillow 79 days ago, the listing has received 18,866 views and 1,342 saves.

See more homes for sale in the 97302 zip code

2002 Craftsman-inspired in Bend: 55911 Black Duck Road is listed at $374,900.

The single-level house on 0.48 acres has upgraded laminate wood flooring and an open great room with large windows and a vaulted ceiling. The kitchen has stainless-steel appliances and tile floors. There are three bedrooms, two bathrooms and 1,321 square feet of living space.

The deck overlooks a fenced backyard with a fire pit and there is space for RV parking and storage.

“Light and bright home perfect for entertaining. Conveniently located close to Sunriver and just minutes to Oregon Water Wonderland river access,” says listing agent Christine Browning with Amy Moser of Red Door Realty.

Annual property taxes: $2,115

Homeowners association fees: $125 a month

Market history: The property was listed for sale March 16, 2020 and the listing expired. It was listed again Nov. 9, 2020 at $374,900 and an offer was accepted six days later, according to public records.

Since being listed on Zillow 39 days ago, the listing has received 21,701 views and 685 saves.

See more homes for sale in the 97707 zip code

Bayview house in Gleneden Beach: 33 Marine Lane is listed at $160,000 for a 25% share to four owners agreeing to use the home not as a rental and occupants to adhere to the nonsmoking requirement.

The 0.41-acre property is in a secluded location on Siletz Bay, next to a boat launch and a small beach with ocean access across the road.

The house was built in 1971 and has views from every window and the wraparound deck. There are three bedrooms, two remodeled bathrooms and 1,560 square feet of living space.

The private gated community includes golf links and a pool.

“Management agreement among owners to schedule vacation time,” says listing agent Yussetty Spicer of Spicer & Associates Realty.

Homeowners association fees: $225 a month

Annual property taxes: $5,424

Market history: The property was listed for sale Nov. 25 2009 for $499,000. Quarter shares were listed Oct. 3, 2020, according to public records.

Since being listed on Zillow 76 days ago, the listing has received 24,525 views and 941 saves.

See more homes for sale in the 97388 zip code

1910 bungalow in Portland’s Roseway neighborhood: 3405 N.E. 73rd Ave. is listed at $384,900.

The house, built on a 4,791-square-foot lot one block from popular Northeast Fremont Street, has refinished hardwood floors, a fireplace, two bedrooms plus a den/office, finished loft area, two bathrooms and 1,875 square feet of living space.

The unfinished basement has a laundry area, workbench and access to the backyard with garden beds, a water feature and patio. The detached one-car garage has storage space.

“House has newer roof. Close to shops and dining and easy freeway and public transportation access,” says listing agent Nicholas Swann of Windermere Realty Trust.

Annual property taxes: $4,208

Market history: The property was listed Dec. 3, 2020 at $384,900 and was pending three days later, according to public records.

Since being listed on Zillow 15 days ago, the listing has received 8,197 views and 834 saves.

See more homes for sale in the 97213 zip code

1912 cottage in Portland Heights: 3133 S.W. Upper Dr. is listed at $675,000.

The updated cottage on 0.74 acres has three bedrooms, three bathrooms and 2,600 square feet of living space. Outside are two decks, a quiet patio space and a detached garage.

“Tastefully updated in every way, with an open kitchen and soaring vaulted ceilings,” says listing agent Krystin Bassist of Windermere Realty Trust.

Annual property taxes: $11,212

Market history: The property was listed Aug. 17, 2020 at $700,000 and the price dropped $25,000 to $675,000 on Sept. 15, 2020, according to public records.

Since being listed on Zillow 123 days ago, the listing has received 10,402 views and 705 saves.

See more homes for sale in the 97201 zip code

Floating house in Hayden Island: 11606 N. Island Cove Lane, located in the back of the moorage with beach access, is listed at $225,000.

The renovated main house, built in 1979, has two bedrooms and two bathrooms. The tender unit, a separate titled home, has a living room, galley kitchen, one bedroom and one bathroom. The total is 1,620 square feet of living space.

”Great fishing off the back deck of the guest house. One of the best sturgeon holes is located 20 feet to the left of the back deck. Great for an investor or a family that wants to live in one spot and rent out the other,” says the owner (503-913-0835) who has listed the property and will carry a loan at a 5.9% rate for eight years with a $60,000 down payment.

Homeowner association fees: $1,064 a month

Market history: The property was listed Nov. 11, 2020 at $250,000. The price dropped $25,000 to $225,000 on Dec. 2, 2020, according to public records.

Since being listed on Zillow 37 days ago, the listing has received 24,990 views and 748 saves.

See more homes for sale in the 97217 zip code

1925 remodeled house in Oregon City: 14824 S. Redland Road is listed at $524,900.

The ranch-style house has a living room with a pellet stove and bay window, an updated kitchen with stainless-steel appliances, stone counters and an eating bar plus three bedrooms, two bathrooms and 2,184 square feet of living space.

The 4.19-acre property has territorial views, RV parking, creeks and room for horses. Outbuildings include a tack room, tool shed and carport.

“Master bedroom features an updated bathroom with a jetted tub. Look no further, this property has it all,” says listing agent Jimmy Bacon of eXp Realty.

Annual property taxes: $3,684

Market history: The property was listed Nov. 21, 2020 at $550,000. The priced dropped to $539,900 on Dec. 12, 2020 and $524,900 on Dec. 18, 2020, according to public records.

Since being listed on Zillow 44 days ago, the listing has received 13,914 views and 753 saves.

See more homes for sale in the 97045 zip code

1964 house in the South Portland neighborhood: 7006 S.W. Brier Place is listed at $565,000.

The midcentury house, on a 6,534-square-foot lot, has a living room and kitchen with vaulted ceilings, three bedrooms, plus an office (or fourth bedroom conversion), two bathrooms and 2,340 square feet of living space.

The new second floor deck has unobstructed views of the Willamette River and Cascades.

“Income potential with flexibility to rent garden-level as separate unit with a kitchenette,” says listing agent Michael Engeholm of Redwood Realty.

Annual property taxes: $8,065

Market history: The property was listed Sept. 7, 2020 at $659,500, according to public records. The price dropped on Sept. 21, 2020 to $599,000. The priced dropped again Nov. 16, 2020 to $565,000 and an offer was accepted four days later.

Since being listed on Zillow 102 days ago, the listing has received 8,310 views and 581 saves.

See more homes for sale in the 97219 zip code

1955 bungalow in Portland’s Woodstock neighborhood: 5821 S.E. 49th Ave is listed at $350,000.

The house, built on a 4,791-square-foot lot, has the original hardwood floors, dual living rooms with two fireplaces, two bedrooms plus one noncompliant bedroom, two bathrooms and 1,736 square feet of living space.

There is a attached single-car garage and a fenced backyard with a wood deck.

“Fixer in the heart of Woodstock. This home is priced to sell. Come make this your dream home,” says listing agent Nycole Peraza-LaFave of Keller Williams Premier Partners.

Annual property taxes: $3,886

Market history: The property was listed Nov. 19, 2020 at $350,000 and went pending three days later, according to public records. The listing was removed Dec. 8, according to Zillow.

See more homes for sale in the 97206 zip code

1894 Queen Anne in Portland’s Buckman neighborhood: 203 S.E. 15th Ave. is listed at $715,000.

The remodeled Victorian-era house, built on a 4,791-square-foot lot, has high ceilings, refinished hardwood floors, an office or den on the main level, five bedrooms, 3.5 bathrooms and 3,369 square feet of living space.

The basement with a separate fenced entrance has a kitchen and full bathroom, and was rented for $1,200 a month. The level backyard is fenced.

“Remodeled kitchen with storage galore. Super walk core! Don’t miss this one,” says listing agent Tatiana Xenelis of eXp Realty.

Annual property taxes: $9,381

Market history: The property was listed March 13, 2020 at $750,000 and the listing was removed March 25, 2020, according to public records. On Sept. 10, 2020, the property was listed at $725,000 and the listing was removed Oct. 1, 2020. On Nov. 13, 2020, the property was listed again, this time at $749,000 but the price dropped on Nov. 30, 2020 to $734,000. On Dec. 16, 2020, the price dropped to $715,000.

Since being re-listed on Zillow 35 days ago, the home has received 13,036 views and 562 saves.

See more homes for sale in the 97214 zip code

Tudor-revival style house in Portland’s Cully neighborhood: 5120 N.E. 60th Ave. is listed at $300,000.

The house, built on a 7,840-square-foot lot, has hardwood floors, three bedrooms, a den/office, one bathroom and 1,680 square feet of living space.

There is a detached garage and a covered breezeway that leads to the fully fenced yard.

“Adorable and cozy home … spacious and filled with light, lots of potential,” says listing agent Rachel Aron of Resettle Realty.

Annual property taxes: $3,641

Market history: The property was listed Oct. 29, 2020 at $300,000 and an offer was accepted Nov. 4, 2020, according to public records. The house was back on the market Nov. 17, 2020 at $300,000, and was listed as pending on Dec. 5, 2020.

Since being listed on Zillow 50 days ago, the listing has received 12,089 views and 613 saves.

See more homes for sale in the 97218 zip code

1987 Northwest contemporary house in Portland’s Southwest Hills: 1919 S.W. Montgomery Place sold Dec. 15, 2020 for $950,000.

The updated house, built on 0.4 acres, has three bedrooms, 2.5 bathrooms and 2,160 square feet of living space.

“Prepare to fall in love. Privacy, design and details come together that make this the area’s hottest property in the most exclusive neighborhood. Modern, open concept living that will allow you to entertain and live with ease while being minutes from all PDX has to offer,” says listing agent Jason Mendell with Braden Fridell of Cascade Sothebys International Realty.

Annual property taxes: $11,680

Market history: The property sold June 3, 2019 for $341,000. It was listed Nov. 10, 2020 for $899,950, according to public records. It was pending six days later and sold Dec. 15, 2020 for $950,000.

See more homes for sale in the 97201 zip code

Midcentury modern in Portland’s Bridlemile neighborhood: 6109 S.W. Thomas St. is listed at $2,195,000.

The 1957 house has 18-foot-tall ceilings in the main living area and glass doors that open to a covered back porch. There are five bedrooms (one is part of an accessory dwelling unit), three full bathrooms, two powder rooms and 3,810 square feet of living space.

“This home is so special we had to name it: Cedar Grove is situated on 1.1 private acres. Designed to bring the outside in. Full custom design and finish,” says listing agent Jennifer Bolen of Premiere Property Group.

Annual property taxes: $9,829

Market history: The property sold Oct. 18, 2019 for $675,000. It was listed Sept. 1, 2020, for $2,195,000, according to public records. It went pending 15 days later, but was re-listed Sept. 24, 2020.

Since being listed on Zillow 108 days ago, the listing has received 10,563 views and 628 saves.

See more homes for sale in the 97221 zip code

1950 Mount Hood cabin in Government Camp: 79693 E. Road 35 #157 sold Dec. 3, 2020 for $245,000.

The two-level cabin has a knotty pine interior, wood-burning insert and a living and dining area that opens to a deck with a view of the Zigzag River. Upstairs are four bedrooms spaces, one bathroom and 780 square feet of living space.

“One-of-a-kind, fully furnished just for you,” says listing agent Marti Bowne of Keller Williams PDX Central.

Annual property taxes: $1,091

Homeowners association fee: $2,681 a year

Market history: The property was listed Nov. 10, 2020 for $229,000 and it went pending six days later, according to public records.

See more homes for sale in the 97028 zip code

1954 rebuilt farmhouse in St. Helens: 58363 Old Portland Road is listed at $350,000.

The two-level house, built on 1.8 acres that includes McNulty Creek, has three bedrooms, upstairs bonus room, two bathrooms and 3,338 square feet of living space. The basement is set up as a multi-generational living space.

The property has fruit trees, a shed and room to park an RV.

“Privacy and serenity in a convenient location make this a unique opportunity. Come see all the potential here,” says listing agent Erica Sherlock of RE/MAX Powerpros.

Annual property taxes: $4,477

Market history: The property was listed June 26, 2020, for $399,000, according to public records. It went pending July 20, 2020, then was delisted July 31, 2020, then went pending again Sept. 8, 2020, then re-listed Nov. 11, 2020, then the price changed Nov. 11, 2020 to $350,000.

Since being listed on Zillow 176 days ago, the listing has received 10,648 views and 606 saves.

See more homes for sale in the 97051 zip code

1955 traditional house in Eugene: 28246 Spencer Creek Road is listed at $499,000.

The house, built on 6.98 acres, has four bedrooms, two bathrooms and 2,100 square feet of living space.

The fully, deer-fenced and gated property includes southern exposure, fruit trees, water rights and outbuildings with a 20-foot-by-22-foot barn, chicken coop, garden shed, pump house and dog runs.

There is a seasonal pond, tree swing and organic soils.

“Beautiful lavender farm right outside of town. Don’t miss this dreamy opportunity,” says listing agent Freeman Corbin of Hybrid Real Estate.

Annual property taxes: $2,695

Market history: The property was listed Dec. 4 ,2020 at $499,000 and it went pending four days later, according to public records.

Since being listed on Zillow 14 days ago, the listing has received 4,238 views and 237 saves.

See more homes for sale in the 97405 zip code

1925 bungalow in Portland’s St. Johns neighborhood: 10015 N. Smith St., one block to Pier Park, is listed at $389,900.

The house, built on a 5,227-square-foot lot, has a wraparound sun porch, living room with built-in bookcases, a wood-burning fireplace, two bedrooms, 1.5 bathrooms and 2,002 square feet of living space.

The master bedroom has built-in cabinets and French doors that open to a deck with a large porch swing.

Mature landscaping includes a garden space. A detached garage can be used as a studio.

“Sweet kitchen has a marble breakfast bar. Nearly full unfinished basement has so much potential,” says listing agent Nikki del Giudice of Farrell Realty & Property Management.

Annual property taxes: $3,294

Market history: The property was listed Nov. 11, 2020 at $389,900 and an offer was accepted five days later, according to public records.

Since being listed on Zillow 37 days ago, the listing has received 628 views and 11 saves.

See more homes for sale in the 97203 zip code

1969 Northwest contemporary in Portland Heights: 3042 S.W. Nottingham Dr. is listed at $850,000.

The modern house, built on 0.37 acres on a cul-de-sac, has an open floor plan with hardwood floors and vaulted ceilings, a master suite with a fireplace, two more bedrooms, 2.5 bathrooms and 2,895 square feet of living space.

The kitchen has high-end appliances, a concrete island and custom beverage center.

There is outdoor entertaining on three levels.

“With an abundance of windows backing to natural green space, this home exudes peace and tranquility,” says listing agent Jennifer Turner of Lovejoy Real Estate.

Annual property taxes: $11,773

Market history: The property was listed Nov. 4, 2020 for $875,000 and the price dropped to $865,000 on Nov. 14. The price dropped again on Dec. 1, 2020 to $850,000, according to public records.

Since being listed on Zillow 79 days ago, the listing has received 9,159 views and 569 saves.

See more homes for sale in the 97201 zip code

— Janet Eastman | 503-294-4072

jeastman@oregonian.com @janeteastman

Portland Homes for Sale Dip to Lowest Level Ever

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This 1,801-square-foot home built in 2015 in Bethany sold for $520,000 on Nov. 30, 2020. Portland metro’s average sale price reached $521,200 in November 2020. Cinnamin Webb of Redfin

Portland metro has never had so few homes for sale as seen in November, handing even more power to sellers and forcing buyers to face bidding wars or wait for more owners to list their residential property, which requires them to have confidence that they can find another place to live.

The logjam is long familiar to home shoppers competing in the Portland-area market. Basement-level inventory has been pushing prices higher for years.

But in November, inventory fell again, to the lowest reported in the 30-year history of the Regional Multiple Listing Service (RMLS), and the average sale price reached $521,200, a 12.7% increase over November 2019.

The 2,238 Portland metro homes put on the market last month were a 36.3% plunge from the 3,515 listed in October, according to RMLS.

If sales continue at the same pace, it would take just one month to sell all the homes on the market, according to RMLS.

Six months of inventory is an indicator of a market balanced to both buyer and seller.

Inventory is calculated by dividing the active residential listings at the end of the month by the number of closed sales and homes proposed and under construction.

“Never on record have we had only one month of inventory,” says Dustin Miller of Windermere Realty Trust in Lake Oswego, reacting to the RMLS report. “We are still reeling. Fortunately, the median sale price [$457,000] went down a tad from October [$460,000], which is in part due to the number of high-end listings.”

The median sale price is the point in the middle in which half of the properties sell at a higher price and the other half at a lower price.

When compared to the previous 12 months, the median cost to buy a Portland metro home jumped 6.5%, to $435,000, according to RMLS.

“We are advising clients to list while inventory is still low, rather than risking that after a [coronavirus] vaccine is made widely available that folks might come to market at normal rates again,” says Melissa Dorman of Living Room Reality, who is licensed in Oregon and Washington.

“Higher inventory might decrease the heavy bidding wars we see right now,” she says, adding, “in no event do I see the Portland market trending down anytime soon.”

In November, 109 houses and condos sold for more than $1 million and 15 of those sold for over $2 million, says Miller.

“That can really skew the average sales price a bit, but if it keeps up, I would consider it a real trend, at least for the near future,” he says.

Two listings for more than $2 million sold quickly and for cash. “Cash is king,” says Miller.

Beth Benner of Living Room Realty predicts it will take much of 2021 at least for supply to catch up with demand. “Buyers are coming to Oregon from larger, more expensive cities,” she says, “as they can work from anywhere and Portland still seems ‘affordable.’”

In November, 2,745 residential properties in Portland metro changed hands, a 13% decrease from the 3,155 closings in October 2020, but a 25.3% jump from the 2,191 closings in November 2019, according to RMLS.

Benner also says first-time buyers working from home have found they need more space than a studio condo and the lowest mortgage interest rates in history can make a home payment less than rent, if the buyer has a down payment.

A 30-year, fixed interest rate is in the 2.7% range as of Dec. 10, according to the Federal Home Loan Mortgage Corporation, known as Freddie Mac.

Some buyers, not wanting to miss an opportunity for rock-bottom rates in a market with little inventory, are offering full asking price or more. For that, they expect most of the repairs found during an inspection to be paid for by the seller, say real estate agents.

If repair negotiations don’t please the buyer, there could be a “sale fail,” in which the buyer backs out, and the property bounces back on the market, says Miller.

Ilyse Ball, principal broker of the I Realty team, RE/MAX Equity Group, has noticed buyers digging in their heels when asked to absorb the full cost of repairs.

“Buyers are less willing to take on updates and repairs. They are walking away if they feel a home needs work,” she said in May. “With prices rising over the past few years, people are getting pickier, and with stay-at-home conditions, it may be daunting for buyers to think about workers in their home.”

In Portland metro, the 2,557 homes with an accepted offer, called pending sales, in November dropped 20.1% compared to the 3,199 offers accepted in October 2020, but were a 12.4% jump from the 2,274 offers accepted in November 2019, according to RMLS.

The average time Portland metro residential properties were for sale last month before receiving an acceptable offer was 41 days.

Compounding shortages in homes for sale is a growing population, owners unwilling to sell during the coronavirus pandemic and September wildfires that destroyed more than 4,000 Oregon dwellings.

The biggest factor of not selling, according to national real estate database analysis, is concern of not finding another home.

Many home shoppers have widened their search and are moving out of metro areas.

Interest in suburban living, with homes on larger lots, has been growing for a few years, say real estate professionals, but the coronavirus amplified the desire for more square footage as well as a relaxing backyard to replace weekend getaways.

“The suburbs have clearly benefited this year from urban flight and the general implications from the pandemic related to work-from-home opportunities,” says Jim Arnal of Living Room Realty.

— Janet Eastman | 503-294-4072

jeastman@oregonian.com @janeteastman

Want to search Oregon real estate listings and use local resources? Click here.

Portland Homes for Sale: Prices Rise, Inventory Plunges, Both Favoring Sellers

Despite a roller-coaster stock market, lingering pandemic and uncertainty caused by natural and made disasters, the real estate market continues to connect buyers to sellers (Eastman 1). In August, 3,149 Portland residential properties switched hands, according to the latest report by RMLS. Somehow, above all of the drama and contingency, real estate still progressed onward in the past month.

The low number of homes for sale continues to trouble home shoppers and favor sellers. As a result of the few houses on the market, the median sale price rose to $449,000, a 0.9% increase from the month of July.

Inventory of homes for sale in August scarcely rose, to 1.3 months, compared to July’s 1.2 months. “Basement-level inventory in a state with the largest housing shortage in the nation is offering buyers the fewest choices in years” (Eastman 5).

The coronavirus lessened the number of homes for sale in the Portland metro area and across the country. The number of Portland listings in August plummeted 8.3% (3,385) compared to July (4,236). When examining the first eight months of 2020 compared to the same period in 2019, new listings (27,379) declined by 10.1%.

The most influential factor of not selling was the concern of not finding another home.

The majority of sellers also served as buyers, so as new listings hit the market, another buyer is also added. As for the issues in inventory, previously vacant homes that acted as second homes and rentals have been reoccupied by their owners, taking them off the market. With inventory still at a low though, prices have been bumped up for homes.

“Buyers who haven’t lost their source of income and have acceptable debt-to-income ratios are cashing in on mortgage rates in the historically low 2.9% range, according to the Federal Home Loan Mortgage Corporation, known as Freddie Mac” (Eastman 17).

3,679 pending Portland homes increased 1.1% in August compared to July but skyrocketed 26.2% from the 2,929 offers in August 2019.

The deadly wildfires that wrecked Oregon properties in early September took a consequential impact on home sales too. Thousands of people were left relocated from their homes, living in temporary housing and mobile home parks. While the market was already desperate for inventory before the fire, with properties damaged and destroyed, the situation has only worsened. The cost to rebuild later resulted in higher asking prices. The fires delayed transactions that were able to continue during the pandemic, and homeowners became timid to list their homes. People are desperate for housing, so if you put your house on the market with a reasonable asking price, you will be bombarded with offers.

 

Agent Website Photos-KristaThis blog post was written by Krista Pham, our intern.

The article that inspired this piece can be found, here.

Office Real Estate Market Predicted to Return to Pre-COVID Level in 2025

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Vacancies caused by Covid-19 will result in over 200 million of net negative square footage in the office real estate market, but the growth of professional services sector jobs will help lead to a recovery over five years, says Cushman & Wakefield. Thomas Barwick | Getty Images

For the past six months, working from home has become a permanent trend during this pandemic. Ultimately, we will all return to our workspaces and the number of people will match up to what we had pre-COVID. The question remains as to when things will finally return to normal. According to a news forecast from Cushman & Wakefield, it could take five years.

Global office vacancies aren’t projected to return to their pre-Covid peak level until 2025, resulting in the loss of 215 million square feet of office vacancy due to the pandemic. Between the start of COVID-19 in the United States and 2021, the net-negative office square feet damage will reach approximately 95 million square feet, topping the financial crisis trough by 10 million square feet.

During the financial crisis, Canada, Europe, and the U.S. reported a combined decline of 120.5 million square feet occupancy from peak-to-trough. This evidence proves that the situation will most likely be worse in the west.

The work from home trend is present in most companies operating through the pandemic. Cushman & Wakefield studied some of the most extensive companies around the world about the future of the office and ventured to weigh both the cyclical results of the Covid recession and structural impacts regarding a tremendous increase in work from home. Two key verdicts arose from this study; Office leasings fundamentals will be significantly impacted, and vacancies will increase to an all-time high. Secondly, the office real estate market will fully recover immensely due to employment growth and the continuous shift in the U.S. economy’s concentration in certain types of professional jobs.

An estimated 82% of the damage in real estate firms will be related to cyclical factors such as permanent job losses and the growth of coworking. The other 18% is due to structural factors like assumptions about permanent remote workers and hybrid workers. Work from home will double, and those who are working both from home and at the office (hybrid) will increase. “The study estimates that the share of people working permanently from home in the U.S. and Europe will increase from roughly 5-6% pre-Covid-19 to between 10% and 11% post-Covid, while the share of hybrid — also referred to as agile workers — will increase from between 32% to 36% to just under half of all workers (Para 8).

Levi Strauss & Co recently shut down any new commercial real estate during the crisis. The CFO states, “The myth that work from home is not productive has been busted.”  The CFO believes that society will eventually settle into a culture where working from anywhere will be the new norm. As for Google, they will be trying out a hybrid plan of work since most employees don’t want to be in the office every day. Young workers are taking advantage of the remote working shift to travel, embracing a new lifestyle full of voyage and technology. This is a transformation that could become permanent for a new generation of workers.

Many workers still do not feel comfortable returning to their offices. After one study, only 14% of workers claimed they felt trusting enough of their CEOs and managers to safely lead them back to work. As for now, working from home is the new norm for our society.

Agent Website Photos-KristaThis blog post was written by Krista Pham, our intern.

The article that inspired this piece can be found, here.

Donating Materials to Promote Black Homeownership

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More than 20 volunteers came out recently for a Taking Ownership PDX project to clean out a home and prepare it for renovations. (Photo courtesy Randal Wyatt via Instagram)

Randal Wyatt, a student advocate for a Portland nonprofit and hip-hop artist, was long outspoken on social justice issues when it came to his work and social media. Not far after the killing of George Floyd, Randal was flooded with messages from white people asking how they could help support Portland’s Black community. 

With a past of racism, Portland has a predominantly white population with only 5.8 percent of African Americans. Wyatt, who was born and raised in the black communities of Portland, felt the communities needed dedicated investment. “ ‘I said it was time to put your money where your mouth is,” he recalls. “Exclusionary laws have contributed to Black and Brown communities being in the hole. We need reparations, we need to be given a piece of the pie’ ” (❡2). Soon after, the idea quickly took off and turned into Taking Ownership PDX, a vehicle that collected donations for Portland’s Black community. It is a collective group of contractors, realtors, neighbors, and businesses making free upgrades and repairs to Black-owned homes. The goal for this movement is to become a nonprofit and to increase the number of Black homeowners and businesses in Portland.

Wyatt’s motive was to first develop a framework to start his project immediately. He started to take donations himself and eventually through a fiscal sponsor. He collected the names of people who might want to volunteer to help with the renovation projects and approached the first homeowner, asking if they would be interested in free home improvement. Work began in late June on the very first home and Wyatt discovered a second home in need of repairs. After working on his first project, his movement got publicity around Portland and money started coming in. “By August, Wyatt was focused full time on Taking Ownership PDX, with the support of a board composed of 13 people in real estate, contracting, architecture and social work” (❡7). 

Wyatt and Lauren Goché, a realtor for Think-Real Estate, set a goal to raise $100,000 in one month and surpassed it recently. “The community contributed in various ways: small businesses, realtors and musicians have offered donation matches; an individual sold masks and donated the proceeds; a board member baked cookies and also donated proceeds” (❡9). 

You can keep up on Wyatt’s chronicles through his Instagram account. Taking Ownership now has 47 families listed that need assistance with 13 active projects. “Wyatt plans to establish Taking Ownership as a nonprofit that not only carries out repairs for Black homeowners, but offers downpayment assistance” (❡14). If Taking Ownership can attain state funding, they will be able to help produce more Black home and business owners by providing down payments. 

The collective is fast-growing and Wyatt wants as much support as he can get for Taking Ownership PDX.

Agent Website Photos-KristaThis blog post was written by Krista Pham, our intern.

The article that inspired this piece can be found, here.

 

New Energy-Efficient Homes Neighboring the Mid Century Moderns in Portland

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Architect Ryan Walsh’s approach to indoor-outdoor living is evident at 6253 S.W. Hamilton Way in Portland’s Bridlemile neighborhood.

 Ryan Walsh, an architect, was given the opportunity to construct and design three different homes amidst land made famous by the mid-century modern establishments that were produced by some of Walsh’s most respected Portland architects; John Storrs and Saul Zaik. The pressure was on Walsh to construct a home that would match up to the famous dwellings in the neighborhood, but he embraced the challenge and developed his homes with a well thought out approach: “To maximize indoor-outdoor livability as well as privacy, and to instill a visual leitmotif using wood, stone and other natural elements emblematic of the Pacific Northwest, while still creating unique custom homes that ‘foster sensible family living’”(❡5). His project intended to construct large homes with great living spaces, without unnecessary space. Every home he had built was designed to collaborate and “‘live in harmony with the natural landscape and  with each other,’ says Walsh” (❡13). The first house had floor to ceiling windows that faced north and south, yet no windows on the east side of the house where the second home would be. The second house will have a courtyard that opens to a green area that faces east with a creek that flows through the second and third lots. Walsh made sure every aspect of the homes ensured the most efficient energy usage and allowed natural light to illuminate the rooms. With energy-saving appliances, such as a tankless water heater and a 96%-efficient forced-air furnace and air conditioner, the meticulously thought out homes are both breathtaking and sustainable.

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All of the lighting is LED, but “there are windows in every room and really there is no need for lights to be on during the day,” says architect Ryan Walsh of Light House Architecture and Construction in Portland.

Agent Website Photos-KristaThis blog post was written by Krista Pham, our intern.

The article that inspired this piece can be found, here.