You are Your Best Real-Estate Asset

There are four reasons why you should prioritize investing in yourself. 

By September 25, 2021
Opinions expressed by Entrepreneur contributors are their own.

There are many different real-estate assets you can invest in, from commercial offices and single-family homes to office buildings and retail stores, each with unique costs and risks. However, none of these can compete with the highest-yielding asset — you.

You are the best real-estate asset because it’s your confidence and expertise that guide your investment decisions and produce results. And you’ll only succeed in this industry by consistently making the best strategic choices.

Investing in yourself first is a formula that has worked for many of today’s real-estate entrepreneurs and is an approach that will work for you.

Here are four reasons why you should prioritize investing in yourself.

1. You appreciate faster

Real estate is considered one of the best investment vehicles since it naturally increases in value over time, especially with the right improvements and operational strategies. Optimizing rents, replacing windows and other enhancements will gradually raise the value of your real-estate asset.

For example, commercial real-estate values increased by 11% in the past year, as reported by Green Street’s Commercial Property Price Index. The CCIM Institute also notes the compounding returns of appreciation and improvements, estimating a 10% increase in property value yields a 50% markup on an investor’s 20% down-payment investment.

Likewise, your character, expertise and potential are powerful assets that generate incremental returns and can be improved steadily through traditional education, self-study, mentorship and hands-on experience.

Despite this parallel between investors and real estate, we learn much faster than any real property can appreciate in value. Whereas it could take ten years to capture the full equity of a property, some rookie operators need just one month of dedicated study and practice to become a functional real-estate “expert”.

Related: Maintain Your Competitive Advantage by Focusing on Your Most Valuable Asset — You

2. You are the best hedge against volatility

Real estate is a highly sought-after investment as it hedges against volatility in the financial markets better than any other asset. Employing a basic statistical tool is how investors collectively reached this “volatility-resistant” perspective.

In finance, standard deviation quantifies the susceptibility of an asset to ups and downs in the market. The standard deviation of a blended public/private real-estate portfolio is approximately 14% less than a mix of stocks and bonds, which are considered the next most stable financial assets.

This distinctive disparity in the volatility metric indicates that real estate always maintains an intrinsic value no matter how bearish the economy is, providing essentials such as homes, restaurants and workplaces. Similarly, regardless of market fluctuations, your proficiency and education in real estate are always crucial and in demand.

A collapsing economy can’t erase your earned knowledge of deal negotiation, alliance formation and lean operations. These skills hold greater value than any piece of land, and you can exploit them to navigate even the most turbulent economic waters.

Related: 5 Ways to Improve the Performance of Your Greatest Asset: You

3. You provide the greatest leverage

Unlike many other investment vehicles, real estate lets you scale quickly by harnessing other peoples’ money. Specifically, property owners rarely pay for a property using all cash. Rather, they deposit part of the outlay and secure the rest from a bank or private lender.

Prominent players in the industry tend to favor a similar structure. Case in point, in 2018, Real Capital Solutions — a real-estate investor in Chicago — purchased a $118 million office tower, putting only $12 million down upfront while financing the rest of the purchase with liquidity provided by capital partners.

The firm’s successful acquisition of capital of such magnitude — for 90% of the price, no less — required its owners to leverage their 30 years of industry know-how and networking prowess.

As an educated and experienced individual, you too can capitalize on your insight and credentials to sway your investor network, family, team and even the competition to achieve the impossible. In other words, you can also buy a mega office building with a 10% down payment.

Real estate is one of the few industries where you can leverage your talents and relationships to scale even more quickly.

4. You are 100% in control

On a purely individualistic level, you’re the best real-estate asset in the world because you’re 100% in control of yourself. The brightest minds in finance would agree that ideal investments are those you exercise the most control over.

UBS Global’s 2019 survey of leading family offices and wealth managers worldwide found that more than half the assets in the average private equity portfolio — 54%, to be exact — were direct investments that gave investors the most command.

These investments have become more popular and attractive because the more influence an operator has, the less vulnerable an investment is to external forces such as changing consumer tastes, unemployment rates or weather conditions.

With tighter reins, it’s easier to predict returns. You hold complete authority over your work ethic, mindset and commitment toward excellence and prosperity. As a result, the more you master and improve yourself, the further you’ll advance in any niche of the real-estate industry.

You first, then real estate

Before investing in any real estate endeavor, invest in yourself. Your knowledge, experience and skill in real estate hold more value than any piece of property.

Additionally, investing in yourself first protects you in any economic downturn, delivers the optimal return, and — best of all — is entirely within your control.

Your real-estate journey begins with you, so have faith in yourself, do the work and take the leap.

The $300m flip flop: how real-estate site Zillow’s side hustle went badly wrong

Zillow reportedly has about 7,000 homes that it now needs to unload – many for prices lower than it originally paid

Zillow announced that its home-buying division, Offers, has lost over $300m over the last few months.
Zillow announced that its home-buying division, Offers, has lost over $300m over the last few months. Photograph: Andre M Chang/Zuma Press Wire/Rex/Shutterstock
 Online shopping can be dangerous, as the US property website Zillow has belatedly come to realize. While many of us wasted countless hours during the pandemic clicking through real estate listings on Zillow and daydreaming about the sort of pad we’d buy if we had deep pockets, the company was running a side-business, separate from its property searching website, in which it deployed algorithms to help it buy houses themselves and then flip them.

It did a lot of buying, but hasn’t been so great at the selling. This week the company announced that its home-buying division, Offers, had lost more than $300m over the last few months. Offers will now be shut down and about 2,000 people laid off. Zillow reportedly has about 7,000 homes that it now needs to unload; many for prices lower than it originally paid.

You would be forgiven for not knowing that Zillow was even in the business of buying houses. For most of its 15-year history the Seattle-based company focused on publishing online real estate listings. Then, in 2018, its CEO, Richard Barton, started to aggressively move the company into a business known as iBuying. The idea is that algorithms would identify attractive homes to flip; Zillow would buy the home directly from the seller; minor renovations would be made; Zillow would quickly flip the house and pocket a profit. At one point Barton aimed to buy 5,000 homes a month by 2024.

iBuying is a nascent industry. A recent report from Zillow found that the four largest iBuyers – Zillow Offers, RedfinNow, Offerpad and Opendoor – were responsible for just 1% of all US home purchases in the second quarter of 2021. (Although that number goes up to 5% in certain fast-growing markets like Phoenix.) But while it’s still in its infancy, there’s a lot of excitement among tech types about the future of algorithm-powered home buying. “There is an arms race right now of who will become the Amazon of real estate,” a real-estate professor at Columbia University recently told Marketwatch. “That’s why all these companies like Zillow or Redfin want to have everything in house.”

Enormous companies with deep pockets and mounds of data bidding against ordinary people in an already absurd housing market? It sounds like a nightmare for anyone who isn’t a tech investor. And indeed, news of what Zillow has been up to has caused a backlash on social media, largely fuelled by a viral TikTok by a Nevada real-estate agent called Sean Gotcher that claimed iBuyers manipulate the housing market.

Gotcher didn’t explicitly name Zillow but he heavily alluded to them and accused the company of using data harvested from people perusing their dream homes while they are bored on the website. Gotcher said this nameless company then buys a ton of properties in the neighbourhood people are searching for, and overpay for a couple of adjacent properties in order to artificially drive up prices. (Zillow and Redfin have denied doing this and real estate experts have noted they don’t have enough market share for this strategy to work.)

Zillow may not have been explicitly manipulating the market, but it was certainly trying to use technology to outsmart it. In the end, however, the market won. Zillow’s flipping flop should serve as a reassuring reminder that not everything can be automated. There are various reasons why Zillow got burned, including a labour shortage making it difficult to renovate homes. But the biggest issue is that its algorithm simply wasn’t up to snuff. It couldn’t deal with the complexities of pricing in a volatile market and resulted in Zillow overpaying for a lot of property.

While individual homebuyers may not have to compete against Zillow any longer, it’s unlikely that buying a house is going to get any cheaper or easier anytime soon. Those 7,000 houses Zillow is sitting on? Bloomberg reports that they will probably be offloaded to institutional investors like BlackRock rather than regular people. And while Zillow may be ending its iBuying business, the financialization of housing looks set to continue. Big money is gobbling up real estate and leaving many first-time buyers out in the cold.

Source: The Guardian

Written By: Arwa Mahdawi

Date Posted: November 4, 2021

Oregon Legislature Gets Rid Of “Love Letters” to Sellers

The recent passage of House Bill 2550 has eliminated a tool that home buyers often  employed to get an edge on their competition. I’m referring to what is known as a “love letter”, a letter composed by a buyer or buyers that tell a seller a little bit about who they are as well as what they love about the home.

The use of the love letter has often been debated. If you have ever been on the Buyer side of a home sale and it has made a difference, you may love it. If you are a buyer who made a strong offer and were beat out by a lower offer with a letter, you might not have been a fan of it. As a Seller, how have Buyer “love letters” impacted how you select the Buyer for your home?

While “love letters” don’t tend to have a fiduciary impact, they can be seen as an infringement on Fair Housing laws. Ultimately, the idea that a Buyer could be selected or declined based on their race, religion, ethnicity, gender, sexual orientation, etcetera, is what led to the removal of them. House Bill 2550 states that a listing agent is to reject the communication from Buyer to Seller in order to help the Seller avoid selecting a Buyer in such a manner that would violate Fair Housing laws.

What kind of an impact do you believe that House Bill 2550 will have on the Home Selling and Purchase process?

Portland-Area Construction Crews Volunteer to Build $1 Million House to Raise Money for Kids with Cancer

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The owner of Vancouver’s Marnella Homes is galvanizing construction workers in the Portland area to volunteer to complete a luxury residential property, valued at more than $1 million, near Vancouver Lake. Building Industry Association of Clark County

 Builder Tony Marnella doesn’t want to sell just one new house to raise money for children with cancer. Rather, he wants to build one each year, starting now.

The owner of Vancouver’s Marnella Homes is galvanizing construction workers in the Portland area to volunteer to complete a luxury residential property, valued at more than $1 million, near Vancouver Lake.

After the last donated Bosch appliance and high-end finishes are installed this summer, the 2,827-square-foot dwelling will be sold. All proceeds will go to St. Jude Children’s Research Hospital, at which families do not have to pay for travel, housing or food while children receive free cancer treatments.

The St. Jude Dream Home Showplace, as it’s called, will be open during the NW Natural Parade of Homes tour in Felida Overlook in Vancouver from Sept. 10-26. The Building Industry Association of Clark County, which organizes the home tour, is helping Marnella connect with donors, contractors and businesses offering materials or services.

“Every dollar generated from these homes benefits children with cancer and their families,” said Marnella, who noted he was granted a new lease on life after surviving non-Hodgkin lymphoma and hopes to establish a tradition of completing many homes for St. Jude in the Northwest. “If we can help ease the pain of kids today and in the future, sign me up.”

St. Jude supporters across the U.S. have raised funds by holding raffles in which the winner receives a new home. About seven years ago, a smaller home for St. Jude was built in Bellevue, Washington, and sold to benefit the research hospital.

This is the first St. Jude Dream Home program in the Portland area, said DeeAnna Janku of American Lebanese Syrian Associated Charities (ALSAC), a fundraising and awareness organization founded by the late entertainer Danny Thomas in 1957 for St. Jude.

More than 540 St. Jude homes have been constructed nationwide since the first one in 1991, raising almost $500 million for research and treatment, Janku said.

For what he believes will be the first of many St. Jude homes, Marnella is working off designs for a Southwestern-inspired, single-level house named The Sedona that will have three bedrooms, two bathrooms and a powder room.

On Friday, Dario Ramos of Vancouver, along with a small crew, lent a hand to the project by installing post-and-beam framing. This weekend, volunteers from Aumsville’s Jose Garcia Construction and Hillsboro’s Arm & Hammer Construction will continue the work by putting up walls.

“For these guys to come out here is a big ask,” says Marnella. “Framing a home takes two to three weeks of full days with a standard crew.”

Marnella said he wanted to involve different crews to ensure there will be experienced volunteers for the next project — and allow “18 to 20 guys to go back to their families and share that they were part of this build and are appreciated for their generosity.”

Donors

Breaking Ground Excavation prepared the site and hooked up the underground plumbing, along with All County Plumbing. They used materials donated by Ferguson.

CalPortland supplied concrete for the foundation poured by Parker Concrete. Cascade Concrete Supply and West Coast Concrete have also donated to the project.

Gale Contractor Services will donate insulation. James Hardie and FiberMount donated siding materials that will be installed by Inline SidingWillamette Carpentry will donate trim labor.

Other contributors include Indigo ConstructionJeld-WenLima One CapitalNova Caseworks and The Perfect Pitch Roof, according to DeeAnna Janku of American Lebanese Syrian Associated Charities (ALSAC) and St. Jude Children’s Research Hospital.

People can give any amount to offset specific costs — such as $1,000 toward the purchase of the lot or $50 toward lumber costs — by visiting the Marnella Homes website (marnellahomes.com/stjude) or calling 503-654-6642.

— Janet Eastman | 503-294-4072

Source

25 Most Affordable Neighborhoods in the Portland Metro Area

An increasingly sought-after characteristic on the part of metro-area buyers has been affordability.

PORTLAND, Ore. — Since the Hottest ‘Hoods project began several years ago, the Business Journal has highlighted the ZIP codes with the most home sales, the fastest-selling homes and, of course, those with the highest-priced homes — measuring all as indicators of residential desirability.

However, an increasingly sought-after characteristic on the part of metro-area buyers has been affordability, something the region once prided itself on compared to other large West Coast cities.

SEE SLIDESHOW: 25 most affordable neighborhoods in the Portland metro area

Therefore, we’ve turned the Hottest ‘Hoods project on its head to highlight the ZIP codes where first-time homebuyers and lower-income buyers might have a better shot at finding a home they can afford. The data is based on 2020 sales data from the Regional Multiple Listing Service (RMLS) and property tax rates obtained from SmartAsset’s Property Tax Calculator.

To do so, we equally weighted the average sale price, the median sale price and the number of homes sold in 2020, along with the relevant county’s property tax rate multiplied by the median sale price. Ranking ties were broken using the lower average sale price.

RELATED: US adds a strong 379,000 jobs in hopeful sign for economy

Of course, a lot of other factors may influence a home’s affordability, such as mortgage interest rates, utility bills, energy efficiency and cost to commute to work, but the index we’ve created gives one a good idea of some of the most affordable places to live in and around Portland.

Despite the pandemic and associated economic recession, home prices have generally continued to rise in the Portland region. According to RMLS data, the average median sale price in 100 metro-area ZIP codes increased 7.8% last year to $459,034. And according to Realtor.com, the median listing price for the metro area reached $525,000 in January of this year, up 9.2% from January of last year when it was $480,748.

RELATED: New Portland economic report shows pandemic has hurt low-income, BIPOC and women the most

recent report by the Oregon Employment Department, examined whether the pandemic made the state’s real estate market any more affordable. In it, regional economist Damon Runberg noted: “In an unexpected turn we have seen a large increase in the demand for housing during this pandemic recession. The high demand has led to historically low inventories of residential real estate for many communities across the state. High demand and low inventory is leading to dramatic home price appreciation, further increasing concerns around housing affordability.”

Stories from KGW reporters:

https://youtu.be/xBqkjFmy9cQ

 Brandon Sawyer (Portland Business Journal)

Source: here

Portland Hardware Baron’s 1935 Georgian Colonial is for Sale

Portland Georgian Colonial
Shane McKenzie of Portland Imagery

William Haseltine’s family made their fortune selling hardware, but his 1935 Georgian Colonial house in Portland’s Grant Park neighborhood is best remembered for politics and religion: At a post-WWII cocktail party, the well-connected Haseltine hosted then-Republican Oregon senator Wayne Morse, who in 1952 declared himself a Democrat, making the Senate evenly divided.

In the 1970s, the mansion was donated to the Society of the Sisters of the Holy Name of Jesus and Mary.

Today, the storied, quarter-acre property at 3231 N.E. US Grant Place, named after the 18th president, is for sale at $1,939,000.

The house with 5,903 square feet of living space was designed by Portland architect Jamieson Parker, well known for his plans for the First Unitarian Church and Saint Mark’s Episcopal Church as well as the Belmont Library, all in Portland.

This home was Parker’s last project before his untimely death in 1939 at age 44, according to the research documents that earned the William A. Haseltine House a spot on the National Register of Historic Places.

Parker excelled at designing handsome, functional spaces. Here, closets have lighting, shelving and other features specific for each room.

A coat closet near the front door has a built-in umbrella holder and a tin drain in the floor to carry away raindrops. Another entry closet has a desktop with a drawer for the mail.

The dining room closet has felt-lined slats to store table extensions and the butler’s pantry has display shelves, glass-door cabinets and under-counter storage space for silverware and table linens.

Near the upstairs bedrooms is a lockable cedar-lined closet; another closet has removable paneling to hide valuables.

Designer Jenny Reilly of Reilly Signature Homes, who owns the home, restored the interior’s Federal-style details while weaving in features that support modern needs, like an eight-foot-long Calacatta gold marble island in the kitchen.

The library is encased in vertical grain hemlock, including cabinet doors, bookcases, wall paneling and the mantel over the brick fireplace. The formal rooms have pocket doors and five-panel doors. Even the Chinoiserie wallpaper was preserved on the staircase wall.

“People love to hear the stories of homes and who they were built for and or lived in them,” says Susie Hunt Moran of Moran Homes and Windermere Realty Trust, who listed the property for sale with Matt Moran. “We have found that including this in our marketing does increase followings. Not much is really written on these beautiful homes.”

Grant Park honors President Ulysses S. Grant, who visited Portland three times. The Dolph Park area near Grant Park was named in 1924 for Eliza Dolph, a descendent of Charles Cardinell who bought a former donation land claim in 1887 and laid out the Fernwood subdivision into city blocks. Author Beverly Cleary grew up here and it inspired the setting for her beloved Ramona Quimby children’s books.

Haseltine was a member of a pioneering family, and was influential in Portland’s cultural, educational and political arenas until his death in 1976.

The Haseltine family owned and operated J.E. Haseltine & Co., which sold hardware, mill and shop supplies, welding equipment, automotive hardware, sporting goods, tires and batteries from 1883-1961. The Haseltine building is on the corner of Southwest 2nd Avenue and Southwest Ash Street in Old Town Portland.

William A. Haseltine lived 20 years in the house with clear western cedar horizontal beveled siding. Before he moved out in 1954, business, political and cultural leaders of the time gathered here. Haseltine grew a WWII victory garden in the large backyard beyond the covered veranda.

The master suite has a balcony overlooking the gardens. There are five more bedrooms, three remodeled bathrooms and a lower level “party” room with vertical-grain hemlock paneling and a brick fireplace plus a detached two-car garage.

Who would love this property? “It’s a true entertainer’s dream house with the most amazing kitchen as well as backyard spaces,” says Susie Hunt Moran of her listing near the new Ulysses S. Grant High School. “The area is super walkable and perfect for the people who want space to spread out not only inside their home but great outdoor living spaces.”

— Janet Eastman with additional research by Kaya Blauvelt

Article source: here

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.

After a COVID Year, the Housing Market Continues to Favor the Seller

by Keely McCormick and KVAL.com Staff

LANE COUNTY, Ore. — Heading into the new year, the housing market continues to see low supply and high demand, and like many aspects of life in 2020, the coronavirus pandemic was a factor.

Inventory is extremely tight right now and is expected to stay that way throughout 2021. We spoke to one woman who just went through the home buying process, and she said she was lucky to find one.

“During the wildfires, the landlords decided to sell and they didn’t give us much time,” said Samora Walker, a recent home buyer.

Anya Samora Walker and her family had to find a home to buy in 6 short weeks, which is hard to do in this housing market.

“It’s been challenging, I have friends that have been looking for 2 years that haven’t found what fits there needs because houses are going thousands over the asking price,” Walker said.

And those prices will continue rising in the new year.

“It’s so competitive that you’ll get 5 to 10 offers on any given home and people just driving that price up,” said Robert Grand, the CEO of Grand Real Estate Investments.

Inventory initially dropped when the pandemic hit because people started to stay home rather than sell their homes, so when we’re used to seeing an influx of homes for sale in spring. 2020 didn’t have that.

This big new development is not a common site in Lane County. The reason for the high home prices is because of low inventory and limited land to build on.

“Here in Lane County and other parts of Oregon, there’s a lot of terrain and stuff like that so it’s not as easy to sprawl out,” said Grand.

But the demand for homes here is still high, as an influx of people are wanting to come live in Oregon.

Homes here are only on the market for an average of 33 days, but that depends on the home. Grand said an entry-level house priced around $350,000 may be on the market for only 4 to 5 days.

The median sale price for a home in Lane County increased 13.6 percent from 2019 to 2020. Grand said he’s expecting to see a similar trend in 2021.

Now the next big question is if we will see a lot of foreclosures because of the pandemic’s effect on the economy.

Even if we do see that happen, Grand said it would take a major influx to shift the housing market in the new year.

The source of the article 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

The Pandemic Boosts Portland Office Space

Businesses turn their interests into suburban markets for more space and to be closer to their employees.

In the third quarter of 2020, the amount of office space in Portland has increased compared with the previous quarter as a result of the pandemic, causing companies to reevaluate the location and space they need for their employees. In the second quarter, total office space has increased from 15.5 percent to 17 percent; The commercial real estate firm says that although this dip is abnormal, it has grown due to more companies subleasing their office space or not renewing leases. 

The nature of office work has been influenced completely by the COVID-19 pandemic, with many employees working from home and fewer workers going into the office due to social-distancing requirements. Some businesses have chosen to get rid of the office altogether, resulting in all employees working from home. 

“The trend has profound implications for Portland downtown businesses that rely on foot traffic from office workers, such as restaurants and retailers, and hotels that rely on business travelers” (Moore, 4).

The pandemic draws more attention to the suburban market for offices, leading to a renaissance of suburban-office markets. The vacancy rate for office space in the suburbs was 10.7% in the third quarter, virtually unchanged from the previous quarter – this includes Beaverton, Hillsboro, Clackamas, and Tualatin.

The trending increased interest in the suburban market has stood out for tenants interested in more space and being closer to their employees. 

Although downtown had the largest increase in vacancy rates, the three biggest deals of the third quarter were located in the downtown area. 

Tenants have leaned towards flexible or short-term leases due to the uncertainty that comes with the coronavirus and how the office market will adapt.

 

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

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