Perhaps you, a friend, or a relative has been searching for a home to purchase in Portland. It’s tough, especially in our close-in neighborhoods. But as challenging as it is to find the right home to purchase, it’s even tougher for those who wish to rent. A recent Willamette Week story cited a 3% vacancy rate and an average rental rate of $1,100 per month. In short, we’re seeing the fewest number of available apartments for rent in over 10 years… at the highest price. Yes, there are more apartments being built today (518 rental units in 2011 to 4,413 in 2014), but the influx of new residents is substantially outpacing the growth. And, many developers have opted to replace single-family home sites with larger homes, skinny houses, or condos, as opposed to apartments. The competitive landscape of the rental market has increased in the number of potential homebuyers in our market, as renters weigh the pros and cons of renting vs buying.
Renters are being forced into split second decision-making, and are often subjected to the application process and associated fees without ever seeing their future dwelling in person. It’s a simple, yet painful, case of supply and demand, and prices in our city are likely to continue to rise for the foreseeable future.Add The First Comment
Portlanders love their pets, and summer is the perfect season to spend some quality time with a furry friend or family member. Whether you’re up for a snack, a stroll or a snuggle, our fair city fits the bill.
Tin Shed Garden Cafe
Tin Shed Garden Café has been featured on both national and local television, and is known as one of Portland’s most dog friendly spots. Bring your pooch anytime, but keep in mind that Tuesday night is Dog Lover’s Night and with every human meal purchased you get one free doggie meal! Tin Shed.
The 1.7 acres of land that is now Gabriel Park was purchased by the city of Portland in 1950 for $120,000. Centrally located in SW Portland between Vermont and Canby Streets, dog lovers can treat their pups to a lush, off-leash area from 5 a.m. to Midnight every day. Gabriel Park.
Purrington’s Cat Lounge
And, not to leave the kitty lovers out, we’re sure fond of Purrington’s Cat Lounge. In the mood for a “meowmosa” along with your feline fix? They’ve got you covered! And, best of all, every cat at Purrington’s is adoptable. A truly unique Portland experience for a great cause. Purrington’s.Add The First Comment
“Why bother in this market?” is what I was asked at a recent dinner party. And really one would have to be living under a rock for the last six months to have missed that we are in the hottest market since 2006. So why bother to stage, dear reader, when the belief is that everything is selling as fast as the proverbial hotcake?
The average days of market time for all Portland listings so far this year is 68 days. This includes the good, the bad, and the ugly. My average is 18. Virtually all my sellers agree to do some form of staging on their properties.
Very few of us live in homes that are “ready for their closeup.” There are all manners of staging devices that can be employed; from supplementing the homeowner’s existing art and furniture with a “re-arrange” of the home, to full staging of a vacant home. Every buyer shops- and screens the use of their valuable time prior to any home visit, first online. If we cannot create excitement online through our photographs we cannot get them into the home. The more buyers we get into the home in the shortest amount of time, the best chance we have of getting a full price offer and competing offers.
Every buyer asks the magic question, “How long has this house been on the market?” It follows then, if a house has been on the market- in this market, even past a week or so, the buyer thinks “If no one else has bought it for this price, why should I?” I never like to invite lower offers on my listings.
Staging gives my photographer something great for me to market, an aspirational home that sets us apart from hundreds of other listings, our competition. The National Association of Realtors finds that not only do staged homes sell 80% faster, they do so for up to 11% more return. That’s because a well staged home creates excitement and desire. It shows buyers how spaces can be used, especially those awkward spaces that we lived with or underutilized. Potential homeowners do not have to guess if a king-sized bed fits or where to place the sofa. They are that much closer to imagining their life to-be.
In the end, most of my clients that are selling have somewhere else to go, and what they redeem from the sale of their homes is very important to them in terms of realizing their next dream. And that is why we bother to stage.Add The First Comment
Philips Lighting has rolled out a new product- lighting installed into carpeting. There are multiple applications including everything from news alerts to way finding in buildings…
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Hottest markets in the nation? That would be Denver and San Francisco with a 10% plus gain over this time last year. The same source ranks Portland at 7th with a 7.1% increase in the same time period.
Redfin reports a surge this year in buyers in the Bay area searching for homes in other tech towns including Portland. One of the questions I’ve added to my conversations with buyer’s brokers making offers on my listings is “have both buyers visited the property?” —lest one go into contract inadvertently with buyers offering to purchase only based only their online views of a home. With “sale-fails” as high as 17% now, one often does not need to take this risk.
I’ve had buyers actively seeking the walkability of Hawthorne, while other clients look to sell and seek escape from a neighborhood more alive with traffic and life than they are accustomed to.
It’s quite common for sellers to choose to keep their property’s available for offers for up to a week in order to ensure they can select the best terms for their homes. On the other hand, this can give the buyer the opportunity to visit the home more than once and ponder how much heart they wish to put into a given home and how strong their offer should be to acquire it.Add The First Comment
Why, I’m asked often now, is cash such an important term to sellers today? Isn’t it the same net for sellers when you finance?
The answer is no, it’s not the same net. With many homes going over list price, a seller accepting the highest offer may run into trouble when the buyer’s lender sends the appraiser out to assess the value. It’s difficult for appraisers to keep up with value in an ascending market, so the appraisal may come in low and put the sale in jeopardy.
A cash sale means no appraisal, so no one else determines the value but the seller and the buyer. Therefore the sellers net can actually be higher with no risk to the seller in maintaining the offer at the same price as when it was submitted. Minus the lender, a cash offer can also close very quickly. I had one transaction with an offer on Monday that closed that Friday.
What to do when competing with a cash offer? There are terms that one can offer within the contract even when financing to address the challenge of the appraisal. There are multiple opportunities within the sales contract that can also appeal to the sellers needs. Long story short, though cash offers are around 25% in some areas of Portland, remember that 75% of offers are being accepted with financing.
Don’t give up hope, a good strategy on how to use the contract to your advantage when constructing an offer can still be very persuasive.Add The First Comment
Portland born Van Evera Bailey is lesser know than contemporaries, Belluschi, Yeon and Zaik, but made significant contributions to the style of Northwest Regional Modern architecture. His career began in the late 1920’s and spanned another 40 years including numerous commissions in Palm Springs and Pasadena. Shown here is his David Eyre house featured in Better Homes in 1954.
Using our primary local material of wood rather than copy the brick or stucco styles of other regions, he created stunning rooflines taking into consideration our famous rain, adapted buildings with extensive stilt-work to extend buildings over our hillsides, and created closely seamed window glazing to bring in our amazing outdoor views inside.
For the first time ever, Restore Oregon has arranged a self guided tour of his homes on May 9th, with a complementary program/lecture the evening before featuring an expert panel. I’m a proud sponsor of their mid-century tour this year and a wholehearted supporter of Restore Oregon’s effort to preserve our architectural heritage. Restore Oregon MCM Tour.Add The First Comment
Have you ever stood in someone’s kitchen with their hood fan turned on and suddenly had to yell over the noise? Or perhaps yourself had a fan, intrusive as a jetliner, that you would rather put up with the smoke than turn it on? Avoid similar costly mistakes by visiting a “live” kitchen such as Basco or Eastbank Contractor Appliances.
There you can actually hear the fan when it’s on, you can test the simmer setting on the gas range and see how amazingly fast an induction stovetop boils water.
Plus, you can see and hear about the newest in appliances. Sub Zeros are making a comeback from their heyday, offering an array of finishes to blend into your kitchen. The opposite is also available with retro style refrigerators in a crayon-like array of colors. Warming drawers are all the rage to protect your food from the shock of hitting a cold plate, internet connectivity is becoming more common and one of the biggest trends? Steam ovens. Michael Ringo, has been at Basco in the Pearl for many years recounted how his rep for the steam oven brought in a chicken, first steaming it to keep it moist and then switching to regular heat to brown the bird. Customers are coming in requesting it for healthful preparation of vegetables and reconstituting dry bread.
There are multiple kitchens set up throughout the stores, making such a visit a must whether choosing a single appliance or re-doing ones kitchen. For anyone that’s a cook, it’s kitchen Nirvana.
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It’s pretty inescapable news that Portland’s real estate inventory is low, but it’s now confirmed at 1.9 months in March, the lowest level since 2005. Closed sales are up 32% over March 2014, and average Days On Market lessened by 6 days from the previous month to 75.
North Portland is also trending very hot with the lowest DOM of 35. This is pretty spectacular, considering this includes averaging market time of properties that started out overpriced or in poor condition. The neighborhood of St. Johns looks to increasingly show the pressure of a market whose prices that have heated up in other areas, forcing sales into an area that has been overlooked and undervalued for some time. With a New Seasons opening on Lombard and the main street infrastructure already in place in the town’s center, more changes in the neighborhood look pretty certain.
Read the whole Market Action report here.Add The First Comment
New construction should be easy, right? But a recent transaction proved otherwise when I looked up the permits and found a good half dozen open. The inspection discovered the builders subs had forgotten to install the ceiling and floor insulation, plus the usual punch list items. Another wrinkle was the shared garage, which I knew the lender would require a recorded upkeep agreement on. To further add complications, the neighboring property had closed without concluding similar issues and was none to happy with the builder.
At a certain point, the only leverage the buyer has are strong contract terms and closing. Whether the property has open permits, un-permitted additions and remodeling or water in the crawl space, the purchaser owns these issues, along with the home, once they have closed.
In our case, this transaction required almost daily phone calls to check in with the listing broker and press for progress. At times it seemed unlikely that we would actually close, but close we did, with all the important items finished, and some very tough and savvy buyers that know what they bought, all of it.Add The First Comment
This market’s February beat last February 2014 pending sales by 37% and closings by 12%, in a demonstration of the strength of this year’s market.
A look at Portland’s areas show the lowest days on market in NE Portland at 60, as compared to the market’s average of 81 days. These DOM reflect both the home that sold in four days with multiple offers and the home on the busy street with orange shag carpeting that was a bit too ambitious in it’s pricing.
Sellers, yes- it is much easier to get your home sold in the current market. However, the time spent in preparing it properly can mean the difference of tens of thousands of dollars in your net proceeds, so this is no time to be complacent if you truly wish to capitalize on your investment.
Buyers, don’t be disheartened. The time spent in discussing a good strategy ahead of looking at any homes, and recalibrating often, can mean all the difference in your success.
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Cash sales have added to the heat in Portland’s real estate market in all price ranges, including the very top. As I’ve perceived this even more over the last year both while reviewing offers as the listing agent, and competing against cash with purchasing clients, I decided to do a more definitive search and look at harder numbers.
I looked at two search areas, greater SE Portland and SW Portland with the same parameters; $300-900,000 in the last three months. Of the 212 sales in SE during this period, 23% were cash. In SW there were 259 sales and 18% of those in cash.
Why is this important? What does it mean?
With appraisals not able to keep up with rising values in some of our hottest neighborhoods, such as the Hawthorne area, it’s safer for a seller to accept a cash offer as no bank appraisal is involved. As a buyers agent, cash will often dominate over a higher offer with conventional funding because of this reason.
That is why I have instituted making a practice offer on an imaginary house ahead of waiting to write once we have found “the one” when time is short and tensions are high. I can go over all the possible terms that can be changed on the offer, giving us the luxury of deciding ahead what the buyer is both willing and able to do.
Many colleagues are reporting their clients will lose the first house because of this unfamiliarity. While I wish I could wave a magic wand over a client’s bank account, this is the next best thing.Add The First Comment
I toured a home in the Rose City area with clients last year that had something akin to that “new car smell,” instead with fresh paint. After a few minutes in the house my eyes began to water.
The house was new construction, Craftsman style. The gleaming surfaces and open floor plan was appealing. But on closer inspection one could see the cabinets, built-in’s and box beamed ceilings were painted MDF. New carpet covered the second floor rooms. Even though the house was fully staged, the windows both up and downstairs had been left slightly ajar. The only natural wood product in the home was on the floor, finished a dark contrasting tone. In short, it was clear the house was filled with the off-gassing of the compounds used in all the finishes, more so than I had ever experienced in ten years of real estate work. I had serious concerns about my clients considering moving into this house, as it was impossible to say how long the house would be so toxic, so I advised against this one. The listing agent asked me to leave the doors and windows open.
Recent headlines have reported Lumber Liquidators as selling laminate flooring product with high levels of formaldehyde, bringing this topic to the fore again. While we now know that “new car smell” are VOC’s from new materials used in their manufacture, what we did not know was that we were inhaling chemical compounds. These compounds are in everything from non-flammable pajamas and new mattresses to simple paint and are not heavily regulated in our country.
In today’s marketplace, there are often alternatives choices that one can make when choosing finishes and . Green homes not only have higher standards for energy savings, but also address cleaner air. It gives the saying “home sweet home” a whole new meaning.
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Three courses at some of Portland’s finest restaurants for $29, including one of my personal favorites, Bar Avignon. I would say more, but I don’t like to talk with my mouth full.Add The First Comment
PNCA, Pacific Northwest College of Art, had it’s beginnings in the Portland Art Museum and has been at 12th and Johnson since the late 90’s. The Johnson property has since been sold and PNCA has officially moved into it’s stunning new digs at 511 NW Broadway, near the North Park Blocks.
This 34 million renovation, includes new architectural elements by Brad Cloepfil of Allied Works, as well as uncovering gorgeous period details from the original 1919 building, formerly a US Post Office. Newly named the Arlene and Howard Schnitzer Center for Art and Design, this location doubles the Johnson square footage and features public spaces on the first two floors including a cafe.
Our North Park blocks are polishing up beautifully.Add The First Comment
The data from 2013 shows that the average cost of a detached ADU costs $90,000 and $45,000 for attached (basement) units. Rental income looks to offset the payback period at under ten years with a good income flow to follow. The only only city with more ADU’s than Portland is Vancouver, BC.
Aside from potential housing to keep aging parents nearby, another concept of the ADU is to live in the primary house while renting the ADU and when one wishes to downsize, move into the ADU and begin renting the primary house.
Because Multnomah county is promoting denser housing, the normal $8,000-$13,000 fee of System Development Charges have been waived through July 2016.
With the trend of ADU’s picking up speed, there is a local blog devoted to the many details of the process and what looks to be a really interesting ADU tour in NE and SE Portland coming up at the end of May which includes a workshop.Add The First Comment
There are so many misconceptions about radon, especially where it’s likely to be in a home. Many buyers ask if a radon test is necessary if there is no basement in a home. Yes, it is. Some clients may have seen this Portland map which may lead them to think they are not in a hot area and therefore that a test may not be necessary. Yes, it is.
Fact: radon is the second leading cause of lung cancer in the U.S. Fact: radon can be in any neighborhood, one home can have it while their neighbor may not. Fact: tests have become easier, more reliable and mitigating radon is relatively simple.
Here’s a link to the EPA’s site on radon. If you would like to test your home, contact me and I will be happy to share some vendors that can test for you.
http://www.epa.gov/radon/nram/public.htmlAdd The First Comment
The tea leaves of the coming year must be read by looking over the past 12 months, and even the years before. A striking note is the decrease in inventory over the last 3 years. Inventory simply means that if no other homes were allowed to enter the market place, how long would it take the existing homes, or inventory, to sell? A past truism is that the market is evenly divided between buyers and sellers at 6 months of inventory. A simple comparison showed 2012 with the lowest level at 3.6 months up to 7. 2013 gave us 3 months of inventory below three months with a high of 4.7. 2014 gave us 6 months of inventory below 3 months. Clearly the tide has turned and as Warren Buffet so graphically put it, the time to buy real estate is when the “blood is running in the street”, as the lower inventory and improving market have increased our prices.
For the mortal souls among us whose real estate holdings are our primary residences, one does not go flying about buying and selling, trying to time the market. One buys and sells as our lives evolve. For buyers in this market, it requires a great partnership with a realtor who can get you in a property the first day it’s on the market, guide you in writing a skilled and compelling offer, and helping to get on the other side of the inspection period without medication.
On the listing side, one must maximize a homes strengths while trying to diminish possible objections ahead of going on the market. While the inventory is very low, buyers are more discriminating than in 2006 when anything went because values were going no where but up. Today’s buyer knows that is not so, and poor locations or conditions that are not addressed will end up creating a property to push DOM (days on market) beyond the norm.
We expect steady appreciation, and hopefully on a more sustainable level over the next several years. Portland is proving to be an attractive place to live, as our burgeoning traffic suggests. It does cause one ponder strategically the next big move. Urban and walkable? Or bucolic suburb and a longer commute?
Read the whole Market Action Report by clicking on the icon above.Add The First Comment
You know those gorgeous Portland spring days when you forgive every drop of rain you’ve ever experienced? Yesterday was one of those, and luckily I had a lunch date with two wonderful former clients at The Fireside on NW 23rd. It seems a far cry from the sad days when businesses here were closing left and right. Across the street is the mega popular Salt and Straw and the newest Bamboo Sushi and now the former Music Millenium (where I pored over many a CD back in the day) has risen from the ashes to return as The Fireside.
It did not disappoint. The decor is modern but very northwest at the same time. Sadly, I could not partake of the cocktails, which I understand are fabulous, during my lunch, but the food was well priced, and up to the standards that Portland restaurants must meet now- super fresh and top quality ingredients, well prepared. Both veggie and meat options are well represented. Next time, where’s my cocktail?Add The First Comment
My last few years in the Portland real estate market have been my busiest, so as I re-commit to my updating my website, I can’t help but ponder on the past a bit before I move forward. I came into residential real estate as the market began to heat up in 2005. Over the next year the market shifted and very soon offer writing became very competitive, and strategies such as presenting them in person to the sellers when allowed, shortening inspection periods or waiving contingencies, and figuring out what the seller needed so as to get ahead of the competition were necessary for success. Conversely, when the market grew tougher I was able to win a lot of concessions from sellers on behalf of my clients that were buying. Concessions in price of course, and something the market press seemed to ignore, large repair concessions such as completely replacing siding and comprehensive general repairs.
In the slower market days there was a huge gap between sellers and buyers. Sellers all too clearly remembered what their neighbors house had sold for, compared to what it what it would sell for in later days and perceived a huge loss before even putting a home on the market. Buyers were few and very wary of purchasing a home that was priced too high. What if they lost their job and needed to re-sell? Suddenly that home on a busy street that would have sold in a day, was all but unsaleable except at a huge discount. Buyers did not want to be in a precarious position and were adamant that the risk of buying a home would be minimized by their insistence on value, location and condition. Negotiating between these polarized points became a skill that I had to hone again and again. I’ve wonder if during this period that perhaps I should have introduced myself as a professional negotiator rather than a Realtor. I’ve found it so valuable to the outcome of my real estate transactions that several years ago I earned a designation in negotiation techniques. It’s made performing my job much more effective.
As a listing broker, I’ve always enjoying preparing homes for the market and photographing them to entice the most visits and attract offers. The slow market for sellers convinced them that this was both necessary and effective. Pre-inspections gave the home-owner a little more control over the buyers inspection and repair process and a better chance of success with nervous purchasers. Through it all, buyers were still buying and one needed simultaneously to earn their trust and desire for the home.
Now that our market has improved, I see a mix of the heydey skills and the tough market skills are needed. Counseling clients, both buyers and sellers, on what to expect and to prepare for before we even begin is very important to their success. While good properties are selling fast, staging can still effect the quality of an offer or whether one can get multiple, over-asking price offers. Condition is still important. Qualifying the right buyer in a multiple offer scenario is also important. Do you want to take your home off the market only to have the transaction fall apart weeks later, losing market momentum and affecting the price? For buyers, while many homes receive multiple offers, one offer is still being accepted- how can it be our offer? How can we be the best qualified buyer? There are strategies that can and must be discussed before one is in the throes of the market.
What did I learn about real estate during the last several years in both “good” and “bad” markets? Residential real estate is about where we live, and where we live changes no matter the marketplace. Every transaction has been an opportunity to improve my skills for my own sense of satisfaction and influence a good result for my clients. In one of our slowest real estate years, 2011, I reached number one in sales in my office of fifty and the top ten percent of my company, a company that is at the top of sales in the Portland market. I’m not able to choose the real estate market conditions that I guide my clients through, but it feels very good to know they can be navigated no matter what the conditions are. Noticing and responding to those market conditions requires both command and subtlety. Based on the last eight years I know that change is coming and constant and manageable and no matter what they call it, it will never be boring.Add The First Comment
If you haven’t made it over here aside from an OMSI visit, you really must check out the great finds of the Eastbank area, just off the Water Street Exit of I-5. My favorite yoga place, Yoga Bhoga moved here some time ago, now it’s been joined by Water Avenue Coffee, Bunk Sandwich Bar, and now Clive Coffee and the brick and mortar address of Boke Bowl.
Most people have heard of Bunk Sandwich Bar, whose first place on SE Morrison was a breakout success with lines out the door for their sandwiches featuring everything from pork belly to meatballs. Water Avenue is absolutely one of my favorite coffee shops, with it’s dense yet smooth coffee which is house roasted and it’s quietly hip environment. Clive Coffee opened next door, a beautifully appointed shop selling everything necessary for making good coffee at home as well giving “home barista” classes. You can take home a coffee maker ranging in price from $18 to $6,500 along with well designed cups to hold your coffee in.
Boke Bowl opened it’s much anticipated ramen shop, after “popping up” in several established restaurants and taking over their kitchens for the day. It does not disappoint. Pretty simple, choose your broth bowl, add extra fixings if you like, and slurping happiness is a sure thing. We chose the fried chicken and cornmeal fried oysters for sides and were very happy. The design of the restaurant is fun as well with it’s bright pops of orange, a mix of communal and small tables and even their own hot sauces to spice up your bowl
The Eastbank Commerce Center across the street also holds Fleur Dy Lys nail studio, a super hip nail place that is the antithesis to the local mall nail factory and Clark Lewis restaurant- the first sign of civilization that appeared years ago in this very cool industrial setting.Add The First Comment
You have to forgive me. I’ve walked through hundreds of homes and viewed many many thousands. Because of this home saturation, I appreciate the qualities in a home that make it unique, and given my penchant for vintage and mid-century homes, I had to visit this new listing and wonder who its new owners will be.
The home was built in 1947, and obviously an architect designed place in the Vermont Hills area of SW Portland, situated beautifully on a half acre+ lot, a cross between NW regional and Eichler. The home is divided into two wings, which is interesting because the main wing holding the master and living room has a roof that breaks in the center and wings out to either direction. When you first enter the home through the other wing by the carport, where the kitchen, dining room and extra bedrooms lay immediately to the right. This architectural detail was often used in this era providing separation between the adults and children- unseen in todays layouts. To get to the living room and master, you pass through a long, dark entry hallway with clerestory windows that gently inclines for about 60 feet. Suddenly the huge living room opens up before you, church-like with a massive vaulted ceiling with a floor to ceiling fireplace facing a floor to ceiling window. On either side of the fireplace double entries lead up to the master and office, with a wet bar on the back side of the fireplace. Of course, this makes sense- who wants to carry a martini up that hallway?
The living room is a fabulous entertaining area that is begging for some great multiple lighting fixtures- various Nelson lamps? The tiny slider’s scale seems off, but it opens to a great patio. Some of the materials used were not the best quality (the sheathing under the eaves is falling apart), but others, like the organic tile in a shower and by the copper fireplace are first rate.
The kitchen and dining area need a re-design- I’m positive this architect was not a cook, but the shared space could translate to intimate dinners for 12 as the dining area is generous but cozy.
The home is sold as-is with 3,300 square feet which may not include additional square footage below grade. Could still be priced high for the condition at $339,000. You tell me, masterpiece or money pit? I’ll tell you, I wish I could remodel it myself. More photos.4 responses - View/Add Comments
While a little late, I really feel I need to share the outcome of the “cookie party” I have hosted at the Parry Center, now for the fifth year. Many of you donated to the sock, underwear and pajama drive that accompanied my visit. This year, was a banner year of donations- over $700 of soft, fuzzy flannels and Hello Kitty cuteness collected from clients, friends, family and my Windermere office. The Parry Center was overjoyed to have them for the kids.
My two daughters, Lauren and Erin, with room mate Sheila, hosted close to 50 children in two groups divided by age that went from about 5 to 16. Each child had seven cookies to decorate and took close to an hour festooning them with multiple layers of frosting and sprinkles. The Parry staff seemed to agree that the older children enjoyed the activity even more than the little ones! My Fir Grove Garden Club spent several hours baking to provide these budding artists their cookie palettes. Cookies that survive the decorating session are often given as gifts from the children to their family.
Thank you everyone so much for making this possible for the Parry children- it is much anticipated by children and staff. I can’t tell you how much I appreciate your support.Add The First Comment
The Gaugain exhibit at SAM was a great excuse to duck out of Portland for a few days to explore our northern city-cousin, Seattle. The first order, of course, is where to eat. Our mission was further complicated by family visiting from San Francisco, both discerning diners and travelers. Luckily our family likes to eat both low and high “on the hog,” so we had lots of latitude for both sightseeing and dining.
Of course, we went to Pike’s Market to see fish getting tossed about, the the very cool retro neon festooning the market ceilings, but a fun distraction was a couple having their wedding pictures taken in the middle of the fish market- proving that Portland is not the only entertaining NW city. Beecher’s cheese is across the street and a fortifying cup of liquidy cheese sauce with penne is a great belly warming stop.
This is my third trip to the central Seattle Library, which is truly jaw dropping. The architecture from the exterior cantilevers the building like a glass accordion. From the interior this creates gorgeous light spilling in through the structure. Neon lime escalators move you upstairs. A bank of displays, show in real time, book titles being checked out of the library.
The Gaugain exhibit at SAM is the only American stop of the show, a mix of 60 Polynesian sculptures and art displayed alongside 60 of the painter’s works and is showing until late April- very enjoyable and really puts the artists work into context.
Dinner at Spinasse is a must for northern Italian, and probably the best food I have had in Seattle. A new discovery for us was Sitka and Spruce, in lovely spot in the Melrose Market on Capitol Hill that we went to for lunch. Sitka has a middle eastern influence on the best seasonal NW ingredients served in a French bistro atmosphere. Also not to miss in the same Melrose Market are the young bearded butchers sawing hanging sides of beef a few steps away, and within sight, of a very tasty wine bar and coffee shop, Ferd’nands. Other stops included Ballard Street to see Curtis Steiners jewelry store and a few oysters at the Walrus and the Carpenter- which alas had a two hour wait list! Waiting list first, and then shopping is advisable, dear visitor. For atmosphere, stop by the Zig Zag Cafe for a late-night cocktail. The setting feels like a 1940’s intimate club, complete with a vintage-clad bartender and women that actually wear filmy dresses in the NW winter.
Coming back home after a three night stay at the Hotel Andra (sister hotel to our Modera) made me appreciate both of our cities all the more. More photos…Add The First Comment
In a live appearance on CNBC’s Squawk Box this morning the “Oracle of Omaha,” Warren Buffet, shared that he would buy millions of single family homes at this time were it practical for him to do so, as he believes they are an even better long-term investment than stocks.
The colorful Buffet is not afraid to blaze his own financial path, saying “You pay a very high price in the stock market for a cheery consensus.” The same remains true in real estate, where in the height of the market, many felt comfortable purchasing because so many others were- and when prices were at their highest. While prices are currently at lows not seen since 2003, many buyers are waiting on the sidelines waiting for the reassurance of a “cheery consensus.”
The Case Shiller chart shows an “apples to apples” view of the exact same homes as they were purchased and sold since 1987. Portland, Or is one of the twenty housing markets that Case Schiller follows.Add The First Comment
Most Portlanders are aware that we live in a seismically active region. But many people are not aware that older homes built prior to 1960 are not bolted down to their foundations. Such a house would be much more dangerous to both inhabitants and property than one that was secured. There are several companies in town that specialize in seismic strengthening- and you can do so without breaking the bank. While you are at it, perhaps you should add earthquake insurance to your policy- at very little cost it could provide a lot of piece of mind.
You can seismically upgrade yourself, and whether you choose that route or opt to oversee your contractor from an informed position, here’s a link to what is involved from Portland Bureau of Development Services.Add The First Comment
Admittedly, some realtors seem to be in a constant glass half-full outlook, while others sound like Eeyore on a bad day when asked about the market, I have strived to maintain some balance when looking at the numbers. It’s hard to be pessimistic when looking at the metro area in January. There is an extremely low inventory compared to years past, 7 months compared to 11+. While this is not so great when working with a buyer, it does tend to level the playing field between buyers and sellers.
Starting with the bad news, we did see an overall price drop of 6.1% over the last 12 months, while the average home price remained virtually the same at $249,000 from year to year. It looks as if the market under $400,000 will continue to be very competitive in Portland.
Compared to last January, closed sales are up 18% and pending sales by 22%- a significant jump. The days on market for the start of the year are down to 136 from 160. It will be interesting to see if the trend continues through February.
Looking at a few different Portland areas, N Portland has the lowest DOM (days on market) at 67, while Lake Oswego and West Portland tie at 176. There are a few factors that account for this, price and competition. West Portland had 913 listings on the market at an average price of $366,000 while N Portland had 296 listings and an average sales price of $196,000.
Strangely, it is both a good time to sell and buy. For buyers, it looks as if home prices are dragging along the bottom, and with interest rates at unheard of lows, purchasing hasn’t been this affordable in many years. For sellers, the low inventory means lower market times and higher demand for homes that are marketed and priced well.Add The First Comment
Yes, most of us well intended folks want to save energy and help out the planet, but do we have to do it with those hideously ugly CFL’s? Here’s a beautiful solution, a graceful compact fluorescent that can actually add to the design factor of your home lighting. Here’s the link so you know the difference between your lumens and your watts- and a tradition bending light to show off your bright ideas. put.http://blog.rejuvenation.com/stories/introducing-the-plumen/2 responses - View/Add Comments
From the cheery front door, to the lovely, private lawn expanse, this new listing has so much to offer. This little-known area of Bridlemile has no through streets and acts as a large cul-de-sac. Ideal floor plan for families that want to keep little ones close by, with three bedrooms together on the main floor, one with a master bath. The kitchen has a lovely built in buffet and a spacious dining area that opens to a deck with barbeque and summer dining area. The downstairs family room, surprises with it’s size and nod to the Craftsman look with the open beamed ceiling. The back yard couldn’t be more private in the suburbs, and a level lawn provides area for garden and play. Bridlemile-Lincoln cluster schools. $345,500Add The First Comment
Portland gardeners are as rabid as any other Portland group, cyclists, coffee drinkers, book lovers, or vegans for that matter. Now with Spring trying to make it’s way into our town, Portland Nursery is bustling with the promise of finding that perfect plant, adding new ones to our gardens or filling in the losses from the wintertime.
My son smirks everytime I mention my garden club. He says it conjures up versions of ladies in big hats wearing gloves and tittering over rose specimens. None of us wear big hats, and our gloves tend to the gardening variety. The Fir Grove Garden Club has been a part of my Raleigh Hills neighborhood since the 1940’s victory gardens and we have a mission. We currently maintain the West Slope Community Library garden and we are in the midst of a huge re-design away from a perennial garden to a more structured garden with conifers, red twig dogwoods and year round interest. The library has thousands of visitors every year and is an important community hub.
Toward that end we are hosting our third biennial garden tour. With the large lots available in our neighborhood, we have attracted some great gardeners who will be opening up their gardens June 4th. Barbara Ashmun, a well known Portland gardener and writer is taking part, as is the Sherman-Nelson garden. Vern Nelson writes the Hungry Garden column for the Oregonian and their garden is about all things edible including duck and chicken (eggs). You will probably find Vern entertaining visitors in the garden the day of the tour. With a total of seven gardens, many ideas can be garnered from a found DIY garden to structured plantings with a tea house. The gardens are set in Montclair and Raleigh Park- a step back in time to primarily 50’s style homes.
Buy your tickets here- we now have a web site with garden pictures. A great mothers/fathers day gift perhaps? Our garden scouting trip to Portland Nursery.Add The First Comment
Sales are picking up from February with closed sales up 50% in March of this year from the previous month. Inventory has dropped to 7.1, which means if no other homes were put on the market, at the current rate of sales it would take 7 months to sell all the inventory that exists today. The norm for the last several years shows inventory reaching as high as 12 months in December, descending through the summer and picking up again in the fall. In a normal market, 6 months inventory is seen as an even market between the supply and demand of sellers and buyers. A continued low inventory would signal a positive change in our market.
Looking east, Mt. Hood sales have dropped 45% from 2010 numbers- in my mind an indication of second home sales falling. Beaverton’s numbers have only shown a 1.5% drop from 2010 numbers. Read the entire RMLS report.Add The First Comment
When the sun finally arrived recently, we Portlanders poured out of our homes in celebration. It was time for J and I to throw the bikes in the back of the truck for a nice long ride on the Springwater Corridor. The ride starts for us at OMSI on the east bank, offering really gorgeous city views. The Willamette looked like a crowded toddlers tub, choc a bloc with boats of all sizes, including the Dragon Boats out for their practice runs. As we rode south towards Oaks Park, the real views turned out to be the people, the trueist cross section of Portlanders you can imagine. Punk girls with multi-colored hair and all black clothing, serious cyclists with skin tight riding jerseys, families yelling at their kids to stay on the right side of the pathway, mom and pop types in tie-die ambling along, well behaved dogs taking their owners for a walk, even a few homeless with their belongings in milk crates on the back of their bikes shared the trail.
While the trail can be a bit congested between OMSI and Oak Park, it opens up considerably on the small stretch through the Sellwood neighborhood before the trail begins again, crossing McLoughlin and heading out through Gresham and over 20 miles total into Boring.
We were content with a 14 mile round trip, enjoying the greenery of Johnson Creek and the light industrial beyond. A great coffee stop reward near OMSI, if you haven’t tried it yet, is Water Avenue Coffee. They roast their own award winning beans, offer lovely pastries and sandwiches, as well as a “side car” of espresso next to your espresso drink. What a great city we live in.Add The First Comment
Everyone has heard of, and many of us have our favorite food carts. But have you enjoyed the latest “pop up” restaurant in Portland, Boke Bowl?
Not owning your own restaurant doesn’t proclude you from popping into an existing one, substituting your menu and serving your fare. After making reservations on their website, I had lunch recently at Decarli’s in Beaverton for Boke Bowls 7th pop up experience.
In our house, we occasionally “doctor” ramen with assorted veggies, poached eggs or other leftovers for an ad hoc meal. Boke Bowl completely takes off on this experience with home made ramen noodles and your choice of broth and add-ons, such as pork belly, fried chicken, or fried oysters. I tried the miso broth that came with little islands of mushrooms, kale, and fresh water chestnuts as well as tender olive oil poached shrimp. The oysters were wonderful, just fried with a light batter and served with a tangy remoulade.
On top of taking over the restaurant, they brought in their own DJ spinning during our meal. I wouldn’t mind at all a takeover of my place. In the meantime, make a reservation for lunch here. For a more in depth Boke Bowl experience, visit my friend Kathleen’s blog.Add The First Comment
If you’ve ever been curious about what these homes are or if you have flirted with the idea of owning one, now is your chance to visit eight Rummer homes in one day. The Historic Preservation League of Oregon is hosting this tour in Oak Hills where Robert Rummer himself will be on hand during a presentation to answer questions.
“Rummers” are known for their vaulted ceilings, and inner atriums that some owners leave open to the elements or enclose into the house. They are built on slab and tend to be on a smaller scale with a high use of glazing to let in light and give the feeling of living outdoors. There has always been a lot of speculation on how much borrowing Rummer did from the nearly identical Eichlers of California- but perhaps that just adds to their intrigue in Oregon.
The tour is May 21st. Buy tickets here.Add The First Comment
In this story, yours truly is forced to visit the Bay Area and celebrate a family birthday for days on end. We started out a Boulevard, a beautiful Belle Epoque era restaurant where the food and service are equally stellar, then a bit tipsily onto the Balenciaga exhibit at the de Young Museum. As much as I love beautiful clothing, I still did not expect my strong response to this show. The designer had such an understanding of his craft, he was able to create nothing short of wearable sculptures with fabric. The exhibit was sinfifcant as it demonstrates the influence of Balenciagas Spanish heritage- the Catholic church, bullfighting and traditional Spanish clothing, directly to his designs. The exhibit continues through July 4th. You must go up to the observation floor of the de Young and see the dizzying views of the city and Bay.
The following day took us to the area known as the “gourmet ghetto” in Berkeley, an area of top notch food shopping and restaurants that brings back the European experience. Need cheese? Of course, the Cheese Board, for meat on to Magnanis. Our carb needs took us to Acme breads. A small line forms outside of the unassuming doorway. While two ladies efficiently fill orders a step away from the bakers , a larger doorway opens up to whisk away deliveries all over the city by truck. Must have- the cinnamon bread and ham and cheese turnovers. On an earlier visit one of these turnovers did not survive the short walk across the parking lot to the car.
Our produce shopping took us to Montery Market where the selection was unbeatable. I think you could make practically any dish you wanted shopping here. There must have been twenty types of fresh mushrooms. Fresh tamarind was at home here as the Napa cabbage, and buying several varieties of mangos for a tasting seemed as natural as buying apples.
We loaded up our groceries into the car into waiting coolers and went on to our next meal at Chez Panisse, where 40 years ago Alice Waters launched the birthplace of local sustainable eating in America.Add The First Comment
I was contacted recently by Inman News, a national website used by many professionals to stay current with all things real estate. A former writer for the Chicago Tribune explained to me that Inman was beginning a new weekly feature regarding the marketing of an unusual or difficult property- and that they had chosen a mid-century property I had just marketed and sold to use as their first story.
I probably took 150 photographs to capture this mid-century home which, Pam Kueber of Retro Renovation shared with me, also falls into the category of Streamline Moderne. Streamline is a stripped down Art Deco with curves suggesting motion, speed and modernity. Here is just one of the four fireplaces.
The piece got a great response and was called Art of Selling a Vintage Home.One Comment - View/Add Comments
On an earlier post I shared a story from the NY Times about a measuring dispute in a new condominium building. The buyer was suing the developer over a difference between the actual and advertised square footage. The buyer measured the condo after occupying it and found the unit to be 743 rather than 634 square feet. That 109 square feet just cost the developer $150,000 in a recent settlement.
I think it best to rely on the county measurements or have a relatively inexpensive appraiser draw up a floor plan and determine the square footage. The floor plan usually costs between $150-$250 and makes a great addition to your flyer and online documents. While we Oregonians may not be as litigious as those fiesty New Yorkers, measuring disputes are serious business and can cause a transaction to fail. The NY Times story.Add The First Comment
Finally! My clients and I have found the perfect home. Now, how do we determine how to make the best offer? There are many factors depending on my clients situation and the home in question, but the “history report” is a crucial piece of information.
This report allows me to see behind the scenes, and kind of like reading tea leaves, gives me guidance on how to approach an offer. Take this active listing, for example. The same realtor has listed it beginning in April of last year. I can see the list price has gone from $374,900 down to the current price of $299,000. If I dig further, I can see whether the house is a bank owned or short sale. That will help determine if there is any more room to negotiate. On the other hand, because the listing has become a bit shopworn, it’s very possible the current list price is- at last- reflecting the true market value. A quick search of the latest neighborhood sales will determine that.
Are the sellers still in the home, or have they moved on leaving the house vacant? A conversation with the listing agent may give me further information upon which to reach a decision. Has the home gone pending and then BOM (back on market)? If so, why- were there issues with an earlier inspection? Have those issues been resolved?
So you see, when a buyer asks- “What do I offer?” many factors are taken into consideration to writing up not just an offer, but an offer that will be accepted. That’s the most successful offer of all when it comes to finally finding the perfect home.Add The First Comment
John Yeon is one of the most recognized architects in Portland, primarily known for creating the style known as Northwest Regional, and designing 14 homes in the Portland area. The most famous, the Watzek House, was so celebrated the plans were exhibited at Moma and is now on the National Historic Register. Yeon, who was not formally trained as an architect, designed this home at the age of 26.
The family name is sprinkled throughout Portland. Yeons father oversaw the Columbia River Highway and influenced John’s interest in public projects, and Yeon Avenue bears his name . His mother, was Elizabeth Mock Yeon and a two of Johns well known speculative houses are in the Mocks Crest neighborhood in north Portland.
The Watzek house is currently featured as one of “Portlands 10 Greatest Homes” in Portland Monthly magazine. A chance in a lifetime tour has come up on the weekend of April 30th. The premiere tour is being led by Yeon’s longtime associate Richard Brown. Purchase tickets here.Add The First Comment
Case-Shiller, the well respected tracker of home sales in the US has published a map that shows what they predict is the recovery time of the real estate market.
“Recovery” is defined by the market returning to it’s height, which most people believe was 2006-07.
The Portland market recovery, by their reckoning would rebound between 2015-2025.One Comment - View/Add Comments
A few weeks ago my friend Kathleen called from her home in NE Portland and asked me if I was on the double decker red bus touring in her neighborhood with the big Windermere banner.
This bus gets notice, which is why I felt a bit of a spectacle in it on our Tuesday brokers open tour. For those of you that don’t Live Drink and Eat real estate, Tuesday is the day every week that brokers showcase their new listings and hope to generate interest- and a subsequent sale through exposing them to as many brokers as possible, within a few hours.
I got over my misgivings as it was a lot of fun to tour with colleagues and support our new Windermere listings. There were also mimosas available.
Though only in use a few months, the red bus tour has definitely been the source of several sales- we take about 30 realtors through our listings at a time. The next tour will be in SE Portland next week.Add The First Comment
Ate-Oh-Ate is a reference to the area code of Hawaii, where Mr. Dyer hails from. The space off of E. Burnside is casual, friendly and reasonably priced. This is soul food eating, with traditional dishes like Loco Moco- a hamburger patty with two over-easy eggs on rice and smothered with gravy. Like the logo indicates, the pig is featured pretty heavily on the menu, one choice being the Kahlua pig featured with double starches- both rice and macaroni salad. OK, they offered a salad instead, but why bother at a certain point, right?Add The First Comment
While in the heyday of the real estate in the Portland market one could easily price above the latest home sales as the frenzy of buying combined with very few homes available drove prices upward on a monthly basis.
A review of the 19,085 active listings last year, 2010, in Mulnomah County shows a clear guide towards pricing strategy in todays real estate market. The majority of the sales last year occured in the first 0-30 days of the listing and sold for an amount closest to the list price. Fewer sales occurred as the listings stayed on the market with the greatest loss of the sales price to the seller as time wore on.
Only 42% of the homes listed last year actually sold.
There are many tools that I share with clients to help guide them towards the most effective pricing strategy, and avoid any further loss of value.Add The First Comment
John Paulson, the hedge fund operator who made billions betting against subprime mortgages- before any of us knew what they were, is now saying that this is the best time in 50 years to buy a home noting that “your debt and interest payments get locked in at record lows, while the price of your home will rise.”
In an article on Forbes.com, Paulson states, “If you don’t own a home buy one,” Paulson recommended; ” if you own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”Add The First Comment
When ever a hear someone say that print is dead, I immediately pre-lament the loss of the NY Times. They make the most mundane subjects interesting and readable. This article speaks lucidly about how the FICO score (the score that dictates what kind of credit you qualify for and how much it will cost you) works, and good strategies to rebuild a not so stellar score. Read the article.Add The First Comment
Don’t even think about visiting this place if you are on a diet. However, if you are looking for top notch sandwiches, tasty cocktails and the best potato salad I’ve had in Portland, this is your place! Bunk Bar lies across from Clark Lewis in the east bank area of Portland and the two restaurants could not be more different. Well priced with a super hip, very Portland vibe, Bunk Bar was a great place for a casual meal before a planned night of bowling at Grand Central. While we scored a table at Bunk right away, we weren’t so lucky at grabbing a lane. The good news is, they do take reservations for weekend evenings now. Even if you can’t bowl, it’s a great way to hang out with friends and mix with lots of different kinds of people from super hip to super geek.Add The First Comment
Every transaction I am in is completely different and also the same. The same because the process takes us down the same path. Navigating the path can be different because the homes and the people change every time.
This article in the NY Times caught my eye because it reminded me of a home that I listed where the measurements became an issue for the buyers after an offer had been made and accepted. Because of that transaction, I will now only use either the county information or a licensed appraiser to draw up a floor plan for the purpose of listing the square footage. Even just a few feet of floor space can sabotage a sale. Read of the NY lawsuit.Add The First Comment
January allows a review of last years market in the proverbial rear view window, and the latest Market action has no real surprises- which is good news. National reports, such as the Case Shiller, showed Portland with a loss of 7% last year while our local statistics show an average decline of 11.9%. Obviously, the average means that some areas have lost more value than others while no homes have been exempt from some kind of loss.
For the past three years new listings have risen dramatically in January, and we are now at 11.3 months inventory compared to Decembers 7.9- but again no surprise as many sellers will wait until after the holidays to put their homes on the market, or re-list them after a break. Last year we were at 12 months in January and down to 7.8 by March. NE Portland has moved into the hottest position in faster sales with the lowest DOM (days on market) at 119, while the average in Portland for last year was 145. Lake Oswego leads in DOM at 258, again with the highest average sales price as well.
We are still seeing sales of some homes go pending within a day or two of listing, sometimes with competitive offers. The Multnomah Village home just posted in my featured listings is a prime example. These homes are priced very well and in good condition for their market. There are buyers out in the market, if extremely discerning.
Interest rates have edged up, but are still historically extremely low. If you are considering selling and buying up, with the proper strategy you should come out ahead in this market. Much has been said about the large shadow inventory looming, so listing now may be a good strategy to avoid a potential crush. Read the Market Action.Add The First Comment
I love going up to Seattle, but I have made myself believe the trip was only worthwhile if we stayed for a minimum of two nights. I was proven wrong on a recent trip where the pace seemed easy as we still packed so much (food) into our stay.
Avoiding the Friday night commute, we headed up Saturday morning just in time for brunch at Spring Hill in West Seattle. I’ve never had better corn beef hash- theirs is made from scratch, laden with sumptuous rich pieces of corned beef. Naturally, we felt a bloody mary was in order to kick off our vacation, and we joked that their spicy version with hunks of preserved meat and pickled vegetable could have sufficed for a meal in itself.
I do enjoy the shopping in Seattle, and this trip found a new to me and dangerous shoe store, A Mano, selling handmade Italian shoes. During my checkout, the proprietess confessed she had to visit a similar high-end store whenever she came into Portland, Halo Shoes, which has recently moved into the Pearl.
Remembering that the shopping was supposed to be for my husband J, we headed to several stores including All Saints, an uber hip British chain and Ian, where J found several great pieces at reasonable prices.
We refreshed ourselves at the Hotel Andra, and headed out for the evening- one of us in their new Italian boots. Stopping for a glass of champagne and a nibble of oysters at the reliable Campagne Cafe, we now felt fortified enough to head into Capitol Hill to our dinner reservation. A good thing we were fortified, too. Underestimating the distance to the restaurant, we headed off on foot. What started out as a jaunt started feeling like a death march as the blocks wore on and the rain began to fall. Luckily for our marriage and reservation, a cab was flagged for the last few blocks to Spinasse.
We’ve had many a meal in Seattle, and this was our best by far. The wait staff seemed to anticipate our every need, moving us to another table when the bar area became crowded, and helping us plan our way through their courses so we could try as much as possible. The first course was sublime, a roasted leek flan with a cream and steel head roe studded sauce.
The house made tajarin with sage and butter was recommended and did not disappoint. Another unusual delight were the rabbit meatballs wrapped in caul fat and served with a caramelized turnip puree and horseradish.
When we were sure we were too sated to even think about desert, our waitperson brought us out a complementary plate with two spoons to enjoy along with our coffee.
After a such a satisfying meal, one finds it hard to believe one can ever be hungry again. And yet, we found ourselves in the Capitol Hill neighborhood ready for breakfast. The neighborhood, so quiet and foggy on a Sunday morning and marked by a vintage sign made me feel like a Seattle insider. Oddfellows casual atmosphere was perfect after our elegant dinner and the rustic egg and smoked bacon sandwich was the un-fussy antidote to enjoy with our NY Times and strong coffee.
We always seem to combine out trips to Seattle with a visit to SAM, this trip being no acception with the last few days of the Picasso exhibit to enjoy for a several hours.
Nearby, a late afternoon repast at the venerable bistro, Le Pichet where we tried their french onion soup. Every last buttery, oniony, cheesy bite was enjoyed thoroughly. As we left, a musician was setting up for their usual live Sunday music.
Driving back to Portland, we were rather surprised that we had only been in Seattle for 26 hours.Add The First Comment
As a mother of a child with Aspergers Sydrome, supporting children with emotional and behavioral needs seems a natural fit. For the fourth year, I’ve taken a “mobile cookie party” to the Parry Center, a residential treatment center where kids from 5-17 years of age can have some holiday fun expressing themselves with pounds of frosting and sprinkles.
Aided by my college age daughters and several of their friends, we set up tables laden with jars of sprinkles and bags of colorful frostings and distributed hundreds of cookies to small groups of children over the course of two hours, about 40 kids in all. The children especially enjoy the attentions of my volunteer helpers as they decorate their snowmen, and gingerbread men and ladies sitting side by side. For the second year, my garden group, the Fir Grove Garden Club helped me bake the hundreds of cookies we brought to the Parry.
Thanks to the generous contributions from my office, clients, friends and neighbors, we were also able to deliver huge bags of socks and underwear and dozens of personal journals for the children. Thank you so much everyone for your help in making this party for the kids possible. I’m looking forward to year number five being the “Cookie Lady” for the Parry Center.Add The First Comment