Presenting an Offer

Many buyers and sellers are unaware of a quaint custom in real estate known as "presenting an offer."

More often than not, in today's world when a buyer's agent writes an offer with their client to purchase a property, the offer is then faxed or emailed rather than presenting the offer in person to the listing agent. Our industry has changed with the prevalence electronic communications just like so many other professions have. And why would one present an offer in person- doesn't the offer speak for itself?

I would say- absolutely not. Many opportunities are lost when not presenting in person. Ideally the buyer's agent should present to both the seller and their agent. If this isn't possible, than many times the listing agent is willing to meet with the buyer's agent. In either case, this a great time to build a relationship, and allow both parties to ask pertinent questions as they come up in real time.

Case in point- I recently took some clients to see a house that I found out was going to be listed and put on the MLS that very day. The listing agent agreed that I could show my clients through the home before that, in fact- right when he was meeting with the seller getting final signatures. My clients loved the mid-century home and shared with me immediately that they wanted to write an offer.

What could be better news to a buyers agent? Except that my buyers were selling their home to get into this home- and they had just experienced a fail sale two days before.  This meant that now their offer would be completely contingent on the sale of their home- a home that wasn't even pending and in need of a buyer in a tough market. My buyers needed to know that to have an offer accepted with this contingency was a long shot- a very long shot.

The seller agreed to let me present the offer with her broker present, and I went through the terms with her page by page. My clients had decided to write an contract with very generous terms and the seller expressed a lot of enthusiasm for the offer. The seller and I struck up a friendly repoire. When I shared the contingency, she asked me how saleable my buyer's home was. I had the photos at the ready, and luckily the home was picture perfect. The listing agent was impressed that the home had been pre-inspected. The seller verbally accepted my client's offer that evening and we got the formal acceptance the following day.

I am positive this would not have been the outcome had I faxed the offer over. The listing agent would have been prudent to advise his client against a contingent offer and would probably have advised his client to put the house on the open market. As my principal broker shared with me once- "Why hitch your wagon to a slower moving wagon?"

With a good presentation, and a relationship built between all the parties, the personal touch can make all the difference. It allowed all concerned to ask questions and share information- a benefit to the seller as well.

The truly happy ending? My buyers got another offer on their home within two weeks and now they are living in their long shot.

Older Woodstoves are Out for Resale

If you are considering buying or selling a home after August of this year, this new DEQ requirement may apply to you. As part of a new program to eliminate older uncertified woodstoves, the seller will be required to remove the device from the home prior to a sale and notify the DEQ.

Uncertified woodstoves burn about 70% dirtier than certified ones. These older, polluting stoves can remain in service for dozens of years. Removing them from service would help Oregon's efforts to restore and preserve healthy air and save homeowners money. Residual wood burning is a significant source of air pollution including fine particulate and air toxics.

Some counties such as Deschutes and Klamath and the cities of Bend and Medford currently have similar rules in place.

Musicians Only?

Sting has just listed his Beaux-Arts co-op with gorgeous views of Central Park.  The home has 6,600 square feet, five bedroms and four baths and- 23 closets. Lovely architectural details abound including graceful moldings, a curved staircase and expansive rooms with mahogany inlaid floors. It's been listed at $19,000,000 and was previously owned by Billy Joel. Pictures of the interior.

Relish

Local designer, Aurelie Tu's pieces are featured heavily in Relish's retail and design space at NW 17th & Lovejoy. Her woven felt bowls were part of the decor in the recent Street of Eames, and work perfectly to bring both form and texture to a minimalist space.

The shop offers well edited decor from floor to ceiling: stretched and framed Marimekko fabrics, area rugs, lighting and wallpaper.Needless to say-  not your grandmothers wallpaper.

The shop is friendly and highly browseable with dozens of smaller home and gift items, though more serious folks can check into the design services that start with a free 30 minute consultation and extend into custom furniture design.  Relish: The Video.

DWR Event

Design Within Reach, the modern furnishing store on Everett will be hosting an event with a landscape architect who will share some nifty planter ideas including the use of succulents indoors and out from 12-4 on Sunday, May 9th. There will be a 15% discount on Avalon planters that day- a good thing, since the one I like is $325, and three would look perfect on my deck.

Sigh. Perhaps design won't quite be within my reach that day- but the planting ideas are free. Details.

March Market Action

We've had a striking reduction in inventory: from February to March we went from 12.9 months to 7.8. Losing four months of inventory is no small feat, accomplished with closed sales up 51.9% from the same month last year. Keeping in mind that six months inventory is considered the halfway balance between a buyer's and seller's market, the 7.8 figure brings us significantly closer.

Negotiations are still running very hot between buyers assuring they are getting a good deal in an uncertain market and sellers wanting or needing a net that will get them towards their next home.

SE Portland had the most expired and cancelled listings- 324 in March alone. Cancelled and expired listings are basically houses that didn't sell, either because of price, condition or both. A very interesting note: perhaps the Lake Oswego/West Linn area is coming out of their sales rut, with figures showing an increase of sales over last March by a whopping 91.8%.

So far our DOM (days on market) are down about 12 days over last years 154 average. My DOM are averaging under 60 days for both this and last year. Read the entire report.

Windermere CCRG Leads All Sales

I am proud to work with my principal broker, John Gregory. He has legendary hiring interviews- often averaging around four hours long! His goal is to hire good people and his belief is that good sales will follow. I have learned so much from him.  I am also proud to contribute part of every transaction to the Windermere Foundation that has donated millions back into our community, including donating a building at Bridge Meadows.

Still, I have to say the competitor in me is certainly gratified to see that the training and standards of Windermere also translate to market dominance. I see it everyday in my work- within weeks two of my recent listings were sold by agents right in my own office.

For the girl that loved playing Monopoly as a child, working for a winning real estate company feels just as good as owning both Boardwalk and Park Place.

Calistoga Holiday

My fourth trip to Indian Springs in Calistoga and I still fool myself beforehand with self talk like "You're not compelled in eat more than one really nice meal out a day" or "We'll find a yoga studio and go there every morning!"  But really, who can resist eating in an area that has more Michelin stars than anywhere in the United States? As my daughter would say, I folded like a paper napkin. Case in point, this photo was taken after a fabulous tapas lunch at Zuzu's in Napa. Afterwards we went to Oxbow Market which holds a myriad of vendors, including the Fatted Calf Charcuterie which made the chorizo in one of our lunch dishes. One of the butchers, a quite hardy fellow, tempted us with ribs fresh out of their smoker. So I had one for desert.

So of course, many courses were enjoyed. It really is world class cuisine dining and service. You'll notice if you check out the pictures, that there is one of the French Laundry. Much like a starry eyed tourist with a star map of Hollywood homes, I hunted the restaurant down just to take a picture. Photos of my food addiction.

Street of Eames Tour

This was the last Street of Eames Tour and by some accounts, their best. Eight homes were featured- six on the west side and two in NE Portland. One of the requirements to be chosen on the tour is that the home is architect designed, and several of the architects represented on this tour are quite well known for their local early mid century design including John Yeon, John Storrs and Warren Webber. One of the homes was built by Robert Rummer, perhaps an exception to the architect rule.

I had several personal favorites: beginning with the 1961 Storrs house for it's livability and authenticity. It is beautifully sited in a forested area in the Green Hills neighborhood and is spectacularly private. Lovely original details include the hemlock walls and ceilings and the kitchen's glass globe lights. The extensive use of wood in the house reflects Storr's view of wood as "an understandable, romantic material". Unlike the cheap heavy handed paneling used in many homes of this era and later, the hemlock feels both rich and somewhat inconspicuous at the same time and gives a modern home the warmth and texture that may be needed when stripped of the embellishments such as moldings and ornamentation used in the homes of the past.

One such home on the tour, which I found personally to have all the appeal of a prison with a great view was the 14 House by Seed Architecture. While striking on the exterior, and boasting fabulous territorial views, I couldn't be pleased beyond that. While the home was obviously still in progress, the extensive hard surfaces and lack of ornamentation was spartan to the point of being punishing. To make matters worse, two of the three bedrooms only had room for a twin bed, furthering my sense of the prison analogy. The owners previously had a loft in the Pearl which this home may emulate. The home had expansive wall space that is perfect for hanging large pieces of art- it would be very interesting to see the difference in feeling once the owners make their mark.

Architect Warren Weber's White House" in the Bridlemile area features a very private yard area adjacent to the "L" shape of the home and a structure containing an indoor pool that begs for family and friend gatherings. The home has lovely territorial views from the upper level and gorgeous light pouring into many of the rooms. For a home built in 1949 it was quite ahead of it's time in terms of it's great use of space and it's access both visually and physically to the outside.

The Park Box or Path House by Corey Martin was a huge favorite of my group of five and won the award for the favorite of the new contemporary homes. Though it looks like one home, in actuality there are two residences-  and both were open for viewing. Both featured a floating wooden tread staircase and kitchens that opened to a great room. The bathrooms had gorgeous partial wall of privacy glass as well as pale glass tiles that continued the feeling of light that was one of the best features of this extremely well laid out, light filled home. Decks off of the living rooms extended the living areas to the outdoors.

I chatted with Sherrie Nee, one of the originators of the Street of Eames about the future of the tour. She shared that there would be smaller events in the future, including dinners hosted in architecturally significant homes- homes that perhaps would never have agreed to the larger tours but would make themselves available for fundraising on a smaller scale, and speakers at venues such as Rejuvenation. The next event will be hosted at Rejuvenation- you may sign up here.

Upcoming Classes AHC

The Architectural Heritage Center on NE Grand and Alder has a constant stream of great Saturday morning speakers- some upcoming classes of interest are "Everything you Need to Know About Earthquakes and Your Vintage Home", and "Invisible Additions: Increasing Space and Minimizing Impacts" Most lectures are on Saturday mornings from 10-12 and you can bring your coffee. Upcoming programs.

Ninja's Continue

I haven't posted regularly about the group of Realtors I meet with weekly, the Ninjas. We share best practices and the many challenges that arise during our real estate transactions. Many times we share issues that may help each other currently or to avoid problems in the future. One such item that came up recently was about sewer scopes. I highly recommend (or insist) that all my buyer's get one on the home that they intend to purchase. How does it work? The technician doing the service finds the sewer clean out and runs a cord through the line until they get to the city junction. The end of the line holds a small camera which records the condition of the sewer line. In at least half the scopes a problem comes to light that most sellers have been completely unaware of: among them, root intrusion, bellies (that cause backups), and disentegrating materials such as clay pipes or orangeberg. The sewer scope company furnishes a DVD of the scope and the service costs up to $125. A possibly desperate form of entertainment at a later date, but one that is aptly watched by both buyers and sellers at the time one is performed.

A good point that came up at my Ninja meeting (there is a story behind the name) is to negotiate with the company that does any repair work on the line to furnish another scope at the end of their work included in the repair price. Recently a line that had been repaired in the last three years ended up having faulty work done that the seller was required to correct- even though they had already paid for the prior work. In real estate a bad sewer line is almost always the responsibility of the seller and can easily run $3,000 or more when part or an entire line needs to be replaced. This way our buyers will be assured that they will not be inheriting a problem that the next buyers will surely ask them to take care of before they purchase.  So not just one sewer scope, but two, both before and after repairs.

Vindalho's Vindaloo

Cooking lessons when I was 34 and living in Riyadh, Saudi Arabia was high entertainment. With no public diversions allowed besides what we expatriates could concoct ourselves, learning to cook Indian food seemed a great departure from life on the compound. Aruna would float around her kitchen, her sari always firmly in place, making bread and navigating several flaming pots and pans at a time all the while telling us stories about her life in New Delhi- her arranged marriage and how she escaped from cooking every meal in her mother-in-law's kitchen. Afterwards we would all sit down at her table and share the feast while Aruna stayed in the kitchen preparing and bringing out fresh rotis, chapatis or naans to enjoy throughtout our meal. Aruna knew the pull this great cuisine had over me and would bribe me with naans or chicken makhani for eight in order to get a last minute appointment with me to have her hair done. While at my home whe would ply me with questions about what I was serving my guests at my next dinner party. Once, I was quite embarassed to admit that after the Indian meal I was currently planning, I would be serving creme caramel, rather than say- a cardamum rice pudding for desert. I couldn't have been more surprised when she told me she didn't like Indian deserts either.

The best Indian food I have had since Aruna's table has been in the Whitehall district of London. The best I've had here is at David Machado's Vindalho at SE Clinton and 21st. Never mind that he calls it "spice route cuisine". Yes, it's fusion, but he takes the best local ingrediats and by george, it all ends up tasting more Indian than most that define themselves as such. My favorite dish there is the pork Vindalho with it's layered spices, slow heat and that bit of vinegar that perks up a rich cut of pork shoulder. Imagine my delight when my friend B ended up getting the reicipe.

I enjoy the whole process of making this dish- roasting and grinding the spices, cooking the onions until they are a dark rich gold, and blending them all together to make the base for the cooking sauce that the pork shoulder is braised in. I can't tell you how rich and succulent this is over rice with some yoghurt and cilantro chutney on the side.

We finished with some lovely poached pears served with a reduction of the poaching liquid and some homemade vanilla ice cream. Something nice and "light" after the Vindalho. Aruna would have approved. East and west always get along at my table.

Sold in One Day

Yes, the market is tough, no one will tell you otherwise. This is a story of and exceptional home that sold in a day- it does still happen. Working in a great partnership with my client, we took a few weeks to ready the home. That's the queen's "we" of course. I did bring in quite a few of my own staging materials, linens, towels, bath and kitchen bits and pieces and spent an afternoon fussing over those. The seller did the work-  I was the director in this movie- and though she called me "bossy", she always did it in an affectionate way, trusting that I had the vision and experience to guide what was needed to be done.

With some of my longtime vendors, we removed some wallpaper and painted. We had a pre-inspection to see if there were any large issues that may cause any problems and had a sewer scope to ensure we would not be negotiating on that matter with potential buyers. The tidy house was made even tidier, and many boxes were packed away. I spent hours taking photographs, ensuring we had the best possible images of the home.

I wanted to show off the great mid century architecture- a gorgeous cedar vaulted ceiling, beams that crossed from the interior through large windows and continuing outside. A beautiful under lit floating cabinet in the living room. Period intact bathrooms and lighting fixtures. It's modest exterior completely belied the grand feeling inside. But that's a good mid century ranch for you- not a show off McMansion type.

An outreach on brokers open day drew at least thirty people through, including some clients with their realtors, three of which that were ready to write and offer, and one that did. The seller was pleased. See more photographs.

True Thai

Besides Pok Pok on Division Street, there is very little in the way of true Thai food here in Portland. I have my sources, and there is an actual conspiracy that controls the menus of Thai restaurants nationwide to the "Thai Twelve"- pad thai, red, yellow and green curry, and tom yum soup to name a few.

Thanks to a busy year thus far, J and I have barely cracked a cook book in the last few months, so it was a pleasure to devote a day to food shopping and cooking. Thai seemed just the ticket, especially having just discovered that our friends B & W, find it one of their favorite cuisines and lucky us, B was sharing his "leftover" wine from the shop for our evening.

I had no idea what I was getting into. Our recipes required a few new ingredients- palm sugar and shrimp paste, these and others which of course were easily found at Uwajimaya. I just love the colorful packaging and the mystery of how these ingredients will come together.  Another stop to New Seasons and we had several bags of provisions.

We made a fresh green curry paste- probably ten ingredients that took an hour and a half to prepare. Surprise ingredients here were romaine leaves and coriander stems for color and liquid.  This was to go into the beef with eggplant dish. Our other main dish was fresh grilled shrimp, dressed, over a bed of cucumbers and fresh greens.

We remembered a lovely gift of an ice cream maker that we had yet to use, so we thought a cooling vanilla ice cream with a apple- apricot tart sounded like a nice finish. After looking at the time involved in these dishes, we found a simple recipe for spiced boiled peanuts for a little nibble before dinner.

I love the process of cooking, and the eating was just as delightful. See the rest of the pictures including the actual green curry dish.

Yeon Masterpiece

Architect John Yeon designed this amazing 1952 home- a perfect example of his NW contemporary vision. Named the Swan House, after Dr. Swan who originally commissioned it, and featured in last years Street of Eames tour, the home sits beautifully into the almost four acres of landscape, with a slate roof and natural finish on the board and batten siding.

The living room opens up to a a light filled space with hemlock paneling on the walls and high ceilings. A wide inviting built in sofa next to the fireplace faces a large bank of windows, one of many original features of this well preserved home.

The dining area faces a bank of windows to the very private rear of the home with a stretch of lawn, a lovely setting both day and night for gatherings. I love the arrangement of bedrooms- often found in architect designed homes of this era- a generous master suite on one side of the house, with the other two bedrooms well separated from the master. Two very large rooms downstairs could easily be used as a media area, family room, or office space. An attic area has it's own full bath and would make lovely guest quarters. Many of the homes large windows are accompanied by ventilator panels which one can open and close and act as an air conditioning system.

The home's systems and baths have been well updated. It's setting in the Sylvan-Hoyt Arboretum area feels like a world away from the downtown, even though it's easily within a 10-15 minute drive. $1,795,000

Spring Is Coming

We've sprung ahead, and though I can't stand losing sleep on a Sunday, I think an extra hour of light therapy is worth it. Our winter here has been fairly mild of late, and even though I know there are months of rain ahead of us, my garden is in bloom and giving me a much needed color boost.

My lovely husband bought me a new lens for Valentines and here is one of my first photos with it of our evergreen clematis, just starting to bloom. Just like my hopes for Spring and some warmth along with our light.

February Market Action

While many new listings are coming on the market- I've taken quite a few this year myself- the good news is that closed sales are up over 18% from the same month last year, and pending sales are up over 20%. It appears the prices have adjusted to the point that buyers are having more confidence entering the market. Our inventory is at 12.9 months compared to  16.6 this month last year.

North Portland still has the lowest DOM (Days on Market) at 74. West Portland (close-in west side) has taken the lead over Lake Oswego/West Linn for most DOM at 206. However, the west Portland market also has the most overall listings as well as the most new listings on the market, and therefore has the highest inventory which is bound to drag sales, along with the higher average sales price of $408,000 compared to the $238,000 of North Portland.

The first time home buyers market continues to be strong up to $350,000 more or less. There are still buyers wanting to take advantage of the tax credit that need to be in contract by April 30th and closed by the end of June.

Seller's, though reluctant, are listing their homes more in keeping with market values. Buyer's continue to seek value and especially in the FHA/first time home buyer's market are asking for significant concessions from the seller in closing costs.

Condo sales- especially in certain circumstances can be quite a bargain compared with years past-( read my blog post below on a $100,000 discount.)  Especially now that the building is well past it's peak, it seems just a matter of time until the inventory is absorbed.

Short sales and foreclosures are now present in even the most exclusive neighborhoods, though many buyers are avoiding the short sale process which can often be lengthy and unfruitful. Overall, they are a drag on the market with excess inventory and driving prices lower, most especially in areas that have more than their share of them. Read the entire Market Action Report.

Interest Rates Rising?

There has been a lot of talk about what will happen to interest rates when the government halts the purchase of mortgage backed securities at the end of the month. Obviously, any rise at all, even in this era of historically low rates, could have an effect on the housing market. This video link, supplied by one of my preferred lenders, Clayton Scott of Windermere Mortgage Services, explains the situation in an easily understandable way.

Ready Made Discount: $100,000 off Your Purchase

I've worked on this transaction several months off and on, for an out of town buyer looking for a second home here in Portland, the sometimes intense negotiations going back and forth between the purchaser, 937 and myself. Besides just negotiating a sales price, I also was involved in poring over the (often) daunting sales agreements that new construction sales offices produce and insist on using- often to their benefit, and locating and deleting possibly damaging clauses. In this day the condo developer is more forgiving of changes to their contract.

I'm pleased to say that I have negotiated $105,000 off of the sales price. The developer and their bank are also offering $18,000 in closing costs which can be used for a substantial buy down of the interest rate the first two years before going into a 30 year fixed rate, substantially reducing the payments the first two years. And  did I mention a complete blind system for the gorgeous floor to ceiling windows?

The only problem is the buyer is now gone.

The 937 has a great location, at 9th and Glisan and some of the best natural light from just about any condo I've been in. The building is working towards Platinum LEED certification, the highest and best use of the materials available today with the building using 40% less energy than condos built before 2001. Low VOC materials and paint were used in the interiors for healthy air with Caesarstone slab used on the countertops in the baths and kitchen surfaces. The finishes are all first rate.  Windows are gorgeous- floor to ceiling- and often open to the surprising red decks. Many have gorgeous views of the west hills, bridges or Mount Hood. Review of 937 by Brian Libby of Portland Architecture.

While the buyer may be gone- the opportunity is not- so please give this a forward this to someone interested in buying a beautiful condo for a great price. The unit has two bedrooms, two full baths and is 1300 plus square feet and includes a secure parking space.

Sriracha: Ready for Your Tattoo?

We- like so many, love the ubiquitous perfect hot sauce known as Sriracha, or "Rooster Sauce". My kids and I were curious how fast we would go through a whopping jar of it, purchased at the amazing Uwajimaya in Beaverton, so I "sharpied" a date on the sauce which we just finished almost exactly a year later.All the while the same little dribble of Heinz ketchup sat shoved up in some corner of the refrigerator collecting that icky water on the top. This article from the NYTimess came to mind, which was published awhile ago, but was so good I'm happy to have any excuse to share it, a mixture of sauce trivia with a great American success story.  This stuff is so popular it has more than one Facebook page. High end chefs use it. Appleby's serves it. One person even mailed the Bay Area company a photo of the rooster tattooed on his leg. He was from Portland. I wouldn't go quite that far, but do think it has great flavor with a very respectable amount of heat that will doctor up the dullest bowl of emergency dinner ramen that I buy about once a year.  The NYTimes article.