Midcentury Cool or Money Pit?

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.

Cookie Party 2011

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.

Seattle Long Weekend

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...

Warren Buffet's "Millions of Homes"

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.

Seismic Upgrading

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.

January Market Action

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.

Read the entire January 2012 Market Action report.

Beauty and Brains

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/

Affordable Bridlemile

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. $345,500

Raleigh Park Garden Tour

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.

Portland Market Action: March 2011

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.

Springwater Corridor

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.

Portland Pop Up:Boke Bowl

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.

Rummer Tour: Oak Hills

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.

Arts and Eating Weekend

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.

Both Boulevard and Chez Panisse are included in the SF Chronicles 100 Best Restaurant list- a great guide to eating in the Bay Area. All the photos including lunch at Chez P.

Portland Mid Century Makes Inman News

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.

Measuring Disputes Update

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.

Real Estate Insider: Making an Offer

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.

John Yeon: Watzek House Tour

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.

Portland Real Estate Recovery

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.

Red Bus Tour

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.