Portland, Oregon

Living in Portland, Oregon

 

April 3, 2011

Portland Real Estate Weekly Market Report

An Updated Report for Single Family Detached Homes in Portland

The median list price in Portland, OR this last week is holding at$259,900.  The per square foot asking price stays put at $143 per square foot.  47% of listings had a price decrease and 19% reset their DOM (Days On Market) by re-listing.  The average DOM was down to 174 days.

Median home specs are as follows; 2011 sq foot home with 3 beds, 2 baths on just under 6500 sq ft lot.
192 new single family detached homes in the Portland real estate market this week.  This brings the active listings to a  total (as of the 28th of March) of 3079.

The most expensive 25% of listings have a median home price of $579,900.  The median specs for these homes are 31 years old with 3309 sq ft, 4 bedroom and 3 baths on just under 6500 sq ft lot.  There are 41 new listings in this range of Portland real estate brining the total at 769.  The Portland homes for sale in this range are on the market for an average of 190 days.

While the lease expensive 25% of  listings have a median price of $139,950 and have an average DOM of 163.  This range of Portland homes for sale are on average of 57years old on just under 6500 sq ft lot, 1200sq foot homes with 3 beds and 1 bath.  51 new listings came up for sale bringing the total to 770 in this range.

Data from Ticor Title - Lake Oswego.

 

 

Rich Peralta is a real estate professional in the Portland Metro Area,  Lake Oswego and  West Linn Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estateand Lake Oswego Real Estate!

 

Originally posted on West Linn Real Estate.

 

To view Portland real estate listings, click on the map

 

Share This Post
March 26, 2011

Options Available to Distressed Portland Real Estate Owners

 

 

In this down real estate market, loan modifications, short sales, feeds in lieu, foreclosures and bankruptcy are terms you here thrown out in news articles.   Many Portland real estate owners have had personal experience with the difficult real estate market, having been forced to make tough decisions about how best to deal with properties they could no longer afford to keep.   Below are the basics of these options and some of the impacts these choices could make.  Because each of these options involves a multitude of factors above and beyond the scope of real estate, I advise all my clients to speak with a professional who can advise them about which option may suit them best.

Just to clarify, I am NOT giving out legal advice.  I am NOT a lawyer.

 

Here are some options for distressed Portland real estate owners:

 

Loan Modifications

A Portland real estate owner who needs temporary relief to retain his or her property may consider seeking a loan modification.  Many lenders may be willing to alter the terms of a property owner’s loan, either temporarily or permanently, in order to allow the borrower to continue to own the property.  The biggest advantage of a loan modification is that it allows a real estate owner to keep the property, rather than being forced to sell the property or allow it to go into foreclosure.  A  loan modification can be challenging to obtain.  They may take many months to go into effect, and often require the borrower  to repeatedly contact the lender in order to move the process forward.  In these tight lending times, lenders have very strict qualifications for Portland real estate owners seeking loan modifications, and may not be willing to consider loan modifications for properties other than principal residences.

Short Sales

 

When the proceeds from a sale of property are not enough to cover underlying encumbrances against the property and all other costs associated with the sale, this is called a short sale.  The sale of the property will come up short of what is still owed.  A Portland real estate owner may consider entering into a short sale when he or she would like to sell a property, wants to avoid a foreclosure, and has experienced a hardship that may encourage his or her lenders to accept less than what is owed against the property.  A property owner may consider a short sale simply for business purposes – he or she cannot justify throwing more money into a property that will not be worth what is owed against it in the foreseeable future.  A Portland real estate owner will benefit from a short sale in that he or she will be able to sell the property and cut his or her losses.  While all this sounds great on the surface, a short sale can have a negative impact on the seller’s credit, may result in continued liability to the lender on the loan against the property, and could have adverse tax consequences.

Deed in Lieu of Foreclosure

A deed in lieu of foreclosure may be used by a Portland real estate owner to cut short the timeline associated with a foreclosure, and to negotiate relief from the shortfall between the value of the property and the balance on the underlying loan (the “deficiency”).  Because a deed in lieu of foreclosure is negotiated between the property owner and lender, it may not have the same outcome as a foreclosure, and may not benefit the Portland real estate owner any more than would a foreclosure.   If a borrower can convince a lender that deeding the property back will save the lender from expending time and money in a foreclosure, in return for a release from any “deficiency” liability then the property owner may choose this option instead of foreclosure.

Foreclosure

Foreclosure is the typical end result in a situation in which a Portland real estate owner defaults on an underlying loan against property, and is unwilling or unable to bring it current.  While some property owners find themselves facing foreclosure because they have experienced a hardship, others may have no better option than to allow the property to go into foreclosure. If one were able to avoid any post-foreclosure liability to the lender, foreclosures may be beneficial.  However, as with any other option, foreclosure will undoubtedly have a negative impact on the Portland real estate owner’s credit, which will impact his or her ability to obtain financing in at least the near future.   As with many of these options the owner may be subject to tax liability in certain situations.

Bankruptcy

 

In bankruptcy, a property owner may be able to restructure debt, or may even be successful in doing away with the debt entirely.  While bankruptcy has a negative impact on a Portland real estate owner’s credit, it may be the only way that a real estate owner can retain his or her property, save equity through a homestead exemption, or deal with significant debt. People consider bankruptcy who have significant debts and/or are attempting to salvage equity in a property.

Which option is best?

 

Each of these options may work for one property owner, but not another.  For instance, each option may have different tax consequences for different Portland real estate owners, depending on the type of underlying loan against the property, the use of the property, the amount of the shortfall between the value of the property and the amount of the loan, and so on.  Although many Portland real estate owners may qualify under an exception to federal tax liability for any forgiven debt, those who own rental properties or who took equity out of the property may not.  Tax consequences will undoubtedly impact which option is chosen by a real estate owner, assuming the property owner has any real choice. In addition, each option may result in a different liability owed to a lender.  If a property owner knows that he or she will avoid liability owed to a lender in a foreclosure, but the lender will not agree to cancel the full debt in a short sale, the Portland real estate owner may decide to allow the property to go into foreclosure. A real estate owner will also base his or her decision as to which option is right for him or her based on the impact that decision will have on his or her credit.  Unfortunately, in any distressed situation, a lender will make a negative credit report to the credit reporting agencies, which report will negatively impact a Portland real estate owner’s credit score.  Opinions do differ as to the impact each of the above options will have on a property owner’s credit score.  Some argue that a foreclosure or short sale will have an unknown timeframe on the  impact a person’s credit, while a bankruptcy will only impact for a specific period of time.  Another opinion is that a short sale is better than foreclosure from a credit standpoint.  And still others argue that a foreclosure will not be overly detrimental, as the property owner may be able to qualify for a new loan only one to two years after the foreclosure takes place.

A distressed Portland real estate owner faces a tough decision regarding how best to address his or her situation.  Because this decision involves many variables, and can have a number of outcomes, distressed property owners should seek counsel from professionals such as attorneys, tax advisors and others regarding how best to protect themselves and their assets.  As a estate brokers, and a frequent first point of contact for distressed owners,  I have a list of contacts that you may want to talk with in order to make an informed decision as to your next step.

This column contains general information only and must not be construed as legal advice.  I am not a tax, real estate or any other kind of attorney nor do I play one on TV.

Search Portland real estate

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Originally posted on West Linn Real Estate.

 

[caption id="attachment_1865" align="aligncenter" width="300" caption="To view Portland real estate listings, click on the map"][/caption]

Share This Post
March 23, 2011

The Next Big Retirement Destination; Portland, Oregon?

Maybe retirees don't need all the year round sunshine that other states may provide.   Portland has been named the country’s top bargain retirement spots.  There could be a boom in "Boomers" owning Portland real estate.

 

According to U.S. News & World Report, Portland’s falling home prices helped drive the city to the top.  Since this article was in the money section of the publication, most of this data is based on what your dollar can get you.  While Portland is a good buy with lots of inexpensive, if not free, entertainment and things to do, I thought I would throw out a couple of other points which helps make Portland a good choice for retired living.  Like enjoying the benefits of public transportation, health services, social interaction, continuing education, and local shops, restaurants and entertainment.

No car no problem.  Portland has the nation's best public transit system. This makes it effortless to get around town without driving and lessens the dependence on a car.  Add in the fact that Portlands mixed-area land use and smart urban design, that if you are not using mass transit, your feet can take you most places you want to go.

Portland  has a vibrant &  diverse culture, so there is never a lack of activities and things to do and see.  An educated, progressive and involved city but still very relaxed. You can get dressed up for the theater, dinner or wherever you are wanting to go but nobody will look at you funny if you want to be casual.  In fact, most are. You don't get the sense of hurry up in Portland.  Stumptown is often said to be the United States' most European city.

Right in our backyard you have lots of activity. Hiking, cycling, kayaking, skiing and many other outdoor activities are available year round.   PDX (the airport code for Portland) has more city parks per capita than any other city in the nation (227 parks, including the 5000+ acre Forest Park wilderness).

Volunteer opportunities and arts and entertainment events are available all over the city.  Portland has a climate that is ideal to gardeners. From ballets & independent bookstores to music & brew festivals, your sure to find something to keep you busy in the City of Roses.

You throw in Portland's mild climate,  including some of the best summers you can find, and I can see why our great city could make a good retirement location.

 

The Top Ten List:

Portland, OR
Tallahassee, FL
Tucson, AZ
Wake Forest, NC
Cathedral City, CA
Wahiawa, HI
Weatherford, TX
Dover, Del.
Sycamore, Ill.
St. Charles, Md.

 

Search Portland real estate

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Originally posted on West Linn Real Estate.

 

[caption id="attachment_1865" align="aligncenter" width="300" caption="To view Portland real estate listings, click on the map"][/caption]

Share This Post
March 19, 2011

Portland Real Estate Market Update – February 2011

The Portland real estate market showed an upswing in closed sales for February 2011 with levels up from both last February 2010 and last month, January 2011.  This was done even with fewer active and new listings on the market.

The market continued to weaken as February 2011 sales data is released.  The average sale price in February 2011 declined 10.5% compared to February 2010. When comparing January &  February of 2011, the average sale price went down from$248,900 to $244,500.

If you take a look at the first two months of  2011 with the same period (Jan-Feb) in 2010, the data shows that  new listings decreased by 23.6%, while pending sales were down 8.3% and closed sales increased 5.4%.   During the same two month window the average sale price dropped 10.7% this year compared to last.

The other bright spot in the Portland real estate market is that February had a slight decrease in inventory.  Down from11.3 last month 11,746 active Portland homes for sale would last about 10.9 months, at February 2011's rate of sales.  Portland real estate housing inventory has stayed pretty much between 10 and 11 months for the last eight months The only exception was in December 2010.  The general thought is that six months is a good balance between a buyer’s and seller’s market.

 

To see how last months data looked, click here.

Search Portland real estate

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Originally posted on West Linn Real Estate.

 

[caption id="attachment_1865" align="aligncenter" width="300" caption="To view Portland real estate listings, click on the map"][/caption]

Share This Post
March 18, 2011

Portland Real Estate Market Update - January 2011

Portland Real Estate Market Update for the first month of 2011.

Portland real estate activity levels for January 2011 is as follows: 3,128 new listings, 1,489 pending sales, 11,697 homes actively marketed with over a 1,035 homes closed.  The amount of Portland real estate sales compared to Portland homes for sale it would take 11.3 months for all of the currently listed homes to sell.
To view Portland real estate listings, click on the map.

The average sale price for Portland real estate ($248,900) sank to its lowest levels since May 2004 and median prices ($215,000) were closer to those in February 2005. The average Portland real estate is now $106,000 less than it did in the summer of 2008. January is a low volume month for Portland real estate and may have an effect on the data.


Below is Portland real estate average sales prices by (MLS) market area. Please note that average sale prices are year-to-date, so they are only using one month of data. in a few months we will see those numbers settle out into their normal patterns. Also these numbers are for closed sales, so they likely reflect transactions that went pending in late 2010.
$193,300 - Gresham, Troutdale
$198,800 - Southeast Portland real estate
$201,800 - Beaverton, Aloha
$207,600 - Hillsboro, Forest Grove
$208,300 - North Portland real estate
$209,500 - Oregon City, Canby
$247,400 - Milwaukie, Clackamas, Happy Valley
$280,700 - Northeast Portland real estate
$282,300 - Tigard, Tualatin real estate, Sherwood, Wilsonville real estate
$319,800 - Northwest Washington County
$358,500 - West Portland real estate
$390,000 - Lake Oswego real estateWest Linn real estate

Click here for more information on Portland and Lake Oswego Real Estate!

Rich Peralta is a real estate professional in the Portland Metro Area and West Linn Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Originally posted on West Linn Real Estate.

 

Share This Post
March 16, 2011

Price vs Cost of Portland Real Estate

Even if Portland Real Estate Prices Stay the Same, It Could Costs More to Wait.

 

I see many Portland real estate buyers are standing on the sidelines waiting for home prices to hit rock bottom. They are afraid of getting in the game thinking that the prices will be lower next month.  They want to guarantee that they are purchasing at the best possible price. The data shows that prices might still have some room to fall for some Portland homes for sale. So, how could waiting for the lowest Portland real estate price be a bad financial decision? While buyers should concerned about housing prices, they should also concerned about cost.  The cost of a home is made up of the price AND THE INTEREST RATE they will be paying.

 

The National Association of Realtors (NAR) released their 4th quarter housing research report. In the release, they reported that home sales rose 15.4% in the 4th quarter over the 3rd quarter. They also showed that prices remained stable during the year:

The national median existing single-family price was $170,600 in the fourth quarter, up 0.2 percent from $170,300 in the fourth quarter of 2009. 

INTEREST RATES

 

The Primary Mortgage Market Survey released by Freddie Mac which showed that the 30 year fixed rate mortgage was at 5.05%. Frank Nothaft, vice president and chief economist of Freddie Mac said:

“Long-term bond yields jumped on positive economic data reports, which placed upward pressure on mortgage rates this week.   As a result, interest rates on a 30-year fixed-rate mortgage rose to the highest level since the last week in April 2010.”

So prices have remained stable but interest rates have risen dramatically in the last 90 days. What does that mean to a buyer looking to purchase a West Linn home this year?   The price is the same. It just costs more.

Let’s take a look at an example:

If you were to buy Portland real estate now at $300,000 with 4.75% interest rate, you could be paying $2042.40 per month. We are assuming that this buyer has an FHA loan for $292,395.

Now if the same home was on the market later with a $10,000 price drop ($290,000) but the buyer is now paying a higher (5.75%) interest rates, the new payment could be $2159.35 based on the FHA loan amount of $282,649.

In this example, buying now would one would have a to put down $350 more cash to close, but would be saving$116 per month, more than making up for the cash out of pocket by the 3rd month of payments.  Taking another step out, over 5 years that is over $11,000!!!

Take a look at this data and information brought to us by Ginny Schider at the Real Estate Loan Company

https://edge.mortgagecoach.com/report/edgereport.html#38971-0-0-37050

Bottom Line

Even if prices fall a this year, the cost of a home will increase if interest rates continue to go up. Buyers should not only worry where prices are going, they should also be concerned where costs (price + interest rates) will be.

As for finding that elusive bottom of the Portland real estate market, only by looking at recent sold numbers can we tell when we passed it.  In other words, we will not know when it was until we are on the other side, looking back.

Search Portland real estate

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Also posted on West Linn Real Estate.

 

[caption id="attachment_407" align="aligncenter" width="814" caption="To view Portland real estate listings, click on the map"][/caption]

 

Share This Post
March 11, 2011

Portland Ranks Among Top Foodie Cities

 

Portland has a wide variety of farmer’s markets, first-rate breakfast joints, hip cafés, cool restaurants and hometown breweries & pubs .  And if you ask the question, which is the best restaurant in the Rose City, the answers you would receive would range like the abundant types of food served here. With access to the bountiful agriculture throughout the state , fresh catch from local rivers and the Pacific ocean, lush vineyards just over the hills, its no wonder why Portland gets a major nod as a foodie city.   In fact in a recent study, Portland ranks second on a list of America's Top Foodie Cities.

The term “foodie” emerged on the Internet to refer to people with gourmet sensibilities. A foodie is a person whose hobby is food—not just eating it, but also learning about its origins and preparation. Snobbery is not inherent to foodies: being a foodie is about appreciating culinary technique, including mother’s home-cooking.

Second only behind Santa Rosa/Napa, California, the writers in the Sperling's Best Place study said, "Portland has gained increasing recognition for its innovative food scene. With diverse restaurants that range from novo-Peruvian to the famously quirky doughnut shops, Portland is not lacking for unique cuisine. Portland’s green-friendly city also has the largest number of vegetarian and vegan options for diners.  While the tools for foodies are necessary, so are the right places for foodie hangouts. We found the per capita number of craft breweries, brew pubs, wine shops, and wine bars. The foodie community embraces microbreweries and fine wines that complement their dishes. Having a large selection of artisan beers and wines are essential for a foodie city."

Here are some key stats that help rank Portland so high on the list; 79.6% of restaurants are local, 46.6 breweries per million (Portland has more breweries and brewpubs per capita than any other city in the United States. ), 44.7 CSA (Community Supported Agriculture)  per million.

 

This article was recently featured on CNBC, click here for the slide show.

 

Here are the top ten cities for foodies:

1. Santa Rosa/Napa, CA
2. Portland, OR
3. Burlington, VT
4. Portland, ME
5. San Francisco, CA
6. Providence, RI
7. Boston, MA
8. Seattle, WA
9. Santa Fe, NM
10. Santa Barbara, CA

 

Side Notes: It was a little funny to see the "other" Portland high on the list as well.  Sitting in the ten spot, is a city that I spent almost 20 years living in. Not only did I move north, really (as the Jeffersons use to say) I moved on up!  In this case, up the Foodie list.
Search Portland real estate 
 

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Originally posted on West Linn Real Estate.

 

Share This Post
March 4, 2011

2010 Census Data and Portland Real Estate

Now that the 2010 US Census data has been released for the state of Oregon, I wanted to see what the numbers for Portland metro area looked like.

National

 

First, I wanted to see what our entire United states Population was up to.   According to the US census, on April 1, 2010, the population was 308,745,538 up 9.7% from the 2000 census.  The west region (defined as everything west of Montana, Wyoming, Colorado and New Mexico) had the smallest population change over the last 100 years.  Only raising the population just over 13%.  The 1940 census was the only year that the west had less than 19% growth and that census data had the growth at almost 17%.  In addition, the West region had dominated the last 100 years with the largest growth rate in the US.  This census the South region took the top spot with a growth of over 14%.

States

Oregon now has a 3.8 million people living in this wonderful state.  That is a 12% population growth over the 2000 census and puts us right between Washington (14%) and California (10%).  The only state to have a growth of over 25% was Nevada with over 35%.  Puerto Rico (-2.2%) and Michigan (-.6%) were the only two states (territories) with population losses for the last 10 years.

Oregon

 

The state of Oregon has density ranking of 41 out of 52 state and territories (DC and Puerto Rico) and at just under 40 people per square mile, is less than half of the national average of 87.4 people per square mile. 

Portland Metro Area

Now lets look at three biggest Oregon counties (Multnomah,Clackamas and Washington)  that help make up the Portland metro areas to get an idea of what has happed over the last 10 years.

Multnomah county had almost 75,000 new or additional people move into the county since the 2000 census. Back in 2000 the population was 660,486; and now is at roughly 735,334 an 11% jump in population.  While Multnomah county may be the largest in the metro area (and in the state), it was not the highest growing of the big three.  Washington county had the most growth gaining over 84,000 (19%) new residents in the last 10 years up to a population just over 529,000. One could attribute Washington counties larger population increase to the availability of more land for expansion and industry during the high-tech boom years.Rounding out the big three is Clackamas county with a population of 375,992.  Up from 338,ooo meaning Clackamas added over 37,000 new residents also an 11% increase.

 

Some thought on the numbers is that Oregon as a whole experiences a high-level of migration from other states because of its livability, affordability as well as Portland real estate.  Most of the entires state's growth probably happened in the first part of the decade (2000-2007) before the recession hit bringing in numbers at a slower rate.

The city of Hillsboro's (Washington County) population gain reflected a 30.5 percent growth rate,  the highest of any of the metro-area cities, to 91,611 residents.  Other metro-area cities had very little growth in the last 10 years.  Gladstone gained 0.5% to 11,497 residents and Lake Oswego gained 4% to 36,619.  One major metro-area city actually lost population.  The city of Milwaukie lost 1% of its population to 20,291.

 

The highest growth rate in any of Oregon's counties belongs to Deschutes, up 37% to 157,733.  The largest decline in population belongs to Sherman County down 8% to 1,765 residents.  Oregon cities that saw big increases during the decade were in Deschutes County.  Bend, with a 47 percent increase in population to 76,639;  and Redmond, which almost doubled its population, to 26,215,  a nearly 95 percent hike.

 

 

Portland vs Seattle

 

I am not talking about the Trailblazers vs the old Sonics or the Timbers vs the Sounders.  Two of the largest cities in the Northwest United States are closer in populations now.  Portland added almost 10,000 more residents than Seattle did 2000-10, closing the population gap  between the two; 583,776 residents in Portland, 608,660 in Seattle.

 

To view Portland real estate listings, click on the map

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

Originally posted on West Linn Real Estate.

 

 

 

 

 

Share This Post
March 1, 2011

Things to Consider When Buying Portland Real Estate

While there are many points to take into effect when you are looking at Portland Real Estate, I wanted to list a few here to think about.  These may be obvious but I am pointing them out anyway.

Ho 

w do you like to spend your free time?
Where do you go on weekends and evenings? Do you walk, run or bike? You should look at places that have sidewalks or trails. If you kayak, do you want to be near a lake or river or at least good access?  Do you love to hang out in downtown Portland?  Are you chauffeuring the kids from games, practice, parities, etc...?  Think about what you will be doing and how your new place could help or hinder your lifestyle.

 

Where do you work?
Not everyone really thinks about how their lifestyle could change by either living close to, or far away from work.  If you work in the city, but long for the space you get in the suburbs, how will the commute be? If having more time at home instead of commuting is high on your list of wants, you might only consider an area close to where you work. But, your job situation could change, so you want a location that would allow you to consider jobs in other areas without the necessity of moving.

 

 

Your Lifestyle or Your Stuff?
Which is more important? Your heart is set on that contemporary condo in the Pearl, then you might need to make other accommodations for the 10 boxes of holiday decorations you move along with you. If you can't bear to be separated from large, antique dining table, chairs and buffet set your gramma handed down to you or your motorcycle collection, then you should factor space for that into your 'must have' list.

 

Will your living situation change while you own the house?

 

Is this a transitional house for you? Will you start out with a roommate and end up with a spouse and child? Will you have children moving out over time? Does the house suit your empty nest situation or will you want to sell at that point?  As you age, will you be able to stay in the house, or is this a house that will be great for a couple of years, but not where you will spend your golden years? Some houses are just for a few years while others are homes for a lifetime. You might not need to know which you are purchasing, but the one-bedroom condo does and how much room for a changing if would allow.

 

Do you like working on your home?
Are you or do you want to be handy? You may love the charm and style of the old Portland real estate in Laurelhurst, but if you hate working on your house, those might not be the right choice for you. You need to be honest with yourself about how much time, and money, you have to spend on maintenance of your future home.


To yard or not to yard?
For some buyers, a big yard with lots of trees or plantings with space for kids toys, potting plants, deck chairs and benches is a must-have.  For others, very little is wanted or even needed.  An alternative to the large yard is if you buy a Portland home that is close to a park, you might be able to get a lot of the benefit without a lot of the expense and time required by a yard. How much of your own green space you need makes a big difference in the type of property you buy.

 

 

 

Where to Compromise?
Most buyers will not find a house that is ideal in every way. You almost always have to sacrifice something off your wants and needs list.  What will you be willing to give up? Closet space for larger yard? Remodeled kitchen for main-level laundry? Closer to a busy street for the extra bonus space?  A few tough decisions will likely be made during your Portland real estate search.


 

  

Your entire financial picture.
Are you stretching so much that furniture will be a dream?  Some people don't mind  deferring the pleasure of sitting on a coach and still others like to entertain from day one. Will you be deferring vacation plans for a few years?  How much money will be left after you purchase your West Linn real estate for the extras you like have in your life? Just make sure you understand what your financial picture will allow after you buy your home.
Are you ready for the responsibility?
Looking back on the credit and housing crisis, we all learned that conditions can change quickly.   Be aware that your homeowners dues will go up. Don't take out an ARM loan if you can't afford the possibility of a larger payment. Have a plan for what happens if you lose your job.  We can't know every challenge that we might face, but we can create the best possible situation for success by thinking ahead.

Search Portland real estate

Rich Peralta is a real estate professional in the Portland Metro Area West Linn Real Estate and Lake Oswego Real Estate.

He can be reached at 503.961.2181 or by e-mail at rich.peralta@exprealty.com

Contact him  for more information on Portland Real Estate and Lake Oswego Real Estate!

 

Also posted on West Linn Real Estate.

 

[caption id="attachment_407" align="aligncenter" width="814" caption="To view Portland real estate listings, click on the map"][/caption]

 

Share This Post
Feb. 28, 2011

Lake Oswego Features Plenty of Parks and Open Spaces

I met with a buyer client this week who will be moving to Portland from Chicago if she gets the job she flew here to interview for.  Cross your fingers for her!!  She doesn’t know much about the area.  She instructed me to set up a tour for homes in Beaverton, as she had heard that’s a nice place to live and has good schools.  Her two boys are 3 and 5 years old.  I only had the afternoon available for touring with her.  I chose 6 homes to view.  By the time I met with her she had already taken a 4 hour tour of the metro area earlier in the day with friends of hers.  “Not enough feeling of open space in Beaverton”, she reported.   She loved Lake Oswego & West Linn, in particular, for their sense of openness.  Beaverton seemed to be wall to wall homes to her.  Needless to say, we scratched our tour and met for coffee instead.  I changed her online search areas to exclude the more urban-feeling areas in favor of Lake Oswego, West Linn, Happy Valley and Clackamas, all appealing to her need for greenery and space.

An article I’d read in the Lake Oswego Review (2/17/11) came to mind as we talked about parks and green spaces.  Sandy Intraversato, co-chair of the Lake Oswego Parks and Recreation Advisory Board, had written about the “Parks Plan 2025” which is in the development process and will be a guide for parks, recreation and natural systems for the next 15 years.  Sandy reported that 1400 community members have become involved to provide their input.  That’s a darn good showing for a population of around 38,000!

Lake Oswego Schools are hurting for funds, like many other school systems, and Lake Oswego Mayor Jack Hoffman states that “the parks department has a bull’s eye on its back”, referring to it being a possible target for budget cuts to make a difference in the school funding crisis.  Sandy points out that “while no one diminishes the importance of schools in the community, many consider our parks and recreation system the city’s crown jewels.”

When I think back to raising my own kids in Lake Oswego, I like to remember the many adventures we had on the shores of the Willamette River at the  beautiful 26 acre George Rogers Park.

 


Our premier downtown space is 26 acres located on the corner of Ladd and South State Street. This community park site includes two baseball/softball fields, a soccer field, access to the Willamette River, a memorial garden area, restrooms, playground, and two outdoor tennis courts. The upper shelter has 4 picnic tables, lights, and electricity. Maximum capacity is 70. The lower shelter has 7 picnic tables, and 4 barbeque pits. Electricity is available upon request. (Click here for other Lake Oswego parks)

My son played Little League at the ball field and I still head to the outdoor tennis courts for summertime games.  There’s a super playground we frequented that always seems full of kids.

Sandy tells us that the Lake Oswego system includes over 600 acres of park and open space property and recreation facilities.  She bets that “each community member interacts with some part of our system on a weekly, if not daily basis.”  (I know I do, as I live next to Tryon Creek Park and take daily walks there with my dog.    No wonder my client enjoyed her tour of Lake Oswego!!

It’s encouraging to hear that the Lake Oswego Citizens Advisory Committee has been told, from its surveys, “that parks, recreation and natural areas are very important to Lake Oswego’s quality of life.  The key benefits collectively identified were protecting important places (habitat, historic sites, etc.), enhancing health and wellness, bringing people together and making the city visually appealing.”

My hope is that Lake Oswego is able to find support for its schools without taking away from the maintenance of its popular parks, recreation and open spaces that residents highly value and newcomers find so appealing.

Jane Lee is a Real Estate Broker with eXp Realty in Lake Oswego, Oregon

Jane@portlandpowersearch.com

503.806.0517

Share This Post