Portland is ranked the Nation's Fourth Best Housing Market at Forbes.com, which analyzed the most recent Case-Shiller report to determine the best and worst housing markets in the nation. The S&P/Case-Shiller home price index measures metro home prices in 20 cities through December 2008. Forbes also analyzed monthly declines and year-over-year declines in home prices to determine where prices were falling fastest and where those drops were picking up momentum. Portland ranked fourth best in their study.
Forbes in April edition also ranked Portland as the #10 best place to get a job and find a good job! Here is the link http://www.forbes.com/2009/04/14/best-cities-for-jobs-opinions-columnists-employment.html
IT's also ranked one of the fastest growing areas in the country in the newest US Census. What does that mean for home equity? It can only go up! When people are moving to Portland, supply and demand dictates that home prices will go up! And keep going up.
The market is down right now- short sales are abundant, bank owned homes are cheap! There is an $8000 tax credit for anyone who hasn't owned a home for 3 years. And interest rates are LOW. You can get a good deal on a home, a super interest rate, and $8000 from the government!
All the news articles seem to show that Portland is a great place to live and buy a home. So if you are looking for a place to move where housing is still affordable, the city is extremely livable, there is beauty all around, the job market is on it's way up and your home will increase in value, Portland is the place!
I can help you learn all about the different neighborhoods of Portland- It's such a unique, diverse and colorful city- there are so many options of lifestyle. You can learn more about the diversity in my Portland Neighborhood Guide- just click here http://www.portlandcreativerealtors.com/main_Portland_neighborhood_guide.php
I would love to show you around. Just email or call me and I'll help you learn about Portland!
Portland is one of the best places to live and get good employment out of the whole country!! No wonder our real estate market is so HOT!! That's what Forbes Magazine says- Here is the quote- and you can click on the link to go there yourself
Here is the quote form Forbes Magazine- April 2009
No. 10: Portland-Vancouver-Beaverton, Ore.-Wash.
Despite bigger losses in overall employment than the other top large American cities, Portland-Vancouver-Beaverton rounds out the top 10 with only a small decline in job growth (2.2%) from 2007 to 2008. Its education and health-services sectors continued to grow, gaining 3.2% last year. The big loss in employment for the Portland area largely came from the natural resources, mining and construction sector (down 11.2%) as the once-hot real estate sector cooled. Other tumbles came from transportation and utilities (down 4.4%) and manufacturing (down 4.2%). Since 2006, Portland's employment prospects have steadily improved; it jumped from a 30th-place rank among large cities to 11th last year
Portland has been building up and revitalizing it's neighborhoods - one by one! It started with the inner city 10 or 15 years ago, and is slowly working it's way out. It's called Urban Renewal! And Portland has offered alot of unbelievably awesome help for homebuyers who want to buy in these neighborhoods! In fact, not many people know about these loan programs. I'd like to tell you about them.
The Portland Development Commission along with the Federal Government- is offering to pay for 20% of your house...if you are a first time homebuyer and you are of median income and want to buy in one of it's Urban Renewal areas.
What does all this mean? The specifics are on my website at www.PortlandCreativeRealtors.com then click on 20% Downpayment Assistance Program. It will give you the guidelines for family size and income- and also the maps of what areas are included. If you do qualify- they will pay the 20% down of your loan- and you don't have to pay it back until you sell your house...with absolutely no interest owed! Not only that, they will help you remodel your house and pay for it- up to a certain percentage of houses worth- like putting in a 2nd bathroom, refinishing an attic or basement- and you don't have to pay that back until you sell either....also with no interest!
Why is the city doing this? Because it wants to encourage people to move into these Urban Renewal areas and build up the neighborhood. 2 areas that are included are parts of N Portland and SE Portland. Both neighborhoods have already changed alot- N Portland became quite a HOT neighborhood- and Lents is becoming high demand too.
What determines whether the city will declare an area Urban Renewal? It seems to be based on their MAX train. Several years ago Portland brought the MAX out to N Portland- and it was totally transformed from an area no one wanted to go near, into a neighborhood that was so hot you could hardly find anything to buy- it got snatched up so quickly! Now the MAX is coming to outer SE Portland along SE 92nd Ave, and Lents Neighborhood has become the neighborhood of choice for Portland to pour it's money into - redoing streets, businesses, and lending money to fix up homes and apartments. It's done a complete about face!
I've written a complete in-depth online Portland Neighborhood Guide that you can find on my website at www.PortlandCreativeRealtors.com Here is an excerpt about Lents:
Lents has an awesome future! It's a great place to buy if you want to build equity. And that means it is coming back into its own- because back in the late 1800's when it was first established, it was a really nice, solid family oriented neighborhood. There are lots of really cute bungalows with hardwood floors and character- big yards and quiet streets. Lots of potential that the city is tapping in to. It is in the beginning-middle of a 15 year Urban Renewal plan that will completely change its face- with no cost or low cost loans available for home improvements, starting businesses and more. And the Max is scheduled to come through Lents with 3 stops right in this neighborhood! Just take a look at what happened to N Portland, and you will see where I am coming from. Click here to learn more about Lents, find cool links to parks, schools, bike paths, urban renewal and more plus photos and maps. Click here to see cool maps, links & photos
The North Portland area that is open for these loans is a big wide area along Interstate and north of Lombard. St John's, Kenton, Cathedral Park are just some of the areas include. Here is an excerpt of the beginning of my North Portland Neighborhood Guide-
| North Portland has done a complete about face in the past 5-10 years. It used to be run down, full of rentals and uncared for homes- lots of crime and violence- and gangs. Then people began rediscovering the city- buying the old neglected homes and fixing them up..slowly but surely the neighborhood began to revive. Then the city of Portland decided to spend some money doing major urban renewal. They lent out money for remodels of single family residences, rental units and even commercial and business properties. The renewal escalated! Soon the Max came to North Portland - and with it cute little cafes and restaurants and shops! And people - who wanted to commute to the city on the train! So more and more people moved into N Portland , fixing up the old houses, and building new ones. Now N Portland is vibrant, full of life and sizzling hot! Look below to learn more about some of the neighborhoods in North Portland. |
you can read the rest by clicking on http://www.portlandcreativerealtors.com/main_Portland_north_neighborhoods.php
If you would like to learn more about the 20% Downpayment Assistance Program or Portland Neighborhoods, just email me or call me. I'd love you help you get to know Portland better. You can email me from my website or from this blog!
Portland is divided into 5 basic sections- not counting the suburbs. The Willamette River divides east from west. Burnside St. divides the north from the south- and North Portland is a little peninsula that is between the Willamette River and the Columbia River- west of I-5.
Each area has it's own personality, flavor and lifestyle. It's important to understand how Portland is laid you if you want to find the best place for your personality to thrive! I'll do a blog about each different section of Portland- and some of it's suburbs. I have the full Portland Neighborhood Guide on my website. It has a full write up of each neighborhood and suburb- with maps, descriptions, photos, collages, links to parks, trails, schools, history and more. But I can give you a little bit of an idea what each area is like- and then you can go to my website if you want to learn more!
This article will concentrate on SE Portland.
SE Portland is east of the Willamette River- it's north boundary is East Burnside- it's east boundry is around 160th, the west boundary is the Willamette River and Milwaukie is the suburb that borders it on the south. This is one of Portland's hottest areas. Close in to the city the prices are kind of high-but there are lots of really cool houses....Craftsman, Bungalow, Victorian, Mid Century- all with lots of character, hardwood floors, quiet tree lined streets- and a wonderful neighborhood feel. Most have neighborhood cafes and gathering spots-Community is important in Portland! I'm going to write just a little bit about a couple of the east neighborhoods- you can go to my website for more indepth coverage-http://www.portlandcreativerealtors.com/main_Portland_east_neighborhoods.php
Brooklyn is right up close to the Willamette River- It is a quaint up and coming highly desirable neighborhood that is super close to downtown- just go across the Ross Island Bridge- which borders Brooklyn- and you are in the south part of downtown Portland. So access is awesome! There are quiet streets lined with trees and cool old well kept restored homes- some of the streets are really narrow- it almost feels like a little bit of Europe in Portland. There is lots to do- Theaters, restaurants, cafes, parks- all walkable. The community is close and warm!
The newly built Eastbank Esplanade and the OMSI-to-Springwater extension allows the Brooklyn Neighborhood to embrace the Willamette river front once again. In addition, the riverside trail will link the Brooklyn neighborhood to the entire 40 Mile Loop trail system. The neighborhood board has been working with city officials to design a more direct access to the Springwater Trail from Brooklyn .
Tri-Met is in the planning phases of The South Corridor transportation system. Current options being studied include building light-rail in the Brooklyn neighborhood adjacent to the existing railroad system. This project will hopefully re-work some of the existing traffic trouble spots and would help to better link the Brooklyn Neighborhood to downtown Portland , the inner Eastside area, and the communities of Sellwood , Oregon City, and Clackamas.
Sellwood/Westmoreland is the next neighborhood to the south of Brooklyn along the Willamette River and is the farthest south neighborhood on the east side. The Sellwood Bridge connects John's Landing to Sellwood, so it is easy to get into downtown SW Portland . The bridge is a really cool old concrete bridge- really narrow and picturesque- bike riders, joggers and walkers are always going across it. Starting under the bridge and going north is Oaks Bottom Wildlife Preserve- which is a long wide stretch of wetlands and beach that is teeming with wildlife. A trail goes along the river to Oaks Park- which has a carnival ride system, and an awesome roller rink-with wavy wood strips you can skate on. There is an off leash dog park too.
SE Bybee splits Sellwood and Westmoreland- and as it heads east it becomes a bridge to Eastmoreland- across the wide valley of RR tracks. There are only 3 ways to go east, across that area of tracks from Sellwood to Eastmoreland- You can take either SE Tacoma, SE Holgate, or SE Bybee. It's a good thing to remember when you are trying to get from the river to the Reed College area.
Sellwood is full of funky cottages, cute little bungalows, Craftsman with big front porches to sit on in the summer, and gorgeous restored Victorian homes- most setting on quiet tree lined streets. From Tacoma Rd , heading north, the residential area runs west into Sellwood Park- a big park that is set high above the river. As you continue going north, you run into Westmoreland There are lots of shops, cafes, restaurants, antique shops and other cool places to explore. As you get towards Westmoreland, the climate is a little more mainstream.-and the houses a little bit bigger- but the atmosphere isn't quite as unique, original and creative as Sellwood! There is a real neighborhood-community feel in Sellwood- with the community center, community pool, and the New Seasons Store. If I was going to live in the city, I would choose Sellwood- just because of the feel and proximity to the river!
One excursion I love is to take the trails all the way into Portland and back. Here is how you do it! Go across the Sellwood Bridge , along the river, and head north. You will come to my favorite park in all of Portland- Willamette Park . It is huge- there is a big boat launch, picnic areas, sports areas, trees and a trail that goes all the way into Portland- through the downtown along the river, past the big fountain-(which you can ride your bike through or run through on hot days!) and on through the city. You can continue on to the Steel Bridge- go across the river on the jogging bridge and ride back on the east Esplanade- which is a floating bridge that floats on the river all the way to the Hawthorne Bridge. Go across the Hawthorne Bridge , and go back along the trail to Willamette Park- and on to Sellwood! There are lots of restaurants and cafes you can stop at for a snack or drink. Then you can wade in the river on the way back.if you are hot! There are a couple of places that the trail breaks up- but will be completely finished soon.
There are 4 parks right in Sellwood, 3 of them are along the River- and a couple of more in Westmoreland- plus the beginning of the SpringWater Trail system which goes, (or will soon go!), from the Willamette River all the way out to Clackamas area and beyond. It connects to the Johnson Creek area, and will become part of the 40 mile loop of trails that go around Portland . Sellwood Riverfront Park is right down on the water, and has a boat dock, disabled access restroom, dog off-leash area, paved and unpaved paths, picnic tables, and an outdoor stage for concerts etc. Oaks Bottom Wildlife area has all kinds of birds- Hawks, eagles, quail, pintails, mallards, coots, woodpeckers, kestrels, widgeons and even the great blue heron can be seen standing at the edge of the water, looking into it's depths-suddenly grabbing a fish and swallowing it whole. You can look across the water and see downtown Portland and the Willamette Park . Westmoreland Park Includes baseball field, basketball court - outdoor, disabled access restroom, football field, paths - paved, paths - unpaved, picnic site - picnic tables, playground, soccer field, softball field, statue or public art, tennis court - outdoor, and wading pool or water play feature. It has an interesting history. Hand-dug by residents during the Depression as part of federal job-making efforts, the concrete pond is consider to be one of only 2-3 manmade casting ponds in the USA. It is three feet deep, about 350 feet wide and 410 feet long. The pond opened in 1936 with an international fly-casting tournament. In 1940, the federal Works Progress Administration poured a concrete bottom. It was just redone in 2006 because it had drained.
Hawthorne-Belmont Neighborhood
Hathorne, or Sunnyside...as it is technically known- is just north of Hawthorne St- from about SE 28 th to SE 50 th - where it runs into Mt Tabor. It's north border is SE Stark- where it runs into Laurelhurst, and it's south boundary is SE Hawthorne . It has two really cool, trendy, hip "sub-neighborhoods" in it- The Hawthorne District- which is the southern boundary of this neighborhood- and just 6 blocks north, there is SE Belmont . I've written a whole page about Hawthorne- you can click here to go to it and find all kinds of photos, links and maps. Belmont is a lot like Hawthorne- a little bit smaller- it's a historic street full of boutiques and ethnic restaurants, centered around the neon lights of the Avalon Theatre- where you can see a movie for just $1.25! Avalon-Theatre-Portland
Hawthorne is not technically a designated neighborhood- but is one of the most popular areas of Portland . It is technically part of the Richmond neighborhood. The Hawthorne area is just packed with trendy shops, restaurants, cafes, book stores, art galleries, massage, tattoo, acupuncture and other alternative treatments and other cool things- some really unique and creative, others outlandish- It's a very alternative neighborhood- People respect each other for their individuality- and you can see it in the type of people that live and hang out here. It borders Ladds Addition on the west, Sunnyside on the north, the other part of Richmond on the south and Tabor to the east. There are a lot of houses with super character here- the old Craftsman style, the 4 Square, the Bungalow, the Old PDX- many with leaded glass, most with hardwood floors and the cool old molding. A lot of them have been made into duplexes, multiplexes- or some just rent out rooms! There is a Grand Central Bakery- which people flock to because of their home made bread and pasteries, soups and salads. I don't know if there are any technical boundaries- but this is where I would put them.
Lots of people here ride bikes, walk and take public transportation. There are some areas that I really love- they have a Powells Book store and a McMenamins' Bagdad Theatre Pub
I think an interesting quote that tells alot about the atmosphere and lifestyle of Hawthorne, is taken from travelportland.com " Hawthorne is "the bohemian." It reflects an urban niche where "alternative" is considered mainstream, and tie-dyes aren't a thing of the past. Here a hint of patchouli drifts from stores; a flower vendor brightens the sidewalk scenery; "art car" sightings are commonplace (cars decorated hood to trunk with treasures ranging from high-heeled shoes to bowling trophies); and the trendy set shop in hip used-clothing boutiques
There are no big fancy parks right in this neighborhood, but lots of really cool parks are close by- Laurelhurst park is just on the other side of Stark, and Mt Tabor is just past SE 60 th . So it isn't far to walk or bike to a park! There is one park- Seawall Park-5 acres with basketball court - outdoor, disabled access play area, dog off-leash area, paths - paved, picnic tables, playground, soccer field, and softball field.
Here is a short line about some other SE Neighborhoods I have written about in my Portland Neighborhood Guide
Mt Tabor is a 600 foot butte in the middle of east Portland- it used to be an old volcano! In fact it is the only one of two extinct volcanos in the United States that is in the city limits of a major city! The other one is in Bend , Oregon . Mt Tabor is now a beautiful park with walking trails, picnic areas, and breathtaking viewpoints, sports areas and woods. The Mt Tabor and South Tabor neighborhoods are just to the west of this butte, Click here to see cool maps, links & photos!
Lents has an awesome future! It's a great place to buy if you want to build equity. And that means it is coming back into its own- because back in the late 1800's when it was first established, it was established in 1892! Now it is in the middle of a 15 year Urban Renewal plan that will completely change its face- with no cost or low cost loans available for home improvements, starting businesses and more. And the Max is scheduled to come through Lents with 3 stops right in this neighborhood! Just take a look at what happened to N Portland, and you will see where I am coming from. Click here to learn more about Lents, find cool links to parks, schools, bike paths, urban renewal and more plus photos and maps. Click here to see cool maps, links & photos!
Ladds Addition is a really cool little area just west of the Hawthorne District- bordered on the north by SE Hawthorne, the south, Division- the east is SE 20 th and the west is Se 12 th Ave. It has a main center circle planted with all kinds of bushes, flowers and other plants- the streets angle out from that circle to form a windmill kind of shape- Each arm has a smaller circle filled with rose bushes. Many of the streets are lined with big beautiful Elm trees- which adds to the beauty. Click here to see cool maps, links & photos!
Eastmoreland is bounded on the west by the northern pacific RR tracks, on the north by Eastmoreland Country Club, on the south by Crystal Springs Blvd and on the east by SE 39 th . It is kind of set apart from the other neighborhoods- by the tracks, the country club and the trees and open space beyond Crystal Springs . It is a gorgeous area- probably the one of the prettiest neighborhoods of Portland . To learn more about Eastmoreland- see photos, maps, and cool links and learn about history-Click here to see cool maps, links & photos!
Woodstock is east of Westmoreland- on the other side of SE 39 th . It is has cute little town center with cafes, shops and eateries. It's official boundaries are SE39 th to the west, SE 60 th to the east (although I would say it should only go to about SE 52nd- it changes drastically around that area),SE Holgate to the north and SE Claybourne and SE Henry to the South- with a long narrow section extending all the way to Johnson Creek. It is right above Reed College www.reed.edu.com area. Click here to see cool maps, links & photos!
There are actually quite a few more neighborhoods in the East Portland area- you can read about them in my Portland Neighborhood Guide- or just email me and I'll give you a tour! I love helping people find the perfect house in the right neighborhood!
The housing market is beginning to pick up. Houses are at their lowest in 5 years! Sellers have finally realized that they have to come down in their prices. Interest rates are at an all time low! First time buyers- who haven't owned a house in the past 3 years, will be given $8000 dollars- from the government...just for buying a house! And there are lots and lots of Short Sales and bank owned homes in every part of the city and suburbs.
Just 2 months ago, Short Sales actually started moving. Before that, we would write offers and the offers would sit and sit and sit....for months! Now, since the Obama Administration has made certain changes, banks are ready willing and able to get the Short Sales off their books. Many are closing in just a month! Houses that foreclosed and returned to the bank, are out there at ridiculously low prices! People are getting awesome deals all over the city and close in suburbs. This won't last- the time to buy is now!
What is a Short Sale? A Short Sale is when the lender or bank, has to take a Short- in other words, they don't get paid what the borrower owes them. Many times there are two or even three lenders on one house- the first lender usually gets most of what is owed them, the one holding the 2nd mortgage may only get 10% or 20%, and if there is another lien, they may only get $1500. How did this happen?
The market was HOT for 2 or 3 years. People were grabbing houses as fast as they could. I would list a house, and if it lasted 30 days, we all knew there must be something wrong with it! To have that going on, month after month, pushed prices up, month after month! We all expected it. Many thought it would go on forever. But it didn't! prices finally reached a level way beyond what the ordinary buyer could afford. Californians, New Yorkers, and people from higher priced markets, kept flooding into Portland- because houses were still affordable. This pushed prices up past what our economy could support.
But people kept buying.....until the crash in September- prompted by Bear Stearns. Everyone was in shock, afraid to move. What was going on? How could this have happened?
As we have learned since, people wanted to buy houses, banks wanted to sell loans, appraisers wanted to continue to get business, so appraised a house at whatever the sales or refinance price was at- and the prices kept going up. It had to stop somewhere...and it did.
What has the President done to get things going again? Three specific things:
1. Toxic Assets are what destroyed Bear Stearns and all the other banks. What is a Toxic Asset? The best way I can explain it is like this. Take 1000 real estate sales flyers and put them in a stack-glue each one together so you have a huge block of flyers- or houses. Cut the whole stack straight down through all the flyers- into 100 little squares. Then sell that little square to an investor. Does he know what he has? Can he figure out what houses are in those squares, what is owed on them, who holds the loan on them...or anything else? No- it's impossible to tell. That is what lenders did to all their loans. They packaged them all up, cut them into a million pieces and sold them to investors. No one can tell what they have. Everyone knows houses went down. So no one wants to buy them!
The government pushed through a bill that guarantees these toxic assets. If you buy one, and it loses money, the government will pay you back! If it makes money, you split the profit with the governement! Wow! Pretty good deal. Now the banks want money so they can buy these assets. They are leveraged 12 to 1- which means if they can get their hands on $1,000,000- they can buy $12,000,000 of Toxic Assets that are fully guaranteed! Would you want to invest?
2. The governement also decreed, with much resistance, that the banks can value their assets at their future value- not their unknown low value of today. Because of that, the banks do not have to hold as much money in reserve- because the percentages look different! So they can now buy and lend more legally.
This all just happened about a month ago. Before that, banks were just holding onto their Short Sales, not letting them close- some going into foreclosure and returning to the bank. Now, they need cash so they can get on with business! So they are overturning their Short Sales - selling them as quickly as they can. I've seen a complete turnaround! Instead of running away when I see a listing is a Short Sale, I go after it for my clients. Because the banks are willing to take losses now- this time period will only last until the Short Sales are all sold- the opportunity is short lived and going on right now! People are beginning to realize it- and some of the lower priced short sales are actually getting multiple offers. We have dealt with many ourselves in our company.
I am a Certified Short Sales Specialist- took a 50 hour seminar and passed a final exam. Alot of realtors haven't dealt with Short Sales- they are complex and have to be done the way the bank decrees. If you know what you are doing- you can win. If you don't, the bank won't work with you- and you will lose the house! I've done many- and if you are looking for a good deal in buying a house in Portland, Oregon-and you need a realtor who can help you- I'd love to help! Just go to my website at www.PortlandCreativeRealtors.com and email me or call me! I'll help you get started!
If you have a house to sell, and you are afraid it might be a short sale, I can help you there too! Just contact me, and I'll walk you through the steps!
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