That slow real estate time?

Here it is, seemingly that super slow real estate time between Thanksgiving and New Year's Day. A time many real estate brokers reserve for business planning, system upgrades and holiday correspondence with their clientele.  The 2012 dead season isn't quite that.  Oh yes, we are seeing some seasonal slowing.  But there are plenty of folks conducting real estate transactions as if it were a busy March or April.  

The RMLS just released statistics for the month of November, and the numbers continue to be positive.  There are increases in pending sales, closed sales and the median price from a year ago.   There were 2.7% more accepted offers in November  2012 than in November 2011.  Similarly, closed sales were up 13.9% in November 2012 when compared to November 2011.

Prices continue to show gains.  The median year to date sales price rose 5.4% from November 2011 to November 2012 to $233,900 when compared with a median year to date sales price of $221,900 in November  2011. 

Inventory, the number of homes available on the market, continues to bump along with 17.3 % fewer new listings than a year ago.    We currently have 4.2 months of inventory. That is, at our current rate of sales, it would take 4.2 months to sell all available properties.  This is our eighth month with inventory below five months. 

In December, in addition to a few investor clients, I'm working with owner occupied buyers and sellers getting a  head start on 2013.  This involves market analyses on their homes, connecting with a lender to be pre-approved,  and starting their search to be poised to buy early in 2013.  We often hear clients say they want to buy or sell "after the beginning of the year".  Some years this has meant January 2nd and some it has meant March,  I'm predicting 2013 is a "January 2nd" sort of a year.

 Give me a call at 503-312-8038 or email me at leslievjones@gmail.com if you need to get started.

Read the latest report from RMLS.

Waverly Commons Update

Over a year ago I wrote a blog on the project at the old Waverly School site, between SE 35th and  SE 36th, and SE Woodward and SE Brooklyn.

 At that time, the developers had hoped to start building early in 2012.  I don't know particulars, but it did take quite awhile for the site work to be done.

 Now known as Waverly Commons, the project finally has some building going on.

This structure is on the SE corner of the property at SE 36th and SE Brooklyn.  It looks like attached housing to me; perhaps for two families?  Or maybe an extended family.  This picture was taken on December 6 at about 7:45 am.  By that evening there was a solid third level.  The grade of the property is such that , the bottom level, with garages is slightly below ground.

I'm excited to see this project take shape and am looking forward to seeing how it develops.  From what I can see on the developer's website, all but three of the lots were spoken for in early summer.  I'd guess by now all have some sort of reservation.

Check back for updates, or let me know if you have any real estate questions.

Seasonal Slowing? I don't think so.

Wow, none of that seasonal slowing for Portland real estate.The RMLS just released statistics for the month of October, and the numbers are quite good. We continue to see increases in activity; the amount of pending and closed sales.  There were 15.9% more accepted offers in October 2012 than in October 2011. From September 2012 to October 2012, pending sales increased by 5.8%.   Similarly, closed sales were up 42.9% in October 2012 when compared to October  2011, and up 11.0% from September 2012..

Prices continue to show gains.  The median year to date sales price rose 3.8% when comparing October 2012 to October 2011; $232,500 compared with a median year to date sales price of $221,000 in 2011. 

Inventory, the number of homes available on the market, fell to a new low of 3.8 months.   That is, at our current rate of sales, it would take 3.8 months to sell all available properties.  This is quite low, with a balanced market thought to be somewhere around 6 months. We continue to see multiple offers and very short market times for well priced properties in good condition.

So far in November, we are seeing the some seasonal slowing.  Buyers tiring of fighting for the few good houses on the market are taking some time off for the holidays.  Beleaguered buyers are tiring of multiple offer situations and are resorting to sweetening their offers by waiving inspections, giving earnest money up front directly to the sellers, and of course making cash offers over list price.

Most of my current buyer clients right now are investors. Still reasonable prices, low interest rates, Portland's low vacancy rates and dismal investment returns from other investment vehicles, make buying that rental house or plex kind of attractive.  If you've been thinking of selling, we expect the strong buyer demand to surge at the beginning of the new year.  

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the full RMLS market report.

South Waterfront Diverstity...Finally

Wow.  I'm just back from touring Reach Community Development's new building in the South Waterfront; Gray's Landing, named for the recently deceased, and very philanthropic, John Gray.

REACH and I go way back.  I served on the board and as board president back in the mid-1990's.  So I am pre-disposed to the organization and their products.

But wow.  Gray's Landing, known as Block 59 for several years, was first conceived about 10 years ago as the South Waterfront was being developed.  The real estate bust put the project on the back burner and the realities of low income housing development, being done by a for profit developer, made the project less than attractive.  The for profit developer got a ways on the project, including full on plans, before bowing out.  REACH responded to an RFP and was chosen, perhaps in part because REACH was looking for new office space and agreed to lease a fair portion of the ground floor commercial space.

Taking over mid-stream, REACH was able to make a few adjustments to the overall plan, but not a lot.  The courtyard had been primarily for waste water filtering and disposal.  REACH opted for an eco-roof (largest one in the city) which allowed them to make the courtyard available as a community space.

The eco-roof has some growing to do.

REACH also opted for some solar hot water heating, which should heat slightly over 40% of the building's water.  REACH also increased the size of the community room as they value having a space for gathering, exercise classes, cooking demonstrations, financial literacy classes and the like.

A few other cool features of this building include the street car stop right outside. AND, REACH is providing a room for the street car drivers break room as Gray's Landing is at the end of the line.  In turn, Tri-Met passes will be made available at a deeply discounted rate   Tenants will be required to take a "green systems" course teaching them about the building and in exchange, will receive a pass.  Each floor of the building has a laundry room.  There are parking spaces for about 50% of the units, available at no fee on a first come first served basis.

The target population for this building are folks earning at or below 60% of median Family Income ($30,660 for a single person). In addition there are 42 apartments targeted to low income veterans who have been homeless within the past two years.

The thing about REACH is, that in addition to being a provider and developer of low income housing, REACH also provides a variety of support systems and resources to help their tenants weather challenges and make it through tough times.

Oh and did I say the project came in early, and I believe under budget?!  Way to go REACH!

Darn those leaves? Maybe not.

This time of year, many of us grumble about falling leaves and the work they cause for us; raking, clogged gutters, slippery sidewalks and so on.  Add that to falling limbs, their wear on sidewalks and one might just as soon get rid of trees.

But not so fast.  We all know trees provide clean air, shade for cooler streets and home in summer, habitat and more.  Some of us just plain feel better with trees around; enjoying the sound of wind in the leaves, the dappled shadows they cast and the smell of wet fall leaves.  I know, I know all that touchy feely stuff.

Recently, Money Magazine ran an article entitled, Trim the Risk of Tree Ownership.  My seldom seen pessimistic side jumped to the conclusion that this money focused magazine would suggest getting rid of trees to minimize risk and hassle.  My active mind went pretty far down that road.  I was delighted, upon reading the article, to see it reference the perceived 8-10% contribution to your home's value those trees may add. Here is a bit from the Arbor Day Foundation about the value of trees.

Indeed, there are times when trees need to be removed  and there are things to do to minimize the risk and hassle of trees.  We have a huge and ancient cherry tree in the back yard of our old house(now a rental).  We have babied it for years, having professional work done to extend its life.  But this spring and summer  about half the tree didn't leaf out :(  Should this tree fall, no matter what direction, it will do damage to a house, and quite possibly not ours.  Time to go.  We're glad to have a pretty good sized cedar in the yard  that "volunteered" a few years ago.

Trees are good, even the money people think so.  Now, I'm off to go do some raking.

Fall is for buying (and planting)

The RMLS just released the statistics for the month of September, and they reflect what we've been seeing in my office. We continue to see increases in activity; the amount of pending and closed sales.  There were 10.6% more accepted offers in September 2012 than in September 2011. Though we are seeing a bit of seasonal slowing with 13.8% fewer pending sales, in September 2012 than in August 2012. Similarly, closed sales were up 19.4% in September 2012 when compared to September  2011, but down  18.0% from August 2012.

Prices continue to show gains.  The median year to date sales price rose 3.8% when comparing September 2012 to September 2011; $230,420 compared with a median year to date sales price of $222,000 in 2011. 

Inventory, the number of homes available on the market, is bumping along, slightly higher in September 2012 at 4.6 months than August's low of 3.9 months.  That is, at our current rate of sales, it would take 4.6 months to sell all available properties.  This is still quite low, with a balanced market thought to be somewhere around 6 months. We continue to see multiple offers and very short market times for well priced properties in good condition.

So far in October, we are seeing the predicted seasonal slowing.  Indeed, most of my current buyer clients right now are investors. Still reasonable prices, low interest rates, Portland's low vacancy rates and dismal investment returns from other investment vehicles, make buying that rental house or plex kind of attractive. In addition, buyers who REALLY want to be in their new homes by Christmas are pretty motivated too.

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the full RMLS market report.

Then do it for the dog.

I have REALLY been having trouble getting the exercise thing together. There have been many years of my life where I was a good, regular, devoted exerciser. For the past few years, this has not been the case.  I attempt to use the"time" excuse, but can easily find time for other commitments (they must be a higher priority).

So eight weeks ago, one of my dogs had cruciate ligament surgery (TPLO). I won't go into the gory details, but she was then confined to a crate for eight weeks (but for going potty), and has now been freed and is on an exercise regime; several 10 minute walks a days (as in 4-6), increasing by five minutes every two weeks, for another eight weeks.  Okay, so this is just day six of the first week, and the weather is lovely.  But I am having NO trouble finding the time to take Mollie on these walks, and oh yes, I happen to be getting a bit of exercise myself.  Indeed, getting home during the day for these walks takes far more time than the walks themselves.

And if you were to design a program to get someone back exercising, wouldn't it look a whole lot like this; starting small and regular, with gradual increases? hmm.  I'm glad to have found the motivation, but am a bit disappointed not to have found it within myself.

In Mollie's case, the exercise will actually stimulate bone growth so it can fill in where it is needed; pretty essential stuff. In my case, well, we all know the of benefits of exercise and how that list grows as we age.

After having been crated for eight weeks, Mollie's stamina isn't what it had been. So after five ten minute walks yesterday. She was beat.  A tired dog is a good dog.  I'm not  beat, but can certainly tell that I've been moving more than usual.

Thanks Mollie!

Who are we, anyway?

I succumbed to curiosity and bought that most recent Portland Monthly; the one with the citywide survey.  The cover really does pull one in.

Actually, the full list on the cover has God and Money above Sex and the rest.  So yeah, I made the impulse buy at the checkout stand, just as they hoped I would.  Did you?

While there are many interesting factoids in the survey, the real estate broker in me is most interested in the sections about housing and money.  For instance, while traditionally it is thought one shouldn't spend more than 30% of income on housing, in Portland, "More than a quarter of  PDX residents spend 40% or more of their take-home pay on housing".  That being said, 50% pay 20 percent or less; with the footnote that 18-34 year-olds are most likely to pay 5% or less.  I'm thinking the 18-34 year-olds may have some sort of subsidies, along with living in smaller housing - paying for a room in a house rather than an apartment.

Our thoughts on our jobs and money are interesting also.  The question was asked, " What is the least amount of money you need in the bank to feel rich?".  40% said they would need $10,000 or less in the bank to feel rich. and 28% said $100,000 in the bank would make them feel rich.  There was no discussion in the article what "feeling rich" means to respondents.  On some days, a full tank of gas, $40 in my wallet and yummy leftovers for lunch can make me feel rich. Around income tax time, when I really look at what has passed through my business and personal accounts, I can feel less rich.

And on income, while  Portland ranks 74th in the US for 5-year wage and salary growth"," 43% of us answered yes to "does my company pay me what my skills are worth?".  And lastly, on money, "If you make over $100,000, you likely believe you can make more money in another state".

Okay, a few of those factoids that also led me to make the impulse buy.  87% of us say "pull the plug" when asked, " If you're unable to live without life support instruments, would you want doctors to unplug you?".  It is nice to see this is consistent with Oregon's death with dignity accommodations. And I was very surprised to see 65% of us would put their kids in private and/or religious school if money weren't an issue.  Really?!  But then 57% of us think spanking is an appropriate form of punishment. and yes, that was in the Family section, not the Sex section.

Lots of other interesting stuff in there.  You can pick up a copy at most grocery stores or subscribe or  access some information on line:  Portland Monthly.

Oh, and if you do pick up the magazine, check out the Home Sweet Home postcard we'd make (pg. 128).

Still looking good

The RMLS just released the statistics for the month of August, and they reflect what we've been seeing in my office. We continue to see pretty big increases in activity; the amount of pending and closed sales.  There were 9.1% more accepted offers in August 2012 than in August 2011, and essentially no change from July 2012.  Similarly, closed sales were up 28% in August 2012 when compared to August 2011, and up 17.1% over July 2012.

Prices continue to show gains.  The median year to date sales price rose 4.5% when comparing July 2012 to July 2011; $230,000 compared with a median year to date sales price of $220,000 in 2011. 

Inventory, the number of homes available on the market fell again  such that we are back to  3.9 months of inventory.  That is, at our current rate of sales, it would take 3.9 months to sell all available properties.  

So far in September, we are seeing a wee bit of  normal seasonal slowing, but expect we'll also see healthy sales activity from mid-September to Thanksgiving.  There are often  pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out.  Getting a sale closed before the holiday can be sort of a last ditch effort.  Many investors make a habit of buying in the fall.  Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers. 

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the full RMLS report here.

Hoppin' Belmont

Wow. I recently listed a condominium on upper Belmont; SE 42nd and Belmont, and have had the opportunity to spend some time there.  I must not have been paying attenion, because all of a sudden, in addition to the Red Star Cafe and Movie Madness, all those businesses at SE 43rd and Belmont have popped up. Slappycakes and Mt. Tabor Vet and the yummy sushi place and what looks to be a happenng yoga place.

When did that all happen?  I'm not even talking about the continued popularity of lower Belmont (below SE Cesar Chavez).

Make note, the Belmont Street Fair is tomorrow, September 8.  This is one of the last neighborhood fairs of the season and promises to be a good one.  There will be bands, and food and vendors, and free trolley rides from SE 21st to SE 48th.

The new listing, pictured below, is in the Andria condominiums.  It is a spacious, 1100 square foot condominium, all on one level, on the top floor in the northwest corner. This is the builder's unit and has a variety of upgrades including wood and marble floors, premium fixtures, and lots of custom built-ins.

When holding open houses at condos, it is easiest to have two people; one downstairs to let folks through the security door and one up in the unit to show people around. I have really enjoyed my "street" time as I get to talk with the building residents and other neighborhood folk.  I have been struck by how many dogs the folks at The Andria have!  I swear, just about every one who comes out the door is walking a dog.  This building has a generous dog policy; allowing dogs of up to 50 pounds.  Some buildings don't allow dogs at all, or restrict them to under 20 pounds or some such.

Other good things about  The Andria include the low number of rentals in the building.  No, I'm not anti-rental.  But condominium financing is often restricted to buildings with no more than 50%, or sometimes 30% rental units.  So if the number of rental units pushes above that threshold, there is no conventional financing available.  Yes, there are a number of folks buying with cash these days. But cash as the ONLY way to buy can be a bit challenging.

I also LOVE the storage units at this place.  Not only are they large, but they have these cool roll-up doors, making it much easier to get in and out.  Each unit has its own furnace and hot water heater and pays its own power bills.  Water, sewer and garbage are included in the low monthly HOA fees or just under $300.

And of course, the great space and views aren't bad either.

We'll be holding this open Saturday, September 8, from 1:00 - 3:00 pm, during the Belmont Street Fair.  Come on by, 910 SE 42nd Avenue (at Belmont), #400.

How's the Market? Hopping!

The RMLS just released the statistics for the month of July, and holy cow, the market looks as busy as I 've been.  We continue to see pretty big increases in activity; the amount of pending and closed sales.  There were 23% more accepted offers in July 2012 than in July 2011, though  2.6% less than in June 2012.  Similarly, closed sales were up 15.4% in July 2012 when compared to July 2011.

Prices continue to show gains.  The median sales price rose 7.8% when comparing July 2012 to July 2011, with the median price in the Portland area being $245,000 in July 2012 as compared to $227,200 in July 2011.

Inventory, the number of homes available on the market, has increased a wee bit such that we now have  4.6 months of inventory.  That is, at our current rate of sales, it would take 4.6 months to sell all available properties.  This is the lowest our inventory in any July since July 2006.

In the coming months, I expect we'll see a wee bit of  normal seasonal slowing in August and early September, followed by some healthy sales activity from mid-September to Thanksgiving.  There are often  pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out.  Getting a sale closed before the holiday can be sort of a last ditch effort.  Many investors make a habit of buying in the fall.  Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers.

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the full Portland report from RMLS.

What did you buy your house for?

Was there  particular feature that made you buy your house?  That sealed the deal?  Was it that specific location?  We always hear the three features one should look for are location location, location.  Or was it how the living room, and dining room integrated with the kitchen?

When I'm working with buyer clients, I'm often trying to help them decide what to buy a house for; what is important to them.  And when we say location, location, location, what does that mean for them?  There is no wrong answer, as it is all quite specific and personal.

I'm working with a young couple who have just about nailed that question, and I'm guessing the question will be completely answered in the next few weeks when we find them their home.  For this couple, a good location means close-in, east side.  They are both bike and public transportation commuters.  But more than that, they want to be walkable to great restaurants and food carts and the like.  So, what others might think of as good neighborhoods: Alameda, Rose City, Mt. Tabor, feel too far away to them.

When Don and I were looking, about ten years ago, we looked in some of those neighborhoods also, but realized, after living four houses from SE 35th Place and Hawthorne, that we were more urban than we'd thought. So when we saw our current home, right on SE 26th (yes, the busy part), the location didn't bother us, and it's walkability was a plus.  But what really sold us was the unpainted wood work, including the builtins, fireplance mantle, box beam ceiling and more.  Later, the builder mentioned he'd though of doing the cabinetry and woodwork in in a composite product such that it would have been painted, and asked what we'd have thought. I realized, I probably wouldn't have wanted the house.  So I guess we bought it for the woodwork.

Back to my current "young couple" clients.  We saw a house close to upper Division, so with some proximity to The Woodsmen, North Bar, food carts and the like.  It was a decent location.  The house had a wonderful open feeling from the living room, dining room and out onto a really spacious and lovely deck.  We were all drawn to those spaces.  The rest of the house, meh. It was fine, but the upstiars bedrooms were small and the finishes of the house weren't cohesive.  As a house, it wasn't anything special, but it was hard to deny the pull of those wonderful living spaces. My clients hung onto that house for awhile, until they were finally freed by someone else making an offer.

Sometimes though, I think buyers to buy a "package".  They buy a house that as a whole; location, floor plan, feel and features, makes sense for them.  There may be nothing in particular they love, but the whole thing works.

How about you?  What did you buy for?

How's the Market?

The Portland real estate market continues to show improvement, according to the recently released RMLS statistics.  We've been seeing pretty big increases in activity; the amount of pending and closed sales.  There were 21.7% more accepted offers in June 2012 than in June 2011, though  3.4% less than in May 2012.  Similarly, closed sales were up 14.6% in June 2012 when compared to June 2011, and up 7.0% higher in June 2012 than in May 2012.

Prices are showing slighter and slower gains, but are showing gains, nonetheless.  The median sales price rose 8.6% when comparing June 2012 to June 2011, with the median price in the Portland area being $242,000 as compared to $222,900 in June 2012.

Inventory, the number of homes available on the market, continues to decline such that we now have only 3.9 months of inventory.  That is, at our current rate of sales, it would take 3.9 months to sell all available properties.  This is the lowest our inventory has been since March, 2007.  Slowed foreclosures may in part be responsible for this dearth of houses.  In addition, there are many folks who would like to sell, but can't or don't want to sell short.  They are reluctant landlords, while waiting for the market to recover. Depending on when they bought, there could be a bit of a wait.

In the coming months, I expect we'll see some normal seasonal slowing in August and early September, followed by some healthy sales activity from mid-September to Thanksgiving.  There are often  pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out.  Getting a sale closed before the holiday can be sort of a last ditch effort.  Many investors make a habit of buying in the fall.  Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers.  

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the Portland area Market Report from RMLS

Sunnyside!

I've just listed this sweet bungalow nestled in Portland's Sunnyside neighborhood.  Sunnyside is a bustling neighborhood with lots of creativity and diversity, located between SE Stark and SE Hawthorne, and SE 49th and SE 28th avenues.  The neighborhood is home to Zupan's market, my favorite, HobNob Grill,  and so many yummy restaurants on SE Belmont.  Sunnyside is also home to the innovative "Dairy" project of the 1990's converted the old dairy site to stores, restaurant and condominiums.

The house I have listed is located at 3135 SE Alder Court.  The living room and dining room have hardwood floors and classic trim. A steep staircase leads to the upstairs bedroom. In addition there is a main floor bonus room.

The spacious kitchen has easy access to to the private, terraced and fenced back yard.

Listed at $239,900, this sweet and kind of funky bungalow is at a "hard to find" affordable price.  This house will be open  Sunday , July 15 from 1:00 - 3:00 pm.  Contact me to take a look, or to see what at what price your place could sell.

Gentrifying as fast as we can

So I had never heard of the Thomas B. Fordham Institute until the Oregonian published an article using their statistics regarding rapidly changing neighborhoods.  While we may often think of gentrification as the growth of middle class, or even wealthier, into previously distressed neighborhoods, Michael Pertilli's June 11, 2012 article for the Fordham Institute's Flypaper, looks at increases in the white population as a sign of gentrification.  That assumption could certainly be debated, but not here.

Petrilli looked at zip codes; while gentrifictaion doesn't go by zip code, census data does.  Portland had two zip codes in the top fifty rapidly "gentrifying" zip codes in the country; 97227 at # 20 and 97211 at # 35. You'll notice, little 97227 is barely visible above the I-405 sign.   

Think of 97227 as the neighborhood of N. Mississippi and that secret residential neighborhood jewel, Overlook.  The Regional Multiple Listing Service reports 10 sales in this zip code so far in 2012, with a median sales price  of $384,950.  That certainly is "gentrification" compared to the city wide year to date median sales price of $220,000.


Think of 97211 as the neighborhood of N.E. Alberta. The Regional Multiple Listing Service reports 212 sales in this zip code so far this year, with a median sales price of $288,700; almost $100,00 lower than 97227, and still well above the citywide year to date median price.  A note, 97227 is a tiny area, so the low # of sales is not surprising.


Interestingly, 92113 in San Diego, is the only other west coast city in the top twenty-five, with three other California cities in the top fifty.  Our neighbor to the north, Seattle is a no show in the top fifty.  

As a real estate broker, and one who sells in Portland's urban core, I don't always love gentrifictaion.  On the face of it, I suppose one might think of gentrifcation as improvement, and an increase in prices.  But I don't always love that either.  What has been great about Portland, but for the crazy mid-2000's, is that normal people, with normal jobs could afford to live in a variety of neighborhoods.   Stable neighborhoods are in my opinion healthy for a community.  Stable doesn't mean rapidly gentrifying, stable doesn't mean a Starbuck's on every corner, and stable doesn't mean outpricing and displacing long time residents.  Pride of ownership is stable, taking care of property is stable. Knowing your neighbors and connecting with them is stable.

Curious what is going on in your zip code?  Give me a call!  503-312-8038.

On tea, not "the" tea party

Forgive me this uncharacheristic whine.

I switched from coffee to tea, black tea, about four years ago.  This blog is not about the switch. It is about how tea drinkers are discriminated against in restaurants.

This is not a whine about the quality of the tea.  I like simple, black tea.  I don't need, or want, silk tea bags hand tied from Ceylon.  I'd LOVE Twinings Irish Breakfast (staying true to my heritage), but good old Lipton's will do just fine.  I do want black tea.  Please don't assume that because I ordered tea, I want some flowery, non-caffinated drivel.

Order coffee and, in general, your cup/mug is kept refilled.  Heck, sometimes you don't even have to order it. When seated in a restaurant, they fill your cup automatically.

Order tea?  Your server disappears, and comes back however many minutes later with some version of this: one tea bag, one small cup, one small metal container with hot water that is quickly cooling as metal conducts heat quite well.

I slip the tea bag in the small metal container of now luke warm water, where it slowly steeps, kind of, and eventually, once I've gotten whatever tea I can from the bag, pour my cup.  I now have something like 8 ounces of tea.   However much later, I am offerred, maybe, "more hot water".  Really?  Meanwhile, my dining companion will have consumed three cups of steaming hot coffee from a nice sized mug.  So I'll put that same tea bag, in another pot of cooling water and get what?  Some restaurants have coffee mugs and tea cups.  Really? Tea drinkers want less? 

In an effort to take control of some of this process, I have started dragging my own tea bags around with me.  So now I've become that middle aged woman pulling a baggie out of her purse.  Ugh.  This at least gives me a fresh bag to submerge in my small cooling container of water.

Now,  I suppose some might argue that us tea drinkers are just too finicky and persnickety to please; bag in, bag out, lemon, no lemon, milk, no milk, never put the tea bag in the cup etc.  That may well be true, though I'd wager we don't even begin to approach rampant coffee snobs.

How about this?  A reasonable sized (16+ oz.) ceramic/porcelain container of hot water, two tea bags and a mug.  

I'm making a move!

I'm so excited!  I'm moving down the street and affiliating with RE/MAX Equity Group.   Over the years I have gotten to know lots of the folks at Equity Group through RE/MAX meetings and events, and have been impressed with the company.  Always a RE/MAX gal, I'm looking forward to working with Rod Renwick, the managing broker at the Broadway office, doing training, accountability groups and other agent support, in addition to continuing to work with my client base.  I'm glad Rod gets to worry about transaction review and risk management :)

 In addition to the RE/MAX tools and support I have had available at Signature Properties, RE/MAX Equity Group has tons of resources with which I'm looking forward to becoming acquainted. Equity Group is a multi-office company, serving much of Oregon and the Vancouver, Washington area.

 I'll still be on Broadway; 237 NE Broadway, just east of Broadway Toyota.  The building is a cool warehousey thing with huge old exposed beams and the like. For those of you who, over the years, have gotten loans through Julee Felsman, I'll be in the same building. And, I'm glad some of my colleagues from Signature Properties are also making the move.

Look for me at the new office at the beginning of July.  Until then, as always, I can be reached through my cell phone at 503-312-8038 and leslievjones@gmail.com.

How's the Market?

The Portland real estate market continues to show improvement, according to the recently released RMLS statistics.  We've been seeing pretty big increases in activity; the amount of pending and closed sales.  There were 16.4% more accepted offers in May 2012 than in May 2011, and 6.65% more than in April 2012.  Similarly, closed sales were up 20.4% in May 2012 when compared to May 2011, and up 15.1% higher in May 2012 than in April 2012.

Prices are showing slighter and slower gains, but are showing gains, nonetheless.  The median sales price rose 6.6% when comparing May 2012 to May 2011, with the median price in the Portland area being $234,500 as compared to $220,000 in May 2011.

Inventory, the number of homes available on the market, continues to decline such that we now have only 4.2 months of inventory.  That is, at our current rate of sales, it would take 4.2 months to sell all available properties.  This is the lowest our inventory has been since March, 2007.  Slowed foreclosures may in part be responsible for this dearth of houses.  In addition, there are many folks who would like to sell, but can't or don't want to sell short.  They are reluctant landlords, while waiting for the market to recover. Depending on when they bought, there could be a bit of a wait.

In the coming months, I expect we'll see some normal seasonal slowing in August and early September, followed by some healthy sales activity from mid-September to Thanksgiving.  There are often  pretty good deals to be had in the fall; folks who tried to sell in the spring, but somehow missed out.  Getting a sale closed before the holiday can be sort of a last ditch effort.  Many investors make a habit of buying in the fall.  Similarly, buyers who REALLY want to be in their new homes by Christmas can be pretty motivated buyers.  

I'd be glad to talk with you about what is happening in your neighborhood.  Give me a call at 503-312-8038 or email me at leslievjones@gmail.com.

Read the full RMLS Market Action.

My New Energy Friend?

Every since we had Imagine Energy do that energy audit last year I have lusted after a smart thermostat.  Or maybe I have lusted after heating that can be controlled zonally (cooler in the bedroom, warmer in the dining room at night, cooler in the dining room in the morning and so on).  Indeed, there are many products out there that can achieve these goals.  Just bring money.  But I am intrigued by the  Nest.  No, it won't do zonal easily,  but it sure looks like it does a heck of a lot more than my circa 1990 programmable thermostat.

I didn't even know I needed a new energy friend!  I already have Sonny Boy, who tells me all about the solar energy production.  But Sonny has a bit of a one track mind, where as Nest seems to be a bit more worldly.

Nest looks so cool, I wanted to own one before I learned anything about it!  I like how easy it appears to   control Nest both manually and from afar via an iPhone. I like that Nest can learn from previous usage and gives feedback about energy efficiency and savings.  Nest seems to be positioning themselves a bit like their Palo Alto neighbor, Apple.  It appears Nest customers don't just get a thermostat, they get an energy consultant, a monthly energy report; new energy friend.  Even their packaging has that je ne sais pas, understated coolness.  Heck folks might even pay the $249 price just for the look, and the new friend.

How's the market?

This is this market report from RMLS we've been expecting.  Pending sales are up both from April 2012 ( 4.1%) and from April 2011, a whopping 18%!  Closed sales are up 7.6% from March 2012, and 13.1% from March 2011.  Portland area real estate agents have been busy as heck the last several weeks.  It is nice to see the numbers bear out what we've been seeing and thinking.

For the past several years we've been telling our seller clients it might not be the best time to sell.  You listened.   We don't have enough houses to sell!  New listings are down and sales are up, leaving us with only 4.7 months of inventory to sell at our current rate of sales.  This is the lowest # since June 2007.  No wonder most houses new to the market bring several offers in their first week.

Prices?  When comparing home prices year to date this year and last, there is less than a 1% difference in both median and average sales price.  The Portland area median price , year to date, is $216,200.  The average price for the same time period was $254,600.  Our market time for homes sold in April 2012 was 123 days, compared to 153 days for April 2011.

So, shorter market time, fewer houses to sell, more houses pending and more houses sold.  Minuscule price fluctuation.  Um.  If you have been thinking about selling, this would be a good time. hint hint.

Full RMLS report.

Buying Small?

Often clients ask me what might seem an odd question.  How big, or small, of a house should we buy?  In these days of mindful living, being aware of ones carbon footprint and all, many of us don't want to buy too much house.  Or, sometimes, folks fall love with a house that is really on the small side.  These folks want help thinking through the pitfalls of buying small.

First, buying too big.  The downsides are obvious; more utilities, more cleaning, higher taxes and perhaps a bit of eco-guilt.  Houses that are too big can also rob a home of a "center";  a family may be a bit too spread out and sacrifice some beneficial interaction.  The pluses of buying big are an amount of comfort, room for guests, project space and room for life changes.  As we age, and our kids age, we'll use space differently.  A larger house will give us more options.

Smaller houses.  Three or four years ago I sold some gals a cute as heck, 550 square foot house.  It was perfect for them.  They were used to apartment life and were adept at living small.

Living small also fit with their values.  When asked the downside,  I reminded them that almost any life change for them, short of breaking up, would make the house untenable.  Life changes come in many forms, and often unexpectedly; babies, working from home, taking in a roommate or family member that needs some help and so on.  Earlier this year I was glad to hear from my clients.  They're looking toward having a baby next year and will be needing to buy up.  They don't regret the small house, but had they bought bigger, they might be staying in their first home a bit longer.

In general, my advice is to buy a house that not only works for you now, but will allow for some changes.  Moving costs money, no doubt. Balance buying something small enough that it doesn't cost too much over time, with a house big enough to grow with your lifestyle a bit.
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We bought up in 2003, and had a bit of eco-guilt about buying something too big.  It was important to me that we not have any of those rooms no one really uses. That would feel wasteful.  I thought we should use every room every day. Okay, so nine years later, with lots of entertainment now viewed on our computers, the television/guest room/cat room is not used by humans everyday.  But the cats, they love that room!

How's the Market?

RMLS just released their stats for March 2012, and I like what I see.  We continue to see an increase in both pending and closed sales in relation both to the previous month and the same month a year ago.  Prices are bumping along with nominal increases or decreases depending on exactly where one is looking.

For the Portland metro area, there were 12.8% more accepted offers in March of 2012 than in March 2011, and 7.7% more than February 2012.  And in closed sales, there were 4.9% more than March 2011 and 34.2% more than in February 2012.  Our listing inventory, the number of houses on the market, is LOW. It would take only five months to sell the active listings at our current rate of sale.  This is the lowest inventory since June 2007.

As for pricing, it is useful to look at the most recent quarter, compared with the same quarter of 2011.  The average sales price declined less than one half percent to $251,700, and the median price decreased 1.4%  compared to the first quarter of 2011, to a median price of $212,000.  Commiserate with declining inventory, our average market time has fallen from 165 days in the first quarter of 2011 to 135 days in the first quarter of 2012.

In our office, we have seen a HUGE increase in business.  One of our agents has had three new listings all get pending sales in their first three days on the market.  Holy Cow!  This kind of speed and pressure aren't always my favorite.  I like an active market, but buyers often feel pressed to make quick buying decisions or risk losing out.  If you're curious what your home might be worth, get in touch as I'd be more than glad to update your market analysis.

The Portland area RMLS market report.

Have you seen Car2go?

I'm seeing those cute little smart cars all over town...on the eastside, that is.  Car2go has made quite an entrance considering they just started here YESTERDAY!  While this looks like competition for zipcar, the business model is a bit different.  Car2go is a membership organization that charges based on usage and fees.  But...you pick up and leave cars where you like, within the service area (inner eastside and a bit of the westside).  No need to leave it in a designated spot or return it to where you found it.  Car2go's website says you simply leave it in a legal parking spot.

There is a $35 registration fee, and the basic cost is 35 cents a mile, with a maximum of $65.99 per day.  This fee includes gas, parking, gps, maintenance and cleaning.  The nice thing is no designated return times, you just get in and drive off.  This sounds great, until I've been planning on using car2go and can't find a car.  Not to worry, their mapping function shows where cars are currently located.   There is also a "stopover" function to prevent someone else from getting in and driving off if you are still using the car.

I think this is kind of cool, though I wonder how many different versions of car sharing Portland can support.  And I find it interesting that we now have at least two care sharing options and no major bike sharing options.  hmm.

Tidbits to wrap up the week

The Oregonian ran several articles that caught my eye in the last few days.

A bit of E-News, Environmental, that is. You may have seen the one about high radon levels at Mahonia Hall, the Governor's residence.  I've been nagging about radon for awhile, and Mahonia Hall shows us that even cool old fancy buildings have it.  The folks at Eco-Tech did the testing there.  They are also the folks with Terra, the oil sniffing dog from a previous blog.  Radon is measured by picocuries per liter of air, with the EPA calling for "action" or remediation for any measurement over 4 picocuries per litre of air.  Mahonia Hall measured 6.2 in the billiard room (sounds like we're playing a game of Clue) and 4.8 in a basement storage room.  The short term monitor was used, so I believe next up is the longer, 90 day, test.  Our home test came in at 2.9.


Also in the news this week was the huge solar project Ikea has installed out at their store by the airport.  The project is said to include 2072 solar panels providing an estimated 568,900 kilowatt hours of power per year.  Wow.  In cloudy Oregon.  This will have the effect of reducing approximately 432 tons of carbon dioxide emissions- the equivalent of the exhaust of 77 cars.  Thanks IKEA!

And then a bit of editorializing on the real estate market and such.  The Case-Schiller report was released this week for January 2012, showing declining housing prices in Portland.  This index lags our local RMLS statistics by one month.  And in a changing market one month matters.  Look for Case-Schiller to catch up and show an improving market next month.

 And, it looks as though the Oregon Supreme Court may well hear a case regarding MERS and its relationship to Oregon's non-judicial foreclosure.  In Oregon, lenders can foreclose through an administrative rather than through a court process.  In part, this process is in place as Oregon statutes also require that changes to who owns what loan be recorded in the state, giving a clearer picture of who might actually have a right to foreclose.  MERS is the electronic registration system for mortgages,  that avoided the fees and "hassle" or recording.  There have been a few court cases with disparate rulings, so a Supreme Court opinion would be welcome.  Meanwhile, look for our courts to be crowded by lenders choosing judicial foreclosure to be sure their foreclosures stick.

And lastly, the blue jays have descended on the yard this morning.

"Good Liberals" and their Prejudice"

As many of you know, I am a devoted animal advocate and am on the board of directors of a small dog rescue group here in the Portland area (My Way Home Dog Rescue).  I just got off  the phone from talking with a potential adoptor calling about one of our dogs. Great lady, very grounded, realistic and devoted.  But...she was concerned the shepherd mutt she was calling about not have any pit bull in the mix.  In her words, " I realize I have a prejudice against these dogs.  I am a good liberal, but can't have anything to do with a pitbull".  I admire this gal for seeing her issue as a prejudice, but wish it weren't so.

 Merriam-Webster dictionary defines prejudice as among other things "2a(1):preconceived judgment or opinion (2): an adverse opinion or leaning formed without just grounds or before sufficient knowledge b: an instance of such judgement or opinion c: an irrational attitude of hostility directed against an individual, a group, a race or their supposed characteristics".

Unfortunately, just as we prejudge people with "an irrational attitude of hostility directed against an individual, a group, a race or their supposed characteristics", ask Trayvon Martin's family, many of us do the same with pit bulls.  Just as our society, or at least some of us, have worked to abandon racial and class prejudice, and see ourselves as open minded, I challenge you to do the same with regard to pit bulls.  No, I am NOT comparing dogs to people, and NO, I am in no way acquainting Trayvon Martin to a dog.  I'm pointing out how disingenuous we are to abhor prejudice against people and think nothing of it with regard to dogs.  Dogs who, by the way, aren't prejudiced at all.


Here is a chance to open your mind.  The Hollywood Theater, this weekend, is showing the breakout movie, Beyond the Myth; a movie about the dog breeds commonly referred to as Pit Bulls.  The movie looks at the people who love these dogs, the breed specific legislation several cities and state have enacted, and the myths about these dogs.  Sunday April 1st, starting at 5:00 pm.  Click here to purchase tickets.  Singer/songwriter John Shipe will also perform.  Below is the video of his song, Pit Bull Blues, a fav of mine. Hope to see you there.

Between Seattle and Austin...

Recent  Data On an Old Question
Trulia just released their Winter 2012 Rent vs. Buy study looking at 100 metro areas and considering their rent vs. buy ratio.  If you aren't famliar with Trulia, their website says,

"Trulia is an all-in-one real estate site that gives you the local scoop about homes for sale, apartments for rent, neighborhood insights, and real estate markets and trends to help you figure out exactly what, where, and when to buy, sell, or rent."

Trulia, similar to Zillow, has access to a bunch or real estate data and does some pretty interesting things with that data.

In looking at renting vs. buying, they considered asking prices for both rental and for sale properties for December 1,  2011 to February 29, 2012.  It is nice to have pretty recent numbers, as often real estate statistics can lag by several months, which in a changing market, matters.  Yes, we are in a changing market.  There is an inherent assumption here, that seasonal pressures on prices, rent and purchase, are similar; an assumption with which I agree.

Trulia's interpretation of the index says anything under 15 is a market in which buying is better than renting.  From 15 to 20, the question hinges on tax deductions, local programs and incentives and other indicators.  Anything over 20 is a market in which renting is considered better than buying.

Only two major markets in the United States showed indicators above 15; San Francisco and Honolulu.  Some niche markets in New York city eke above 20, but not the city over all.

Portland, which the report calls Portland, OR WA, ranked # 82 with a factor of 11. Seattle is just above us at #81, and our somewhat sister city of Austin, TX is at #83.  It seems we are in good company.  As one might expect, Detroit, MI ranked #1 as the city where buying is a better idea than renting.  hmm.

A few other housing thoughts.
The Oregonian reported today that 30 year fixed rate loans snuck above 4%. And a reminder for buyer's using FHA insured loans, in a well advised effort to increased their reserves, the  monthly mortgage insurance premium from 1% to 1.75% for loans originated after April 1st.  Read more about that here.  This change is estimated to cost the average buyer about $5 more per month, which translates to approximately $1000 of home buying power.

Read Trulia's report here.

Don't Throw That Away!

No, this is not a blog about Tim Tebow, though it could be.  This is a blog about restricting what goes in to our landfill as one way to increase our recycling rates.  The State of Vermont, sometimes a kindred spirit to Oregon, is considering restricting recyclable materials from being dumped in their landfill.  Should Vermont HB 485 pass, plastic and glass containers, cardboard and paper would be prohibited from Vermont landfills starting in 2015, with yard debris following suit in 2016.  The idea being, obviously, this would help increase the recycling of these goods.

Oregon, like Vermont, currently prohibits the dumping of used oil, tires, batteries and e-waste.  Oregon also prohibits vehicles and large industrial or home appliances, Vermont doesn't allow white goods and paint.  Of course, Oregon has the premier paint recycling program in the country.

Lessening our waste stream takes a variety of approaches.   As we know, Portland has tried by reducing our garbage pick up to twice monthly, while increasing yard debris pick ups to weekly and including kitchen compost in the yard debris.  This effort puts much of the burden squarely on the shoulders of individual households.  And while Vermont's approach makes garbage haulers responsible, proper sorting and disposal is still up to individuals.

I know there are lots of studies on what motivates us to take the time to recycle.  What gives you that extra umph to take your plastics to Far West Fiber or find the right place for those styrofoam peanuts?

My Radon Test Results!

We had placed a 90 day radon test in our house, well about four months ago.  In my work I see many houses with high results on radon tests.  The E.P.A estimates one in fifteen homes have elevated radon levels.  As I have spent a few years encouraging my clients to test for radon, it really was our turn.

The test is done with a small "canister", about an inch high and two inches across, best placed away from windows and doors, and heat registers.  We put ours on the buffet in the dining room.  I'm not sure Don ever really saw it.  Being an over achiever, I let the canister sit there  a bit beyond the 90 day minimum, and then sent it in using the handy envelope provided with the test.  We got our test from Eco-Tech. I believe you can order them by phone.  The actual test was from Accustar Labs, and it looks as though you can order direct from them.

 Conveniently,  I got the results in by e-mail.  Our radon level tested at 1.9 picoCuries per liter of air.  The World Health Organization suggests an action level of 2.7 picoCuries per liter of air.  The Environmental Protection Agency considers anything above 4 picoCuries per liter of air to be actionable.  I am very glad we came in below both those levels.  In Portland Area real estate transactions we see people abiding by the EPA level of 4 pico Curies per liter of air, with radon abatement usually being the responsibility of the seller.

In the coming weeks I'll talk address the questions, " what is so bad about radon anyway?"  and  "what do you do about high radon levels?"  If you'd like more information sooner, get in touch.  503-312-8038, leslievjones@gmail.com.

How's The Market?

Okay then.  I, and agents in my office, have been feeling the market take off; but for too few houses on the market.  The market stats, released today by RMLS support this feeling.

Year over year, both pending and closed sales are up from February 2011 to February 2012.  Closed sales are up 17.5% and pending sales are up 32.5%.  At the same time, new listings dropped 13.6%  Between January 2012 and February 2012, closed sales grew 3.1% and pending sales grew 15.7%.  So we have been busier compared both to last month and last year, but with fewer choices for our buyer clients.

This increase in activity is slowly being reflected in prices.  The average sales price increased from February 2011 to February 2012 by 4.3% to $255,100.   This is a month to month increase of 2.4%.  Are prices going to take off?  I don't think so.  Though we may see some slight gains in housing prices over the coming months.

Our total market time is hovering around 138 days as compared to last February's total market time of 177 days.  This represents a 22% decrease in market time, so things are moving more quickly.

Recovery?  I don't know.  We do expect to see an increase in foreclosed properties hitting the market as a result of the robo-signing settlement reached recently.  We do expect to see some banks accelerating the rate at which they approve short sales and an increase in the % of short sales , also as a result of the robo-signing settlement.  Inman News did an interesting article on this.

Have questions about your house or neighborhood?  Thinking of buying or selling?  Give me a call: 503-312-8038

Going Up?

In the 1980's I worked in a boutique hotel in San Francisco.  It was a quaint hotel, catering to artists performing at the San Francisco Ballet, Opera and Symphony.  With the quaint hotel, came a quaint and quirky elevator; quirky, not necessarily in a good way.  As the front desk manager, I got to ride in and provide customer service around what some might have considered a rather terrifying elevator.  Since then, I have had, on occasion, icky elevator dreams.  I'm not afraid of elevators, though I do prefer a  less than bumpy ride, an accurate ride and the ability to exit the elevator when appropriate.

This past week I stayed at the Luxor Hotel in Las Vegas during the RE/MAX International Convention.  Unbeknownst to me, at the time, the Luxor has famous elevators.  The Luxor is that black pyramid of a building.  As the elevator departs, one feels a bit of a horizontal sway, not a typical elevator feeling.  And as one nears one's floor, the horizontal sway is felt in the opposite direction.  No silent elevators here,  with guests staring at the illuminated numbers.  Most everyone comments on the sway.  So after a few days, I consulted my friend Google.

Come to find out, the elevators at the Luxor are considered one of the 10 Fascinating elevators in the world. They travel up the side of the pyramid at a 39 degree angle.  Wow, with this in mind, the slight sway I was feeling was minor.  The elevators are restricted to guests and require a key card to operate.  This system was designed in anticipation of the hoards of folks who would flock to the Luxor to ride this "attraction".  Not so. While the sway is noticeable, I certainly didn't feel as though I were in a fascinating elevator; one of those times when boring is good.

Do you have an elevator story to share?   No, not THAT kind. :)