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.