Portland Oregon Real Estate Blog

Official: Home Buyer Tax Credit Extended, Expanded

noreply@blogger.com (Salvador Del Cid) — Fri, 06 Nov 2009 17:23:00 +0000

President Barack Obama's signature this morning officially extended the $8000 first-time homebuyer tax credit and also extended it to repeat buyers, albeit at the smaller amount of $6500.

The extension of the first-time homebuyer tax credit means that first-timers will now have until April 30, 2010 to find a primary residence and have until July 1, 2010 to complete the transaction. Income limits were also raised. To be eligible for the tax credit, singles can now earn up to $125,000 while married couples can earn up to $225,000.

People who already own a home are now also eligible for a $6500 tax credit. They must purchase a new primary residence between December 1, 2010 and April 30, 2010 and complete the transaction by July 1, 2010. The same income limits apply, but current homeowners or repeat homeowners must have lived in the home being sold consecutively for five of the previous eight years.

All home purchases must be less than $800,000.

Here's a great chart from the National Association of Realtors explaining the tax credit.

National Geographic Features Portland

noreply@blogger.com (Salvador Del Cid) — Thu, 05 Nov 2009 15:41:00 +0000

Portland is featured in this month's National Geographic and it's a story loaded with compliments. How could it not be when the sub-headline reads, “This Oregon city gets almost everything right; It's friendly, sustainable, accessible, maybe even a model for America's future.”

There's also a nice photo gallery of pictures from around town.

Here are some excerpts from National Geographic:

There are at least three things you can do especially well in Portland, Oregon, and they're all important: eating, drinking, and getting around. Here in the self-proclaimed "city that works," restaurants pride themselves on their fresh, locally grown fare, and you're never far from inspired coffee or innovative brew-pub beers. What's more, few cities in the United States are as bicycle friendly. Add to this the ubiquitous local art and a widespread recycling ethic, and you've hit upon much of what makes this verdant, forward-thinking city of 575,930 so appealing.

&

Next day, I'm introduced to another version of Portland's creativity in the Mississippi Avenue neighborhood, at the ReBuilding Center, a cavernous repository of used building parts and materials of every imaginable description. The exterior is a medley of whimsical mega-sculptures made of found objects, but inside it's all business: lumber, plumbing fixtures, barn siding, doors, flooring, railings, shutters, bathtubs—in short, a universe of building remnants turned into a $3-million-a-year business and a sight no visitor should miss, both for its astounding variety and variation on the Portland ethic.

"We employ 45 people and move eight tons of product a day back into structures housing Portlanders," says the founder, Shane Endicott, burning with conviction in his old T-shirt. "The idea is to take what society says is waste and turn it around so it can be used."

Radon In Portland, Part II

noreply@blogger.com (Salvador Del Cid) — Wed, 04 Nov 2009 15:56:00 +0000

This is the second part of the radon series I'm re-posting from last year. This blog post originally contained a tv interview with a geologist at Portland State University that unfortunately is no longer available online. In summary, these are the viewpoints of Scott Burns, geologist and chairman of the Portland State University Department of Geology:

1. There is an area known as Radon Ridge. This area runs from North Portland thru Alameda Ridge in NE Portland. Some of the neighborhoods in Alameda Ridge include Alameda, Beautmont-Wilshire, Rose City Park, & Sabin. In the map above, most of the dark red zip codes make up Radon Ridge. Burns said that more than 50% of the homes in these areas have high levels of radon.

2. Homes in Portland metro and Vancouver can still have high radon levels even if they are not located in Radon Ridge.

3. Homes with basements are more likely to have higher radon levels.

4. One home may have high radon levels, but neighboring homes may not.

5. Not everyone is affected by radon the same way; some people are more prone than others. Burns’ example was that of the smoker who smoked most of his life without ever getting sick from it.

6. Burns recommends every homeowner test for radon

7. Burns says that homes with high radon levels can mitigate this in one of two ways. A homeowner can have it professionally corrected which typically results in radon being directed away from a house by virtue of a fan (I’m simplifying). Or a homeowner can, according to Burns, open and close his windows on a regular basis.

Burns’ last offering differs a bit from the viewpoint of Don Francis with EcoTech. EcoTech mitigates high radon levels in homes around Portland and it provided the following Question & Answer session.

Q: What is radon?
Radon is an odorless, colorless, tasteless radioactive gas that is released when uranium in rocks, soil and water decays. Present in very levels in outdoor air, radon concentrates in buildings by entering through cracks in basement concrete, holes around pipes and conduit and/or air rising from crawlspaces. Although rare, well water can also be a source of indoor radon.

Q: How dangerous is radon?
When inhaled, alpha particles from decaying radon can damage lung cells. According to the National Academy of Sciences, radon causes an estimated 15,000-22,000 lung cancer deaths every year in the United States. By comparison, drunk driving is responsible for about 14,000 deaths per year. Pets can also be impacted by radon.

Q: Is radon common in Oregon and southwest Washington?
High radon concentrations have been found in every neighborhood. However, homes in some areas have a much greater possibility of having high radon levels. North and northeast Portland, Clark County Washington and west Salem, for example, are areas where nearly 50% of the homes tested have indoor radon levels exceed EPA’s recommended action level of 4 picocuries per liter of air (pCi/L).

Q: Should I test my home for radon?
Yes. The Surgeon General and EPA recommend that every home be tested for radon. Affordable and easy to do, radon measuring can be done by a professional or homeowner. Short-term tests can be as brief as 2-days. Radon levels fluctuate day-to-day and season-to season. Therefore, long-term testing may provide a more accurate radon exposure estimate. Radon test kits can be purchased at most hardware stores and cost $25-$35. Follow the directions carefully. Professional measuring typically costs $150-$195.

Q: The radon levels in my home tested high, now what should I do?
If the test was short-term and below 10 pCi/L, retest in the same location with a long-term test device to determine the long-term concentration. If the initial measurement exceeds 10 pCi/L, retest in the same location with a short-term device. Radon mitigation should be performed if the average of two short-term tests or one long-term test is at or above 4 pCi/L.

Q: What should I know about radon when purchasing or selling a home?
A buyer or buyer’s agent should ask the seller for radon test information. If known, sellers are required by Oregon law to disclose radon levels. A certified radon measuring professional should be hired to conduct a test if the seller does cannot provide third-party radon results or if has been longer than 2-years since the last radon measurement. If the radon concentration exceeds 4 pCi/L and EPA Real Estate Transaction Measurement Protocols have been followed than mitigation is recommended without a follow up measurement.

Q: What is radon mitigation?
Radon mitigation involves reducing the radon level to below 4 pCi/L by preventing radon entry into the building. While there many methods, the most common and cost-effective is a process called active soil depressurization (ASD). Using suction pipes and an inline fan, an ASD system creates a vacuum beneath the basement floor, concrete slab, or crawlspace to intercept and route the radon around the habitable area of the home. In the Portland area 95% of ASD systems cost $1,500 - $2,100.

Q: Will opening my windows solve my radon problem?
Probably, but only if you kept your windows open 24-hours a day 365-days a year.

Q: Is there anything else I should know about radon?
Educate yourself about radon. EcoTech’s website www.oregonradon.com has much more information, helpful links and a store to purchase test kits. EPA has excellent information online including “Home Buyer’s and Seller’s Guide to Radon” www.epa.gov/iaq/radon/pubs/hmbyguid.html and “A Citizen’s Guide to Radon” www.epa.gov/iaq/radon/pubs/citguide.html#homesales.

$8000 Tax Credit Ready For Extension, Move-Up Buyers Likely Too

noreply@blogger.com (Salvador Del Cid) — Tue, 03 Nov 2009 15:23:00 +0000

I woke up this morning to learn the Senate last night cleared the way to extend the $8000 first-time homebuyer tax credit until April 30, 2010, while also including move-up buyers too.

Based on recent reports and chatter it was really no big surprise as the credit(s) now await President Obama's signature for them to become official.

Certainly, this will continue to boost sales for the next six months, but I believe this will take the pressure off of last-minute buyers who were still trying to find a way to close on a home prior to the original November 30th deadline.

Here's a report from UPI:

After two weeks of delay, the Senate last night cleared the way to pass a seven month extension and expansion of the tax credit for homebuyers. By an 85 to 2 roll call vote, the Senate voted to cut off debate on a package of measures that includes the homebuyer credit, making it virtually certain that the legislation will reach President Obama for his signature this week.

The homebuyer tax credit, due to expire in 28 days, would be extended through April 30 of next year. First-time buyers who are in process of making a purchased would not need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.

For the first time, the legislation cleared last night makes move-up buyers as well as first-time buyers would be eligible for a credit. The $8,000 maximum first-timer credit will continue and will now available to couples with income
up to $225,000, a nearly $55,000 increase above the level in existing law. A new $6,500 maximum credit would also be available to move-up homeowners who have lived in their current residence for five of the prior eight years.

The tax credit has fired the housing market, driving existing home sales to the highest level in over two years. The National Association Realtors reported sales jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September and are 9.2 percent higher than the 5.10 million-unit pace in September 2008.

Only two Republicans voted against the credit. One of them, Senator Kit Bond (R-Mo.), said, "We're kidding ourselves if we think we can prevent more fraud, more taxpayer losses," "The most effective means of preventing fraud is simply to not extend the credit."

The legislation included provisions added to address complaints of fraud. The Internal Revenue Service is given greater authority to oversee the process to root out fraud, and provisions are added in response to past abuses of false sales or underage buyers. An investigation by the Treasury Department's Inspector General for Tax Administration found that more than 580 children, some as young as four years old, had received $627,000 in first-time homebuyer credits. The IRS has identified 167 suspected criminal schemes and opened nearly 107,000 examinations of potential civil violations of the first-time homebuyer tax credit.

A number of economists have voiced concern about the $16.7 billion.cost of the credit and the wisdom of spending up to $400,000 per homebuyer to stimulate real estate sales. The White House has been lukewarm at best. However, it is virtually certain that the President will sign the legislative package, which contains an expansion of unemployment benefits as well as the tax changes.

The legislation cleared last night also contains a provision supported by the National Association of Home Builders. It helps larger companies strapped for cash with net operating losses this year or in 2008.

Ordinarily these companies can carry back these losses for only two years to qualify for a tax refund. The provision would make this process extends the carry-back to five years for either 2008 or 2009. The tax break will now apply to losses in either 2008 or 2009, and the income cap will come off.

A similar provision, applying just to 2008, was included in the president's economic recovery bill last winter but limited to smaller companies to keep down the cost to the Treasury.

Both tax breaks — the homebuyer credit and the change to net operating loss — will be offset by tax changes affecting foreign tax credits, chiefly important to large multinational corporations, according to the Senate Finance Committee.

Understanding Radon In Portland

noreply@blogger.com (Salvador Del Cid) — Mon, 02 Nov 2009 15:23:00 +0000

A year ago, I wrote a two part series on radon in Portland. Considering the feedback I received and the amount of times people mentioned the blog posts to me, I thought it would be worth reposting them.

I have edited the original article because it contained a link to a tv interview featuring a widow in Lake Oswego who believed her husband died from lung cancer caused by high radon levels. Unfortunately, that link and accompanying video is no longer available. So in it's place, I've included a radon video from the U.S. Environmental Protection Agency (EPA).

Without further adieu...

What does radon mean to you? Did you know it’s a natural gas that’s the second leading cause of lung cancer?

Did you know there’s an area of Portland with high enough levels of radon that it’s been termed “Radon Ridge?” Radon Ridge, as its known, stretches from the St. John’s neighborhood in North Portland all the way to Rocky Butte in NE Portland. Most of the dark red zip codes in the map above make up Radon Ridge (you'll also notice all of Clark County & Vancouver are included).

Here is a video explaining radon:

The good news is that radon can be tested for and mitigated. More tomorrow...

Video: Right Time To Buy?

noreply@blogger.com (Salvador Del Cid) — Fri, 30 Oct 2009 15:39:00 +0000

This week The Today Show featured a segment on real estate and whether or not this is the right time to buy. While I don't always agree with what the featured expert says (in this case she said everyone should avoid short sales), she does make some interesting points in this segment, such as: vacant homes and scorned homeowners can indeed be goldmines for buyers.

Take a look and get past the commercial. And remember, real estate is always local- down to the city, area, neighborhood, and house.

$8000 Tax Credit To Be Extended, Also Include Move-Up Buyers?

noreply@blogger.com (Salvador Del Cid) — Thu, 29 Oct 2009 15:46:00 +0000

Chatter today thru various media sources indicates that the U.S. Senate will not only extend the $8000 tax credit for first-time homebuyers, but also expand it to include current homeowners.

According to CNBC, these would be the terms:

The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).

Move-up buyers will be eligible, so long as the home they are leaving has been used as their principal residence for 5 years or more.

The tax credit would sunset on April 30, 2010. However, there would a binding contract rule that will permit those with contracts as of April 30th to qualify for the credit so long as they complete the transaction within 60 days.

The income limits for both first-time home buyers and move-up buyers would be $125,000 for single return and $225,000 joint return.

Cost of the home may not exceed $800,000 to be eligible.

For purchases made in 2010, taxpayers would be able to claim the credit on their 2009 income tax return.

Home buyers would not have to repay the credit, provided the home remains their principal residence for 36 months after the purchase date.

The amendment includes a military waiver provision, meaning the recapture provision would not apply in the case of a member of the Armed Forces, military intelligence or Foreign Service who is on qualified official extended duty. In addition, members of the military who have been deployed overseas for 90 days or more in 2008 or 2009 would have until April 30, 2011, to claim the home buyer tax credit.

The amendment also includes anti-fraud language that provides math authority to the IRS to do greater oversight during the processing of the return rather than waiting for an audit situation.

More later, when and if this becomes official.

Source: CNBC

Forbes: Portland Is America's Third Safest City

noreply@blogger.com (Salvador Del Cid) — Wed, 28 Oct 2009 14:09:00 +0000

It's no surprise to Portland residents, but the city ranks very high for safety. So says a newly released report by Forbes Magazine which ranks Portland as the third safest major U.S. city.

A major reason for the high ranking, according to Forbes, is Portland's violent crime rate which the magazine says is the lowest in the country. What else was evaluated in the study?

To determine our list of America's safest cities, we looked at the country's 40 largest metropolitan statistical areas across four categories of danger. We considered 2008 workplace death rates from the Bureau of Labor Statistics; 2008 traffic death rates from the National Highway Traffic Safety Administration; and natural disaster risk, using rankings from green living site SustainLane.com. It devised its rankings by collecting historical data on hurricanes, major flooding, catastrophic hail, tornado super-outbreaks, and earthquakes from government agencies including the National Oceanic and Atmospheric Administration, the United States Geological Survey, the Department of Homeland Security, the Federal Emergency Management Agency and private outfit Risk Management Solutions. We also looked at violent crime rates from the FBI's 2008 uniform crime report. The violent crime category is composed of four offenses: murder and non-negligent manslaughter, forcible rape, robbery and aggravated assault. In cases where the FBI report included incomplete data on a given metro area, we used estimates from Sperling's BestPlaces.

Here are the safest cities according to Forbes:

1. Minneapolis
2. Milwaukee
3. Portland
4. Seattle (tie)
4. Boston (tie)

Portland & U.S. Home Prices Rise

noreply@blogger.com (Salvador Del Cid) — Tue, 27 Oct 2009 15:22:00 +0000

This morning's Case-Shiller Home Price index shows that Portland home prices were down 12.5% in August- an improvement from July's 13.9% decline. Meanwhile, U.S. Home prices suffered an 11.3% decline which was less severe than expected. The period for the latest study is from August 2008 to August 2009.

August was the fourth consecutive month where home prices rose. Here are the top 20 U.S. cities and their rates of depreciation:

Rate = City

-1.2% = Dallas
-1.9% = Denver
-2.8% = Cleveland
-4.2% = Boston
-7.9% = Washington, D.C.
-8.6% = Charlotte
-8.9% = San Diego
-9.6% = New York
-10.6% = Atlanta
-12.0% = Los Angeles
-12.5% = Portland
-12.5% = San Francisco
-12.7% = Chicago
-13.7% = Minneapolis
-14.7% = Seattle
-17.7% = Tampa
-18.8% = Miami
-22.6% = Detroit
-25.1% = Phoenix
-29.9% = Las Vegas

Portland 2009 Market Conditions: Inventory Levels

noreply@blogger.com (Salvador Del Cid) — Mon, 26 Oct 2009 14:20:00 +0000

It’s important for both buyers and sellers to understand the importance of housing inventory. A higher inventory level favors buyers because it means buyers have more selection and leverage. Vice versa, a lower inventory level favors sellers.

According to the National Association of Realtors, a balanced market is roughly 5.5 months of inventory. Levels higher than 5.5 months equate to a buyer’s market and levels lower than 5.5 months equate to a seller's market.

Well, the latest RMLS data for September 2009 shows that Portland metro has 7.6 months worth of inventory. This means Portland’s in a buyer’s market (not that this is a revelation to anyone). But not all areas are quite the same. In fact, there was a large discrepancy in September between the area with the lowest inventory, Beaverton/Aloha, and the area with the highest inventory, Lake Oswego/West Linn.

Here are the inventory levels for the areas that make up Portland metro. They are listed from lowest inventory levels to highest:

Inventory = Area

4.9 = Beaverton, Aloha
5.5 = Northeast Portland
6.1 = North Portland
6.1 = Southeast Portland
6.2 = Hillsboro, Forest Grove
7.2 = Milwaukie, Happy Valley
7.3 = Tigard, Tualatin, Sherwood, Wilsonville
7.6 = Portland Metro Average
8.4 = Northwest Washington County
8.9 = Gresham, Troutdale
9.5 = Oregon City, Canby
10.4 = West Portland
11.6 = Lake Oswego West Linn

Source: RMLS

$8000 First-Time Buyer Tax Credit Extended?

noreply@blogger.com (Salvador Del Cid) — Thu, 22 Oct 2009 14:00:00 +0000

The million dollar question is about $8000.

Will the first-time homebuyer tax credit of $8000, set to expire November 30, be extended? Opinions vary Realtor to Realtor. Without question, it's helped home sales in Portland and elsewhere and many first time buyers are rushing to beat the deadline (tick, tock).

Senator Johnny Isakson of Georgia is leading the push to extend the tax credit. If Isakson succeeds, not only would the tax credit be extended (to June 30, 2010), but the tax credit would make all buyers eligible. Purchases would have to be primary residences and singles would have to earn less than $150,000 per year while couples would have to earn less than $300,000. And while this sounds great for buyers, last year Isakson's plan for a $15,000 tax credit for all buyers ultimately failed.

Without further adieu, here is the Senator:

Pending Home Sales Up September 2009

noreply@blogger.com (Salvador Del Cid) — Wed, 21 Oct 2009 16:18:00 +0000

In examining the latest real estate statistics provided by the RMLS, one category that jumps out at me is September’s pending sales- more specifically pending sales in September 2009 vs. September 2008.

Out of the 12 areas considered to make up Portland metro, most pending sales (properties under contract, but not yet closed) are significantly higher than last year. I’ll list the percentages below, but I wonder how much of this increase is related to the November 30th deadline near for the $8000 first-time home buyer tax credit. I can tell you firsthand, first-timers are well aware of the looming deadline. Or are buyers finding other factors, such as lower prices and low interest rates, too appealing to pass up?

With two exceptions, here are the percentage increases in pending sales year-to-year (September):

Increase = Area

89.2% = Oregon City, Canby
81.8% = NE Portland
47.2% = Gresham, Troutdale
42.2% = SE Portland
39.7% = North Portland
39.0% = Beaverton, Aloha
35.8% = Hillsboro, Forest Grove
35.4% = Lake Oswego, West Linn
32.1% = Tigard, Tualatin, Sherwood, Wilsonville
9.8% = NW Washington County
-1.4% = West Portland
-5.1% = Milwaukie, Clackamas, Happy Valley

Time On Market For Portland Homes

noreply@blogger.com (Salvador Del Cid) — Tue, 20 Oct 2009 14:22:00 +0000

My REMAX office is based in inner city NE Portland and I live in inner city SE Portland, but I do service the metro area. So I feel comfortable sharing my experience that inner city homes and neighborhoods have had the most resilience in this real estate market. The suburbs, meanwhile, have not fared as well. I think that’s reflected, in part, by the average time on market that shows the three fastest selling areas to be three of the closest to Portland’s center.

Listed from quickest to longest, here are the average days on the market that it’s taking to sell real estate property in Portland:

DOM = Area

84 = NE Portland
89 = North Portland
104 = SE Portland
110 = Beaverton, Aloha
115 = Hillsboro, Forest Grove
129 = Gresham, Troutdale
139 = Milwaukie, Happy Valley, Clackamas
152 = West Portland
153 = Oregon City, Canby
156 = Tigard, Tualatin, Wilsonville, Sherwood
184 = NW Washington County
204 = Lake Oswego, West Linn

What Does A Home Cost In Portland?

noreply@blogger.com (Salvador Del Cid) — Mon, 19 Oct 2009 14:11:00 +0000

Here are the 2009 year-to-date average and median sales prices for homes located in Portland, Oregon:

Average & Median = Area

$495,800 & $496,500 = Lake Oswego, West Linn
$430,700 & $354,500 = West Portland
$373,300 & $350,000 = NW Washington County
$320,200 & $289,900 = Tigard, Tualatin, Sherwood, Wilsonville
$288,700 & $255,000 = NE Portland
$288,000 & $260,000 = Milwaukie, Happy Valley, Clackamas
$284,500 & $250,000 = Oregon City, Canby
$248,100 & $229,000 = Hillsboro, Forest Grove
$244,700 & $218,000 = SE Portland
$241,800 & $225,000 = Beaverton, Aloha
$236,900 & $230,000 = North Portland
$221,800 & $210,000 = Gresham, Fairview

Free Event At Portland Nursery This Weekend

noreply@blogger.com (Salvador Del Cid) — Fri, 16 Oct 2009 15:04:00 +0000

If you’re looking for a free event this weekend, consider the Portland Nursery’s Apple Fest in SE Portland. (Yes, I know those are pumpkins above- part of the kids’ activities).

This is the second week of the fest and unless there’s a downpour, expect the nursery grounds to be packed again. Why? Well, there’s live music, great food, cider, pumpkin and face painting, etc. My family and I go yearly and it’s very lively.

The Portland Nursery is located at 5050 SE Stark Street (near the Belmont, Tabor, Laurelhurst neighborhoods).

Portland Home Prices Down 8%, 9.6%

noreply@blogger.com (Salvador Del Cid) — Thu, 15 Oct 2009 19:10:00 +0000

Surprising (to me), Portland’s home prices and housing inventory both improved from August to September, according to the latest Market Action report by the RMLS.

The average home price in Portland in September 2009 was $290,100 compared to an average price in 2008 of $315,300. That’s an 8% price decline (but in August the price decline worse at 10.6%).

The median price of a Portland home in September 2009 was $241,400 compared to a median price in 2008 of $267,000. That’s a 9.6% decline in price (but in August the fall was steeper at 10.6%).

Also, housing inventory shoved history aside and decreased from August to September. Historically, inventory increases at this time and continues thru the new year. Housing inventory in September was 7.6 months (down from the August level of 7.8 months). Note that despite the decrease, Portland remains a buyer’s market.

The average time on the market for a Portland area home to sell also dropped a slim margin. The current time is 131 days. The previous month the average was 135 days.

Live In Oregon? People Would Like To Move Here

noreply@blogger.com (Salvador Del Cid) — Tue, 13 Oct 2009 16:01:00 +0000

Oregon ranks 10th in the country among states that Americans would choose to live in if they did not live in the states where they are now. These are the results of a Harris Poll of nearly 2,500 adults recently surveyed.

Here are the top ten most desired states:

1. California
2. Florida
3. Hawaii
4. Texas
5. Colorado
6. Arizona
6. North Carolina
6. Washington
9. Tennessee
10. Oregon

Among cities, New York City finished first followed by Denver and San Francisco. Portland did not finish among the top 15.

High Percentage of Price Cuts In Portland Real Estate Market

noreply@blogger.com (Salvador Del Cid) — Mon, 12 Oct 2009 15:10:00 +0000

The listing prices of 36 percent of the homes on the market in Portland have been reduced, according to Trulia.com. That’s higher than the national average of 25 percent. The report considered Portland homes for sale as of October 1st.

According to the website, the average price reduction in Portland was 9%. Trulia added that sellers were cutting prices in order to attract buyers during a slower part of the year.

In a statement accompanying the release, Flint said: “We are seeing the beginning of this trend in the Northeast and Western United States with discounting happening at all price points, and expect it to continue.”

Here are the 10 housing markets on Trulia.com with the highest percentage of reduced-price listings in October:

Memphis, Tenn. 36 percent
Minneapolis, 36 percent
Portland, Ore. 36 percent
Indianapolis, 36 percent
Baltimore, 36 percent
Milwaukee, 35 percent
Jacksonville, Fla., 35 percent
Tucson, Ariz., 34 percent
Raleigh, N.C., 33 percent
Boston, Mass., 33 percent

Real Estate For Sale In Portland's Ladd's Addition Neighborhood

noreply@blogger.com (Salvador Del Cid) — Sat, 10 Oct 2009 15:30:00 +0000

Ladd's Addition Condo For Sale produced by Salvador Del Cid on WellcomeMat

In Portland's historic Ladd's Addition neighborhood, located in SE Portland, there is a unique two condo development that has just hit the market. Both condos in the development are for sale, remodeled, and include alley off-street parking. Check out the video above to learn more.

Portland Parks, Safety, Enviornment Rank 1st

noreply@blogger.com (Salvador Del Cid) — Thu, 08 Oct 2009 14:49:00 +0000

Portland is America’s cleanest, safest, most environmentally friendly city with the best parks, but is horrible for shopping at luxury stores, according to a new survey from Travel and Leisure magazine.

This reflects what people who relocate to Portland tell me (not the lack of luxury stores, but the green, clean reputation PDX boasts). And these are new residents who’ve moved to Portland from California, New York, Canada, Japan, you name it.

People who took the online survey ranked cities based on their people, hotels, airports, quality of life and other areas of attractiveness. The survey was conducted for the magazine’s “America’s Favorite Cities” story.

Portland ranked first for public parks and access to the outdoors, public transportation and pedestrian friendliness, safety, environmentally friendliness, transportation to and from the airport, and summer vacations.

$8000 Tax Credit Impacts Holiday Schedule

noreply@blogger.com (Salvador Del Cid) — Wed, 07 Oct 2009 14:30:00 +0000

With the first-time buyer $8000 tax credit set to expire on Monday, November 30th, some Portland title companies will do something historically not done- they’ll open for business the Friday after Thanksgiving. That’s Friday, November 27th, to be exact.

Traditionally, title companies don’t operate the Friday after Thanksgiving. But I’ve heard from a few contacts that they will be open this year to help first-time buyers beat the tax credit deadline. As it stands, buyers must actually close on a home by November 30th and that means their purchases (home sales) must be recorded by then.

It’s a smart move. If title companies were to close that Friday, as custom, then first-time buyers would lose two precious days to complete their purchases in time. And as I’ve mentioned before, I expect the end of November to be a hectic, busy time for title companies and lenders.

Video: Energy Trust's Free Home Energy Review

noreply@blogger.com (Salvador Del Cid) — Mon, 05 Oct 2009 14:51:00 +0000

As blogged here previously, homeowners can receive a free home energy review thanks to Energy Trust of Oregon.

The review takes an hour and examines typical areas for energy loss such as your heating system, ventilation, windows and insulation levels in the attic, ceiling, walls, and floors.

The video below nicely captures what’s covered in the review:

Home Energy Review from Pollinate Media on Vimeo.

As a bonus, the energy advisor who inspects your home will give you free water-saving showerheads, water-saving faucet aerators, and Energy Star compact fluorescent light bulbs (CFLs).

Oregon customers heating their homes primarily with electricity or natural gas provided by Portland General Electric, Pacific Power, NW Natural or Cascade Natural Gas are eligible to participate.

Portland, A Mecca For The Young?

noreply@blogger.com (Salvador Del Cid) — Thu, 01 Oct 2009 14:01:00 +0000

Portland is predicted to emerge as one of the “hottest, hippest destinations for highly mobile, educated workers in their 20s when the U.S. economy gets moving again.”

The Wall Street Journal ranks Portland as the 4th best youth-magnet city after assembling a panel of demographers, economists, geographers and authors on urban issues.

Ranked behind Washington D.C., Seattle, and New York City, Portland is regarded for its “staying power” among youth and called a haven for artists, musicians and outdoor enthusiasts.

Here are some excerpts regarding Portland:

A symbol of "West Coast hipness,"… Portland has continued to draw migrants through the recession. An urban-growth boundary fosters a strong downtown culture while containing suburban sprawl, easing travel to nearby mountains and forests. Portland has expanded mass transit and boasts sizeable electronics and activewear companies, several wind- and solar-energy firms, and many green-building projects.

Its quirky culture appeals to musicians and artists: The city has more than its share of oddball events, including an adult soap-box derby and an urban Iditarod (wherein costumed revelers pull shopping carts). "Keep Portland Weird" is a popular bumper sticker. Although Austin claimed that motto first in the 1980s, "we live it pretty well here," says a city staffer.

The downside: While regional officials have laid plans to add 10,000 jobs in the next five years, Portland has done better at promoting its quality of life than fostering job growth. "As nice as it may be to live in Portland," says Economy.com's Dr. Cochrane, "you can only sleep on someone's couch for so long. At some point you have to get a job."

Selling For More Than Market Value (Not)

noreply@blogger.com (Salvador Del Cid) — Wed, 30 Sep 2009 14:09:00 +0000

“That’s what’s it worth to them!”

When the listing agent said that to me, I knew then that the house my buyers were hoping to purchase wouldn’t be purchased by them or any other buyers.

The home itself was upscale, in excellent condition, and really appealing- except for the price. Having researched comparable homes that had recently sold, I knew the sellers’ asking price was too high. My buyers knew too because they’d seen enough homes to understand Portland’s market.

Nonetheless, a negotiation is a negotiation and so the attempt was made to purchase this home for market value (which was much less than the asking price). I won’t get into details, but I will say that the listing agent, thru statistical information provided to me, acknowledged this home’s asking price was above market. So what was the justification for the high price?

“That’s what it’s worth to them!”

Congratulations, I thought. To them – to the sellers – this home was worth well above market value. Unfortunately, buyers don’t value homes based on someone else’s sentimental value and neither do appraisers.

Unmotivated? I’m not sure. Unrealistic? Yes, and in a buyer’s market no less.

Portland Home Prices Slightly Improve

noreply@blogger.com (Salvador Del Cid) — Tue, 29 Sep 2009 15:16:00 +0000

Home prices in Portland and the rest of the U.S. continue to slowly improve, according to this morning’s Case Shiller Report.

The report covers the year from July 2008 to July 2009, showing Portland’s home prices were down 13.9 percent, while the average U.S. home price was down 13.3 percent. Both are improvements from the previous month (and report) where Portland’s prices were down 15.2 percent and U.S. prices were down 15.4 percent.

This is the sixth consecutive month the annual returns have showed some level of improvement. Economists had expected U.S. prices to fall by more than 14.2%.

Here are the latest rates of decline:

Rate = City

-1.3% = Cleveland
-1.6% = Dallas
-2.9% = Denver
-4.9% = Boston
-9.0% = Charlotte
-9.8% = Washington, D.C.
-10.3% = New York
-11.8% = Atlanta
-12.3% = Seattle
-13.9% = Portland
-14.2% = Chicago
-14.9% = Los Angeles
-17.3% = Minneapolis
-17.9% = San Francisco
-18.4% = Tampa
-18.5% = San Diego
-21.2% = Miami
-24.6% = Detroit
-28.5% = Phoenix
-31.4% = Las Vegas