LISTING – ANDY HESS

This masterpiece designed by Andee Hess of Osmose Design has just hit the market! Enjoy the luxuries and beauty that Pearl District has to offer in this stunning condo. Completely customized from start to finish – European oak floors, blackout blinds, quartz countertops, and SO much more.

Condo details and features:

EDGE 721 DESIGN
Original design by Andee Hess of Osmose Design
Construction by Hammer & Hand

Kitchen:
Granite wall & backsplash – 3 sold “Silver Fox” slabs
Island & desk – Custom powder-coated steel with European wide oak planks
Countertops – Super slim Pentalquartz
Lighting – Flos Smithfield pendant lights
Appliances – 36” Miele gas on glass cooktop, Miele speed oven, Integrated subzero refrigerator and freezer, Integrated Miele dishwasher

Living:
Flooring – European white oak, wide plank
Windows – Blackout blinds

Bathroom:
Vanity – Custom steel vanity
Shower – Terrazzo stone tiles with linear LED lighting

LISTING DETAILS:
$625,000
ADDRESS: 1410 NW Kearney St, #721, Portland, Oregon, 97209
1 Bed/1 Bath
Sqft: 1,041

Original interior design by Andee Hess of Osmose Design featured in Grey Magazine. When you walk into this space, your eyes are immediately drawn to the full wall of east-facing windows, affording you a stunning view of the Pearl District. Enjoy all the drama and refined touch this space has to offer such as European white oak flooring and blackout blinds that allow you to enjoy the vista or create your own personal oasis. A chef’s kitchen with Miele appliances and a subzero refrigerator bring function to the structural elegance of the main living area. Want more? You’ll also find stunning quartz countertops paired with custom sleek cabinetry and three solid “Silver Fox” granite wall slabs that elevates the space. The bathroom, with its terrazzo stone shower and custom vanity with storage, maximizes the space while creating a relaxing escape. Don’t miss out on an opportunity to live in a distinctive space while enjoying all the Pearl has to offer.
Get in touch to tour today!
Marissa Sainz
512-736-6111

DEEPER DIG INTO THE PEARL MARKET

If you have been following me for some time, you know I have a deep love for the Pearl District. Over the years, I’ve become quite familiar with this market. With that, I want to dive in to do a compare/contrast on the Pearl District market versus the rest of Portland. Here are a few key components that make up this unique market:

Unlike Portland’s Seller Market, The Pearl Is A Buyer’s Market Right Now.

Recent statistics reported from the RMLS show that there was an increase of 33.1% for-sale listings in January this year compared to 2020. Not only that, the volume of listings have increased by 3.5% from December of 2020.

When you take a look at the overall trends below of days on market, you’ll notice in January that property sales were up by 9.1% compared to last January. Not only that, the total number of properties available in January 2021 is significantly higher than in January 2020. This year has brought on bigger inventory to the Pearl District market, meaning buyers will have the ultimate selection of choices compared to the rest of Portland.

The Average Sold Price per Square Footage Remains Neutral.

Analyzing the average sold price per square footage is one of the best ways to analyze the value of a condo. In the graph shown below, January 2021 shows an Average Sold Price per Square Footage of $493. This is a decrease of 0.8% from last month as well as January of 2020.

The Average For Sale Price Is Depreciating, Meanwhile, Average Sold Price And Median Sold Price Stay Neutral.

In January, the Average For Sale Price was $634,000. This reflects an 11% decrease from January of 2020 where the Average For Sale Price was $712,000. As of January 2021, we saw $544,000 being the Average Sold Price. In January 2020, this was $444,000. This indicates an increase of 22.5% in sold prices. The Median Sold Price this January was $405,000, which shows an increase of 28.6% from January of 2020 where the Median Sold Price was $315,000.  It’s evident that value is going UP and so is supply right now! 

Months of Inventory Trend Indicate a Clear Buyer’s Market.

Generally speaking, when we see a low level of inventory, that’s when the market would be considered beneficial for sellers. However, when we see such a spike in inventory, it’s overall better for buyers. With the graph below, you can see an obvious spike in inventory for January 2021 compared to January 2020. Months of Inventory that Pearl District saw last month increased by 23.2% compared to last year. It’s also showing a significant increase compared to December 2020. Right now is the prime time for buyers! 

Absorption Rates Show An Overall Decrease.

To go alongside the Months of Inventory trend graph above, this Absorption Rates graph indicates how many current active listings are actually closing or going pending. As you can see, based upon closed sales there was a decrease of 17.5% in January 2021 compared to last year. If we go based on pending sales, it’s quite significant as well. There has been a decrease of 47.6% in January 2021 compared to last year. Overall, this showcases that there’s definitely an influx of supply for buyers right now in the Pearl market.

The Pearl District Is Like No Other – If You’re Looking For A Loft Or Condo In The Heart Of Portland, Now Is The Time To Search! 

The Pearl is a beautiful and charming piece of Portland. It’s amazing to reflect back and see the growth that’s taken place over time for Pearl District. Once being an area of run-down warehouses to now one of Portland’s most prominent & thriving districts! I hope this information was beneficial for you if you’re looking to make a move to the Pearl soon. I’d love to help you in any way I can! Be sure to connect with me and I’ll make sure your transition to the beautiful Pearl District is a smooth one. 

Just Listed: The Sprague-Marshall-Bowie House, a Portland Landmark!

I am elated to be listing a Portland home listed on the National Registry of Historic Places with more history than I can wrap my head around! This home has seen nearly 150 years of Portland—if only the walls could talk! Meet the Sprague-Marshall-Bowie house! (Read on for a little history and skip to the bottom for listing details and a link to the 3D tour!)
 
History
The Sprague-Marshall-Bowie (SMB) is two-story historic Italianate style house, built in 1882. It’s one of two of the earliest homes of the style still standing in Portland! Originally located at NW Everett and 17th, it was moved to its current location after 22 years. The SMB was part of the 640-acre Donation Land Claim Act filed in 1846 by Captain John H. Couch (of Couch St.), a pioneer sea captain and city developer, and his brother-in-law. The cost of the 4 lots, 100’ x 200’, parcel was $3,000 in gold coin.

It was later in possession of Mary H. Couch, the captain’s youngest daughter, when purchased by John Marshall, a marine engineer who worked for the Oregon Railroad & Navigation Company, and served on several steamers including the Wide West, Willamette Chief, Wellington Chief, and the Harvest Queen.

Two years later, Captain Clark Woods Sprague, believed to be the father of Marshall’s wife, Sarah, acquired two of the four lots, where he built two houses. Captain Sprague, a then ship captain for the O.R. & N. Co., deeded the house to his daughter in 1885, but lived in the corner house at 17th and Everett Streets with the Marshalls until 1886. The Marshall family lived in the house until 1902, also the year it was sold to Henry A. Moore of Moore Investment Company. Two years later, the house was relocated to its present site and sold to Charles W. Bowie who was listed in the City Directory as a “Capitalist.” The home was purchased again in 1980 by George T. and Barbara Gray. In the same year, the G.T. Gray House was officially listed on the National Register of Historic Places.

 
It’s stood for over a century, and with all of its architectural details in place. Today, history blends harmoniously with modern luxuries. Generous bay windows bring in natural gleaming light throughout the space. The cast iron fireplaces, picture molding, and plaster ceiling medallions remind of its sophisticated history. A grand formal dining room with a fireplace elevates the space, truly perfect for dinner parties. Walking through the unit’s wooden floors, you are greeted with a cozy receiving area, fresh white quartz countertops in the remodeled kitchen that is designed in a mid-century modern theme. Also, a private backyard and deck await, and even these portions are pleasant to see. In addition, there is an accessory dwelling unit (ADU) downstairs that provides the comforts of today, with its modern furniture and appliances. It also has off-street parking and is located within walking distance from NW 23rd and NW 21st. Imagine owning a piece of Portland history with all the conveniences of the 21st century.
 
It’s an honor to list such a priceless home and I’m dedicated to finding the perfect buyers. If that might be you, I have something for you to check out—a 3D Tour of the SMB you can see right now from the comfort of your living room! And if you want even more info, read on below for a look at more listing details, or check this home out on the Living Room website, here.


Listing Details
Listing details: History blends in harmoniously with modern luxuries! The Sprague Marshall Bowie house is a registered Portland landmark, built in 1882, with all of its architectural details in place. Generous bay windows bring in natural gleaming light throughout the space. The cast iron fireplaces, picture molding, and plaster ceiling medallions remind you of its sophisticated history. A grand formal dining room with a fireplace elevates the space – perfect for dinner parties! Walking through, you are greeted with a remodeled kitchen with fresh white quartz countertops, private backyard and deck, and a downstairs ADU that provides the luxuries of today! Located walking distance from NW 23rd and NW 21st with off street parking. You can own a piece of Portland history with all the conveniences of the 21st century.
Price: $1,399,900
Bedrooms: 4
Bathrooms: 2.1
ADU: 1 bedroom and 1 bathroom
Sq. ft.: 3,624
.11 acre lot
MLS#: 20324566

Don’t wait to see more—take the 3D Tour!

Get in touch to see and perhaps own this invaluable piece of Portland history!

Marissa Sainz
512.736.6111
marissa@livingroomre.com

Commercial Builds to Keep An Eye on in Portland 2020

Despite pandemic and national closures, Portland still has a lot of upcoming urban development projects slated for this summer and the upcoming year. I love keeping an eye on the commercial builds happening around town, and I’m especially excited about these new projects. Take a look.

Pae Living Building

Projected completion: Summer of 2021. The PAE Living Building just broke ground last March in Portland’s historic Old Town District. As architecture firm ZGF claimed in a press release, “PAE Living Building tells the story of Portland: aspirational, progressive, and yet deeply rooted in Pacific Northwest history.” This five-story project located on the corner of SW First Avenue and Pine Street will be the largest commercial-use living building not only in Oregon, but in the entire world.

 

In May of this year, right in the midst of coronavirus’ economic uncertainty, Portland real estate developer Vanessa Sturgeon announced the building of an eight-story office in the city’s Central Eastside. It will be made with cross-laminated timber (CLT), believed to be stronger structurally and to leave a far smaller carbon footprint than steel and concrete. Another benefit of CLT is that buying it supports the local communities in small timber towns. Although said to be more expensive than alternative materials, CLT construction is easier to build and are more appealing. As for the timing of Sturgeon, it may now be the perfect time to strike so that when the building gets finished in two to three years, the economy will hopefully be recovering.

 

Another development worth waiting for is the Unicorn Bed Apartments, soon to rise on 2167 NW Glisan Street in 2021. Aside from its name, Unicorn Beds is interesting because it will provide affordable, compact 2-bedroom apartment units for single mothers. It will give the residents access to all amenities of the neighborhood. The building’s efficient layout makes the units feel and look much larger than their compact size. Well-lit outdoor spaces make it easy for families to interact and encourage community. The project will be two 3-story buildings, with thirteen units and an on-site daycare center.

Last May 14, 2020, The Mann Home in Portland’s Kerns Neighborhood was sold to Innovative Housing Inc. Known for its provision of affordable housing around the metro region, the nonprofit plans to convert the stately 62,000-square-foot Elizabethan-style manor into affordable housing, with 39 units created in the existing building, 49 units in addition, and another 40 units in the south of the building. The units would be considered workforce housing, offering rents to families with incomes of between 30 and 60 percent of the median family income. Offices of Innovative Housing Inc. will also be lodging in the property. To further preserve the Mann Home, historic buildings and large trees will not be moved or displaced.

 

Block 216, already in construction in 2019, will be Portland’s first project built on the Green loop, and the largest development in the city since the US Bank Tower. This 35-story mixed-use tower will include retail office, hotel, and residential condominium uses, with a 342-stall underground parking garage. Standing at 460 feet tall in the full block bound by SW 10th, Washington, 9th and Alder, this milestone building will become the city’s fifth tallest structure. To make it more interesting, the building’s enclosure is the shape of a “gem” in Portland’s skyline.

Exciting changes for Portland on the horizon, or skyline rather. It will be interesting to see how the current climate impacts their trajectories. Which of these builds are you most interested in?

Stunning Condo at the Door of the Pearl District

Serena got in touch with me as an out of town agent through my website. As a remote buyer, she was looking for virtual support, great communication and lots of info on the local market and Portland’s neighborhoods. After a number of virtual video walk-throughs in a few condos across the city, she settled on an absolute stunner. This 1,898 square foot condo boasted an additional 1000 square foot outdoor space and incomparable views of the city, making it an easy choice for Serena.


A quiet home in the North Park Loft building meant the Pearl and downtown were right at her doorstep.


You could see the attention to detail and emphasis on quality in the custom floor-to-ceiling windows featuring city & mountain views from every room.

Through great communication and a little time hitting the pavement, I think it’s easy to see that Serena landed herself with a remarkable new home. Congratulations Serena!

Listing Courtesy of: The Agency, Inc