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. 

CLOSED: A BITTERSWEET FAREWELL TO GRAHAM ST COMMONS


This wonderful property has closed! When my clients first contacted me years ago, they were looking for their first home, in an affordable and well-connected neighborhood of Portland. They were immediately attracted to this home, located in a community called Graham Street Commons, an intentional community in NE Portland (more on that below). My clients have loved living in the community and have become such good friends with their surrounding neighbors. This home was built in 2009 and was the start of a grand vision.

Now they’ve expanded their family and had the vision of more room and space to grow. We found them an awesome home in West Linn that I shared a few weeks back. It’s nothing short of impressive.

Their NE Portland home was built in 2009 and was the start of a grand vision. Graham Street Commons is a “common green” project that has 4 planned buildings. The initial vision was developed by Jeff and Susan Hartnett. They pictured a “pocket community” that would provide residential living in the heart of urban Portland. These homes were to be high quality with a low environmental impact, all at an affordable price. The Commons now has three single-family homes with a duplex yet to be built. They were ahead of their time by trying to add density in Portland’s city core, an effort now finally met by city legislature, just this year. Jeff and Susan Harnett’s approach has been repeated several times since.
It is so important to create affordable and green homes in our city. I’m excited to see more options like this one for families in the future. I am incredibly lucky to be a small part of this process. Congratulations to the new homeowners, who have an amazing community to grow into, and to my clients who have growing of their own to do! It was a pleasure working with you all!

Price: $695,000
Bedrooms: 4
Bathrooms: 
2 Full, 1 Half
Sq. Ft.: 
2,429

Looking to Buy, or Sell? Get in touch!
Marissa Sainz—512.736.6111

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

Portland’s Residential Infill Project Just Passed!


Portland has recently passed a law allowing up to four homes on practically any residential lot. After almost six years since the concept was presented by a local micro-developer, the Residential Infill Project was finally approved by the Portland City Council by a 3-1 vote. The road to this approval has since been long and controversial, having been delayed, and then sent back several times. “Who knew putting people at city council, testifying, writing letters, and convincing their elected officials could change public policy?”  Commissioner Jo Ann Hardesty said. Five years in the making, it’s finally passed!
Through legalizing different housing types – duplexes, triplexes, fourplexes, and even cottage clusters – in residential neighborhoods, the Residential Infill Project (RIP) offers a solution to accessibility and affordability in Portland. Over the next 20 years, it’s predicted that the city will be able to add 20,000+ more housing opportunities across Portland neighborhoods. In addition, RIP also offers a “Deeper Affordability” option, wherein four to six homes on any lot are allowed, if at least half are available to low-income Portlanders at regulated, affordable prices.

In summary, the RIP as passed, will:

·         Remove all parking mandates from 75 percent of the city’s residential land, making home driveways optional citywide for the first time since 1973

·         Ensure an expanded and accessible range of housing options, creating a pathway to homeownership that would otherwise be unattainable for many Black, Indigenous, People of Color communities
·         Re-legalize smaller scale middle housing types in all neighborhoods, expanding access to usually exclusive, higher-opportunity areas

·         Utilize a scaled approach, letting the size of buildings adjust with the number of homes (then maximum square footage of 6,500 sq. ft. is now reduced to 2,500 sq. ft.)
·         Provide more place for Portlanders to live and address shortage of housing – a huge factor why there are escalating rents

·         Ban new “McMansions,” and discourage one-for-one redevelopments

·         Provide more opportunities to age in place, including allowing two accessory dwelling units (ADU) per lot and greater flexibility to accommodate mobility aids

·         Address the climate crisis by residential redevelopment to be more supportive of transit, biking, and walking. thus reducing greenhouse gas emissions and air pollution

Formerly, Vancouver has re-legalized duplexes, Minneapolis triplexes, Seattle has passed landmark ADU reforms, and Austin has conceptualized six-plex for affordability. These measures taken by different U.S. cities may seem similar to Portland’s, but RIP is considered the most likely to create results, making the city the leader in zoning reforms. It’s actually recognized as the best low-density zoning reform in the history of the U.S.
A great victory—yet Portland remains hard at work on even bigger solutions to the housing crisis. The city is looking into a more comprehensive Anti-Displacement Action Plan as well. The law is scheduled to take effect in 2021, upon acknowledgment by the state government.

Learn more about RIP here.