CLOSED: Custom-Built Traditional in West Linn

The listing details say it all—this will be the perfect home to quarantine in! I’m so honored to have facilitated this transition for two good friends. I met Lisa years ago when I joined Women in Financial Services.  We became fast friends and she’s even my insurance agent! When she and her husband John approached me about selling their Tualatin condo and moving into this immaculate new home, I was so excited to help them through such a big transition.
We found the perfect, and can I say perfectly luxurious, traditional home right in West Linn. Immaculately kept with huge rooms and an open floor plan, soaring ceilings, and extensive hardwood floors. There’s even a built-in home theatre! It really could not get better—oh wait, unless you add an ensuite spa-inspired bathroom in the master, an upscale media room, AND a river view! I think there’s no chance Lisa and John will be bored in their new home.
John and Lisa, it was an absolute pleasure, and congratulations on your new home!

LISTING DETAILS: PERFECT HOME TO QUARANTINE IN. Custom-built traditional on a private 1/2 acre. Immaculate & high-end. 4 bedrooms, den, bonus rm, home theater, wine & exercise room. Open floor plan, high soaring ceilings, extensive hardwood floors, Granite kitchen w/SS appliances & built-in fridge, sound system, master suite w/deck & spa-like bath, 2nd bdrm suite on the main floor, upscale media rm, Nat gas generator, pond, water feature & partial river view. Near parks, boat ramp & amenities. Listing courtesy of Windermere Realty Trust.

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?

Portland Luxury Home Market

The increasing number of wealthy buyers coming to Portland has energized the luxury market. From 2015 to 2016 in Portland home purchases above $800,000 have increased 21.5% and above $1,000,000 the increase is 27%.  Luxury Portfolio International projects 25% of the wealthy in the US plan to purchase real estate in the next 3 years and globally 45% of the wealthy plan to purchase in that time frame.

In Portland luxury is defined by location, history, architectural significance and is generally above the $750,000 price point.  While prices continue to increase in Portland this $750,000 price point is beckoning more common place in desirable neighborhoods.

See the Article Here

Apartment Boom is Beginning to Slow Rent Growth in City Core

Over the past two years it seems there have been cranes on every corner and they were all building new apartments.  As most of these apartments are coming to market renters in the city core are feeling a little relief in the search for a rental home.

The number of units that have been completed recently are creating a slight renters market.  These new apartments are offering move in specials and concessions.  Established rental buildings are being forced to follow suit to attract renters.  This is a much needed change from the explosive rent growth over the past few years in Portland.  A cooler rental market leads to more opportunity for first time home buyers to prepare for a home purchase through savings and credit strength.
Read the OregonLive Article

March Market Update

Real estate market reports from February reflect the the effects of snowpocalypse with a 19% increase in accepted offers since January.  New listings in February were also up 14% since January.  Inventory is up just slightly at 1.9 months (6 months is a balanced market).  The average market price in Portland is now over $400,000 at $400,800, a 12.1% increase from January of 2016.  As interest rates are creeping up and appreciation continues to increase the market in Portland is getting tighter.  The increase in interest rates has the potential to be offset by credit expansion for buyers in the market.

This report shows stats for the entire Portland metro area.  If you would like stats specific to your neighborhood please contact me.

February 2017 PortlandMetroArea