In the market for high end foreclosures?  Portland Oregon is offering some amazing deals with Street of Dreams quality construction by builders who cater to the upper end buyer.  Several recent showcase-of-homes tours featured locations on the outskirts of Portland’s metro area, mainly Oregon City.  With a drive that’s under 25 minutes to downtown Portland there are 3 locations that offer huge bang for the buck right now.

Because of changes to our market place there is incredible opportunity.  Take a quick trip back to early 2005.  Remember the Portland real estate market?  It was going gangbusters and builders were scarcely able to build fast enough to keep up iwht public demand.  One obstacle was availability of land to put these new construction projects on the table.  The urban growth boundary keeps tight reign on development so luxury home builders had to move further out in order to capture estate sized lots.

In comes Oregon City and it’s ability to cater to high end clientele.  Luxury home development was much more in demand during fast paced days of 15 – 20% appreciation of homes.  Large lots are incredibly hard to find in prime upscale areas such as Stafford, West Linn and Lake Oswego.  Much better availability in Oregon City.

With estate sizes ranging from about 2.5 acres to over 5, luxury home builders found pricing much easier to work with.  Finishes are immaculate.  Landscaping individually designed into every nook of the lot to the tune of $250,000 or more.  Ornate architecture on every wall.  Mature trees positioned in just the right location to compliment grand homes and sculpted landscape.  Almost every home is entitled to show off some form of water feature.  Many have several coi ponds and cascading waterfalls.

At the time, several investors in these estates were reaping advantages of our economy and loose credit terms, income was abundant.  That was three years ago.  Now it’s a bit different.  While short sales and foreclosures run amuk on entry level pricing there are also several on the luxury home end.  Most of this Portland luxury real estate is selling for less than half the construction costs.  Often even one third.

Looking for a deal?  Check out Hidden lake homes for sale.  There is a foreclosed property which will be offered shortly close to $1.1m, a guesstimate.  Construction cost is somewhere around $2.8m.  It is a foreclosed property and may need a slight amount of attention, around $50k worth.  Investment in a few kitchen appliances will mean big returns down the road when real estate heads in it’s historical upward direction.

There are essentially 3 main estate subdivisions catering to Street of Dreams buyers in the SE area of Portland’s Oregon City.  All are gated communities; Grasle Road, Hidden Lake and Beaver Lake.  Guess which two offer their own small bodies of water?  Pretty tough to compete with over the top finishes and settings of all these locations.  Several homes are offered as short sales and even a few have been foreclosures over the past 6 months.  Opportunity is here!

For more information on these and other Luxury Homes in Portland check out the property search or give a call.  We’re happy to help point home buyers in the right direction.   www.maxwellsinclair.com