Proximity to Downtown- If you’re looking to relocate to the Portland Metro(politan) area there’s probably a reason and it’s most likely job related.  While our unemployment rate is blazing ahead of the rest of the country at 12.1% currently.  Several factors figure in to that number.  One is that Portland Oregon is a fast growing location and many relocatees move before securing employment.  Also, keep in mind that even in the best of times we tend to be ahead of the pack… maybe it’s just due to all the cool entertainment around.  Who has time for work?

Portland’s downtown area is a hub of entertainment both day and night.  Art, culture, open-air markets and the Willamette river provide attraction.  Distance to these and other recreation tend to be on the top of people’s lists when relacating.  Map searches are invaluable when it comes to home choice.  Find your ideal happy medium between work and entertainment, then map search homes for sale in target areas.  Search homes for sale using map based queries like www.maxwellsinclair.com/portland_mapsearch.php

Transportation – Portland is very progressive with it’s public transportation system and planning of such reflects the overall goals, keep it green.  Preventing urbal sprawl is what the urban growth boundary is all about and detailed transportation planning makes vehicle use optional.  In addition to busing systems there’s a light rail train (MAX train), streetcar (downtown Portland), transit mall (new trolley in downtown opening soon), sky tram (South Waterfront to OHSU) and commercial rail train (WES, Beaverton to Wilsonville commuter).

While not in existence yet the east side (Milwalkie) will be connected by MAX within a few years to downtown Portland.  There have been rumors about connecting Lake Oswego to downtown but that’s not going to materialize in the near future… check out www.trimet.org for proximity to public transportation.

Walking Score – Pretty cool idea that someone came up with recently.  www.walkscore.com rates addresses based upon several factors and their proximity to convenience.  Higher score means potentially less use of the car.  Leading areas in Portland are the NW District, The Pearl, South Waterfront, and Cultural/University Districts.  All receive scores near 100.  In fact, talking with downtown condo owners you’ll commonly hear things like, “ya, we went down to the parking garage to see if our car was still there since it hasn’t been used for a month.”

Convenience is a big factor in the overall equation.  Choosing the right Portland neighborhood for your home purchase doesn’t need to involve numerous plane tickets with desktop research whittling down the field.  In addition to these 6 websites finding a good Realtor will also help significantly… probably goes without saying, right?

For more on Portland Real Estate, check out www.Maxwellsinclair.com.

Dowtown Portland Oregon neighborhoods are feeling the same squeeze as other outlying areas and suburbs.  There are several condo developments in the South Waterfront; Meriwether Towers, Atwater Place, and The John Ross.  All buildings offer luxury living in this up and coming location.  Sweeping views of dowtown, Mt. Hood, and the Willamette river are features that can’t be matched elsewhere.

Meriwether Condo

Portland Development Commission has grand plans for the area, located just south of the Ross Island Bridge along the Willamette river, and has been projecting 1000′s of future jobs.  With convenience to all endless downtown art, culture and dining location is everything. The South Waterfront is connected by street car making transportation easy and vehicle ownership optional.  Construction began in 2005 and both Meriwether buildings sold out very quickly.  Rapidly increasing real estate prices drove speculators into the area and great profits were common for those who purchased pre-completion and immediately resold 6 months later.

That was then, this is now.  Guess what’s available today?  Deals!  Occupancy is hovering around 50% altogether.  John Ross is about 60% sold and Atwater Place is currently 30% sold out.  Supply is in abundance and some speculators/investors who purchased in the Meriwether Towers are being forced to sell in this down market or face foreclosure. Check out RMLS 8112599.  It’s a 3100′ luxury condo with Mt. Hood and Willamette views, offers 2 large balconies, 3 parking spaces, 3 bathrooms… the list goes on.  All for a list price of $979,900.  This same unit sold for over $1.6m in 2006!  Keep in mind that Portland prices have dropped about 15% from peak and this place is offered at 40% less than it’s previous sale.  WOW!

Not all foreclosures make a great investment so here are 3 suggestions for evaluation of  property:

1. Run comparable sales within a 1/4 mile radius, and more specifically, only those with the same legal description.  Every subdivision gets a legal description for identification purposes in public records.  Let’s say you’re interested in purchasing this condo in The Meriwether Tower. Running comparable sales in the Atwater or John Ross building is a good comparison for the South Waterfront area but if you want to gauge the potential purchase a bit more accurately search only legal descriptions with the word “meriwether.”  Same theory applies with Beaverton or any Portland neighborhoods.

2. Look at the tax record.  Although property taxes are not based upon sale price the assessor’s no slouch when it comes to real estate value.  I’ve found their opinion of market value somewhat helpful as another angle when gaging investment potential.  Records are updated every couple of years so, depending upon what current market conditions are, an adjustment factor needs to be figured.  Current sales are running somewhere around 15% under tax market value… just a quick rule of thumb for the moment.

3. What does Zillow.com say? Type in the address and find out what their “Zestimate” shows.  Although you have to take everything it says with a grain of salt they do have great algorithyms giving theoretical value based upon several factors.  It provides another bead on the deal anyway.

Review of all three factors on RMLS #8112599 show this:

• Comparable sales are running around $383/ft for sold listings, $402/ft for active.  Our subject is priced at $313/ft
• Tax assessor’s opinion adjusted 15% puts value over $1.3m
• Zillow.com calculates current market value at $1.5m

RMLS 8112559, courtesy of Philip Higgins

All 3 factors weigh in on the equation and heavily tip the scales toward $980k being a screamin’ good price!  This particular condo listing has entertained numerous offers and will most likely close slightly above asking price.  It’s not that buyers don’t have money and can’t get financing, it’s that they’re waiting for bargains like this to take advantage of.  Homes for sale in Portland priced agressively move quickly and buyer outlook for the near future is amazing.  Opportunities will not last.

For more information on the Portland Oregon real estate market and homes for sale please check out www.maxwellsinclair.com!