Portland Oregon Skyline

Selling Real Estate In Portland Since 2003

 Market Action October 2014 – Portland Metro


There were 2487 closed sales in October of 2014, which is a 13.6% increase from October of 2013. This represents the strongest October for closed sales since 2006. The market time dropped slightly to 2.8 months with 6963 active residential listings. Current market time on average is 65 days. Home prices continue to rise in 2014, up 7.4% compared to last year at this time. The average price in Portland is currently $333,200. 

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We sell all types of real estate in the Portland metro area. We have experience in selling single family homes, townhouses, condos and multi-family homes. Brian Porter has been a Realtor in Portland for 11 years and has the experience and team needed to assist with all your real estate needs.


Greenwich Townhouse Portland Exterior PhotoPortland homes for sale are limited and we are experiencing a “seller’s market.” This is great news for property owners who are looking to move up, downsize, change areas and so on. Homes are selling within weeks of being put on the market. We work with many sellers and are able to sell homes in record time with our marketing and selling skills. Brian has a formula for listing and successfully selling properties that he utilizes with all his clients, while keeping each listing fresh and marketable on the internet. It truly is an asset to have his experience working for you in this market.


Purchasing a home in Portland is also an exciting venture in this market. It is imperative to be ready and able to purchase before looking at homes. We have the team needed to assist you in order to become ready to purchase and able to close on your new home. This market requires a full time agent that is constantly scouring the market for you and able to show homes as they become available to view. Brian has the knowledge, team and time in order to work hard with buyers in this fast paced market.


When you are looking for a Portland REALTOR, keep in mind that you want to work with a REALTOR that has the team, experience and local knowledge needed to make your experience a positive one. We have sold hundreds of properties over the years and have lived throughout the Portland Metro area as well. We are very familiar with living in the different types of homes and the various neighborhoods in this dynamic city and are thrilled to share this with you. 

On our Portland Real Estate Blog, we have graphs and data to keep you informed about this rapidly changing market, and we cover topics like, financing a condo in litigation. 

 

We sell Portland New Construction, Townhouses, and Single-Family Homes

Portland New ConstructionPortland New Construction is extremely desirable right now and newer homes in close in neighborhoods are becoming more prevalent. You get all the benefits of living in a close-in NE or SE Portland neighborhood coupled with having the convenience of a new home. Close in neighborhoods provide excellent schools, shopping, dining and entertainment nearby while being minutes from Downtown by car or public transportation. Portland is also an extremely walk-able city with great public transportation and lots of public art.

We work with builders in Portland that are constructing single family homes, townhouses and condos that really fit the neighborhoods. There are several projects in the works that will be coming on the market soon and others that we have currently listed. Please call or email us today for more details, we are excited to share this with you! 

And by the way, feel free to call us after hours or on the weekends. We look forward to hearing from you, and we will do our best to answer your real estate questions.  

As the owner of PortlandDuplex.com, I have been watching, studying and selling duplexes in Portland for the past 10 years. However times are changing. Why would buyers want to buy duplexes when they could acquire brand new single family townhouses at similar CAP rates?

One such example is 719 NE Skidmore. This townhouse has 2578sf of finished space, 4 bedrooms, 3 and 1/2 bathrooms, a tuck under garage and high end features. The estimated rent of this townhouse is $2800/month or $33,600 per year. Taxes are estimated to be $6,700/year.

Due to the fact that this is a new property with a warranty, maintenance costs would be next to zero for years to come. As a single family property with individually metered water and sewer, the tenant would be expected to pay these expenses... same for garbage. $33,600-$6,700=$26,900 net income per year. At a purchase price of $479,900, this would give you a CAP rate of 5.61.

As we all know, the benefits of owning rental property do not end at the CAP rate. The owner can depreciate the property for tax benefits, and in the long term real estate tends to appreciate... a lot. In the past year appreciation in Portland has been 7.4%.

In an environment where CDs and Treasuries are paying less than 2% interest, 5.61% plus appreciation looks pretty good.

So back to the question about why would an investor want to buy a duplex. The answer is: multifamily property is a stable investment that offers reasonable returns and potential for appreciation. However, at this moment, there are brand new single family properties that have returns that are very similar to and in some cases better than duplexes.

Here is one example:   www.brianporter.com/mls/14105843

Portland Realtor, Brian Porter

Thanks again,

Brian Porter
Portland Real Estate Broker
503.810.2219
JMA Properties, LLC
4507 NE Fremont
Portland, OR 97213

                                                                                       

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14105843 1 address: 719 NE SKIDMORE ST Portland, OR 97211
price: $499,900 sqft: 2578 mls#: 14105843
built: 2014 beds: 4 bath: 3.1
county: Multnomah nhood/bldg: Sabin taxe/yr: $0.00
schools: Sabin / Grant lot size: 0 to 2,999 Square Feet acres: 0.06
Courtesy: JMA Properties LLC zone: R2.5
View Details

Beautiful new construction with 4 bedrooms and 3.5 bathrooms. 2578 square feet of living space, plus an over sized tuck under garage with room for bicycle parking or a workshop. Features include: spacious rooms, hardwood floors, granite counter tops, gas fireplace, large closets and craftsman features. 5 blocks from NE Alberta and 9 Blocks from N. Williams.

 
14535835 1 address: 1617 NE 47TH AVE Portland, OR 97213
price: $429,900 sqft: 1856 mls#: 14535835
built: 2014 beds: 3 bath: 2.1
county: Multnomah nhood/bldg: Hollywood taxe/yr: $0.00
schools: Beverly Cleary / Grant lot size: 3,000 to 4,999 Square Feet acres: 0.1
Courtesy: JMA Properties LLC zone: R1
View Details

Beautiful new home with hardwoods, granite, gas fireplace, soaking tub and walk in shower. Clean Contemporary feel with high end finishes throughout; built in sound system. Awesome location just a few blocks from Hollywood MAX, Trader Joes, Farmers Market and Whole Foods Market.

 
14284568 1 address: 11415 SW JODY ST Beaverton, OR 97005
price: $315,000 sqft: 1882 mls#: 14284568
built: 1963 beds: 4 bath: 3.0
county: Washington nhood/bldg: Cedar Hills/Lynnwood taxe/yr: $3,794.29
schools: William Walker / Sunset lot size: 7,000 to 9,999 Square Feet acres: 0.17
Courtesy: JMA Properties LLC zone:
View Details

Sweet opportunity in the Lynnwood neighborhood of Cedar Hills. Cosmetic fixer on quiet street with excellent schools: William Walker, Cedar Park and Sunset High School. Hardwoods, wood burning fireplaces and a nice backyard. There is useful space in the attic that is not included in the reported square footage.

 
14682500 1 address: 7313 N GREENWICH AVE Portland, OR 97217
price: $389,900 sqft: 2058 mls#: 14682500
built: 2014 beds: 3 bath: 2.1
county: Multnomah nhood/bldg: Arbor Lodge taxe/yr: $0.00
schools: Chief Joseph / Jefferson lot size: acres:
Courtesy: JMA Properties LLC zone: R2
View Details

Beautiful new townhouse style condo with high quality finishes like hardwood floors, granite countertops, gas fireplace, tile bathrooms, walk in shower etc. Quick commute to downtown on the MAX that is just a few blocks way.

 

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11 Comments

May 04, 2011 23:06
John & Barbara Gignoux said:

Hello Brian, You may remember us. You were our agent when we purchased a condo at North Park Lofts several years ago. We are thinking about selling and wanted to speak with you.

July 17, 2011 01:15
Terence Lupton said:

I am likely relocating to Portland from San Francisco within the next two years. Could be sooner, could be later. I am looking for something less than $125,000. Maybe a short sale. I have seen some two bed short sales for this amount or less. Any ideas or advice? How should I approach this? I own a condo in SF now valued at $425,000, owe $212,000. Thanks. Terence

July 22, 2011 20:35
RONAwapy said:

Hi , very nice forum !!!!!! :) c

July 23, 2011 23:50
Al Henkin said:

Hi- We are condo investors (no experience in PDX)....all cash deals.Pearl/Goose Hollow/Alphabet/other close in locations considered. No high HOAs that would impact resale. Willing to bid (low) on long DOM properties with an experienced agent who can sort the properties. Looking for 2/2 or 1/2 w/Den condos... and experienced with short sales and REOs.No major fixers...Can close fast on right property.Need an agent who can work through the priced to sit MLS inventory, has access to pre-lists and can sort properties based on assessor, recent sales (not comps),and resale potential within 1 to 2 years (willing to hold)....Thanks, Al

July 24, 2011 19:48
Tanya Molina said:

Is the Benson Towers near the Esplanade and the Strand condos? I was down in that area today and liked it. What would a 1 or 2 bedroom go for? Same question applies for the Meriwether West. Thanks

March 02, 2012 17:09
sue said:

Which condos have HOAs that allow all breeds of dogs with good manners?

March 02, 2012 23:25
Brian Porter said:

Hi Sue, This is a great question. I wish I had a good answer for you, but I don't. Some condos will exclude certain breeds and other condos will put a weight limit on the pets allowed. I have never seen a list of condos that will allow all breeds; I have only been able to get this information on a case by case basis.

August 19, 2014 03:42
Gary Longfield said:

Is there a list of Duplexes outside Portland? Only preliminary looking but would rather be on the West or prefably SW- Sherwood, Tigard Lake O, Tualatin Ect. Would also be interested in exceptional deals(I know who wouldn't) bank owned single family 3+ bed in same area. Thanks!

August 25, 2014 15:38
Paco Chan said:

Hi, i have just started the process of looking for a single family home in the Portland area (including Beavorton, Happy Valley, Cedar Mill, etc). I would like to work with someone who can help me with this. To be honest, I will be relocating from overseas to Portland in the near future. So it will make the home shopping process a bit more challenging. Anyhow, I will be in town in late Oct for couple days just to see the area. If this sounds like an interesting opportunity to you, let me know how you would suggest to take this further. Here are some of my criteria for the house: -at least 4 bedrooms house -in good school district as I have 2 kids (2 and 4 now) -house which is no more than 3 years old or brand new house I have not decided to exactly which part of Portland is my final place. I am open to advice for professional like you. Looking for area which is family oriented, safe, and have good school district. The best way to reach me is through email. You can reach me at my overseas mobile number, but the 15 hours time zone difference will just make communication a bit more difficult. However, you can chat with me through Whatsapp as well. Tel: +853 6613-xxxx Look forward hearing from you, Best regards, Paco

August 25, 2014 16:02
Brian Porter said:

Thank you for reaching out to me via my website brianporter.com I will be very happy to help you find a nice, safe, family oriented home in Portland. From the criteria that you have mentioned, I think NW Portland (Forest Heights, Bethany and Rock Creek) would be good options for you. I think that Beaverton and Hillsboro should also be considered. Are you going to be working on the west side of Portland? I will send you some listings in a separate email for your consideration.

October 04, 2014 21:47
Ben Bennett said:

Just beginning to look in the area, and looking for a good search engine/site found yours. Any chance that your web vendor can add 'keyword searching' as we are looking for contemporary,or modern Thanks Ben

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