Ecotourism in Portland Or

The fourth Ecotourism and Sustainable Tourism Conference (ESTC) is in Portland today and Friday. It has drawn about 340 delegates from over 20 countries.  Put on by the International Ecotourism Society (TIES) the conference this year focuses on practical ideas. Local breweries, wineries, casinos, and institutions such as OMSI are involved. To learn more visit their website here.

Living Somewhere Affordable vs. Living Somewhere Desirable

The age old real estate rule is "Location Location Location," which rings true not just within a town, but over the country as a whole. Let's say your requirement is that you must live in the United States- and get an average paying job. According to the CNNMoney Most (and Least) Affordable Cities you'll pick
1. Syracuse NY
2. Indianapolis IN
3. Detroit MI
4. Youngstown OH
5. Buffalo NY
Yes houses are cheap. Because so many banks own the houses because everyone lost their jobs and couldn't pay their mortgages. Not really a situation I would want to be moving into. Hopefully these towns will all see increases in their real estate values as jobs are created in industries that can adapt as times change.
Maybe I'm spoiled, but not all of their Least Affordable Cities seem that awesome!
1. New York NY
2. San Francisco CA
3. Santa Ana CA
4. Los Angeles CA
5. Honolulu HI
Okay, Honolulu would be nice. Houses in these locations are so expensive because there is little land to expand and build cheap houses on. Here in Portland with the firmly set Urban Growth Boundary we should expect to become more like San Francisco over the next 50 years- Yes you can move out of the city into a very nice suburb and commute, but do you really want to? Or will a large portion of the population pay more for less square footage and the convenience and pleasure of living in the city itself? I hope so! Portland does not make the ranking for Most or Least expensive, which is great!

Awesome Company and Product!

I don't usually use this blog as a place to promote specific business not associated with real estate, but I am going to today! My husband, Schuyler Silva, has a custom tree house business, Elevated Living.  He just had his image and website revamped. It's a really cool product, so check it out, become a fan on Facebook, tell all your friends, family, and neighbors with big trees exactly what they need. A tree house. The one in the photos above was installed near Sylvan Hill, in Portland. A family of 4 has a few wooded acres, and wanted something that the kids could play in now, but would also be elegant, durable, and accessable to adults for a long time. The deck is wide enough to have chairs, small tables, and 10 or so people on it comfortably. The railing makes it fairly safe, and umbrellas or canapies can be added for extra shade.

Clean Energy Works Portland

300 lucky Portlanders who qualify with www.cleanenergyworksportland.org as lower income but needing to green up their homes will get help with reducing energy costs and carbon footprints. The pilot program will allow participants to pay for upgrades over a 20 year program on their utility bill. The program supports:
1. Weatherization, including insulation, air and duct sealing
2. Space heating, including high-efficiency heat pumps and furnaces
3. Water heating
So far 100 homeowners have participated, so don't delay!
Check out the website for more details, or call 503-546-8766.

News Roundup

I got so many email updates on news for buyers, sellers, and home owners this morning I'm just going to list it all out!

• Banks will go after people that walk away from mortgages or sell in short sales- they have up to 6 years in Oregon to take a former mortgage holder to court and get a settlement to pay the difference. Numbers of banks doing this actively will likely increase after the foreclosures ramp up this year.
• 20% of home buyers are single women, and they are focusing on eco-friendly homes- consider this when making upgrades or buying new appliances!
• Fannie Mae homes sold under the HomePath program will come with 3.5% of closing costs paid for buyers, and the option of using some of that money to buy new Whirlpool appliances. The sales must close by May 1st, way before the first time home buyer tax credit expires. This program works with the $8000 First Time Home Buyer tax credit, or the $6500 Moving Buyer tax credit.
• Interest rates have been hovering around 5% for FHA and VA loans, a little lower for conventional financing, but economists and loan officers expect them to shoot up to 6-7% this summer.
  

Must Haves in Houses in 2010

Houses have gotten smaller, on average, in the last year, down 40 ft from 2008 to 2009. But that doesn't mean that buyers are looking for simpler homes. Items that used to be considered luxurious are now seen by buyers of old and new homes as necessities. The trends in new and remodeled home for 2010 are:

1. Walk-in closets in the master bedroom.
2. Laundry rooms.
3. Insulated front doors.
4. Great rooms.
5. Energy-efficient windows.
6. Linen closets.
7. Programmable thermostats.
8. Energy-efficient appliances and lighting.
9. Separate shower and tub in master bathrooms.
10. Nine-foot ceilings on the first floor.

Great PDC Workshops

The Portland Development Commission holds free workshops once a month for buyers, which I have attended in the past, and am going to tonight. They rotate from downtown, to the Lents neighborhood, and North Portland, the later two areas are part of their zones that have grants for buyers, tax abatement on new construction, and other support. The workshops last about 1 1/2 hours, and are really informative. Several Realtors usually attend, so it's a great place to meet some to interview to be your agent. Like I said, I'm attending one downtown tonight, and probably the next several as well. The next dates are February 18th, and March 18th. To register, click here.

Sales Will Slow from Now Through the Winter

Sales are traditionally slower from Thanksgiving though February, and this year will probably not be any different. The media, government, and Realtors are all hopeful that the $8000 tax credit for first time buyers and the $6500 credit for move up buyers will encourage people to keep on the hunt during the slow season. I think that there may be a small increase from last years purchases, but it's just not fun to go look at houses and condos in the winter! Not only is everybody busy with holiday stuff, it's cold and dark in the evenings, when most people are looking at homes. If you are on the market for a new place, it can be great to persevere through the winter because there is less competition from other buyers, and sellers are usually thrilled to have anybody interested at that time. While the stats have seemed positive for the last few months, look out for the media to start decrying a second bottom for the real estate market!

FHA Considering Making Loans Tougher to Get

A bill is already in Congress, the FHA Taxpayer Protection Act, that would raise the FHA down payment from 3.5% to 5% of the purchase price. Now there are hearings to see if the Federal Housing Administration needs to make it more difficult to get a mortgage. Right now, nationally, 30% of homes are purchase with FHA loans, and it is a very important program for minority and first time buyers. In Portland so many of the homes bought in the last year or so have been with FHA financing, it was surprising to run into a deal that didn't have it. Many Representatives and Senators do not know how important FHA loans are, not just to the real estate market, but to people that would like to buy a home. The regulations are already very restrictive on the health and safety of a property, so as to protect the buyer, to tighten it up even more would prevent so many people from getting into their own home.

Prediction of Good News from National Association of Realtors

In the Realtor magazine NAR summarized a Bloomberg News survey of 53 economists. There were asked what they thought was going to happen this quarter. The results are that:

1. Construction starts in September are expected to hit a 610,000 annual rate, the most since last November.
2. Sales of existing homes likely rose to a two-year high.
3. Because of fear of a relapse, the Federal Reserve is predicted to leave interest rates low for a few more months.
4. Building permits, a sign of future growth, probably rose to a 590,000 annual pace, also the highest level since November, the Commerce Department is likely to announce.
5. The National Association of Home Builders/Wells Fargo index is expected to rise to 20 from 19, the economists say.

All of the this points to a rise in building, which is usually done by second time home buyers. So more people will be putting their first home or condo on the market, and moving into a larger house.

http://www.realtor.org/RMODaily.nsf/pages/News2009101901?OpenDocument

7.Something Months of Inventory Holding Strong for 3 Months

We only have 7.6 months of inventory in Portland! That's great compared to last year at this time when it would have taken 10.4 months to sell everything on the market. That number has been at 7.something for 3 months now, we could use it going down to 6, which is a neutral market for buyers and sellers. Having about 7 months of inventory means that there is a slight buyers advantage. That is basically coming from the homes priced higher than $300,000, however, because anything less than that is in the range of first time buyers, who have tons of pressure to buy now and not miss out on the $8000 tax credit. More info later on the median sale prices for Portland neighborhoods

Top Small Towns: West Linn and Lake Oswego

The smugness grows even as I write this. CNN Money Magazine ranked West Linn as the #64 in the top 100 US small cities to live in. Lake Oswego came up as #79. Lots of factors make the area loved by residents, including low crime and taxes, and high median incomes and home values. According to an article in the Oregonian, residents really love the quality of education their children receive, and the close knit neighborhoods. http://www.oregonlive.com/living/index.ssf/2009/08/affluent_west_linn_ranks_as_a.html

I'm all about community pride, but I cringe when I read things like this, because these communities already think they are the most awesome. Why doesn't CNN Money Magazine look into real quality of life issues, such as walk-ability, diversity, and how the residents rank themselves on a happiness scale? I think that fewer wealthy, gated, suburban towns would make the list and more rural, independent, and unique villages would.

South Waterfront Condo Still Not Selling

As I have mentioned before, Portland's South Waterfront has not developed quite in the way that city leaders and investors had hoped. Two of the main towers have fallen into a bit of trouble, due to a lack of sales and empty units the lenders for the John Ross and Atwood buildings have taken over control. While owners residents won't see any difference, buyers now have to have the lenders signatures on sales, which will probably slow down closing dates. Many people don't think this will be an issue, as a buyer's agent I can tell you that buyers don't want to wait too long to move into a new place, or to hear back on whether an offer is going to be accepted. This may turn off more buyers than the empty units and lack of development in the South Waterfront.
http://blog.oregonlive.com/frontporch/2009/08/story_archive_south_waterfront.html#more

5 Tips to Beat the Heat in Portland Oregon

Portlanders know it only happens once a year, but the 100 degree+ temps don't make us happy, especially when we don't have AC at home! So what can you do other than roam the malls and call friends to see if they have AC? Here are my personal tips for Cooling Down in Portland:

1. Public Pools- Portland has a 13 public pools, all with open swim times and affordable prices. www.portlandonline.com/parks for more info. My favorite is Creston Pool on SE Powell and 42nd, it only costs $4 pre adult, and it's tons of fun!

2. The Coast- It's always cooler there, and though it may be crowded in Seaside and Cannon Beach, the towns to the south are less touristy, and have great beaches and gorgeous views! Hwy 101 is beautiful, and this is a great time to explore it.

3. Sandy River- Portland Monthly magazine's current issue focuses on rivers all over Oregon, and the Sandy is right in our backyard. www.portlandmonthlymag.com/travel-and-outdoors/articles/rivers/0709/ for more info. Just be careful of the current, there are no life guards on duty, and people get into trouble every year on the Sandy.

4. Cheap Movies- You know the theatres, especially those owned by McMenamins, have great shows, cheap prices, good beer, and AC! Pick one, go see a feature film, or two.

5. Fountains- if you have No extra cash, and no way to get out of town, just head to one of the great public fountains and splash away with the kiddies. The fountain in Waterfront Park next to the Hawthorne Bridge is my personal favorite.

Latest Portland Market Info

The RMLS just released the June market numbers for Portland. There is no trend for median sale prices across Portland, they were up or down depending on the area. Here's the breakdown, last May vs. June.

North Portland- May $229,900-June $229,900, up $900

NE Portland- May $255,000-June $258,000, up $3,000

SE Portland- May $219,000- June $237,500, up $18,500

West Portland- May $367,500- June $350,800, down $16,700

Lake Oswego/West Linn- May $350,000- June $398,000, up $48,000

Milwaukie/Gladstone/Boring/Clackamas/Estacada- May $265,000- June $249,500, down $15,500

West Linn and Lake Oswego had the greatest gain in median sale price, up almost 14%. Only two areas were down in median price, and they were only down by around $16,000.

In general, good news for Portland real estate!

New Appraisal Regulations

In the Real Estate industry the new regulations on appraisers has been causing quite a stir. The new rules- called the Home Valuation Code of Conduct- were drafted by New York Attorney General Andrew Cuomo and are meant to separate lenders and appraisers. Evidently people think that lenders have been pushing appraisers to value homes much higher than the agreed sale price, which caused the mortgage meltdown. As I understand it, however, the majority of lenders did not push appraisers, some independently may have, and some appraisers may have been pushing prices up too, there are bad apples in every barrel. But these new regulations go too far, now appraisers can't be selected based on experience or area of expertise. Some have focused on specific neighborhoods, or types of property. Now most appraisers will have to contract with an "appraisal management company" which will take a percentage of their fee, and randomly assign them to appraisals as they are requested. While some regulation is needed, and appraisers have and continue to need licensing and continuing eduction, like all professions, New York does not need to press their own standards on the nation, or to over regulate real estate, which is trying to rebound and recover along with the rest of the economy.

Blogging From Home

Oh the joys of being my own boss! I was up early today showing a condo on the South Waterfront here in Portland, and now I'm at home. Next on the agenda is a home inspection, which I don't think will be a problem (knock on wood).

I haven't spent much time at the South Waterfront, except for at the Old Spaghetti Factory, and I was surprised by how many restaurants are down there. I was expecting all of the business spaces under the condos to be empty, but there were a lot that are leased, and up and running! Now if we can just get the city to pick a bridge, and build it...

I always have people asking me about investing in a condo in that area, and I have always been leery of giving an emphatic go ahead, but I think that my mind has been changed! As long as the market picks up and those condos actually start selling, and stop loosing value, it could really turn into a nice neighborhood.

Open Houses: Why Realtors Follow You Around!

http://www.northpeel.com/news/article/70383

This article tells the story of why Realtors follow guests at an open house as they tour: THEFT! Not just of jewelry and electronics, but prescription drugs and information that can be used for identity theft. I know from my own experience as a first time buyer that having a broker tail you, constantly saying things like "this is the kitchen, and the bathroom, and look at the windows!" is really annoying. In vacant houses it's perfectly fine to tell them that you are going to explore by your self. But, in occupied homes, especially higher end ones, the Realtor not only wants to make sure you see all the special features, they also have an obligation to the owners to protect their belongings, and make sure the house is secure. So don't give us dirty looks, it's not fun to tell people they are looking at a bedroom, but it's way better to do that and feel silly, than to find out later that day that the owner's back pain medicine or credit card application is missing! Security is also why brokers ask guests to sign in, and also to show how great of a turn out there was to the owners. So be kind to the brokers, they just want to sell a house, and not get blamed for any illegal activity!

Short Sales. Really? Is that what they're callled?

I was looking for something new and exciting to write about, but all I could find today was a bunch of news about short sales, and how Bank of America is going to make them so much easier. The truth is that with a short sale (when the seller is going to get less money for the house than they owe on it) you never know how that kind of deal is going to go. It might be quick and easy, with the buyer getting a great deal, or it might be a long, long process where the buyers end up loosing money while waiting around. Most banks, who hold the mortgage and have to authorize short sales, are not very communicative during the process, so you don't know where you stand. Also, betters deals may pass you by while you are tied up in a house that might not work out. The key words here are might, maybe, could, if... you can see that there is nothing definite, and that is the big problem with short sales. The old phrase "Buyer Beware" goes so well with short sales, I think they should be renamed to "Long Sales that Buyers Should Be Wary Of!"

If you live in Portland then you can't help but check out the cover of Portland Monthly in the check out line or at the news stand, and the headline this month definitely caught my eye! The whole city seems to constantly wondering about the real estate market, where we are, and what is the next big neighborhood to boom. "Buy Sell Rent Keep?" Those words are constantly going through my head, and I think the accompanying article had some really good points to it. I especially liked the neighborhood stats, in map and list format. http://www.portlandmonthlymag.com/real-estate/articles/neighborhoods-by-the-numbers/

All the info they provide, plus more, can also be found at www.portlandmaps.com which I use on a daily basis to check on specific addresses, and neighborhoods. www.pps.k12.or.us is the Portland School district's website, and in addition to lots of info on specific schools, it also has a place to plug in any address and find the schools it is assigned to. Researching a property and a neighborhood is very important, there is a lot more that you need to know to make an educated choice about buying a home. It is also important to find out all the positive and negatives about your home before you put it on the market, not only are you better able to set the price correctly, but you can also have good reasons above and beyond the physical structure for people to buy it.