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re:PDX is written by Ron Ares, broker and market analyst affiliated with M Realty LLC in Portland, Oregon.
Phone: 503-460-7992
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Portland Real Estate Market Activity – July 2010
As foreshadowed by May and June’s low pending sales, the July closed sale total tells the real story of the non-tax-credit-stimulated housing market in Portland.
From a high of 2,050 closed transactions in May, the market has cooled to around 1,400 closings during what would normally be the peak home buying and selling season (the 10-year July average is 2,400 closed sales). To give it more perspective, 1,400 sales is more in line with what you would expect for a January or February of an average year. July’s pending sale figure of 1,627 signals a low closed sales month in August. The slower sales pace has raised the available inventory level to 15,271 homes on the market — or 10.8 months’ supply. The Portland area has not had 15,000+ listings on the market since November 2008.
Despite the soft volume, prices have remained steady, even rising. Compared to June, the average and median sale prices were up 2.5%. In the Portland metro area, the median sale price was $246,000 and the average equaled $297,000. These levels were -1.6% and +2.9% respectively over July 2009 results, and may be residual echoes of the tax-credit frenzy of April and June 2010.
Below are summaries of the Portland housing market, including year-to-date figures for the metro areas.
Market Summary
| July 2010 | June 2010 | Last Year July 2009 |
|
| Median Sale Price | $246,000 | $240,000 | $250,000 |
| Average Sale Price | $297,000 | $289,800 | $288,600 |
| Closed Sales | 1,412 | 2,012 | 1,988 |
| Pending Sales | 1,629 | 1,618 | 2,170 |
| New Listings | 4,029 | 4,257 | 3,907 |
| Active Listings | 15,271 | 14,752 | 14,503 |
| Total Market Time * | 121 days | 121 days | 143 days |
| Inventory (in months) | 10.8 | 7.3 | 7.3 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $439,700 | $385,000 | -3.6% | 156 |
| West Portland & Downtown | $404,600 | $339,000 | -8.0% | 123 |
| NW Washington County | $366,200 | $338,300 | -6.4% | 131 |
| Tigard / Tualatin / Sherwood / Wilsonville | $304,700 | $278,500 | -6.2% | 148 |
| Northeast Portland | $285,200 | $246,500 | -5.8% | 87 |
| Milwaukie / Clackamas | $262,000 | $242,800 | -7.2% | 112 |
| Oregon City / Canby | $257,100 | $229,500 | -10.2% | 125 |
| Beaverton / Aloha | $243,900 | $220,000 | -4.7% | 100 |
| Southeast Portland | $238,200 | $208,000 | -6.5% | 82 |
| Hillsboro / Forest Grove | $233,400 | $210,000 | -8.9% | 136 |
| North Portland | $232,100 | $227,000 | -3.8% | 85 |
| Yamhill County | $218,300 | $192,000 | -9.0% | 216 |
| Gresham / Troutdale | $214,600 | $203,300 | -7.6% | 120 |
| Columbia County | $187,500 | $182,000 | -11.0% | 186 |
Market data courtesy of RMLS, July 2010.
Portland Real Estate Market Activity – June 2010 results
For a second month in a row, the Portland housing market shows that it is clearly returning to its pre-tax incentive pace. This means low sales volumes when compared to historical averages in what would normally be the peak home-buying and selling season. It’s as if everyone moved their calendar up by a couple months.
March and April saw pending sales levels rise to 2,400 and 3,000 homes respectively. This translated into approximately 2,000 homes per month closing from April through June–just in time for the (recently extended) federal tax incentive deadline. By contrast, May and June experienced just ~1,500 and ~1,600 pending sales each, signaling a substandard summer for Portland home sales. For comparison’s sake, Portland’s 10-year average for this time of year is around 2,600 closings per month.
Pricing has remained stable, with the average bouncing around and the median stuck at -4% compared to 12 months ago for the 3rd month in a row. The average sale price in June was $289,000, the highest since September 2009. The median came in at $240,000, also equivalent to the fall of 2009.
The average time on market is 4 months and inventory levels are stable with 14,750 homes actively being marketed. At the current pace of sales, the existing inventory would take 7.3 months to absorb.
Market Summary
| June 2010 | May 2010 | Last Year June 2009 |
|
| Median Sale Price | $240,000 | $239,000 | $250,000 |
| Average Sale Price | $289,800 | $278,500 | $288,600 |
| Closed Sales | 2,012 | 2,050 | 1,988 |
| Pending Sales | 1,618 | 1,493 | 2,170 |
| New Listings | 4,257 | 3,482 | 3,907 |
| Active Listings | 14,752 | 14,372 | 14,503 |
| Total Market Time * | 121 days | 123 days | 147 days |
| Inventory (in months) | 7.3 | 7.0 |
8.2 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $442,000 | $380,000 | -5.6% | 150 |
| West Portland & Downtown | $401,700 | $335,000 | -10.2% | 129 |
| NW Washington County | $362,800 | $335,000 | -7.5% | 123 |
| Tigard / Tualatin / Sherwood / Wilsonville | $303,800 | $277,000 | -7.9% | 137 |
| Northeast Portland | $282,700 | $245,000 | -7.3% | 87 |
| Milwaukie / Clackamas | $261,200 | $243,000 | -7.6% | 126 |
| Oregon City / Canby | $255,700 | $228,800 | -10.0% | 134 |
| Beaverton / Aloha | $240,800 | $219,900 | -7.5% | 109 |
| Southeast Portland | $237,200 | $210,000 | -8.5% | 93 |
| Hillsboro / Forest Grove | $233,200 | $211,000 | -10.1% | 140 |
| North Portland | $232,900 | $227,000 | -4.9% | 74 |
| Yamhill County | $216,700 | $192,500 | -11.1% | 146 |
| Gresham / Troutdale | $216,500 | $205,000 | -8.8% | 119 |
| Columbia County | $186,100 | $184,000 | -10.3% | 150 |
Market data courtesy of RMLS, June 2010.
Portland Real Estate Market Activity – May 2010 Results
The homebuyer tax credit binge is over and all that’s left is the hangover.
As expected, closed sales in May were very strong, at over 2,000 transactions closed, but pending sales in the first post-tax credit month were just 1/2 of April’s performance.
Relatively low listing activity is keeping inventory down in the 7 months of availability. It’s taking 123 days on average to put a home under contract–a month quicker in North and Northeast Portland, however.
Will Portland’s housing market endure another season of lower volume, and therefore, lower prices? Is a double-dip inevitable? Or are things stabilizing?
A month or two of summertime activity (without federal incentives) will tell us much.
Market Summary
| May 2010 | April 2010 |
Last Year May 2009 |
|
| Median Sale Price | $239,000 | $240,000 | $250,000 |
| Average Sale Price | $278,500 | $282,100 | $291,400 |
| Closed Sales | 2,050 | 1,941 | 1,427 |
| Pending Sales | 1,493 | 2,991 | 1,967 |
| New Listings | 3,482 | 4,713 | 3,879 |
| Active Listings | 14,372 | 14,182 | 14,493 |
| Total Market Time * | 123 days | 127 days | 147 days |
| Inventory (in months) | 7.0 | 7.3 | 10.2 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Change | Total Mkt Time* |
| Lake Oswego / West Linn | $443,500 | $375,000 | -7.8% | 153 |
| West Portland & Downtown | $399,200 | $331,500 | -12.3% | 161 |
| NW Washington County | $358,200 | $337,200 | -8.1% | 108 |
| Tigard / Tualatin / Sherwood / Wilsonville | $302,100 | $280,000 | -8.1% | 147 |
| Northeast Portland | $279,800 | $245,000 | -9.2% | 89 |
| Milwaukie / Clackamas | $259,500 | $241,500 | -9.0% | 140 |
| Oregon City / Canby | $258,400 | $229,900 | -8.7% | 129 |
| Beaverton / Aloha | $236,800 | $217,000 | -9.7% | 89 |
| Southeast Portland | $235,700 | $210,000 | -9.2% | 87 |
| North Portland | $234,400 | $230,000 | -6.3% | 83 |
| Hillsboro / Forest Grove | $234,400 | $215,000 | -10.8% | 144 |
| Gresham / Troutdale | $218,500 | $204,500 | -10.7% | 123 |
| Yamhill County | $213,600 | $191,000 | -13.1% | 222 |
| Columbia County | $187,600 | $184,700 | -10.9% | 133 |
Market data courtesy of RMLS, May 2010.
Lights. Audio. A Camera Crew. What Could Possibly Go Wrong?
Last summer, the HGTV show “My First Place” came to Portland and selected a couple of my clients to follow and film as they purchased their first home together.
As their agent, I was sorta obligated to go along with the deal. I mean, who would turn down free publicity, right?
Well, the episode finally airs this Thursday, May 27 on HGTV. Check your local cable provider for the time, but you’re looking for the episode titled, “Living the Rock ‘n Roll Lifestyle“. (My client, Zaven, is an accomplished multi-instrumentalist and frontman for the band, Abort! Abort! The music thing is kinda key to the episode.
Without giving anything away, the house hunt did not go as planned. Hilarity ensured and it was all caught on film. Nine months later, I’m petrified at what might end up on screen, but it’s too late for that now.
I have not seen any of the footage, and have no idea how it all turned out. It must not be too bad because it is just the 2nd or 3rd episode of the new season. The production is formulaic, but less contrived than you think. We were encouraged, even implored, to share our true thoughts out loud.
We met with the crew at least a half-dozen times: the house hunt, a follow-up showing, the contract writing, the contract response, the home inspection, a meeting or two, etc. Despite working with the relaxed video, audio, and production staff, it was still a grind. Each filming stretched our visits to 3 or 4 times longer than normal, and there were moments when I felt I had to oversimplify things for the camera. Nevertheless, I’ve been on the local news a few times, and this was a much more natural and relaxed process for me.
The transaction got a little complicated at the end due to the recent restrictive lending environment, but it all worked out. Working with Zaven and his wife Amber was the best part of the whole thing, and I was delighted that we found a really cool place for them along the Williams corridor in the Boise neighborhood.
Here’s to hoping that post-production takes off a few pounds, puts a little hair back on the dome, and mostly that I didn’t say anything horrifically unprofessional.
Portland Real Estate Market Activity – April 2010 Results
Portland’s strong, springtime home-buying activity continued through April, with nearly 2,000 homes selling and another ~3,000 entering into contract. The sale pending number is the highest since May 2007 and is comparable to figure we saw during the bubble-buying period between 2004 and 2007.
Sale prices bounced up a tick from last month, but are still 3 to 4% down from a year ago. The average home in the Portland metro area sold for $282,100 and the median value is now at $240,000.
On average, it’s taking at least 4 months for a new listing to eventually sell. April’s absorption rate of sales vs. available listings is now down to 7.3 months of supply, however, it’s unlikely that that buyers will continue their torrid purchasing pace with the tax credit now expired.
The closed sale numbers should be strong through May and June, but we’ll keep an eye on the pending sale numbers as the canary in the coal mine that will determine if the buying binge continues.
Market Summary
| April 2010 |
March 2010 |
Last Year April 2009 |
|
| Median Sale Price | $240,000 | $238,900 | $249,600 |
| Average Sale Price | $282,100 | $280,300 | $291,100 |
| Closed Sales | 1,941 | 1,799 | 1,302 |
| Pending Sales | 2,991 | 2,402 | 1,860 |
| New Listings | 4,713 | 4,897 | 3,808 |
| Active Listings | 14,182 | 14,042 | 14,328 |
| Total Market Time * | 127 days | 142 days | 148 days |
| Inventory (in months) | 7.3 | 7.8 | 11.0 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $461,200 | $383,000 | -8.1% | 147 |
| West Portland & Downtown | $406,900 | $335,000 | -11.4% | 155 |
| NW Washington County | $358,600 | $343,000 | -7.6% | 134 |
| Tigard / Tualatin / Sherwood / Wilsonville | $306,000 | $281,300 | -8.2% | 161 |
| Northeast Portland | $276,200 | $244,300 | -10.4% | 91 |
| Oregon City / Canby | $257,900 | $222,500 | -11.7% | 116 |
| Milwaukie / Clackamas | $252,500 | $236,900 | -9.6% | 110 |
| Beaverton / Aloha | $241,000 | $220,000 | -10.0% | 127 |
| Hillsboro / Forest Grove | $239,000 | $215,500 | -9.7% | 135 |
| Southeast Portland | $234,200 | $210,000 | -10.5% | 98 |
| North Portland | $232,400 | $229,000 | -7.9% | 77 |
| Gresham / Troutdale | $218,700 | $202,800 | -12.5% | 143 |
| Yamhill County | $217,300 | $193,000 | -13.6% | 193 |
| Columbia County | $185,500 | $185,000 | -12.5% | 101 |
Market data courtesy of RMLS, April 2010.
Portland Real Estate Market Activity – March 2010 Results
Reporting this a little late this month, but March results for Portland’s real estate market were a little eye-opening.
First off, 1,800 homes closed escrow in March. That’s ok, but not historically all that strong for March.
However, 2,400+ homes went sale pending in the month. That’s the highest number of homes under contract going back 31 months…back to the peak days of the real estate frenzy in summer of 2007. Astounding. (And it means April and May closings will be strong.)
Is this the beginning of a rebound or just a paroxysmal response to the expiring tax credit? I suspect it is the latter and as we settle into the peak real estate season, the subsidized home-buying process will wane and the true market will emerge. April’s numbers should be out around the 15th.
Market Summary
| March 2010 |
February 2010 |
Last Year March 2009 |
|
| Median Sale Price | $238,900 | $235,000 | $246,400 |
| Average Sale Price | $280,300 | $273,100 | $297,000 |
| Closed Sales | 1,799 | 1,015 | 1,184 |
| Pending Sales | 2,402 | 1,850 | 1,637 |
| New Listings | 4,897 | 3,902 | 3,684 |
| Active Listings | 14,042 | 13,101 | 14,188 |
| Total Market Time * | 142 days | 150 days | 156 days |
| Inventory (in months) | 7.8 | 12.9 | 12.0 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $441,800 | $377,000 | -9.6% | 241 |
| West Portland & Downtown | $418,000 | $336,000 | -11.6% | 184 |
| NW Washington County | $360,600 | $344,000 | -9.2% | 129 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,500 | $287,000 | -8.6% | 176 |
| Northeast Portland | $271,400 | $229,800 | -10.2% | 120 |
| Oregon City / Canby | $253,400 | $220,000 | -11.8% | 127 |
| Milwaukie / Clackamas | $253,200 | $240,000 | -8.2% | 131 |
| Hillsboro / Forest Grove | $248,100 | $223,900 | -9.5% | 178 |
| North Portland | $233,700 | $230,000 | -8.7% | 89 |
| Beaverton / Aloha | $233,500 | $216,500 | -11.5% | 106 |
| Southeast Portland | $230,300 | $202,500 | -11.2% | 101 |
| Gresham / Troutdale | $218,800 | $202,000 | -12.6% | 141 |
| Yamhill County | $203,800 | $190,000 | -15.6% | 161 |
| Columbia County | $187,300 | $184,900 | -12.2% | 175 |
Market data courtesy of RMLS, March 2010.
John Ross Condo Auction Preview
Jason Lucas and I spent a couple hours at the John Ross condos on Monday to see every unit and to document the features, views, and finishes for all the properties going on the auction block on April 11, 2010.
[ NOTE: March 31 - We are having some issues getting the photos online. Please check back. ]
We’ve summarized the opportunities in the table below, including view direction, estimated property taxes and monthly HOA fees. We took a couple pictures of each unit to give a rough idea of the view and kitchen set-up. Floor plans are available, too. Just ask us.
Additionally, we’ve prepared some spreadsheet analyses for the auction that might give you a sense of how you might bid. Note, if you wish to have agency advice during the auction process, you will need to register an agent (like Jason or I) with the John Ross sales office prior to April 8. Also, the auctioneer is hosting a free informational seminar on April 3 at 1:00 pm at the John Ross information office.
If you would like to talk through your strategy for the auction, give us a call: Jason Lucas at (503) 481-7332 or Ron Ares at (503) 460-7992. Jason in particular has seen dozens of units in the South Waterfront properties (including the Meriwether and Atwater) and he wrote the expanded John Ross section at the bottom of this post.
John Ross Auction
Studios
All studio units include a full bath and feature a westerly view of hills and the city.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 23 | 1816 | SW | 637 | $184,000 | $110,000 | $2,869 | $245 |
| 26 | 1916 | SW | 637 | $188,000 | $110,000 | $3,078 | $245 |
| 29 | 2016 | SW | 639 | $194,000 | $110,000 | $3,083 | $246 |
| 32 | 2116 | SW | 639 | $194,000 | $110,000 | $3,083 | $248 |
| 33 | 2202 | NW | 639 | $194,000 | $110,000 | $3,083 | $246 |
| 39 | 2416 | SW | 639 | $204,000 | $110,000 | $3,083 | $247 |
| 43 | 2616 | SW | 641 | $209,000 | $110,000 | $3,294 | $247 |
Lofts
All lofts (but one) face northerly with city views and include a full bath.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 9 | 806 | NE | 770 | $219,000 | $110,000 | $2,737 | $290 |
| 12 | 1106 | NE | 770 | $224,000 | $115,000 | $3,127 | $293 |
| 16 | 1506 | NE | 773 | $229,000 | $115,000 | $3,129 | $290 |
| 18 | 1606 | NE | 842 | $234,000 | $120,000 | $3,231 | $313 |
| 24 | 1904 | NW | 791 | $235,000 | $125,000 | $3,386 | $295 |
| 27 | 2004 | NW | 793 | $239,000 | $130,000 | $3,408 | $299 |
| 31 | 2114 | SW | 793 | $239,000 | $130,000 | $3,408 | $302 |
| 41 | 2606 | NE | 847 | $249,000 | $130,000 | $3,733 | $317 |
1 Bedrooms
Most (please note the exceptions in the table below) of the 1-bedroom units face to the west and have city or hill views. Each unit includes one full bath and a study.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 8 | 610 | SE | 1,207 | $299,000 | $165,000 | $4,614 | $442 |
| 10 | 1018 | SW | 1,205 | $299,000 | $155,000 | $5,001 | $439 |
| 11 | 1100 | NW | 1,205 | $299,000 | $160,000 | $5,001 | $438 |
| 13 | 1210 | SE | 1,207 | $339,000 | $175,000 | $5,001 | $438 |
| 14 | 1310 | SE | 1,207 | $349,000 | $180,000 | $5,001 | $438 |
| 15 | 1500 | NW | 1,207 | $329,000 | $170,000 | $5,005 | $439 |
| 17 | 1518 | SW | 1,207 | $329,000 | $165,000 | $5,005 | $439 |
| 19 | 1618 | SW | 1,207 | $334,000 | $165,000 | $5,005 | $440 |
| 21 | 1718 | SW | 1,207 | $336,000 | $165,000 | $5,005 | $440 |
| 30 | 2018 | SW | 1,209 | $337,000 | $165,000 | $5,400 | $443 |
| 37 | 2318 | SW | 1,209 | $339,000 | $175,000 | $5,400 | $441 |
| 40 | 2600 | NW | 1,210 | $349,000 | $180,000 | $5,788 | $444 |
| 44 | 2618 | SW | 1,210 | $349,000 | $175,000 | $5,791 | $441 |
2 Bedrooms
All 2-bedroom units face easterly and have limited river views. Each unit includes a study.
| AUC. # | UNIT # | VIEW | SQ. FT. | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 20 | 1710 | SE | 1,826 | $489,000 | $260,000 | $8,447 | $674 |
| 22 | 1810 | SE | 1,826 | $496,000 | $260,000 | $8,447 | $677 |
| 25 | 1910 | SE | 1,826 | $497,000 | $260,000 | $9,100 | $679 |
| 28 | 2008 | NE | 1,831 | $499,000 | $270,000 | $9,112 | $676 |
| 34 | 2208 | NE | 1,831 | $509,000 | $270,000 | $9,112 | $686 |
| 35 | 2210 | SE | 1,831 | $509,000 | $270,000 | $9,112 | $680 |
| 36 | 2308 | NE | 1,831 | $519,000 | $260,000 | $9,112 | $680 |
| 38 | 2410 | SE | 1,831 | $524,000 | $270,000 | $9,112 | $680 |
| 42 | 2608 | NE | 1,833 | $529,000 | $270,000 | $9,883 | $688 |
Park Homes
| AUC. # | UNIT # | VIEW | SQ. FT. | BATHS | OTHER | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 1 | 203 | S | 1,874 | 2 | Den | $479,000 | $275,000 | $7,274 | $698 |
| 2 | 207 | W | 2,267 | 2.5 | Den | $519,000 | $290,000 | $7,748 | $831 |
| 3 | 301 | NE | 1,778 | 2 | Study | $499,000 | $270,000 | $7,239 | $662 |
| 4 | 313 | NW | 2,269 | 2.5 | Den | $549,000 | $290,000 | $7,748 | $831 |
| 5 | 407 | SW | 1,889 | 2.5 | Den | $499,000 | $280,000 | $7,714 | $704 |
| 6 | 409 | W | 1,928 | 2.5 | Study | $499,000 | $280,000 | $7,577 | $714 |
| 7 | 411 | W | 1,928 | 2.5 | Study | $495,000 | $280,000 | $7,453 | $712 |
Penthouses
| AUC. # | UNIT # | VIEW | SQ. FT. | BATHS | OTHER | LIST PRICE | MIN BID | TAXES | HOA FEES |
| 45 | 2701 | NW | 1,938 | 2 | $579,000 | $290,000 | $10,161 | $717 | |
| 46 | 2703 | NE | 2,700 | 2.5 | Den | $849,000 | $430,000 | $15,397 | $976 |
| 47 | 2707 | SW | 1,938 | 2 | $579,000 | $290,000 | $10,314 | $719 | |
| 48 | 2905 | SE | 2,700 | 2.5 | Den | $849,000 | $430,000 | $16,557 | $975 |
| 49 | 2907 | SW | 1,895 | 2 | $579,000 | $290,000 | $10,620 | $700 | |
| 50 | 3003 | S | 3,456 | 2.5 | Den, Study | $1,149,000 | $600,000 | $24,653 | $1,285 |
Every effort has been made to ensure accuracy, but please note these are estimates provided by the developer.
More about the John Ross Condominiums
The John Ross Condominiums were developed by Gerding Edlen along with Williams & Dame Development. The building is Portland’s tallest residential building standing 31 stories. There are 303 condo units in the John Ross ranging in size from 600 square foot studios to a 5000+ square foot penthouse. The building is unique aesthetically because of the elliptical shape of the building’s tower which also provides great views from almost all of the condos.
The interiors of the John Ross tower units are clean and modern with hardwood floors, high-end appliances, wool carpets in bedrooms, and silestone quartz or granite counter tops. Although the materials are high quality in general, the overall fit and finish of the building is a tier below the Atwater or Meriwether properties. Given the price point of the John Ross condos, however, the building offers a very competitive value for South Waterfront home ownership.
Features of the building include secure parking in the underground garage, a 5th floor garden terrace and community area, and impressive lobby with full-time concierge.
Situated in the center of the South Waterfront neighborhood, the John Ross is a block from the Portland Streetcar which connects to Downtown, the Pearl District, and Nob Hill. The Aerial Tram is also just steps away next to OHSU.
Links
John Ross Auction site
John Ross Condos site
Oregonian coverage of the auction
Portland Real Estate Market Activity – February 2010 Results
If you believed the Portland-area housing market was in recovery mode, February 2010’s results won’t bolster your confidence.
Yes, sales are up 18% over February 2009. And, yes, pending sales are up 45% over last year.
But if you’re a home seller, it still may not be a good time to market your property. Average and median sale prices dropped 3.3% and 2.1% respectively between January to February, and are a good 8.5% and 9.3% down from a year ago. From the peak values in 2007, prices in the Portland real estate market have declined by 23%.
At the current rate of sales, it would take 13 months to absorb the current housing inventory; better than the nearly 17 months rate this time last year. On average, homes that do sell take 5 months to find a willing buyer.
With less than 60 days left to get a property under contract and qualify for federal tax credits, activity seems to be up (looking at pending sales). This activity may be emphasizing smaller, affordable properties, thereby pulling the average prices lower, but that’s just a theory.
Market Summary
| February 2010 |
January 2010 |
Last Year February 2009 |
|
| Median Sale Price | $235,000 | $240,000 | $259,000 |
| Average Sale Price | $273,100 | $282,400 | $298,500 |
| Closed Sales | 1,015 | 986 | 857 |
| Pending Sales | 1,850 | 1,535 | 1,276 |
| New Listings | 3,902 | 3,937 | 3,471 |
| Active Listings | 13,101 | 12,449 | 14,188 |
| Total Market Time * | 150 days | 145 days | 153 days |
| Inventory (in months) | 12.9 | 12.6 | 16.6 |
Below is activity by market area. Please note that the median and average sale prices are year-to-date), and the appreciation numbers are a 12-month average compared to the previous 12-month average. Total market time is the number of days between the date it went on the market and when it received an acceptable offer.
Market Report by Area
| Area | YTD Avg. Sale Price |
YTD Median Sale Price |
12-Mo. Appreciation |
Total Mkt Time* |
| Lake Oswego / West Linn | $432,200 | $360,000 | -9.7% | 153 |
| West Portland & Downtown | $415,200 | $315,000 | -10.8% | 208 |
| NW Washington County | $361,600 | $340,000 | -9.8% | 144 |
| Tigard / Tualatin / Sherwood / Wilsonville | $313,800 | $295,500 | -8.5% | 184 |
| Northeast Portland | $274,800 | $243,800 | -10.7% | 114 |
| Milwaukie / Clackamas | $252,700 | $235,000 | -8.2% | 136 |
| Oregon City / Canby | $251,300 | $221,400 | -11.4% | 149 |
| Hillsboro / Forest Grove | $242,900 | $213,000 | -10.9% | 138 |
| North Portland | $239,600 | $225,000 | -10.8% | 74 |
| Beaverton / Aloha | $238,500 | $217,600 | -12.2% | 168 |
| Southeast Portland | $226,700 | $197,900 | -11.7% | 119 |
| Gresham / Troutdale | $204,200 | $190,000 | -14.2% | 162 |
| Yamhill County | $198,000 | $190,000 | -16.0% | 154 |
| Columbia County | $189,200 | $184,000 | -14.6% | 183 |
Market data courtesy of RMLS, February 2010.
Free Homeownership Preservation Workshop Comes to Portland
If you’re struggling to keep your home, you may want to take advantage of an upcoming workshop and free counseling put on by the federal government.
From the Making Home Affordable Program:
A homeownership preservation workshop, sponsored by the Obama Administration’s Making Home Affordable Program, HOPE NOW Alliance and NeighborWorks® America, will be held in Portland for all homeowners who may be at risk of foreclosure. The workshop is free, open to the public, and provides a chance for homeowners to meet face-to-face with their mortgage company and a HUD-approved counseling agency to work on a solution to help them stay in their home.
WHO: Portland homeowners who are in default on their mortgage or may be at risk of foreclosure
WHAT: Free Homeownership Preservation Workshop
WHEN: Tuesday, March 23, 2010, 1:00 pm -7:30 pm
WHERE: Doubletree Hotel Portland, 1000 NE Multnomah Street, Portland, OR 97232
The Obama Administration’s Making Home Affordable Program was created to help millions of homeowners refinance or modify their mortgage payments to a level that is more affordable.
More information at www.MakingHomeAffordable.gov and a link to the flyer (in Spanish, too).
John Ross Condos Go To Auction
UPDATE 3/31/2010: We’ve prepared a preview of the John Ross auction, complete with taxes, HOAs, and other useful items. Visit our preview post for more.
Like the neighboring Atwater Place, owners of the John Ross Condominiums have decided to auction 50 unsold units in an effort to clear the books of remaining inventory in 2010.
Opening bid prices are 47% below current list prices and in some cases, 70% off the original list prices published during the go-go days of the 2005 bubble market. For example, studio prices start at $110,000. At the high-end, a 3,456 sq. ft. 3-bedroom/3.5 bathroom unit on the 30th floor starts at $600,000. It’s current list price is $1,149,000.
Where pricing will end up is anyone’s guess, but for comparison purposes, the Atwater Place auction averaged $300 per sq. ft. back in September 2009.
Bidders can attend the April 11 auction with a $5,000 cashier’s check and a preapproval by one of the project’s preferred lenders (or proof of funds, if cash). Using a preferred lender may provide you with a $3,000 credit toward your closing costs. The transaction must close by May 26, 2010.
You must register before April 8, and if you want your own agent to advise you on your purchase, you must register them with the John Ross sales office upon your first visit.
To date, the building has sold 223 of 303 total units, and spokesmen are hopeful they can get FHA lending qualification on the building in time for the auction.
More information on the John Ross auction:
Here is the auction site, auction brochure, and Term & Conditions document.
