-
Your Host
Brought to you by Ron Ares, an Oregon broker licensed with MRealty.
Contact: (503) 460-7992
Follow Along
Subscribe in a reader
Bike Town USA
Bicycling Magazine has crowned Portland as the nation’s top cycling city.
Again.
This was the city’s 4th time as the top overall burgh for bikes in the U.S. Portland had been chosen previously in 2001, 1999, and 1995.
Bicycling considered 250 cities in its survey and judged each by its number of bike lanes and routes, ubiquity of bike racks, city bike projects, commuters, clubs, events, bike shops, climate and geography.
Other winners by population:
- San Diego, Calif. (population greater than 1 million)
Madison, Wisconsin (population 200,000 to 500,000)
Boulder, Colorado (population 75,000 to 200,000) Eugene, Oregon was second in this category.
Davis, Calif. (small town)
According to the magazine, Atlanta, Houston, and Boston are the least bike-friendly.
More coverage and a copy of the article courtesy of BikePortland.org here.
Photo by: WadeB
Trader Joe’s To Open in NYC, Portlanders Chuck-le
With breathless anticipation, New Yawkers wander past an empty storefront on East 14th Street. They look for tell-tale signs, peek through newspaper taped over windows, probe work permits for clues….could it be?
Well, the snarky blog Curbed (perhaps the world’s most famous real estate blog) has been reporting rumors of the first-ever Trader Joe’s opening in NYC. And yesterday, the NY Times confirms the store will be located in one of New York University’s dormitories along East 14th Street in Manhattan. From their comments, Manhattanites are bubbling with excitement.
By comparison, with 5 metro locations Portlanders have had a liberal dose of the TJ’s experience–a bonanza of low-priced groceries, fresh, organic and frozen foods, plus the famous Two-Buck Chuck wine selection (the inexpensive merlots, chardonnays, sauvignons, shiraz, and cabernets from the Charles Shaw winery).
And because of the NY’s liquor laws, the Two-Buck Chuck (actually 3-buck-a-bottle wines outside of California) have to be purchased in a separate TJ’s wine store adjacent to the actual TJ’s grocery space. Not too much of an inconvenience for cheap wine and the world largest selection of Kashi.
12-Month Portland Metro Appreciation Values
The Portland metro area continued its double-digit appreciation string by ending the year with a 15% gain in average sale prices from December 2004 to December 2005. The Oregonian reports today that the median (middlemost) price grew 20.6%.
Here are the 12-month appreciation averages for Portland metro communities:
- 24.8% – Tigard / Tualatin / Wilsonville
18.9% – Oregon City / Canby
18.1% – North Portland
17.0% – Hillsboro / Forest Grove
16.8% – Milwaukie / Clackamas
15.8% – Northeast Portland
14.6% – Southeast Portland
15.3% – Columbia County
14.5% – NW Washington County
14.5% – West Portland
13.6% – Beaverton / Aloha
13.6% – Lake Oswego / West Linn
12.9% – Gresham / Troutdale
12.1% – Yamhill County
With mortgage rates up some and ‘talk’ of a market slowdown, I’ve had a few prospective buyers defer on purchases, saying they wanted to wait for prices to come down.
Well, I say, “Homebuyers beware”. The bullish market does not appear to be diminishing and inventory is still low, therefore prices will continue to climb. Buying earlier than later will be to your benefit.
Note: Appreciation percentages are based on a comparison of average price from the last 12 months (01/01/05 – 12/31/05) with 12 months before (01/01/04 – 12/31/04).
Source: RMLS, December 2005.
Average Sale Prices in Portland Communities – December 2005
Here are the average sale prices for properties sold in December 2005 throughout Portland’s metropolitan areas. The metro area median* was $252,900 for a single-family home, but the area average was $296,700.
| Lake Oswego / West Linn | $480,600 |
| West Portland | $430,700 |
| NW Washington County | $361,000 |
| Tigard / Tualatin / Wilsonville / Sherwood | $352,400 |
| Oregon City / Canby | $319,300 |
| Milwaukie / Clackamas | $300,100 |
| Northeast Portland | $278,100 |
| Beaverton / Aloha | $269,700 |
| Yamhill County | $263,900 |
| Hillsboro / Forest Grove | $258,300 |
| Southeast Portland | $243,100 |
| Gresham / Troutdale | $238,800 |
| North Portland | $228,700 |
| Columbia County | $211,100 |
*The median is the middlemost value in a range, and in this case, it denotes the price where half of the homes sold for less than $252,900, and half sold for more. Average, on the other hand, is the total sales dollars divided by the total number of sales.
Source: RMLS, January 2006.
Final Results for 2005 Portland Metro Real Estate
Depending on your perspective, 2005 was either the best of times or the worst of times for Portland-area residential real estate.
Buyers struggled to find bargains, as average sale prices climbed 15% from $246,000 to $282,900 by year’s end. Housing inventory hovered below 2 month’s available supply for much of the year.
On the other hand, sellers enjoyed double-digit appreciation and quicker sales–30% fewer days on market versus 2004.
In the end, it was a year characterized by low inventory, high sale prices, and quick transactions. Year-end results published by the RMLS show a record $10 billion flowed in residential real estate transactions–a 31% gain over 2004.
Here’s how the numbers closed on 2005:
|
2005 Results
|
Change from 2004
|
|
| Total Volume Closed |
$10.6 Billion
|
+30.9%
|
| Total New Listings |
48,520
|
+5.9%
|
| Total Closed Sales |
37,403
|
+13.1%
|
| Average Sale Price |
$282,900
|
+15.0%
|
| Median Sale Price |
$237,500
|
+15.0%
|
| Average Market Time |
43 days
|
-30.0%
|
Stay Tuned: I will break down average appreciation rates and sale price by community in the next couple days.
Portland Residents Rate Services in Annual City Survey
Back in August, a sampling of Portland city residents received a 3-page survey covering the city’s performance in fire, police, water, parks, public safety, traffic management, land use, and more. Over 22,000 responses were tallied and the city released the results on a new web site from the Auditor’s office.
One refreshing change to the annual survey was that the city compiled its results into 75 Portland neighborhoods, showing results broken down by neighborhood instead of being shared as a generic city average.
Users can enter their neighborhood to see how their neighbors rated the city’s performance. Alternatively, each specific question can be reviewed individually and compared by neighborhood.
My first impression of the results is that by-and-large, city residents are reasonably complimentary of the city. Recycling service, housing development, and parks all get good reviews. Traffic-related questions get the lowest ratings.
However, the satisfaction ratings seem to go down the further east you go. Look at this link on the question of residents’ overall impression of local government performance. Looks like the city needs to head out to East County for some community meetings…..
The Annual Citizen Survey can be viewed at www.portlandonline.com/auditor/citizensurvey.
Portland Area Homes By Price Range
Here’s a quick price range analysis of the current inventory of single-family homes and condominiums in Portland metropolitan area, nearly 5,000 listings.
Nearly 50% of the Portland inventory is priced between $200,000 and $400,000, and 3/4 of the area’s homes are under a half million dollars–pretty affordable by most West coast city standards.
The graph below shows the distribution of Portland-area homes, broken down by percentage into $100,000 price ranges.
Portland-Area Homes Listed by Price Range
Interesting little bump on the end of the graph–around 275 properties over $1 million.
The most expensive property? A 6-bedroom, 7 1/2 bath, 10,000 sq. ft. Craftsman-style estate on Lake Oswego’s south shore listed at $7,995,000. By all means, give me a call if you have an interest in this one 
Source: RMLS, January 9, 2006. Hat tip to Salvador Del Cid for the price range idea.
The New Oregon Trail, circa. 2006
If you hadn’t noticed, people from out of state are moving here in droves….that is, if ‘droves’ means moving vans.
Oregon leads the nation in percentage of inbound interstate moves in a study conducted by United Van Lines.
In the 29th annual ‘migration’ study by the moving company, Oregon had the highest ratio of inbound moves in the country at 63.6%. This was the 18th year of inbound migration of 55% or more for the state.
The study tracked 226,353 interstate household moves in 2005 within the 48 contiguous states, plus D.C. The mountain west (Nevada, Arizona, Idaho, etc.) and the southeastern U.S. (the Carolinas, Tennessee, Kentucky, etc.) had the highest influx of new arrivals (blue states), while states such as Michigan, New York, New Jersey, and California saw some of the highest ratios of outbound moves (yellow states).
| High Inbound States (blue) | |
| Oregon |
63.6%
|
| Idaho |
61.9%
|
| Washington, DC |
61.4%
|
| North Carolina |
61.3%
|
| Nevada |
60.1%
|
| Arizona |
60.1%
|
| South Carolina |
59.0%
|
| Alabama |
58.9%
|
| Tennessee |
58.0%
|
| Kentucky |
55.3%
|
| High Outbound States (yellow) | |
| North Dakota |
67.8%
|
| Michigan |
63.9%
|
| New Jersey |
60.4%
|
| Indiana |
59.9%
|
| New York |
59.8%
|
| Illinois |
58.4%
|
| Louisiana |
57.9%
|
| Rhode Island |
57.0%
|
| Pennsylvania |
56.0%
|
| California |
55.7%
|
It’s just another indicator of strong real estate prospects in the area.
Full release at United Van Lines. Additional reporting by The New York Times and the Portland Business Journal.
Local Developer Rolls His Own Traffic Solution
Today’s Oregonian covered one local developer’s unusual approach to alleviating congestion. Throw a couple bikes into the deal.
All homeowners in the Renaissance Homes’ Canyon Creek subdivision in Wilsonville will receive two Schwinn bicycles as part of their housing package. According to the American Planning Association, it represents the first known instance of a development in the U.S. to use bicycles as a traffic alleviation ‘solution’. The idea apparently provided enough alternate transportation incentive that the city approved the subdivision and put the bicycle clause in the transportation plan.
I suppose if you work for Mentor Graphics, Tektronix, Xerox, or Hollywood Video, a quick spin from your house to work would be reasonable. It’s a nice marketing idea, but for most residents that work north in Portland or south in Salem, it won’t have any impact on the rush-hour commute.
Nevertheless, Renaissance homes are very popular and nicely appointed. The Canyon Creek development will have 62 homes, 17 of which are already sold. They currently have 10 homes under construction listed between $583,000 and $678,000.
If you are interested in the bikes, I mean the homes, give me a call at (503) 460-7992 or drop me a note.
Doomed Design Trends?
More remodeling advice today from the Wall Street Journal’s RealEstateJournal.com, which touches on a few hot design trends that may be giving way to more practical treatments. It seems that sometimes, function does matter more than fashion.
The article highlights the trend (or fads) on the way out, and the what’s new in the way of replacement. A few things to keep in mind if you’re considering upgrades to kitchens, bathrooms, flooring, and video.
Sinks
WHAT MAY DIE: Above-counter sinks
WHAT’S NEXT: Wet surface, farm-style
For many, above-counter (bowls on countertops) sinks look cool, but have proven to be impractical for daily use. New ‘wet surface’ slabs and sinks set into furniture are being introduced.
Kitchen Countertops
WHAT MAY DIE: Matte stone
WHAT’S NEXT: Engineered compounds
Countertop materials that have been sanded for low gloss have proven to be more prone to staining and chipping. New alternatives to polished granite include scratch-and-stain resistant engineered surfaces made of quartz and synthetic compounds and priced between $50 to $80 per square foot.
Kitchen Cabinets
WHAT MAY DIE: Glass doors
WHAT’S NEXT: Dark woods, smooth surfaces
Glass-faced cabinets look great in contemporary kitchens, but require high maintenance and don’t always serve the purpose of hiding things from sight. New cabinet designs feature a return to darker woods, lacquered colors, and medium-tone woods (oak and pine) with light finishes for depth.
Televisions
WHAT MAY DIE: Built-in flat-panels
WHAT’S NEXT: Flat-panels on top of furniture
Some experts are advising against permanent wall-mounting of flat-panel TVs—it’s expensive to install, it may not offer flexibility proper positioning, and it’s too permanent for such rapidly changing technology. Designers now suggest setting the TV on a piece of furniture, instead.
Tile Floors
WHAT MAY DIE: Tumbled stones
WHAT’S NEXT: Oversized tiles
Owners with tumbled stone floors have found the surfaces’ wide grout lines are difficult to keep clean. A new tile trend is oversized stone tiles, some measuring up to 12 by 36 inches.
Read the full article here.
