-
Your Host
Brought to you by Ron Ares, an Oregon broker licensed with MRealty.
Contact: (503) 460-7992
Follow Along
Subscribe in a reader
Dude! Where’s My Stove?
In foreclosure-ravaged communities like Las Vegas, parts of California, and Phoenix, it’s not uncommon to hear of properties that have been stripped of their appliances and other relatively removable fixtures.
But it’s less common in the Portland area. In fact, this is the worst I’ve seen.
Damascus home stripped of fixtures
From The Oregonian:
DAMASCUS — After stripping his foreclosed home of everything from the air conditioning system to the kitchen sink, Grigoriy Bogoslavets was convicted of a crime that is often witnessed but rarely reported.
The 33-year-old electrician pleaded no contest last month to aggravated theft after stealing more than $50,000 of property attached to his former Damascus home, one of the few such cases in Oregon or across the country to result in prosecution. He will be sentenced Sept. 22.
In many of the distress properties I’ve viewed recently, sometimes the range, range fan, dishwasher, and the decorative light fixtures have been removed during the pre-foreclosure period. But I’ve never seen the island and the drawers from the cabinets taken. Can’t imagine how those will be used.
This guy got caught because the neighbors reported it to the police. If you live in a neighborhood with a house going to foreclosure, and you suspect a neighbor is doing the same thing, report it and protect your property values. This guy might get up to 4 years in prison.
Full story on OregonLive.com.
South Waterfront Condo Update, Atwater to Auction
[ EDITOR'S NOTE: See my September 16 update. ]
Slow condo sales along the Willamette force the Atwater and John Ross buildings into ’soft receivership’. That’s a nice way of saying the banks are taking a primary role in making decisions for the projects.
Ryan Frank of The Oregonian wrote it up on August 7.
Now comes news that the Atwater will try auctioning its inventory.
An auctioneer will put condos under the gavel in Portland Sept. 20 to whip up sales for the 23-story luxury development. The announcement comes after lenders elbowed aside developers of the Atwater and John Ross towers because of slow sales in the sorry housing market.
Recent real estate reporting by Portland’s daily paper
This weekend featured a fair amount of front-page reporting on Portland’s housing market by The Oregonian, the area’s only daily newspaper. Worth reading if you don’t get doorstep delivery.
Q&A: Advice for navigating the housing downturn
Columnist Ryan Frank touches on a number of consumer questions regarding the housing market. And, scroll to the bottom of this story for more on how current home buyers are faring in the current environment.
Is PDX housing hitting a false bottom?
Ryan Frank follows up his article with a sundry rundown of housing information resources.
Modifying loans creates credit mess, not relief
Brent Hunsberger of The Oregonian’s money beat shares the perils of a couple local consumers seeking loan modifications, when proactively solicited by the lender. Caveat emptor.
Portland Real Estate Market Activity – July 2009
Portland real estate market continues it’s mini rebound with another month-over-month increase in sold properties, but the positive news is accompanied by a flat median price and a dip in the average price for sold homes.
It’s been two years since home sales in a month were higher than the same month in a previous year–up 8.6% over July 2008. Since March, the home sales volume has risen 68%–up 12% alone in July vs. June.
The median price for July ($250,000) continues 4-month string of consistency. Averages, however, are bouncing around month-to-month, and in July the average dipped to $288,600, the lowest since July 2005. Lower prices and first-time homebuyer credits are certainly drivers in the higher sales volumes.
July’s sales figure combined with lower-than-normal new listing volume has brought the inventory down to 7.3 months available supply–the lowest since August 2007. July pending sales (2,170) suggest a solid August sales result.
Home sale prices are down 17.2% (median) and 18.7% (average) from the market peak of August 2007.
Market Summary
|
July 2009
|
Prev. Month June 2009
|
Last Year July 2008
|
|
| Median Sale Price | $250,000 | $249,900 | $288,200 |
| Average Sale Price | $288,600 | $299,800 | $340,500 |
| Closed Sales | 1,988 | 1,776 | 1,831 |
| Pending Sales | 2,170 | 2,167 | 2,003 |
| New Listings | 3,907 | 4,257 | 5,237 |
| Active Listings | 14,503 | 14,491 | 18,219 |
| Total Market Time * | 143 days | 147 days | n/a |
| Inventory (in months) | 7.3 | 8.2 | 10.0 |
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 | $470,900 | $386,300 | -15.8% | 179 |
| West Portland & Downtown | $428,700 | $355,000 | -9.0% | 148 |
| NW Washington County | $375,700 | $349,900 | -6.0% | 165 |
| Tigard / Tualatin / Sherwood / Wilsonville | $319,400 | $290,000 | -10.3% | 163 |
| Northeast Portland | $293,100 | $255,000 | -7.5% | 107 |
| Oregon City / Canby | $290,100 | $249,900 | -11.1% | 162 |
| Milwaukie / Clackamas | $288,700 | $265,000 | -9.5% | 172 |
| Hillsboro / Forest Grove | $251,900 | $231,000 | -11.9% | 124 |
| Beaverton / Aloha | $245,000 | $227,500 | -9.7% | 122 |
| Southeast Portland | $244,600 | $219,000 | -9.6% | 118 |
| North Portland | $234,900 | $230,000 | -9.2% | 114 |
| Yamhill County | $233,600 | $214,000 | -14.2% | 218 |
| Gresham / Troutdale | $223,900 | $214,000 | -13.6% | 156 |
| Columbia County | $195,300 | $186,000 | -13.3% | 180 |
Data courtesy of RMLS Market Action Report, July 2009.
