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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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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.
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
Homebuyer Tax Credit Lives On, and Expands
It appears we can take off the “First Time” prefix and and just call it the “Homebuyers Tax Credit.” The government’s housing stimulus plan continues past its original November 30 deadline and actually grows in scope.
The Senate and House have approved a bill extending the $8,000 tax credit and offering move-up buyers a similar $6,500 benefit. President Obama is expected to sign this quickly, since the bill contains unemployment benefit provisions as well.
Here’s the latest:
- The tax credit would be $8,000 for first-time home buyers and $6,500 for move-up buyers (from December 1, 2009 to April 30, 2010).
- Move-up buyers will be eligible, as long as they have lived in their principal residence at least 5 years.
- Contracts through April 30, 2010 will qualify, but closing must occur within 60 days.
- The income limits have been raised–$125,000 for single return and $225,000 joint return for both first-time and move-up buyers.
- Cost of the home may not exceed $800,000 to be eligible.
- Taxpayers will be able to claim the credit on their 2009 income tax return for purchases made in 2010.
- Home buyers would not have to repay the credit, as long as the home remains their principal residence for 36 months after the purchase date.
More people will qualify for the plan (high income earners and current homeowners). And the tax credit will sunset just as the peak real estate season is ramping up.
So the question remains, does this expansion move your housing timetable up? Sound off in the comments, please.
Update on First-Time Buyer Credit: Will It Stay or Will It Go?
Diana Olick at CNBC covered HUD Secretary Shaun Donovan’s address before the Senate Banking Committee October 20. Sounds like HUD isn’t so sure that the credit will continue:
I am also aware of the strong support in Congress for doing more to support the housing market, including extending the First Time Home Buyer Tax Credit beyond 2009. At the same time, I am mindful that these proposals can be very expensive, especially at a time of significant budget deficits. I can assure you the Administration will work with Congress to fashion appropriate and effective home buyer incentives, mindful of both their benefits to stimulating new demand and their costs to the American taxpayer.
Politicians on both sides are taking a hard look at the expense of the stimulus vs. the potential effects of stalling the momentum the market has made through the year. Sounds like a decision is still weeks away.
Full commentary at http://www.cnbc.com//id/33398833.
Update: Atwater Auction in Portland’s South Waterfront
Update September 22, 2009: I didn’t attend the auction because my client decided not to bid. But Ryan Frank from The Oregonian did a bang-up job of following the action, even though he got thrown out of the bidding room. Be sure to read his write-up. Bottom line, the new average per square foot in the South Waterfront has effectively been reset to $300/sq. ft.
My small post about the auction scheduled for September 21 for the South Waterfront’s Atwater condo project attracted a fair amount of traffic, so I thought I would update it. I visited the property a few weeks ago for some first-hand assessment. Buyer traffic through the units was brisk. I don’t know if that translates to big participation at the auction or not.
Forty units of various size are slated for the auction. If all 40 were to sell, then the building would basically only be 1/2 sold out. Perhaps the marketing company will put together another auction if this auction is successful.
So, a little Q and A:
How does someone participate in the auction?
You must register and get pre-qualified to participate in Sunday’s auction by 7 pm on Friday, September 18. You can visit the condos between 11 am and 7 pm each day through Friday. If you want your own agent representative to guide you through the process, they must accompany you at the first visit to the property and register themselves.
What are the general contract terms?
The sales contract does not offer much in the way of protections for buyers. You cannot use a property inspection as a contingency for purchase. You cannot use a typical financing contingency. In other words, you will likely lose your earnest money deposit if you fail to close the transaction.
All the purchase paperwork and disclosures are available in advance from the marketing company (registration required), so you won’t be surprised at the signing table. You must close your purchase on or before October 19, 2009. They are offering a $2,500 incentive to close the transaction before October 5.
What is the auction format?
It is a live auction. Open bid amounts start at about 1/2 of the original list price, with increments controlled by the auctioneer. There is no published, pre-determined order to how the units that will be auctioned. You should likely have a back-up unit in mind in case your first choice is gone. If you like to see how the auction will be operated, you can go to a ‘mock auction’ at 6 pm on Saturday at the Marriott.
You must bring a cash equivalent (check or money order) for $2,500 to the auction. If you have a winning bid, you will immediately go to a separate room to sign an official contract and deposit 3% of the sale price with Ticor Title as earnest money.
How much are the HOA fees?
The homeowner association fees are equivalent to $0.303 per square foot, or $484.49 per month on a 1,594 sq. ft. 2 bedroom, 2 bathroom unit for example. The HOA fees cover water, sewer, and garbage for utilities, plus management, maintenance of all common areas, insurance, etc.
Is financing available?
If you need a mortgage, you must be pre-qualified through the Atwater’s two preferred lenders, Bank of America or MetLife. These lenders are offering $1,500 credit toward your closing costs. You’ll have 5 days to complete the loan application process after your winning bid. You can arrange your own financing, but I doubt outside conventional lenders will loan on this project. If you’re paying cash you must show proof of funds.
What about the property?
The units are very nice, comparable to the Meriwether and much of what is in the Pearl District–appointed with granite counters, nice appliances, etc. The high-end units (what I saw anyway) were fine, but I felt the Meriwether had better views (at least in the East building). There’s very little in the way common area space (i.e. no workout room), but there is a mid-sized community room in the foyer. Some extra storage in the basement may also be available for an extra fee.
What is the parking situation?
Each unit has a deeded, secure parking spot. Two bedroom units get 2 spots.
KOIN recently did a piece on the auction:
Photo courtesy of Excell Marketing Group.
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.
When Renting Doesn’t Turn Out So Well
Despite the current popular advice to not buy a home in a recessionary economy, here’s some counterpoint regarding the risks of renting.
Willamette Week shares these stories of Room 120 at the Multnomah County Courthouse, where tenants and landlords do battle.
I’m not being a Realtor shill for sharing this. Owning isn’t for everyone or every season, but it does provide you with more stability and control over your home life.
Photo courtesy of sashafatcat, used under Creative Commons license.
No. That’s not Mickey Mouse in your sewer line.
You just never know what you’ll run into during a home inspection. Here’s my latest sewer inspection (scope) result. The audio starts at 10 seconds and ends at around 50 seconds:
As you can hear, the inspector is delighted (“Sweet!”), not because he found rats in the sewer, but because he got some video footage of rats to share in his training sessions. I’m the one chuckling, nervously, in the background.
The buyers, um, did not find much humor in the discovery. In this case, however, the hole was near the city main, past the curb out in the street and will be the city’s repair.
But, here’s the point. I’ve had three sewer scopes done in past few weeks. And all three failed due to bellies (low points that hold water and waste) or separated joints in the pipe that will eventually cause problems. Even on new construction, it’s worth the $100 test fee, even if you don’t find rats.
UPDATE 07/01/2009:
If you thought that was gross, check out this sewer footage from North Carolina (hat tip Mike Rohrig).
re:PDX Home Search Page Now Available
It thrills me to no end to announce the availability of my long-awaited (awaited by me, anyway) real estate search page here at re:PDX. The software developers and designers in my company have been dealing with my persnickity preferences in incorporating a map-based search into the site, but here it is.
Serious shoppers and real estate junkies (you know who you are) alike will like it. Features:
- It’s Google map-based.
- It’s neighborhood-defined.
- It contains all homes for sale in the Portland MLS that are approved for internet display.
- It’s free to use and no registration is required to use the map.
- If you would like to save homes to a Favorites list for future viewing, you can do so by setting up an account.
- You can even request a showing of any listing with just a click.
To see it in action, just click the Home Search in the top menu.
$15K tax incentive ends up on cutting room floor
Tax credit stimulus for 2009 home buyers dies in compromise. Maybe. Probably. Details covered ably by The Phoenix Real Estate Guy.
