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re:PDX is presented by Claire Widmark, broker affiliated with M Realty LLC in Portland, Oregon.
Phone: 971-275-3691
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Portland Sucks, But Someone’s Got To Live Here
Just kidding. Here’s a quick tour of Portland, at its finest:
Planning an exploratory visit to Portland? Then check out TravelPortland.com for events and things to do, places to see, etc.
Note: I am totally ripping this post off local author, Donald Miller, but his blog put me onto this video.
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.
Nice City, No Jobs.
Balancing last week’s gushing by the NY Times, here’s a Wall Street Journal expose, “Youth Magnet Cities Hit Midlife Crisis‘, highlighting the lack of employment in Portland for its new, young residents.
Portland has attracted college-educated, single people between the ages of 25 and 39 at a higher rate than most other cities in the country. Between 1995 and 2000, the city added 268 people in that demographic group for every 1,000 of the same group living there in 1995, according to the Census Bureau. Only four other metropolitan areas had a higher ratio.
Small problem. No jobs.
Some new arrivals are burning through their savings as they hunt for jobs that no longer exist. Some are returning home. Others are settling for low-paying jobs they are overqualified for.
2009 Portland Monthly Real Estate Issue Arrives
Portland Monthly magazine’s annual real estate issue is out, offering tips on buying, renting, selling, remodeling, refinancing — in short, a treatise on how to adapt to a fundamentally volatile housing market.
I’ve highlighted this issue each year on re:PDX, and it continues to generate interest long after the magazine is off the newsstand, particularly with those interested in moving to the state.
Portland Monthly‘s coverage also includes Neighborhoods by the Numbers, a breakdown of 95 urban neighborhoods and 25 suburban areas. You’ll find stats on real estate market dynamics, crime, schools, population, and other demographics.
On a personal note, the real estate market data this year was provided by the agency I’m affiliated with, MRealty.
Feature Article: Buy, Sell Rent, Keep?
Comparison Article: Neighborhoods by the Numbers
Get your copy today at local newsstands, or visit online. If you are interested in past issues, I have them on-hand. Just drop me a note.
Portland population to double in 50 years?
Given the current economic contraction, it’s a little weird to hear Metro prophesying a doubling of the local population by 2060, but that’s what they’re telling us. And it’s actually a little higher than what they said last year.
From the Portland Business Journal:
In 50 years, the population in the Portland area will likely be between 3.61 and 4.38 million people. As of the 2000 Census, the region’s population was about 1.93 million.
The Metro Council on Thursday released updated forecasts that estimate a range of possible population and employment growth for the seven-county metropolitan region by the years 2030 and 2060. Metro’s projections indicate slower rates of growth in the short term due to current economic conditions with sustained population and employment growth over the long term.
In May 2008, Metro projected a 90-percent likelihood that the population of the region would be between 3.46 and 4.25 million in 2060. That forecast also projected the total employment of the region to be between 1.7 and 3.3 million in 2060.
So, the real estate ramifications are clear, but where are all these people going to work?
Today’s forecasts also indicate a 90 percent chance that the total number of jobs in the region will be between 1.25 and 1.7 million in 2030, and a 90 percent chance that there will be between 1.65 and 2.42 million jobs in 2060.
Here’s the link to Metro’s report.
Misery Loves Company in PDX
Break out the Prozac, PDXers.
Recent articles and awards by the NYTimes, greenability authorities, and travel mags gush glowingly about the city. But if you want to see Portland show up on all those great Top 10 lists, you’ve got to take the bad with the good.
Of the top 50 metro areas, Business Week proclaims Portland to be the Most Miserable City in the U.S. Why? Here is their rationale:
- Depression rank: 1
- Suicide rank: 12
- Crime (property and violent) rank: 24
- Divorce rate rank: 4
- Cloudy days: 222
- Unemployment rate (December 2008): 7.8% (now closer to 10%)
(I would add Greg Oden’s knee injuries to the list.)
Kari Chisolm over at BlueOregon has the best retort so far. What say you?
Photo courtesy of Meredith Farmer, used under Creative Commons license.
Modern Home Enthusiasts, Don’t Despair
The Street of Eames modern home tour scheduled for April sold out in less than a day (once again), but you have an opportunity this weekend to view 11 other modern design homes in Portland.
For FREE, no less.
The 11xDesign tour features 11 contemporary design projects by a variety of architects. The tour is self-guided and runs from 10am to 5pm, Saturday February 21. Get details at the 11X Design site.
As usual, Brian Libby has this well covered over at Portland Architecture and on the Dwell Magazine blog.
A Wintry PDX Poem
A Question for Portland, from PAgent at OurPDX.net.
Week Links – October 31, 2008
A collection of recent Portland and national real estate news, compiled for you to read in your sugar-induced, zombie state tonight.
Because Everyone Else Was Doing It
This American Life – 355: The Giant Pool of Money —A special program about the housing crisis produced in a special collaboration with NPR News and This American Life. It’s several weeks old, but if you hadn’t heard it, I highly encourage a listen.
Case-Shiller Shows PDX down 7.6% over 12 months
Consistent with what you’ve read here, the August 2008 Case-Shiller home price index for Portland dropped 1.3% from July, and 7.6% from August 2007. Tom Cusack at the Oregon Housing Blog says it was the largest decline in the 20+ years (where annual change data is available). Portland now has the 7th best ranking in the 20-city survey, but in January was #2.
Foreclosure scourge spreads into Oregon
Ryan Frank checks in on tri-county foreclosure rates and pillaged properties.
National Median Values
The National Association of Realtors rolls out a Google map of median housing values by metropolitan statistical area (MSA). If it’s easier to read values from a table, they have that, too.
Why Mortgage Workouts Are Stalling
Tom Royce at The Real Estate Bloggers comments on a CNBC report that the covenants of the mortgage-backed securities are hindering owners from renegotiating their terms.
U.S. Homeowners in Denial?
The delusion isn’t so pronounced in the West, but a recent Zillow survey shows that half of US homeowners are still under the impression that their homes have not lost value.
Finally, I leave you with:
What is it about Bacon?
Looking for bacon reviews? Bacon-inspired recipes? Of course you were! So, here is Portland’s own BaconGeek. Enjoy!
Portland Monthly Real Estate Issue & Neighborhood Reference
It’s May, and I’m a little remiss in mentioning the April 2008 issue of Portland Monthly and their annual real estate issue.
This year, the issue seems a little lighter, but they report on the general market health, identify seven housing trends, rate a few top neighborhoods based on price (low and high), short-term and long-term appreciation, and pace of sales. The article concludes with their Neighborhoods by the Numbers section — measuring real estate factors, school performance, population mix, crime stats, parks, and commute times.
Trends they note:
- Fewer Californian immigrants
- Homes as personal brands
- The attraction of living in the suburbs/exurbs
- Opportunities in a soft condo market
- A growing, aging population in Portland
- Rising rents — 10 to 15%
- Remodeling ‘green’
Last year, they posted the ‘Neighborhoods by the Numbers’ section on their website, but I don’t find it yet this year.
Out of respect for their copyright, I won’t post a copy of the articles here, but since it’s off the newsstand, you can email me and I’ll send it along.
