Portland home prices have never been better, at least in the last seven years. Home prices are Up 10.5 percent since last March in the U.S., while Portland boasts gains of 15.4 percent over the same period. Freddie Mac, Fannie Mae and congressional representatives are still digesting reports, from the FHFA…
Oregon is an interesting state. Not only do we have an economy that is dependent on farms, ranches, timber, tourism and food processing but we also have a strong manufacturing base (think Intel, Precision Castparts, Esco, Greenbrier Cos, Freightliner, Western Star, Boeing, Flir, Epson as examples) and being a port city, Portland acts as a conduit for goods travelling out of the United States and generates jobs moving freight. To that end, the Portland Metro area has exercised a magnetic influence for people seeking employment as those from rural Oregon and other parts of the United States come here to find a home. This growth is accelerated because sixty two percent (62%) of Portland’s jobs and sixty nine (69%) of Beaverton’s jobs are family wage jobs as compared to Bend (and other rural areas) where only 55% of the jobs are family wage jobs (see attached chart)…[...]
An apartment owner who is a value investor and willing to take on challenging properties wanted to find the best buys in a slow-moving market.
Through Bluestone & Hockley’s Receivership Management Group, we discovered a 20-unit failed condo conversion that had been foreclosed. Exteriors were in good condition with new vinyl windows, however, interiors were only sheetrock, subfloor and without fixtures. The apartment sales group went through their database and located several potential buyers with the wherewithal to bring this property to a rentable state. More importantly, they assessed the current market condition and translated this into a value proposition for the buyers to make an excellent return on their investment.
We determined price and terms and won over 6 other bidders at a price of only $20,000/unit – well below current resale prices for 3 bed units.
Tom and Irma spent a lifetime buying real estate. By the time they were in their sixties they owned 4 houses, a 30 unit apartment building, three commercial buildings, and had additionally invested with a couple of friends in some real estate partnerships. [...]
Liberal pundits and city managers have been concerned over the cost of growth. They rightfully claim that urban growth places heavy demands on urban infrastructure and they have trouble financing that growth through the existing tax base. This is especially true in the current [...]