About two weeks after my blog post shown below, Brian Allen, owner of Windermere also addressed this issue in an interview with Portland Business Journal. Please click through to the article.
Portland is running out of usable land for homebuilders. You probably already knew that.
Our urban grown boundary is a wonderful thing! It keeps Portland's downtown and close-in neighborhoods vibrant. No sprawl here, or 60 minute commutes to get to your new home – we love infill, and are putting new construction on every available lot.
But lately, if you've tried to buy a house that comes with a double lot or sits on a nice sized piece of property, you'll find you're up against local builders with deep pockets, and cash. It's hard to be a small player who requires a mortgage against these aggressive cash buyers.
Just recently, this gorgeous brick home on a large lot in a premium neighborhood was purchased as a tear-down. Heartbreaking.
Portland Business Journal has written an interesting story on the lack of property for new construction, and the fact that we're unable to keep up with the demand for homebuyers moving into the Portland area. It's a tough call. Spread the urban growth boundary to keep prices on homes from rising too high and giving builders a place to add necessary inventory, or preserve our farmland and keep our city vibrant and full?
- by Wendy Culverwell
- Staff Reporter- Portland Business Journal
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