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Godzillow!
I heard an interesting story yesterday about Chinese real estate purchases in the USA. Sure, I had talked about it recently at a friend's house over dinner with a business partner who mentioned his Chinese clients were dropping a million on a house every time they came to the US. But I hadn't really focused on the extent of this movement until I heard an article on NPR yesterday.
The news? Zillow has begun publishing its entire U.S. real estate property database in Mandarin on the biggest real estate Web site in China. This means Chinese buyers can use Zillow to find properties near family and friends in their price range. “The fact that Zillow is going there is huge,” says Hall Willkie, president of New York real estate firm Brown Harris Stevens Residential Sales. “The Chinese may just overwhelm the United States with purchases.”
The Chinese are on the move. In 2014, a record number of Chinese, 100 million, are expected to travel abroad, an army roughly as big as Mexico’s population. They have money in their wallets, an appetite for the good life and ants in their pants.
You can’t blame them for feeling unsettled at home. Beijing’s aggressive anti-corruption sweep has netted thousands of big fish, and more confiscations are on the way. Pollution has created an asthma epidemic, food safety scares are commonplace, and China’s economic pace ebbs. There is still no true dissent or freedom of expression allowed. So the country’s wealthiest are on the move and want a better life for themselves or their children.
Some 9.3 million Chinese have immigrated in recent years, and 64 percent of the country’s remaining rich households — a category that includes a few million people — want to leave or are in the process of doing so.
The United States is their preferred destination, and American real estate is becoming their new T-bills, a safe-haven asset. Like bullion, it’s an asset class denominated in U.S. dollars, safe from confiscation and, when necessary, bought anonymously to hide wealth from governments or creditors or ex-partners. But unlike bullion, U.S. real estate can earn income, provide a roof and help obtain a visa.
This month, U.S. real estate Web site Zillow begins publishing its entire U.S. real estate property database in Mandarin on the biggest real estate Web site in China. This means Chinese buyers can surf the Net to find properties near family and friends in their price range. “The fact that Zillow is going there is huge,” says Hall Willkie, president of New York real estate firm Brown Harris Stevens Residential Sales. “The Chinese may just overwhelm the United States with purchases.”
A buyout is already underway. In 2013, Chinese buyers snapped up $11 billion worth of properties in the United States, capturing second place (at 12 percent of all foreign buying) behind Canadians for the first time, according to the National Association of Realtors’ Profile of International Home Buying Activity.
Willkie notes a spike in terms of interest in the past 18 months: “In New York, we’ve noticed Chinese buying very large, very expensive apartments, homes. But there are also many buying smaller apartments, $1.5 to $3 million, for their children going to school here. The parents are buying them.”
In 2013, for instance, a Hong Kong woman paid $6.5 million for a two-bedroom in the tallest residence in New York, One57, for her daughter so she’ll have somewhere to live when she gets into Columbia, Harvard or NYU, she told her agent. The daughter, currently, is 2 years old. Another Chinese woman bought four $20 million units there for family members.
The desire to get money out of China for whatever reason, added to Zillow’s foray into China’s living rooms, will only enhance enthusiasm. China’s biggest exports to the United States may end up being capital and people. Look out for its biggest winners in a neighborhood near you.
Of course, your property listings with me are already advertised on Zillow, so no worries about having Portland representation on China's computer screens. When talking with a client, Brian, last night, we decided it's the new GODZILLOW!
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Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
My greatest home ideas are waiting for you….
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Some of my greatest ideas come from Pinterest. Painting kitchen cabinets, restoring dirty grout, adding a bathroom to the attic, and other do-it-yourself tricks and ideas are some of the many useful "pins" you'll find on my "boards".Perusing Pinterest can be addictive, so in an effort to save you the time and trouble, I've accumulated a lot of fabulous how-to guides and home ideas.You don't need to set up a profile to use Pinterest – simply click on the link below to access my collection.http://www.pinterest.com/caryperk/ideas-for-my-clients/Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Portland’s Pittock Mansion Turns 100 Years Old
One of Portland's prettiest landmarks turns 100 this year. They started off her celebration earlier this year with free admission – so those who hadn't already been there had a free pass to the party.
The fun continues on July 13th, when the city will celebrate the centennial anniversary with a 100 Candles Birthday Party, featuring free cake on the lawn, music on the terrace, and even a vintage car show in the driveway. Bring your camera – it sounds like a picture perfect Portland day!
Later this summer, on August 14th, there will be another event – a benefit – with music, food & drinks.
Happy Birthday, Beautiful!
Please see the story on Portland Monthly Magazine. Photos courtesy of Portland Monthly Magazine.
Brass is Back!
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I've read about it but I haven't seen much of it yet. Until yesterday on Realtor tour when I spotted a fabulous example of the new brass that's back in style. Don't get excited. Your shiny brass doorknobs and faucets (and god forbid your shower door trim) has GOT to go.But if you love the idea of something new, and are tired of the rubbed bronze and polished nickel that's been all the rage for the last ten years, here's your new obsession.Click through to see the rest of the house.Want to go shopping?Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
NW Portland Walking Tours
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Once spring arrives, Portland starts looking its prettiest!Our native rhododendron, azaleas, camillias, quince, magnolias, apple and cherry blossoms seem to brighten every path, street and yard. It's a beautiful time for a walking tour. Even if it drizzles a little bit, there are plenty of places to pop into for a local coffee or libation.
Mike's History Tours are an option for those who aren't from Portland and aren't sure where to start. For only $20 you can learn from a native, and visit sites that many Portlanders don't know the history of – and certainly you'll enjoy springing these facts on your friends! If you're a local, what a fun diversion and a chance to learn about virtually every building in the neighborhood.Portlanders, here's a challenge for you:MIKE'S HISTORY FUN QUIZ #1The Ringside Steakhouse building on West Burnside
was once the home of . . .A. A Piggly Wiggly Grocery StoreB. An Auto Body ShopC. A Boxing ArenaD. A Computer Repair ShopThe Besaw's Restaurant building at NW 23rd and
Savier was once the home of . . .
A. A Barber Shop
B. A Grocery Store
C. A Drug Store
D. A LaundromatThe north side of the Uptown Shopping Center
was once . . .
A. A Horse Stable
B. A Hospital
C. A Circus Grounds
D. A BreweryThe Montgomery Park building at NW 27th and
Vaughn Street was once . . .
A. The Vaughn Street Ball Park
B. A Sears, Roebuck & Company Catalog Sales
Outlet & Retail Store.
C. A Montgomery Ward & Company Catalog Sales
Outlet & Retail Store.
D. A Meier & Frank Company Warehouse & Toyland.The site of Meriwether's Restaurant on NW Vaughn
was once . . .
A. The entrance to the 1925 Meriwether Lewis
Worlds Fair.
B. The entrance to the 1939 Lewis & Clark Worlds
Fair.
C. The entrance to the 1936 Summer Olympics.
D. The entrance to the 1905 Lewis & Clark
Centennial Exposition.
(The correct answers are found on Mike's home page)I'd love to take you on a real estate tour, visiting some of our neighborhood's prettiest homes for sale. Your first stop will be the former Mills residence at 733 NW 20th Avenue, our beautiful, historic office.
If you're ready to move to NW Portland, just call!
Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon HomesPortland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Use of bright colors in your home
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Finding a vacant lot to build a house in Portland OR
Update: 4/7/14
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.
3/24/14
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?
Land Squeeze Stalls Portland Homebuilders
- by Wendy Culverwell
- Staff Reporter- Portland Business Journal
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Cary Perkins,Windermere Top ProducerFun With Real EstateCurrent Portland Oregon Real Estate Information,Highlights of Portland Oregon, House IdeasPortland Oregon Homes
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
What’s new in kitchens in 2014?
I recently had the opportunity to view a presentation by Jonathan Hopp of Neil Kelly. He spoke to the new and exciting changes in the world of kitchens – remodeling and new construction. My favorite reference from the talk was about the fact that "backsplashes are the jewelry of the kitchen." It's true! You can have a totally neutral look and then jazz it up with a backsplash, which is often easily changable if you're ready for a new look. Read on and hear what else Jonathan has to say……
What we are seeing increasingly in kitchens is a move toward quartz materials for countertops. The advantage of quartz is that it comes in a variety of colors and patterns. Technology has advanced to create finishes that more closely resemble limestone and marble – which are two materials I would hesitate to use in a heavily used kitchen. Quartz has all the inherent advantages of granite, in that it doesn’t scratch easily, is heat resistant and comes in large slabs. The pricing is similar to granite depending on the manufacturer, but you can expect that this popular product will be on the higher end of materials and well worth the price in durability and longevity.
The back splash is the jewelry of the kitchen. Most commonly the counter material is more neutral in tone, and frequently is chosen to compliment the flooring material or blend with the cabinetry finishes. The back splash, however, is where designers are having fun. With literally hundreds of new products on the market, the selection is greater than ever. Manufacturing techniques have resulted in designs that weren’t available only a few short years ago. I think the backsplash is one of the most important elements in determining a kitchens overall look and appearance. In rooms where everything else is neutral, the backsplash is that final item that determines a kitchen’s look. I say, have fun with the backsplash. There generally isn’t a large quantity, so the cost is not extreme. When you look at kitchens you will notice how much it draws the eye. And, unlike cabinets, or counter tops, it is an easy way to add style without spending a fortune.
My favorite product recently is the advancement in porcelain tiles. Resembling everything from limestone to hardwood flooring, this material expands the options for durability to an entirely new level. As with other materials, the advancements in printing and fabrication have allowed porcelain tiles to achieve a new level of design. Sculptured surfaces and graining are just a start. The printing and transfer techniques now add a new realism to the material like never before. Porcelain tiles are inherently durable and can stand up to wear and tear like nothing else. The latest trend is newer sizes such as 12 x24, 24 x24 as well as smaller mosaic blends. No longer are we stuck with the ubiquitous 12” square tile.
If you'd like advice for your kitchen, please call Jonathan for a private consultation!
http://www.neilkelly.com/personal-pages/jonathan-hopp/
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
First Time Homebuyers – Spring 2014 Market Information
The housing market is still far from normal. On a positive note, the pipeline of foreclosure inventory has shrunk, new delinquencies have declined, and home prices have surged. However, we have not settled into a stable supply and demand equilibrium.
There is still a historically low share of first-time homebuyers, currently trending at 27% of sales based on the prior three months, as compared to the normal share of about a third of buyers.
First-time buyers (% of existing home sales)
If you're waiting to make your first move, please consider contacting a repuatable lender right away. (I'm happy to share the contact information for some of Portland's best lenders) It's a very detailed process, but I'm happy to help walk you through it. Once you've been approved for a mortgage, we can start looking.
With thanks for the report from the Merrill Lynch housing research department, and Bill Denton, Merrill Lynch Financial Advisor. If you would like to speak with a wealth manager, please call me for a recommendation and more information.
Portland Real Estate, Portland Oregon Top Producer, Windermere Top Producer, Portland Realtor, Portland Homes for Sale
Is there a new real estate bubble?
Portland is currently a very hot area for real estate. In fact, it is not unusual in several neighborhoods for there to be more than 5-10 or more offers for the same property, driving the price up 10% or more above asking price.
People have asked whether this is an indicator of another bubble waiting to explode all over the area’s real estate market. The last time home prices ticked up like this was just before the market correction. So is this an inflated market or just the sign of a market continuing to find its new normal?
According to the Case Shiller Home Price Index released last month (February 25) showed that through the end of December, in the United States, home prices were up 11.3% overall which was the best year since 2005 according to the Chairman of the S&P Dow Jones Index Committee, David M. Blitzer. Some standout markets in 2013 included:
Several of those markets were hit very hard in the downturn and the numbers listed above reflect a rebound (such as Detroit, Las Vegas, Miami, Phoenix, and Tampa), but what about Atlanta, Los Angeles, Portland, San Diego, San Francisco and Seattle?
Several of these markets are driven by pent-up demand and the loosening of credit. However, it is important to take a closer look at these markets, and any other market that is seeing high demand, to determine where the demand is coming from and if that demand is sustainable.
For example, in looking at Portland, there are several factors at work:
- Migration to Oregon from other states is very high. In fact, Portland has one of the highest migration totals in the country in 2013.
- Foreign and domestic investors are investing in the Portland housing market and the surrounding areas due to the potential for higher rents in these areas.
When demand occurs for more than one reason, it is a sign that a market is healthy, not spiraling out of control.
We must also take into account that credit is loosening up from recent years, but it is nowhere near as loose as it was in the years leading up to the market correction. New guidelines have been set in motion to prevent the kind of collapse we have had in the past. Credit score requirements are on the way down for loans. In fact, as reported by the LA Times last week, lenders are reducing the required credit scores for FHA loans and are allowing some with credit scores of 600 to receive mortgage funding. Lenders are also raising the debt-to-income ratio limit.
I don't believe this is a bubble. This is a direct result of pent-up demand from buyers who have been waiting almost three years to buy. Buyers who were getting ready to buy a year ago chose to wait because of issues the country was having with the debt ceiling and there was a lack of confidence in the market. Consumers are feeling more confident now and they show that confidence in buying real estate. In some markets there just isn’t enough inventory to go around. The increased consumer confidence along with the lack of new construction inventory has created a storm of demand.
