Current Portland Real Estate Market InformationPortland OregonPortland Real Estate Data August 14, 2012

Mortgage Closing Costs Fell 7% Over the Past Year

 

 

 

I have a feeling that we will look back on this time and wish we had bought more real estate.  Prices are still declining just a tiny bit in SW Portland (though rising in other parts of town) and interest rates are still AMAZINGLY low. 

Now there's even more reason to get in the game – lenders have finally reined in closing costs.  They were down by 7% in the last year, thanks to Federal regulations, which are helping to significantly reduce the amount new homebuyers are paying come closing time.

The average cost of closing on a mortgage has fallen by 7.4% over the past year, according to a recent survey by Bankrate.com. At the end of June, a homebuyer looking to close on a $200,000 mortgage with 20% down paid an average of $3,754, $300 less than 12 months earlier.

Included in those costs are origination expenses, such as application fees and the cost of doing credit checks, and third-party fees, such as those paid for title searches and insurance.

The decline can be attributed to new regulations that require lenders to be more accurate when estimating closing costs for borrowers, said Greg McBride, Bankrate's senior financial analyst.

The regulation, which was put in place two years ago as part of the Real Estate Settlement Practices Act requires lenders to provide a "good faith estimate" of third-party fees that is within 10% of the actual amount the buyer will pay.

"The big drop in third-party fees indicates the lenders are doing a better job at estimating what the costs will be," said McBride.

 

source:  NEW YORK (CNNMoney) —

Current Portland Real Estate Market InformationPortland OregonPortland Real Estate DataPortland Real Estate Statistics May 22, 2012

Where are housing prices headed?

 

Everyone seems to be asking their professional Realtor’s prediction is on where home values are headed.

 To answer this question I want to quote three separate reports that have been published in the last 60 days: the Home Price Expectations Survey (HPES), the Urban Land Institute Real Estate Consensus Forecast (ULI) and the Demand Institute’s Report (DIR): The Shifting Nature of U.S. Housing Demand. Here are their projections:

A slow but steady return is projected by all.  If you plan to stay in your house for 5 years, you can expect appreciation –  not like the good old days in the rush, but a good, modest growth at a pace that’s a welcome relief after the last few years.

With thanks to the KCM Blog.

Moving to PortlandPearl DistrictPortland Oregon April 18, 2012

Pearl District’s Field Park

The Pearl District is finally getting it’s park!

My clients in the Pearl District are going to be so excited!  Especially the ones with kids and dogs!

After more than a decade of conceptualizing, planning and designing, Fields Neighborhood Park is now under construction in the northeast end of the Pearl District.

R&R Construction this month started work on the $3.1 million project, in which a 3.2-acre parcel is being transformed into a recreational field and play area.

Fields is coming out of the master plan that first spurred creation of the Pearl’s Jamison Square and Tanner Springs Park – two elaborate public spaces featuring a popular interactive water fountain, artificial wetlands and walking paths. Fields is intended to complete the recreational picture.

“I think it’s going to be kind of a game-changer for the North Pearl District,” said Dave Davis, president of the Pearl District Neighborhood Association.

Davis, whose condominium overlooks the park, said access to a large swath of land where residents can exercise, play softball or throw a flying disc is long overdue for the dense downtown area.

But design involved more work than plotting four corners of a field and planting some turf. Andrew Sullivan, an associate principal at the Office of Cheryl Barton, which designed the park, said the community wanted to make sure the San Francisco firm got it right.

“A lot of people know, short of something happening with Centennial Mills, that this is the last big piece of open space that is planned for this area of the Pearl,” Sullivan said. “So it’s their last real chance to get the park they want for their future, family or whatever their agenda might be.”

Fields Neighborhood Park was designed by the Office of Cheryl Barton and will include a dog area, children’s play areas and a large open space.

Sullivan said some people wanted the space to be a huge dog park, while others wanted children’s play areas, and others wanted only a field. The result is a design featuring all of those elements with a motif that aims to conjure the swirling, sweeping, eddying image of the nearby Willamette River.

Sullivan said the plan is to include artistically scoured lines in the sidewalks, interactive play walls for children, permeable pavers and rain gardens to recycle stormwater. But a big design aspect will be wave-like planters and tree canopies.

“I think what we’re trying to do is use the planter to kind of pop lots of different colors,” he said. “We’ve got these sweeps at both the ground level – these beds of perennials and canopy trees around the perimeter – and these sweeps that will have really nice spring blossoms as well as fall colors.”

Sullivan said another focus will be encouraging kids to interact with nature. Play walls will invite children to reach plants through openings and play areas will steer kids through planters rather than around them.

“It reinforces the idea that kids are in a natural setting instead of putting them on a rubberized surface, on an asphalt lot, with just plastic equipment,” he said. “I think putting them in a natural setting, and pushing for more imaginative play leads to a richer experience.”

One original design aspect that will not be present is a pedestrian bridge linking the Fields park to the Portland Development Commission’s nearby Centennial Mills site. Shawn Uhlman, spokesman for the PDC, said the agency is reviewing development proposals from Venerable Properties and Daniels Real Estate for that site. The preferred proposal is planned to be presented during a meeting on May 23.

Sullivan said the Fields park was designed to accommodate construction of a pedestrian bridge to the Centennial Mills site when that property is finally developed.

The Fields park also represents completion of negotiations between Hoyt Street Properties LLC and the city of Portland.

Riley Whitcomb, system development charge program manager for Portland Parks and Recreation, said Hoyt donated the three-acre site in exchange for consideration of a $650,000 waiver on a future development project. Whitcomb said $400,000 of that waiver would come from the parks bureau and the remaining $250,000 would come from the PDC. He said it was a small price to pay for an integral piece of property.

“We really needed that extra land, and from that standpoint it was a very good deal,” Whitcomb said. “The value of the property is a lot greater than the credits that we will likely eventually give them.”

Aaron Slowik, project manager for R&R Construction, said its contract completion date is January 2013. Davis said neighborhood residents are anxious to see the finished product.

“We wanted an exceptional park rather than just land and a couple trees thrown here and there,” Davis said. “But the proof is in the pudding.”

(Article courtsy of Daily Journal of Commerce, Oregon.)

(Rendering courtesy of the Office of Cheryl Barton)

 

Current Portland Real Estate Market InformationMovingMoving to PortlandPortland Real Estate Data April 4, 2012

Rent or Buy?

Each quarter, Fannie Mae releases their National Housing Survey. They survey the American public on a multitude of questions concerning today’s housing market. We like to pull out some of the findings we deem most interesting each time it is released. Here they are for the most recent report:

84% of the general population believes that owning a home makes more sense than renting.

The Most Important Reasons to Buy a Home

When we talk about homeownership today, it seems that the financial aspects always jump to the front of the discussion. However, the study shows that the four major reasons a person buys a home have nothing to do with money. The top four reasons, in order, are:

  1. It means having a good place to raise children and provide them with a good education
  2. You have a physical structure where you and your family feel safe
  3. It allows you to have more space for your family
  4. It gives you control of what you do with your living space (renovations and updates)

The Home as an Investment

Though most people purchase a home for non-financial reasons, everyone realizes there is a money component to homeownership. Here is what they said on this issue:

  • 63% of the general population believes that homeownership is a ‘safe’ investment.
  • 53% believe that homeownership has more potential as an investment than any other traditional asset class.

Rent vs. Buy

We are always interested in the difference people see in renting vs. owning.

  • 64% of renters have aspirations to someday own their own home
  • 70% of renters think that owning is superior to renting

Bottom Line

Our belief in the value of homeownership grows each time this survey is released.

cary perkinsDaily House Ideahouse idea of the dayHouse Ideas March 27, 2012

Tired of losing your phone or keys?

 

 

This is it. The technological breakthrough you’ve been waiting for. The one you can’t believe hadn’t been invented already. The one that probably deserves a trumpet and a choir singing hosannas.

 

So let’s say you’ve lost your keys. Here’s how this works, not necessarily in this order:

  • One: Download the myBiKN app from BiKN (you’ll want to pronounce that “beacon”) on your iPhone.
  • Two: Slip the smart case onto your iPhone.
  • Three: Attach the BiKN tags to your valuables. (By the way, we’re giving you two more than the standard kit—so that’s four in total.)
  • Four: If something goes missing, the app will then show you the right direction and distance to walk in to find your stuff. Think of it as a digital treasure map. The electronic tags you’ve attached to said valuables will also start beeping, letting you know exactly which side of the couch you should be searching.
  • Five: If the reverse occurs (i.e., your phone mysteriously disappears), you can use the electronic tags to find the damn thing.

 

And voilà: the easiest way to never lose anything again. And naturally, Perks is getting it to you for something less than the going rate…

 

And best of all, here’s a link to get it on sale, thanks to my friends at Urban Daddy.  They have it for $135 (for a limited time only) instead of the list price of $170.

For more information, and details on the product, see www.bikn.com.

I know a few people who definitely need this.  Is their one in your life?

 

source:  www.urbandaddy.com.  Thanks!

 

 

Current Portland Real Estate Market InformationMoving to PortlandORPortland OregonPortland Real Estate DataPortland Real Estate Statistics March 26, 2012

Excellent article on the Real Estate Rebound

Maybe you think Realtors are being optimistic when we say that the market is coming back. We are, I believe, optimists by nature. This job isn’t for the faint of heart, especially in the last few years when up to 40% of the Realtors left the business. But here is Barrons joining in our argument that we are on the mend.

Not only that, the article predicts 30% growth in the next 10 years. Payback. If you were waiting for the bottom, wait no longer. Let’s go house shopping.

Beautiful Housescary perkinsCurrent Portland Real Estate Market InformationDaily House IdeaGardens and Landscapehouse idea of the dayHouse IdeasMoving to PortlandPortland Oregon March 20, 2012

Garden & landscape news from one of Portland’s finest. What’s new in the garden world?

I had the pleasure of hearing Lucy Hardiman speak last week at our Windermere Premiere Forum. She’s a highly-regarded garden designer, who gave us a great presentation of “before and after” slides of local gardens. She packed a lot of tips and ideas into the talk, and I came away motivated to get into my own garden, but also tucked away a few suggestions for you!

Her first tip was to plant your rows of low plants on a diagonal to create the effect of a larger space. So if you have a garden that runs right up to the curb, plant those rows of grasses or other low plants in clear diagonal rows to make the space appear larger. Her example also showed a large gate-like structure right at the curb, and a sidewalk that was offset from the front door, with 90 degree angles to create a sense of space instead of using a straight path. If your house sits close to the street, call me and I’ll talk you through this one!

Next she mentioned a couple of trends in landscaping that you might consider. In Oregon, we love to have a place to read our book outside, even if it’s raining. Top on her list was a simple overhead structure that allows you to be outside, even in the winter. A covered deck or patio, or a more elaborate structure should be considered when you’re doing your landscape overhaul.  This gives you another room to delight buyers with when you sell your house!  And it’s a room you and your family will really enjoy.

Less emphasis is placed on full-blown outdoor kitchens than in the past. Some people are getting rid of their lawns entirely and creating spaces that can be maintained without chemicals. She suggests you think hard about your choices before digging in.

Another idea that she loves is to connect your garden to your neighbor’s. Obviously this involves a good relationship and fair gardening practices! But without a fence, one continuous, lovely landscape will make your yard look bigger and feel much more dreamy.

Think outside the zone. In other words, look to California and other climates and see what you can do with their plants there. Obviously, palm trees DO grow in Oregon – what else can you plant that’s a bid different? She calls it zonal denial! I love it, and I’m jonesing for a palm tree in my front yard.

Another idea is to plant a garden that is strictly green – all the plants are evergreen, and the only color is in bulb plants that grow from spring through fall. Lots of sword ferns, and painted boulders create a very dramatic, contemporary look. In addition, try some concrete finishes and concrete textures in your garden paths, benches, and walls.

Group your pots in threes. Be sure to plant all three pots with the same plants for maximum pop. The pots can be different sizes of the same style, but the plants should be the same. Then move them around for different effects.

Outdoor rugs are huge right now, as are outdoor chandeliers. Hanging a chandelier in your covered area will make it cozy and fun!

Create mystery by leaving a little bit of a view into your front yard. If it’s fully fenced, you’ll miss the opportunity to create an entry to draw you into the space and you’ll lose your chance to welcome visitors into the garden.

Don’t forget to create paths that have 90 degree angles to enlarge the space, as you wind through the yard around the side of the house or on a narrow path. Multiplication by division! Breaking up a space into smaller spaces actually makes it feel bigger. Zigging and zagging give you the feeling of width. Try large sweeps of forest grass to fill your large planters or open areas.

Before  After

 

Try square blocks of cement with grass or gravel in between. (She mentioned hydra-pressed pavers)

Water features are falling out of vogue – one of the negatives is that they attract critters, especially destructive raccoons. Try a small bubbling pot, or a reflecting pool.

For vegetable gardens, don’t be afraid to use the front yard and even the median strip. 3/16″ x 8″ structural steel borders will last a lifetime. Flat bar steel is a great new border and terrace edging and while it’s more expensive, it outlasts wood slats by a mile, and it looks cool! Core-ten steel is being used a lot now – it’s more hip than the rusty steel that has a farmyard look.

We are seeing corrugated metal fencing, cool outdoor lawn accessories imported from Europe, and lots of fun, bright colors like red and orange. Outbuildings and sheds are artistic and fabulous, or can be made to match your house.

For separation from your neighbor, or to shield an unsightly view, try arbor vitae, or Italian cypress. Large groups of similar trees together sometimes promotes disease and insects, so try to mix it up! A tapestry hedge is the most beautiful way to solve these problems.

Short hedges, called baffle hedges, are a wonderful way to create definition in your yard. Try one between the vegetable garden and the grassy area.

And for more on Lucy, see lucyflora.com.

Beautiful Housescary perkinsCurrent Portland Real Estate Market InformationDaily House IdeaDecorating IdeasFront doorhouse idea of the dayHouse Ideaskitchen ideasMovingMoving to Portland March 19, 2012

Gorgeous House Pictures to Drool Over

 

Private Residence II mediterranean exterior
Glenn Gissler Design contemporary bedroom
Arlington Modern House Addition modern exterior
The Hillside House modern living room
Waldfogel Residence modern exterior
Punta del Este Home tropical patio
Jacaranda Residence contemporary patio
Martin residence modern living room

 

 

 

 

 

 

 

 

Source:  Houzz Ideabook

cary perkinsCurrent Portland Real Estate Market InformationMovingMoving to PortlandPortland OregonPortland Real Estate Data February 27, 2012

The Buyer’s Market is Coming to a close….a MUST read!

As inventory levels off, and buyers try to take advantage of the record-breaking low interest rates, Sellers are finding themselves in an advantageous position for the first time in a few years.  But that position may be short-lived.  Shadow inventory (foreclosures that the banks had been forced by the Feds to hold back to help stabilize the market) has been cleared to be put on the market very shortly…. and prices will undoubtedly go down  (it’s been predicted to be around 3-5%) before we see things level off .

I met Steve Harney in Seattle at the Windermere Symposium.  He’s pragmatic, crusty, and above all, SMART.  Here’s what he has to say to sellers:  click this link… You may enjoy the blog, with its insight to current market conditions nationwide.  (but many click-throughs to local stats)

3.8 % Real Estate Taxcary perkinsCurrent Portland Real Estate Market InformationPortland Real Estate DataPortland Real Estate StatisticsReal Estate Tax February 24, 2012

The 3.8% Tax Effective January 2013

 
 
 
  
Beginning January 1, 2013, a new 3.8 percent tax on some investment income will take effect.  Since this new tax will affect some real estate transactions, it is important to clearly understand the tax and how it could impact your transaction.  If’s a complicated tax, so it’s hard to predict how it will affect every buyer or seller.

To get you up to speed about this new tax legislation, the NATIONAL ASSOCIATION OF REALTORS® has developed this informational brochure.

On the following pages, you’ll read examples of diff erent scenarios in which this new tax — passed by Congress in 2010 with the intent of generating an estimated $210 billion to help fund President Barack Obama’s health care and Medicare overhaul plans — could be relevant to your transaction.

Understand that this tax WILL NOT be imposed on all real estate transactions, a common misconception. Rather, when the legislation becomes eff ective in 2013, it may impose a 3.8% tax on some (but not all) income from interest, dividends, rents (less expenses) and capital gains (less capital losses).  The tax will fall onlywillon individuals with an adjusted gross income (AGI) above $200,000 and couples filing a joint return with more than $250,000 AGI. 

For more information, please click here.

 
As always, I recommend you speak to your accountant to see how this will affect your particular situation.

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