Living In The Pearl

Dated: July 21 2016

Views: 593

Portlanders of a certain vintage have a strong memory associated with Portland’s Brewery Blocks. It used to exude the heady smell of of brewing beer, all wheat and warm. These days, the Brewery Blocks have been redeveloped into restaurants, retail, and a Whole Foods, but there’s no shortage of beer being made in this shiny new Pearl District. Now it’s craft beer, sometimes sold in limited batches. Between Broadway and 405, Burnside and the Willamette River, this section of downtown represents a gritter part of Portland that’s been developed into something more polished.

These days, “The Pearl District is on the map, not just nationally but also internationally,” says Todd Peres, of Debbie Thomas Real Estate.

Where 20 years ago there were warehouses and railroad yards, now there are restaurants and high-rise condos. Portland landmark Powell’s City of Books rises along the border, pulling in visitors and locals alike with the promise of a million books on one city block — not to mention frequent readings and literary events. Arts and culture have a history here alongside long-gone train tracks, with galleries dotting the neighborhood. The First Thursday art walk that’s been going since 1986. Every month, galleries open their doors. Artists, craftspeople, and musicians line the streets to show off their talents.

As Rose City Realty puts it, the Pearl comprises “an eclectic mix … old warehouses being converted to unique spaces. New buildings with imaginative features. Art galleries, First Thursday, fine dining, boutiques, coffee shops.” Recently, Rose City Realty had 20 listings for Pearl District property, ranging in price from a $220,000 studio to a $3 million penthouse. There might be some properties available at lower price points, but they can be hard to come by. Like any other neighborhood, competition in the market can be heady.

“Word is out that Portland is a fantastic place to live. There is fierce competition for property right now and there seems to be no shortage of qualified buyers. We continue to see demand outpace inventory by a long shot,” says Sasha Welford of Debbie Thomas Real Estate.

Downtown isn’t all high rises, though, and there are popular and diverse parks all packed into a small area of the Pearl. Jamison Square draws in children and families, especially in the summer, when the interactive tidal fountain starts to flow. Tanner Springs Park is a naturalistic park primed for picturesque photo shoots and contemplation (no dogs allowed please), while The Fields park allows those pups to roam free, along with any neighborhood kids, or any other locals looking to get a little fresh air. Portlanders are experts at taking full advantage of sunny hours and days, after all.

Some people are drawn to the Pearl and downtown because of how connected the area is for transit. Need to get to Intel in Hillsboro? Just hop on the MAX in the morning. Research at OHSU? The streetcar will deliver you to maybe the coolest commute in town, the Portland Aerial Tram.

The rent might be the highest of any other area in the city, currently averaging about $2,200, and you would be hard-pressed to find a studio for less than $1,300, but there’s a reason demand is high.

“I hear many people saying they are going to go from two cars to one, saving the car for those trips to the coast and Mount Hood and otherwise getting around by foot, bike or mass transit,” says Peres. “People want to be in the Pearl District because they want to live in a vibrant, urban neighborhood where they can walk to restaurants, coffee, shopping, shows, nightlife and other civic events.”

If you gave yourself the goal of trying one new IPA in the brew pubs in the Pearl every night, it could take you three weeks, depending on the seasonal brews on tap. Pearl IPA is always on tap at 10 Barrel Brewing’s Pub, with its brand-new rooftop bar.

Businesses know that locations in the Pearl are a draw to potential employees, too. Wacom, a technology company that develops digital pens, is moving their headquarters to the new Pearl West building at 14th and Irving, and Zoom+ is planning on moving to the same building from their current headquarters in Hillsboro.

“In general,” says Peres, ‘I’m finding that all of our buyers, not just those purchasing in the Pearl, want to be able to walk to something from their home. Not having to burn a gallon of gas to buy a gallon of milk is definitely a virtue shared by most buyers.”

Image title


Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

What Happens After Foreclosure Moratorium Ends

Since early 2020, banks across the U.S. have been banned from foreclosing on homes as part of the federal government’s efforts to assist families feeling economic pain caused by the pandemic. On

Read More

4 To Dos For July To Save Money Get Ready For Fall

When it's hot outside, smart homeowners focus their energies inside on these four tasks.You know: Like taking advantage of your nice, cool basement.#1 Organize the BasementThe two most common types

Read More

5 Red Flags To Spot In A Home Inspection Report

There is a certain leap of faith that all buyers take when they make an offer on a new home. If the market is especially competitive, it’s not uncommon for prospective buyers to see a property

Read More

New Aid Coming For Mortgage Borrowers At Risk Of Foreclosure

Borrowers who fell behind on their mortgages during the Covid-19 pandemic and continue to face economic hardship will get help from a Biden administration program announced on Friday, a bid to

Read More