Portlands Current Market Trends

Dated: February 24 2014

Views: 1023

While Portland’s unlikely to make a cameo on MTV’s Cribs any time soon, according to many real estate agents our city’s luxury home market (homes over $600,000) is slowly clawing back from its shadowy nadir. “In 2012, there was a tremendous uptick in the more expensive properties being sold,” says Michael Hasson, founder of Hasson Company Realtors. “Part of what caused that was an abundance of inventory that was just sitting for three years.” But the trauma of the recession has left the luxury market, understandably, changed. “It’s not about the size of the house anymore,” says Jenelle Isaacson, owner of Living Room Realty, one of Portland’s fast-growing real estate firms. “It’s about lifestyle. People are willing to sacrifice a lot of square footage for a neighborhood that fits with their personality.” Beam Development’s Brad Malsin calls the shift a kind of Ace Hotel model of living: “People are willing to put up with less luxury in exchange for cool common places to connect.” As a result, builders who used to work solely in the suburbs, crafting showpiece homes, have begun picking off infill projects. “Now you’re seeing Renaissance Homes and Arbor Custom Homes in Portland,” says Mark Hepner, co-owner of Portland Residential Appraisals. “Ten years ago the only thing they built was a house in a suburb. Now, they’re looking around in the urban district like Sellwood and Moreland and Laurelhurst, buying lots and old houses and tearing them down.” Read more...
m
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 25+ years in the industry, Mark has gained experience in....

Latest Blog Posts

Fannie Mae Increases 2021 Economic Growth Forecast

Fannie Mae‘s latest forecast projects economic growth to hit 5.3% in 2021, an increase of 0.8 percentage points from what the government-sponsored enterprise projected last month.The forecasted

Read More

Mortgage Underwriting Challenges In The Pandemic

In December, AmTrust Title Insurance Company announced the hiring of seasoned underwriter Mary Shelley as its midwest region agency underwriter. We took the opportunity to talk to Shelley, who has

Read More

How Bidens Stimulus Plan Impacts Housing

President-elect Joe Biden’s $1.9 trillion stimulus, unveiled Thursday as the American Rescue Plan, includes a call for extending the national moratorium on evictions and foreclosures until Sept.,

Read More

Will We Have A Buyers Housing Market In 2021

If you’re looking to buy a home, you’ll stand the best chance in a buyer’s housing market, where listings are flush, demand is low and buyers have the upper hand — not to mention most of the

Read More