Portland Shopping at Canoe

Recently I needed a place to purchase a client gift and was reminded by a friend of Canoe in downtown Portland. Of course! There's a great mix here of the beautiful and the practical, many times both are achieved in a single piece, such as their Heath pottery collection. From modern birdhouses to tiny bud vases, items are usually both functional and beautiful and are priced well for token "I'm thinking of you" gifts through extravagant "Making a statement" gifts.

It's just the kind of place where you'll see something that you realize, quite suddenly,  you cannot live without.  More pictures and gifts.

Portland's Z Haus Hits Dwell Magazine

Named the "Z-Haus" because of the six zig zagging rooms that are held together by half levels of stairs, this multi-level home is a great example of thoughtful, green infill building in Portland. Featured in this month's Dwell magazine, the uber modern home has already had it's fair share of recognition, being one of the few chosen each year on the popular Street of Eames tour. There were five of us in my car for the tour this past spring, and the Z Haus was at the top of the list of everyone's favorite.

Not just one home, but two homes attached at 2,816 square feet each, they somehow manage a certain homey quality that many contemporaries do not possess. Both homes had a pleasant deck or outdoor space that opened off of the kitchen-great room giving an informality that my companions and I responded to.

The homes are individually owned, and on their own tax lots. One of the owners is the designer and architect, Ben Waechter of Atelier Waechter here in Portland. The homes have many energy saving features.

Portland makes national news again. Read the whole Dwell magazine article and find out what a TPO roof is. 37th and NE Mallory

Portland Tile Goldmines

If only we had as much diversity in our furniture choices as we have in tile here in Portland. Craftsman homes visit their beloved Pratt and Larson, and we are lucky enough to have Ann Sachs in the Pearl which features some local artisans tile work.

However, if you are even thinking of going with a modern or minimalist look for your home, Pental's showroom on Yeon is the destination. Modern mosaics that mimic vintage wallpaper, glass rectangles, river stones, and stainless steel have unlimited potential for combining a personal look. Organic shapes and patterns offer softness to what often becomes a bare and cold feel. The staff is helpful and warm as well. More photos.

Credit & Real Estate Pitfall: What is Your FICO?

Last month I blogged about FICO scores, what they were and their importance. A great article by Joe Nocera in the NY Times illustrates the unreasonable power the FICO score can have in today's market place, a place where the pendulum has overcorrected itself far to the right of the market heights. Even if you are not thinking about buying a home, it's more critical than ever to look at and correct an incorrect credit report- before you need to. Mr. Nocera's credit report found him living at his sister's address, not owning the home he lived in and working not at the NY Times but at Rite Aid. A must read.

Portland's Mortgage Credit Certificate

This may prove to be more beneficial to Portland real estate than the recently expired federal tax credit, so why have most buyer's never heard of this program? Mostly because most lenders have not become approved lenders for the MCC. The MCC is a federal program managed by the state that allows a homebuyer within the city limits of Portland to receive a yearly tax credit for 20% of the interest owed on the loan- as long as they own the home. Lenders in this program may use the 20% credit to allow the buyers to qualify for a larger loan by taking the 20% credit into consideration for the buyer's income. The buyers may still claim the remaining 80% of the interest for tax purposes.

There are income restrictions and a price limit, but this is a fabulous bonus for 1-2 persons earning up to $71,200. I was made aware of the MCC by Bertha Ferran, our Windermere in house lender, who was instrumental in opening up this program for Portland real estate purchases. Details.

Portland Mid Century Find

Alright, it's not that fabled find at the garage sale where someone puts their father's mint condition Eame's chair out on the curb for $20. With the heightened awareness of the growing appreciation for most things mid century, that fantasy is fading fast.

But where to find that perfect Danish original mid century dining table and chairs? That perfectly shaped sofa with upholstery that doesn't look like shredded wheat? Look Modern to the rescue. Every piece on display is in first rate condition, and most upholstered pieces have been redone with a very good sense of vintage texture and fabric. No chachki shop here, this is truly a furniture store with coffee and dining tables, sofas, and sideboard/credenzas with a smattering of lighting and decorative wall pieces.

The prices reflect the condition, with some lower cost finds in the back room. If you have more good taste than time and luck this is your best bet for mid century modern furniture in Portland. SE 8th and Clay

Portland's Newest and Oldest Beginning Cyclist

Flying down hills with the pleasant sound of gears and spinning spokes and the wind rushing past was exhilarating- a few decades ago. Still, somehow the urge to relearn to ride a bike, and learn the first time to use those seemingly complicated gears, was so compelling that even the threat of road rash could not prevent me.

I'm discovering what the national media has been saying for years, Portland is a great cycling town. While I'm not sharing the main roads with all those distracted realtors driving around, just last weekend found me on the Springwater Corridor for 15 miles and the Banks-Vernonia state trail for 18 miles. Both are great paths for all levels of cyclists including children. The Springwater gives some beautiful views of the city by OMSI and takes you past the summer sounds of screams from the Oaks Park roller coaster into Gresham.

We got  on the Banks-Vernonia trail at the Manning trailhead and cycled through some lovely wheat fields before heading into the shade of the Stub Stewart State Park and it's towering conifers.

While it's babysteps for now, who knows? Cycle Oregon next year?

Portland Market Action June 2010

Last months Portland real estate market was a bit of a puzzler, with a few mixed signals. While prices seemed to increase 5% from the previous month, pending sales are down significantly from this time last year. However, pending sales grew by 8% over last month's pendings and closed sales increased 13% from June 2009 to June 2010

Listings, having descended every month since the 12.6 months of inventory in January, to 7 months in May, inched up a bit in June to 7.3. Average DOM (days on market) are down to 121 days from 147 days last June.

SE Portland took on the most new listings last month at 3,079 while N Portland put on the fewest at 1,055- with N Portland also still holding the lowest DOM at 74.

The next few months data will tell us a lot more regarding a firm direction the Portland real estate market is taking, post the end of the much ballyhooed tax credit. Read the entire Portland Market Action report.

Note: My DOM are running half of the market average.

Portland's Professional Kitchen

As someone seriously interested in food, I'm bit sheepish that I haven't been to Rose's Equipment and Supply before. A family owned business, the folks here just couldn't have been nicer to us- even when we checked out with our teeny purchases that were dwarfed by some of the immense items for sale here for professional kitchens and restaurants.

From the very best spatulas and pancake turners, cookie sheets, thermometers and storage containers to huge mixers, meat slicers and panini machines, Rose's has everything you can possibly want for the kitchen. Super sturdy, and meant for heavy use, both prices and value were excellent. Many things such as the sturdy and affordable plates and cutlery are good match for the home kitchen. We were lusting quite a bit after a gorgeous deep fryer that puts anything you can get at most kitchen shops to shame. Imagine the amazing tempura, fritto misto, fried chicken or fish and chips we could make! At the moment though, we couldn't quite justify the expense- at that moment anyway.

SE 2nd & Clay, Open half days on Saturday

Portland Play Day

What can be more fun than having the better part of a day to just explore the east side of Portland? J and I started off at the corner of SE 13th and Lexington and our friend B's wine shop's Saturday for a little wine tasting and to pick up a case of wine. When hunger hit, we wandered over to the food carts across the street. urban'wiches has a really tasty pressed Cubano sandwich featuring several different kinds of pork, cheese and thinly sliced pickles.

With a fast approaching food coma coming on, a simple cross of the street takes you to coffee at Blue Kangaroo- peek in the back and watch them roasting a batch of coffee beans.

Heading up to Hawthorne, we stop in Lounge Lizard which I have always meant to visit and never have.

We  find a great mid century light fixture and the owner goes in the back and brings us out two more- all for just over $100. This place is fun and pretty well edited with vintage kitchenware, sofas and chairs, and of course- a kitschy 1970's painting of a group of owls, which is so awful it's almost enjoyable. Thankfully, now we can replace some horrid builder's lights the previous owner of our home had so egregiously installed in our downstairs.

Further north, there is a great stretch of newish shops on N. Williams just south of Shaver where I headed to buy a gift certificate at Tasty n Son's. All the rage, John Gorham's new undertaking is open for daily 9-3 with a full bar ready to deliver some hair of the dog cocktails with your brunch.

I have lusted after Ink and Peat's edgy floral designs after seeing them at Street of Eames, and have made several orders over the phone, so I was very happy to finally visit the shop in person. I was surprised to see the shop was not strictly modern, nor just floral, but also gift shop with a rather vintage feel, the kind of place one can find a sense of discovery while browsing about. Owner, Pam Zsorsi was (bravely) one of the first businesses on the street shared by Lincoln, Pix Patisserie and the aforementioned Tasty and Son's.

I highly recommend a visit to this enclave.

Portland Art Museum

In growing older and perhaps more tolerant,  I find R. Crumb's artwork to be accomplished and intriguing as opposed the reaction of shock or revulsion his graphic cartoons provoked in me during the 1970's. The exhibition running through September 19th at the Portland Art Musuem features hand drawn panels from Crumb's new Book of Genesis. The artwork is unmistakably Crumb's but restrains itself from the obvious salaciousness he may have employed in the past.

Many chapters of the fifty produced for his graphic novel are on display, illustrating the first book of the bible with faithful word by word text. My step-daughter commented that was the only way she would be interested in reading this text, giving us the impetus for some very interesting conversation afterwards.

Congratulations to the Portland Art Museum for bringing us a show that is less blockbuster, more accessible and a bit edgy.

Mid Century Sweat Equity

Here is another home full of potential with some unfortunate representation. This home in Raleigh Park was built in 1952 and should hold some mid century charm, but alas, time and unfortunate remodels have taken it's toll so the home is reduced to 70's formica and linoleum and borders on fixer. There is a cool fireplace, but the brick has been painted out and there appear to be some hardwoods. Why should I even mention this home? It has great square footage at 3,400, and the main floor layout is nice with three good sized bedrooms with a hall and master bath and two half baths. There is a great room off the kitchen as well as a living room with picture windows, giving the homeowners plenty of room to spread out. The home is in a sought after neighborhood with homes selling at $500 and far higher and one can put money into this home without pricing it out of the neighborhood. Just don't judge the potential by the unfortunate pictures- I will be happy to show you through it and help you with an appropriate offer. $475,000

Your FICO Score

While there are other scoring systems for purchasing a car, or your insurance rates, the one score used in real estate that will determine your interest rate is the FICO score. In the loan making days where the ability to fog a mirror may have earned a 680 score qualifying for the best rates, optimal pricing now needs 720 plus. An increment of a few points shy of that number can cost you thousands in interest fees over the course of your loan and limit how much you can borrow- and how much house you can afford.

So what is your credit score now, and what effects your score? Federal law gives you access to your credit report once every 12 months at www.annualcreditreport.com. This will allow you to see what is being reported to the three main credit bureaus, but will not give you your score which you can access for a fee at MyFico.

Five Determining Factors for your FICO

1) 35% is based on your payment history for all accounts.

2) 30% is based on the amount you owe on revolving accounts (includes same as cash offers).

3) 15% is based on how long you have been using credit.

4) 10% is based on your applications for new credit

5) 10% is based on types on credit used (mix of credit).

A good place to start is to look at your free credit report yearly and clear up any errors on the report.

How can FICO scores be improved?

Keep payments current and avoid late payments, especially 30 days late. Keep credit card debt below 30% of the credit limit. Limit applications for new revolving debt- credit cards, department stores, etc., especially if you are considering a home purchase in the near future.

(Source: FICO)

Interior Designers Shop the World

How do you make your multi-million dollars house stand out from the rest? Hire your decorator to scour the ends of the earth to select tile straight from the quarries of Italy, oversee just the right color of hand glazed tiles in India, and choose the "just right" patina on reclaimed centuries old teak from Indonesia. Plan on flying your designer first class, and paying $350 an hour or $5,000 a room. Read the NYTimes story on the new Trophy Hunters.

Seattle Exploration

Three whole nights in Seattle recently gave us ample time to explore and re-explore some of our favorite sights with Jeff's mom and dad. Surprisingly, one of the most stunning places to visit is the central downtown library.

Yes, the library. Opened in 2004, it is quite an experience. A series of screens shows the titles of books being checked out in real time. Neon escalators take you past projected images of eyeballs.

It feels like being in a space age church of books.

Shopping on Ballard Avenue is like our NW 23rd but higher end. You must go into the jewelry store called Souvenir- the jewelry is displayed so artfully, one just marvels as much as the display- such as the store windows, as the jewelry itself.

A short jaunt down to Tacoma, to the Museum of Glass was my second visit there, which was more enjoyable than the first.

I enjoy the Hot Shop where one can watch the visiting artist explain the process as you watch the team blow and work with the glass. A treat was the featured artist Preston Singletary, a Tlingit glass artist who interprets the medium to appear as bone, wood, and other natural materials. Exterior stairs take you up past a huge silver dome that covers the Hot Shop, and surprisingly puts you on top of an overpass featuring a wall of whimsical vases.

While I've enjoyed Armandino Batali's (yes, Mario's dad) fine sausage at restaurants, we finally got to enjoy the shrine to cured meats at it's source, Salumi.

It was extremely casual dining, with a line of staff standing behind the  counter making sandwiches to order while another line of customers snakes slowly into the narrow space, crammed with diners. We enjoy eating both low and high on about any part of the hog, so the experience was fun.

Other stops? Pikes Market, the outdoor Sculpture Garden, and views from Queen Anne hill. Other restaurants enjoyed were Lark, Serious Pie, Spring Hill, Le Pichet, and Campagne. See all the sights and get inspired for your next trip north.

Borrowing Lower Energy Costs

Many of us live in vintage homes with varying degrees of insulation and energy efficiency. Among that group, many of us would like to make our homes more efficient but lack the resources to make those changes, instead paying high energy bills month after month (after month).

One remedy that may fit some homeowners and small businesses is the GreenStreet Lending program at Umpqua bank- a joint venture with Energy Trust of Oregon. The program makes loans to qualified customers from $1,000 to $50,000 for improvements such as insulation, air and duct sealing, windows, solar energy systems and efficient heating and cooling systems.

The loan can be secured by your home or unsecured, though the rate is currently 8% for an unsecured and 6.75% for a secured loan set up on auto pay. Of course a home equity line may still be an option and the current rate is about 5% right now.

If you are considering improvements along these lines it makes more sense to take out such a loan rather than put these improvements on a credit card with rates in the double digits. For more details check out the GreenStreet Lending website, or speak to a real person as I did this morning:  Aaron Labadie of Umpqua Bank at 503-449-2027.

Radon: Not Limited to Basements

Be prudent and consider have your home tested for radon. The EPA estimates lung cancer, as a result of exposure to radon, the cause of over 20,000 deaths a year. A naturally occurring gas, radon is pulled into the home when slight pressure differences between the home and soil allow it to be pulled inside in a vacuum-like effect.

This can occur whether your home is on slab, over a crawl space, or you have a basement.

Consider having your home tested for radon. My own home, in zip code 97225 is on the list for "moderate potential" for radon in the Portland area. Before purchasing the home we had it tested and lab results showed higher than recommended levels of radon in the daylight basement. Echotech performed a remediation service and I feel so much better about my family's everyday health. Testing is easy and relatively inexpensive.

If only they could remove "those last few pounds" as easily.  Enlarged map of affected zip codes.

Street of Eames Private Dinner

Street of Eames has kicked off it's fund raising this year with a private dinner at the John and Karen Hoke residence. Their ongoing fundraising plan, as the Street of Eames wrapped up their final tour this year, is to raise funds through private dinners at architecturally important homes as well as lectures.

The Hoke's home was designed by award winning architect, Jeff Kovel of Skylab Architecture among whose designs include the Departure Lounge and Restaurant and the Doug Fir.

Dinner will be multi-course and wine paired courtesy of Naomi Pomeroy of Beast restaurant. Naomi is a 2010 finalist for the James Beard Foundation Best Chef: Northwest and is featured in "O, The Oprah Magazine" in the April 20 2010 issue. The restaurant describes itself as "frank in our appreciation of meat", and Naomi caused a bit of a stir with an advertisement that featured her cradling an expired pig. It was a beautiful picture that was not appreciated by all.

Just a few tickets were left as of yesterday, with tickets costing $450 per person, with most of the ticket price tax deductible.

A more affordable evening an June 2nd at Rejuvenation features architect Saul Zaik at 6:00.

Market Action April 2010

March, and now April have been extremely hot in our local real estate market. Starting in January we had 12.6 months of inventory, and by April that had been whittled down to 7.3%. Compared with April 2009, closed sales jumped up by 49% and pending sales jumped by 60%. We are still taking into account the first time home buyer's credit which required buyers to have a contract by April 30th and to close on that home by June 30th, 2010. Looking at the May sales will be imperative in judging whether prices have dropped enough to have a substantial pool of buyers long term.

Case in point, one of the slowest markets in the last year has been Lake Oswego and West Lynn, with DOM (days on market) at well over 200. The year to date average sales price has been $461,000. Sales are up in that area over 84% from last year with DOM down to 147. Are these first time home buyers or have we reached a good intersection of more affordable prices combined with low interest rates? At this sales price, it certainly points to a more affordable market.

North Portland has the lowest prices in the close-in Portland area averaging $232,000 for this year with a very respectable 77 days of average market time. North Portland also has much fewer active listings, at 498 compared to over 1,000 in most areas which probably effects the demand.

Although we are connected as a whole, every area of town has it's own eco-system of sorts- an important factor when pricing a home.