Pet Friendly Portland

Portlanders love their pets, and summer is the perfect season to spend some quality time with a furry friend or family member. Whether you’re up for a snack, a stroll or a snuggle, our fair city fits the bill.

Tin Shed Garden Cafe

Tin Shed Garden Café has been featured on both national and local television, and is known as one of Portland’s most dog friendly spots.  Bring your pooch anytime, but keep in mind that Tuesday night is Dog Lover’s Night and with every human meal purchased you get one free doggie meal! Tin Shed.

Gabriel Park

The 1.7 acres of land that is now Gabriel Park was purchased by the city of Portland in 1950 for $120,000. Centrally located in SW Portland between Vermont and Canby Streets, dog lovers can treat their pups to a lush, off-leash area from 5 a.m. to Midnight every day. Gabriel Park.

Purrington’s Cat Lounge

And, not to leave the kitty lovers out, we’re sure fond of Purrington’s Cat Lounge.  In the mood for a “meowmosa” along with your feline fix? They’ve got you covered! And, best of all, every cat at Purrington’s is adoptable. A truly unique Portland experience for a great cause. Purrington's.

Why Bother to Stage?

"Why bother in this market?" is what I was asked at a recent dinner party. And really one would have to be living under a rock for the last six months to have missed that we are in the hottest market since 2006. So why bother to stage, dear reader, when the belief is that everything is selling as fast as the proverbial hotcake?

The average days of market time for all Portland listings so far this year is 68 days. This includes the good, the bad, and the ugly. My average is 18. Virtually all my sellers agree to do some form of staging on their properties.

Very few of us live in homes that are "ready for their closeup." There are all manners of staging devices that can be employed; from supplementing the homeowner's existing art and furniture with a "re-arrange" of the home, to full staging of a vacant home. Every buyer shops- and screens the use of their valuable time prior to any home visit, first online. If we cannot create excitement online through our photographs we cannot get them into the home. The more buyers we get into the home in the shortest amount of time, the best chance we have of getting a full price offer and competing offers.

Every buyer asks the magic question, "How long has this house been on the market?" It follows then, if a house has been on the market- in this market, even past a week or so, the buyer thinks "If no one else has bought it for this price, why should I?" I never like to invite lower offers on my listings.

Staging gives my photographer something great for me to market, an aspirational home that sets us apart from hundreds of other listings, our competition. The National Association of Realtors finds that not only do staged homes sell 80% faster, they do so for up to 11% more return.  That's because a well staged home creates excitement and desire. It shows buyers how spaces can be used, especially those awkward spaces that we lived with or underutilized.  Potential homeowners do not have to guess if a king-sized bed fits or where to place the sofa. They are that much closer to imagining their life to-be.

In the end, most of my clients that are selling have somewhere else to go, and what they redeem from the sale of their homes is very important to them in terms of realizing their next dream. And that is why we bother to stage.

What's New in Design

Philips Lighting has rolled out a new product- lighting installed into carpeting.  There are multiple applications including everything from news alerts to way finding in buildings...

Read more here.

May 2015 Market Action Update

Hottest markets in the nation? That would be Denver and San Francisco with a 10% plus gain over this time last year. The same source ranks Portland at 7th with a 7.1% increase in the same time period. Redfin reports a surge this year in buyers in the Bay area searching for homes in other tech towns including Portland. One of the questions I've added to my conversations with buyer's brokers making offers on my listings is "have both buyers visited the property?" ---lest one go into contract inadvertently with buyers offering to purchase only based only their online views of a home. With "sale-fails" as high as 17% now, one often does not need to take this risk.

I've had buyers actively seeking the walkability of Hawthorne, while other clients look to sell and seek escape from a neighborhood more alive with traffic and life than they are accustomed to.

It's quite common for sellers to choose to keep their property's available for offers for up to a week in order to ensure they can select the best terms for their homes. On the other hand, this can give the buyer the opportunity to visit the home more than once and ponder how much heart they wish to put into a given home and how strong their offer should be to acquire it.

Terms of Endearment: Cash

Why, I'm asked often now, is cash such an important term to sellers today? Isn't it the same net for sellers when you finance?

The answer is no, it's not the same net. With many homes going over list price, a seller accepting the highest offer may run into trouble when the buyer's lender sends the appraiser out to assess the value. It's difficult for appraisers to keep up with value in an ascending market, so the appraisal may come in low and put the sale in jeopardy.

A cash sale means no appraisal, so no one else determines the value but the seller and the buyer. Therefore the sellers net can actually be higher with no risk to the seller in maintaining the offer at the same price as when it was submitted. Minus the lender, a cash offer can also close very quickly. I had one transaction with an offer on Monday that closed that Friday.

What to do when competing with a cash offer? There are terms that one can offer within the contract even when financing to address the challenge of the appraisal. There are multiple opportunities within the sales contract that can also appeal to the sellers needs. Long story short, though cash offers are around 25% in some areas of Portland, remember that 75% of offers are being accepted with financing.

Don't give up hope, a good strategy on how to use the contract to your advantage when constructing an offer can still be very persuasive.

Better Than Dwell: Rediscovering Van Evera Bailey

Portland born Van Evera Bailey is lesser know than contemporaries, Belluschi, Yeon and Zaik, but made significant contributions to the style of Northwest Regional Modern architecture. His career began in the late 1920's and spanned another 40 years including numerous commissions in Palm Springs and Pasadena.  Shown here is his David Eyre house featured in Better Homes in 1954. Using our primary local material of wood rather than copy the brick or stucco styles of other regions, he created stunning rooflines taking into consideration our famous rain, adapted buildings with extensive stilt-work to extend buildings over our hillsides, and created closely seamed window glazing to bring in our amazing outdoor views inside.

For the first time ever, Restore Oregon has arranged a self guided tour of his homes on May 9th, with a complementary program/lecture the evening before featuring an expert panel.  I'm a proud sponsor of their mid-century tour this year and a wholehearted supporter of Restore Oregon's effort to preserve our architectural heritage.  Restore Oregon MCM Tour.

What's Hot in Portland's Live Kitchens

Have you ever stood in someone's kitchen with their hood fan turned on and suddenly had to yell over the noise? Or perhaps yourself had a fan, intrusive as a jetliner, that you would rather put up with the smoke than turn it on? Avoid similar costly mistakes by visiting a "live" kitchen such as Basco or Eastbank Contractor Appliances.

There you can actually hear the fan when it's on, you can test the simmer setting on the gas range and see how amazingly fast an induction stovetop boils water.

Plus, you can see and hear about the newest in appliances. Sub Zeros are making a comeback from their heyday, offering an array of finishes to blend into your kitchen.  The opposite is also available with retro style refrigerators in a crayon-like array of colors. Warming drawers are all the rage to protect your food from the shock of hitting a cold plate, internet connectivity is becoming more common and one of the biggest trends? Steam ovens. Michael Ringo, has been at Basco in the Pearl for many years recounted how his rep for the steam oven brought in a chicken, first steaming it to keep it moist and then switching to regular heat to brown the bird. Customers are coming in requesting it for healthful preparation of vegetables and reconstituting dry bread.

There are multiple kitchens set up throughout the stores, making such a visit a must whether choosing a single appliance or re-doing ones kitchen. For anyone that's a cook, it's kitchen Nirvana.

March 2015: Market Action

It's pretty inescapable news that Portland's real estate inventory is low, but it's now confirmed at 1.9 months in March, the lowest level since 2005. Closed sales are up 32% over March 2014, and average Days On Market lessened by 6 days from the previous month to 75.

North Portland is also trending very hot with the lowest DOM of 35. This is pretty spectacular, considering this includes averaging market time of properties that started out overpriced or in poor condition. The neighborhood of St. Johns looks to increasingly show the pressure of a market whose prices that have heated up in other areas,  forcing sales into an area that has been overlooked and undervalued for some time. With a New Seasons opening on Lombard and the main street infrastructure already in place in the town's center, more changes in the neighborhood look pretty certain.

Read the whole Market Action report here.

The Inside Scoop: What You Inherit When You Buy

New construction should be easy, right? But a recent transaction proved otherwise when I looked up the permits and found a good half dozen open. The inspection discovered the builders subs had forgotten to install the ceiling and floor insulation, plus the usual punch list items. Another wrinkle was the shared garage, which I knew the lender would require a recorded upkeep agreement on.  To further add complications, the neighboring property had closed without concluding similar issues and was none to happy with the builder.

At a certain point, the only leverage the buyer has are strong contract terms and closing. Whether the property has open permits, un-permitted additions and remodeling or water in the crawl space, the purchaser owns these issues, along with the home, once they have closed.

In our case, this transaction required almost daily phone calls to check in with the listing broker and press for progress. At times it seemed unlikely that we would actually close, but close we did, with all the important items finished, and some very tough and savvy buyers that know what they bought, all of it.

February Market Action

This market's February beat last February 2014 pending sales by 37% and closings by 12%, in a demonstration of the strength of this year's market.

A look at Portland's areas show the lowest days on market in NE Portland at 60, as compared to the market's average of 81 days. These DOM reflect both the home that sold in four days with multiple offers and the home on the busy street with orange shag carpeting that was a bit too ambitious in it's pricing.

Sellers, yes-  it is much easier to get your home sold in the current market. However, the time spent in preparing it properly can mean the difference of tens of thousands of dollars in your net proceeds, so this is no time to be complacent if you truly wish to capitalize on your investment.

Buyers, don't be disheartened. The time spent in discussing a good strategy ahead of looking at any homes, and recalibrating often, can mean all the difference in your success.

The Inside Scoop: Real Cash Sales & Imaginary Offers

Cash sales have added to the heat in Portland's real estate market in all price ranges, including the very top.  As I've perceived this even more over the last year both while reviewing offers as the listing agent, and competing against cash with purchasing clients, I decided to do a more definitive search and look at harder numbers. I looked at two search areas, greater SE Portland and SW Portland with the same parameters; $300-900,000 in the last three months. Of the 212 sales in SE during this period, 23% were cash. In SW there were 259 sales and 18% of those in cash.

Why is this important? What does it mean?

With appraisals not able to keep up with rising values in some of our hottest neighborhoods, such as the Hawthorne area, it's safer for a seller to accept a cash offer as no bank appraisal is involved. As a buyers agent, cash will often dominate over a higher offer with conventional funding because of this reason.

That is why I have instituted making a practice offer on an imaginary house ahead of waiting to write once we have found "the one" when time is short and tensions are high. I can go over all the possible terms that can be changed on the offer, giving us the luxury of deciding ahead what the buyer is both willing and able to do.

Many colleagues are reporting their clients will lose the first house because of this unfamiliarity.  While I wish I could wave a magic wand over a client's bank account, this is the next best thing.

Home Sweet Home vs Lumber Liquidators

I toured a home in the Rose City area with clients last year that had something akin to that "new car smell,"  instead with fresh paint.  After a few minutes in the house my eyes began to water.

The house was new construction, Craftsman style. The gleaming surfaces and open floor plan was appealing. But on closer inspection one could see the cabinets, built-in's  and box beamed ceilings were painted MDF.  New carpet covered the second floor rooms.   Even though the house was fully staged, the windows both up and downstairs had been left slightly ajar.  The only natural wood product in the home was on the floor, finished a dark contrasting tone.  In short, it was clear the house was filled with the off-gassing of the compounds used in all the finishes, more so than I had ever experienced in ten years of real estate work.  I had serious concerns about my clients considering moving into this house, as it was impossible to say how long the house would be so toxic, so I advised against this one.  The listing agent asked me to leave the doors and windows open.

Recent headlines have reported Lumber Liquidators as selling laminate flooring product with high levels of formaldehyde, bringing this topic to the fore again. While we now know that "new car smell" are VOC's from new materials used in their manufacture, what we did not know was that we were inhaling chemical compounds. These compounds are in everything from non-flammable pajamas and new mattresses to simple paint and are not heavily regulated in our country.

In today's marketplace, there are often alternatives choices that one can make when choosing finishes and .  Green homes not only have higher standards for energy savings, but also address cleaner air. It gives the saying "home sweet home" a whole new meaning.

Mangia! Portland Dining Month

Three courses at some of Portland's finest restaurants for $29, including one of my personal favorites, Bar Avignon.  I would say more, but I don't like to talk with my mouth full.

See menus here.

PNCA's New Building: Artfully Brought Back to Life

PNCA, Pacific Northwest College of Art, had it's beginnings in the Portland Art Museum and has been at 12th and Johnson since the late 90's. The Johnson property has since been sold and PNCA has officially moved into it's stunning new digs at 511 NW Broadway, near the North Park Blocks. This 34 million renovation, includes new architectural elements by Brad Cloepfil of Allied Works, as well as uncovering gorgeous period details from the original 1919 building, formerly a US Post Office.  Newly named the Arlene and Howard Schnitzer Center for Art and Design, this location doubles the Johnson square footage and features public spaces on the first two floors including a cafe.

The area is shaping up to be an art hub with their nearby partner the Museum of Contemporary Craft and the student housing on the Park Blocks, aptly called Arthouse.

Our North Park blocks are polishing up beautifully.

ADU's Are Trending Hot

ADU's are accessory dwelling units. Not such a sexy word, but the concept is exciting. The data from  2013 shows that the average cost of a detached ADU costs $90,000 and $45,000 for attached (basement) units.  Rental income looks to offset the payback period at under ten years with a good income flow to follow.  The only only city with more ADU's than Portland is Vancouver, BC.

Aside from potential housing to keep aging parents nearby, another concept of the ADU is to live in the primary house  while renting the ADU and when one wishes to downsize,  move into the ADU and begin renting the primary house.

Because Multnomah county is promoting denser housing, the normal $8,000-$13,000 fee of System Development Charges have been waived through July 2016.

With the trend of ADU's picking up speed, there is a local blog devoted to the many details of the process and what looks to be a really interesting ADU tour in NE and SE Portland coming up at the end of May which includes a workshop.

National Radon Action Month

There are so many misconceptions about radon, especially where it's likely to be in a home. Many buyers ask if a radon test is necessary if there is no basement in a home. Yes, it is.  Some clients may have seen this Portland map which may lead them to think they are not in a hot area and therefore that a test may not be necessary. Yes, it is.

Fact: radon is the second leading cause of lung cancer in the U.S. Fact: radon can be in any neighborhood, one home can have it while their neighbor may not. Fact: tests have become easier, more reliable and mitigating radon is relatively simple.

Here's a link to the EPA's site on radon. If you would like to test your home, contact me and I will be happy to share some vendors that can test for you.

http://www.epa.gov/radon/nram/public.html

December Market Action: What the Future Holds

 

The tea leaves of the coming year must be read by looking over the past 12 months, and even the years before. A striking note is the decrease in inventory over the last 3 years. Inventory simply means that if no other homes were allowed to enter the market place, how long would it take the existing homes, or inventory, to sell? A past truism is that the market is evenly divided between buyers and sellers at 6 months of inventory. A simple comparison showed 2012 with the lowest level at 3.6 months up to 7. 2013 gave us 3 months of inventory below three months with a high of 4.7. 2014 gave us 6 months of inventory below 3 months. Clearly the tide has turned and as Warren Buffet so graphically put it, the time to buy real estate is when the "blood is running in the street", as the lower inventory and improving market have increased our prices.

For the mortal souls among us whose real estate holdings are our primary residences, one does not go flying about buying and selling, trying to time the market. One buys and sells as our lives evolve. For buyers in this market, it requires a great partnership with a realtor who can get you in a property the first day it's on the market, guide you in writing a skilled and compelling offer, and helping to get on the other side of the inspection period without medication.

On the listing side, one must maximize a homes strengths while trying to diminish possible objections ahead of going on the market. While the inventory is very low, buyers are more discriminating than in 2006 when anything went because values were going no where but up. Today's buyer knows that is not so, and poor locations or conditions that are not addressed will end up creating a property to push DOM (days on market) beyond the norm.

We expect steady appreciation, and hopefully on a more sustainable level over the next several years. Portland is proving to be an attractive place to live, as our burgeoning traffic suggests. It does cause one ponder strategically the next big move. Urban and walkable? Or bucolic suburb and a longer commute?

Read the whole Market Action Report by clicking on the icon above.

Fireside Chat

You know those gorgeous Portland spring days when you forgive every drop of rain you've ever experienced? Yesterday was one of those, and luckily I had a lunch date with two wonderful former clients at The Fireside on NW 23rd. It seems a far cry from the sad days when businesses here were closing left and right. Across the street is the mega popular Salt and Straw and the newest Bamboo Sushi and now the former Music Millenium (where I pored over many a CD back in the day) has risen from the ashes to return as The Fireside.

It did not disappoint. The decor is modern but very northwest at the same time. Sadly, I could not partake of the cocktails, which I understand are fabulous, during my lunch, but the food was well priced, and up to the standards that Portland restaurants must meet now- super fresh and top quality ingredients, well prepared. Both veggie and meat options are well represented. Next time, where's my cocktail?

How I Spent the Last Eight Years in Real Estate

My last few years in the Portland real estate market have been my busiest, so as I re-commit to my updating my website, I can't help but ponder on the past a bit before I move forward.  I came into residential real estate as the market began to heat up in 2005. Over the next year the market shifted and very soon offer writing became very competitive, and strategies such as presenting them in person to the sellers when allowed, shortening inspection periods or waiving contingencies, and figuring out what the seller needed so as to get ahead of the competition were necessary for success.  Conversely, when the market grew tougher I was able to win a lot of concessions from sellers on behalf of my clients that were buying. Concessions in price of course, and something the market press seemed to ignore, large repair concessions such as completely replacing siding and comprehensive general repairs. In the slower market days there was a huge gap between sellers and buyers. Sellers all too clearly remembered what their neighbors house had sold for, compared to what it what it would sell for in later days and perceived a huge loss before even putting a home on the market. Buyers  were few and very wary of purchasing a home that was priced too high. What if they lost their job and needed to re-sell? Suddenly that home on a busy street that would have sold in a day, was all but unsaleable except at a huge discount. Buyers did not want to be in a precarious position and were adamant that the risk of buying a home would be minimized by their insistence on value, location and condition. Negotiating between these polarized points became a skill that I had to hone again and again. I've wonder if during this period that perhaps I should have introduced myself as a professional negotiator rather than a Realtor. I've found it so valuable to the outcome of my real estate transactions that several years ago I earned a designation in negotiation techniques. It's made performing my job much more effective.

As a listing broker, I've always enjoying preparing homes for the market and photographing them to entice the most visits and attract offers. The slow market for sellers convinced them that this was both necessary and effective. Pre-inspections gave the home-owner a little more control over the buyers inspection and repair process and a better chance of success with nervous purchasers. Through it all, buyers were still buying and one needed simultaneously to earn their trust and desire for the home.

Now that our market has improved, I see a mix of the heydey skills and the tough market skills are needed. Counseling clients, both buyers and sellers, on what to expect and to prepare for before we even begin is very important to their success. While good properties are selling fast, staging can still effect the quality of an offer or whether one can get multiple, over-asking price offers. Condition is still important. Qualifying the right buyer in a multiple offer scenario is also important. Do you want to take your home off the market only to have the transaction fall apart weeks later, losing market momentum and affecting the price? For buyers, while many homes receive multiple offers, one offer is still being accepted- how can it be our offer? How can we be the best qualified buyer? There are strategies that can and must be discussed before one is in the throes of the market.

What did I learn about real estate during the last several years in both "good" and "bad" markets? Residential real estate is about where we live, and where we live changes no matter the marketplace. Every transaction has been an opportunity to improve my skills for my own sense of satisfaction and influence a good result for my clients. In one of our slowest real estate years, 2011, I reached number one in sales in my office of fifty and the top ten percent of my company, a company that is at the top of sales in the Portland market. I'm not able to choose the real estate market conditions that I guide my clients through, but it feels very good to know they can be navigated no matter what the conditions are. Noticing and responding to those market conditions requires both command and subtlety. Based on the last eight years I know that change is coming and constant and manageable and no matter what they call it, it will never be boring.

East Bank Delights

If you haven't made it over here aside from an OMSI visit, you really must check out the great finds of the Eastbank area, just off the Water Street Exit of I-5. My favorite yoga place, Yoga Bhoga moved here some time ago, now it's been joined by Water Avenue Coffee, Bunk Sandwich Bar, and now Clive Coffee and the brick and mortar address of Boke Bowl.

Most people have heard of Bunk Sandwich Bar, whose first place on SE Morrison was a breakout success with lines out the door for their sandwiches featuring everything from pork belly to meatballs. Water Avenue is absolutely one of my favorite coffee shops, with it's dense yet smooth coffee which is house roasted and it's quietly hip environment.  Clive Coffee opened next door, a beautifully appointed shop selling everything necessary for making good coffee at home as well giving "home barista" classes. You can take home a coffee maker ranging in price from $18 to $6,500 along with well designed cups to hold your coffee in.

Boke Bowl opened it's much anticipated ramen shop, after "popping up" in several established restaurants and taking over their kitchens for the day. It does not disappoint. Pretty simple, choose your broth bowl, add extra fixings if you like, and slurping happiness is a sure thing. We chose the fried chicken and cornmeal fried oysters for sides and were very happy. The design of the restaurant is fun as well with it's bright pops of orange, a mix of communal and small tables and even their own hot sauces to spice up your bowl

The Eastbank Commerce Center across the street also holds Fleur Dy Lys nail studio, a super hip nail place that is the antithesis to the local mall nail factory and Clark Lewis restaurant- the first sign of civilization that appeared years ago in this very cool industrial setting.