An Act of Protest

Business often takes my up on Skyline, a beautiful drive once I pass Cornell and can enjoy the valley views and notice how the trees are changing with the seasons. I always notice the little fruit stand on the corner of Skyline and Cornell across from Skyline Restaurant, but I'm often feeling too rushed to stop. Determined this summer to eat my share of all the wonderful fruit and berries available, at last I applied the brakes here to check out the offerings. Always one to look for amusement during my day, I had to remark to the owners of the stand, Tim and Jerry, on their bold ensembles. They explained that, tired of seeing potential customers pass by, chatting on their cellphones or off in another world- they decided that by god they weren't going to take being invisible anymore without a fight. Hence, some of the best food stand clothes you'll see anywhere in Portland. And how can you miss them now? Stop by and check out the fruit, flowers and honey- all seasonal and local.

Arlington Heights

Someone needs to open up the upstairs of this home into a great room, it's begging for it. Panoramic views of Mt. Hood can be enjoyed next to the 1960's fireplace, but the generously sized kitchen doesn't share them. Built in 1963 this home also has great potential for a mid-century makeover. The basic layout is good, rooms a nice size, the kitchen especially and over 3,000 total square feet. A great deck off the living area shows off the view. With some money and imagination this home could be wow. $649,900

Terwilliger Heights

Situated just above Terwilliger near the Chart house, I viewed another European style home today, this time a stucco Meditteranean. This house is more beautiful in than out, or maybe I just don't care for this umber color, but I was quite pleasantly surprised by it's light filled living room and stately fireplace. Room after room, the proportions and grace of this home impressed. A nook off the kitchen, a generous dining room that demands family gatherings and dinner parties. Decks and patios surround the home and beckon you to open doors and windows to enjoy the outside. This home was listed last year for over a million. Current price $820,000

Terwilliger Heights

An English style in Terwilliger Heights packs a lot of living into 2,600 square feet. Four bedrooms are spread between three floors with a pretty romantic master suite on the top floor- make sure you open the rest of the pictures. While the living room has a nice feeling, I especially liked the family room below, which is completely finished with built in shelves and currently is set up into a media room, where I can see myself settling in to watch some great film. A whole other world opens up behind the home with a deck, hot tub, barbeque pit and children's play structure. $599,950

Raleigh Park

On a great street in my neighborhood of Raleigh Park, a charming family home has just been listed. The english style gives it a lovely curb appeal and I feel at this price it's not going to last long- completely level almost half acre lot, with four bedrooms, an office and a family room downstairs. The updates are tasteful and true to the 1940's time period- the kitchen has subway tiles on the backsplash and a cute dining nook that overlooks the backyard. The neighborhood has it's own elementary school, library, park, and tennis courts and has also been a favorite for families whose children attend Jesuit which right nearby. Move in ready, except for the downstairs which could use some sprucing up. $549,500

Maplewood

Said to be a hunting lodge in a former life, this 1915 home is not to be missed. You could easily forget you're in Portland, and feel transported to a French or English village with it's swaths of lavender in the garden and the high beamed ceilings in the living room. The owner (a broker in my office) has just redone the kitchen with some very high end materials including a copper countertop area, double built in ovens, and a corner fireplace. All the floors have been replaced with wide plank hardwoods. Situated nicely in it's third of an acre lot, beautiful views of gardens greet one through most of the homes windows. Although the floor plan isn't typical, with two bedrooms down, and one up- someone is going to fall in love with this home in a big way. $675,000

Emily Jane Part 2

 

Stage two in my jewelry transformation in which I have raided the dusty recesses of my jewelry box and brought two necklaces to Emily Jane to have her way with. I have pretty much convinced myself that despite the cost of choosing two of these designs, that my Realtor skills will improve and therefore others besides myself will benefit. I am also shopping locally, re-using, and supporting the economy.

Now that I'm there, the six lovingly drawn sketches of possible designs to be have arrived, and I would welcome your choice of what your favorite is among these. A little imaginary shopping trip. Look at the designs, choose your favorite, and be automatically entered to win a $50 gift certificate for your own piece at the famous Emily Jane studio on NE Broadway at 15th Avenue. Simply reply to this blog post, leaving your comment and indicate your choice by the design number. View the sketches.

A Dubious Green Product?

For years, most of us have gotten used to strong smells in the house- and I'm not talking about your brother's socks. From the seemingly innocuoust Pine Sol aroma that hovered in the air for hours, to the smell of fresh paint, or newly finished floors and new carpet, we didn't have the perception of these as being potentially dangerous chemicals "off gassing" into the air we breathed every day. Interior quality is just as important as smog when you think of how many hours we spend inside.

I never would have realized as a Realtor and a homeowner  how fascinated I could become with insulation, R values, vapor barriers,or tankless water heaters and heat pumps. My "Energy IQ" classes had me going around checking my home appliances with a Kill-O-Watt.

A recent OregonLive article wonders if green broker certification is meaningful. While I have also seen my share of dubious green products, such a semi-disposable bamboo plate, my green designation does offer both my buyer and seller clients an entry into the world of green real estate, heightening my ability to point out the plusses and minuses of new construction or how to re-use an existing property, and bring it up to speed with better insulation.  Read OregonLive article and my comment.

Market Action: June 2009

No one in real estate will tell you it's an easy time in our industry right now, but there's no arguing with some positive trends showing in the Portland market when you look at the numbers. Inventory is one of the most important gauges, as the law of supply and demand has not overlooked the real estate market. June 2009 has us at 8.2 months, down for the fifth straight month from January's 19.2 months of inventory.

We're not seeing prices rise yet, in fact the average sales price is down from last year at this time by 14%. However, every month we get closer to the magical number of 6 months inventory where the balance is more equal between buyer's and sellers- will influence the price. Sales are up from last month 24.5% and listings are down- more depletion of the inventory may continue.

Looking at a few individual markets, SE Portland reigned last month in closed sales at 240, with an average of 113 DOM (Days on Market). Let's compare that to Hillsboro at 105 closed sales for May and 166 DOM. West Portland sales in general are down 13% from last year. This makes sense since the average price in W Portland is $421,200 compared to SE Portland at $261,300, with a large portion of the current sales with first time home buyers driving the market. 

Could there be a "trickle up affect?"  Complete Market Action June 2009.

Departure Restaurant & Lounge

I'm certain employees must past a stringent beauty test to work at the latest see and be seen lounge in downtown Portland, known as Departure. Is it Portland? Yes and no. It's Portland, because of our recent penchant for modern and mid-century architecture. And it was designed by local Jeff Kovel of Skylab Architecture. The wow reviews he got for the design of the Doug Fir Lounge, which he also co-owns, was apparently just a warm up. Arriving by special elevator from The Nines lobby, one exits on the new 15th floor into a Battlestar Galactica walkway. When your eyes are just getting used to the dim lighting, you enter into the spectacularly bright bar area abuzz with said beautiful servers, and Portlanders dressed beyond our usual standard. If you've been saving a chic outfit for an occasion, it will be appreciated here. Though they call Departure a restaurant, I would confine myself to an appetizer or two and have dinner elsewhere- the offerings are tasty but precious and expensive- decidedly not Portland.  Don't let that deter you. Get yourself up to that 15th floor, put yourself on the waiting list for the east deck with its sweeping views of the city and river and enjoy our beautiful city with beautiful people. We have one more reason to feel smug about living in Portland. See the "Galactica" entryway and more pics.

Portland Heights

At the tippy top of Patton, near Talbot, lies a the very exclusive street of Brentwood where you can spy a few homes that look like they belong in Beverly Hills. This new listing has nearly 7,000 square feet of living space and five baths. Perfect location for working downtown or at OHSU, or not having to work at all.  $1,895,000

Green Hills

Right on Greenleaf among some extremely valuable real estate, lies a special home waiting for someone to bring it into this century. The home sits on a rather narrow lot, and the home was obviously a bit wedged in here. But never mind the flocked wallpaper, carpeting covering the hardwoods, and the chandeliers. This home would be lovely for a young family, single or couple, and some money invested could bring a nice return. Unseen price in Green Hills $649,000

Portland Heights

This home has a great feeling as soon as you come in the entryway. Where it really hits you is when you reach the kitchen/great room area. With the high ceilings, and light coming in from the french doors you can really imagine that this is where you would spend your time. Stepping outside, a water feature relaxes and reduces noise from Vista, and to the right a charming potting shed speaks to the many plantings about. Over four thousand square feet do not include the third floor studio where one is sure to write a best seller. Well priced, in fact- already pending at $850,000

Vermont Hills-Maplewood

Continuing in this area, I made an unplanned stop this home on Cullen. I must say, I wasn't very excited about it, given the multiple steps that somewhat mar it's curbside appeal, but once inside I was quite surprised to find a well thought out floor plan, and many high end finishes- the master bath being especially appealing. Four bedrooms upstairs come off a open central area as opposed to some narrow hallway. If you don't like the exterior paint color, it is to be painted prior to closing. Seems high for this neighborhood, but definitely look at the pictures- that bath! $534,900

Vermont Hills

I started out the tour this week with a little listing from my office- always intriguing to see what is close in for under $300,000 in the SW. The home sits on a very quiet street, very close to Multnomah Village. It seems a good choice for a first time homeowner or perhaps a student- especially if they choose to rent the top floor which has it's own separate entrance, kitchen and bath. A very sweet little backyard is also a plus. Because it's on the small size, and the unusual set up, it will probably take a special buyer. $279,000

Emily Jane: Jewelry Transformation

I don't consider myself a huge jewelry wearer or a jewelry hound- in fact I find the whole process of selecting something valuable that I am supposed to like for the rest of my life quite intimidating. So I tend to wear the same pieces over and over, rarely looking into that dusty jewelry box reminding me of past mistakes. Since re-using and buying local is such good practice, I have turned to one of the few places I actually find enjoyable to shop for jewelry- Emily Jane, to refashion some 80's jewelry into something I would actually wear.

Emily Jane on NE Broadway doesn't put their wares, cold and aloof under a sheet of glass where one must ask to touch and only guess about prices. Instead, all the jewelry is arranged in large jewelry boxes placed around the room, inviting you to open all the little drawers like a treasure hunt and try things on as you please. A little hand lettered sign invited me to bring in dated jewelry to be turned into something wonderful here at the shop.

A flashback brings me to my years in Riyadh, Saudi Arabia. I had purchased a few pieces at the souk (market) and believing myself to be playing it safe, had chosen a single strand of pearls and a thick strand of freshwater pearls. Unworn twenty-some years later, and with my friend K along for emotional support, we brought the 1980's spoils into the shop for Jane MacLellen and her staff to work their magic on. Sitting at the counter, Jane took note of my personal style and asked lots of questions about my likes and dislikes, eventually bringing out different materials for possible use in the transformation and staging them next to the pearls in question. I had no worries about how the assortment of chains and baubles might look, but only what I found appealing. We discussed price ranges based on my choices, which materials would eventually be chosen, and the difficulty of execution. 

The next step? In two weeks I will get to look at several sketches of each piece and make my final choice. I can't wait to see- stay tuned. Pictures of dull 80's jewelry begging for shoulder pads and potential new materials.

Appraisal Issues Arise

A recent Ninja conversation.

I'm sure those of you who have taken advantage of some of the recent low interest rates to refinance have discovered that even a well qualified buyer has many hoops to jump through, not the least of which is having your home appraised. Many home owners are loath to pay for an appraisal unless they are sure there are comparable properties available to support the refinance. Fewer sales recently have made that challenging, and even when found appraisers in general are much more conservative with their values than in years past.

In my business, appraisals have been affected by the Home Valuation Code of Conduct, HVCC. adopted by Fannie Mae and Freddie Mac in May of this year. To assure that lenders could not have an undue effect of valuation of a property, lenders cannot directly select an appraiser or had any substantive conversation with them regarding the valuation. While in theory, one would applaud this measure, in reality those in the field have found 1) appraisals taking longer to come in, and  2) appraisers coming in from out of state and relying on internet information to make their appraisals.

I've found it all the more imperative to check with lenders before writing down a closing date on behalf of buyers who are writing a purchase agreement. I've also been alerting both buyer and sellers to the fact that a home priced over market value is much less likely "to appraise" and proper pricing is imperative unless one hopes to sell to a cash buyer (not so likely) that doesn't need a loan, or a buyer that has all cash doesn't care how they throw their money around (again, in a buyer's market not so likely).

Appraisals, and how they shape a transaction, is another important thread in the tapestry of real estate in today's market.

Souvenir: Who Care's What's Inside?

My husband went on a work related "field trip" to Seattle last week and left me to figure out how the sound system works on our home theatre system. You'd think I would know after living here for four years, but that's not the story. While in Seattle, J bought an anniversary gift for me from a small shop suitably called Souvenir on Ballard Street. The gift was wrapped in packaging several feet high and appeared to be encased in glass. It was so beautiful, I couldn't open it while in my bathrobe, and feeling like I had to dress up to open it, I waited until the evening. I've never done that in my life. And seriously, I really didn't care what was in it, it was a miracle just to look at it. Please go to Curtis Steiner's website, the owner of this remarkable shop. A true artist, he exhibits at the Seattle Art Museum, and a video of the installation called "Blocks" can be viewed from the website- an extraordinary kaleidescope of designs that can be made from 1000 identically patterned blocks, as well as a fascinating YouTube interview with the artist.

Now that I know how to work the sound system, I think these trips are a good idea. Don't you?

Arlington Heights View Property

There are a few mid-century homes in Arlington Heights, and this property, perched at the top on Canterbury takes advantage of the Mt. Hood view through great picture windows that surround the living room/great room- this is the killer room, or the heart of the home as I like to say. All on one level, three bedrooms follow each other down the hall, and a nicely done office/bonus room with it's own bank of windows was built over the garage. There is a bit of flat yard, so this home would be perfect for a small family, single or couple and seems easy to maintain on it's compact lot.  $689,000

Arlington Heights

This 1929 English style sits beautifully on the lot and has tremendous curbside appeal with it's mature landscaping. Standing in the entryway and moving right towards the large living room, one can spy the covered terrace that runs the length- an appealing summer area to have drinks while overlooking the garden and water feature below. From there, flow into the formal dining area, and the (smallish) kitchen with it's nook, and completing the circle a cozy study. The upstairs reveals three very generous bedrooms, while the downstairs houses a family room with a built in media area and access to the English style gardens with it's clipped hedges. Quite satisfactory, if I wee bit high on the price- but just listed at $849,500