The Residential Real Estate Crash Index Message Board

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Strategies & Market Trends : The Residential Real Estate Crash Index

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To: koan who wrote (265529)	8/1/2010 2:48:18 PM
From: pstuartb	Read Replies (1) of 306849

a house in Portland, Oregon and it took two years to find There are plenty of houses available in Portland. I've lived in my neighborhood for 16 years and I rarely saw a for sale sign for the first 14 years. In the last year or two, for sale signs have been springing up all over the place. I'm reasonably certain it's because people are underwater on mortgages they can't afford anymore. I also see houses on the market for quite a while, like a year or more, and it's common now to see sellers drop their prices several times before they finally sell. Portland also has a glut of condo space from overbuilding in the last 6-7 years. A number of major condo high-rises in the downtown area have had to convert to apartment status because they can't sell the condos. And the buildings have significant vacancies. Property prices in Portland are protected to some degree by the Urban Growth Boundary, which limits sprawl by making it difficult to build outside the boundary. The Portland area didn't have the huge run up in prices like the places that are in disaster mode now, and it's probably one of the better markets on the west coast. Even so, prices have dropped by about 20% across the board in the last two and a half years in the Portland metro area. The Mount Tabor neighborhood has always been in relatively high demand. The lots are fairly small there, with most of the houses having been built around 1900-1920. It's a fashionable, gentrified neighborhood and someone focusing on an area like that might have to look for a while. But supply there doesn't translate to the rest of the Portland area very well. $350k will currently get you a 2800-3000sqft house built in the last 10 years in the Portland suburbs, and you wouldn't have to look long. Congrats to your kids, sounds like they got a nice place.

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