Real Estate Market

Best Portland-area Neighborhoods to Buy a House: Lake Oswego

by

The upscale Lake Oswego community, less than 10 miles south of Portland, Oregon and situated neatly between the Pacific coast and Mount Hood, offers residents easy access to season sports like hiking, skiing, and snowboarding as well as summer beaches and their quaint coastal communities which are popular year-round.

With a sweet, small-town feel, Lake Oswego (often affectionately referred to as “LO”) sits on a 420-acre lake that offers plenty of local outdoor recreation like bird-watching, swimming, boating, fishing, and more.

Best Portland-area Neighborhoods to Buy a House: Lake Oswego

Lake Oswego History

Originally inhabited by the Clackamas Indian Tribe, the town was founded in 1847 and incorporated as Oswego (named after Oswego, New York) in 1910. The city was the hub of Oregon’s brief iron industry in the late 19th century. When the railroad arrived in Oswego in 1886 it provided a direct link to Portland. Train traffic reached its peak in 1920 with 64 trains to and from Portland each day. Under a decade later, the line was retired, but has been preserved with the Willamette Shore Trolley continuing to offer scenic trolley rides.

Local Lifestyle

Surrounded by pristine natural beauty, LO is home to numerous golf courses including the Oswego Lake Country Club, a members-only club that debuted its greens in 1924. Their historic clubhouse followed soon after in 1925. On the other side of the lake sits the Lake Oswego Public Golf Course which operates as a city-owned 18-hole course.

With 24 parks covering 600 acres in total, including the 53-acre West Waluga Park, there’s no shortage of beautiful outdoor space to enjoy. The city of Lake Oswego boasts amenities including the Roehr Park Amphitheater, a swim park open during the summer months, a water sports center that is home to Lake Oswego Rowing, outdoor and indoor tennis courts, as well as picnic shelters, playgrounds, and more.

The tight-knit Lake Oswego community loves to come together to celebrate holidays, the changing of the seasons, and more with numerous community events planned throughout the year including local favorites: the Star Spangled Parade and Celebration for the Fourth of July which kicks off from Millennium Plaza Park, free Summer Concerts Wednesday nights in July and August, and Moonlight, and free, family-friendly Music Concerts Sunday nights through July and August. There are also Summer Movies in the Park, and the Holiday Market and Holiday Tree Lighting.

The Farmers’ Market  is so popular that folks will drive in from Portland proper each Saturday from May through October to shop with over 80 local vendors selling just about anything one could need for the home, kitchen, and pantry including meat, chicken, eggs, nuts, cheeses, artisan breads, fresh-made jams, pastries, seafood, crafts, and more.

LO also boasts a small but thriving arts scene with Lakewood Center for the Arts putting on regular performances and an annual Festival of the Arts. ARTSpace hosts rotating exhibitions and is open free for a public reception the first Friday of every month.

Best Lake Oswego Neighborhoods

There are 27 recognized neighborhoods in Lake Oswego, all of which have access to top-rated schools and community amenities.

Kevin Costello of Hasson Company Realtors says, “There is a renaissance happening in downtown Lake Oswego right now and the charming First Addition neighborhood is perfectly positioned to enjoy it. Restaurants, shops, concerts, lake views, and public library – are all within walking distance. With that in mind, the demand for housing here exceeds the supply with little end in sight. Motivated, patient buyers can find their dream house here, at a premium.”

Although this area as a whole is rated as ‘car-dependent’ with a walk score of 36 a transit score of 26, and a bike score of 47 there are a number of neighborhoods that are developing more walkable areas for residents such as the Foothills and Evergreen neighborhoods with walk scores of 73 and extra-swank Lakewood with a 72 walk score.

Lake Oswego Schools

LO is served by the Lake Oswego School District. According to GreatSchools, some of the highest-rated schools in the area include Forest Hills Elementary School (public, K-5), Oak Creek Elementary School (public, K-5), Lakeridge Junior High School (public, 6-8), and Lakeridge High School (public, 9-12). Local private school options include Our Lady of the Lake Catholic School (private, K-8), Westside Christian High School (private, 9-12), and Park Academy (private with Dyslexia focus, 3-8 and 9-12).

Lake Oswego Real Estate

While Lake Oswego is known mainly an affluent community with high-end real estate prices to match, there are still opportunities to purchase in this community for under $200k with condos or townhouse options. That said, fully 50% of all currently listed LO properties are priced at $1million and up with the highest-end property currently listed at just under $7million.

As of this writing, according to Zillow, the median Lake Oswego home price falls at $641,000 landing at $282 per square foot on average, about $55 more than that of Portland.

Veronica Park, Principal Broker with Cascade Sotheby’s International explains this exceptionally healthy real estate market, “Even during the downturn, the home values in Lake Oswego were barely affected. The schools are exceptional and all that the community offers, be it the Farmer’s Market, the Park & Rec programs, or the strong community involvement, Lake Oswego is consistently a great place to buy and live. I’m proud to work and live in this wonderful city!”

If you’re ready to start the home-buying process (in the Lake Oswego area or any other Portland, Oregon or Vancouver, Washington neighborhood) I’d love to help! I specialize in guiding home buyers through the mortgage process and would love the opportunity to sit down with you to discuss your home-ownership goals, answer your current questions, and help you determine exactly how much home you can afford. Feel free to drop by my office at 1238 NW Glisan Suite A in Portland’s Pearl District, shoot me an email, or give me a call anytime at (971) 404-9844.

Best Portland Neighborhoods to Buy a House: The Pearl District

by

Hot Portland Neighborhoods: The Pearl District

Had you not lived in Portland in the 90s you might never guess that The Pearl District, a vibrant neighborhood full of high-end art galleries, expensive high rises, and upscale dining and shopping was previously the Northwest Industrial Triangle: a low-rent industrial area occupied by railroad yards and warehouses on unfinished lots.

Prior to that, the area’s long and storied history includes the expansion of Henry Weinhard’s brewery business to the point where he wanted to pipe his beer to the Skidmore Fountain in the 1860s, a turf war between two railway magnates in the early 1900s, and the notable story of one of the area’s first resident artists renting a 3,000 square foot space for a mere $100 a month in the 1970s as well as the opening  of the first Powell’s Books location.

There are numerous historical points of interest in the making of the Pearl District, but one fact that is often overlooked and rarely known is that the neighborhood is named after a real woman, Pearl Marie Amhara. Pearl was born in Ethiopia in 1936 and was described as a tall, striking woman who spoke 21 languages and was an avid women’s rights activist and humanitarian. The full story behind how the Northwest Industrial Triangle was coined ‘The Pearl District’ in 1985 is worth a read, and it’s truly fitting that one of Portland’s most unique neighborhoods is named after such an interesting person.

In the early 90s, developers began converting available warehouses in The Pearl District into open living spaces and used the term ‘loft’ to market these urban dwellings to buyers. The loft concept became so sought after that even new buildings in the area were designed in the same way. The Pearl District quickly became one of urban Portland’s most popular, and relatively expensive, neighborhoods. Because most developments in this area come from new construction, apartments and condos are relatively pricey.

This trendy neighborhood runs from West Burnside Street on the south to the Willamette River on the north, NW Broadway on the east and I-405 on the west. The area is stocked mainly with lofts (technically ‘condos’) and apartment buildings, with a few townhomes scattered in. There are no single-family homes in this Portland neighborhood.

The high cost to live in The Pearl (landing at a ‘D-’ for housing and an ‘F’ grade for cost of living) offers a balance with easy access to a plethora of local amenities. It also boasts nearly perfect walk and bike scores, and close proximity to educational institutions.

Schools In The Pearl District Neighborhood

While the Pearl District may be mostly inhabited by singles and professionals, the neighborhood does still cater to families with children, as well as university students, and offers many school options including: Chapman Elementary School (K-5, public), East-West Sylvan Middle School (6-8, public), Lincoln High School (9-12, public), The Emerson School (K-5, non-profit, charter), The Portland Chinese School (preschool-12, non-profit, alternative, private) is located on Portland State University’s campus on the south side of the Pearl.

The Pearl District Lifestyle

People who choose to buy homes in the Pearl are choosing a vibrant, urban environment and the lifestyle that embodies. Residents of The Pearl laud the accessible green space, with multiple parks throughout. Many will give up their motorized transportation and supplement walking with the exceptional public transportation options including TriMet bus and MAX train service and the Portland Streetcar. The Pearl offers engaging nightlife, an active arts, culture, and entertainment scene, diverse dining experiences, walkable shopping, and with all of this, even in this downtown environment, the Pearl can offer a close neighborhood feel.

One neighborhood resident, Jana, who moved from Vancouver, Washington to Portland’s The Pearl District a few years ago shares her reasoning behind the big change from suburban life:

“I wanted to be at the center of it all, yet still away from the crowds. I walk everywhere, I love living by the dog park, and I feel safe living in a condo building – the views from my condo are amazing! I’m also grateful for my incredible neighbors – I think we all were meant to live together and secretly I think we all know each other by our dogs’ names instead of our actual names!”

Home Prices in The Pearl District Neighborhood

Trulia puts median home prices in The Pearl at $480,000, while Zillow offers a more realistic number of $532,900. Zillow elaborates that Pearl neighborhood homes are, on average, listing nearly $50K higher than they’re selling for in the area, implying that the market leans towards buyers, or is at the very least somewhat neutral.

Those looking to purchase a home in Portland’s Pearl District will find a wide range of entry prices, with a few older, smaller options coming in at around $200,000 for a 1 bedroom, 1 bathroom and 322 square feet – scaling all the way up to top-of-the-skyline luxury at $4.7 million for 3 bedrooms, 4 bathrooms, and about 3,500 square feet.

There’s something for just about everyone in the Pearl. If you’re ready to start the home-buying process (in the Pearl District or any other Portland, Oregon or Vancouver, Washington neighborhood) I’d love to help. Give me a call to discuss your goals! Or, you can start your prequalification process right away by securely submitting your info to me using this online form.

You’re also welcome to stop by my office, which happens to be in the heart of the Pearl. I’m at 1238 NW Glisan, in the Chown Pella Lofts. Give me a ring to let me know you’ll be stopping by. I look forward to working with you!

 

Vancouver, Washington Neighborhoods

by

The Vancouver, Washington real estate market is heating up! With a current median home value of $299,000 in Vancouver, Washington, compared to an average home value of $413,300 in it’s more metropolitan neighbor, Portland, Vancouver is currently a very viable option for potential home buyers due to affordability, current and future growth potential, and a host of other positives.

Other notable figures: according to Zillow, the current average home listing price in Vancouver is $319,000 with the median sale price is a bit lower at $303,800; compared to Portland where homes are currently listed at an average price of $450,000 with homes selling at an average of $413,200.

That said, Vancouver home prices are by no means stagnant. With numerous high-end developments and upcoming projects in this part of Washington, including a luxury condominium development on the Vancouver waterfront, there is a ton of buzz right now and, relatively, increasing growth leading to more competition for properties.

Vancouver, Washington Neighborhoods

 

Hasson Company realtor, Amelie Marian works with clients on both sides of the river and understands the Vancouver, Washington real estate market well. When I asked her which Vancouver-area neighborhoods buyers are most drawn to and why she offered the following insight:

The secret is out on these charming and walkable Vancouver, Washington and nearby neighborhoods! Multiple offers on properties in these areas are becoming very common. Make sure you have a winning strategy before jumping into this hot real estate market!

Hot Vancouver, Washington Neighborhoods

Downtown Vancouver, Washington

Amelie points to Downtown Vancouver initially as the areas hottest neighborhood, explaining: “Everything is going on in Downtown Vancouver these days! There are so many new restaurants, coffee shops, bars, and shops. The Farmer’s Market at Esther Short Park is one of the best in the entire Metro area. Right now, all the buzz is around the new waterfront project of 40 luxury condos. This development is well underway and coming soon. Pricing for the project was just released and units are starting at just under $1 million each!”

Camas, Washington

Amelie finds Camas, just outside Vancouver, to be another hot spot for home buyers: “Many buyers move to Camas for the top-rated schools, but with a median sale price of $460,000 it is also at the top of the charts for the area. Along with great schools, buyers can also get expansive views and have a variety of new construction options to choose from.

Belz Place, Deerhaven, & Downtown Camas

Amelie mentioned a few neighborhoods within the Camas area as particularly hot right now, pointing out one new neighborhood in particular called Belz Place that she sees as having great amenities including a local pool and walkability to the elementary school. She also notes that Deerhaven at Lacamas Lake as being perfect for those looking for an ultra-modern aesthetic.

While there’s nothing ‘new’ about Downtown Camas, it’s populated with old buildings full of charm and history amidst an eclectic mix of restaurants, coffee shops, bars, boutiques, and more. Buyers considering Camas should be sure to spend an afternoon exploring Downtown Camas.

Fisher’s Landing 

Finally, Amelie explains that “Fisher’s Landing offers great accessibility to freeways and all the amenities on 164th and 192nd. With very few active listings and a median sale price of $358,000, buyers would be wise to be pre-approved and ready to make solid offers if shopping here. Houses in Fisher’s Landing tend to sell in a matter of days! Fisher’s Landing is also home to one of the area’s very few 55-and-over communities, Fairway Village. Centered by a gorgeous public golf course and known for being a very close-knit community, this is an especially popular option for seniors from throughout the Pacific Northwest.”

More Hot Vancouver, Washington Neighborhoods

Travis Newton, an agent with Newton Group Real Estate and a real estate investor, knows Vancouver, Washington real estate because he grew up in the area in a real estate family of three generations. Travis shared his thoughts on which Vancouver neighborhoods are hot areas for home buyers to focus on in the rest of 2018. Travis shared his list of the hottest Vancouver neighborhoods and I filled in the details. Travis seconded Amelie’s vote for Downtown Vancouver and added the following neighborhoods to the list:

Arnada

Arnada is one of Vancouver’s oldest neighborhoods and as a result boasts plenty of old-growth trees and a well-established neighborhood park. Arnada residents also enjoy a vibrant shopping district: Main Street’s Uptown Village which is populated with shops, markets, restaurants, and local doctors’ and dentists’ offices. According to a local news article, Arnada neighbors say it best, describing this charming area as “a small, self-sufficient town inside a city.”

The Parklands at Camas Meadows

By Cascade West Development, The Parklands is a luxury gated community bordering the Camas Meadows Golf Club. Home prices here start in the $900,000s. Bordering Vancouver, the population of Camas currently lands at around 21k. With numerous community amenities including lush parks with over 60 miles of nature trails, a vibrant downtown area and economy, and highly-rated local schools The Parklands is marketed as an oasis of high-end homes within a uniquely special city.

Royal Terrace

Located in Ridgefield, Washington, Royal Terrace is a brand new gated development by Evergreen Homes NW that offers larger lots backing to a lush greenbelt. With a small-town feel, an exceptional downtown area, and excellent local schools this is a neighborhood for families to consider. From the developer website: “Excellent schools support desirable neighborhoods, and Royal Terrace is lucky to have Ridgefield High School just around the corner, the new Sunset Intermediate School a 1/2 mile down the road, and the highly regarded Union Ridge Elementary School minutes away.”

Ready to Buy a House in Vancouver, Washington?

If you’re ready to buy a house in one of these hot Vancouver, Washington neighborhoods, or if you’re interested in another Vancouver-area neighborhood I’d love to help you. As a licensed mortgage broker in Oregon and Washington, I can help you navigate the home-buying process and determine exactly how much house you can afford. Please get in touch with me to get started!

Buying Real Estate with Bitcoin

by

After a very enthusiastic tip from a good friend a few years ago, I casually purchased some Bitcoin on the Coinbase exchange. At the time the cost to invest was approximately $600 for one Bitcoin. If you’ve been watching headlines at all it’s hard to miss the fact that although it fluctuates wildly, the value of Bitcoin has increased dramatically.

Crytpocurrency and Real Estate: Buying with Bitcoin

It seems that lately everyone is talking about Bitcoin, trying to figure out if it’s ‘real’ or a scam of some kind, and whether or not they should be buying cryptocurrency themselves. I’m not going to evangelize BTC, or even try to explain what it is or how it works – there are some very good resources online for information. What I do want to illustrate is that these new types of currency are poised to become a part of our everyday lives. Today, Bitcoin can be used to purchase just about anything, from a house to a cup of coffee at Starbucks – you can even spend your Bitcoin at online retail giants like Amazon and Overstock. Granted, buying a coffee is a lot less complicated than buying real estate, but both are happening and with more and more frequency.

Purchasing Real Estate with Bitcoin

As recently as the tail end of 2017 and as close to home as Tukwila, Washington a twenty-something aerospace engineer purchased a 3-bedroom house priced at $415,000 using Bitcoin Cash (BCH), an offshoot of Bitcoin. Generally, when a purchase is made with cryptocurrency (for a cup of coffee, for example) the buyer simply sends the seller the agreed-upon amount of currency directly. The seller has a ‘receiving address’ or digital wallet – expressed as a scannable QR code or a string of letters and numbers unique to their account – and the buyer sends funds to the seller from their own digital wallet using this information. In the case of the Tukwila purchase, it wasn’t as simple as a transfer of the BTC from the buyer to the seller because the buyer had acquired traditional financing on the home purchase and U.S. cash was required by the lender. The buyer’s BCH was used as an ‘asset’ to secure his loan – and then it was converted to/sold for ‘fiat’ (regular money) in order to make the actual purchase in the traditional way.

Back in 2014 a property was purchased for Bitcoin in Lake Tahoe – the price was 1.6 million dollars or 2.739 coins (based on the value of BTC at the time the purchase was made.)

There are numerous cases though where sellers put their properties on the market seeking Bitcoin specifically, and only, as payment. In these situations, buyers paid for the real estate outright with Bitcoin. In Miami, in December 2017, a 2-bedroom, 950-square-foot condominium for about 60 BTC. Or, a little farther from home, a developer is accepting Bitcoin for purchases on a project in Dubai consisting of two residential towers and a shopping mall.

In all of these cases, once the seller receives an offer he wants to accept, the transaction is, in essence, an all-cash purchase. As long as a lawyer isn’t needed it’s not necessarily any more complicated to complete a real estate transaction using BTC than it is to buy that cup of coffee – the buyer and seller simply have to agree that cryptocurrency is being exchanged and seal the deal. Although this doesn’t necessarily preclude the need for utilizing (and paying) real estate agents, inspectors, and any other specialists involved in the transaction. who may or may not accept Bitcoin in exchange for their services.

Lenders are getting in on the action as well, with players like Unchained Capital coming onto the scene. Unchained is relatively new lender offering loans backed by a buyer’s cryptocurrency assets. According to an article in Barron’s, Unchained allows buyers who own cryptocurrency to borrow up to $1 million with interest rates between 10% and 14%. The length of the loans ranges from three months to three years, rarely longer, with the principal due at the end.

Bitcoin Technology in the Real Estate Market

As the real estate market catches up to this new technology everyone from lenders, mortgage brokers, and real estate agents are taking note. One agent, in particular, has notably brokered four homes with Bitcoin. When asked what she sees as the biggest hurdle the real estate industry faces in terms of moving forward with cryptocurrency purchases, Piper Moretti states, “Bridging the gap between new technology and the “old school” way of doing business. Real estate is very slow to adopt new ways of thinking and implementing technology.” She goes on to clarify that the ‘technology’ she’s referring to is the tech backbone of BTC, called the Blockchain which she believes will, “…revolutionize all aspects of how deals get done.”

If you currently own Bitcoin and would like to learn how your cryptocurrency assets could impact your home loan or purchase, feel free to give me a call or shoot me an email to discuss.