Portland Real Estate This Week Stats May 14, 2012

Portland Real Estate  Real Estate Stats for Week of May 14, 2012

On my other blogs I post current week stats.  I didn’t realize I’ve never posted them here for Portland. There have been weekly statistic posts for West Linn, Lake Oswego and Tigard, but this time here’s one for Portland.

*CLICK ON IMAGES FOR LARGER VIEW*

SOURCE: ALTOS RESEARCH AND TICOR TITLE

ALL ABOUT…..Portland.Oregon Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

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I’ve written several blog posts about home inspections that include sewer scopes, sewer party lines, etc.  Now come some changes that you should be aware of within the City of Portland.Portland Real Estate Rules Change For Sewer Lines.allaboutportlandoregonrealestate.com

The City of Portland recently altered several rules that cover sewer work in the public right-of-way. These rule changes have the potential to drive up the costs and complexity of sewer construction and repair work that occurs beyond private property lines – including sidewalks, curbs and streets.

Portland Real Estate Rules Change For Sewer Lines

One of the sewer inspectors I use for my home inspections (sewer scopes) just posted an article about new changes by the City of Portland.

Here is a look at some of those changes and how they impact contractors and property owners.

Any time sewer work extends beyond the property line, a right-of-way sewer permit is required from the Portland Bureau of Development Services. Projects that require such a permit include:

  • Repairs of existing private sewer laterals under sidewalks and streets,
  • All connections to public sewer mains and sewer service laterals,
  • Relocations of existing sewer service laterals from curb line to the main,
  • Connections to existing sewer service laterals extended to private property,
  • Construction and/or extension of sewer service laterals to private property for future use, and
  • Repairs of existing private sewer lines in the right-of-way.

All permit recipients are required to determine the depth and location of existing sewer services in the area before conducting sewer work. An inspection of the existing private sewer line is also required to verify that it is clear of obstructions before repair or connection can begin. The city also recommends that contractors verify existence of sewer services in the area by calling the Bureau of Environmental Services.

The recent rule changes take effect once repair or construction of a sewer line is under way. Some of the changes with potentially big impacts include elimination of spot repairs in the right-of-way, restrictions for sewer pipe materials allowed in the right-of-way, possible requirements for additional clean-outs, and encouragement to replace nonconforming (party line) sewer connections with connections that meet current code.

Spot repairs prohibited in public right-of way

Until recently, when a sewer line in the public right-of-way required repair, a contractor was allowed to isolate the problem and excavate only the area needed to expose the affected area. New rules require that any repair or connection to a new system in the public right-of-way be done with pipe of the same material and extend to the face of the curb.

This effectively requires the contractor to expose and replace the pipe from the curb to two feet beyond the sidewalk into the yard. Such a repair will be much more costly, in particular because sidewalk panels frequently must be replaced.

New materials requirements

Restrictions now exist for the type of pipe material that can be used when making a repair or connection to a sewer line in a public right-of-way. The newly approved pipe material may differ from the minimum standards accepted by the city’s plumbing code for private property.

For example, ABS pipe is no longer approved for use in the public right-of-way because of the city’s concerns about possible material fractures. More costly PVC or HDPE pipe must now be used. This also requires contractors to install more expensive and labor-intensive transitional couplings when connecting lines made of different materials.

Additional clean-out requirements

Sewer clean-outs may be required to be installed at the curb under a new rule being considered by the city. While this rule is not being enforced yet, the city is seeking input about it. Many contractors believe that this is not necessary and would only add more cost to a typical sewer repair because installation of a clean-out is already required where the sewer line enters the house or building on private property.

Nonconforming sewer line replacements

Otherwise known as party lines or private utility lines, these sewer lines are shared by two or more private properties access the public sewer system through a private sewer line in the public right-of-way.

This was a fairly common approach when much of the housing stock in Southeast and North Portland was built in the 1920s and 1930s. These lines are mostly made of clay or concrete pipe and now are in need of replacement as the material begins to break down underground.

Since 2008, the city has conducted a letter-writing campaign requesting that property owners replace nonconforming sanitary sewer connections with connections that meet current code. According to the city, the goal is to encourage conversions of nonconforming sewers before emergency action is required because of property sale, redevelopment, infill development or failure of aging sewer connections.

Some of these rule changes are now being enforced, while others are merely being considered by the city. In all cases, the city is soliciting input about them from people who may be affected.

Reprinted from Soil Solutions

Comments can be directed to either Lana Danaher (503-823-5775 or lana.danaher@portlandoregon.gov) or Joe Blanco (503-823-2059 or joe.blanco@portlandoregon.gov) at the Bureau of Environmental Services. Both are quite knowledgeable about sewer permit requirements and are great resources for contractors.

Also, information about sewer inspection, line repair and replacement is available at www.soilsolutionsenvironmental.com.

Tony Bustamonte is a principal and co-founder of Soil Solutions Environmental Services.
Contact him at 503-234-2118 or at tony@soilsolutionsenvironmental.com.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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If you checked my Facebook page for this blog, you saw I posted the latest RMLS™ Market Action Portland Real Estate RMLS Market Action Report April 2012.allaboutportlandoregonrealestate.comReport for April 2012 there yesterday early afternoon. I post it on my blog Facebook page before I write about the most recent Portland real estate market report here.

Portland Real Estate RMLS™ Market Action Report April 2012

It is no surprise to me if you’ve been reading my blog that we are now down to 4.7 months of available homes for sale in our metro Portland real estate markets.  In checking our RMLS™ hot sheet daily, and as I’ve been reporting here since last fall, I have seen very few houses come on the Portland real estate market for sale compared to the large number of sales being made.

We are now officially in a sellers market.  Under 5 months of inventory favors sellers. However, far too many have lost their homes in foreclosure or a short sale.  And, although prices are edging up, we are still a very long way off the prices we saw during the housing bubble. Prices we may never see again. Yesterday, however, Mark Zandi, Economist for Moody’s, announced that the housing crisis is in fact over.

Portland Real Estate April 2011 vs. April 2012

Accepted offers increased by a whopping 18% this April compared to April 2011, and closed sales increased by 13.1% from last year as well.  I see this trend continuing as we are in our busy buying season.

Portland Market Time

What does surprise me, however, is that the number of days on the market hasn’t dropped by very much as yet. Currently, I am seeing houses come on the market and sell within 0-4-16 days.  Or, at the very least, considerably less market time than last year. This April the days on the market is still at 123 days compared to 153 days in April 2011. If this sale activity continues, watch for the average days on the market to drop as well.

Now Is Still The Time To Buy And Sell

Yesterday I closed a transaction for a buyer who got a 3.8% loan on his purchase and a another buyer got 2.75%!!!  I would say excellent interest rates. Affordability is at its highest in decades, and with these interest rates, it is a good time to buy.

Want or need to sell? We are still seeing multiple offers, shorter market times, and a back-log of buyers (and sellers) in our Portland real estate market. I see this good market continuing through the end of the year.

Economists have said that values will start going up in 2013 and we are already seeing prices increasing in some of our neighborhoods (albeit we have a long way to go). I will post my buyers, sellers and balanced Portland real estate market post that I always do in the next couple of days showing which areas are really “hot”!

Portland Real Estate RMLS Market Action Report April 2012

Here is the complete Portland metro RMLS Market Action Report April 2012.

People don’t like to hear the “buy now chant”, but it is a great time to buy and a great time to sell Portland real estate.

Need a buyer’s agent or an analysis of what your home is worth today?  Give me a call at 503-804-9685 I’d love to be your REALTOR®!

Are You A First-Time Homebuyer?

If you’re wanting to purchase your first home, here’s how I can help you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Portland Real Estate Greenest City In America

Why We Love Portland, Oregon – Greenest City in America 2012

Source In Part: About NW Real Estate

Travel and Leisure readers recently voted on the Greenest Cities in America and Portland, OR was selected as the top city.

Portland, OR, rated America’s No. 1 greenest city, where every day feels like Earth Day. One fourth of the city is shaded by tree canopy, and the ground itself features 288 parks. The Heathman Hotel, near light-rail and streetcar stops, completed a green overhaul and now even recycles “gently used” soap and shampoos, having them treated before sending them to area shelters.

Portland has a long history of focusing on practices that have made it one of the most environmentally friendly and liveable cities beginning when it was first laid out in 1910. City planners opted to make the blocks about half the length of other city blocks and to set a boundary to prevent sprawl. The smaller scale also makes possible for more natural light to be brought into both buildings and on the streets.

Portland boasts more than 315 miles (510 km) of developed bikeways to accommodate leisure bicyclists and the nation’s highest percentage of bike commuters (7%). It was also the birthplace of the FlexCar.

Portland literally has you covered with green space: one fourth of the city is shaded by tree canopy, and the ground itself features 288 parks—including the world’s smallest dedicated park, the 24-inch-long Mill Ends Park. Portland also ranked at the top of the survey for its mass transit and near the top for its groovy, offbeat locals, known for their DIY spirit and cycling culture.

Portland’s building policy encourages green design features, which has helped put the city in the top ten for most LEED-certified buildings in North America. Portland’s Oregon Convention Center was the nation’s first convention facility to receive LEED certification in 2004. The nearby Rose Garden, the city’s largest entertainment and sports arena, is LEED gold certified.

Check out this video on how Portland is building itself green.

If living green is important to you, then Portland should definitely be on your list or places to live.

Moving To Portland Relocation and Moving Guide

If you’re planning a move to Portland, I’d be happy to send you my moving and relocation guide to assist you.  Give me a call at 503-804-9685.

Are You A First-Time Homebuyer?

If you’re wanting to purchase your first home, here’s how I can help you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Here are the latest stats for Tigard real estate for the week of May 11, 2012:

Portland Real Estate This Week Tigard Stats May 11, 2012

Tigard Stats (Click on image for larger view):

Portland Real Estate This Week Tigard Stats May 11, 2012.allaboutportlandoregonrealestate.com

Portland Real Estate This Week Tigard Stats May 11, 2012.allaboutportlandoregonrealestate.com

Portland Real Estate This Week Tigard Stats May 11, 2012.allaboutportlandoregonrealestate.com

Source:  Altos Research & Ticor Title Company

Are You A First-Time Homebuyer?

If you’re wanting to purchase your first home, here’s how I can help you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Every year I post the top builders in the Portland-Vancouver-Beaverton area. This year, I think, I’m late in posting that information.  However, here are the top builders for 2011 per Construction Monitor.

Portland Real Estate Top Builders 2011


New Construction on An Upswing

Sectors that are improving in new construction are green construction, multi-family and commercial. Nationally, the new home sector of housing was among the worst hit during the recession, but there are signs of life and this spring there are indicators that new housing construction are more optimistic and positive, a hopeful sign for the real estate market. The number of jobs in the construction field are also increasing, a good sign for the housing market.

New Home Inventory Low

Overall here in Portland, our inventory of houses for sale is at 5 months and the new home inventory is at an all time record low.

Housing Market Improving

Total job growth continues upward, providing added consumer confidence and pushing personal income up.

No one is anticipating that an upward path for housing will run in a straight-line trajectory. The economy is in an uneven recovery and we can expect some corresponding ups-and-downs in the housing market in the months ahead.

However, the National Home Builders Association believes that on the whole, we can expect a slow and gradual recovery in housing starts, home sales and the overall housing market in 2012.

Looking For A New Portland Home?

If you’re searching for new home construction anywhere in the metro Portland real estate markets, give me a call at 503-804-9685 and I can get you the new homes that are for sale.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Portland Real Estate For Mother’s Day 2012

Happy Mother’s Day to all the Moms.

Portland Real Estate For Mother's Day 2012.allaboutportlandoregonrealestate.com

 

Heirloom Rose Sale

I took this photo last year at Heirloom Roses. They have had a sale and it ends today so take Mom to buy some rose bushes. Here’s the Heirloom Roses link.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Portland Real Estate Building Envelope Inspection

Yesterday, I took a class to obtain credit hours for my license renewal and its topic, in part, is something that I know a great deal about. But, there’s always something to learn and I learned Portland Real Estate Building Envelope Inspection.allaboutportlandoregonrealestate.comsomething new again in this class.

Buying Portland Condos

On this blog I’ve written many posts about buying condos in our metro Portland real estate markets and have stated that buying a Portland condo is a lot more involved than just buying a house so I created a separate category just for that. You can find those past posts here about buying condos.

I’ve sold a zillion condos since 1975. Well, maybe not zillions, but a lot of them. Over the last several years, and most recently, there have been construction defects and lawsuits on brand new condo projects that I am aware of around metro Portland. There have also been many older projects that have had major assessments against owners for repairs that were needed and some of the assessments have been high dollar amounts.

Portland Condo Building Envelope Inspections

When you buy a condo during the full home inspection the inspector will check the complete interior.  I have inspectors check the outside of the unit that is being purchased as well.

What’s A Building Envelope Inspection?

But, what about the entire project? What about the specific building your unit is in and should you even care about the condition of the other units? Did your complex have a building envelope inspection?

You should be concerned and aware of any problems anywhere in the complex, or in any building, as it can become your problem as well even though you only own one unit. If there is a major building construction defect and repairs need to be made, if the condo reserve account doesn’t have enough money to pay for those repairs, everyone in the project will be assessed and will be held responsible for that amount.

A building envelope inspection is pretty much what the name implies.  It is an inspection of the entire project, to determine any construction defects or repairs needed to the buildings and common elements.

If it is new construction, the developer/builder should be held accountable to have a building envelope inspection and make repairs before turning it over to the HOA. I can think of several projects, particularly one in Lake Oswego that had water intrusion in the new condo development.  I don’t know if 1) there was a building envelope inspection or 2) if the HOA or the individual buyers requested one. Had there been a building envelope inspection prior to turning over to the HOA, perhaps a lawsuit could have been avoided. I don’t know the full story or the particulars, so I can only speculate.

Years ago I had a condo listed in Portland that was an older project and they had just completed their first building envelope inspection. That inspection revealed major defects and each homeowner was assessed $35,000. Had new buyers asked for a building envelope inspection prior to their purchase and there was none, perhaps the buyers would not have purchased.

Buying A Portland Condo

Regardless of the age of the condo complex, you should request a copy of the building envelope inspection, along with all the other documentation you should receive when purchasing a Portland condo that I have mentioned in my blog posts.

Need MORE Help?

If your condo project is experiencing some of these issues, be it a brand new project or an older one, if you are a manager or HOA and you need assistance with collecting unpaid assessments, interpreting and enforcing rules, rewriting governing documents, have homeowner association or condominium association issues I can provide you with attorney referrals who specialize in the practice of Homeowner Association Law.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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Portland Real Estate Distressed Non Distressed First Quarter 2012

Our RMLS™ posted the following information for distressed vs. non distressed properties for Q1 2012:Portland Real Estate Distressed Non-Distressed First Quarter 2012.allaboutportlandoregonrealestate.com

Portland Real Estate Distressed Non Distressed First Quarter 2012

Here are some additional facts about distressed residential properties in the first quarter of 2012:

All Areas when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012

  • When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 0.6% (29.5% v. 28.9%).
  • In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.0% (40.9% v. 38.9%).
  • Short Sales comprised 15.0% of new listings and 13.0% of sales in 2012, down 0.2% and up 2.7% from first quarter 2011, respectively.
  • Bank Owned properties comprised 13.9% of new listings and 25.9% of sales in first quarter 2012, down 0.4% and up 4.7% from 1first quarter 2011, respectively.

Portland Metro when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012

  • When comparing the first quarter of 2011 to 20112 distressed sales as a percentage of new listings decreased by 0.5% (31.5% v. 31.0%).
  • In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales decreased by 2.5% (41.7% v. 39.2%).
  • Short Sales comprised 16.1% of new listings and was down 0.2% from 2011. However, the percentage of sales rose from 9.9%  in 2011 to 13.5%  in 2012, a 3.6% rise.
  • Bank Owned properties comprised 14.9% of new listings and 25.7% of sales in first quarter 2012, down 0.3% and 6.1% from 2011, respectively.

Clark County when comparing percentage share of the market 1st quarter of 2011 to 1st quarter of 2012

  • When comparing the first quarter of 2011 to 2012, distressed sales as a percentage of new listings decreased by 4.6% (39.7% v. 35.1%).
  • In a comparison of the first quarter of 2011 with the same period in 2012, distressed sales as a percentage of closed sales increased by 0.3% (47.8% v. 48.1%).
  • Short Sales comprised 23.8% of new listings and was down 0.6% from 2011. However, the percentage of sales rose from 17.1%  in 2011 to 20.4%  in 2012, a 3.3% rise.
  • Bank Owned properties comprised 11.3% of new listings and 27.7% of sales in 2012, down 4.0% and 3.0% from 2011, respectively.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

 

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I’ve written many posts here and on my other blogs how McMansions are being torn down to create more housing, how shopping malls are being reconfigured for living quarters and now right here in our own backyard, there’s a new idea being nurtured.

Portland Real Estate Reuse Recycle For Housing

A former high school, that consists of twelve two and three story buildings, was shut down in 1981 that sits in a Portland SE inner-city neighborhood, is being proposed for housing.

New Housing At Washington High School

Portland Real Estate Reuse Recycle For Housing.allaboutportlandoregonrealestate.com

Photo Credit: blogtown.portlandmercury.com

Washington High School, at SE Stark and 11th, has an active neighborhood association which for years has worked to nominate a portion of the neighborhood for being listed on the National Register of Historic Places.

Such a listing would help the potential new owners secure tax credits for redevelopment, but they will also pursue an individual listing for Washington High School in order to protect against potential demolition, as well as access special assessments and historic tax credits tied to the designation.

The building has had decades of deferred maintenance, and will require complete overdue seismic upgrades and adhere to historic guidelines. The development company will also have to decide how to transform the building – which is laid out with classrooms around a large, central auditorium – into attractive living spaces.

Plans now are for the former high school to become multi-family housing.

What do you think of recycling schools and other buildings for houses?  Would you like to live in one?

Looking For A Home In A Close-in Portland Neighborhood?

Give me a call at 503-804-9685 and I can help you.

ALL ABOUT…..Portland.Oregon.Real Estate. © Copyright 2008-2012. Betty Jung. All Rights Reserved. Use of this article, photos and images without permission is a violation of federal copyright laws.

Lake Oswego SOLD Report

Lake Oswego Homes For Sale
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