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Important Things to Consider when Purchasing a Home!

Thursday, September 27, 2007
by Rob Levy, Prudential Northwest Properties

Submitted by Sandra Hanis

Start out with buyers tips at www.roblevy.com

If you've been renting for awhile, you probably haven't given a lot of thought to the type of heat source you want in your home purchase. Did you know heating and cooling accounts for 44 % of a home's energy use? It is not likely that that figure will go down in the years ahead!

In the Northwest you have many choices... electric, gas, oil, wood or propane. Often a buyer is so focused on the appearance of a home that they neglect to see what the heat source is. Our team of agents will note and point out the heat in a home as well as check with you to see if you have a preference. If you are from another area, you may not realize we need to be aware of buried oil storage tanks and that there are important things you need to do to minimize any future liability on a property. I am always surprised to see a recent purchase in the last 5- 10 years when a client was not advised of that by their agent...something we in the Portland area have been aware of for many years...especially in homes older than 1950.

You can easily research and be aware of heating issues and more such as: Insurance, lead paint, insulation, asbestos, windows as well as find buyer tips, financial information and more all at: roblevy.com You can always feel free to call any of our experienced agents for a free consultation to discuss your options in home ownership. 503-906-1444

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Dining in Portland Oregon - a Hidden Food Mecca!

Thursday, September 27, 2007
by Rob Levy, Prudential Northwest Properties

Submitted By Clinton Downs

“Let’s meet for food after work then?”

 “Yeah, that’d be great! Where at?”

This stunning dialogue isn’t from a movie, but is inspired by frequent conversations I have with my friends. While the next line changes depending on the day and the friend, the answer is never “There’s nowhere good.”

In fact, “Portland has emerged from its chrysalis as a full-fledged dining destination.”

 

That’s not made up dialogue from a conversation around my office, that’s theNew York Times.  They Continue:

 

“This is a golden age of dining and drinking in a city that 15 years ago was about as cutting edge as a tomato in January. Every little neighborhood in this city of funky neighborhoods now seems to be exploding with restaurants, food shops and markets, all benefiting from a critical mass of passion, skill and experience, and all constructed according to the gospel of locally grown ingredients.”

 

So there is great food here in Portland, and the subsequent, practical question of “Where?” can be answered in a few different places:

 

BarFlyMag has a great rundown of all the Happy Hours in Portland:

Another great reference for Downtown Portland is the Urban Pages (they also have a Seattle outpost).

If you’re interested in a regular periodical, Portland Monthly is a great arts and culture magazine chronicling the gamut of where the glitterati hang out.

The Oregonian tries to round up delicious hotspots in their Food Day section.

For the frugal connoisseur, you can’t beat the Willamette Week’s Cheap Eats section. 

Another site for reviews, pics, and summarized info is Portland City Search - not just restaurants, but shops, theaters, etc... 

 

And finally, there is always the new-old fashioned Google Maps Restaurant Search. 

 

Good luck out there, and happy eating.

 

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Portland Real Estate Market Continues to Appreciate

Sunday, September 23, 2007
by Rob Levy, Prudential Northwest Properties

For the 12 months ending in August, 2007 vs. the previous 12 months, the average price in the Portland Metropolitan area appreciated 7.8% according to RMLS.  The average price rose from $313,000 to $337,400 and the median price rose from $263,700 to $283,500 for an increase of 8.1% for the same 12 month period.  The average sales price for all the sales in the month of August 2007 was $366,900 with an average market time of 57 days.  At the end of August there were 15,782 active listings listed in the MLS representing a 6.2 month supply of homes. 5.5 months is considered optimum and to be a balanced market.

The chart below shows the Average Sales Price for the Portland Metro area as compared to last year.

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Portland Oregon keeps adding to the reasons why you should invest in real estate here:

Tuesday, September 18, 2007
by Rob Levy, Prudential Northwest Properties

By Bruce Hecht
 
Another Clothing company just announced that it is moving its United States Headquarters to Portland! 
 
Icebreaker is a world known company from New Zealand - they primarily make outdoor clothing from Merino Wool, mostly found in New Zealand.  An article I recently read said the company is moving because they wanted access to the city's highly talented employee pool that they could draw from and all of the outdoor activities that are right here in Portland, Oregon. 
 
This may also be the reason why other companies like Nike, Columbia Sportswear and Keen Footwear have made their home in Portland.
 
It definitely seems to me that business is growing here.  People are relocating to Oregon and it is the perfect time to buy an investment home and rent it out.  Inventory is up, prices are strong and stable - most of all - rent is up approximately 6.8% so far this year.

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Fed Cut's Rate by .5%

Tuesday, September 18, 2007
by Rob Levy, Prudential Northwest Properties

By Shawn Headlee

 

Seems like the Fed listened to what everyone was saying about the mortgage crisis.  This is good new for the stock market, but does not directly affect the mortgage rates.  The drop is designed to stimulated the economy which is not always good for the mortgage rates.  But with that said, it should bring them down a bit over the next couple of weeks if the economy does continue to slow.  MSNBC.COM has some great articles under their business section and so does SMARTMONEY.COM.

 

Hope all your stocks are skyrocketing!!!

 

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The State has a Plan to Assist Oregonians with Subprime Lending Problems!

Monday, September 17, 2007
by Rob Levy, Prudential Northwest Properties

By Kate Baldus

 

I found this interesting article about plans to help Oregonians before they face foreclosure.  We are lucky to not be facing a serious foreclosure rate here in Portland but this plan would help support those in our community who may be struggling with a mortgage.

 

State tackles subprime lending problem

Portland Business Journal - September 14, 2007

Gov. Ted Kulongoski on Friday announced plans to help Oregonians who may be facing mortgage foreclosure due to the recent tightening in the subprime lending market.

"We have been fortunate in Oregon that rising home prices have meant lower foreclosure rates than in other states," said Kulongoski. "But foreclosure rates are rising and that's a concern. We must make sure that no one loses their home because of an unfair loan product or lack of information."

Kulongoski told the Department of Consumer and Business Services , which regulates mortgage lenders, to take several steps now to help Oregon homeowners. The governor also ordered the department to create a work group -- including legislators, consumer advocates and mortgage lending industry representatives -- to look at potential legislative solutions.

The department will:

§                 Connect Oregonians with free pre-foreclosure counseling.

§                 Work with the lending industry and other government agencies to identify refinancing options for those facing foreclosure.

§                 Increase enforcement against misleading advertising aimed at inducing borrowers to refinance.

The work group will look at:

§                 So-called "mortgage rescue" schemes. As interest rates increase, more borrowers will find themselves with unaffordable loans. Any refinance or buyouts offered by companies should be legitimate and a net benefit to the borrower.

§                 Oregon's mortgage foreclosure laws and whether borrowers receive adequate notice of options and whether procedures are appropriate.

§                 How subprime loans are underwritten. Just like traditional loans, nontraditional loans should be based on the borrower's actual ability to pay.

§                 Prepayment penalties and whether prepayment penalties should be limited by Oregon law so they do not trap borrowers in an unaffordable loan.

§         Loan qualification and whether there are systems in place to ensure that all borrowers are offered the best possible loan under the best possible terms for which they qualify.

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Portland Pirate Festival

Monday, September 17, 2007
by Rob Levy, Prudential Northwest Properties

Portland Pirate Festival

By Sandy Morley

 

The 2nd Annual Portland Pirate Festival is this upcoming weekend – September 22nd & 23rd.  This family-friendly event takes place in North Portland under the St. Johns Bridge at Cathedral Park.  Tickets can be purchased in advance for $12 adults or $15 at the door.


Entertainment will feature music by these favorite Pirate bands:

o Brotherhood of Oceanic Mercenaries

oCaptain Bogg & Salty

oGolden Bough

oSol' Jibe

oBroadside Johnnie

oLauren Sheehan Jug Band

oSam Bam Boo

 

Kids will enjoy exploring the old pirate ship and fun booths and activities.  If hungry there will be 15 tasty locations for grub and grog.

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Washington County Commuter Rail Project

Monday, September 17, 2007
by Rob Levy, Prudential Northwest Properties

By Kate Baldus

 

This new 14.7 mile passenger rail line will connect Beaverton and Wilsonville set to open in Fall of 2008.  This is the first commuter rail line in Oregon and one of the few suburb-to-suburb commuter rails in the country.  The process began in 1996 with initial discussions of the feasibility of a commuter line for Washington County including the suburbs of Beaverton, Tigard, Tualatin, Wilsonville, and Sherwood.  Also taking an active role in the discussions were TriMet, Metro and the Oregon Department of Transportation. 

 

The best part about this project – the rail lines will use existing freight tracks so that construction impact should be minimal.  The currently plan provides for self-propelled diesel train cars to carry passengers.

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Tualatin Can Compete – All While Maintaining a Small Town Feel!

Friday, September 14, 2007
by Rob Levy, Prudential Northwest Properties

Submitted by Sandy Morley

The buzz is getting louder surrounding the vision plan and developments in Tualatin. Bridgeport Village - the new, flashy “lifestyle center” has propelled Tualatin as a destination for Portland area residents and families relocating to Oregon. The $250 million shopping center (opened in 2005) has become the “it” place for high-end boutiques and movie-goers. This isn’t the only change happening southwest of Portland.  The once country farming community has created a downtown area with a man-made lake surrounded by condos and the new development called Nyberg Woods.
 
The best part of this transformation? The city has maintained the small town feel with a focus on preserving the historical landmarks and highlighting the recreational uses of the meandering Tualatin River. While continuously growing, the community emphasizes the family-friendly atmosphere as one of the most important goals - decided by vision plan input that included nearly 4,000 residents.
 
It is not just Tualatin’s image that makes this a great community to live – the easy access to I-5 makes commuting to Portland a 20 minute drive. The long-awaited new Washington County commuter rail project (to be completed Fall 2008) will make traveling to and from town even easier. Best of all, the city is investing in constructing the commuter rail station to resemble an old brick 1920’s train station to keep with Tualatin’s small town feel. 
 
Still considered up-and-coming, there are hopes for a central gathering spot like a community center and a need for more restaurants and stores downtown. Until then, thousands of residents gather every year to taste delicious seafood at the Tualatin Crawfish Festival (number 57 this year!), dance to jazz and bluegrass at the free weekly music series Concert in the Commons, and celebrate the local history at the Tualatin Heritage Center.
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Why Move to Portland, Oregon

Tuesday, September 11, 2007
by Rob Levy, Prudential Northwest Properties
Submitted by Bruce Hecht
 
 
Call me smart, call me savvy, call me senseless, but don't call me to tell me that it is raining.
 
The weather, the way of life, the water, the snow, the mountains, the oceans and most importantly, the ease of life.  Combine all these factors with the ammenities of the biggest and best cities in the United States and you have Portland, the best place to live.
 
Some people believe that it is the schools that make Portland stand out most, while others often take the position that we have some of the most beautiful parks in the country. These things are all true of Portland and they go hand in hand with an overall low cost of living and excellent quality healthcare.  It is also important to note that if you are someone who likes to do a lot of travelling you are an easy flight to many popular destinations, such as San Francisco and Seattle.
It is my personal belief that Portland is the best place to live because it is the perfect combination of the four seasons.  Yes, that is correct.  Portland, Oregon has the perfect balance of weather.
 
 
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