Given this information, and also a recent article in the Willammette Week about Portland being "Renter Hell" (meaning a REALLY low vacancy rate), as well as historically low interest rates, maybe now is also a time to look at buying a rental property ?

The Rob Levy team has over 50 years combined experience in the Portland real estate market.  We have unparalelled access to bank owned homes too.  Give us a call if you are thinking about looking for a home now for yourself, for a 2nd home (yes, we are selling many of these) or for a rental.

The main issue is due to the high distressed property rate now (as much as 37% of all sales in metro Portland - distressed means either a short sale, or bank owned sale) many former homeowners are looking for places to rent, at the same time as a city known for appealing to the younger crowd (typically who are renters) from all over the country.  Property owners are also pleased because someome who formerly owned a home and is now a tenant usually rents for a longer period because they can't purchase another home for four or more years, and they tend to have a "homeowner" mentaility, so are easier to work with than a new to renting tenant, and in a market where there is a lot to choose from.

Investors out there....  There are lots of great buys out there with houses selling at low prices, with low interest rates and now a shortage of rentals. Maybe now is a good time to think about adding to your portfolio, or buying that first rental.  Check with the Rob Levy team at Atlantic & Pacific Real Estate today, we have unparallelled access to bank owned homes, many of which make for perfect rentals.

• The property must be the borrower’s own
• Work needs to be professional, and completed in a six month time frame
• The property must not be vacated for more than a month
• Depending on the situation, the borrower must possess a permit for the work done if one is required.

Despite some of the terms and limitations set forth by the loan, it is arguably the most helpful method for getting the necessary work done.

Whether hopping on board a holiday lunch train for an afternoon of relaxation or riding to ring in New Year's Eve in a whole new way, choose to celebrate special days in an extraordinary way.  Departing from Hood River in Oregon, each Mt. Hood Railroad ride is a memory that will last, so gather a group for a family event or party, or charter an entire car for an intimate travel experience that everyone can enjoy.  For an unparalleled view of the Hood River valley, book a seat on the premium dome car, or dance the night away in the new Lewis and Clark car, fully equipped with a DJ or live music.  For an experience never to be forgotten, take a trip on the Mt. Hood railroad soon!

Urban sprawl has been a major issue facing cities for decades. In response to this problem many states such as Washington and Oregon have created Urban Growth Boundaries (UGB) to limit urban sprawl by restricting growth beyond its boundaries. It allows for better management of future expansion with a focus on ‘in-fill’ of under-developed land within its borders. Several large U.S cities have adopted a UGB but none have gone as far as Portland, Oregon.

Not only does Portland have a UGB, it is unique in the U.S. for having a directly elected metropolitan planning group, called Metro. This organization is responsible for controlling growth not only in Portland but in the surrounding cites which border it spanning three counties.

Metro’s prime focus is on managing land development inside the UGB and dealing with transportation concerns. Dealing with traffic issues is usually one of the most important aspects in any UGB since the higher population density makes urban traffic problems worse. Metro is famous nationally for its promotion of light rail and trolley service through the regional transit company TriMet.

Expanding the UGB is not done lightly but in response to Metro’s mandate to keep a certain amount of population density projected out in 20-year cycles. The most recent expansion of the UGB by 1,985 acres was in direct response to the projected future need for jobs and housing. In addition to this expansion, Metro has moved to acquire land to allow a new East-West light rail line connecting the eastern edge of the UGB whose topography limits auto access.

To minimize the amount of times the UGB has to be expanded, Metro has land use laws which promote houses on smaller lots where the emphasis is on building up rather than out. For example, a plot which held in the past held two older single family homes would now be replaced with four dwellings.

Metro also works with the city governments under its umbrella to help create viable neighborhoods which have the businesses needed to limit travel for entertainment or shopping. This neighborhood emphasis has created a vibrant culture where different parts within the Metro UGB each have their own unique flavor. Metro works to balance the need for growth with the desire protect many of the natural areas which make the Portland area so desirable.

Turbine Hall provides a window into how technology and the physical sciences are changing the world. Visitors can build an aqueduct, program a robot, and even feel an earthquake.

The Science Playground offers children ages 6 and younger a place to play with sand and water, puppets and books, and more in this fun and funky exploration area.

Life Science Hall explores the mystery of life, including growth, development, and aging, and how technology shapes health care.

Earth Science Hall focuses on the science of our planet, and includes exhibits on environmental hazards and global climate. 

Kendall Planetarium “blends art, science, fantasy, and fun.” It is the largest and most technologically advanced planetarium in the Pacific Northwest, offering multimedia presentations on astronomy and space science.

The OMNIMAX Dome Theater features a five-story domed screen covering more than 6,000 square feet of projection surface. It also has a 2D IMAX projection system with the largest frame in the motion picture industry.

USS Blueback

The USS Blueback was the first battle-ready class of submarines to use the teardrop hull and was in official operation in the Pacific Ocean for more than 30 years. It has appeared in a variety of films and television programs. Visitors can peer through a periscope, touch a torpedo, and climb the crew’s quarters, while learning how a submarine works.

OMSI offers a world of new experiences for the young and old alike. Rotating exhibits document the science and wonder of the world around us, and have included such diverse presentations as those celebrating Leonardo da Vinci, the human body, sharks, dinosaurs, and even the literary works of C.S. Lewis.

Entrance into OMSI requires an admission ticket or a museum membership.   Members are allowed unlimited access to the museum itself, and receive special discounts and guest tickets.  And through OMSI’s participation in the Association of Science and Technology Centers, members can also gain access to over 200 additional science centers and museums throughout the country.  An OMSI membership provides incredible learning and recreational opportunities for those who like to explore, dream, and grow!

Portland Walking Tours

As one of USA Today’s Top Five Walking Tours in the country, Portland Walking Tours offers 5 tours (Cultural, Sub-Culture, Supernatural, Indulgent, and Culinary) every Friday, Saturday, and Sunday, and have just added one more tour to celebrate our “City of Roses.”

Best of Portland Tour

This cultural tour highlights the city’s artwork, parks, fountains, bridges, trains, streetcars, and more. Best of Portland was named “Best Way to Fake Being a Native” by Willamette Week. The tour begins outside the Broadway entrance of the Hilton Hotel at SW Broadway and Salmon and leads to the waterfront.

The tour offers a history of Portland, including the inside story of the city’s eleven bridges. Tour participants will get the inside story on “The City that Works,” the bronze drinking fountains, and over 30 pieces of public art.

Underground Portland

This tour focuses on the corrupt and shady history of the city, winding through Old Town and Chinatown to the legendary ‘Portland Shanghai Tunnels’ beneath the city. The tour begins outside of Old Town Pizza on Davis. In addition to the history behind the city’s Shanghai tunnels, other highlights include the varied locations that The Simpsons television show is based on. You will also visit the site of “the most arrested man in the Northwest,” and the storied locations and buildings that once hosted notorious criminal activity.

Beyond Bizarre

Showcasing just why “Keep Portland Weird” is Portland’s unofficial slogan, this tour offers the wacky, the paranormal, and yes, the weird, using real ghost hunting equipment to visit famous haunts and hauntings. Portland Walking Tours is an official member of the International Ghost Hunters Society, and have a paranormal expert and a clairvoyant available for the tour itself. Highlights include glimpses into the profession of documenting, identifying, and understanding paranormal activity, as well as tales of dark secrets and strange rituals. The tour begins outside of Old Town Pizza on Davis.

Chocolate Decadence

This tour showcases local chocolate vendors and chocolatiers. You will learn about chocolate’s lineage from bean to confection. Participants will indulge in truffles and caramels, gelato and sorbet, cookies and croissants, and while also tasting Pinot Noir and Pinot Gris from the Willamette Valley. The tour begins inside and upstairs in the mezzanine library of the Heathman Hotel.

Epicurean Excursion

Portland has become of the country’s premier destinations for great cuisine. This tour is for foodies who want to build on their culinary knowledge and skills, learning what it means to be a locovore, the philosophy of F.L.O.S.S. (Fresh, Local, Organic, Seasonable, and Sustainable), and the history of the Slow Food Movement. The tour also includes “Portland’s Liquid Assets”: the microbrews, wines, spirits, coffees, sodas, and teas that make the city proud. The epicurean delights will be diverse and plentiful, and include artisan doughnuts, pizzas, chocolates, pastries, sandwiches and much, much more. The tour begins inside and upstairs in the mezzanine library of the Heathman Hotel.

Roses Gone Wild

This tour reveals the facts, secrets, mysteries, and stories behind the world-famous International Rose Test Garden. Learn the truth behind a successful rose, why the legendary blue rose is excluded from the garden, who the “Rose Bro’s” are, with the stunning views of the city as a backdrop. This tour begins across from the Rose Garden store at the International Rose Test Garden.

Guided walking tours provide a great way to experience the city up-close and personal, while learning the fascinating history of what makes Portland so unique. So, put on those comfortable shoes and explore!

There will be live music, free kindergarten with rides and shows, Alpine food chalets, arts and craft show, traditional Biergarten, Weingarten, Prostgarten, and Alpinegarten, community Glockenspiel, Bavarian folk dances, and more. Ladies dirndls and lederhosen are also available for purchase.

Most events at Oktoberfest are free, with a nominal cover charge for entry into the Biergarten, Weingarten, Prostgarten, and Alpinegarten. An All Festival Pass is $25.00, and includes unlimited entry. A Day Pass is available for unlimited entry to entertainment venues, and is $4.00 until 5 pm, and $5.00 after 5 pm. Leashed pets are welcomed and seeing dogs are allowed within the venues. Oktoberfest is also handicap friendly.

Directions

From the north on I-5, take the Woodburn exit #271 and follow State Highway #214 to Mt. Angel (approximately ten miles).

From the south on I-5, take the Keizer-Chemawa exit #260B at Salem. Turn right (east) through the Hwy. 99 intersection. Continue east and follow signs to Mt. Angel (approximately 17 miles).

Originally known as “Decoration Day,” Memorial Day is commemoration of the lives lost by U.S. soldiers in the ongoing fight for our country ‘s freedom. First enacted to honor the lives of those who fought and died during the Civil War, Memorial Day has grown into the key day of remembrance for all Americans who have given the ultimate sacrifice for what we have today.

In this time of economic strife and worldwide political unrest, it is all too easy to forget the men and women who fought to make this three-day weekend possible. So as you are firing up the Coleman and getting ready to hook that salmon you’ve been dreaming about all winter, take a moment to reflect on all that our servicemen and women still endure to this day to ensure not only your lifestyle, but your freedom.

With that being said, did we mention that it’s camping season! Here are three of the most desirable camping spots around the Portland area.

Wyeth:  Columbia River Gorge National Scenic Area, seven miles east of Cascade Locks (exit 51).

A small forest camp in the Columbia River Gorge, Wyeth has easy access to Interstate 84 for further exploration of the gorge, its campsites are huge and the location is amazing. While exploring the area be sure to check out Multnomah Falls, one of the most picturesque attractions in the greater Portland Area.

Tollbridge: Hood River County Park, 20 miles south of Hood River.

This is a multi-purpose park, with good RV and tent camping, plus grassy areas for sports and picnicking. Tollbridge is on the East Fork of the Hood River, with good access to the Gorge and Mount Hood.

Barton: Clackamas County Park, 10 miles west toward Estacada from Interstate 205.

Barton is a full-service park on the Clackamas River.  With tent and RV loops, and large grassy play and picnic areas, Barton is a great family friendly camping option. Barton also features a busy boat launch for fishing and rafting.

Well there you have it. A lesson in civic appreciation and an itinerary for this summer’s camping destinations, all in the same blog.  So this Memorial Day, be safe, have fun, and remember what it is that you are really celebrating.

Each year the Saturday Market runs throughout Spring, Summer and Fall. This year the Market will end December 24th.

Also good news for the Pacific Northwest is Seattle was also on the list.   The Portland area is prime for a comeback according to Kipplinger due to the investment in clean energy, and the high tech field.  There have been many solar power companies putting facilities here, and Intel (the states largest private employer) announced it is bringing 1000 new jobs too.  These jobs tend to be well paying, and bring in an educated workforce.

Portland's location as a city of about 2.25m people and next to a state of 37m people (California) seems poised for more growth once the economy improves, and this is a great step in the right direction.

If you want to look into appealing, follow THIS LINK to the State of Oregon site.  Keep in mind you MUST appeal before the end of December.

I have also included pages to the tri-county tax offices.  Washington, Multnomah and Clackamas as well as Yamhill along with Clark County, Washington.  Click on the appropriate county name to access the page.

As always, if you have questions please feel free to email or call us. We also suggest you contact competent legal assistance if pursuing a challenge.

Thanks, have a wonderful weekend and Go #1 Ducks!  ROB

This is all true, but keep in mind that in the US the way interest is calculated, the majority of it is paid in the first half of the loan period, so if you recently took out the loan, you are probably better off refinancing even if the rate drop is minimal. SEE CHART AT BOTTOM FOR EXAMPLE.

In my case my wife and I were 79 months into a 15 year (180 month) loan, so about half way. On a 15 year you really start paying off a lot of principal about 5 years in (its about 12 years on a 30 year).  In our case the rate drop was over 1% and the payment drop was $890 a month.  Now that's a lot cheaper I know, but it also started all over again on a 15 year mortgage so it wouldn't be paid off for 15 years and for the next five as above I would be paying mostly interest all over again.  BUT - I got to thinking, what if I took out the new loan and kept paying my OLD payment, what would the accelerated payoff now be?  Well guess what, it works out to be paid off within two months of if I do nothing and keep the current loan. So to be clear the advantage of getting the new loan would be that I have $890 a month less debt and of course over the long run pay a lot less interest.

So the advantage here (smaller payment commitment) outweighed the negative (longer term) as it makes it $890 a month easier to qualify for any future loan.  As a result, we decided to take out the new loan and I am making my OLD payments just like I used to using Wels Fargo Bill Pay where I simply typed in a monthly auto-pay of the old payment.

You can and should check this for yourself with an online calculator.  TRY THIS MORTGAGE CALCULATOR  where you can type in additional principal paid monthly and see the results.  Go ahead and play with it, it's amazing.  The chart showing where you actually start paying off any decent amount of principal is below.  This example is for a $250,000 mortgage over 30 years at 4.5%.

 DID I MESS UP BY MISSING THE OBAMA TAX CREDIT? NO!

At the end of April (when the tax credit expired) the interest rate was hovering around 6.0% so as stated above you would be spending $77,500 more if you bought a house on April 30th vs. today.  Despite what you read and see, homes ARE selling.  Our team has been having a stellar year selling lots of homes for our sellers and finding quality homes at good prices for our buyers.  We have become experts at distressed sales (short sales) and are CDPE certified, and I am even listing and selling some bank owned homes (REOs).  For the third year in a row, our team is Prudential’s top Portland Realtor and  this is largely due to the generous referrals from you, our buyers and sellers, so thanks for that!  We are well aware that you have a choice in Realtors, we feel that now more than ever experience counts and we all thank you for choosing our team now and in the future.

Furthermore according to Yin, homeowners look for a new place to live every 7-10 years on average and as a result over the next 10 years we can expect anywhere from 50 million to 70 million home sales !  Wow !!

 As listed in the Portland Business Journal, The “Green Cities Index” ranks metro areas on a variety of environmental factors, including traffic congestion, transit use, water quality, carbon emissions, LEED-certified projects and number of “green” jobs. Read more here: http://portland.bizjournals.com/portland/stories/2010/03/08/daily51.html?ed=2010-03-12&ana=e_du_pub

Portland has appeared at or near the top many times on many surveys.  At the same time Portland ranked 8th in the country for public transportation use.   More info on our transit system can be found at www.trimet.org

Given the population from the 2000 census being at 1.93 Million, projections are there is a 90% chance that in the year 2030 (only 21 years from today) the population could be as much as 3.2 Million (between 2.9m and 3.2m), and in 2060 between 3.61 & 4.38 Million.

The forecasts are for the seven county area of the Portland-Vancouver(WA)-Beaverton MSA and include the counties of Multnomah, Clackamas, Washington, Yamhill & Columbia in Oregon and Clark and Scamania in Washington.

With our urban growth boundary, the question remains... Where do we put them all ?  But the bigger question from Portland's top Prudential Realtor's point of veiw is what do I tell my clients when they ask me to look inside my crystal ball and predict where prices will go in the next several years.  Clearly with our land use restrictions, booming population and UGB (urban growth boundary) our prices have no place to go but up in the long run.  In fact even in our slower market, the last 8 weeks have been very busy for us on the Rob Levy team to the extent we just hired a new assistant / office manager to keep up with all the sales.

Clearly in my mind, both from my personal and professional experience, there has not been a better time to invest in the future of Portland.  Prices are down,rates are down, inventory is high and we know the future is bright.