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To Stay Sharp – Sharpen the Saw
I’ve just returned from my annual visit to The Aji Network Conference in South San Francisco. This year I presented a breakout session with Ron Macklin, Director of Service Operations at Siemens Energy. We did a 90-minute session for conference attendees on the topic of “Constitution: A Concern for Career and Business Enterprise.“ The content for our talk was based on writings and videos by Toby Hecht, founder of The Aji Network, and our session included a lively “clinic” in which the participants constituted new business concepts on the spot.
The Aji Network is a business education company that teaches students how to become knowledge-based and strategic business people so that they develop superior competitive advantage. Ron and I are both graduates of their Business Professional’s Course and are currently members of the LEIP Program, an acronym for leadership, entrepreneurship, innovation and power! These are just some of the capacities we seek to learn to build our careers.
Ron Macklin and Becky Jackson at The Aji Network Conference
At this annual meeting of The Aji Network, students from all classes and the online program called “Aji Space” came together to ‘celebrate’ and practice their learning. Senior students like Ron and myself led sessions on topics relevant to building significant careers in business by learning superior strategic knowledge to enable top 1% performance. This year’s conference theme was “Strategy and Strategic Planning.” Today’s highly competitive and rapidly changing global marketplace requires that we as business people stay engaged in continual learning as all professionals do. Ron and I find that contributing as session leaders is an added dimension to our learning.
Without new strategic knowledge we cannot expect to help our clients compete effectively and cope successfully with the enormous challenges in the real estate business – difficult financing, enormous competition, over supply of housing and limited demand. With a commitment to learning and improving, we develop and innovate our services so that we maintain a standard of care for our clients that helps us all meet our objectives. That’s why I commit the time and expense to study.
Greentree Circle – in Lake Oswego’s Palisades Neighborhood
1462 Greentree Circle, Lake Oswego $435,000
A super traditional family home in a most ideal of family neighborhoods, this new listing at 1462 Greentree Circle is a perfect place to settle. An open floor plan with warm hardwood floors, fresh updates and a bonus room over the garage. The home has four bedroom home including a sexy master suite that has hardwood floors and a cozy fireplace.
The neighborhood is quiet and low on traffic and has the nearby Greentree Park with swing-sets and half-court basketball courts. another great convenience of the area is that from this home it is easy to walk to either the Palisades Elementary School and Lakeview High School. So for the just the two years of Waluga Middle School will parents find themselves juggling rides to school!
An attractive home for $435,000.
John Ross Auction Results!
Yesterday The John Ross Condominium in South Waterfront held an auction to accelerate sales of the remaining developer units. 47 homes were sold in a day – a big win for the seller . . . at very attractive prices between 8% and 26% below the recent price – a big win for buyers! That’s right, I said “win/win”! In one case, a buyer managed to buy a NW facing penthouse for only $426,000! That is a 26.5% discount from the most recent asking price and a cool $220/SF on a model home that had window coverings and closet packages already installed! That one is a steal, even though the buyer’s compromise is the impact of freeway noise. The seller’s big win came from selling a large number of small lofts. They sold at prices from $161,000 -$206,000 which meant sales at the highest price/SF of all the homes.
You might be confused if you listen to the buyers and sellers talk about it today. While buyers bought for substantially reduced prices, even by today’s standards, there are some who will tell you that they are happy, even thrilled, with their “deal” but they had hoped to buy for less. And, the seller had hoped to sell homes for 180% of minimum, but the auction resulted in prices of about 155% of minimum. Not rich, but also not bad for an auction, and they did sell 47 homes so sales velocity was achieved! Sorry, guys, you can’t have it both ways, except to say “win/win”!
The moral to the story is two lessons, actually. The first is one of human nature – no matter what we want, when we get it we can still have remorse for what might have been. The second lesson also speaks to our human psyche – when the market is uncertain (have we hit the bottom yet, or not?) people obsess about their choices and second guess their decisions. In this case, all sales are final!
Here below is a sampling of some sales from the auction. Call or email us for a full spreadsheet in Excel.
| Unit # | Unit Type | Unit Square Footage | Winning Bid | Last Asking Price | Price per SqFt for Winning Bid | Percentage of Winning Bid over Starting Bid | Percentage Discount from Last Asking |
| 313 | 2 bedroom, 2.1 baths plus Den
Podium Unit Facing the Park |
2269 | $406,000 | $549,000 | $179 | 140% | 26% |
| 1816 | Studio 1 bath,
SW Facing |
637 | $162,000 | $188,000 | $254 | 147% | 12% |
| 2008 | 2 bedroom, 2 baths Study,
NE Facing |
1831 | $382,000 | $499,000 | $209 | 141% | 23% |
| 2905 | 2 bedroom, 2.1 baths plus Den, SE Facing | 2700 | $673,000 | $849,000 | $249 | 157% | 21% |
First Thursday is Back!
We stopped in last night at the opening of a new showroom for Kalkhoff Bikes at 11th and Glisan and it was deja vu all over again. A swarming crowd turned out in the Pearl District’s First Thursday for brats and beer to see the latest new thing. No, it wasn’t condos or lofts – duh. This night the new new thing is innovative bikes for urban commuters. Cool and techie products were displayed and played-with in a gallery space reminiscent of an Apple store with white walls, cool stuff and trendy people. It was great fun!
The bikes are awesome! Electric battery powered models from performance sport styles to jazzy all-about-town, (read practical and possible to pedal anywhere) cruisers. High style, high quality and enabling of the high life of Portland – e-urban sustainable and really, practically useful for getting up hills!
What does this have to do with real estate? Not much. It was reminiscent of the days we sold Civic lofts from the B-Street Gallery on 13th – and invigorating to be so engaged again in a new concept. And the fresh activity for the first Thursday of the month speaks positively of the marketplace in general.
The evening and the event are market relevant because people are out again to check out what’s new and be part of product innovation worthy of the Portland culture. Here’s to Kalkhoffusa.com for bringing their marvelous new bike and commuter technology to Portland . . . and for bringing back the party to the Pearl!
Pennoyer Street Townhomes at South Waterfront
Our property focus this month is Pennoyer Street Townhomes. these homes are a special offering the marketplace for several reasons. Legally, they are like all the homes in The Meriwether, but they are different in the lifestyle they offer and the type of homeowner they attract. Townhome people prefer the convenience, community and location of an urban area, but they also seek the independence of their own front door and garage. For some, it is a case of walking right out the door and being outside in the neighborhood, while for others it is the handy, private and full size garage which doubles as secure parking and personal storage. Ultimately, these differences produce a feeling more akin to a single family home than a condo.
On Pennoyer Street there are distinguishing features specific to Pennoyer townhomes.
Jackson Group listing at 835 SW Pennoyer #1006120
First, Pennoyer itself has the special characteristic of being a limited access street, which is to sale that is is really a pedestrian plaza. Further, this plaza adjoins the courtyard of Atwater Place and connects residents of all buildings in the district to both the waterfront greenway and the District’s Central Park. Urban master planning of this kind, creating open space and pedestrian connectivity, is hard to find for townhouse infill projects around the city, so the Pennoyer Street Townhomes have a special quality that is related to their location in the heart of South Waterfront, steps from the river and parks that distinguish the area.
A recent story in The Oregonian quoted claims from an economist that “tree-lined” streets add $7000-$13,000 in value to homes nearby. Pennoyer Street Townhomes have the potential of becoming a one-of-a-kind opportunity in Portland with the pedestrian plaza, Willamette Riverfront, public parks, etc.,adding value to the neighborhood and the homes themselves.
Welcome, Sean Becker!
What a pleasure it is to announce the association of Sean Becker with The Jackson Group effective the first of the year. Here’s why it is such good news . . .
Sean is a gentleman, sincere and genuine – the kind of self you want to be around, with the ethics, talent and character that anyone would admire.
My professional relationship with Sean began in 2004 when, as Director of Sales for urban condo projects at Realty Trust, I hired him to be the closing broker for the Henry Condominium. Sean’s skill as an engaged listener and problem solver was revealed immediately. From that position Sean moved to broker at the South Waterfront Discovery Center where we did marketing and sales for The Meriwether, John Ross and Atwater Place Condominium towers. Sean performed so well in his role that he was given the position of Lead Broker for the Civic Condominium in Downtown Portland and he moved to the B Street Gallery to lead the team for that project.
From the Civic Sean moved back to South Waterfront, this time as General Manager of the Discovery Center. Sean demonstrated leadership in sales and proved to be an effective builder of teams in every situation. In 5 fast years Sean gained a career’s worth of experience and credibility in real estate. Each one of these promotions came about because Sean produces results through excellent communication skills, a high standard of service and a thorough knowledge of properties and the real estate process.
At all times during Sean’s ascent in real estate, we stayed connected. We’d meet for coffee and talk – deconstructing the high points of our project work together and speculating about the new realities in real estate and what it might mean for our careers and futures. We helped each other navigate the bubble, and then the bust, staying engaged and active and positively focused. There was always an aspect to how we would stay connected as we planned for the recovery.
At The Jackson Group we have always been organized around the concept of bringing together a team of talented and accomplished brokers with individual specialties and shared values. Our purpose is to serve our clients with superior care in the many different real estate transactions they pursue. Our style is to offer “Ritz Carlton” talent and service from specialization of effort and collective commitment to care for the unique requests of each individual client.
Sean is a perfect fit for this model! Kelly, Sarah and I are thrilled to have him on the team. We welcome him and know that you will as well.
Distressed Property- Rent, Short Sale or Foreclosure?
With the decline in the real estate market, many home owners are now upside down on their mortgage. They may have over borrowers and over paid related to what our market can produce today. There are many options for homeowners to consider. You should also consult your financial or tax advisors when making these significant investment decisions.
Foreclosure- the option that everyone should try to avoid and only use it if it is your last resort. A foreclosure on your credit history can drastically affect how you can borrow and spend money in the future. It can lower your credit score up to 200-300 points. It is not the choice to take unless someone has lost everything else and has no other options.
Renting- a homeowner might need to change their thinking about their home. Real Estate is a long term investment. During the fast days of 2003-2007, people were buying and selling so quickly because the market was shooting up so fast. Those days are gone and so real estate appreciation has slowed to a steady level once again. The value of your home WILL go up again but it might not be at the level you purchased for quite some time. If you can consider a rental and stomach covering the additional amount of the mortgage, taxes and insurance- then you might not lose your equity, it would have no affect on your credit and you could move and rent another home that is within your budget. You might have to change your thinking about her mortgage payments- think of it as a payment into an IRA. You might have to tighten your belt a bit but at least you won’t lose your equity.
Short Sale- we are doing a lot of short sales now. Short sales are a good option for home owners that have lost a lot of equity and now owe more in their mortgage than the home is worth. The paperwork and length of time it takes to get a reply from the bank takes a lot of patience so you have to be prepared to make it wait once you submit the paperwork. The bank assigns you a negotiator and then you work with them to lower the loan pay off amounts and release the debt deficiency. Often, there is none or very little affect on one’s credit score. The bank is usually more willing to work with people that are in some type of financial distress- job loss, income reduction, etc. But I have seen sellers will high net worth’s have success with short sales. If you are considering a short sale- you will need a real estate agent with short sale experience that can assess your situation and see if a short sale is a viable option.
Loan Modification- this is also an option but a difficult one to obtain. Your bank might be willing to work with you to modify your mortgage to decrease your monthly payments if you are in a financially distress situation. Contact your mortgage holder’s loss mitigation department for more information.
Priced to Sell and Show Well
The direction of pricing in our current market is no longer “priced right and looking food.” Rather homes that are “priced to sell and show well” are compelling buyers to take action.
What I have seen a lot of in this ‘recessionary’ market is that buyers have become even more demanding than they ever were before. They almost have an attitude of entitlement – like it is their turn to be the winners in negotiations. They take it for granted that they are going to get a good buy and wait and they have no compunction about making low offers and standing firm.
The problem is that with all the choices and the many houses on the market these buyers are often successful with their posture, and if they are not it is not uncommon for them to wait on the sidelines for a better deal on the next one. Sellers- do you want to wait for a better market or sell now in the market you have? All homes for sale get “priced” in the marketplace, and the ones we see selling are priced at very compelling values. Otherwise, there are many houses on the market that are waiting for something to change. And the problem is that we have learned that change in this market has mostly been moving lower, not higher.
Value seems to be the primary focus of current buyers and can you blame them? With the present fear in the financial market- everyone is acting more conservative with their investments. Property condition has become secondary to property value. Perhaps this market has allowed buyers to seek more potential in their home’s condition rather than the appreciating value of the home.
How to Winterize Your Home
You’ve pulled your sweaters out of mothballs & your mittens from the bottom of drawer. What about your house? Is it prepared for the cold? Our experts have boiled down your autumn to-do list to 10 easy tips!
1. Clean the gutters– once the leaves fall remove the leaves and other debris from your gutters by hand, scraper or spatula. Use a good hose rinse to see if there are any cracks in your gutters.
2. Block the leaks– Seal any leaks on the inside and outside of your home using door sweeps or caulk.
3. Insulate– Spend some money to add additional insulation to your home. You’ll get it back in the form of lower energy bills. Have at least 12 inches of insulation.
4. Service the Furnace– HVAC specialist to service every 1-2 years for approx $120.
5. Get your ducts in a row– Central heating ducts can lose up to 60% of heated air before that air reaches the vents if ductwork is not well-connected and insulated. Check your ducts in the attic and crawl space, repair places where the pipes are pinched and fix gaps with . . . . . . . duct tape!
6. Face your windows– Take down window screens and put up storm windows. Consider upgrading to new windows which will help lower your energy bills.
7. Inspect and clean the chimney– See reverse for our recommended contractors.
8. Make sure your crawl space or basement is properly vented– Keep your crawl space vents OPEN during the winter months so the space will be properly vented when it rains or snows. If you have a sump pump– make sure it is working properly and the vapor barrier is properly graded for optimal water drainage.
9. Wrap pipes and hose bibs– Install a Styrofoam cup around hose bibs and wrap all un-insulated pipes in unheated areas of your home.
10. Check alarms systems– Change batteries and check the operation of your home’s smoke detectors, carbon-monoxide detectors, and generators.
Businesses and People We Recommend For Help Winterizing Your Home
Gutter Cleaning
CJ’s High Climbing Services 503-228-9278
Metro Gutter Service 503-771-5529
Chimney Repair/ Inspections
Oregon Chimney 503-231-2588
Paramount Masonry 503-260-3911
Drainage Contractor
John’s Waterproofing 800-810-5883
HVAC Specialist
AAA Heating and Cooling 503-284-2173
Ron Hardy Heating 503-222-9654
Insulation Contractor
All Weatherization 503-649-6542
Alpha Energy Savers 503-658-2212
Tree Trimming
Rich’s Tree Service 503-465-2133
Wind Thin Tree Services– 503-481-4628
Window Installer
Alpha Energy Savers 503-658-2212
Oregon Window Installers– 503-829-8117
Uncle Sam Will PAY You to Buy a House if You Say YES to these Questions
1.Have you owned and lived in your primary residence for at least five consecutive years?
2. Are you looking to purchase a new home with a value up to $800,000?
3. Is your yearly income up to $125,000 individually or $225,000 for a couple?
4. Could you use an additional $6,500 in your pocket after you file you income taxes?
If you answered YES to these questions– you like qualify to receive the NEW homebuyer tax credit of $6,500. You must find your next primary residence by April 30, 2010 in order to qualify. Call for additional details.
Top 4 Reasons to Buy NOW in Portland
1. Home prices are LOW throughout Portland
2. Financing is available for qualified buyers– SURPRISE!
3. Interest rates are LOW (under 5%)
4. There are great homes on the market at great prices
Start NOW & lock in current LOW Interest Rates
Call us today to hear about our offers for buyers and sellers. Our team has the resources and tools to effectively market your home, find you a buyer and close the deal. We have new search technology for buyers that we will share to help you with your search. We are saasoned professionals with the knowledge to help you buy or sell with less stress. We know the challenges and how to overcome them in stride.
Recent Blog PostsTo Stay Sharp – Sharpen the Saw
Tuesday, June 8th, 2010
The association I have with other ambitious business people at The Aji Network - people who are seeking competitive knowledge - helps me continually improve the services The Jackson Group offers to clients so that we can help them succeed with their property objectives in spite of a challenging marketplace. Greentree Circle – in Lake Oswego’s Palisades Neighborhood
Tuesday, June 1st, 2010
A super traditional family home in a most ideal of family neighborhoods, this new listing at 1462 Greentree Circle is a perfect place to settle. An open floor plan with warm hardwood floors, fresh updates and a bonus room over the garage. The home has four bedroom home including a sexy master suite that has [...]John Ross Auction Results!
Monday, April 12th, 2010
Yesterday The John Ross Condominium in South Waterfront held an auction to accelerate sales of the remaining developer uFirst Thursday is Back!
Saturday, April 3rd, 2010
We stopped in last night at the opening of a new showroom for Kalkhoff Bikes at 11th and Glisan and it was deja vu all oPennoyer Street Townhomes at South Waterfront
Tuesday, March 16th, 2010
Our property focus this month is Pennoyer Street Townhomes. these homes are a special offering the marketplace for seveSearch Portland Real Estate
