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%

April 12, 2010 · Filed Under Coaching for Buyers, Condominium Buildings, Uncategorized

Comment 

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

December 7, 2009 · Filed Under Real Estate, Uncategorized

Comment 

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.

November 30, 2009 · Filed Under Uncategorized

Comment 

Atwater Place To Auction 40 Homes!

The owners of Atwater Place in South Waterfront announced recently that 40 homes in the building will be sold at auction on September 20th. Many of you have called or emailed with comments and questions, so I thought I would speak up about this to help others understand what is happening, what it means for the marketplace and what you need to know if you want to participate.

Many people are talking about this auction as if it were a sorry situation, but that is absolutely not the case. The best thing for the marketplace is to have these condo buildings with many unsold homes have an auction to sell condos at prices that buyers are willing and eager to pay, rather than continue to sit with unsold homes that are priced as if we are going to go back to $400/SF! Well, that ain’t happening any time soon, and when the owners of condos understand that, we will have a healthy and active market again. The best thing for the current owners of homes in these buildings is that the rest of the homes get sold and the buildings get fully occupied by new homeowners who move in, shop in the nearby retail, take walks in the neighborhood and help make the building and neighborhood a vibrant place to live.

Atwater Place Condominiums at South Waterfront

Atwater Place Condominiums at South Waterfront

The auction for Atwater Place is the first to happen in Portland’s downtown area so we will be learning on this one how the marketplace will respond. I believe it is a terrific opportunity for condo buyers to buy premium homes in a stellar building and a top quality neighborhood. These are all good features of A-grade property, the kind that every homeowner seeks, and the only reason these homes are not already sold is that they are priced too high on the builders’ price lists. The auction should give buyers the chance to set prices they are willing to pay, which may not be as low as the minimum bid, but which will be appropriate for the current economy and today’s market environment.

Here’s what you need to know if you are interested in attending the auction – and The Jackson Group is well prepared and available to assist you with any specific needs, from plain old information to full blown representation for a purchase. The seller will pay the fee for our services to represent you to buy at the auction, though there are some rules attached to that. Call us if you have questions, and plan to have one of us accompany you to visit the Auction Showroom to register you as our client.

Facts to know:

Auction Date and Location: 4:00PM Sunday, September 20, 2009

Marriott Portland Downtown

1401 SW Naito Parkway

Portland, OR 97201

40 Homes are offered for sale at the auction, with pre-set minimum bids which, if offered, will be accepted. The seller reserves the right to change the units offered at the auction and may do so based on buyer interest. The homes range in size from a 931SF 1-bedroom to a 2355SF premium home with minimum bid prices from $169,900 to $899,000. We have the complete list of homes plus floor plans, so call us if you want more details.

All potential buyers must be prequalified with one of the pre-approved lenders (Bank of America or MetLIfe Home Loans) prior to the auction – even if you intend to use your own lender. Cash buyers must provide proof of funds prior to the auction.

All buyers who wish to participate in the auction must be registered by submitting a completed written form by 7pm on September, 18th. On auction day, bidders must have a cash equivalent (cashier’s check payable to yourself) of $2500 for each home they may purchase. Upon successful purchase, buyers must endorse their cashier’s check to Ticor Title Company and agree as part of their purchase agreement to increase their deposit to 3% of the sales price, which must be paid with a personal check payable to Ticor Title that evening.

Closing of all successful purchases shall happen by October 19th, unless an extension is agreed to in writing with the seller.

There are at least a dozen other special conditions, so if you need more information, please call us and we can go through all the fine print with you. Again, we believe this is a positive event for the marketplace and we encourage people who may be interested in buying a downtown condo to get involved if only to learn and then determine if there is a positive possibility for them in this auction.

Have a great holiday weekend!

Becky

August 25, 2009 · Filed Under Coaching for Buyers, Condominium Buildings, Uncategorized, What to expect from the Jackson Group, What you need to know about PROJECTS

Comment 

Portland Center Stage(s) a “Disappearing” Act!

I love Portland Center Stage!  It offers such creative and compelling programing – from Broadway warhorses with an edge, to edgy plays like last nights “How to Disappear Completely and Never Be Found,” a great show concerned with the timeless theme of what it means to be alive.

It was our usual PCS date with before-the-show happy hour and appetizers at The Henry Tavern (not so crowded, but still loud and lively).   The ’studio’ performance was awesome – skilled actors presenting the US premier of this play in the small, arty space downstairs at The Gerding Theater at the Armory.  I love this theatrical space – the people who brought it back, the bricks and trusses, the atmosphere, thetalented folks who bring it alive with art now!

Recently we saw the R. Buckminster Fuller play here, and that one left us a bit dizzy with dialog and science, but last night’s story of personal despair, and attempt to repair, only to be left alone in both the before and afterlife is the personal kind of tug and struggle that sticks with me and makes me wonder.  About life, existence, happiness.

Well, I’m way to “here and now” to want to be gone, but we all have our moments, right!

Check it out!

Becky

February 11, 2009 · Filed Under Uncategorized

Comment