Buyer's Agent, Buyer, Seller, Seller's Agent, Escrow

There are some real estate transactions that just come together and move smoothly from start to finish.  Such is the case with the recent Jackson Group listing sold at the Meriwether in South Waterfront.  Real estate is not easy these days, even when the stars are aligned, and this one was not special in that way.  There were challenges.  Challenge #1:  the sale might have been a “short sale” except for the fact that the seller was willing and able to write a big check to his lender.  Challenge #2:  negotiations were long and deliberate, back and forth, and though this is normal today, being normal does not mean that the outcome is mutually satisfactory.  Challenge #3:  every deal these days has its share of complications – the condo certification, the appraisal, the inspection, the HOA issues, the insurance . . . we take all this in stride as Realtors and do what we must, and our clients find it an endless series of “issues” that we help them get through.

The uncommon outcome here is that both the buyer and the seller achieved their goals and were satisfied with the outcome.  The seller was “short” though willing to write the check, have the sale and move forward.  The buyer was careful and wanted a “deal” and came to a resolution that was energizing.  Mutual Acceptance was also mutual satisfaction!  The brokers knew each other from a prior transactions and have mutual respect.  They worked for consensus.  Goals were reached by all.

Achieving everyone’s purpose was not done because a buyer took advantage of a seller.  She didn’t.  And it was not because the seller made a killing.  He didn’t.  It is because they each kept their personal “big picture” in mind throughout the process and appreciated the other side along the way.  The brokers kept the lines of communication open and moving forward, helping the clients navigate the complicated and emotional process with willing cooperation.

It’s not everyday that we see group hugs at the closing table.  The Jackson Group is grateful for the many terrific people we work with everyday, all year, selling homes in Portland.  To each one of them we say “Happy Thanksgiving” and Thank you!

Becky, Matt, Sarah and Hillary

Hearing all this I thought it was appropriate to take a look at real data for housing in our neighborhoods.  I am attaching the most recent reports for our most active zip codes so that you can check your own neighborhoods and those around you click here.  We will, as before, have a complete year-over-year comparison at the end of the year.  And please let us know if you would like a more detailed report emailed to you that includes specific information about your zip code.

What I observe from the attached charts is that we are, really, seeing a stabilization of home values in many areas of Portland.  The Jackson Group works all over the metropolitan area with a focus on “inner” area neighborhoods.  I see in the graphs for these inner area zip codes a flattening, and in some cases, upturn in home values.  Our multiple listing data shows us that Portland overall has an average price decline of 4.2% for the 12 months (September to September) but the “for sale” inventory has dropped to the 6-7 month range, which is very close to market equilibrium.  Looking at closer in neighborhoods that inventory level is even lower, producing the “opportunity” for price strength to return.  I believe when we get a 12 month cycle that does not include last winter we will see a price appreciation statistic that reflects a lower rate of decline that the –4.2% we have now.

The Jackson Group has experienced a outstanding year compared to any since the bubble burst.  Today’s real estate market is one that requires knowledge and a culture of care.  We attribute our success to our ability to deliver excellent service at competitive rates (especially when you consider that you get 4 accomplished people on the team compared to the market standard of the lone ranger realtor)!  More importantly, we are focused on leading our clients and our colleagues with better knowledge, accountability, innovative approaches along with our strong team culture in order to help our clients get to the solution they seek.

As you meet and greet your friends and associates through the upcoming holidays, and the subject of real estate comes up (as it always does) we ask you to remember the Jackson Group as your “go-to” resource.  We are here for you!

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Well, it wasn’t exactly sold in a day, except from the buyer’s point of view.  I’ve known and represented the architect who designed The Casey, a LEED Platinum certified building, for several years.  Over the last year or so I have shown this home and now that my client is retired and traveling more frequently he suddenly got serious about selling.  My mission was to sell and close the condo in 3 months as the seller would then be off traveling the world again.  Nice!  No pressure.

Spin was hired to do professional photography and we prepared to market the 8^th floor, east-facing view condominium beginning with a special broker event.  As an active broker in the Portland condominium scene, I knew a few people to call who I thought would be good prospects.  So I made those calls and scheduled one showing in advance of the broker’s open.  Before the photos were finished an offer was on the table.

This is a home worthy of a quick sale.  As I said before, this particular Casey condo was chosen by the architect to be his own home – and he had first choice when the building was new.  He loves it still, and wouldn’t leave it for anything, except in retirement he hardly finds himself at home in Portland.  It’s time to scale back to something just as lovely but more efficient.

So check out the pictures to see just what a winning condo – a winner in any market – looks like.  And, kudos to Chuck from Spin for the awesome photography.

The property is a Jackson Group listing at The Meriwether, Unit 1103 – MLS#11046257, listed by Matt Lesher.  With Matt’s good coaching the sellers were ready – set to sell with a property that was fully prepped and showed their pride of ownership.  They worked with Matt to set the perfect price, and it went on the market “priced right and lookin’ good.”

Matt lives in South Waterfront and has his hands on the pulse there, so he also knew the perfect buyer for this home.  One showing and the match was made.  Matt connected the buyer with Sarah Norton, our Buyer Specialist, who presented their offer and navigated the logistics of the transaction.  Sarah’s relationship with a solid condo lender and Matt’s intimate knowledge of the South Waterfront market made it possible for them to secure an exception from the lender for additional flood insurance.  Matt and Sarah worked together through the appraisal process sharing their knowledge of the market for all the buildings of South Waterfront

Mostly these days we all hear horror stories of how inspections, appraisals and underwriting standards wreak havoc on our transactions.  Those stories are true.  And that’s what makes this story all the more noteworthy.  With strong neighborhood connections, sincere personal relationships and strong professional knowledge we brought buyer and seller together with confidence and produced mutual satisfaction.  We avoided the skepticism and doubt that characterizes so many real estate sales these days.  And we did this holding the role of care and concern for making the clients’ needs the priority.

3570 SW River Parkway, #1103 was presented and accepted on the same day in August and closed September 23, 2011 at the asking price, $399,900 – a rare happening in Portland real estate these days.  Two happy clients are moved today and on to their new situations in life.

2817 NW Fairfax Terrace, Portland OR - ML#11377231 - $1,250,000

Conveniently situated the entry to this home is on the dead-end street of Fairfax while the driveway and garage entry is from Westover Road.  It’s an easy commute to downtown or over the hills to Portland’s technology corridor.  Just steps from the shops, schools and businesses of Northwest Portland this home earns a”Very Walkable” score of 74!

The bedroom arrangements are many;  a main floor library can also be a bedroom with its full bath attached and the bedroom level offers 3 or 4 more bedrooms, depending on your choice of configuration.  There are options for a media room and a game room, or you apply your own purpose – a workout room? -  a home office with outside entry?  The  home includes a pro’s wine cellar, with capacity for 700-1200 bottles, a sauna for the spa treatment and an elevator to make all this comfortable living and easy to manage.

This package is a rare blend of a close-in, established neighborhood location combined with the solid and updated construction of a newer home.  It’s truly a unique, rare and subtle Northwest lifestyle home.

The Federal Housing Administrations (FHA) limits the loan amount on mortgage loans they insure and that number is about to change. The loan limit is based on a set formula and range of values of the median home price in a particular area. For the Portland Metro area that limit is currently $418,750.  This is called the “conforming” loan amount.

Unless the current congress takes action to prevent it, the FHA loan limits will revert on October 1st to those limits that were determined by prior legislative action. This means that the new loan limits will be dropping to $362,250. Any mortgage of a greater amount will then qualify under the jumbo-loan category, a more costly and restrictive program.

If you are planning to close a home purchase loan or a re-financing loan prior or near to October 1st you must pay attention to your loan amount to be sure you avoid the added expense or credit restrictions of the new program.

Please contact one of us at The Jackson Group or your personal loan officer if you are in this situation. We hope that the current congress will see fit to extend the present program rather than put more pressure on the residential housing market. And to be safe, we are notifying all our clients to be prepared and close on time for any current loans in application.

Catlin Crest is in a central Westside location convenient to downtown or Westside business and community locations. Catlin Gable School is a nearby private option, and the public school cluster is the popular and highly ranked Sunset High School District of Portland. While the neighborhood and addresses are Portland, it is actually located in Washington County, which offers some advantages on the property tax bill!

567 SW Regency Place - ML#11467518 - $695,000

The Jackson Group is currently listing a lovely traditional home in Catlin Crest at 567 SW Regency Place. In a very private setting with lush landscaping and an outdoor water feature this home in immaculately maintained, offers high ceilings and open spaces providing light and gracious scale. The master bedroom is on the main floor and additional bedrooms are upstairs. There is a large finished basement with a separate entrance offering a second family area for the active family or the home business. Please visit the virtual tour here to see for yourself.

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PupuParty by the pool

Gene and I are on a spring break vacation in Maui this week and found ourselves socializing with other “mainland” visitors around the “Pupu Party” table.  We struck up a friendly conversation with a couple from the west coast who have a level of familiarity with Portland, which led to some fun comparisons of characterizations of Portland and its neighborhoods.  The gentleman referred to Portland as a city of colonies, and I thought “how truly apt” that description is!

Portland is a community of colonies!  It is true because we are a city with neighborhood zones, or “districts”,  that generally have a distinct personality and lifestyle story.  These districts stand apart in style and culture, but blend seamlessly into the large scene and style of Portland Metro – the city that is our larger persona.

The Pearl District is the uber-urban condo/loft and gourmet dining hub; Multnomah Village is funky, irreverent and earthy; Hawthorne is funky, veggie/vegan and political, if not a bit self-righteous .  Lake Oswego is waterfront, resort upscale and responsible; South Waterfront is riverfront, high-rise, sustainable and substantial.  Northwest is smart, sophisticated and full of shopping and dining while Northeast is smart, gritty and gourmet in a ‘locally-owned and operated’ way.  Alberta is hip, healthy, hungry, entrepreneurial and real; Selllwood/Westmoreland/Eastmoreland are gentle, reflective, family-friendly and nostalgic.  Forest Heights and Bethany are clean, green, new and high-tech; Portland Heights is historic, iconic, established and and a little worn then renovated like an old library.  Orenco Station is the suburban-urban town center while Hillsboro is the urban countryside, small-town center.

These are my sunset musings about the separate and distinct characteristics of some of Portland’s colonies, neighborhoods whose homes and commercial centers have their own identity yet share the collective nature of what it is to be  Portland.  Did I leave yours out, or miss the mark somehow in my descriptions?  Tell me your thoughts about Portland neighborhoods.

1.      Accessible- Anyone can buy it

2.      Appreciable- Increase in value over time

3.      Leverageable- Buy on margin & borrow against equity

4.      Rentable- Cash Flow!  Cash Flow!  Cash Flow!

5.      Improvable- Sweat equity

6.      Deductible/Depreciable/Deferrable- Great tax benefits

7.      Stable- Slow to rise & slow to fall

8.      Liveable- Shelter in more ways than one….

Today, there are real estate investment opportunities in very neighborhood in Portland.  I am referring to properties that can be cash flow positive and likely to offer appreciation again over time.  We are evaluating these opportunities weekly and we want to share our knowledge about how to take advantage of them.  Our team has experience listing and showing property throughout Portland, including investment opportunities.  We have a comprehensive perspective on Portland property types from townhomes in Forest Heights to condos in the South Waterfront to bungalows in Montavilla.  And we know where investors look when assessing real estate for their investment portfolio.

Would you like to learn about investing in real estate?  How to determine the real estate investments best for your specific objectives?  This year I am presenting a monthly seminar on real estate investment strategies and all are welcome – those new to this type of investment and seasoned pros.  We will discuss strategies and practice analyzing specific properties.  Our January session was a great meeting and led to some very good discussions.  I hope you can join us next week or sometime this year.

Please be our guest for our monthly real estate investing seminar that is customized for our clients.  Our February seminar is Tuesday, February 15^th at 6pm at our office in the Pearl- 1220 NW Lovejoy #130, Portland, 97210.  Our March session will be March 9^th at 6pm at our Pearl Office.   The April session is April 20^th and this session we will begin at 4pm to make it available to those who need to get home earlier.  Future dates will be announced soon.

Please RSVP- space is limited.  The number is 503-416-4177 or email to Becky@thejacksonfiles.com.

Urban Grind Cafe

This week- we took a trip just a block from our office to the Urban Grind at 911 NW 14th in the Pearl District.  We have many special connections to this particular coffee shop.  The Urban Grind is located in the same building as the Marshall Wells- a historical loft building where we have a current listing.  We also have a client that is a barista at Urban Grind.

Becky and Carolyn at Urban Grind

Our listing in the Marshall Wells is unit 710, currently listed for $629,000.  It is a beautiful 2 level penthouse home, over 2000 sqft with a large balcony, warehouse windows and soaring ceilings.  It is a unique offering in the marketplace that is definitely worth a look.  Give us a call and we’d love to show it to you: 503-416-4178.  The Marshall Wells was originally built in 1910 and has a current tax abatement in place which lowers the property taxes for each home.  Here is a link to additional information about the home:  http://jacksongrouppdx.com/properties/detail.html?mls=RMLS&listingid=10042088&pn=4

Marshall Wells 710 listed for $629,000

Sean and I enjoyed Urban Grind’s custom roasted coffee which was very rich and not at all bitter.  Becky had the tea which was wonderfully served in a glass mug with a diffuser.  Our lunch of savory tarts, cherry turnovers and pasta salad was enjoyed by all.

Urban Grind offers free internet service and lots of space to spread out and study.  We observed many students with their biology books open with a constant flow of coffee in their ceramic mug.  It is a warm environment, an ideal location in the Pearl and close to us at Realty Trust.  We’d love for you to pop-by on us sometime and we’ll take you for a cup of coffee at Urban Grind.