P agi B?
M arcii 5, 1997 • T he P oru and O bserve r
Wife
^ o r tla n h
bseruer
Grief recovery returned
A partnership consisting o f G or
don Sondland o f Dunson Equities.
Joseph W Angel o f Pacific Star
Corp and Westin Hotels & Resorts
jo in tly announced today the devel
opment o f The Westin Portland, a
200-room boutique hotel located in
ihe heart o f downtown Portland
I he hotel, to be developed by the
~ Sondland/Angel/W estin partner
ship, w ill be managed by Westin
Hotels & R esorts.Construction is
slated to begin in the next few months
and is scheduled for completion in
the third quarter o f 1998. Construc
tion and permanent financing for
the project is being provided by U.S.
Bank
“ The Pacific Northwest region
has been Westin’ shome for 67 years
and we are committed to maintain
ing a strong and visible presence
here,” remarked Juergen Bartels,
chairman and chief executive o f
ficer for Westin Hotels & Resorts.
“ We are extremely prpud to partner
with Gordon and Joe on this new
hotel development and to have the
Westin name back in Portland after
a seven-year absence.”
W estin’ s presence in Portland
dates back to the company’ s first
years when it took over manage
ment o f its 20th property, the M u lt
nomah Hotel, in 1931 Westin man
aged the hotel until 1964. just one
year prior to the hotel’ s closing.
During Westin’ s relationship with
the Multnomah Hotel, a second ho
tel was added to Westin’ s Portland
collection with The Westin Benson
Westin managed The Vktfstin Benson
from 1944 until it was sold in 1990.
Currently, Westin has a marketing
relationship w ith The G overnor
Hotel which began in 1992 This
relationship w ill terminate prior to
the opening o f the new Westin Port
land
To be b u ilt at an estimated cost
o f$ 2 0 m illio n , the 20-story Westin
Portland w ill be located at the
west end o f the dow ntow n retail
core on the corner o f Park Avenue
and A ld e r, h a lf a b lo c k from
N ordstrom 's and one block from
the G alleria
Designed by SERA Architects,
P C., and Kurt Jensen & Associates,
the hotel's European traditional de
sign compliments the surrounding
historic terra cotta buildings in this
district. In addition to having all
W estin’ s standard amenities and
services, the hotel w ill offer the fo l
lowing facilities:
• 200 guest rooms and suites,
in clu d in g a num ber o f W estin’s
G uest O ffic e (R ) business-class
room products
• Over 5,000 square fe e t o f desig
nated meeting space, totaling be
tween Jive and seven meeting rooms
in the fin a l design
• A 6,800 square fo o t restaurant
and bar
• A fu ll-service business center
• A complete health and fitness
dub
“ Joe Angel and I are pleased to
have formed this partnership with
Westin We believe that the hotel's
intimate design and superb location,
coupled w ith W estin’ s pow erful
brand name, w ill make it an instant
success in the Portland market." re
marked Gordon Sondland, president
and chief executive officer o f Dunson
Equities.
Other Westin properties in the
Pacific Northwest region includeThe
Westin Seattle and The Westin
Bayshore in Vancouver. A d dition
ally. Westin has future.development
projects planned in Seattle as w ell as
Vancouver and Whistler B.C. The
360-room Westin Sea-Tac Interna
tional Airport is scheduled to begin
construction later this year and the
207-room Westin Grand in Vancou
ver, w ill open in January 1999.
Gordon Sondland is president and
chef executive officer o f Dunson
Equities Corp. Dunson's affiliated
entities own and/or control s ig n ifi
cant interests in numerous hotel
properties throughout the western
United States. Some o f the Pacific
Northwest properties include The
Benson in Portland; The Alexis, The
Paramount and Ih e WestCoast
Vance hotels in Seattle: and The
Sheraton Hotel and the Ridpath in
Spokane. Another Dunson affiliate,
Dunson NorthCoast L.L.C., is a sig
nificant shareholder in NorthCoast
Hotels, L.L.C., which, as a primary
lessee with Patriot American Hospi
tality. controls such properties as
The Valley River Inn in Eugene and
The Roosevelt and Plaza Park Suites
in Seattle
Joseph W Angel is an investor
and property owner who recently
sold his interest in Restaurant Man
agement Northwest Inc. where he
was owner and operator of33 Burger
K ing restaurants in the Portland
metropolitan area.
Westin Hotels & Resorts owns,
manages, franchises and represents
101 hotels and resorts in 23 coun
tries worldwide. with four additional
projects underconstruction in Malta
Jakarta, Indonesia; Kuala Lumpur,
Malaysia and San Antonio. Texas.
I lie company received the high
est ranking in the 1997 Frequent
Flyer magazine J.D Power and As
sociates “ Domestic Hotel Guest Sat
isfaction Study - Upscale Hotel
Chains." Additionally, for the third
consecutive year Westin has been
recognized as the No. I upscale ho
tel chain by readers o f Business
Travel News in its "1996 Survey o f
l op Hotel Chains.”
Apartment Blue Book Goes Online
New Website Provides Compre
hensive Information On Apartment
Homes
Portland, OR January 20. 1997 -
Network Publications, Inc. has an
nounced that the Greater Portland/
Vancouver Area Apartment Blue
Book is now available on the Internet
(www.abbonline.com). The site cur
rently features more than 1,200
apartment properties (representing
over 100,000 units) in 280+ city
areas across the United States.
The “ A p a rtm e n t B lue B ook
Online" is an electronic consumer's
guide to apartment communities.
The service is an easy-to-use re
source for consumers, apartment
home shoppers begin their search
for a community by choosing a state
and a city then narrowing it down by
choosing number o f bedrooms and
price range, a color map is included
for each city area and each property
listing features a color photograph
ofthecom m unity. Information about
the community is provided under
specific areas: Features/Amenities
(washer/dryer, patios, cable TV,
pools, exercise fa c ilitie s , etc.),
Floorplans& Prices (number o f bed
rooms available and square footage
for the units) and FYI (pet policies,
move-in specials, fees/deposits. etc.).
I he Apartment Blue Book is pub
lished periodically by Atlanta-based
Network Publications, Inc. More
than 1.4 m illion copies are distrib
uted in 38 markets across the United
States every three months. An A ddi
tional 17,000 are distributed to ma
jo r corporations and chambers o f
commerce through a dedicated Re
location Resources program pro
vided by Network Publications, and
to consumers who request the book
through a toll free number (800-
222-3651 )
Portland Habitat Announces
Collegiate Challenge: Spring Break ‘97
Portland Habitat for Humanity is
a host affiliate for Habitat for Hu
manity International's C ollegiate
Challenge program D u rin g the
weeks o f March 2, 9 and 16, 33
students from Montana State U n i
versity-Billings, M inot State U n i
versity and Puget Sound University
w ill live and work with Portland
Habitat, building decent, affordable
homes with families in need.
C ollegiate C hallenge: S pring
Break '97. an event coordinated by
the Campus Chapters and Youth
Programs department o f Habitat for
Humanity International, offers con
struction experience to students at
Habitat affiliates around the coun
try
This year, more than 6,000 C olle
giate Challenge participants w ill
contribute approximately $500,000
to the work o f Habitat for Humanity
at participating affiliates.
Habitat for Humanity Interna
tional is a nonprofit, ecumenical
organization dedicated to elim inat
ing poverty housing w orldw ide
Habitat for Humanity works in part-
nershipwith people in needthrough-
out the world building simple, de
cent shelter that is sold to them at no
profit through no-interest loans.
Todate. the organization has built
more than 50,000 homes worldwide.
The Campus Chapters and Youth
Programs department was formed
t
I
in 1987 and has provided thousands
o f students opportunities to become
a significant part o f Habitat for
Hum anity’ s work.
For more in fo rm a tio n about
Habitat fo r H um anity International
or the C ollegiate Challenge pro
gram. call H FH I at (912) 924-
6935 ext. 448
For more information about Port
land Habitat call. Doreen Roozee at
287-9529.
Housing prices unchanged
Housing prices hardly budged
last year, according to the latest
figures from the Federal Housing
Finance Board.
The average price o f both new
and resale homes in the 3 I markets
pol led by the housing finance board
was $152,100 at year’ s end. a scant
0.5 percent below the $152,800
recorded at I993’ s close
Prices were higher in 16 cities,
but they fell in the other 15.
The largest increase was re
corded in Milwaukee, where the
average rose 20.5 percent, from
$ I 11.400 a year ago to $ 134.200.
But that was offset by a 20.6 per
cent decline in Pittsburgh, where
the average fell from $116,600 to
$92,600.
The o nly other d « ib le -d ig it
change in either direction over the
past 12-month period was here in
the N ation’ s Capital, where the
average increased 10.1 percent,
from $194,000 to $213.600.
I he board’s numbers are based
on a survey o f major lenders that
are asked to report the terms on all
conventional, single-fam ily pur
chase money mortgages.
The data does not include either
g o ve rn m e n t-b a cke d loans or
refinancings, which would tend to
draw the results lower
A close look at individual mar
kets shows a mixed bag. They
neither increase or decrease. This,
by the way, is indicative o f greater
activity in one end o f the price
spectrum over another than they
are o f actual price inflation. At
least over the short-terin were con
fined to one region.
Some coastal cities sported in
creases, others did not. Likewise,
markets in the nation’s bread bas
ket.
Honolulu continues to lead the
country as the most expensive place
for housing even as prices fell 5.8
percent, from $ 3 1 1 ,2 0 0 to
$293,000.
The San Francisco Bay Area
also maintained its ranking as the
nation’ s second costliest market
housing-wise. Prices there were ba
sically flat, rising only 0.2 percent
from $253,300 to $253,800.
Los Angeles reported a 6 .1 per
cent decline but still managed to
hold on to the No. 3 position at
$214,300 vs. $228,200 in 1993
But the next four markets all re
corded increases. After Washing
ton. which is now in fourth place,
comes San Diego at $205.400, up
4.4 percent from $196.800; New
York at $202.300. up 2.6 percent
from $197,100. and Boston at
$180,400, up 7.3 percent from
$168.200.
Rounding out the dubious top
10. Seattle-Tacoma is the eighth
most expensive city in the country
at $166.000, down 0.3 percent
from $166,500, follo w ed by Den
ver at $161,300. up 7.8 percent
from $149,600, and Chicago at
$160,700, o f f 5.2 percent from
$169,600.
On the basis o f its 20.6 percent
decline, Pittsburgh is at the bottom
end o f the house-price totem pole.
At $92,600, it also is the only market
surveyed where the average price is
still quoted in five figures.
You still need to think six figures
everywhere else. But compared to
the high-cost cities, the prices in
some markets seem downright rea
sonable.
In ascending order, the nation's
least-expensive markets are: Tampa-
St. Petersburg at $102,200, up 5.6
percent from $96.800; Louisville at
$103,600, up 5.7 percent from
$98.000: Efouston at $1 10.500. up
7.9 percent from $102.400. and
Rochester, N.Y., at $114.300. down
5.5 percent from $120,900.
For most o f us, our homes repre
sent by far the largest portion o f our
wealth, such as it is. But taken to
gether, the equity all o f us have in
our homes is truly staggering.
According to the Census Bureau,
aggregate home equity in owner-
occupied housing totaled some $6.4
trillio n in 1991. the last year for
which figures are available.
That’s nearly twice the $3.3 tril
lion we hold in financial assets,
which represent the second largest
share o f household net worth. And
almost every household has some
financial assets, even i f its just a
passbook savings account.
Even after subtracting for o u t-|
standing mortgage debt on those
properties, net home equity equaled
$4.1 trillio n and represented 41
percent o f the total net worth o f all
U.S. households (and 45 percent o f I
total net worth for the 65 percent o f |
the nation's households who own
homes)
Here's some other food fo r |
thought from the Census Bureau:
I he typical American can expect to
move from one residence to an
other 11.7 times in a lifetim e. And
i f you've moved lately, you know
how staggering that statistic can
be.
Young adults have the highest
mov ing rate as the move from apart
ment to apartment. But once they
become owners, they tend to stay
put longer.
More than one in three persons
age 20 to 24 moves every year
Likewise, about a third o f all per
sons living in renter-occupied units
in March 1993 moved during the
previous year. In contrast, only one
in 10 owners moved in the same
period.
About 38 percent o f all the exist
ing houses which changed hands
in Southern California during last
year's third quarter were sold for a
loss, according to John Karevoll,
editor o f the Southern California
Real Estate Observer.
That’ s down somewhat from 48
percent in September 1993. says
K a re v o ll. whose source is
Dataquick, a real estate marketing
information service. But it’ s still a
staggering percentage.
More shocking yet is that 53
percent o f the houses sold in Or
ange County and 48 percent o f
those sold in Ventura County went
for less than what their owners paid
for them. But the median lose was
highest
$36,750 — in Los An
geles County.
To end on a p ositive note,
Karevoll also reports that owners
selling at a p rofit “ gain more than
losers lose," the length o f owner
ship being the key element. “ Profit
takers typically own their homes
longer than loss takers,” he points
out.
Affordable home ownership opportunities
Bank o f America, one o f the
nation’ s largest home loan lenders,
announced today that it is expand
ing its affordable lending program
by launching a new. low down pay
ment home loan that w ill help more
households in Oregon obtain home
ownership
The new home loan program -
Neighborhood Advantage 1-2-3 —
represents a significant expansion
o f Bank o f America’s pioneering
Neighborhood Advantage program,
which has been available since I 990
to low-and moderate-income house
holds. since the Neighborhood Ad
vantage program was introduced
nearly seven years ago. Bank o f
America has originated more than
$12 b illion in home loans to low-and
moderate-income households.
The Neighborhood Advantage I-
2-3 home loan makes ownership
more affordable by requiring a total
down payment o f only 3 percent,
with I percent allowed in the form o f
a g ift or grant. This down payment
option, combined with other fea
tures o f the program, significantly
reduces a borrower's initial out-of-
pocket costs below those associated
with many other low down payment
mortgages, the new 30-year, fixed-
rate program also offers more flex
ible debt-to-income ratios, resulting
in less income required to qualify
The new Neighborhood Advan
taged I -2-3 home loan is now being
offered in Oregon and 20 other states
where Bank o f America has either a
retail branch presence or Bank-
America Mortgage retail lending
offices. Fannie Mae has agreed to be
a purchaser o f this new home loan in
the secondary market, allowing Bank
o f America to recycle funds into new
loans and further extend the reach o f
this program to more home buyers.
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NECDC
N O R T H E A S T C O M M U N IT Y D E V E L O P M E N T C O R P O R A T IO N
4 1 1 4 N V A N C O U V E R A V E N U E - P O R T L A N D O R E G O N 9 7 2 1 7 • 5 0 3 -2 8 2 0 6 5 9 • F A X 5 0 3 -2 8 2 -9 1 5 2
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