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A p ril 5, 2006
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H ousing
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Will the Housing Bubble Burst?
Advertise with diversity in
Call 503-288-0033 ads@portlandob server.com
Growth in
prices
follow trend
by S arah B lount
T he P ortland O bserver
Portland real estate is a hot com
modity these days, a trend that is
tarnishing our reputation as the
cheapest major city on the West
Coast. But are our homes really that
expensive? It depends on how you
look at it.
“ You need to get outside Port
land to have a better perspective,”
said Brian Pienovi, president o f
P o rtlan d ’s R ealty T rust group.
“ Until you do you ca n ’t under
stand w hat’s going on here. O ur
prices are cheap com pared to any
one else on the W est Coast.”
T h e re a l e s ta te c o m p a n y
Coldwell Banker recently studied
300 U S. markets, revealing the price
o f a 2,200-square-foot house with
four bedroom s, tw o 1 /2 bathroom s,
a family room and a two-car garage.
These home were in neighborhoods
“typical for corporate m iddle-m an
agement transferees” .
W hat they found in Portland
costs $304,650. A Seattle house
would be $386,6(X), and in San Fran
cisco you’ve got to spring for $ 1.3
million.
“ Portland is by no m eans as
volatile as other m arkets," Pienovi
said. “O ur m arket saw a 14 to 15
percent appreciation in 2005, while
Seattle saw 30 percent and Las
Vegas saw 40.”
But he adm its Portland has al
ways been an anom aly, an eclectic
group o f people beating to their
own drummer, sometimes less likely
to follow suit with other markets.
But Portland isn’t as "Portland”
as it used to be. A large percentage
(O b s e rv e r
P ro je c i H o p e
223 NE Russell St
Portland, Oregon
(503)287-4914
Open M-F 9-5 pm • Saturdays 10-5 pm
F U R N IT U R E S A L E
50% -70%
All The Time
Help Support The Youth
photo by
M ark W ashingtdn TT he P oru
“Are you looking to
Buy a Home or Sell
your Home ? ”
and O bserver
Homes like this one in north Portland have increased in value, but /remain ess expensive than
markets in neighboring states.
People forget
there s so much
wealth in this
country and
they have to
figure out
where to put it.^
Brian Pienovi
of O regonians aren't native, which
is drastically altering this provin
cial town.
P ienovi o ffers an additional
cause o f the housing boom - a lack
o f trust in the stock market.
"People forget there’s so much
w ealth in this country and they
have to figure out w here to put it,”
he said. “Nobody wants to put it
into the stock market which is lan
guishing. Until that changes people
will continue to put m oney into real
estate.”
M uch like the weather, predict
ing the future of real estate is a
gam ble best left to the experts who
we can easily doubt or blam e.
Pienovi said CNN indicated that
Portland’s real estate market would
be relatively flat in 2007, where other
major m arkets would see a reduc
tion.
"I think that’s a bit o f a reach,”
Pienov said. “That w ould suggest
people do n ’t want to put their money
in real estate.”
He added that most cities have
already been seen this type o f
growth mode, therefore Portlanders
are in for more intrigue in the excit
ing world o f real estate market.
Until then, d o n ’t throw out your
crystal ball.
G?niuiv,
James Smallwood Jr.
Hart Realty, Inc.
9738 SE Washington St., Ste. Q
Portland, Oregon 97216
Business (503) 252-2121
Fax (503) 252-2621
Cellular (503) 449-6589
E-Mail jsmalljr@msn.com
Each Office Is Independently Owned A nd Operate'
C a ll W. J a m e s S m a llw o o d Jr. to h e lp
w ith all y o u r R e al E s ta te N e e d s.
Each Office is independently Owned and Operated
Jen
Matheson
Connect
the Dots
to Rent
or Buy
Local website
offers resources
by S arah B lount
T he P ortland O bserver
A g o vernm ent sponsored o r
g anization m akes the first step in
ren ting or buying a hom e easy
w ith H ousin g C o n n ee-tio n s.o rg ,
a w ebsite that provides resources
fo r renters, hom eow ners, p ro p
erty m anagem ent agen cies and
lan dlords.
T he service co v ers four c o u n
ties in the region, and outreach
m anager Jen M atheson said they
get about 4,000 search es a w eek.
“ W h a t’s great about H ousing
C o n n e c tio n s is th at th e r e ’s a
good cro ss section o f w h a t's out
th e re in th e re n ta l m a r k e t,”
M atheson said.
F o re x am p le, p ro sp ectiv e ren t
ers o r buyers can search Section
8 and n on-profit h ousing, as well
as p rivate open m arket housing
th ro u g h p ro p erty m an ag em en t
com panies and o r landlords. The
o r g a n iz a tio n ’s se a rc h e n g in e
breaks dow n inform ation by lo
cation, ad d ress, school, nam e,
hom es for sale and shared h o u s
ing. An advanced search factors
in facilities, special needs, pets
and rental term s.
U sers can also search housing
serv ice referrals for n o n -trad i-
tional acco m m o d atio n .
T h eir housing calc u lato r g iv es
users an idea o f how m uch they
should spend on rent or m o rt
gage. T he calc u lato r fam iliarizes
users w ith the m edian fam ily in
com e, a num ber that several rental
and h o m e o w n e rsh ip p ro g ra m s
look a, w hen d eterm in in g loans.
H ousing C onnections is closely
tied to Ready to Rent, a renter pre-
continued
LEGEND^/ New Columbia
on page A 7
Say Howdy, Neighbor!
Up to 18(X) sq. ft., 3 Bedrooms, 2.5 Baths, Great Rooms, Master Suites with
Walk-in Closets and Private Baths, 2-Car Attached Garages, much more. From
1-5, Take Columbia Exit, Won Columbia, Son Portsmouth, Eon Cecelia
¿7 e a r th a c / v & n f a g e
You can get involved with your neighbors and directly impact the place you live by attending meetings
and volunteering in your neighborhixxl association.
Here is a list o f north Portland neighborhood coalitions. Find out more about your own neighborhood
atw w w .portlandonline.com /oni.
North Portland Neighborhood Services - 2209 N. Schofield, Portland, ( )R 97217
Phone: 503-823-4524 Tax: 503-285-1614 Email: npns@ci.portland.or.iis
Meetings are the first Monday of each month at 7 p.m.
The neighborhood associations in the district:
• A rbor Lodge Neighborhood Association
• Hayden Island Neighborhixxl Network
• Bridgeton Neighborhood Association
• Kenton Neighborhtxxl Association
• Portsmouth N eighborhood Association
• O verlook Neighborhixxl AssiK’iation
• East Colum bia Neighborhixxl Association
• Piedm ont Neighborhood AssiK’iation
• Friends o f Cathedral Park Neighborhtxxl A sso
• St. Johns Neighborhixxl AssiK’iation
ciation
• University Park N eighborhixxl AssiK’iation
*
(503) 285-2777
W e C a n F in a n c e Y o u r D r e a m H o m e !
A T W W W .L E G E N O -M O R T G A G E .C O M . A P P L Y O N -L IN E !
LegendHomes.com
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