Happy Valley Homes Added To The Database

Posted on 05/11/09 11:22 AM

Happy Valley Contributes More Than 100 Desperate Sellers

Happy Valley, Portland’s poster-child of housing distress has been added to the Desperate Sellers Database. As of May 11, there are about 300 active listings in Happy Valley. More than half of these listings are vacant. Although most sellers in the area are oblivious to the valley of despair, evidence to the contrary is overwhelming; the majority of Happy Valley homes included in the Database has dropped almost 20% since listing start, dozens of homes are selling for 100k less than the original purchase price and almost half of the properties have been on the market for more than a year.

Happy Valley: Great Views, Good Schools, Lost of Desperate Sellers

Happy Valley: Great Views, Good Schools, Lots of Desperate Sellers

Happy Valley Sales Outpace The Pearl District

It’s not all despair in Happy Valley. In the first quarter of 2009 about 75 homes sold in Happy Valley, roughly the same amount as a year ago and in line with previous quarters. Contrast that against the Pearl District, where a mere 30 homes sold in Q1/2009. Both areas had about 300 active listings during that period, but whereas Happy Valley is looking at about 12 months of inventory, the Pearl District currently faces 2-3 times as much inventory in months.

Here’s a look at some of the deals that went down in the Valley in Q1/2009:

- 13910 SE Aldridge, 5-bedrms, 4200 SF: listed at 789k, SOLD for 700k

- 15634 SE Kingbird, 3-bdrms, 3000 SF: listed at 468k, SOLD for 401k

- 12922 SE Meadehill, 4-bedrms, 3600 SF: listed at 349k SOLD for 320k

- 12015 SE Timber Valley, ditto, 1800 SF: listed at 275k, SOLD for 250k

- 10763 SE 95TH CT,3-bdrms, 2150 SF: listed at 299k, SOLD for 248k

Database Now Includes Almost 275 Properties

The addition of Happy Valley brings the total number of homes included in the database to just under 275. Here’s the current breakdown by area:

Pearl District: 29
Downtown Portland/South Waterfront: 36
Inner Southeast: 24
Inner Northeast: 69
Happy valley: 108

Single Family Homes account for 3/4 of the Database, with condos currently contributing 65 units. Almost 90 properties are priced at less than 325k, creating numerous opportunities for first-time homebuyers.

Playing Case-Shiller To Your Benefit