Year-End Westside Value Deals
Roughly 300 single-family-homes (SFH) sold on Portland’s Westside in the last three months of 2009, that’s 75 more than during the same period a year ago. The majority sold for 340k or less (condos not included), down from 375k in the last quarter of ’08 . On average homes sold for 25k less than the original asking price and about 10k below the list price at the time of the sale. The majority of homes are now available for less than $170/SF. Note for comparison sake this figure and all following references to $/SF are based on main + upper level square footage only.
Top Westside Value Plays Per Category
Here are Agent503 top picks for Portland westside transactions per category:
Fixer – 4560 SW LURADEL ST
This bank-owned fixer located near Markham Elem. School sold for 151k or $136/SF, down more than 100k from what the previous owner paid in early ’07. Being one of the select few sub-150k opportunities on the westside, it was scooped up in less than week , all cash, slightly above asking price. It sits on a 0.21 acre lot and comes with 2 bed/2 bath, 2046 SF (1100 above ground).
Acreage – 5715 SW PASADENA DR
How about a 3800 SF (2833 above ground) home on almost a full acre lot for 300k. The bank dumped this one onto the market for a mere $106/SF. Recently remodeled and updated, this 3-bed, 3-bath, 3-level home comes with a 2000 SF outhouse/garage. It had previously sold in early ’07 for just under 700k.
New Construction – 8020 SW Laurelwood CT
Beacon Homes started selling these Raleigh Hills beauties in mid ’08 for 750k. Eighteen months later, this one went for 495k or the equivalent of $131/SF. Take the tour here, to get a feel for this 3700 new construction home that comes with 4-bedrms, extensive hardwood floors, natural wood cabinets, large kitchen w/granite & chef’s appliances.
Location, Location, Location – 117 SW ARTHUR ST
You’d be hard pressed to find a single family home this close to Portland’s downtown in the mid 200s, let alone one that comes with 4 bedrms, a cool viewing deck and several period-authentic features.
Located less than a quarter of a mile from the streetcar in Portland’s Corbett neighborhood, with close proximity to Portland State University, this home would make a great rental. In spite of its vintage (1890), this Victorian home was nonetheless in surprisingly good condition, when it changed hands for a $143/SF. This property had previously been listed in the high 400s, before the bank finally agreed to a short sale in late November.
Luxury – 3319 NW SPENCER ST
Luxury has never been so cheap! For $136/SF you could have picked up this 4000 SF Forest Heights mansion. Built in 1999, this elegant Mediterranean style home comes with 4 bedrooms, a rare-for-Forest-Heights level back yard and plenty of space…
The year is over, but the deals aren’t. To find out more about current westside deals (and beyond), drop me a note.
