Lake Oswego and a Christmas recon visit (Portland, Tualatin: for sale, real estate market)

[Tulippsy]

Greetings! I've been lurking a while and now seek your collective advice about a few things. My husband and I plan to retire to the PNW from south Florida in 2 years. We are spending the week between Christmas and New Year's in Portland. I've researched a few hotels online and the one that looks most appealing is the Heathman. What do you think?

Part two is this: We are planning on buying a condo or townhouse for cash, around the 200K mark. Since it looks like prices are rising and the market is picking up, we thought of possibly buying something this year and then renting it out until we move. I assume there are property management companies who could handle the rental? One area that stands out for me is Lake Oswego. It looks like such a nice little town and not far at all from downtown Portland. I would like to hear your thoughts regarding the town and our tentative plan.

Thanks in advance for your advice!

[sayulita]

The Heathman is a lovely hotel and it's restaurant is terrific. The hotel is smack dab in the middle of downtown and close to all the attractions there.

As to Lake Oswego, it IS a lovely little town and should have condo and townhouse options for you. Nearby Mountain Park also has tons of condos and yes, there are plenty of property management companies that can manage your rental.

[skiffrace]

As far as Lake Oswego as your retirement destination:
Yes, it is a posh Portland "suburb" (6 to 8 miles from downtown). It is very safe, has lots of trees, and arguably the best schools in Oregon. LO is perfect for an affluent family with school-age children. I'd question if it is the best option for your retirement, for the following reasons:

1. The quality of schools attracts many families, and that drives prices up. Average LO house is ~$50 per square foot more than similar house elsewhere. If you are not going to use the schools, then you are paying extra for nothing.

2. Proximity to downtown is probably not much of an advantage to you as well, since you don't need to worry about daily commute. For entertainment purposes, you can visit downtown from further locations, avoiding the rush hour traffic.
Again, you will be paying premium for a feature you will not need.

3. There are not too many townhouses for sale there. There are many condos though, almost all of them concentrated in the area called Mountain Park. Mountain Park is the "ghetto" :-) of Lake Oswego (though better than 95% of US)
The housing stock in Mountain Park was built in 70s and 80s. This means a lot of expensive repairs (roofs, sidings etc) are in the cards, and they will come from the condo fees.

Come and visit LO, maybe you'll love it so much you won't be able to resist. IMHO you have better options in Portland metro area. Here is one of them, Tualatin:
http://www.tualatinoregon.gov/





PS. Good decision to visit during the period of most dreadful weather. If you can withstand the shock of the Portland gloom after the sunny Florida, perhaps you can make it here weather-wise.

[kyled]

Seems to be more options in Lake Oswego for their price range than Tualatin - some of them are pretty nice. Tualatin's options for that price range look horrific. Just going off of zillow though.

[skiffrace]

Tualatin's options for that price range look horrific. Just going off of zillow though.

Could be, I picked Tualatin off the top of my head. There are many other similar locations around PDX metro.

[Tulippsy]

Skiffrace, I'm surprised to hear about the young families in Lake Oswego. One of the plusses for LO was that the median age is 41, so I figured on a preponderance of older adults. I will add Tualatin to the list. The photos look lovely. Our other possibility would be to find a small bungalow within Portland proper, but not sure if it's possible in our price range. The listings on realtor.com for LO looked quite nice but of course I know nothing about the desirability of their locations within the town. Sayulita also mentioned Mountain Park, but didn't say anything about it being a "ghetto".......

Perhaps I also should have asked if I'm correct in my thinking that the real estate market is heating up so much that buying now rather than in 2 years will make a substantial difference in price? I'm reading of price wars and a dearth of rentals, so thought this might make good financial sense.

As for the weather, I lived in San Francisco for 10 years before moving to Florida, and loved the foggy, cool weather. I do remember the months of rain in the winter. My husband and I both need to avoid the sun so the weather will actually be a plus for us.

[Nell Plotts]

$200T will buy you a very modest house in Portland metro. Your best selection will be condos.

LO is a family (school age) community. For a retiree the Mountain Park Rec center would have programs that should work for you. If you want LO Mountain Park is probably where you will live.

WHEREEVER you buy a condo review reserves and their reserve study. Use a home inspector for a condo just as you would a house. If you plan to rent until you move make sure that the HOA permits renting. Many limit the %, make any offer contingent on approval by the HOA.

[sayulita]

Originally Posted by Tulippsy

Skiffrace, I'm surprised to hear about the young families in Lake Oswego. One of the plusses for LO was that the median age is 41, so I figured on a preponderance of older adults. I will add Tualatin to the list. The photos look lovely. Our other possibility would be to find a small bungalow within Portland proper, but not sure if it's possible in our price range. The listings on realtor.com for LO looked quite nice but of course I know nothing about the desirability of their locations within the town. Sayulita also mentioned Mountain Park, but didn't say anything about it being a "ghetto".......

Perhaps I also should have asked if I'm correct in my thinking that the real estate market is heating up so much that buying now rather than in 2 years will make a substantial difference in price? I'm reading of price wars and a dearth of rentals, so thought this might make good financial sense.

As for the weather, I lived in San Francisco for 10 years before moving to Florida, and loved the foggy, cool weather. I do remember the months of rain in the winter. My husband and I both need to avoid the sun so the weather will actually be a plus for us.

Mountain Park is by no means a ghetto. I think skiffrace meant that to be tongue in cheek. Lake Oswego is very affluent and Mt. Park is more affordable comparatively. It's still a very nice area. It's best years were the 80's and 90's, but it's still very respectable, clean and safe.

[Tulippsy]

Thank you all for the great advice and information! So glad I stumbled upon this forum!

[skiffrace]

Mountain Park is by no means a ghetto. I think skiffrace meant that to be tongue in cheek. Lake Oswego is very affluent and Mt. Park is more affordable comparatively.

Yes.

Nothing beats the in-person experience. Come visit (but with a lot of data and good plan in hand), and then make a decision.

Perhaps I also should have asked if I'm correct in my thinking that the real estate market is heating up so much that buying now rather than in 2 years will make a substantial difference in price? I'm reading of price wars and a dearth of rentals, so thought this might make good financial sense.

I'd say so. Portland is so unbelievably more attractive (except winter weather) compared to almost anywhere else in the US, that people will keep moving here, and the prices will keep going up. Look at Seattle. Even worse weather, horrible traffic jams, far more expensive than Portland, and it still gets such a good press and influx of migrants.
Portland is better than Seattle in almost every way, but still much cheaper. Eventually, those prices will reach an equilibrium.