Wave of evictions leaves renters few options in record-setting apartment market (houses, neighborhood)

[Minervah]

Originally Posted by pdxMIKEpdx

Could be, a house down the street a few blocks over sold for less than 200K last year, the people who bought it (a couple who happened to be real estate agents) probably spent about 35K remodeling it and sold it a few months ago for $395K.

This is exactly what has been going on in my friend's neighborhood around 42nd and Fremont. There are lots of small houses around there going for outrageous prices. About five or six years ago, those scum-sucking low lifes, aka flippers, began buying homes and reselling them a few months later for lots more.

Then they began knocking on doors offering even more outrageous amounts to people who weren't interested in selling especially to flippers. So the flippers began playing dirty. After being turned down the first time, a single guy would return maybe a month later this time with a women. The two of them would pose as a young couple pretending to want to buy the house for themselves. The homeowners recognized the fraud, they recognized the guys who had first come to the house, it was more than one who tried to pull the scam, and slammed the door in their faces. Word got out fast in the neighborhood.

My friend was hounded over and over again to sell her house as were many of her neighbors. She kept telling these pests to go away. They are like the plague, they just don't stop. It's harassment pure and simple.

So apparently this is going on in many neighborhoods. It's one thing if people want to sell their property that's fine. They can sell to anyone they want. But for those who don't want to sell, to be harassed and lied to by these vermin is just not right.

[oregonwoodsmoke]

Originally Posted by freemkt

....... I've seen ONE California driver license, .......- about 99+% of the people moving to Portland are NOT from California.

Carding people to find out where they are from would work better if everyone who moves to Oregon didn't go in and change their drivers license into an Oregon license--- as is required by law.

[brianbar]

We constantly hear Portland jobs don't pay enough, yet there are people flipping houses and making 20% and more... What is feeding the demand market?

[redguard57]

No one yet has answered the question... where is the money coming from and who can get approved to purchase these homes??

Median income for a family of 4 in the PDX metro is $74,000 according to the Portland Housing Bureau and HUD.

In a good scenario, a family making that much could afford a 330K home, max. That assumes they had a 20% down payment of around $67K, no other major debt and were quite frugal on things like grocery bills.

What is feeding the demand market?

I would very much like to know.

[urbanlife78]

The people I know who are flipping houses are born and raised Oregon people who either own their own business or has a good paying job that has allowed them to do house flipping on the side.

[pdxMIKEpdx]

I always get a laugh out of the letters that are sent in the mail from what seems to be some innocent person new to the area that fell in love with your house and wants to buy it.

Plain (not business) envelopes, hand written, etc.....

Some of those letters are pretty convincing.

When you do a little research such as google the name or address, it always turns out to be a real estate agent, or some kind of vague "investment" company.

One of my favorites was when I googled the info nothing really came up, but when I plugged the address into google street view, it showed a real estate office.

[CanuckInPortland]

Originally Posted by redguard57

No one yet has answered the question... where is the money coming from and who can get approved to purchase these homes??

Median income for a family of 4 in the PDX metro is $74,000 according to the Portland Housing Bureau and HUD.

In a good scenario, a family making that much could afford a 330K home, max. That assumes they had a 20% down payment of around $67K, no other major debt and were quite frugal on things like grocery bills.



I would very much like to know.

It doesn't seem like there's not a lot of "starter" homes in Portland these days for someone without existing equity. Still younger couples manage to buy smaller properties(often little 2 bedroom homes) slightly further out or buy fixer-ups or move even further out. With the market right now though, for someone with good credit and able to afford 20%, buying a home right now ends up with less monthly payments than renting a home--though there's less people who can meet that right out the gate.

Who is paying $500,000 or more for homes off NE Alberta these days(or similar areas)? Wealthier professionals or people who cashed out with a lot of equity in even more expensive markets. The people I see buying the homes over $400,000+ in my neighborhood are usually double income professional couples with good jobs. The cheaper homes(cheaper being $275,000 to $350,000 these days) are bought by younger couples with less money but still doing alright for the most part. Everyone else is just struggling with rent.

Also, the median household income of 4 is $74,000, but almost half of Portland are renters as it is who aren't going to buy. You're looking at people well above median income who can buy homes these days(that median income isn't very high if both adults are working)--and there's actually a limited supply of homes on the market at those prices. A lot of people aren't selling their home--earlier this year housing inventory on sale was at the lowest level in a decade. Add to that all the foreclosed homes not on the market(8 in 10 last I heard), and you have richer buyers buying increasingly expensive single family homes in a market(in Portland itself), where there isn't really single family homes being built(and those that are are usually just replacing another single family homes).

[urbanlife78]

Originally Posted by pdxMIKEpdx

I always get a laugh out of the letters that are sent in the mail from what seems to be some innocent person new to the area that fell in love with your house and wants to buy it.

Plain (not business) envelopes, hand written, etc.....

Some of those letters are pretty convincing.

When you do a little research such as google the name or address, it always turns out to be a real estate agent, or some kind of vague "investment" company.

One of my favorites was when I googled the info nothing really came up, but when I plugged the address into google street view, it showed a real estate office.

That's a pretty smart move on their part.

[Minervah]

Originally Posted by pdxMIKEpdx

I always get a laugh out of the letters that are sent in the mail from what seems to be some innocent person new to the area that fell in love with your house and wants to buy it.

Plain (not business) envelopes, hand written, etc.....

Some of those letters are pretty convincing.

When you do a little research such as google the name or address, it always turns out to be a real estate agent, or some kind of vague "investment" company.

One of my favorites was when I googled the info nothing really came up, but when I plugged the address into google street view, it showed a real estate office.

Originally Posted by urbanlife78

That's a pretty smart move on their part.

I call it misrepresentation and dishonesty. The seller might think they dealing with a young person or couple just starting out and wants to keep the sale to that type of buyer only to discover they had been dealing with an unscrupulous liar after the sale was final. It isn't smart, it's slimy.

[urbanlife78]

Originally Posted by Minervah

I call it misrepresentation and dishonesty. The seller might think they dealing with a young person or couple just starting out and wants to keep the sale to that type of buyer only to discover they had been dealing with an unscrupulous liar after the sale was final. It isn't smart, it's slimy.

A sale is a sale, even if it was a young couple, nothing would be stopping them from turning around and selling the house again or tearing it down. So you may think it is "slimy," but there is nothing wrong in that practice.