Thoughts on the $$PORTLAND REAL ESTATE MARKET (Gresham, Keizer: new house, job openings)

[freemkt]

Originally Posted by grassfeeder

claim your house on zillow and place a "make me move" price. realtors are tied into that and will be pinged. you'll most likely start seeing people reach out.

With that said, I'd be willing to sell as well however location is king and things in the area, in my opinion, are so over valued I fall into the problem of there being nothing to buy - so why sell only to create problems buying. May as well just keep riding the 8% annually I'm making on this till things level just a touch.

Anyone seen a GoFundMe for "help me stay"?

[ccjarider]

I would be interested in knowing more about why Portland proper (inside city limits) seems so popular and thus drives prices so high.

It is an anomaly to me coming from the midwest where most second tier cities (Milw, Indy, St. Louis,) have generally cheaper properties in the city than in the desirable suburbs.

Usually taxes and regulations are less in the suburban areas.

We bought in Milwaukie here about 4 yrs ago. The commute is reasonable, the neighborhood is reasonable, people with kids seem relatively satisfied with school system, property taxes are reasonable, there are no crazy "fees" to fund liberal ideology and yet prices seem like a bargain compared to Portland proper.

I do know that Milwaukie is not considered a premier suburb. Yet the exact same house a few miles away in Portland (not a fancy area) is much more expensive.

It is is curiosity to me and I appreciate any insight.

[grassfeeder]

Originally Posted by ccjarider

I would be interested in knowing more about why Portland proper (inside city limits) seems so popular and thus drives prices so high.

It is an anomaly to me coming from the midwest where most second tier cities (Milw, Indy, St. Louis,) have generally cheaper properties in the city than in the desirable suburbs.

Usually taxes and regulations are less in the suburban areas.

We bought in Milwaukie here about 4 yrs ago. The commute is reasonable, the neighborhood is reasonable, people with kids seem relatively satisfied with school system, property taxes are reasonable, there are no crazy "fees" to fund liberal ideology and yet prices seem like a bargain compared to Portland proper.

I do know that Milwaukie is not considered a premier suburb. Yet the exact same house a few miles away in Portland (not a fancy area) is much more expensive.

It is is curiosity to me and I appreciate any insight.

Portland drives a lot of very high quality employers this the suburban/urban desire with many. If you look at all the companies HDQ'd here it doesn't even compute with the mid-west. Nike, Adidas, Intel, etc etc - those are world leaders in their fields & a tip of the iceberg. Portland, for its size, drives a lot of high level industry.

[karlsch]

Originally Posted by ccjarider

........
It is an anomaly to me coming from the midwest where most second tier cities (Milw, Indy, St. Louis,) have generally cheaper properties in the city than in the desirable suburbs.
...........

Middle class and above flight (usually called white flight) to the suburbs. Happened in many cities in the Midwest and East, most famously in Detroit.

[mixtape]

Originally Posted by ccjarider

I would be interested in knowing more about why Portland proper (inside city limits) seems so popular and thus drives prices so high.

It is an anomaly to me coming from the midwest where most second tier cities (Milw, Indy, St. Louis,) have generally cheaper properties in the city than in the desirable suburbs.

Usually taxes and regulations are less in the suburban areas.

We bought in Milwaukie here about 4 yrs ago. The commute is reasonable, the neighborhood is reasonable, people with kids seem relatively satisfied with school system, property taxes are reasonable, there are no crazy "fees" to fund liberal ideology and yet prices seem like a bargain compared to Portland proper.

I do know that Milwaukie is not considered a premier suburb. Yet the exact same house a few miles away in Portland (not a fancy area) is much more expensive.

It is is curiosity to me and I appreciate any insight.

Personally, I'm wanting to buy in the inner core because Portland is a very walkable city and I would rather not drive everywhere if I can avoid it. It comes down to convenience for me. Most of my friends, restaurants/shops/etc that I would want to visit would be easier to access in the inner core. I also lived in Seattle for 10 year where driving was a pain so I've gotten use to walking- for example, I have no problem walking from Central Eastside to Overlook.

In addition, I don't have any children plus I don't want a large yard or a house that is over 2,000sq ft to take care of so living in a smaller house/low maintenance yard but with the convenience of being able to walk to shops/restaurants/meetups, etc are what is more "manageable" for me right now. (I also work a lot and am lazy so... )

[pdxMIKEpdx]

Saw these on Portland Craiglist recently:

https://archive.today/bsU52

https://archive.today/4nfu7

https://archive.today/vQ6Pc

If you look hard enough there are some good deals out there!

[ccjarider]

Originally Posted by grassfeeder

Portland drives a lot of very high quality employers this the suburban/urban desire with many. If you look at all the companies HDQ'd here it doesn't even compute with the mid-west. Nike, Adidas, Intel, etc etc - those are world leaders in their fields & a tip of the iceberg. Portland, for its size, drives a lot of high level industry.

Thank you for reply.

I can't see it in data though.

Portland has two Fortune 500 firms - Milwaukee has six, St. Louis has nine, Minneapolis has 11.
I just did a quick survey on data from Bureau of Economic Statistics.
These cities all have higher ave. "general mgmt" income than Portland.

I do not see evidence that high income is what drives City of Portland real estate prices.

[Tulippsy]

Well, would you rather live in downtown Milwaukee, St. Louis, Minneapolis or Portland? Minneapolis is great but the weather is awful. So maybe it's simply a quality of life issue.

[oldtintype]

Originally Posted by ccjarider

I would be interested in knowing more about why Portland proper (inside city limits) seems so popular and thus drives prices so high.

It is an anomaly to me coming from the midwest where most second tier cities (Milw, Indy, St. Louis,) have generally cheaper properties in the city than in the desirable suburbs.

Usually taxes and regulations are less in the suburban areas.

We bought in Milwaukie here about 4 yrs ago. The commute is reasonable, the neighborhood is reasonable, people with kids seem relatively satisfied with school system, property taxes are reasonable, there are no crazy "fees" to fund liberal ideology and yet prices seem like a bargain compared to Portland proper.

I do know that Milwaukie is not considered a premier suburb. Yet the exact same house a few miles away in Portland (not a fancy area) is much more expensive.

It is is curiosity to me and I appreciate any insight.

Great transportation, walkable, restaurants, stores, atmosphere, beautiful neighborhoods, some of the best school clusters are in inner Portland areas, etc. etc. The west coast in general is like that not just Portland. And younger generations across the county are flocking to cities, not wanting to be tied to a car or have long commutes.

[bler144]

Originally Posted by grassfeeder

I'd say 4% is conservative too. I project 6-8% in desirable areas.

Remember your rule of 72 - 8% would mean prices doubling in 9 years, 6% doubling in 12.

That's a pretty hard trend to sustain without a significant increase in ability to pay. For a major purchase, demand is great and all, but doesn't get you anywhere if no one can afford to pick up the bill.

Of course, as we saw 2000-2007, that doesn't necessarily have to be increasing incomes - availability of easy credit can get you there too.