How “walkable” is your neighborhood???
We are seeing more listings boasting about their high “walkability score”. Walkscore.com ranks 40 US 
cities in their walkability taking into account factors such as location to nearby stores, restaurants, schools, parks, etc. Their claim is that Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking.
Interesting to look up the different neighborhoods in Portland. It is a decent general guide, but a home buyer should not base any decisions on this info without touring the neighborhood first. Portland is ranked #10 in the counrty in its overall score.
The beauty of Portland is that most everything is just a short bike ride away regardless of which neighborhood you live in.
With summer comes outdoor dining in Portland…
Is there a better place to be than Portland in the summer? Of course not. Many phone calls this time of year from family and clients in other parts of the country always start with a discussion about their “sweltering weather”. 
Thinking of summer in Portland gets me through the longest winter days. Usually it is the memories of dining in one of our incredible restaurants in the twilight summer evenings that seem to last forever. Here is a great list of patios and outdoor areas around town where you can enjoy Portland at its best. This list is from Portlandfoodanddrink.com that is one of my favorite sites to help me keep up-to-date with the ever changing PDX restaurant scene.
North Portland:
Alberta Street Public House – 1036 NE Alberta St, Portland
Blue Gardenia – 3747 N Mississippi, Portland. Nice courtyard out front along street
DiPrima Dolci Italian Bakery & Coffee Shop – 1936 N Killingsworth St, Portland. Large garden patio out back
EaT: An Oyster Bar – 3808 N Williams, Portland. Patio out front
Equinox – 830 N. Shaver St. Portland. Great off-street patio
Hop & Vine – 1914 N Killingsworth St, Portland. Garden patio
Little Red Bike – 4823 N. Lombard St. Portland. Street side tables
Lovely Hula Hands– 4057 N. Mississippi, Portland. Great enclosed deck
Mississippi Pizza– 3552 N Mississippi Ave, Portland. Street side Tables
Click here for the complete list…
The new market action for May shows continued market improvement…
RMLS has just released their monthly report for May and sales activity continues to increase.
May Residential Highlights
Sales activity in May for the Portland Metro area continued to march upward compared to the
prior month, but lagged behind 2008 levels.
Comparing May 2009 with the same month in 2008, pending sales were down 7.4% and closed sales
decreased 23.4%. New listings also dropped 25.1%. See residential highlights table below. On the other hand, comparing May 2009 with April 2009, pending sales grew 5.8% (1,967 v. 1,860).
Closed sales also rose 9.6% (1,427 v.1,302). New listings increased 1.9 %(3,879 v. 3,808). Inventory dropped to 10.2 months, down from 11 months in April – the fourth straight month of decline. Active residential listings in May rose to 14,493 - up from 14,328 in April. Active listings appear to be increasing at a slower rate than usual for this time of year.
Year-to-Date
Comparing January-May 2009 with the same period in 2008, closed sales were down 28.1% and pending sales decreased 17.5%. New listings also dropped 23.8%.
Sale Prices
The average sale price for May 2009 was down 13% compared to May 2008, while the median sale price also dropped 13%. See residential highlights table below. Month-to-month, the average sale price and median sale price both posted small gains when compared with April levels; the average sale price was up 0.1% ($291,400 v. $291,100) and the median sale price was up 0.04% ($250,000 v. $249,900).
Now $8,000 Down Payment from the Stimulus Package
More good news coming soon for home buyers. As part of the stimulus package, Congress recently approved the existing $8,000 tax credit can soon be used as a down-payment. 
Last year the $8,000 started as tax credit that had to be paid back over a 15 year period, then this year it became a tax credit that did not have to be paid back, and now it is going to be an option to help cover the down payment on purchasing a home. The program is designed for 1st time home buyers or buyers who have not owned a home within the previous 3 years.
This should be a big help for buyers who are ready to take advantage of the current low home prices and interest rates, but have been waiting to save up money for the down-payment on their loan. This should only increase the demand in Portland’s hottest market segment.
Frugal Portland
I opened the Sunday New York Times last week and was surprised to see the front page of the travel section featuring an article on Portland. It is always fun to see our city through a visitor’s eyes as well as reading about any hidden gems the writer finds as they explore our great neighborhoods.
The title “Frugal Portland” says it all as the article centers around cheap eats and free or low cost activities all while traveling by bike or using public transportation. The food carts are no stranger to me as I find myself weekly making excuses to go downtown to visit my favorite thai cart, espresso stand, etc.
Here is a link to the article: http://travel.nytimes.com/2009/05/10/travel/10Portland.html?scp=1&sq=frugal%20portland&st=cse
Greater Portland Listing…
255 SW Harrison Street / Portland, OR
$259,900
This is a great 1 bedroom corner unit condo located at The Harrison Condominiums West. Downtown and only 2 blocks from the river, right on the bus and light rail lines. The Harrison towers are a recent condo conversion in what was originally Portland’s first residential high rises built in the late 1960’s. They feature amazing 17th floor views from every room. This is a true separate 1 bedroom unit. The condo conversion is top to bottom new including stainless appliances, granite countertops, hardwood floors and a large balcony.
There is a reserved parking space under the building in a secure garage. Living at the Harrison includes access to the pool and sauna.
Contact Greg if you have any questions or would like a private tour.
New Greater Portland Listing…
Just listed this week at The Avenue in the Pearl District for $294,000. Great unit and we love this building as Greater Portland at one time had an office in The Avenue.
Some great features:
¨ Central Pearl District location
¨ The Avenue Lofts: Hip and modern urban living
¨ Built in 1923 as the Meier & Frank Warehouse
¨ Listed on the National Register of Historic Places
¨ A legendary warehouse transformed into lofts
¨ Unrestricted, undivided, open floor plan
¨ Breathtaking West Hills views from 6th floor
¨ Immaculate condition—well cared for unit
¨ High ceilings and large windows
¨ Maple hardwoods, cabinets, stainless appliances
¨ Secure, covered parking space
¨ Air conditioning. Washer and dryer in the unit
¨ Fitness center located on the premises
¨ Bright with lots of light and wall of windows
¨ Walk to great restaurants, brewpubs and shops
¨ Property tax abatement until 2015 ($270 / year)
¨ Chapman, West Sylvan, and Lincoln Schools
¨ 833 square feet
¨ MLS# 9032699
A virtual tour can be viewed at: www.pdxvtours.com/gregs13/small.htm
Latest Market Action Report is good news for Portland Real Estate
RMLS just released their monthly report of real estate statistics for the Portland area. And falling in line with as busy as we have been at Greater Portland, the Portland real estate market is on the upswing. Click for the March Market Action Report
Here are some statistics:
From February of 2009 through March of 2009, closed sales grew 38.2% (1,184 vs. 857) and pending sales were up 28.3% (1,637 vs. 1,276). New listings grew 6.2% (3,685 vs. 3,471).
Inventory dropped to 12 months, (Inventory in months is calculated by dividing the active listings at the end of the month by the number of closed sales for that month) its lowest point since October 2008. Inventory this year in January was 19.2% and in February was 16%.
The average sales price for March 2009 was down 11.8% compared to March 2008. My opinion is that this percentage is a healthy reduction to counter the unprecedented appreciation we have experienced the previous several years in the Portland area.
Good news heading into the summer!
-Greg
Mortgage rates hit a new low
Inman news is reporting today that the 30 year-fixed interest rates are at 4.85%, the rate has never been lower since Freddie Mac began its survey in 1971. The Mortgage Bankers Association anticipates a huge wave of refinancing as borrowers seek to take advantage of rates not seen since the 1950s.
Great news! Let’s hope that it stays in the 4-5% range for quite awhile and banks start to issue more new loans….
1st time home buyer, take the money and run!
The new economic stimulus package that was recently enacted has the government paying you to buy a home. The plan gives a 1st time home buyer (or someone who has not owned a home within the previous 3 years) an $8,000 tax credit. This differs from last year’s 1st time home buyer incentive which was a LOAN of $7,500 that had to be paid back over the next 15 years.
This is a pretty straightforward incentive to 1st time homebuyers that buy a house between January 1 – November 30, 2009 with the understanding that you will not sell the purchased home for 3 years.
Good news for what seems to be the most active segment of the Portland market….
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