I just saw this interesting article online and thought I'd pass it along for your enjoyment :)~
____
Is a Housing Shortage Coming?
Some experts are saying that the next big real estate problem could be a shortage of homes.
Only 672,000 new homes were started in April. That’s less than half the number needed to meet the country’s average population growth.
In the past, an average of more than 1.3 million households have been built each year, creating demand for 1.5 million new homes. In 2009, only 398,000 new households were formed, according to the Census Bureau.
"The decline in household formation is artificial," says James Gaines, a real estate economist with Texas A&M. "The young are moving in with their parents. There's even doubling up among working-class people. There's a pent-up demand coming if and when the economy recovers."
Some economists believe this analysis fails to take into account the changing economy or the large inventory of vacant properties. But Gaines and others say these factors are unlikely to significantly drive down demand.
Source: CNNMoney.com, Les Christie (06/15/2010)
My Blog
Is a housing shortage coming??
Blake Ellis - Tuesday, June 15, 2010
Portland, Oregon's March Real Estate Market Highlights
Blake Ellis - Friday, April 16, 2010
This month's numbers for Portland Oregon real estate show continued improvement. Pending and sold listings increased significantly this month as well. Compared to the same quarter last year, closed sales are up almost 40%
For more detailed information, see the full market action report by clicking here.
For more detailed information, see the full market action report by clicking here.
April 2010 First Thursday in the Pearl District
Blake Ellis - Thursday, April 01, 2010
First Thursday in the Pearl!
April 1, 6 - 9 pm
First Thursday Reception - No Place Like Home - at Waterstone Gallery
In their first joint exhibition, Martha Pfanschmidt and David Kellum present an installation entitled "No Place Like Home", an exploration of what it is that makes a house a home. The exhibit brings the visitor "home", a place both personal and universal.
The installation will feature artwork by Martha Pfanschmidt and furniture by David Kellum. Waterstone Gallery, 424 NW 12th Ave.
April 1
First Thursday - All Services 10% Off at Kanani Pearl Spa!
Save 10% on all spa services all day on April First. Mention "First Thursday Promo" when you book and pay for your services. Kanani Pearl Spa, 1111 NW Marshall St.
April 1, 11am - 9 pm
Sorella Luna Italian Ceramics and Fine Arts
We will be celebrating the April First Thursday with accordion player Justin Franzino, Italian cakes provided by Love Bites and we will also be serving wine. Sorella Luna,416 NW 12th Ave.
April 1, 4 - 11pm
First Thursday at The Benson Hotel
Take $2 off any regularly priced Palm Court Lobby Bar menu item with a beverage purchase. The Benson Hotel, Palm Court Lobby Bar and Restaurant, 309 SW Broadway Ave.
April 1
Travis Taylor at Pearl Gallery & Framing
This First Thursday join us for an exploration of surreal oil paintings, and meet the artist, Travis Taylor. Taylor's work is not about building or creating, but rather deconstructing and chiseling away at the subconscious. Pearl Gallery & Framing, 1017 NE Davis St.
April 1, 5 - 7 pm
First Thursday Men's Night at Smashcut Studio
First Thursday Men's Night We would like to celebrate the Boys. Come in between 5pm-7pm and receive a complementary scalp treatment or L'Oreal 5-minute men's color. All L'Oreal Homme products will be 40% off. There will be snacks and beer.Smashcut Studio, 1015 NW Lovejoy St.
April 1, 5:30 - 9 pm
First Thursday Open House at SwellPath!
Come down and catch up with the SwellPath crew and their friends and partners. They'll start around 5:30 and will wrap up around 9 pm. RSVP on Facebook if you know you're going to make it. Hope to see you! Swellpath, 401 NW 13th Ave.
April 1, 6 - 8 pm
First Thursday at US Bank!
Join us for First Thursday! Guinness Beer and light refreshments will be served. US Bank, 1040 NW Lovejoy St.
April 1, 6 - 8 pm
First Thursday at Umpqua Bank
We invite you to enjoy live music at Umpqua Bank. Umpqua Bank, 1139 NW Lovejoy St.
April 1, 6 - 9 pm
Artwork by Vladimir Vartanian at Forever ARt + The CEO's Home!
Enjoy wine and appetizers while viewing beautiful art! Forever Art + The CEO's Home, 828 NW Hoyt St.
April 1, 6 - 9 pm
Free Styling, Art Gallery, Music, & Cocktails at Aveda Institute Portland
Aveda Institute Portland wants to get your party started and get you ready for a night on the town. We will be offering complimentary styling, beer provided by Rogue Brewery, wine, art gallery and musical entertainment. Aveda Institute Portland, 325 NW 13th Ave.
April 1, 6:30 - 9 pm
Live Music First Thursday at Alchemy Jeweler
Please come and hang out with us and enjoy some live rock and roll with "Western Aerial". We will also serve sparkling beverages and some great food. Alchemy Jeweler, 1022 NW Lovejoy St.
April 1, 7 pm
Mr. Jolly's Grand Opening & Bar Crawl!
Celebrate Mr. Jolly's Grand Opening on NW 9th & Everett for First Thursday with free food, hosted bars, and a great bar crawl!! Check out our swanky bar. Enjoy FREE homemade signature donuts! Mr. Jolly's Coffee & Bar, 903 NW Everett St.
April 1, 7 - 10 pm
First Thursday at Lizard Lounge
Join us for our April First Thursday celebration. We will host live music from The Hugs. and an artist reception for Chris Haberman and Jason Brown. This event will donate 15% of all event earnings to Mercy Corps. Lizard Lounge, 1323 NW Irving St.
Portland, OR is ranked as the greenest city in the US...
Blake Ellis - Wednesday, March 17, 2010
In the past few years, the green movement has become a huge focus in the Northwest. In my own business, I've seen major changes in how buildings are built, the types of systems that run buildings, and how the public places value on sustainability and green practices. Now, nearly all new construction condo towers in Portland, Oregon's Pearl District are LEED rated, and Portland is home to the first LEED Platinum rated residential highrise condo tower, The Casey.
A recent article reports that Portland, Oregon is being noticed for its efforts, being rated the greenest city in the US! See below for more info on this, courtesy of the Portland Business Journal.
_______
The
Portland-Vancouver-Beaverton metro area ranked No. 1 among 43 U.S. metro areas
in a report on America’s “green cities.”
The “Green
Cities Index” ranks metro areas on a variety of environmental factors,
including traffic congestion, transit use, water quality, carbon emissions,
LEED-certified projects and number of “green” jobs.
The index
was compiled by the Business Courier of Cincinnati, which is owned by American
City Business Journals, the parent company of the Portland Business Journal.
The index draws
on data from a variety of government and research agencies.
For the
index, the paper evaluated the 40 markets in which American City Business
Journals publishes newspapers, plus Los Angeles, where the company operates a
business-news Web site, and Indianapolis and Cleveland.
The index
looked at such variables as commuting habits of residents, travel time and fuel
use, and air and water quality.
The Portland
region received high rankings for having the second most LEED-certified
building projects in the country and for having minimal sprawl — Portland
ranked fourth in the sprawl index behind San Francisco, Boston and Honolulu.
Portland’s
poorest showing came in the ranking for commute travel time, where it came in
21st. At 19th, Austin was the only metro area in the green top five with a
better travel-time ranking.
The city with the No. 1 travel time
ranking was Wichita, Kan. Not surprisingly, Witchita ranked No. 43 for use of
public transportation. Portland ranked eighth for public transportation use.
Portland Metro's October Real Estate Statistics..
Blake Ellis - Thursday, November 12, 2009
We're seeing continued movement in the Portland, Oregon real estate market. Inventory is down to a 2 year low of 6.5 months. This is paired with an increase both in pending sales and closed sales. The 64% increase in pending sales is the largest same-month increase since February 1996!
For more detailed information on what's happening in your Portland, Oregon area neighborhood, check out this link to the latest real estate statistics. Also, always feel free to call or email me with specific questions you might have!
Click here to read the report!
Be well!
-Blake
For more detailed information on what's happening in your Portland, Oregon area neighborhood, check out this link to the latest real estate statistics. Also, always feel free to call or email me with specific questions you might have!
Click here to read the report!
Be well!
-Blake
Breaking news regarding homebuyer credits..
Blake Ellis - Wednesday, October 28, 2009
It seems that Congress has decided to extend the life of the first time homebuyer credit that has been nearing expiration in the coming months. We will also apparently see an expansion of the program to include other purchasers who are moving from a home where they've lived for five or more years.
Take a peek at this link for more info! Always feel free to call or email me with questions!
http://www.kptv.com/money/21456362/detail.html?treets=ptl1&tml=ptl1_natlbreak&ts=T&tmi=ptl1_natlbreak_1_04440110282009
Take a peek at this link for more info! Always feel free to call or email me with questions!
http://www.kptv.com/money/21456362/detail.html?treets=ptl1&tml=ptl1_natlbreak&ts=T&tmi=ptl1_natlbreak_1_04440110282009
Portland, Oregon Real Estate News: Inventory Down, Sales Up!
Blake Ellis - Thursday, October 15, 2009
Fall has arrived, and some good news is coming out of the Portland, Oregon real estate market. RMLS released the Portland Metro Area real estate market statistics today, and inventory is down slightly from last month. In addition, pending and closed sales are both up! Great rates and the First Time Homebuyer tax credits are certainly helping the market! There still may be time to just make the deadline to qualify for the credit, so if you're on the fence - it's a good time to consider a purchase... Click the statistics below for the full report! For specific information on what's happening in your Portland, Oregon neigbhorhood, feel free to call or email me!
The upside of getting into real estate ownership now!
Blake Ellis - Wednesday, October 07, 2009
The Importance of Acting Now
Waiting Really Could Cost You
Low interest rates this year have lulled many people into believing that home loan rates in the 5.00% and lower range are "normal". This is not the case and if you are in the position where you could refinance or are considering buying a home, complacency is not your friend.
Waiting Really Could Cost You
Low interest rates this year have lulled many people into believing that home loan rates in the 5.00% and lower range are "normal". This is not the case and if you are in the position where you could refinance or are considering buying a home, complacency is not your friend.
Stimulus provided by the Obama administration has been instrumental in creating the environment that has lowered rates, increased home sales and assisted distressed homeowners.
Uncle Sam Lends a Temporary Hand
Tick tock, tick tock. Just as summer turned to fall on September 22nd, deadlines await two programs that supplied the heat directed at the housing markets.
Government programs in the housing and interest rate arenas are slated to end in coming months. The time to take advantage of these programs is now. Stimulus programs from Washington have led to incentives for first time home buyers (FTHB), artificially low interest rates, and typically unallowable refinance transactions.
Infinite stimulus for the housing sector is not in the cards nor is it reasonable to expect. Deadlines are approaching. Whether you want to buy a home or need to refinance one, do not procrastinate. The best path is to investigate options now before you may find that none are available to you.
First Time Home buyer Alert
If you are a FTHB who wants to take advantage of the tax credit, think two words. GET BUSY. The tax credit of up to $8,000 is set to expire November 30th. While there is talk that this program may be extended, nothing is certain and millions of FTHBs have already taken advantage of the credit. With real estate closings taking as long as 60-90 days, according the National Association of Realtors, you need to get under contract shortly if you want to take advantage of the tax credit.
Home prices are down significantly across the country from their high points the past few years. However, median home prices in August were up 7.8% from their low point earlier this year. If you have been waiting for home prices to decline further, perhaps you should not. Great opportunities are available but many real estate agents report multiple contracts being offered on hot properties. If you wait, you may be disappointed.
Check with your mortgage professional to see if he or she can accommodate you if you go under contract in the next two weeks. Many lenders will still be able to help you but only if you have all your paperwork in order.
Rates Are Great – NOW!
Interest rates dipped in late September to near the lowest points ever recorded. As reported by Freddie Mac, rates for conforming loans approached 5.00% for a 30 year fixed rate and below 4.50% for a 15 year fixed rate with additional fees paid to obtain these rates. Rates for FHA, VA, and USDA Guaranteed loans typically offer slightly higher rates.
There is one reason that home loan rates are as low as they are. Last November the Federal Reserve announced a program to purchase up to $1.25 Trillion in mortgage backed securities. This effort lowered rates to the lowest level of all time and has kept rates, according to Freddie Mac, below 5.50% this year compared to rates as high as 6.48% last year for a 30 year fixed rate.
This program was slated to end December 31st of this year but in September's Federal Open Market Committee meeting, it was announced that the program will be extended to the end of the first quarter of 2010. However, the amount the Fed will purchase will not change.
Peter Hooper, chief economist at Deutsche Bank, told Bloomberg that a sudden end to the Fed purchases could cause rates to rise by a half to one percentage point. If you delay your financing, you could well see rates that are significantly higher than what is available today.
Upside Down – Refinance to 125% of Value
Even if you owe up to 125% more on your mortgage than your home is worth, you may be able to refinance. For example, if your home is worth $200,000 but you owe more than that, qualifying homeowners can now refinance up to $250,000.
The Making Home Affordable program was initially structured to accommodate homeowners with a new loan to 105% of their home's value. This has recently been increased to 125%. There are requirements to qualify including whether your loan is currently owned by either Fannie Mae or Freddie Mac. You can find out if your loan is held by either agency by going to the Loan Lookup section of the Making Home Affordable web site.
According to First American Core Logic, more than 15.2 million homes had negative equity in June of this year. This represents nearly 33% of all mortgaged properties across the country. Where in the past, being upside down on your loan would have precluded your ability to seek relief, you now may have an opportunity.
What Now?
With incredibly low interest rates and current stimulus programs available to help many, explore the options that may best suit you but do so quickly. However, just as you wouldn't go out Trick or Treating on November 1st, options that exist today may not be available to you should you wait.
Contact your mortgage professional today to explore the best path to take. You may find that the best "treat" available is one that puts thousands of dollars in your pocket.
This great information was provided courtesy of Clayton Scott of Windermere Mortgage Services.
Clayton Scott
Branch Manager/Mortgage Consultant
Windermere Mortgage Services LLC/AT
Phone: 503-497-5060
Fax: 503-497-5264
cscott@windermere.com
www.windermeremortgageservices.com/cscott
June's First Thursday Condo Updates...
Blake Ellis - Thursday, June 04, 2009
Hello!
Happy First Thursday! Below, I've included the list of condos in 97209, 97210, 97205 (the downtown core) that have closed in the last month. Activity is picking up! See below.
Happy First Thursday! Below, I've included the list of condos in 97209, 97210, 97205 (the downtown core) that have closed in the last month. Activity is picking up! See below.
| Building Name | Street Address | # of Bedrooms | # of Bathrooms | Square Footage | # of Parking Spaces | Sold Price |
| Lexis | 1125 NW 9th Ave #410 | 0 | 1 | 527 | 0 | $105,000 |
| Royal Arms | 1829 NW Lovejoy St #411 | 0 | 1 | 300 | 0 | $119,900 |
| Irving Street Towers | 2109 NW Irving St #308 | 0 | 1 | 399 | 0 | $126,000 |
| Embassy | 2015 NW Flanders St #103 | 0 | 1 | 524 | 1 | $135,000 |
| McCormick Pier | 606 Naito Parkway A-7 | 1 | 1 | 746 | 1 | $140,000 |
| McCormick Pier | 930 Naito Parkway K -25 | 1 | 1 | 690 | 0 | $149,000 |
| Gallery Condominiums | 2076 NW Johnson St #204 | 0 | 1 | 404 | 0 | $160,000 |
| Gallery Condominiums | 2076 NW Johnson St #103 | 0 | 1 | 466 | 0 | $167,000 |
| Lexis | 1125 NW 9th Ave #413 | 0 | 1 | 566 | 0 | $170,000 |
| Gallery Condominiums | 2076 NW Johnson St #203 | 0 | 1 | 393 | 0 | $174,000 |
| Streetcar Lofts | 1030 NW 12th Ave #214 | 1 | 1 | 471 | 1 | $205,500 |
| Lexis | 1125 NW 9th Ave #103 | 1 | 1 | 875 | 1 | $220,000 |
| The Vaux | 2335 NW Raleigh St #229 | 0 | 1 | 706 | 1 | $252,000 |
| Pacifica | 1830 NW Riverscape St #608 | 0 | 1 | 663 | 1 | $260,000 |
| 937 | 937 NW Glisan St #334 | 1 | 1 | 968 | 0 | $270,000 |
| Irving Street Lofts | 1314 NW Irving St #302 | 1 | 1 | 1109 | 1 | $270,000 |
| Bridgeport | 1130 NW 12th Ave #610 | 1 | 1 | 765 | 1 | $305,000 |
| Edge Lofts | 1410 NW Kearney St #625 | 1 | 1 | 1021 | 0 | $320,000 |
| Shoreline Condominiums | 2144 NW 16th Ave | 2 | 2.5 | 1614 | 2 | $325,000 |
| 937 | 937 NW Glisan St #532 | 1 | 1 | 943 | 0 | $328,950 |
| The Terraces | 720 NW Westover Cir | 1 | 1 | 1145 | 1 | $353,000 |
| The Barrington | 2182 NW Hoyt St | 2 | 1 | 1332 | 1 | $361,500 |
| Shoreline Condominiums | 1602 NW Riverscape St | 3 | 3.5 | 1769 | 2 | $367,500 |
| Lexis | 1125 NW 9th Ave #401 | 2 | 2 | 1103 | 1 | $369,000 |
| Irving House | 2257 NW Irving St #2 | 3 | 1 | 1403 | 0 | $370,000 |
| Block 90 | 323 NW 13th Ave #404 | 1 | 1 | 787 | 1 | $372,000 |
| 937 | 937 NW Glisan St #1032 | 1 | 1 | 945 | 1 | $380,000 |
| Block 90 | 323 NW 13th Ave #403 | 1 | 1 | 810 | 1 | $389,000 |
| Metropolitan | 1001 NW Lovejoy St #502 | 1 | 1 | 873 | 1 | $390,000 |
| The Westerly | 2351 NW Westover Rd #603 | 2 | 2 | 1120 | 1 | $430,000 |
| Cambridge Townhomes | 635 NW 24th Ave #2 | 2 | 2.5 | 1826 | 2 | $460,000 |
| Elizabeth Lofts | 333 NW 9th Ave #804 | 2 | 2 | 1516 | 1 | $539,000 |
| Elizabeth Lofts | 333 NW 9th Ave #912 | 1 | 1 | 1402 | 2 | $585,000 |
| Elizabeth Lofts | 333 NW 9th Ave #1104 | 1 | 2 | 1564 | 1 | $589,000 |
| Cambridge Townhomes | 641 NW 24th Ave #1 | 2 | 2.5 | 2194 | 2 | $610,000 |
| The Eliot | 1221 SW 10th Ave #501 | 2 | 2.5 | 2056 | 2 | $800,000 |
| The Henry | 1025 NW Couch St #510 | 3 | 2 | 2041 | 2 | $1,143,000 |
| Pinnacle | 1255 NW 9th Ave #1402 | 2 | 2.5 | 1947 | 2 | $1,390,000 |
| The Henry | 1025 NW Couch St #1413 | 3 | 2.5 | 2801 | 2 | $2,160,000 |
| The Casey | 311 NW 12th Ave #1601 | 4 | 4.5 | 4498 | 3 | $2,700,000 |
A Worthy Cause - Join Me in Supporting These 2 Great Organizations
Blake Ellis - Tuesday, April 21, 2009
This year, these two fantastic organizations are joining forces with a common goal - protect and conserve some of the valuable land we love to call home. See below for details on the two events - both will be a great time. Also, if you know anyone that can donate wine or items for the event auctions, give me a call at 503 473 5097 or email me at blake@ellisnw.com
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