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This month, I've expanded this list of closed transactions to include more of the downtown core - so NW and SW Portland are included here.  Activity is increasing!  For more information on Portland's Downtown, Pearl District, or South Waterfront condos, feel free to call or email me any time.  I'm here to help.
-Blake Ellis

Building Name	Street Address	# of Bedrooms	# of Bathrooms	Square Footage	# of Parking Spaces	Price
Royal Arms	1829 NW Lovejoy St #404	1	1	571	0	$205,000
Harrison East	111 SW Harrison St #11E	1	1	583	1	$216,000
Old Town Lofts	411 NW Flanders St #605	1	1	727	1	$227,000
Pinnacle	1255 NW 9th Ave #502	1	1	861	1	$240,000
Cambridge	2454 NW Westover Rd #A203	1	1.5	865	0	$250,000
	2406 NW Overton St #4	2	1	873	0	$250,000
The Edge	1410 NW Kearney St #618	1	1	847	1	$250,000
The Vaux	2350 NW Savier St #B334	1	1	810	1	$317,000
The Gregory	420 NW 11th Ave #806	1	1	809	1	$345,000
The Portland Plaza	1500 SW 5th Ave #1105	2	2	1319	1	$406,000
The Westover	2445 NW Westover Rd #301	2	1	1278	2	$454,900
937 Condos	937 NW Glisan St #835	2	2	1101	1	$458,591
The Westover	2445 NW Westover Rd #407	2	2.5	1976	2	$500,000
Cambridge Townhomes	629 NW 24th Ave #3	2	2.5	2194	2	$595,000
The Eliot	1221 SW 10th Ave #902	2	2	1379	1	$645,000
The Jefferson	1234 SW 18th Ave #505	2	2	1466	1	$649,000
The Vaux	2350 NW Savier St #412	3	2.5	1974	2	$775,000
The Westover	2445 NW Westover Rd #208	2	2.5	2442	2	$850,000

According to the Daily Journal of Commerce, good news has arrived for current and future owners of the Waterfront Pearl Project, which sits along the banks of the Willamette River in Portland, Oregon's Pearl District neighborhood.  After several months of a complete stand-still resulting from a lien placed on the building's developer, an Australia based bank, now the primary construction lender, has paid the lien in full, allowing the building to be completed. Hoffman Construction, the general contractor for the Waterfront Pearl project, had nearly completed the project when these issues arose.  Now, Hoffman is back on the job, working to finish the building's extensive water feature and lingering touch up items.  Waterfront Pearl is a two tower condominium development that is very conceptual - all things water come together in this 192 unit project in the Pearl District.  Now, with the lien issues resolved, the development team can focus on a more important job - getting those units sold!

Hello Everyone!

It's time for my monthly update of closed condos in Portland's Pearl District.  The units listed below are all the closed sales for listed condominiums in the Pearl District.  Some units, especially new construction aren't always listed in RMLS.  If you'd like information on the closed sales in a specific building, let me know, and I'll get the information for you.

Building Name	Street Address	# of Bedrooms	# of Bathrooms	Square Footage	# of Parking Spaces	Price
	1631 NW Everett St #208	0	1	310	0	$118,400
	1631 NW Everett St #101	0	1	340	0	$121,900
McCormick Pier	720 NW Naito Parkway D-16	1	1	750	1	$210,000
McCormicK Pier	710 NW Naito Parkway C-21	2	1	895	1	$230,000
The Avenue Lofts	1400 NW Irving St #314	0	1	772	1	$251,000
Edge Lofts	1410 NW Kearney St #920	1	1	847	1	$259,000
The Encore	949 NW Overton #611	1	1	725	1	$259,000
Bridgeport	1130 NW 12th Ave #310	0	1	662	1	$275,000
Roosevelt Commons	2076 NW Kearney St #1	2	1	1068	0	$346,000
Bridgeport	1130 NW 12th Ave #316	1	1	981	1	$347,000
Roosevelt Commons	2076 NW Kearney St #5	2	1	1068	0	$375,000
The Gregory	420 NW 11th Ave #519	1	1	857	1	$380,000
The Casey	311 NW 12th Ave #903	2	2.5	2652	2	$1,205,930

If you're interested in Buying or Selling in Portland, let me know.  I'm here to help you achieve your real estate goals!
-Blake
(503) 473-5097

(News Source: National Association of Home Builders)

(WASHINGTON, DC) -- Nationwide housing affordability surged at year-end 2008 to its highest level in at least five years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released today.
 
The HOI indicated that 62.4 percent of all new and existing homes that were sold in the final quarter of 2008 were affordable to families earning the national median income of $61,500, up considerably from the 56.1 percent of homes that were affordable to such families in the previous quarter and the 46.6 percent of homes that were affordable to them at the end of 2007.
 
"Falling home prices and very favorable mortgage rates both contributed to the housing affordability gains we saw in the fourth quarter of 2008," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. "However, at the same time, worsening economic conditions, historically low consumer confidence and uncertainty about future home prices kept many qualified buyers on the sidelines.
 
Looking forward, we hope that the newly improved first-time home buyer tax credit, included in recently enacted economic stimulus legislation, will help spur buyer demand, and that government efforts to reduce foreclosures will put a floor under declining home values."
 
The most affordable major housing market in the country during the fourth quarter was once again Indianapolis, Ind., which has now topped the affordability list 14 consecutive times. There, just over 93 percent of all homes sold in the fourth quarter of 2008 were affordable to households earning the area's median family income of $65,100.
 
Also near the top of the list of the most affordable major metro housing markets were Warren-Troy-Farmington Hills, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; Detroit-Livonia-Dearborn, Mich.; and Grand Rapids-Wyoming, Mich.
 
Several smaller housing markets posted even higher affordability scores than Indianapolis, with Lansing-East Lansing, Mich. outscoring all others. There, a full 95 percent of homes sold at the end of 2008 were affordable to middle-income earners. Other small housing markets ahead of Indianapolis on the affordability scale included Sandusky, Lima and Springfield, all in Ohio, as well as Bay City, in Michigan.
 
The nation's least affordable major housing market in the fourth quarter was again New York-White Plains-Wayne, N.Y.-N.J., where just under 14 percent of all homes sold during the period were affordable to those earning the median income of $63,000. This was the metro area's third consecutive appearance at the bottom of the list. Other major metros near the bottom of the chart included San Francisco, Calif.; Nassau-Suffolk, N.Y.; Los Angeles-Long Beach-Glendale, Calif.; and Miami, Fla.
 
Among smaller metro areas, San Luis Obispo-Paso Robles, Calif. was the least affordable market, along with Ocean City, N.J.; Santa Cruz-Watsonville, Calif.; Napa, Calif.; and Flagstaff, Ariz., respectively.

Hello!
Please find below the last month of closed sales for Portland's Pearl District. 
Do note that there are a fair amount of unlisted properties that have closed in Portland this last month, too.  For more information on Pearl District and Downtown properties, let me know!  blake@ellisnw.com

Building Name	Street Address	# of Bedrooms	# of Bathrooms	Square Footage	# of Parking Spaces	Sold Price
	1632 NW Everett #402	0	1	370	0	$161,900
McCormick Pier	710 NW Natio Pkwy C-12	2	2	1071	1	$265,000
The Elizabeth	333 NW 9th Ave #1206	1	1	1006	1	$335,000
Block 90	323 NW 13th Ave #406	1	1	784	1	$377,000
The Metropolitan	1001 NW Lovejoy St. #503	1	1.5	875	1	$411,000
Park Place	922 NW 11th Ave #608	1	2	1061	1	$440,000
Avenue Lofts	1400 NW Irving St #731	3	1.5	1689	1	$540,000
Tanner Place	1030 NW Johnson St #324	2	2	1664	1	$740,000

2009 is the year of the ox
Courtesy of our friends at Wikipedia, below are some things considered to bring good luck...

• Opening windows and/or doors is considered to bring in the good luck of the new year.
• Switching on the lights for the night is considered good luck to 'scare away' ghosts and spirits of misfortune that may compromise the luck and fortune of the new year.
• Sweets are eaten to ensure the consumer a "sweet" year.
• It is important to have the house completely clean from top to bottom before New Year's Day for good luck in the coming year. (however, as explained below, cleaning the house on or after New Year's Day is frowned upon)
• Some believe that what happens on the first day of the new year reflects the rest of the year to come. Chinese people will often gamble at the beginning of the year, hoping to get luck and prosperity.
• Wearing a new pair of slippers that is bought before the new year, because it means to step on the people who gossip about you.
• The night before the new year, bathe yourself in pomelo leaves and some say that you will be healthy for the rest of the new year.
• Changing different things in the house such as blankets, clothes, mattress covers etc. is also a well respected tradition in terms of cleaning the house in preparation for the new year.

Life down at Riverscape Properties has been BUSY lately!  In the past week and a half, we've sold 6 homes!!!

Pacifica Tower:
E 105 - ground floor studio home with a HUGE 295 square foot deck!
Q 605 - sixth floor one bedroom home with a great west hills view
B 302 - third floor two bedroom on the SE corner of the building - lots of river views
L 509 - fifth floor 2 bedroom looking north up the river

Townhomes:
72F - 3 bedroom 3.5 bath riverfront unit with a great rooftop deck, 1882 square feet
73H - 2 bedroom, 2.5 bath riverfront unit with TONS of storage, rooftop deck, and ground floor entertaining space, 2153 square feet

To learn more about the great values at Riverscape, and other downtown Portland area condos, call me at 503 473 5097 today!

Hello everyone,
Jake Planton, a mortgage broker over at Rose City Mortgage, has been kind enough to keep us all up to date on the latest rates in the mortgage market.  See some scenarios below.. Rates are great!  Home prices are great!  It's time to get out there and BUY!
Best,
Blake

Purchase, 20% down, owner occupied, single family residence, full documentation, 740 Fico score, $325,000 purchase price, and a loan amount of $260,000, taxes and insurance as part of monthly payment, 21 day lock.  (If any one of these factors are different, it COULD change the below rates.  This is just a barometer of the current rates).

 

30 Year Fixed with 1% in origination fee : 4.875% (APR 5.035%) ~

5/1 ARM with 1% in origination fee: 5.250% (APR

 

Jumbo- Purchase Price of $700,000, 20% down, loan amount $560,000 (20% down)

 

30 Year Fixed with 1% in origination fee: 5.750% (APR 5.892%)

5/1 ARM with 1% in origination fee: 5.375% (APR 5.512%)

 

ALL mortgage professionals are REQUIRED by LAW to report APR.  If you do not see APR, they are doing something illegal.  HOWEVER, APR is something that can be calculated differently depending on the lending institution.  Rose City’s APR guidelines are copied straight from the state of Oregon.  The real way to compare lenders is to look at RATE and ORIGINATION fee, from the two lenders, on the same day, at the same HOUR .  Keep that ALL in mind.

 

Keep in mind that I will compete for YOUR business, and I would love to compete!

 

www.JakePlanton.com

503-475-3788

 

Below, find a list of the listed units in Portland's Pearl District that have closed in the last month.
If you have any questions on condos in the Pearl or downtown Portland, give me a call.  I'd be happy to help you!

Building Name	Street Address	# of Bedrooms	# of Bathrooms	Square Footage	# of Parking Spaces	Sold Price
Pacifica	1830 NW Riverscape St #407	0	1	764	1	$267,000
	1410 NW Kearney St #914	1	1	837	1	$285,000
Elizabeth	333 NW 9th Ave #713	1	1	993	1	$374,000
Park Place	922 NW 11th Ave #601	1	1	1015	1	$418,500
937	937 NW Glisan St #1235	2	2	1049	1	$486,950
Riverstone	821 NW 11th Ave #423	2	2	1326	1	$542,000
Metropolitan	1001 NW Lovejoy St #809	2	2	1238	1	$628, 750
Park Place	922 NW 11th Ave #1115	2	2.5	1734	1	$795,000
The Casey	311 NW 12th Ave #1203	2	2.5	2652	2	$1,400,000
Metropolitan	1001 NW Lovejoy St PH2	3	3.5	3366	2	$2,500,000

Good morning!

You'll find the last month's inventory of closed condos in Lake Oswego below.  If you have any questions about the currently listed condos in town, or want information about buying or selling a condo or property, give me a call, and let's talk!  
Stay warm, and have a great weekend.

-Blake

Building	Street Address	# of Bedrooms	# of Bathrooms	Square Footage	# of Parking Spaces	Closed Price
Tanglewood Hills	4 Touchsstone #63	2	2	984	0	$117,500
Sunny Grove Condos	4644 Lower Drive 4.B3	2	1.5	1170	1	$129,000
Forest Condos	4000 Carman Dr #35	2	2	869	0	$135,000
Spring Creek Condos	3680 Spring Ln #2B	2	2.5	1152	2	$187,000
	22 Condolea Dr	2	2	1454	2	$275,000
Wheatherstone Condos	68 Wheatherstone Ct #34	4	3.5	2465	2	$312,500
555	527 2nd St	2	2	1292	1	$519,079