This is actually skewed by the Bend, Oregon market which was rated at one point as the most overpiced market in the USA and has seen prices drop a huge amount.  While THIS article is dated, it also was written about when prices started to fall.

Bottom line;  As I reported earlier, the Portland market is doing OK.  We are down from 2-7% depending if which data you are reading (NAR-Natiional Assn Realtors vs. Case-Shiller) but people are moving here.  My team and I are doing well.  As Portland's #1 Realtor for Prudential Northwest Properties, I can report that while our sales are down from last year, we are still selling houses.  Even NAR is reporting close to 5,000,000 home sales in 2008 and while that is down from close to 8,000,000 in recent years, it is still 5m people buying and selling homes.

Well, a large percentage of our buyers come from California. after all our population is about 3.7M and California's ( our next door neighbor) is almost 37M.  Historically a lot of people sell homes there and move here, but recently they have been unable to do so.

Recent posts indicate a change.  For example in the Palm Springs area sales are up a whopping 94.3% October 2008 vs. October 2007.  Some sites are reporting an 83.9% increase in sales in Orange County.  So you can see, we are directly affected.   Granted, when looking closer as much as 70% of the sales are "distressed" properties - meaning bank owned (REO), short sales or pre-foreclosures but the bottom line is the inventory is selling which means it is lowering.

The outlook for the Portland area remains the same with Metro Regional government still thinking there will be between 800,000 and 1,000,000 more residents moving to the tri-county area in the next 12-15 years.  They expect a huge majority of those people to come from California.

So lets hope those distressed properties keep selling, and then the folks who want to sell their homes and move up here start selling.  Then we will be back to normal.  With the recent huge drop in mortgage rates - currently 5.35% according to Shawn Headlee with Columbia Mortgage, this should start happening !

Enjoy the rest of your thanksgiving weekend !   ROB

As Prudential's top Realtor in the Portland, Oregon area and as a technology speaker travelling around the USA and Canada speaking to Realtor groups, I rely heavily on my phone as well, a phone  AND as an email device.  Using Microsoft exchange server I am able to see my emails in full HTML.  But the best part is the way PDF files are shown - its like looking at them right on my computer, I can even turn the phone sideways and see the file horizontally.  I just now reviewed a 47 page home inspection in full living colour, and then forwarded it on to the listing agent to review, all while taking a day off on the Oregon coast.  I get my faxes as PDF files and many agents now send documents via emailing PDF files so I truly dont need to drag along my laptop computer anymore.

Other features of the phone include applications such as Trulia's home search program where it uses the GPS function of the phone to locate itself and then show all the homes for sale around you.   There are also several mortgage calulators and more to dowload, and of course the Safari browser is a full-fledged internet browser.

For Realtors, or for anyone I can very strongly reccomend the iPhone 3g from Apple.

Interestingly (and with NO relation to real estate) when I arrived Sunday night in the lobby of the hotel, there was an Emmy award party going on.  I have never seen so many people dressed in such amazing gowns and tuxedos in my life !  And here I was in my travelling Khakis ( at least I wasnt in jeans :-) )

This year we heard from several speakers including John VanDerWall and Laurie Keenan the CEO and President of Prudential Real Estates Affiliates talking about the real estate market around the country.  Again, I count my blessings as we are very very lucky to live where we live.  There are many areas in Florida, California, Nevada and other states where people have lost their entire life savings in house devaluations.  In fact I did not know that 60% of all the foreclosures in the land are in two states - California and Florida.

The fundamentals in the Portland area remain the same.......  (1) We are an in-migration state where Metro (www.metroregion.org) is expecting somewhere from 750,000 - 1,000,000 more residents here within the next 12-15 years.  (2) Our economy is tied strongly to both the Asian and Canadian economies - both strong. (3) We were again voted the "Greenest" city in the Country.  (4) We are the #1 in migration city for the educated 28-40 year old group.   All of these factors and more equate to Portland is a place many people want to be.

I want to thank my team in this forum for it may say "Rob Levy" on the sign, but its Sandy, Sandra, Kate, Clinton and Alicia that really help make this happen.  So thanks to my team and thanks to the well over 100 people in 2007 who entrusted us with either helping them find a new home, or selling their exsisting one, or in many cases both!

As the Realtor population is shrinking, its more important now than ever to use an experienced Realtor in selling your home, or buying a new one.  Parade Magazine recently said to not hire a Realtor with less than 8 years in the business.  I have almost 20 - all with the same office - and when you add up the years my team has been in the business we are well over 50 years combined.

This progam is called the Nehemiah Charitable Model and uses funds from charitable sources for downpayment assistance for persons who qualify.  The program can be found at http://www.getdownpayment.com/ and there is a tutorial there as to how it works.

Nehemiah is an FHA product in that all loans must comply with FHA/HUD rules, but there are many great points such as.....

• Gift funds up to 6% of the final contract sales towards your downpayment and/or closing costs
  
• Gift funds for both first time and repeat homebuyers
  (Nehemiah charges a nominal processing fee that may be paid by the seller, homebuyer, or lender.)
• Gift funds for both new construction and resale homes
  
• No repayment of gift money
  
• No income or asset limits
  
• No geographical restrictions

My preferred lender - Shawn Headlee with Columbia Mortgage is very familiar with these loans as we have done several, so if you think you can use this program to purchase a house in our current market, which is a great time to buy, then give us a call.

I caught a nice fish that day and part of it has hit the barbeque every night since.  And I cant think of another American city where I could sit in a boat right in the city limits and catch world class fish.  See the video.

Portland offers so much close buy - world class fishing, world class skiing including America's  largest lit ski area and America's only place to ski year round.  We also are only 1.5 hours from the Oregon coast and cities such as Cannon Beach.

Its amazing to me that I can be there fishing, and also working talking on my cell phone and emailing an offer via my TREO to another agent too ! 

They have written a terrific article explaining the reasons behind why our market has been doing so well consistantly since the mid 1980's ( the last time our prices dropped).

Our price never shot up too much

Our economy relies on booming Asia market

We are a strong in-migration state

We are the bargain basement of the west

The "creative clas" is moving here in droves.

The article goes on to rate different neigborhoods but the main picture they post is we are one of only three markets in the USA that went up in value in 2007 ( the other two were Seattle and Raleigh).  But the most fascinating part is how the "creative class" is moving here in droves from all over the country, not just from our most recent 600lb gorilla of California.    Click on the link above to learn more.

(Eugene was ranked number 5th... go Oregon!)

If you are lucky, you will find the location of your dreams right away.  However many home buyers find themselves debating between several neighborhoods determining strengths and weaknesses for each. If on a budget or with children, it is often schools, commuting and finances that dictate location the most.

Here are some suggestions from the  Home Buying for Dummies Book.

1)  Prioritize your needs.
Buying a home on a budget means trade-offs.  For the neighborhood you dream of it may mean purchasing a smaller home.  You must decide what factors are most important to you!

2) Talk to people who live in the neighborhoods.      

People living, working and playing in the community will have the most insight into pros and cons.  The Rob Levy Team recommends taking a day or two to walk or at least drive around the neighborhood at a few different times of day.  See how far the closest gym, park, freeway and coffee shop is.

3) Get the Days-on-Market (DOM) statistics from our team.

DOM statistics show how long the average house takes to sell in an area.  (Ask a team member about this, if a property has been listed by two agents back to back it may only reflect the current listing's DOM.)  Quick sales often indicate strong buyer demand which should make you feel good about the neighborhood you are investing in.

4) Get help from a professional.

This is where we come in!  Home Buying for Dummies suggests speaking to a REALTOR, lender or appraiser to compare the upside potential of home values in each neighborhood.

In the end, only you know what neighborhood will be best for your family.  There are no guarantees with "up-and-coming" neighborhoods, but the more you put into your community the more you will get out of it.  If you have plenty of time to scope out the area before you buy maybe take a Sunday drive through some different parts of town.  You may be surprised the many secret great finds around town.  The Office of Neighborhood Involvement has reported there are more than 90 neighborhood associations in Portland!

Once you have found your new home it can seem daunting to start the task of packing up and cleaning out the house.  The best approach is to take it step by step.  If you have enough time (or why not start now?) you can choose a room and work from there.  Think about the items that you currently use or will fit well in your new home.  For those parents currently holding on to children’s keepsakes – now is the time to hand them off for their own safe keeping.  It is important to note that some families will find their children (even when adults) are quite attached to the family home.  Prepare you children and invite them to help with the process and to “say goodbye” to the house if necessary.

There are many places you can take your unneeded goods.  The Goodwill has locations all over Oregon.  If you have men’s, women’s or teen clothing we are happy to take your donations to Transitional Youth, a local non-profit where we volunteer our time.  If you have lots of large pieces you can always use our FREE 17’ moving truck.  Craigslist and eBay are also options and many choose the old fashioned garage sale.

In the end, many people downsizing find it can be quite liberating to be free from all the clutter and junk.  It is amazing what one can accumulate over the years.  While it takes some adjusting, the simple life isn’t too bad.

One source is the Regional Green Building Hotline.  You can reach the organization at 503.823.5431 or submit an online inquiry at their website. 

The hotline’s hope is to provide resources for residents, businesses and contractors looking to overcome barriers of building green.

The Hotline can:

-Answer questions about green materials

-Provide strategies to reduce your building’s carbon footprint

-Inform about financial incentives

-Explain renewable energy, indoor air quality,

-Sustainable site development

-Construction material recycling

-Stormwater management.

(Information provided from the website Green Development Resource Center)

The event was put on by Howard Brinton of Star Power Systems and as always, I learned a lot there.  One of the things I learned was how lucky we are to live in Portland Oregon where our market continues to thrive - especially when compared to other markets such as Florida's west coast.

See the charts below for the facts....    The first one is appreciation and the 2nd one is average sales price.

In the 12 months ending in November, 2007 vs. the previous 12 months, the average price in the Portland Metropolitan area appreciated 6.5% according to RMLS.  The average price rose from $320,100 to $340,900 and the median price rose from $270,000 to $288,900 for an increase of 7.0% for the same 12 month period.  The average sales price for all the sales in the month of November 2007 was $344,500 with an average market time of 67 days.  At the end of November there were 14,435 active listings listed in the MLS representing a 8.3 month supply of homes. 5.5 months is considered optimum and to be a balanced market.

A chart with year over year comparisons can be found at www.roblevy.com/newsletter.asp

I don’t have much this week, but I did find a great comparison of cities in regards to great places to retire.  Check the link below-

http://money.cnn.com/magazines/moneymag/bpretire/2007/snapshots/PL4159000.html

Have a great week!

Shawn Headlee!

Another first for Portland Oregon.  We have the "MOST GREEN buildings in the United States". 

See these sites to learn more: Greeb Building Services,Cascadia and Earth Advantage.

We are currently promoting this at an International Conference with many local businesses touting local Oregon Products and how we are continuing to "build Green" in Portland, Oregon.

Our Mayor Tom Potter has stepped it up to encourage and publicize Portland's always growing green building development. The city also created a new position - a manager for sustainable economic development.

And then there's PDX Lounge, which organizers say is an important vehicle for networking, showcasing local businesses and putting deals in motion.

Last year at the Greenbuild conference in Denver, about 30 local businesses set up shop in the PDX Lounge. The lounge itself was about  5,000 square feet and had a bar with a menu that described each company's services like a tasty yet potent cocktail.

"The whole thing is to provide an opportunity for local businesses to have a venue outside a sterile convention hall to meet with people and show their products," said Portland Commissioner Dan Saltzman, who oversees the city's office of sustainable development. "One night we have a party where we invite everybody in the world to come by and taste Oregon foods and Oregon wines."

This year, the lounge will be home to about 60 companies and organizations from throughout the state, said Tom Osdoba, who was recently hired as the city's first manager for sustainable economic development.

In addition to the big party, there will also be a discussion panel on climate change and a fashion show featuring Nau and Keen, two local apparel makers. Eventually, Potter wants to find a permanent space in Portland for PDX Lounge.

But while it's in Chicago, Potter plans to meet with Mayor Richard Daley during the conference to share strategies on clean energy, supporting sustainable businesses and other topics.

The two cities are considered among the greenest in the world. The U.S. Green Building Council has certified 33 green buildings in Portland, more than any city in the world, based on a number of environmental quality factors. Seattle boasts 31 and Chicago has 27".

Submitted by Sandra Hanis

Start out with buyers tips at www.roblevy.com

If you've been renting for awhile, you probably haven't given a lot of thought to the type of heat source you want in your home purchase. Did you know heating and cooling accounts for 44 % of a home's energy use? It is not likely that that figure will go down in the years ahead!

In the Northwest you have many choices... electric, gas, oil, wood or propane. Often a buyer is so focused on the appearance of a home that they neglect to see what the heat source is. Our team of agents will note and point out the heat in a home as well as check with you to see if you have a preference. If you are from another area, you may not realize we need to be aware of buried oil storage tanks and that there are important things you need to do to minimize any future liability on a property. I am always surprised to see a recent purchase in the last 5- 10 years when a client was not advised of that by their agent...something we in the Portland area have been aware of for many years...especially in homes older than 1950.

You can easily research and be aware of heating issues and more such as: Insurance, lead paint, insulation, asbestos, windows as well as find buyer tips, financial information and more all at: roblevy.com You can always feel free to call any of our experienced agents for a free consultation to discuss your options in home ownership. 503-906-1444

Submitted By Clinton Downs

“Let’s meet for food after work then?”

 “Yeah, that’d be great! Where at?”

This stunning dialogue isn’t from a movie, but is inspired by frequent conversations I have with my friends. While the next line changes depending on the day and the friend, the answer is never “There’s nowhere good.”

In fact, “Portland has emerged from its chrysalis as a full-fledged dining destination.”

That’s not made up dialogue from a conversation around my office, that’s theNew York Times.  They Continue:

“This is a golden age of dining and drinking in a city that 15 years ago was about as cutting edge as a tomato in January. Every little neighborhood in this city of funky neighborhoods now seems to be exploding with restaurants, food shops and markets, all benefiting from a critical mass of passion, skill and experience, and all constructed according to the gospel of locally grown ingredients.”

So there is great food here in Portland, and the subsequent, practical question of “Where?” can be answered in a few different places:

BarFlyMag has a great rundown of all the Happy Hours in Portland:

Another great reference for Downtown Portland is the Urban Pages (they also have a Seattle outpost).

If you’re interested in a regular periodical, Portland Monthly is a great arts and culture magazine chronicling the gamut of where the glitterati hang out.

The Oregonian tries to round up delicious hotspots in their Food Day section.

For the frugal connoisseur, you can’t beat the Willamette Week’s Cheap Eats section. 

Another site for reviews, pics, and summarized info is Portland City Search - not just restaurants, but shops, theaters, etc... 

And finally, there is always the new-old fashioned Google Maps Restaurant Search. 

Good luck out there, and happy eating.

Seems like the Fed listened to what everyone was saying about the mortgage crisis.  This is good new for the stock market, but does not directly affect the mortgage rates.  The drop is designed to stimulated the economy which is not always good for the mortgage rates.  But with that said, it should bring them down a bit over the next couple of weeks if the economy does continue to slow.  MSNBC.COM has some great articles under their business section and so does SMARTMONEY.COM.

Hope all your stocks are skyrocketing!!!

I found this interesting article about plans to help Oregonians before they face foreclosure.  We are lucky to not be facing a serious foreclosure rate here in Portland but this plan would help support those in our community who may be struggling with a mortgage.

State tackles subprime lending problem

By Sandy Morley

The 2^nd Annual Portland Pirate Festival is this upcoming weekend – September 22^nd & 23^rd.  This family-friendly event takes place in North Portland under the St. Johns Bridge at Cathedral Park.  Tickets can be purchased in advance for $12 adults or $15 at the door.

Entertainment will feature music by these favorite Pirate bands:

o Brotherhood of Oceanic Mercenaries

oCaptain Bogg & Salty

oGolden Bough

oSol' Jibe

oBroadside Johnnie

oLauren Sheehan Jug Band

oSam Bam Boo

Kids will enjoy exploring the old pirate ship and fun booths and activities.  If hungry there will be 15 tasty locations for grub and grog.

This new 14.7 mile passenger rail line will connect Beaverton and Wilsonville set to open in Fall of 2008.  This is the first commuter rail line in Oregon and one of the few suburb-to-suburb commuter rails in the country.  The process began in 1996 with initial discussions of the feasibility of a commuter line for Washington County including the suburbs of Beaverton, Tigard, Tualatin, Wilsonville, and Sherwood.  Also taking an active role in the discussions were TriMet, Metro and the Oregon Department of Transportation. 

The best part about this project – the rail lines will use existing freight tracks so that construction impact should be minimal.  The currently plan provides for self-propelled diesel train cars to carry passengers.