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Mt. Hood Foreclosures and Short Sales

Monday, January 12, 2009
by Liz Warren

What are predictions for the 2009 market on Mt. Hood? Well, it isn’t easy to come up with a steadfast answer on this one. Nationally many experts are predicting things will turn around in the second half of the year.

The Case-Shiller pricing index tells us that in at least 20 metro areas prices are currently at March 2004 levels- down about 18%. More foreclosures than 2008 will hit the market due to adjusting adjustable mortgages. We are seeing a few foreclosures and short sales hit our mountain market.

Here is a short sale that popped up today. Five acres of land, which typically can’t be found for under $200,000 with a large home for less than $500,000

 

The greatest percentage of sales in our local market is the second home sales. As discretionary income for this purchase, folks have the option to wait and buy at their leisure. Considering the limited amount of land the mountain has to offer for ownership, there couldn’t be a better time to take advantage of this inventory with future population impacts coming to the Portland metro area.

Historically we usually don’t see the unique combination of low home prices and low interest rates so this is an exceptional time to invest in the mountain. Typically interest rates are higher when home prices are low and some buyers are recognizing this fact.

Keep checking back to see how this year unfolds!

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How Are Land Sales on Mt. Hood?

Sunday, January 11, 2009
by Liz Warren

How were land sales on Mt. Hood over the 2008 year? Well, slowing to a snail's pace for the second half of the year! Sales totaled eight from Government Camp to Brightwood. Two sales closed in Government Camp with a high of $258,000 and the other at $186,900. As the economy went into a slump starting in July, there has been only one land sale for the second half of 2008.

There is only one pending sale for land in area 153. This is a Summit Meadows lot listed at $75,000 and well covered by tons of snow at the moment.

There are 43 parcels and lots currently offered for sale in our area! There are motivated sellers out there and deals to be had. Take advantage of today's opportunities and get your lot before they are all gone. With Portland's increasing population coming, there won't be any land left to purchase so now is the time to make your investment!

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November Mt. Hood Sales

Saturday, December 13, 2008
by Liz Warren

The numbers are in for sales in the Mt. Hood area from Government Camp, Welches, Brightwood and Rhododendron.

 

 

As you can see, as the stock market crunched downward this fall, the number of sales are reflected in November sales totaling five.

Lots of investors across the country have pulled money out of the stock market and are investing their cash in real estate. We are not seeing as much of that trend here locally but it is happening in other parts of the country. Baby boomers are helping their kids get their first homes and vacation homes are also in the mix.

We are looking forward to this trend to hit our area soon!

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Residential Sales For October on Mt. Hood

Monday, November 3, 2008
by Liz Warren

Are we glad October is over? What a wacky month! Between the fluctuating stock market and election news I am more than ready for November!  The weekend rain has done a good job of knocking another third of the leaves down for yard clean up. I am having my ususal fall back transition issues  and getting my internal clock adjusted. What the hec  am I'm doing up this early? I don't know.

So, here are the numbers! These are the sales for October for Government Camp, Welches, Rhododendron, and Brightwood:

The good news is that Government Camp had another sale over $500,000! This market has been hard hit with few sales of single family homes in the upper price range.

One forest service cabin closed this month. This segment also has lots to choose from and less buyers making it quite competitive. New lease fees are coming up this January so we will see what the increase does to inventory at that time.

Ok, it's on to November and election night is tomorrow. Hopefully once this is settled things will loosen up a bit.

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Forest Service Cabin Inventory Is Up

Wednesday, October 29, 2008
by Liz Warren

The hidden jewels in the Mt. Hood National Forest are these forest service cabins. Scattered along rivers and creeks in the pristine Mt. Hood forest you can find these special cabins. Many were built in the 1920's and 30's as summer cabins for Portland residents.

Here is the current inventory right now. These cabins are mainly in the areas of Government Camp and Rhododendron. For additional details, send an email or call me.

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Market Action for August 2008

Tuesday, September 16, 2008
by Liz Warren

Traditionally August is one of the most active of our year in sales. Take a look at the market action from multiple listing for the month of August.  The board of directors of the Multiple Listing Service have changed the calculation of the aveage days on market to the total market time which is now cummulative.Some agents would wait for a listing to expire or withdraw and relist as a new listing giving an unrealistic view of marketing time. This decision by the board will make more realistic figures for sellers and buyers to understand the market.

Sales for August were down 47% from the year before. Days on market will be showing up as longer due to the new cummulative amounts. August saw a total of 12 sales.

 

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Judy's Cottage on 3.2 acres of paradise!

Saturday, June 21, 2008
by Liz Warren

Welcome to Judy's cottage nestled on 3.2 acres of paradise in Brightwood Oregon. This parklike property has been loved to perfection. You enter the driveway under a canopied driveway with tall cedars and firs.

The cottage was originally built around 1920 and has a couple of additions since that time. The original stone fireplace has a wood carving of whimsical horses carved into the mantel. Lots of cedar, high beams, and original paned windows are in the original structure. Three bedrooms, two baths and a charming sun nook to start your day with a cup of coffee and a full view of the many birds that visit the property.

If you want to own your own park and garden paradise, this is it. A huge expansive lawn, 22 blueberry bushes, pear trees, raspberries, strawberries, grapes, iris, rhododendrons, azaleas and more throughout the property. A sturdy outbuilding to store your garden tools too.

There are tons of native plants. Abundant wildlife visit the property from deer, chipmunks, squirrels, raccoons, all kinds of birds...too many to list.

This is a rare opportunity to purchase an outstanding property that has been loved to perfection!

Located only one hour from Portland and forty five minutes to the airport. Only 15 minutes to Mt. Hood ski slopes too. $295,000

Take a tour here

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2007-Second Home and Investor Numbers Will Surprise You

Tuesday, April 1, 2008
by Liz Warren

This is a real eye opener considering 2007 reports on the market! Second home and investment buyers purchased about one third of properties sold in 2007 according to the National Association of Realtors. Vacation home sales only declined two percent from 2006 to 2007. (12% of total sales in 2007).

Despite the fact that we are in a credit crunch and in tough economic times, second homes are elective purchases. Locally we know that at least a third of homeowners in Portland have no mortgage. We also know that Oregon ranks 47th in the subprime problem-which means there is extra money available for purchasing second homes.

Actually, it’s a bonanza of an opportunity for buyers with super low interest rates, softening prices and increased inventory. Yes, primary home sales have softened the most but second home sales have not seen the declines locally that many media outlets have declared.

Believe it or not 28% of second home buyers paid cash for their purchase. Many second home  buyers are looking to purchase now knowing their investment will appreciate greatly in the next five to ten years. Portland metro has a particularly great opportunity with a recreational area so close to the city, many weekenders take advantage of the quick one hour drive making the Mt. Hood area a premium destination for a rec home that can be used year round.

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Cumulative Days On Market

Wednesday, February 13, 2008
by Liz Warren

Gone are the days when agents would reenter a listing as new to draw attention to a property or to market it as "new" in the eyes of the public. The latest statistic for real estate agents straight from multiple listing is the "cumulative days on market" field.

Cumulative Days on Market  really tells the true story vs "days on market" since the property didn't sell the first time, this is the true marketing time. The true time from start to finish with a sale, with price adjustments, new agents or companies entering the picture: it's the whole enchilada.

Today's statistics show the inventory for Government Camp, Welches, Rhododendron, and Brightwood at around 87 properties for sale. We have a current 17 month supply of homes! Average days on market: 78 but cumulative days on market: 101. That's a 22% difference in perception.

Rather than going through the math at a painful pace through the history section, this simplifies the process.

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Timberline Rim Appreciation and Sales Info

Sunday, January 13, 2008
by Liz Warren

Timberline Rim is the largest subdivision on the mountain. The community of owners are mostly full time occupants who either work locally, commute to a job, have retired, or  own a vacation home.

In comparing sales over the past year (1/13/2007-1/13/2008) to sales for the prior year (1/13/2006-1/13/2007) we see approximately 4% appreciation. The average sales price moved from $246,382 to $257,227 in that time frame. That's the good news. The tough news is that sales have declined 44% for the same time periods. Days on market have increased too from 66 days to an average 80 days. The past year averaged just over one Rim home selling per month where as the prior 12 months recorded a whopping 29 sales over the prior one year period.

Current inventory of Timberline Rim sits at 11 homes for sale.

 

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Displaying blog entries 331-340 of 348

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Liz Warren
Merit Properties Group - Keller Williams Realty PDX Central
Box 131
Welches OR 97067
Direct: 503-705-3090
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