Displaying blog entries 291-300 of 348
Zillow has just come out with the five year trend for sales data as of February 2010 for the Portland Metro and some surrounding cities which are charted below. Although it does not have our Mt. Hood Area communities in the data, it gives us a fairly good idea of what has happened in the market and gets reflected in our market too.
Curious what sold in January 2010? Here are the winners:
We've got the highs to the lows in this bunch. One beautiful custom built home in Windtree, one of the mountain subdivisions, was purchased. The higher end market, which in checking numbers from Gresham to Government Camp over $700,000, typically sell 15% to 20% below asking price.
Two of the properties were foreclosures. The home selling at $244,250 was a foreclosure at the Resort at the Mountain. It had originally been priced above $300,000 but had some dry rot issues to repair.
Pricing homes in this market is difficult and if an owner was for sale prior to the market crash, their properties took a substantial amount of readjustment to get sold.
Current pending sales for February show several foreclosures but most on the lower end of the pricing scale.
What was the volume of sales on Mt. Hood including Government Camp, Welches, Brightwood, and Rhododendron at the height of the real estate boom? According to the RMLS multiple listing service our area had $76,354,000 worth of sales in 2005. That number produced 330 sales in the area. In contract, the 2009 sales volume hit $26,705,000 with 105 sales.
Mt. Hood area sales saw some good numbers for the forth quarter of 2009. January squeaked by with a total of six sales. Here is how we are stacking up from the regional multiple listing service:
Listing inventory is increasing. Pending sales are up compared to Jan 2009 when buyers were reeling from the stock market plunge and shock. Market time, for the six sales that happened in January totalled 222 days. To sell in today's market, with the increase in number of foreclosures to choose from, takes aggressive pricing. Oregon is currently ninth in the nation in foreclosures according to RealtyTrac.
Timberline Rim is a subdivision in our Mt. Hood area that wraps around the Sandy River. It was originally platted in the 1960's and is nearly fully developed except for a few scattered lots that are still vacant. Parts of the subdivision are in Brightwood and others in Rhododendron. The entire area is on sewer and water and the homeowners enjoy a lodge, swimming pool in the summer, tennis courts, basketball hoops, party room in the lodge and other rec facilities, walking paths to the Sandy River and other amenities. It's location is only 45 minutes to an hour from Portland.
Most of the homes are occupied with full time residents and some second home owners scattered throughout the subdivision.
Naturally, some of the benefits of living in this area are its close proximity to the Mt. Hood National Forest with zillions of miles of hiking trails, 15 minutes to ski areas, cross country skiing, snowshoeing, golf, and a multitude of waterways to enjoy from the Sandy River to Salmon and Zig Zag Rivers threaded throughout our area.
Some of the best buys available in Timberline Rim are the foreclosures currently on the market. Today there are three available and here are the details:
It's a great time to buy and take advantage of today's incredible interest rates before they go up!
This might be a great time to purchase a Collins Lake Condo. There are eight units for sale right now including two bank owned units. Here are the details on the bank owned units:
Take a look at what sold in December:
We have two bank foreclosures, two forest service cabins on leased land, a couple of Government Camp condos and a scattering of second home purchases.
The recent listings/sales numbers are in from Portland Multiple Listing Service for December and for year end 2009.
Notice pending sales were up 266% this December compared to last December! The market made a turn for the positive in July and has continued on through the rest of the year at a steady pace. December saw 13 closed sales for the month.
There was a surge of inventory this year although only 125 properties are currently for sale right now. 2009 saw 333 properties for sale over the year. Nearly one third of the properties on the market sold this year.
The first part of 2010 will probably continue at the current pace with the first time home buyer and repeat buyer stimulus packages driving the market. Interest rates will go up slightly probably by mid year.
Financing will contiue to be a challenge. FHA requires a 3.5% downpayment and if your credit score is 580 or less you will need 10% downpayment. Other FHA fees are going up too. Reserves are falling so the premium for an FHA loan is going from 1.75% to 2.25%.
Major changes with lending are difficult to keep up with. What may be ok one week gets changed the next so if you are getting a conventional loan, put your seat belt on!
No missprint! The seller said drop it $15,000 so we did! Take a tour of this sturdy waterfront cabin above the Zig Zag River near Mt. Hood. Incredible setting above the river among tall douglas fir trees and only minutes to premium ski areas. You'll love this wooded getaway only ONE HOUR from Portland. Get away from the BIG CITY and sit in front of your fireplace with a great book.
Take a tour here:
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Traditionally the fall brings many buyers out who are looking for a great place to spend the winter weekends in Government Camp. Sales finally broke loose in the area with six over the past three months. There are an abundance of single family homes and Condo units still available.
Here are the sales:
Although two condo units sold in the last couple of months with one at Golden Poles and the other at Collins Lake, it is a buyer's paradise with twenty five full ownership condos currently for sale.
Displaying blog entries 291-300 of 348
