Luxury-home prices in central London rose in April as demand, particularly from overseas buyers, exceeded the number of properties for sale.
Values of houses and apartments costing about 3.7 million pounds ($6 million) increased by an average of 11.4 percent from a year earlier, a London-based broker said in a report today. Prices gained 1.1 percent last month.
Overseas investors have turned to London residential real estate to preserve wealth as they face political, economic and financial upheaval in their home markets. Sales of properties valued at more than 2 million pounds were subdued in April 2011, when a higher tax rate came into effect and caused a rush of buyers trying to avoid the levies during the preceding months.
“Activity was relatively weak last April,” said Liam Bailey, Knight Frank’s head of residential research. The number of property sales agreed to in February through April was 50 percent higher than in the same three-month period a year ago, he said.
Knight Frank compiles its luxury-homes index from its own appraisal values of a sample of properties in the 13 most expensive central London neighborhoods, such as Belgravia, Kensington and Knightsbridge.
1005 Cheltenham St Portland, OR 97239 – MLS# 12538113 – Seeking a home that balances Portland’s energetic pace? This delightful 1950′s Hillsdale mid-century abode may be your answer. It’s perched on a lot above the street in a quiet, close-in neighborhood. Immaculate and inviting, the home has 4 bedrooms and 2 baths.
435 N Shaver St Portland, OR 97227 – Rare opportunity to own a unique, AIA award winning design in a close in Portland neighborhood. The famed Parkbox, designed by Corey Martin heading PATH architecure (now of THA fame), is now available for purchase. Enjoy custom finishes with the highest regard to detail and aesthetic paired with a site design that connects the residents within to nature in a close in urban area.
4918 NE 9th Ave Portland, Oregon – MLS# 12502005 – Completely new construction from foundation up. Extra square footage added to basement. New garage and driveway. Oak Floors on Main, Stainless Dacor Appliances, Quartz kitchen counter-tops, tiled baths, Master suite with walk in closet, laundry hookup and two sink bath with enclosed commode. 4 bedrooms and 3.5 baths total. Media room. Classic style. Extensive mill-work throughout, formal dining room with box beam ceiling and wainscoting. All new systems including FOR 95 heat, AC ready. All new water supply, new electrical panel and wiring, tankless gas hot water. High ceilings. Kitchen/Great Room with fireplace, eating bar island, and butler’s pantry. Fully fenced with large yard, patio, new lawn, landscaping custom brick work and retaining wall. Milgard windows and fiber cement siding. Over 3100 square feet on three fully finished levels.
Standing on the large, covered Craftsman-style front porch of the model at Arbor Oaks in the Bethany neighborhood, with a view of the close-by protected wetlands, it’s easy to picture yourself lounging with a cup of coffee and the Sunday paper on a sunny, summer morning.
The gracious, wood-frame porch, which runs the full width of the front of the home, is an example of the expanded living spaces created in the new plans being offered by Arbor Custom Homes. With a large two-car garage set below, the builder is able to deliver more square footage on a smaller footprint.
“People still want square footage,” said Jennifer Walsh, broker and community manager at Arbor Oaks. “By putting the garage underneath, you can have your larger, open great room concepts and also that awesome front porch that’s covered. “It has that charming, Craftsman look, which is really inviting.”
Inside the Sablewood model, the main floor is a well-connected series of smart and open spaces. Wide-plank hardwoods cover the entry and dining room. A big, granite-topped island anchors the great room, brightened by a wall of windows to the rear. A convenient butler’s pantry connects the gourmet kitchen to the dining room.
Second-level bedrooms are large and serviced by a full bath with dual sinks, a laundry room and a big linen closet.
Random Bethany Neighborhood Video:
The master suite features a box-beam ceiling with crown molding and a bath with soaking tub, separate shower, water closet and a walk-in wardrobe.
Steps to a third level reveal a surprise — a flexible rumpus room with a skylight. It’s another unexpected space afforded by building up instead of out.
“We have buyers who say, ‘I want a big garage. I want a big family room,’ ” Walsh said. “Now you have that, and storage all over the place.”
The 2,937-square-foot Sablewood has three bedrooms, three baths and a convertible den and attic room. It’s priced at $439,900.
Located just off Northwest Springville Road in Washington County, Arbor Oaks is a large master-planned community of 230 homes that will grow to more than 500 homes when completed over the next several years. It features a community pool and boasts an adjacent elementary school — Springville K-8 — rated “outstanding” by the Oregon Department of Education.
The project is also close to Portland Community College’s Rock Creek campus, Westview High School and a 32-acre Tualatin Hills Parks & Recreation complex.
Natural light illuminates architectural extras in the great room, including art niches, built-in bookshelves and detailed woodwork on the fireplace and stairway newel post.
Arbor Oaks just opened 55 new lots on the west side of the property, where the rolling, hilly topography is perfect for a few new daylight basement plans that Arbor Custom Homes now is offering.
“We had a lot of anticipation with this new phase that just opened,” Walsh said. “The confidence is starting to come out. Buyers are loving being right by the school, and they’re loving North Bethany and the fact that there’s more to come.”
The community offers a variety of home styles, from 1,707-square-foot courtyard terraces starting at $289,900 to manor-style homes ranging to nearly 4,000 square feet and priced from $624,900. Base prices for the daylight basement plans featuring four bedrooms and four baths range from $439,900 to $550,900.
Some of the smaller units include front and back landscaping, perfect for a lock-and-leave lifestyle.
“We have a variety of styles and a variety of price points, which makes for a really nice mix,” Walsh said. “We can find something to fit almost anyone. It’s nice to have options.”
All of the homes at Arbor Oaks are built with energy efficiency in mind, and Arbor Custom Homes’ “Arbor Green” program is designed to promote the overall long-term physical, environmental and financial health of its buyers.
“We’re really implementing healthier living and more durable, efficient products,” Walsh said.
Sherwood Oregon – This town, 25 minutes southwest of Portland dates back to the gold rush; a rail line still runs through the center of its historic district. The biggest draw for families is the access to major employers nearby. Nike is headquartered in Beaverton, for example, and Intel’s largest site is located among other high-tech companies in Hillsboro. Despite it’s proximity to Oregon’s largest city (Portland), Sherwood has many restaurants and cultural activities of it’s own. It also plans to open a new community center in 2012.
If you are considering buying a home, you have likely heard the term Short Sale. A Short Sale transaction process differs from traditional purchases. There are both advantages and disadvantages to buying a Short Sale.
Before pursuing a Short Sale consider the following:
What is a Short Sale? A Short Sale is when a home is sold for less than the outstanding loan amount. It’s an option for homeowners who are struggling to pay their mortgage and want to avoid foreclosure or bankruptcy. Because the home is sold for less than the outstanding loan amount, any offer accepted by the seller must also be approved by their lender(s).
No two Short Sales are alike. Because offers have to be accepted by the seller and their lender, the response time to an offer can vary greatly, from a couple of days to several months. There is no guarantee the offer will be accepted by the lender. Also if the seller has more than one mortgage, it can take longer because all lenders involved have to accept the offer. Here’s more on the Short Sale experience.
Does the agent have Short Sale experience? It’s important for both the seller and your agent to have experience with Short Sales, but especially the seller’s agent. The seller (or listing) agent submits the offer to the lender(s) and handles negotiations. A listing agent with Short Sale experience will likely help facilitate a smoother process.
Research the seller. Find out if the listing agent has received the complete Short Sale package from the seller, including a notarized letter that allows potential buyers to review the property and loan information. A Short Sale will be delayed if the required documents are not ready at the time you make an offer. Some sellers can be slow to provide these documents or may not know they are required, but lenders will not review an offer without them.
Research the property. Understand how much is owed to the lender(s), the loan type and if there are any liens. This will help you anticipate the time frame and the likelihood of your offer being accepted. The listing agent should inform your agent of the number of offers they have received. If an offer has already been accepted and submitted to the seller’s lender(s), you may want to reconsider making an offer.
Make an offer. Assuming the seller accepts your offer, keep in mind the lender(s) also has to approve the offer. Some lenders may reduce the price, but offers should be reasonable and close to market value. Lenders will expect you to be preapproved and provide earnest money. If possible, wait to deposit the earnest money until after the lender approves your offer. Also Short Sales are generally sold “as is”. This means no repairs will be made to the home by the lender. It is still important to have a home inspection, so make your offer contingent on having a home inspection after the offer is accepted. Remember a response can take several weeks or months. The listing agent should be able to provide you with regular updates on the status of your offer.
Prepare for closing. If you offer is accepted, the lender will provide a letter stating the purchase price and any remaining liens. Buyers are usually given 30 days to close. Some lenders reserve the right to renegotiate the terms of the short sale at the last minute. If the market changes, new laws pass or new information crosses the lender’s desk, the lender can attempt to change the terms of the contract. Also the seller still has the right to reject the offer (change their mind) after the lender accepts it.
Consider the agent commission. In a Short Sale transaction the lender pays a commission to the listing agent. Since the lender is losing money, the lender may negotiate the commission directly with the listing agent, who then shares the commission with your agent. If you have agreed to pay your agent a certain percentage, you could be liable for the difference between what the lender will pay and what is in your contract. Talk with your agent about possibly waiving the fee difference, understanding a Short Sale generally requires more work than a traditional purchase.
This Fact Sheet provides a general overview. Short Sales vary based on the unique circumstance of each sale.
View is the one of the major factors that affects the resale value when buying homes. Buying homes with a pleasant view of a beach or the horizon often sell at a premium above similar homes without the view.
Though you may place a considerable dollar value on the view, future buyers may not be so like-minded. It may take you longer to find a buyer when it comes time to resell the house. Or you may end up dropping your price to more nearly match other sales prices in the neighborhood.
In short, if you are buying a house with a view, try to pay as little extra as possible. Otherwise, you might not get your money back.
Most real homes today are usually concentrated on the building itself but the lot is important too. Home with a good resale value should have lots that are as level as possible.
Assuming the property is in a typical neighborhood, the lot should be rectangular with no odd shaped lots or oddly situated lots.
Courtyard sizes are smaller in modern homes than in older homes, but there should still be a decently sized front and back yard.
Do not buy an over-landscaped property, either. You would normally pay a premium for that, which you may not be able to recover when you sell. You will get your best value if the house is moderately landscaped or under-landscaped for the area.
You can always perk up the landscaping during your ownership by humanizing the grass and adding bushes and trees. Just do not waste too much.
In each residential neighborhood, houses will vary in size and rooms, but they should not be too different. If resale value is an important consideration, you should not buy the largest model in the neighborhood.
When determining market value, the homes nearest to yours are most important. If most of the nearby houses are smaller than your house, they can act as a drag on appreciation.
On the other hand, if you buy a small or medium house for the neighborhood, the larger homes can help pull up your value. This is one of those times where determining your “wants” versus your “needs” can be extremely important.
Buying what you need in a more prestigious neighborhood may provide more financial reward than getting what you want in a less desirable neighborhood and according to Inman News the Portland Metro real estate market fared better than most metro areas in this last “recession”.
Three and four bedroom houses are the most popular among homebuyers, so if you can stick in that range you will have more potential buyers when it comes time to resell.
There ought to always be at least two bathrooms in a house, preferably at least two and a half. One bathroom with a place to wash up for day-to-day visitors, one for the master bedroom, and at least one to be shared by the other bedrooms.
Walk-in closets are extremely desirable for the master bedroom. For the rest of the house, just be sure there is ample closet space. Don’t disregard space for linens and towels.
Garages add to the resale value and you should always make sure to get at least a two-car garage. Lately, three-car garages have become desirable in some areas of the country.
The laundry facilities should be located somewhere convenient on the main floor of the house, but not in a place it will create an eyesore. Think about whether you want to walk up and down stairs when carrying loads of laundry.
Family activity centers on the kitchen, so this is the most important room of the house. Larger kitchens are better, and they should be provided with modern appliances.
Obviously, the dining room and breakfast nook should be located adjacent to the kitchen. In newer houses, the family room should also be extremely close to the kitchen.
There should be easy access to the back yard, as there will be occasions for barbecues and outdoor entertaining.
In addition, it should be a short trek between the garage to the kitchen so hauling groceries in from the car does not become a horrendous chore.
Swimming pools do not provide as much added value as they once did. Safety issues about families with younger children have become more publicized than in the past, so families with small children tend to avoid homes with pools.
As a result, having a pool may actually reduce the number of potential homebuyers when you try to resell the home.
Demand is there and inventory is very very low which is causing a frenzy around new well priced real estate listings in Portland, Oregon. While this can be a little frustrating for buyers it creates an environment that drives appreciation. I feel very positive that this year we will see appreciation and an increase in unit sales to a level significantly above the previous three years in Inner SE and NE Portland.
The market continues to be very tight with a limited number of good houses available in most neighborhoods. This presents a great opportunity to homeowners who are considering selling and can take advantage of the high # of buyers out there and relatively low # of homes to compete with. If you or anybody you know are considering selling and think you see a good match on the list below please contact us today.
1. Abernathy or Llewellyn elementary districts only, $400-500k, open to different home styles, back yard a must, 3 bed 2 bath min. with garage.
2. First time buyer, wants to be inside of 50th, 2 bed 1 bath OK but would prefer 3/1, fenced back yard or ability to fence in back yard important, $250-350k
3. Anywhere close in SE, as long as it’s not Laurelhurst! buyers like older homes with original features and charm, but well updated kitchens and baths are ok. They would love to buy between 40th-45th, between Hawthorne and Division to stay in the same neighborhood. 3 Bedrooms, 1.1-2 Baths, a little yard, basement or garage. $350-$450k
1. Relocation, just moved to PDX, open to different neighborhoods, 3 bed. 2 bath min., likes Bungalows and Craftsman, up to $450k.
2. Bungalow within the Grant High School District. Fixer is ok, charm and original details are a must. Garage, basement and a yard are also a plus. $250-$350k.
3. Rose City, $350k and under, Fixers OK, must have 3 bedrooms on the same level whether up or down (want to be near children).
1. In-fill home, updated historic home or fixer in a great location, great school district with access to restaurants, shops etc., Duplex with large owners unit desired, 2800+ sq. ft. 4 bed, 3 bath minimum $650-850k
1. Duplex or Triplex, ideally in Corbett-Lair (Johns Landing) or Hillsdale, up to $500k, preferably has larger owners unit, historic details throughout a plus.
Property management is the operation, control of (usually on behalf of an owner), and oversight of commercial, industrial or residential real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its usable life and condition. This is much akin to the role of management in any business. Visit http://pdxpropertymanagement.com for more information on Portland property management services.
One important role of a “Property Manager” is that of liaison between the Owner of record and the actual tenant/leasee tenant, providing a buffer for those owners who are desiring to distance themselves from their tenant constituency. Duties of property management generally will include a minimum of these basic primary tasks;
A. The full and proper screening or testing of an applicant’s credit, criminal history, rental history and ability to pay.
B. Lease contracting or accepting rent using legal documents approved for the area in which the property is located.
C. Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.
There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. Litigation is at times considered a separate function, set aside for trained attorneys. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Therefore, it is a necessity that a property manager be current with applicable municipal, county, state and Federal Fair Housing laws and practices.
Property management, like facility management, is increasingly facilitated by computer aided facility management (CAFM).
John L. Scott, Inc. was founded by John Lennox Scott (1898–1986) in 1931 in downtown Seattle.
John L. Scott Real Estate started over seven decades ago when a young Scottish immigrant named John Lennox Scott set out on a long journey with his bride and infant son in their Ford Model-T—destination San Diego. The two-year trip included a stop in the burgeoning city of Seattle where the young Scott later recalled, “It was like reaching City Beautiful in Pilgrim’s Progress.” San Diego was quickly forgotten; Seattle would become the Scott family’s new home.
John L. Scott began working as a sales associate for a local real estate company, and in 1931, he established his own real estate company. Over the years, the John L. Scott name was largely built on representing exclusive properties. As the founding Scott used to say, “John L. Scott represents quality homes on quality streets.