Real Estate Archives - Page 7 of 7

PDX Neighborhood Spotlight: Multnomah/Multnomah Village

Time for another PDX Neighborhood Spotlight! This month, I’m highlighting the quaint, historic, and oh so charming Multnomah/Multnomah Village in Southwest Portland.

About Multnomah
Multnomah is a neighborhood in the southwest section of Portland, Oregon, centered on the Multnomah Village business district. The community developed in the 1910s around a depot of the Oregon Electric Railway and was annexed by the city of Portland in 1950.
It is bordered by SW 45th Ave. on the west, SW Capitol Hill Road on the east, SW Vermont St. on the north, and I-5 in the south. Exceptions are the area north of SW Nevada Ct. and east of SW 26th Ave. (part of Hillsdale – another great PDX neighborhood!), an area south of SW Multnomah Blvd. and north of SW Dolph St. where SW 48th Ave. is the western border, and an area south of SW Marigold St. where SW Capitol Highway is the western border.
Within Multnomah is a business district called Multnomah Village – also known as “The Village in the Heart of Portland”. Multnomah Village offers everything from books to clothing and toys to a diverse array of food and drink options all within an easily walkable distance. The compact pedestrian-friendly “downtown” has the ambience and charm of an earlier period, but the vibe is very modern and maintains an ever-growing fan base that has discovered why Multnomah Village is sometimes referred to as “Portland’s Best Kept Secret.”

Murals in Multnomah Village

Gabriel Park
Gabriel Park is a little over 90 acres and offers a baseball field, softball field, soccer field, basketball courts, tennis courts, volleyball courts, a skatepark, paved and unpaved paths, reservable picnic sites, and so much more. The park is located between the Maplewood, Multnomah, and Hillsdale neighborhoods of Southwest Portland at 45th Avenue and Vermont Street. Its vast size and plentiful activities makes Gabriel Park an ideal location for small get-togethers while still practicing social distancing.

First Fridays & Multnomah Days
On the first Friday of every month, Multnomah Village celebrates “First Fridays”. Eat & shop from morning to night while enjoying special promotions and activities throughout the district.
Prior to COVID-19, Multnomah Village would host “Multnomah Days” on the third Saturday of August each year. The annual Multnomah Days Parade (dubbed “the biggest little parade in Portland”) is the neighborhood’s old-school street fair, starting with a parade and featuring vendors and performers from throughout the city (and beyond).
You can find more information on these events and event COVID-19 updates here.

Food/Drink
The French Quarter – Essentially a village “square” filled with food carts and a few boutique shops. Grab some Yoshi’s sushi, a delicious iced tea soda from Aesthete Tea, and pick up your seasonal fruit and veggies from the produce stand.
John’s Marketplace – Beer and wine drinkers will feel like a kid in a candy store. Not only does this store carry 400+ wines and 1,000+ (some rare & highly prized) beers, you can also sit down, enjoy a beer they have on their rotating tap and order some delicious grub. The Killer Turkey sandwich with avocado is a must.
Marco’s Cafe – Located in the historic Nelson Thomas building, Marco’s Cafe is full of Multnomah charm. I’d order the chicken fried steak or anything on their daily specials menu.
Lucky Labrador Public House – Also located in a historic building (the 1925 Masonic Lodge), Lucky Lab offers great outdoor seating and is dog friendly. The Mutt pizza + a Super Dog IPA = **chef’s kiss**.

Shops
Annie Bloom’s Books – An independent bookstore that first opened in 1978. You’ll find something for every type of reader there.
JP General – Great shop filled with unique one-of-a-kind items. Shop for home goods, gardening tools, accessories, jewelry, and more.
Arranged & Rooted – Wonderful little plant shop offering a variety of plants, local handmade planters, and very knowledgeable employees.
John’s Marketplace – Have to shoutout John’s Marketplace again for their massive beer and wine selection.

Market Stats
Multnomah is a highly sought after neighborhood to live in and it’s no question why. Here is the Multnomah Neighborhood Association’s Vision: “We envision that the Multnomah Neighborhood will remain a place defined by conscientious decision about the preservation of our canopy of trees, open space, and natural areas; limited and thoughtful residential and commercial development; small businesses; and safe streets. It is our vision that the Neighborhood will retain and judiciously improve on its small-town historic charms and small-scale main street Village character.”
Right now, the average price of a home in Multnomah is $595,526.95 with prices ranging from $91,000 – $876,000. Like I’ve mentioned before – it’s a seller’s market! Click here for a free home valuation.

References: Wikipedia, MultnomahVillage.org, and the Multnomah Neighborhood Association.

PDX Neighborhood Spotlight: North Tabor

Hi Friends!

Welcome to a new segment on the blog where I will highlight various neighborhoods around Portland. First up is my neighborhood: North Tabor. I’ve lived in North Tabor for 25 years, serving the area as a Real Estate Agent for almost 16 years. I guess you can say I really like it here 😉
Now let’s take a deep dive into the neighborhood.

About North Tabor
North Tabor is on the east side of the Willamette River on the northern slope of Mt. Tabor. The I-84 forms its northern boundary, separating it from the Hollywood District, Rose City Park, and Madison South neighborhoods to the north. NE/SE 44th Avenue separates it from Laurelhurst to the west while NE 68th Avenue separates it from Montavilla to the east. East Burnside Street forms most of the southern boundary (separating it from the Mount Tabor Neighborhood), except for a section west of SE 49th Avenue for which SE Stark St. forms the boundary with the Sunnyside neighborhood.*
Not only is North Tabor public transit friendly, the 50s Bikeway Project also extends through the neighborhood.
The North Tabor Neighborhood Association holds Zoom board meetings once a month.

Mural in North Tabor

Rosemont Natural Bluff Area
The only official park in the boundaries of North Tabor neighborhood is the Rosemont Natural Bluff Area, which if you drive by you probably won’t realize it’s a park. One of the only remaining Baseline Mile markers from the 1850’s for the original Baseline Road (now SE Stark Street, see my blog post “Surveying Portland, One Marker at a Time”) is at the corner of 61st and Stark.

Food/Drink
Tabor Tavern – The Rib Dinner is awesome!
Big’s Chicken – I love fried chicken, so the Half Bird with Cole slaw is my go-to.
American Dream Pizza – This iconic pizza joint has been around since 1985. My favorite is a large half “Bill Walton”, half “Rat Pack”.

Market Stats
My wife and I love walking from our house up to the top of Mt. Tabor, looking at historic homes (like the Shogren House) along the way. 91 homes were sold in North Tabor last year which is almost double the amount of sold homes from 2019. Right now, the average price of a home in North Tabor is $554,325 with prices ranging from $485,000 – $650,500. It is definitely a seller’s market! Click here for a free home valuation.

Shogren House via Shogren House Museum

Want to see your neighborhood in PDX Neighborhood Spotlight? Comment below!

References: * Wikipedia

Advantages to Selling a Home in Oregon This Winter

You might have read my previous blog on the advantages to buying a home in Oregon during the winter. The obverse of that article is that there are several compelling reasons to consider selling a home right now, even though winter has not been a particularly popular time to sell.

We are seeing historically low real estate inventory lately not just in the Portland market, but nationwide.

There was a 16% drop in number of homes put on the market in September compared to August. Lower inventory means a more competitive buyer landscape. Why is there a lower inventory? Sadly, one of the reasons is that this year’s wildfires destroyed over 4,000 homes in Oregon. Population growth also factors into a lower inventory. Some people concerned about selling their homes during the pandemic have chosen to hold off. This provides more space for you on the market if you list your home. Here are the precautions I take to ensure everyone’s safety.

Historically low interest rates of below 3% are motivating buyers.

Getting those incredibly low rates shaves off a remarkable difference in what homeowners pay monthly. The Freddie Mac chart below shows the drop in various types of mortgage rates over the past 12 months, bringing us to 2.67% for a 30-year fixed-rate mortgage.

Primary Mortgage Market Survey® | U.S. weekly average mortgage rates as of 12/17/2020

Below is a sample mortgage payment calculation factoring in a 10% down payment with a mortgage rate of 3.0%, 3.5%, and 4.0%. So with today’s historically low interest rates, a buyer’s monthly payment would be even lower.

Monthly Mortgage Payment Comparison (Multnomah County)

The National Association of Realtors graph below shows us the median price of a home in the Portland Metro area has increased even though we saw a dip in price growth in 2019. The third quarter of 2020 has rebounded considerably. Fourth Quarter 2020 report was not available at time of publishing.

Portland Vancouver Hillsboro Local Market Report – Third Quarter 2020

If you are still on the fence about whether to list now or wait until spring/summer when house hunting is traditionally more lively, contact me today to have a conversation about your concerns. In the meantime, check out my article on being a prepared home seller.

Originally published 12/28/2020

Meet Your Oregon Real Estate Broker, Sean Besso

Sean Besso, Managing Principal Broker, Oregon Realty Co.

Sean Besso first became an Oregon resident in 1985 and a Portland homeowner in 1996. His father’s work in food service management lead his family to vastly different areas of the country: Oahu, North Carolina, Montana, and Tillamook, Oregon. His first job was in the family restaurant at the Crust and Kettle in Montana. When the recession hit in 1985, the family moved to Tillamook, where his father opened the first Edward Jones office. Sean moved to Eugene after high school to attend the University of Oregon, where he majored in Sociology and Political Science, with a minor in Japanese studies. University of Oregon is also a significant stop in Sean’s life, where he met his wife, now a Portland school teacher.

Other work experience includes: Enterprise Rent-A-Car in San Francisco, West Coast Event Productions as an event manager, American Show Management producing IT trade shows in California and the southwest, and Contractor Project Manager for Phoenix Redevelopment. This job was his first exposure to real estate. He learned valuable lessons about buying homes, fixing them up, reselling them, and contractor dos and don’ts.

Why Real Estate?

A conversation with his father-in-law inspired Sean to become a real estate broker. He counted working for himself as a plus. And after all, his mother had been a broker in Billings, so he was familiar with the work ethics of unconventional hours, navigating a competitive climate, and importance of client care. In the meantime, he attended classes at Portland State University in the Urban and Regional Planning School. Bartending during the day, he took classes at night to obtain his real estate license.

Once he obtained his broker’s license, he sought out a company that was not of the traditional “hard sell” school of sales. ABC is more about “Always Be Caring” than “Always Be Closing” for Sean. He counts having the experience with the development group and buying his first home as pivotal learning points. He knows from personal experience how important it is to have a broker who is your advocate, is knowledgeable, and is not going to be that slimy, unqualified salesperson pushing a quota agenda.

Personal Real Estate Experience

His former landlord, who had recently gotten his real estate license, sold them their first house. It was his landlord’s first and last real estate transaction. A few years after the sale, Sean discovered the roof had multiple layers, where only two layers are allowed. In fact, the fascia popped off when the roof was replaced, because the weight of all the roofing layers had been lifted. They experienced a sewer line and furnace failure within the first two years of ownership. These were not just nightmares, but real circumstances they could have planned for or even negotiated, had they had competent representation. Sean shares these experiences to help clients understand the importance of advocacy and guide them through the inspection process.

Credentials and Continuing Education

As the market changes, it is crucial to stay on top of rules and regulations, while keeping current with continuing education. See the blog post about 2019 real estate contract changes. Thirty-three credits of continuing education are required every two years for brokers. From 2017-2018, Sean achieved 86 credits, including obtaining his Principal Broker’s License. Other certifications include:

Graduate, REALTOR® Institute (GRI), which includes additional ethics and advocacy training
ABR® – Accredited Buyer’s Representative
SRS – Seller Representative Specialist
Short Sales and Foreclosure Resource (SFR®)
Earth Advantage Broker
ADU Specialist (Earth Advantage)

Community Involvement

Sean’s volunteer activities include:

Neighborhood Emergency Team
Kiwanis Doernbecher Children’s Cancer Program Golf Tournament Volunteer Board
Surfrider Foundation
Oregon Food Bank
SOLVE Beach Cleanups

Man at beach cleanup in Oregon — At Nye Beach for SOLVE

Two men in a warehouse facility wearing hair nets — At Oregon Food Bank with Mark Aalto

Books, Movies, Life

Sean’s favorite books and movies are:

Jonathan Livingston Seagull
Adventures of a Reluctant Messiah
The Hobbit
Razor’s Edge
Great Waldo Pepper
Seven Samurai
Jeremiah Johnson

The story of Jeremiah Johnson is especially poignant for Sean. Ask about how his grandfather knew him in “The Old West” of Montana.

The best advice he’s received? Do unto others as you would have them do unto you.

Next travel destination? Italy or Japan. He’d love to learn more about the Italian side of his family. He is drawn to Japan to embark upon a Shinto pilgrimage. He has always felt an inexplicably close connection with Japanese culture.