September 29, 2016
Strong sales cap off a busy summer. Average and median sales prices continued to rise in the Portland metro area through August, and while sales volume is starting show signs of slowing, prices are likely to hold steady through the last quarter of the year. As we’ve noted earlier this year, Election Jitters, the persistent-but-never-realized threat that the Fed will raise rates, and the customary seasonal slowdown will put some drag on this year’s market rocket ship. [Tip: if you’re thinking about buying, or know someone who is planning a move – the last part of the year is often the best time to buy. Put off selling now until February or March, but if a “buy” is in the works, think to call us for advice.]
You can get all the latest statistics, including price appreciation figures, by clicking on our Portland Market Update.
Now not one, but two websites devoted to Portland’s building boom. When we reported in June that Portland’s growing so fast that there’s a web site devoted to tracking new projects we thought to ourselves, “Holy cow! Boom town!” Imagine our surprise when we learned that a second website had been launched by the Portland Business Journal. Called “Project Watch,” the interactive site covers new hotel, industrial, mixed-use, office, multi-family residential, and retail startups – and the site reports a ton of them. Check it out here
In the mix:
- Eleven big downtown building projects are on the books for development on properties owned by the Goodman family’s Downtown Development Group. Watch the first one, a 425-unit apartment building with a grocery store anchor, coming out of the ground now at Harrison and SW 4th.
- The City has applications from various big developers for construction of eleven new hotels in downtown and close-in Portland.
- Macadam Ridge, a proposed subdivision of around 46 new single-family homes in the hills above the intersection of SW Macadam Avenue and Taylors Ferry Road is working its way through the city planning process. If approved, it will be the first traditional subdivision built in Portland in many years. Neighborhood and conservationist interests are strongly opposed to the project, which will, among making other environmentally controversial changes, take out 480 trees.
- “Freeway capping.” Former mayor Vera Katz’s 1998 idea for covering the sunken portion of I-405 that runs along the west side of Portland has been revived again. The plan would build caps over the sunken interstate that would reconnect neighborhoods and add back 28 of the 36 blocks that were destroyed by building the freeway back between 1969 and 1973. An example of this idea in action is Seattle’s Freeway Park over I-5.
Summer’s fading. Enjoy the rest of it in the company of your family and friends, and as much of it as you can outside. Happy fall!
Shannon and Jeanne