Archive for February, 2010
February 26th, 2010 | 
Author: Lee Davies Real Estate is here to help you with any home purchasing decisions and questions you may have. Call us today at the Portland West Office 503-292-1500, or at the NW 23rd Office 503-445-1500. This video topic covers how Lee Davies Real Estate can help you Prepare Your Home for Sale.
This video topic covers how Lee Davies Real Estate works with Sellers.
In 2009, 18,817 properties worth at least $1 million faced foreclosure. That’s up 162 percent from 2008, reported foreclosure marketer RealtyTrac and as featured in Forbes Daily Real Estate News | February 12, 2010
Luxury Homes in Foreclosure Go to Auction
An increasing number of homes with multi-million dollar price tags are going into foreclosure and that’s driving desperate owners to sell at auction.
In 2009, 18,817 properties worth at least $1 million faced foreclosure. That’s up 162 percent from 2008, reported foreclosure marketer RealtyTrac.
Prices of $1 million-plus properties are down about 25 percent since 2007 with an increasing number of desperate home owners choosing auction sales over waiting for years for the right buyer to come along.
“Any home owner selling in this economy is on the market because they have to be,” says John Brian Losh, CEO of LuxuryRealEstate.com, a Web site that specializes in high-end properties. “If they’re frustrated and they can’t figure out why they haven’t gotten any offers, they might think an auction will generate some interest.”
Source: Forbes, Francesca Levy (02/11/2010)
As Featured in the Portland Business Journal, Read it Here…
Oregon 9th in nation for foreclosure in January
Despite the declining real estate market, the fact remains there are opportunities everywhere. While some folks unfortunately own in neighborhoods that have high inventories, short sales, and foreclosures, there are many desirable communities that better retain their value due to limited inventory.
These communities are still hot despite the overall market conditions. Each one is driven by a unique quality that has lead to the area having limited homes for sale and higher values than the surrounding neighborhoods. Here are a few examples:
Alameda / Irvington – Rare high quality established neighborhood in an urban setting.
Hartung Farms/Bronson Creek/Burton – Rare large level lots and level neighborhoods.
Broadmoor/Montclair – Established communities with large level lots close to the city.
Findley Elementary – This popular school drives values in portions of the Bauer neighborhoods, Arbor Cascadian, Oakridge Estates.
Portland Heights – Solid due to returning generations of buyers, Ainsworth school, and city access.
To determine how your area or neighborhood is doing, give us a call. We can quickly evaluate inventory levels, price trending, and sales absorption rates to determine if your home is in a hot pocket.
If you are in one of these thriving communities and you would like to move, there has never been a better time as you home has held its value and will be easier to sell. As a savvy buyer you will now recognize many wonderful buying opportunities. In addition, interest rates remain remarkably low due to the federal government buying mortgage backed securities. Therefore is a terrific time to lock into a new home with a 30 year mortgage.
On the other side, if you want to buy in a hot community, you’ll need to remember to treat the market like it’s 2005, hire a knowledgeable broker, check the inventory, and be responsive to new listings as they hit the market. The fact is you may likely pay a higher price but end up owning a more stable investment.
