By Lee Davies

Sales are not skyrocketing, prices are not shooting through the roof, and people are not getting rich . . . hallelujah! 

That may not sound like music to everyone, especially those of you who were just getting your “adult life footing” in the early 2000s with your career and your first home.  The economy as you know it consisted of the “dot com” boom, the real estate boom, and a luxurious dose of the American dream!  The 35 hour work week, combined with your three plasma screens, a Range Rover, and the club membership, were all the result of your incredible talent.  You were proud.  The only people who questioned your moves were your parents, who asked questions like, “Why do you need all that?” or “Don’t forget to put away some money for a rainy day”.   And once again, your parents were smarter than you realized, as they were old enough to remember owning a home for twenty years only to see it appreciate 30% over that time.

Then came the news, our 10-20% of annual real estate appreciation was fabricated as a result of Wall Street and the liberal lending practices between 2002 and 2008.   Yet for some of you, it was the only real estate market you have ever known.

Here is the good news, we have recovered!  Our new market is the same one your parents experienced when you were in grade school.  Slow methodical growth and appreciation combined with a lot of work for a very modest return.  Your parents know all about it.   There are not a bunch of highs or lows, but rather a market you can count on. 

In our book, the market today is fantastically normal; and, we at Lee Davies Real Estate love it.  It is like 1988 again, but better!  In 1988 buyers had great inventory to choose from and the market was driven by people’s desire to be a homeowner, not speculation.  Sellers had to work hard to position their homes to capture the buyer’s eye and real estate brokers had to work hard to make a sale by showing buyers 20, 30 and sometimes 50 homes before they made a selection.  These were the good old days.  An honest dollar for an honest day’s work.  But it is so, so much better today.  Why?  Interest rates are at 5% rather than 11%.  Yes, in 1988, if you could lock in a loan for 10% you were the luckiest buyer in town. 

Today’s new balanced market is ideal and essentially has given us a free market system.  Yes, supply still probably outweighs demand; however, everything is tracking in the right direction that will ultimately take us back to predictability, stability, and eventually gradual appreciation.  This brings us back to the original idea of the American dream which is to build wealth over time by having a stable home, working hard, living within your means, and saving.  

So today, if you are looking to make a change, it is a great time only if you have the need to buy up, downsize, or have a true need. 

Buyers are out there!

Sellers are out there!

Low rates are out there!

All you need to do is find a real estate broker like you, educated, assertive, innovative, and who knows how to work.   Avoid the salesman and find the market expert who is strategic, has patience, and who thrives on working.

Our beautiful downtown office, located at 1211 SW Broadway, shares a building with the Oregon History Museum. Their current exhibit features the Portland Timbers, their history and evolution into the team we know and love today. It has something for everyone, from die-hard fans to local history buffs. Stop in and say hi to us if you head over to check it out!

We love our clients and we want to ensure that they love us too In order to do so, we have recently sent many of them a follow up survey. We would like to extend a big thank you to all of our clients who completed the survey, we appreciate it so much. We would also like to share some of the comments we recieved:

“Roxann Mike was our agent and did a great job. She was great at providing factual information but not trying to sell or push a decision one way or another. I really enjoyed all interactions and working with her. She not only listened but also got my point or position well.” – Dave

“Andrew [Misk] did an excellent and thorough job!” – Satisfied Client

“Shelly [Brown]: Mary and I, as well, enjoyed the selling experience, largely due to your professionalism, and excellent support provided by Lisa [Migchelbrink] and the entire [Lee] Davies staff.” - Lloyd

In a recent news release, the Tualatin Hills Parks and Recreation District has announced their acquisition of a 23-acre property which is set to become a future park. For further details, the new release is below:

“Continuing to implement its 2008 voter-approved bond measure, the Tualatin Hills Park & Recreation District has purchased a 23-acre property in the Cedar Mill area for a future community park.

Separately, the Park District acquired a 0.76-acre vacant parcel in Cedar Mill to be used as a natural area.  It will also help expand the local trail network.

The 23-acre acquisition was closed on April 29 after almost two years of negotiation with the former owner, Larry Teufel.  The site is currently operated as a wholesale nursery by Teufel Holly Farms, Inc.

It will continue to be used that way and leased back to Teufel for the time being, according to terms of the sale.

The property is on the east side of NW Miller Road and north of Barnes Road.  Purchase price was $8 million. THPRD had allocated $10 million in bond measure funds for acquisition of a community park in the Cedar Mill area.

The Park District has no immediate plans or funding to develop the property.  No development will occur until an extensive public planning process has been completed.

THPRD General Manager Doug Menke believes the size, location and layout of the Teufel site are ideal for a future community park, which the Park District defines as 10-25 acres in size with an ample variety of amenities to serve residents.

‘When it’s developed, this will be a complete community park serving the Cedar Mill area including athletic fields, sport courts, open areas, play structures and picnic facilities with a natural area and trails near a stream,’ Menke said.

Teufel is happy to be able to sell the property for future park development.

‘This property has been in my family’s ownership since the late 1800s,’ he said.  ‘It’s good to know that it will become a recreational asset for the entire community.’

 The vacant 0.76-acre parcel, purchased from the Collins Living Trust, is adjacent to NW 114th Avenue and features mature trees and dense undergrowth.  Sale price was $340,000.  It is bounded by THPRD properties on the south and east (Foege Park).

Besides having value as a future natural area, the property will provide a trail connection to Foege Park.  As part of its Timberland project, developer Polygon Northwest has built a nature trail near the newly purchased parcel.  According to THPRD’s Planning Department, Polygon plans to donate the trail to the Park District to add to the Cedar Mill Community Trail.  When funding becomes available, the trail will be continued through the new parcel to Foege Park.

THPRD’s bond measure funds are earmarked for land acquisition and dozens of improvement projects focused on parks, trails, natural area preservation, and athletic fields.  The measure is also supporting expansions of the Elsie Stuhr Center and the Conestoga Recreation & Aquatic Center and replacement and rehabilitation of aging facilities.

THPRD has now acquired land for five new park and recreation sites as part of bond measure implementation.

Formed in 1955, THPRD is the largest special park district in Oregon, spanning about 50 square miles and serving more than 200,000 residents in the greater Beaverton area.  The district provides year-round recreational and educational opportunities for people of all ages.

Offerings include a wide variety of classes and more than 200 park sites, 60 miles of trails, eight swim centers, six recreation centers, and 1,300 acres of natural areas.  For more information, visit www.thprd.org or call 503-645-6433.”

 20% OFF COUPON FOR MILLER PAINT

As a member of the Cedar Mill Business Association, Lee Davies Real Estate is able to extend this great discount to our clients and friends.  Stop by either Lee Davies Real Estate office to pick up your coupon during business hours.  Discount is good at the Cornell/Murray Miller Paint store.

BUYERS CAN FINANCE HOME IMPROVEMENTS

Buying a home that needs a bit of work…maybe new carpeting or an updated bathroom?  A new home improvement loan program is now available which offers loans up to $10,000 for home improvements.  This option allows the buyer to purchase the home and then apply for a home improvement loan to make some minor home improvements.  THE BEST PART…approval is NOT subject to property value or equity!  This is a great alternative to an FHA 203k loan.  For more information, contact Jeanine March or Brian Page of Northwest Mortgage Group at 503.439.9191.

#10  Trailblazers…Rip City!

#9     No sales tax means I can take all of my out-of-state guests shopping

#8     Eclectic and diverse city scene (some may call it weird) great for people watching

#7     Arts/culture including Portland Art Museum and all those hip galleries…First Thursdays!

#6     Love, love, love our waterfront and bridges…especially running on them

#5     Urban forests and parks

#4     Farmer’s Market(s) and Saturday Market

#3     Microbreweries and Wine Country

#2     Abundant world class restaurants featuring a variety of cuisines

And, the #1 thing we LOVE about the Portland Area…

#1     You could ski Mt. Hood in the Morning, windsurf the Gorge over lunch then watch the sun set at the Oregon Coast all in the same day.

What do you think of our top 10? Do you have any of your own to add?

by Lee Davies

Trying to figure out market trends in these unique times can be a bit perplexing to say the least.  At Lee Davies Real Estate, we saw our robust sales growth nearly double from 2009 to 2010 only to then endure one of the quietest winter quarters that we have ever experienced. 

The good news is that Spring is finally here and we have seen an incredible rebound which has included selling five homes for over $1,000,000 and, in some cases, multiple offers on homes in the past five weeks.  What is unique this time around is that we are seeing strong activity in the higher end properties along with all price ranges.  This can be attributed to several things.  First, sales on homes above $750,000 have been so quiet that most sellers have made gracious price reductions making their homes incredibly attractive relative to lower priced homes.  Second, rising gas prices have economic experts suggesting that we are entering an inflationary cycle that will impact interest rates and that now is the time to borrow before rates go higher.  Whether these are the reasons or it’s just the typical buying spike we see every spring, the fact is we have just sold dozens of homes in the past six weeks and we need to see more inventory. 

In the event the experts are accurate in their predictions that interest rates will soon rise, the time is now ideal if you would like to lock in to a new home at a sub 5% interest rate.  If you are considering selling, call Lee or one of our brokers today.

Please join us for the Forest Heights Twilight Home Tour next Saturday, April 16th from 3:00-6:30pm! Lee Davies Real Estate is holding three of our properties open as part of the tour:

9131 NW McKenna Drive, Portland, OR 97229

10235 NW Skyline Heights Drive, Portland, OR 97229

 3222 NW Chapin Drive, Portland, OR 97229

We look forward to showing you these beautiful homes in the desirable Forest Heights community next Saturday!

Our friend Jeanine March from Northwest Mortgage Group has provided us with this lending tip:

“Federal VA loans offer home loans to qualified veterans with NO down payment required and NO mortgage insurance required. Also, VA loan eligibility is re-usable! For example, if a veteran took out a VA loan to buy a home and later sold the home and paid off the loan, the VA loan eligibility is restored for subsequent use. VA loans are great options and are as easy to close as FHA or Conventional loans.”

For more information on home loans, including VA loans, visit: http://www.nwmortgagegroup.com/index.html

For more infortmation on VA benefits, visit: http://www.benefits.va.gov/homeloans/