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Portland RE Still Rising?

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December 17, 2007 – Comments (5)

Case-Shiller's numbers (always a couple months old) showed Portland home prices still rising about 2.8% year over year -- one of the bright spots that the RE insdustry has been trying to use to prove either that housing is still just fine.

Me, I look at stuff like this, and draw the obvious conclusion. The party's over in Oregon now, too.

5 Comments – Post Your Own

#1) On December 17, 2007 at 9:25 AM, floridabuilder2 (99.26) wrote:

Wow so there are still opportunities for me to buy and flip!

I do not believe there are a lot of public builders in Portland... that for one will prevent a major correction, since the public's fueled a lot of the speculation with their deep pocket land buys....

I do believe there are a lot of tree huggers in Portland, which should also keep new inventory from flooding the market...

I'm not sure the point of my comment... oh yes now I remember... don't buy real estate in Portland... it will be cheaper in 2008

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#2) On December 17, 2007 at 10:29 AM, devoish (98.65) wrote:

1200 people bought only 78 of 140 houses for sale at 25-50% off previous asking prices. And this is considered a "good" market by the RE industry? This sounds like a Macys flyer..

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#3) On December 17, 2007 at 10:38 AM, saunafool (98.63) wrote:

If you are ever in Portland, or other parts of the Pacific Northwest, always look for Halibut Cheeks on the menu. Tasty little nuggets with a texture kind of like crab.

If floridabuilder doesn't know what the point of his comment is, well, then...

Oh yes, if you must buy in Portland, I agree, later will be cheaper. 

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#4) On December 17, 2007 at 2:04 PM, eskatonic (29.09) wrote:

Portland has a lot of anti/controlled (depends on your philosophy) growth laws.  Since supply is kept artificially low demand drives prices higher.  It will just take longer for the bubble to pop in Portland.  The housing burst in Portland isn't going to be people stop upgrading from a rental to ownership or upgrading to a nicer house.  The burst is going to be people leaving town if they start losing jobs.  When it happens it will be all the worse and the economic damage will last longer.

 

2c 

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#5) On December 17, 2007 at 7:24 PM, cabuilderboy (87.26) wrote:

Portland Housing Market is an oxymoron. You have a better chance a finding Bigfoot in Portland, than getting an approval for 50 homes. Unless, maybe, you have 50 acres for the 5 homes. I recently attended a small conference where one of Portland’s largest land use critics was extremely frustrated with Portland’s land planning. Unless you consider “No Growth” a plan!! He detailed the many shortcomings of Portland’s housing market, and used it as an example of how bad California could get some day.

 

Using Portland as a benchmark for the US housing barometer, is like saying “midget porn” represents the movie industry. Sure it’s a film, but how many people really buy it……..okay maybe that is a bad analogy for the fools, but you get my meaning.

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