Friday, January 9, 2009

Unlike home prices Charles Turner's optimism never peaks

Charles Turner is quickly establishing himself as one of the most optimistic realtors in town. I started tracking his comments a few months ago when it became clear that he wasn’t going to change his tone on Portland real estate. My goal isn’t to embarrass him; rather it is to give people some context of his views. In a few years most of us will use a Realtor (hey, they are free for the buyer right!) and I feel this information will be valuable when deciding which Realtor to use.

Here are a few of his comments:

“Since the market has retained its strength, sitting back doesn’t look like a smart bet.”
From his blog on December 27th, 2006.

“If I had cash on hand, I’d probably be looking to buy”
From the Oregonian on December 16th, 2008.

One reason he might be giving optimistic quotes is because he has his own inventory to sell. You can find Charles’ latest flip project at 2356 NW Hoyt St. The house went on the market in October for $1,195,000 and was dropped 4% to $1,150,000 last week. We will see if that price drop was enough to entice some buyers. My guess is no but I always see the glass half empty.

Another interesting note about the NW Hoyt property. It’s been on the market for three months and has dropped 4% in price. If the property stays on the market for another week and drops in price by another 3% then it will start to appear on Agent 503’s Desperate Sellers Database.