Friday, March 5, 2010

Featuring Random Homes for Sale in Portland, Oregon: The "Stuck in the Middle" Edition

Every now and then it's rather fun and educating to find a random home listing (or four) online, and discuss it with local residents. I find these examples of current listings quite interesting:

What will
NE home #1 sell for in 2010? 2012? Does it matter that the headline listing says it's 2,888 sq ft, yet public records say it's more like 1,735 sq ft? Portlandmaps.com lists the market value at $388k.

What will
SW home #2 sell for in 2010? 2012? Does it matter that it's a 2 bedroom condo with only 1,400 sq ft? Portlandmaps.com lists the market value at $496k.

What will
SE home #3 sell for in 2010? 2012? Does it matter that it has blue awnings? Portlandmaps.com lists the market value at $405k.

What will
NW home #4 sell for in 2010? 2012? Does it matter that Portlandmaps.com lists the market value $70k higher than the asking price? Square footage in the listing vs public record is amiss here as well.

These dwellings all have something in common (besides annual property taxes above $4,000 each). They're not in the Jumbo category, but they're certainly not in the "1st time home buyer" category either. They are stuck in the middle somewhere. What will happen to home prices in the middle as Portland's housing market corrects from its bubble years?

A more important question beckons those who follow Stumptown real estate. What would it cost to rent vs buy these homes in Portland on a monthly basis in 2010? 2012? After all, the BLS uses "Owners Equivalent Rent" formula for the published CPI figure.


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