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(Oregon Live)   With all the unrest as of late in Portland, people are fleeing the city left and right, not putting bids $150,000 over the asking price on a 65 year old home... right?   (oregonlive.com) divider line
    More: Asinine, Real estate, Desirable locations, Portland's hot housing market, popular architectural styles, modern house, residential property, open houses, Portland's Hillsdale neighborhood  
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3430 clicks; posted to Main » on 21 Apr 2021 at 2:20 AM (2 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



44 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-04-21 1:02:52 AM  
Heh. Meanwhile I'm getting form letters in fake handwriting font from house flippers
 
2021-04-21 2:04:55 AM  
Doesn't surprise me in the least.  Twelve doors, all single family, and the offers we get for Denver are insane.
 
2021-04-21 2:27:42 AM  
Seen this movie before.
 
2021-04-21 2:29:24 AM  
6,500 square foot, lot?
As in 1/8th of an acre?
Jesus I thought the little 1,200 sq ft house on a quarter acre I grew up in was small!
 
2021-04-21 2:29:29 AM  
Well, obviously Portland is

Fark user imageView Full Size


Duh.
 
2021-04-21 2:30:10 AM  
Restored by an architect?
/sees pics
Oh that is pretty <3
 
2021-04-21 2:31:39 AM  
I've said it once, I'll say it again.

The FOMO that has driven sales in the market fueling dreams of massive profits of inflating values of homes can just as easily be the fear that fuels panic if sales prices drop to account for affordability of rising interest rates and stagnant sales. Then we could see a massive flood of homes simultaneously hitting the market for sale, further depressing prices. Which in turn starts the FOMO to get the hell out of the market and continues the vicious cycle.

It isn't wishful thinking from someone priced out of the market. If I have to save up more, I will. However, the cash buyers will eventually dry up at some point, and people will need to liquidate assets for cash.

Sure. that doesn't guarantee a crash at all, let alone something on the scale of what we've seen in the past. We might not even see prices go down from here. Perhaps the increases are permanent. But make no mistake, if the right event triggers panic, which may never happen, but if it does, we could see another collapse not because of foreclosures, but panicked investors that own properties outright and need to ditch them.

Stagnant market? Mutual funds and corporate owners dumping toxic assets of abused homes in the next 10-20 years suffering from severely deferred maintenance? Collapsing overseas markets where foreign investors cash en masse? Take your pick.
 
2021-04-21 2:42:47 AM  
White flight flap flap flap
 
2021-04-21 2:50:03 AM  

robodog: 6,500 square foot, lot?
As in 1/8th of an acre?
Jesus I thought the little 1,200 sq ft house on a quarter acre I grew up in was small!


Looking at this as a Texan who grew up on in a house on a half acre lot: that's insane.

Looking at this as a resident of the Nuremberg metro area: 200 square meter house in excellent condition on a giant 600 square meter lot for less than 1 million EUR?! That's insane!
 
2021-04-21 2:52:37 AM  
This year the southern half of California might run out of water.  That's at least a few million people looking to move where it still rains.
 
2021-04-21 2:55:46 AM  
Folks working from home through the pandemic both have money (no vacations, commute, night out, need to buy pants, etc for a year) and a strong desire for a bigger place so they can have a real office rather than a folding table in the corner of the family room. There's going to be some real demand for a while in the 2nd Roaring 20's (if the stimulus pulls off the trick of avoiding a short cut to the 2nd Great Depression).
 
2021-04-21 3:04:36 AM  
Well, at these prices, I'm not hearing as much about 'starter homes' as I used to. In my day, you bought a home to live in forever. People added rooms on if they needed more space. They didn't have to hire maids to keep the home sparkling clean either. Houses actually looked a little lived in.
 
2021-04-21 3:25:58 AM  
"0.27-acre property "

Our dogs have a 1 acre play yard.
 
2021-04-21 3:38:11 AM  
That's in Portland proper? 6,500 sq ft makes it sound like it should be broken up into an apartment complex or a bunch of townhouses or multifamily homes to this cynical east coaster. Street views of west coast "cities" remind me of the suburb I grew up in more than any actual city on the least coast.
 
2021-04-21 3:51:03 AM  

IHadMeAVision: That's in Portland proper? 6,500 sq ft makes it sound like it should be broken up into an apartment complex or a bunch of townhouses or multifamily homes to this cynical east coaster. Street views of west coast "cities" remind me of the suburb I grew up in more than any actual city on the least coast.


I mean it's in Portland but it's not the cookie cutter platted part. This is up in the hills, which are what east coaster types call mountains.

/not serious
//ffs Portland calls that hill in the middle of the city Mt Tabor
///tbf it is an old volcano...
 
2021-04-21 3:56:51 AM  

IHadMeAVision: That's in Portland proper? 6,500 sq ft makes it sound like it should be broken up into an apartment complex or a bunch of townhouses or multifamily homes to this cynical east coaster. Street views of west coast "cities" remind me of the suburb I grew up in more than any actual city on the least coast.


It's in the hills above downtown, very expensive exclusive area that would be awful for actual multifamily housing and townhouses because it's all tiny windy switchback roads with zero traffic capacity and little in the way of immediate conveniences or services unless you walk down the hill into downtown. All the rich people get stuck up there when the weather gets poor. Great views, some amazing architecture, but not somewhere I'd want to build high-density housing.
 
2021-04-21 4:21:11 AM  

zbtop: IHadMeAVision: That's in Portland proper? 6,500 sq ft makes it sound like it should be broken up into an apartment complex or a bunch of townhouses or multifamily homes to this cynical east coaster. Street views of west coast "cities" remind me of the suburb I grew up in more than any actual city on the least coast.

It's in the hills above downtown, very expensive exclusive area that would be awful for actual multifamily housing and townhouses because it's all tiny windy switchback roads with zero traffic capacity and little in the way of immediate conveniences or services unless you walk down the hill into downtown. All the rich people get stuck up there when the weather gets poor. Great views, some amazing architecture, but not somewhere I'd want to build high-density housing.


People from the Bronx and Pittsburgh laugh in derision.
 
2021-04-21 4:40:13 AM  
Is the age supposed to be a negative? I wont buy a home younger than I am, building standards in new houses are awful.
 
2021-04-21 4:41:54 AM  

zbtop: It's in the hills above downtown, very expensive exclusive area that would be awful for actual multifamily housing and townhouses because it's all tiny windy switchback roads with zero traffic capacity and little in the way of immediate conveniences or services unless you walk down the hill into downtown. All the rich people get stuck up there when the weather gets poor. Great views, some amazing architecture, but not somewhere I'd want to build high-density housing.


Also, I lived in a desirable neighborhood in a hilly part of NYC proper out by the suburbs with my mom from 18-21, but it looked more like this:
Fark user imageView Full Size


Only the two windows on the left side of top floor were ours, which I found out is super confusing to west coast transplants because they had no concept of two-family, nevermind semi-detached, housing. It's either single family or skyscraper to them.
 
2021-04-21 5:51:48 AM  
The same hill. Not sure what street the advertised house is on...

Landslide Chases Father and Son
Youtube 84ufHp8jcRk
 
2021-04-21 6:18:40 AM  

IHadMeAVision: Only the two windows on the left side of top floor were ours, which I found out is super confusing to west coast transplants because they had no concept of two-family, nevermind semi-detached, housing. It's either single family or skyscraper to them.


Speaking for the PNW, that is changing. A loooot of "townhouses" (side by side) are being built these days in the "new upper middle class" neighborhoods.

But yeah, for a long time I could see that being a foreign concept to a lot of folk from these parts. The things I grew up with we'd call duplexes were just single story ranch homes basically cut in half. Cheap places for cheap landlords to screw poor people.
 
2021-04-21 6:42:54 AM  

Nidiot: Is the age supposed to be a negative? I wont buy a home younger than I am, building standards in new houses are awful.


My dad's pushing 90, and concurs.

/childhood home he bought us had been through the '38 and '54 hurricanes without losing a shingle
 
2021-04-21 7:22:45 AM  
 
2021-04-21 8:16:56 AM  

Claude Ballse: I've said it once, I'll say it again.

The FOMO that has driven sales in the market fueling dreams of massive profits of inflating values of homes can just as easily be the fear that fuels panic if sales prices drop to account for affordability of rising interest rates and stagnant sales. Then we could see a massive flood of homes simultaneously hitting the market for sale, further depressing prices. Which in turn starts the FOMO to get the hell out of the market and continues the vicious cycle.

It isn't wishful thinking from someone priced out of the market. If I have to save up more, I will. However, the cash buyers will eventually dry up at some point, and people will need to liquidate assets for cash.

Sure. that doesn't guarantee a crash at all, let alone something on the scale of what we've seen in the past. We might not even see prices go down from here. Perhaps the increases are permanent. But make no mistake, if the right event triggers panic, which may never happen, but if it does, we could see another collapse not because of foreclosures, but panicked investors that own properties outright and need to ditch them.

Stagnant market? Mutual funds and corporate owners dumping toxic assets of abused homes in the next 10-20 years suffering from severely deferred maintenance? Collapsing overseas markets where foreign investors cash en masse? Take your pick.


Something like the foreclosure moratorium ending, for instance?
 
2021-04-21 8:30:55 AM  

puffy999: IHadMeAVision: Only the two windows on the left side of top floor were ours, which I found out is super confusing to west coast transplants because they had no concept of two-family, nevermind semi-detached, housing. It's either single family or skyscraper to them.

Speaking for the PNW, that is changing. A loooot of "townhouses" (side by side) are being built these days in the "new upper middle class" neighborhoods.

But yeah, for a long time I could see that being a foreign concept to a lot of folk from these parts. The things I grew up with we'd call duplexes were just single story ranch homes basically cut in half. Cheap places for cheap landlords to screw poor people.


Mr. Gambini, did you say loooot?
 
2021-04-21 8:35:19 AM  

AcneVulgaris: Claude Ballse: I've said it once, I'll say it again.

The FOMO that has driven sales in the market fueling dreams of massive profits of inflating values of homes can just as easily be the fear that fuels panic if sales prices drop to account for affordability of rising interest rates and stagnant sales. Then we could see a massive flood of homes simultaneously hitting the market for sale, further depressing prices. Which in turn starts the FOMO to get the hell out of the market and continues the vicious cycle.

It isn't wishful thinking from someone priced out of the market. If I have to save up more, I will. However, the cash buyers will eventually dry up at some point, and people will need to liquidate assets for cash.

Sure. that doesn't guarantee a crash at all, let alone something on the scale of what we've seen in the past. We might not even see prices go down from here. Perhaps the increases are permanent. But make no mistake, if the right event triggers panic, which may never happen, but if it does, we could see another collapse not because of foreclosures, but panicked investors that own properties outright and need to ditch them.

Stagnant market? Mutual funds and corporate owners dumping toxic assets of abused homes in the next 10-20 years suffering from severely deferred maintenance? Collapsing overseas markets where foreign investors cash en masse? Take your pick.

Something like the foreclosure moratorium ending, for instance?


Yep, even accounting for increased desire to buy houses from millennials with kids, we are in still another real estate bubble. It makes my stomach twist to consider what the various consequences of the next bubble pop might be.
 
2021-04-21 8:54:11 AM  

robodog: 6,500 square foot, lot?
As in 1/8th of an acre?
Jesus I thought the little 1,200 sq ft house on a quarter acre I grew up in was small!


It's pretty big for something in or near a large city.  People that want these homes work in offices and probably don't plan on planting corn.
 
2021-04-21 8:55:36 AM  

Bruscar: Yep, even accounting for increased desire to buy houses from millennials with kids, we are in still another real estate bubble. It makes my stomach twist to consider what the various consequences of the next bubble pop might be.


The rich will get richer, and everybody else will get farked.

I was finally ready to buy, had the cash for a house, and then came the bidding wars.  I'm not playing that Game of Idiots.
 
2021-04-21 9:59:46 AM  

IHadMeAVision: zbtop: It's in the hills above downtown, very expensive exclusive area that would be awful for actual multifamily housing and townhouses because it's all tiny windy switchback roads with zero traffic capacity and little in the way of immediate conveniences or services unless you walk down the hill into downtown. All the rich people get stuck up there when the weather gets poor. Great views, some amazing architecture, but not somewhere I'd want to build high-density housing.

Also, I lived in a desirable neighborhood in a hilly part of NYC proper out by the suburbs with my mom from 18-21, but it looked more like this:
[Fark user image 425x292]

Only the two windows on the left side of top floor were ours, which I found out is super confusing to west coast transplants because they had no concept of two-family, nevermind semi-detached, housing. It's either single family or skyscraper to them.


Yeah we don't have anything like that setup here in PDX. We have townhouses and multifamily homes, but they tend to be basically either visibly apartment style or connected single-homes, not something that looks like a giant single house that's then internally subdivided.

The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.

Fark user imageView Full Size
 
2021-04-21 10:01:54 AM  
Portland: Come for the damp, stay for the white people.
 
2021-04-21 10:14:38 AM  
Just went through the house buying rat race here in Saskatoon. It's not supposed to be a problem in this town but we had to tour day of, bid day of, bid over asking, etc.

The cost of remodeling is also insane now, so we had to balance renovation pricing with newer house pricing. A 8 foot 2x4 was $8.75 when I was at HD last weekend. Contractors apparently are charging way over what they usually do too.
 
2021-04-21 10:51:29 AM  
A big part of the problem in metro Portland would be regressive zoning laws that strongly favor developers and investors while simultaneously harming residents.  It's extreme enough there were gonna see someone go full Mao on landowners soon.
 
2021-04-21 10:53:13 AM  

Surpheon: Folks working from home through the pandemic both have money (no vacations, commute, night out, need to buy pants, etc for a year) and a strong desire for a bigger place so they can have a real office rather than a folding table in the corner of the family room. There's going to be some real demand for a while in the 2nd Roaring 20's (if the stimulus pulls off the trick of avoiding a short cut to the 2nd Great Depression).


Short of going full UBI, it won't.
 
2021-04-21 11:42:36 AM  
zbtop:
The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.

[Fark user image 850x384]


Looks like somebody built a house on a road median.
 
2021-04-21 12:43:37 PM  

dothemath: Portland: Come for the damp, stay for the white people.


Except that we've been in a drought for the last 14 years, so clearly you actually live here.
 
2021-04-21 1:16:46 PM  

scalpod: dothemath: Portland: Come for the damp, stay for the white people.

Except that we've been in a drought for the last 14 years, so clearly you actually live here.


UPDATE: The whites are now dry!!
 
2021-04-21 2:25:42 PM  

dothemath: scalpod: dothemath: Portland: Come for the damp, stay for the white people.

Except that we've been in a drought for the last 14 years, so clearly you actually live here.

UPDATE: The whites are now dry!!


Ha! If your joke falls half flat blow more hot air.
 
2021-04-21 2:33:40 PM  

puffy999: //ffs Portland calls that hill in the middle of the city Mt Tabor


Fark user imageView Full Size
 
2021-04-21 3:07:17 PM  

zbtop: The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.


Good thing most of Portland is pretty flat, on a mostly cogent grid, in the -15 to +350 feet in elevation range, or you might have a point.
 
2021-04-21 4:04:13 PM  

scalpod: dothemath: scalpod: dothemath: Portland: Come for the damp, stay for the white people.

Except that we've been in a drought for the last 14 years, so clearly you actually live here.

UPDATE: The whites are now dry!!

Ha! If your joke falls half flat blow more hot air.


How dare you?
 
2021-04-21 4:07:40 PM  

Baloo Uriza: zbtop: The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.

Good thing most of Portland is pretty flat, on a mostly cogent grid, in the -15 to +350 feet in elevation range, or you might have a point.


Willamette Heights, Portland Heights, Sylvan Highlands, Mt Tabor and we haven't even got to HILLSboro yet...

/ yes PDX is so goddamn flat...
 
2021-04-21 5:57:09 PM  

Baloo Uriza: zbtop: The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.

Good thing most of Portland is pretty flat, on a mostly cogent grid, in the -15 to +350 feet in elevation range, or you might have a point.


And if we were talking about Portland in general or the east side, and not specifically about a property in Kings Heights, you'd have a point ;)
 
2021-04-21 6:56:56 PM  
Nice job real estate agent, you were only off by a little bit.  Of course, 77 farking people made an offer, but you think you did a good job.

farking morans.
 
2021-04-21 7:10:21 PM  

Elzar: Baloo Uriza: zbtop: The bigger issue however in this case (as you can see from the back end of the house here) is that between the incline grade and roads, lots of people moving through the area doesn't work great.

Good thing most of Portland is pretty flat, on a mostly cogent grid, in the -15 to +350 feet in elevation range, or you might have a point.

Willamette Heights, Portland Heights, Sylvan Highlands, Mt Tabor and we haven't even got to HILLSboro yet...

/ yes PDX is so goddamn flat...


Out of those places, the only one where people live is Hillsboro, and it doesn't even touch Portland at all.

/1%ers aren't people
 
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