Survey: Portlanders need to make about $70000 a year to buy a home

The most expensive city? San Francisco, where homebuyers need to make $160,589 to cover the $3,747 monthly payment for a $837,500 median-priced home.


TRIBUNE FILE PHOTO - If you make at least $70,000 a year, you could probably afford to buy a median-priced house in Portland, according to a new online real estate information company survey.How much do you need to make each year to buy a house in Portland? About $70,000 — an increase of nearly 7.5 percent from a year ago.

That’s according to a quarterly survey of housing prices and

... read more at: http://portlandtribune.com/pt/9-news/346420-226323-survey-portlanders-need-to-make-about-70000-a-year-to-buy-a-home

Colby College seeking Waterville’s approval for student complex

WATERVILLE — The Planning Board on March 6 will consider preliminary and final plans for a proposed $25 million Colby College downtown student residential complex on part of The Concourse that will include a retail use on the ground floor.

The meeting is scheduled for 7 p.m. in the council chamber at The Center at 93 Main St.


photo-storephoto-store

Colby officials have said they want to break ground on the project this spring and have the five-story building, which would consist of about 100,000 square feet, ready for occupancy in the fall of 2018.

The 200 students living in the building would be part of a special curriculum involving civic engagement, and the building design will reflect that college-community interaction.

The corner of the building at Main and Appleton streets will include a large, glassed-in community forum that may be

... read more at: http://www.pressherald.com/2017/02/18/colby-college-seeking-watervilles-approval-for-student-complex/

Is Land a Good Investment? A Reality Check on the Profits and Risks

Buying a home may be the American dream, but buying land—empty, yet full of possibilities—holds an almost mythical appeal. It’s also cheap: On average, land will cost you a mere $3,020 per acre. Unlike avocados or iPhones, land is a finite resource, which you’d think would shore up its value. So let’s talk turkey: Is land truly a good investment?

The answer depends, for starters, on what you hope to do with it. The possibilities, of course, are close to endless: You could build a cute little cabin or your dream mansion. Or maybe you’re thinking big with your investment, like a future condo complex or shopping mall that will reel in beaucoup bucks.

But while land may seem as solid as an investment gets, it’s not something you want to venture into without careful consideration of the costs and red tape you’ll encounter. Here are some of the questions to ponder to help you decide

... read more at: http://www.realtor.com/advice/buy/is-land-a-good-investment/

Largest Apartment Transaction to Date in Portland’s Urban Core Closed by Marcus & Millichap’s IPA Division for $126 …

PORTLAND, Ore.–(BUSINESS WIRE)–

Marcus Millichap (MMI) today announced its Institutional Property Advisors (IPA) division has closed the sale of the iconic 21-story, 284-unit Yard apartment tower in Portland, Oregon. The development of this asset was completed in August 2016, sold pre-stabilization with 50 percent of the apartments leased, and is the largest multifamily sale to date in Portland’s urban core.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis, IPA executive director.

Davis, located in IPA’s Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA’s Seattle, Washington office, assisted Davis. Philip Saglimbeni, an IPA executive director, along

... read more at: http://finance.yahoo.com/news/largest-apartment-transaction-date-portland-160000463.html

New listings up in January, but Twin Cities housing market still tight …

Home sellers outpaced buyers in the Twin Cities metro last month, but not enough to right the market back into balance, according to a January sales report from the Minneapolis Area Association of Realtors (MAAR).

The trade group’s monthly market update showed 4,304 new property listings in the Twin Cities metro, 3.1 percent more than last year. At the same time, buyers signed 3,130 purchase agreements, a 4.3 percent increase. Still, there’s not enough options for buyers, mostly first-timers, and that’s putting upward pressure on prices, dampening sales. During January, 8,212 properties were on the market, 25.4 percent fewer than the same period a year ago and the fewest in 14 years.

Noting that the uptick in new listings during January was the second biggest monthly gain in nearly a year, MAAR President Cotty Lowry said that 2017 is off to a strong start.

“If that is sustained,” he

... read more at: http://www.startribune.com/new-listings-up-in-january-but-twin-cities-housing-market-still-tight/413871403/

New listings up in January, but Twin Cities housing market still tight

Home sellers outpaced buyers in the Twin Cities metro last month, but not enough to right the market back into balance, according to a January sales report from the Minneapolis Area Association of Realtors (MAAR).

The trade group’s monthly market update showed 4,304 new property listings in the Twin Cities metro, 3.1 percent more than last year. At the same time, buyers signed 3,130 purchase agreements, a 4.3 percent increase. Still, there’s not enough options for buyers, mostly first-timers, and that’s putting upward pressure on prices, dampening sales. During January, 8,212 properties were on the market, 25.4 percent fewer than the same period a year ago and the fewest in 14 years.

Noting that the uptick in new listings during January was the second biggest monthly gain in nearly a year, MAAR President Cotty Lowry said that 2017 is off to a strong start.

“If that is sustained,” he

... read more at: http://www.startribune.com/new-listings-up-in-january-but-twin-cities-housing-market-still-tight/413871403/

Meet The Wealthy Investors Buying Cheap Portland Apartment Buildings


Twenty-five children live at the Normandy apartment complex in Portland's Cully neighborhood where a new landlord has issued 100 percent rent increases.

Twenty-five children live at the Normandy apartment complex in Portland’s Cully neighborhood where a new landlord has issued 100 percent rent increases.

Amelia Templeton/OPB

Landlords packed Portland City Hall last week to testify against a new city policy requiring property owners to pay relocation costs when they raise rents by more than 10 percent in a year or evict people without cause.

One by one, the landlords described themselves as caring local business owners with small scale investments in a duplex or a few one-bedroom apartments.

“I don’t have a rent over $650,” said Kelly Gossin, a man with a ponytail and a hat reminiscent

... read more at: http://www.opb.org/news/article/portland-oregon-gentrification-real-estate-investors-property-apartments-affordable-housing/

What Is a Home Warranty? Peace of Mind for Home Buyers and Sellers

Lots of things you buy come with a warranty in case they break down, from cars to smartphones. But what about homes? It turns out you can get a home warranty, too.

So what the heck is a home warranty, anyway? In a nutshell, it’s a policy you pay for that covers the cost of repairing many of your home appliances if they break down.

“Home warranties provide financial protection for homeowners who might be faced with unexpected problems with their appliances,” explains Shawna Bell of Landmark Home Warranty.

Many people buy a home warranty right when they close on a home, since such protections can provide some much-needed peace of mind that you won’t get hit with unexpected expenses soon after moving in. Imagine what a bummer it would be, after all, to wake up one morning to a broken boiler or leaking, malfunctioning fridge in your brand-new home. A home warranty can lessen

... read more at: http://www.realtor.com/advice/buy/what-is-a-home-warranty/

Largest Apartment Transaction to Date in Portland’s Urban Core …

PORTLAND, OR – Marcus Millichap announced its Institutional Property Advisors (IPA) division has closed the sale of the iconic 21-story, 284-unit Yard apartment tower in Portland, Oregon.

The development of this asset was completed in August 2016, sold pre-stabilization with 50 percent of the apartments leased, and is the largest multifamily sale to date in Portland’s urban core.

“This is a pivotal transaction in Portland, firmly establishing the emerging Central Eastside neighborhood as not only a desirable place live, but the next place for institutional and international buyers to invest,” said Elizabeth Davis, IPA executive director.

Davis, located in IPA’s Portland office, exclusively represented the seller, Block 67 LLC. Pete Shelton and Kim Grant, both located in IPA’s Seattle, Washington office, assisted Davis. Philip Saglimbeni, an IPA executive director, along with Davis, procured the buyer, Land and Houses, a subsidiary of a Bangkok-based investment firm and first-time investor in the Portland market.

Yard

... read more at: http://www.multifamilybiz.com/News/7463/Largest_Apartment_Transaction_to_Date_in_Portlands...