Mayor, residents say Bayside proposals don’t do enough to provide affordable housing

Portland residents and at least one elected official say the proposed private development projects for a 4-acre parcel of city-owned land in Bayside fall short of the need for more affordable housing.

Roughly 50 people turned out for a two-hour public hearing Wednesday night and nearly everyone who spoke criticized the city staff for presenting projects to members of the City Council’s Economic Development Committee that could result in retail and office space, light industrial use, commercial buildings, some low income housing, and one-bedroom condominiums priced at $200,000 or less.

For 178 Kennebec St., one of the six parcels open to development, the city staff is recommending a proposal for housing above space for retail shops or artists.For 178 Kennebec St., one of the six parcels open to development, the city staff is recommending a proposal for housing above space for retail shops or artists.

... read more at: http://www.pressherald.com/2017/07/19/mayor-residents-say-bayside-proposals-dont-do-enough-to-provide-affordable-housing/

Seattle home prices rise at more than twice national average, as US tech hubs see biggest gains

Seattle cranes
Seattle has more construction cranes in operation than any city in the country. (GeekWire Photo / Kurt Schlosser)

Seattle home prices continue to shoot upward faster than a luxury condo building in South Lake Union. In May, the region’s single-family home prices increased by 13.3 percent year-over-year, more than double the national average gains of 5.6 percent.

That’s according to the most recent Case-Shiller National Home Price report, which takes the temperature of the nation’s housing market each month.

May was the ninth month in a row in which Seattle experienced the biggest year-over-year increase in home prices. The numbers suggest a correlation between cities with booming tech industries and hot housing markets, which probably comes as no surprise to any Seattle or San Francisco resident.

Portland came after Seattle in the May report, with price gains of 8.9 percent. Denver

... read more at: https://www.geekwire.com/2017/seattle-home-prices-rise-twice-national-average-u-s-tech-hubs-see-biggest-gains/

Case Shiller: Chicago Area Falls To Last Place In Home Price Gains


Case Shiller: Chicago Area Falls To Last Place In Home Price Gains

When US single family home prices hit a sixth consecutive monthly high and the top 20 metro areas register an average 5.7% gain in home prices over the last year while Chicago is still struggling to get back to the housing bubble peak and only registers a 3.3% year over year gain…well….that’s sadder than even last month. According to today’s release of the Case Shiller home price indices for Chicago and 19 other metro areas in May Chicago fell to last place for year over year gains.

That paltry 3.3% year over year gain in the Case Shiller Chicago index is the smallest in 7 months and leaves us in the dust compared to Seattle with a 13.3% gain. Chicago condo prices did a little better

... read more at: http://www.chicagonow.com/getting-real/2017/07/case-shiller-chicago-area-falls-to-last-place-in-home-price-gains/

Portland developers try to ease homeless crisis that they helped create

Developer Tom Cody lost all the ground-floor retail tenants of his building on the Northwest Park Blocks and he thinks he knows why.

Customers avoided the tents, tarps and backpacks that filled the leafy corridor north of Burnside. In turn, his tenants looked for shops without dozens of people sleeping or hanging out in front at all hours of the day.

It’s not the first time Cody saw his business jeopardized by the city’s 4,000-and-growing homeless population.

His firm has developed 33 projects, some up to $300 million – some in neighborhoods where tensions with the homeless population run high. He opposed a preliminary plan for a homeless shelter campus near another one of his Northwest Portland properties, a 300,000-square-foot creative office development.

But now he’s part of a business-led movement to do more than complain to City Hall or file lawsuits. He and two other high-profile real estate families have donated empty buildings

... read more at: http://www.oregonlive.com/portland/index.ssf/2017/07/business_community_takes_bigge.html

Portland developer shifts apartments to condos, signals upscale rentals cooling

The developer behind a 63-unit housing project in Portland has changed course, deciding to sell the units as condominiums rather than rent them as apartments.

Vincent Veroneau, president and chief executive officer of J.B. Brown Sons, said the decision to redirect the project at High and York streets was made mostly because other apartment projects have absorbed some of the pent-up demand.

“We sort of felt the market-rate housing has been somewhat satisfied with other projects,” Veroneau said.

It’s the latest example of aborted plans to add rental housing units in Portland, and suggests the city’s rental construction boom may be slowing after an infusion of apartments aimed mostly at the high end of the market.

Portland leaders have been eager to add rental housing after a shortage of units led to rapid rises in rents and historically low vacancies that forced some people to leave the city. The average rent for a

... read more at: http://www.pressherald.com/2017/07/10/developer-shifts-apartments-to-condos-says-upscale-rentals-cooling-in-portland/

How Long Does It Take to Buy a House? Use This Handy Timeline to Plan Ahead

How long does it take to buy a house? It’s a big question, especially for people who hope to time their home purchase with when their rental lease is up. Or before the start of school. Or when you’re closing on the sale of your old home. Or any number of other time-sensitive situations you’re trying to manage. While timing a home purchase is tricky and will vary based on a variety of factors, many experts estimate that you should expect the home-buying process to take a minimum of four months.

Talk about a long slog, eh? Yet there are good reasons why buying a home is no impulse purchase. To help illuminate what’s going on, here’s a rundown of the various stages you’ll encounter to help you time your house hunt just right.

Stage 1: Getting mortgage pre-approval

Your first step shouldn’t be toward all those exciting open houses; it should be to a lender, presuming you need a mortgage

... read more at: http://www.realtor.com/advice/buy/how-far-in-advance-should-you-shop-for-a-home/

Luxury: Maine estate on private 86-acre island listed for $7.95 …

A 25-minute boat ride from Portland, Maine, this estate on Casco Bay comes with more than just a three-bedroom, six-bathroom, 11,000-square-foot-plus main house.

Its $7,950,000 price tag also includes the 86-acre island on which it sits — Hope Island — along with a boathouse with an apartment; a barn with apartments; a carriage house; a tavern; a chapel; a stable; and a variety of other buildings. As you might assume, the home boasts some pretty incredible water views.

According to the Portland Press Herald, a developer named John Cacoulidis is the owner and purchased the property in in 1993 for $1.3 million, spending 24 years turning the island into its current state.

The island, with 11,050 feet of water frontage, has a rocky coastline, as well as sand beaches, a deepwater pier, and eight ponds.

In the main house, you’ll find two full stories and an unfinished basement. The kitchen

... read more at: https://realestate.boston.com/buying/2017/07/10/maine-estate-set-private-86-acre-island-listed-7-95-million/

Luxury: Maine estate on private 86-acre island listed for $7.95 million

A 25-minute boat ride from Portland, Maine, this estate on Casco Bay comes with more than just a three-bedroom, six-bathroom, 11,000-square-foot-plus main house.

Its $7,950,000 price tag also includes the 86-acre island on which it sits — Hope Island — along with a boathouse with an apartment; a barn with apartments; a carriage house; a tavern; a chapel; a stable; and a variety of other buildings. As you might assume, the home boasts some pretty incredible water views.

According to the Portland Press Herald, a developer named John Cacoulidis is the owner and purchased the property in in 1993 for $1.3 million, spending 24 years turning the island into its current state.

The island, with 11,050 feet of water frontage, has a rocky coastline, as well as sand beaches, a deepwater pier, and eight ponds.

In the main house, you’ll find two full stories and an unfinished basement. The kitchen

... read more at: http://realestate.boston.com/buying/2017/07/10/maine-estate-set-private-86-acre-island-listed-7-95-million/