HAPPY NEW YEAR! Good-bye 2008 and welcome 2009! We at Vision Valuation hope for a better year for the real estate market. Have we hit bottom in the Portland real estate market? Circle the wagons and hug your kids!
Best wishes in '09,
Market conditions for Portland condominium is fair to average . While demand for single family detached homes in Portland remains good, recent over-building of high-rise condominium in the nearby south waterfront district has saturated the condo market. Inventories of condo properties for sale is high, with well over one year's supply at current rates of sale. Price growth is expected to be stagnant or negative in coming years as the market works to absorb this excess supply. June 2008 totals show the average sale price for all residential property in the West Portland market area to be $483,900 according to the Realtor's Multiple Listing Service. Price appreciation over the past year has been 4.9%. Average Days on Market is 78 days compared to 48 days one year ago. These statistics indicate favorable, though slowing demand for property in the market area. The unemployment rate for the Portland Metro Area for June 2008 was 5.2%, compared to 4.8% one year prior. Sales and financing concessions are common in real estate negotiations, but more typical in lower-value segments of the real estate market.
PRIVACY NOTICE TO CLIENT FOR GRAHAM-LEACH-BLILEY ACT OF 1999:
In the course of performing appraisals, I may collect "nonpublic personal information." This information is used to facilitate the services that I provide to you and may include information provided to me by you directly or received by me from others with your authorization. I do not disclose any nonpublic personal information obtained in the course of my engagement with clients to nonaffiliated third parties, except as necessary or as required by law. By way of example, a necessary disclosure would be to my employees, and in certain situations, to unrelated third party consultants who need to know that information to assist me in providing appraisal services to you. All employees and any third party consultants I employ are informed that any information they see as part of an appraisal assignment is to be maintained in strict confidence within the firm. A disclosure required by law would be a disclosure by me that is ordered by a court of competent jurisdiction with regard to a legal action to which you are a party. I will retain records relating to professional services that I have provided to you for a reasonable time so that I am better able to assist you with your needs. In order to protect your nonpublic personal information from unauthorized access by third parties, I maintain physical, electronic and procedural safeguards that comply with my professional standards to insure the security and integrity of your information.