Archive for the ‘Condos’ Category

Small batch of new Montage townhomes up for grabs in SW Portland/Tigard

Thursday, August 21st, 2014

Checking the numbers for my market tracking today I saw a bit of an uptick in new listings for new construction in area 151 (Tigard, Tualatin, Sherwood etc) so I decided to check it out.

Looks like the “Montage” neighborhood town-homes built by AAA Properties Inc put a few more new town-homes on the market today, 4 to be precise. All 1,712 sqft, 3 bedrooms, 3 baths and all but one are priced at $264,900; the “one” is $259,900 (get it while it’s hot?).

These 3 bedroom town-homes that sit just south of Hall blvd and east of Greenburg Rd, feature 9′ ceilings, stainless steel appliances, granite counters and attached garages.

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High Density Urban Building Practices, Encouraged by Local Governments, Not So Popular

Tuesday, February 25th, 2014

This one was posted up back in January by OregonBusiness.com citing a CFM Strategic Communications survey conducted in Portland back in December that shows Portlander’s aren’t real fond of the local governments push for high density construction (essentially, focusing on condos, townhomes and apartments rather than single family residential homes).

A whopping 46% of respondents, which were the overwhelming majority in this section, felt focusing on condos and apartments instead of single family residences (detached residential homes) was the wrong direction for government with the same percent of respondents not agreeing that these high density projects save local governments money in infrastructure costs.

Hmmm…I’m not a huge fan of high density building either, I mean, if that’s your thing and you enjoy close quarters living, be my guest, it’s just not my cup of tea; but to say it doesn’t save money on infrastructure? Seems to me it would? Would it not?

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Micro-apartments growing in popularity, could you handle only 300 sqft (or less) of living space?

Friday, November 2nd, 2012

The Japanese have been doing it for a long time now, building and living in tiny apartments that are only a few hundred square feet, all the way down to around 200 square feet and that way of thinking is catching on here in the states as well. OregonLive.com posted an article on micro-apartments , specifically the Freedom Center Complex in Portland’s Pearl District, citing a renter, Paula, that has moved to Portland and is renting one of the tiny 286 square foot studio apartments while building a home in the Portland area.

Other developers are also considering similar projects as these tiny living spaces are becoming more and more popular. In New York Mayor Bloomberg is even breaking the cities rules by actually setting up a competition for architects to design micro-apartment buildings with the prize being the permission to build one.

As the rule goes with Real Estate in general, the lower the square footage the higher the price per square foot (and vice versa) and these small apartments are no exception demanding a significantly higher price per square foot than the larger, albeit still small, one bedroom apartments.

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Portland Real Estate Fun Tips: Find Your Inner Cinephile at the Northwest Film Center

Monday, April 4th, 2011

The city of Portland is a hub of arts and culture, drawing thousands of talented artists, musicians, photographers, and more to the banks of the Willamette River to get a taste of the good life and great community. Portland’s film scene is also thriving, as evidenced by the many successful film festivals happening throughout the year and the large number of independent movies shown at theaters throughout town. One of the central gathering spots for Portland movie lovers is the Northwest Film Center, adjacent to the Portland Art Museum – in Downtown Portland’s Cultural District, home to a fantastic array of urban condos for sale.

The Film Center screens the most current and significant independent cinema around, and you can catch showings of classic films you won’t see on the big screen anywhere else. They provide an active year-round exhibition program of foreign, classic, experimental, and independent works which showcase a wide array of regional, national, and international cinema and video art. Annual festivals at the Film Center include the Portland International Film Festival, the Northwest Film & Video Festival, the Jewish Film Festival, Reel Music, and the Young People’s Film Festival, each catering to the unique viewpoint of the Pacific Northwest. The Film Center also features a school of film, one of the largest community-based film arts programs in the country. This summer, the Film Center is offering the School of Film Summer Camp for Kids and Teens, grades 2 through 12.

If you’re interested in checking out some of Portland’s major attractions like the Northwest Film Center, consider the Portland Attractions Pass which gives you discounted access to top spots like the Lan Su Chinese Garden, the Oregon History Museum, the Oregon Zoo, Pittock Mansion, the Portland Art Museum, the Portland Children’s Museum, the Portland Japanese Garden, and the World Forestry Center. It’s a really amazing deal, and you’ll know you’re not missing a thing!

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Condos Becoming even more difficult to finance with FHA… oh GREAT!

Friday, February 5th, 2010

“Lender Tu” had this to say about recent lending changes concerning condo purchases:

As the mortgage industry continues to go through its 2010 metamorphosis, FHA/HUD is leading the way!  As promised last year, one of many changes.  FHA is following through with their New Condo Review Process. They are removing the Spot Approval process on Condos that are not approved by FHA, but meet traditional occupancy requirements.  Further they will be adhering to the current HRAP (Hud Review Approval Process).  Which means Condominium Project owners still have the ability to submit the project for FHA approval as long as it meets FHA’s requirements. 

New is the DEL-RAP (Delegated Lending Review Approval Process).  This added approval process sounds great initially as it gives the endorsing lender or bank underwriting the loan the ability to Approve the Condo Project.   Sounds good right?  Not really… The lender is still required to obtain all necessary FHA requirements for a traditional Condo Approval.  However, the risk now falls on the lenderand by them approving the condo and the loan they take ALL responsibility of that loan when they send it to HUD for insurability.  For now, I don’t know too many lenders that want to take on that risk.

HUD added this additional approval piece to mainly ease up their Condominium project back log as they could not keep up with demand for Condo project approvals.  So in essence if a lender is  confident and excited about a condo project and eager to close on a unit… the lender can take it upon themselves to approve the project.  Which could certainly streamline the process… a word of caution, not every lender will feel confident about doing this.  With all new regulations and opportunities.  I would give this new process some time to settle out in the coming months and years.  And as more lenders become comfortable with the concept, they will begin taking the initiative.

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