Carbon Monoxide Detectors Become Oregon Law March 17, 2011

On April 1, 2011 House Bill 3450 will go into effect for residential real estate sales. The bill says that carbon monoxide detectors have to be in homes that are sold, just like smoke detectors have been for the last several years. Carbon Monoxide is “an invisible, odorless, colorless gas created when fuels, such as gasoline, wood, charcoal, coal, natural gas, propane, oil, kerosene and methane burn incompletely.” It is extremely dangerous, and can be deadly, especially for “are dangerous and may be deadly. Especially at risk are: unborn babies, infants, older adults, people who smoke, people with chronic heart disease, anemia or respiratory problems.

So what does the law specify?

APRIL 1, 2011 – Landlords must provide properly functioning carbon monoxide alarms for all rental dwelling units with, or within a structure containing a carbon monoxide source.

APRIL 1, 2011 – Home sellers of one-and two family dwellings, manufactured dwellings, or multifamily housing units containing a carbon monoxide source must have one or more properly functioning carbon monoxide alarms before conveying fee title or transferring possession of a dwelling.
APRIL 1, 2011 – Carbon monoxide alarms are required in new construction or a structure that undergoes reconstruction, alteration or repair for which a building permit is required, and is identified in the structural specialty code as a residential Group R structure.(for new construction and reconstruction go to Oregon Buildings Codes.

For more info at the Oregon State Police Office of State Fire Marshall

No Man is an Island, But You Can Live on One in Lake Oswego, Oregon March 11, 2011

This gorgeous estate is the highest prices listing in the Greater Portland Metro Area, and with good reason! The owner’s opted out of having photos taken of the interior, and there are not frivolous showings of this property. Buyers must be able to prove that they can afford this price tag before they can even see the property!

Here are all of the specifications:

List Price: $15,000,000

City: Lake Oswego, Oregon

Square Footage: 13,500

Lot Size: 5 Acres, all on Private Island

Bedrooms: 4

Bathrooms: 6 Full, 2 Half

Year Built: 1930

Taxes: $99,000.00

HOA Dues/Boat Slip: $3,500 Per Year, Plus One Time $5000 Fee at time of purchase.

“Jantzen Island, Circa 1929. The most premiere property in the Northwest & the only private island in Lake Oswego; 5.5 acres of manicured grounds featuring a total of 13,500 square feet of living space between two structures, gate secured private bridge, close to 1 mile of walking trails, lake side pool, multiple terraces, waterfalls, rose garden & separate living quarters.”

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Oregon Foreclosure Rates Drop March 10, 2011

The Oregon Foreclosure rate dropped nearly 27 percent in February but the state still ranked 15th in the nation for lender action against delinquent homeowners.

The drop reflects problems in the mortgage industry rather than a sign that the economy is turning around.

RealtyTrac, an Irvine, Calif. firm that tracks real estate foreclosure activity, reported Thursday that the overall rate dropped 27 percent for the nation to a three-year low.

It attributed the drop to allegations of wrongdoing that have dogged the mortgage industry and disrupted court dockets.

“The bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back,” said James J. Saccacio, CEO.

Oregon reported a total of 2,427 foreclosure actions in February, or one for every 676 households, down 26.72 percent from a year ago and 13.26 percent from January.

Nationally, there were 225,101 foreclosure actions affecting one in every 577 households.

Nevada, Arizona and California were the top states for foreclosure, with Nevada leading the nation for the 50th straight month with one in every 119 households affected in February
Read more: Mortgage probes slow foreclosures | Portland Business Journal

Mortgage Applications Rise March 10, 2011

For the last 3 months Portland, Oregon, Realtors and mortgage lenders have been watching as new applications for mortgages have been rising. This is good news for people selling homes in Oregon, as there is a wider pool of buyers. This also means that there is more competition for buyers. With my own clients  I am seeing many of my buyers making offers on homes with multiple offers in on them, whether they are short sale, bank owned properties, or traditional sellers. This is a positive sign for the real estate market as a whole, prices stabilize when the number of buyers increases. The following is an article with all of the facts and figures, from Agent Genius.

According to the Mortgage Bankers Association (MBA), the seasonally adjusted index of mortgage application activity jumped up to the highest level in three months last week.

The index accounts for home purchase and refinancing loans, rising 15.5% last week as unemployment rates were announced as markedly improved employment numbers. Home purchases saw gains of 12.5% while refinancing apps jumped 17.2%.

Last week marks the largest increase in mortgage applications since mid June of last year.

“Taking into account typical seasonal patterns, purchase applications rose to their highest level of the year last week. On an unadjusted basis, purchase application activity is the highest since last May,” said Michael Fratantoni, MBA’s Vice President of Research and Economics.

Fratantoni continued, saying, “An improving job market is beginning to pave the way for an improving housing market. Additionally, mortgage interest rates remained below 5 percent for a second week, maintaining affordability for buyers and leading to an increase in refinance applications.”

Source: Agent Genius

Did You Make These Home Buying Mistakes? March 9, 2011

All of these things need to be recognized before you start your home search, and either resolved, or acknowledged as things you need to avoid!

1) Trying to time the market bottom- We can only see it in hindsight, it was the same with the peak of the market.

2) Not researching loan options- There are many options other than just go to you bank, get a loan.

3) Buying a house you can’t afford- Yes, your income will probably grow, yes you probably could refinance in a few years, but don’t buy more than you can afford based on these things happening.

4) Not knowing your credit score- Know what you can afford, and what your financing options are, they will be based on your FICO score.

5) Falling in love too quickly- There are good and bad things about every property, don’t get swept away by the story your agent is telling you, be aware of the things that you don’t like so you don’t end up with buyers remorse.

2011 Trends for Bathrooms- No More Granite! March 9, 2011

Granite is slowly on it’s way out as the preferred finish for bathrooms, and the color green is making a big move, according to a National Kitchen & Bath Association survey of 100 designers. The survey offers insights into the hottest trends in bathrooms for 2011.

Here are four trends to watch in bathroom home design.

Dupont Zodiaq quart surface in Bianco Carrara; Photo credit: Shadowlight Group

1. Quartz countertops more in demand. While granite still reigns in bathroom vanity tops, it’s popularity is slowly sinking as quartz continues to steal some of the market share, according to NKBA. While 83 percent of designers still opt for granite, that number has gradually been narrowing in recent years as quartz increases in demand (54 percent of NKBA designers opted for quartz). A year ago, 85 percent of NKBA designers used granite, compared to 48 percent for quartz. Meanwhile, solid marble vanities have also been on the decline (from 46 percent to 37 percent), while cultured marble has increased slightly in use among NKBA designers from 12 percent to 19 percent.

Photo credit: Delta Faucet Co.

2. Bathrooms go “green”–literally. Green color palettes for the bathroom are on the rise. Twenty-four percent of NKBA designers say they are using green colors to spice up bathrooms–up a year ago from 14 percent. However, the three most most common color choices in the bathroom remain: Whites and off-whites, beiges, and browns.

Kohler’s Conical Bell Vessels sink; Photo credit: Kohler Co.

3. Sink preferences mount. Under mount sinks continue to dominate newly remodeled bathrooms, but vessel sinks are increasingly becoming a more popular choice. Integrated sink tops are also on the rise, as well as pedestal sinks.

Photo credit: Kohler Co.

4. Satin finishes shine. In following recent kitchen trends, satin nickel faucets in bathrooms are rising in popularity, while brushed nickel faucets are falling out of favor. Other popular faucet finishes in the bathroom include bronze and oil-rubbed bronze, polished chrome, and polished nickel. Meanwhile, stainless steel finishes are becoming less popular in the bathroom.

 

SW Portland Eliot Tower Units March 9, 2011

The Eliot Tower, 1221 SW 10th Ave, is located directly next to the Portland Art Museum, and is a great location for those who want to live in the heart of the city. My team has listed one unit for sale, and it is featured below. There are also 9 others for sale in the building, ranging in list price from $319,000 to $2,700,000. With all of the amenities,  the caliber of the building, and the friendliness of the staff and neighbors, this is the perfect home in the center of Portland.

Here are all of the specifications:

List Price: $849,000

Neighborhood: SW Portland

Square Footage: 2050

HOA Dues: $800 per month- Covers water, hot water heater, sewer, concierge, gas, garbage, gym, commons, and central air.

Bedrooms: 2

Bathrooms: 2 Full, 1 Half

Year Built: 2006

Taxes: $10,603.76

“High end condo in the renowned Eliot tower. With over 40k in upgrades, 2 parking spots, an over sized storage unit, and 2 master suites, this unit has it all. NE corner unit is by far the best location and view, over looking the art museum, and the tips of the historic tree. Right on the street car. A unit not to be missed!”

Other Eliot Tower Condos for Sale:

11246369	16	RES	1221 SW 10TH AVE #704	Portland	148	$319,000
	10081270	16	RES	1221 SW 10TH AVE #108	Portland	148	$319,900
	11435952	15	RES	1221 SW 10TH AVE #1308	Portland	148	$349,900
	11594714	16	RES	1221 SW 10TH AVE SW #1412	Portland	148	$489,000
	10081029	14	RES	1221 SW 10TH AVE #1306	Portland	148	$635,000
	11699632	16	RES	1221 SW 10TH AVE #601	Portland	148	$849,900
	10093134	16	RES	1221 SW 10TH AVE SE #905	Portland	148	$899,000
	9016659	16	RES	1221 SW 10TH AVE #1601	Portland	148	$2,400,000
	10020284	16	RES	1221 SW 10TH AVE #1801	Portland	148	$2,700,000

New Homes of the Future- Predictions and Opinions March 8, 2011

 

Summary:

Homes will be smaller than 2010 new construction by 10%

More Green Features Including: low-E windows, engineered wood beams, joists or tresses, water-efficient features and an Energy Star rating for the entire structure.

Casual Great Rooms Instead Formal Living and Dining Rooms

Master Suite on Main Floor

 

A new study by the National Association of Home Builders (NAHB) reveals that the housing crisis has altered the very course of consumer preferences in what they’re looking for in their next home.

Based on a national annual survey of home builders, they anticipate the average home size to shrink to 2,152 square feet, a full 10% smaller than the average single family home built in 2010.

Where will the square feet be sacrificed? The living room- 30% of builders expect it to disappear completely while 52% expect it to “merge” with other spaces. Foyers and dining rooms are also expected to contract a bit while there lacked a consensus on the size shift in kitchens, bathrooms and bedrooms.

Green features and technology are predicted to be included in homes according to 68% of builders surveyed. Features are projected to include low-E windows, engineered wood beams, joists or tresses, water-efficient features and an Energy Star rating for the entire structure.

“As an overall share of total floor space, 54 percent of builders said the family room is likely to increase,” said Rose Quint, NAHB’s assistant vice president for survey research. “That makes it the only area of the home likely to get bigger.”

According to the NAHB, “The average new home of 2015 is likely to feature a great room comprised of the kitchen, foyer and living room; a walk-in closet in the master bedroom; a laundry room; ceiling fans; a master bedroom on the first floor in homes with two stories; and a two-car garage.”

Source: Agent Genius

 

Modular Homes Are Back, and Not Just a Trend March 8, 2011

Do you remember the days of Sears catalog houses (or do you remember your parents telling you about them)? You could pick a floorplan and your chosen home would be shipped to you. This method went quiet for decades but never quite went away. Today, factory built homes range from the ultra cheap to the ultra modern expensive.

The benefits of factory built modular homes have a growing segment of buyers flocking to custom designers, but Stillwater Dwellings claims no company was effectively meeting the middle ground pre-fab home buyer, so they took the challenge and are now well known for being able to customize, manufacture, deliver and construct a home above the foundation in as little as three months while producing 50%-75% less waste than traditional building sites.

Their designs range from $130 to $200 per square feet which offers eco-friendly design and top-grade materials and finishes that look similar to some of the extremely high end pre-fab homes on the market.

In case you’re not familiar, the way it works is you (the Realtor) and your client work directly with the general contractor to get the foundation and utilities laid while Stillwater Dwellings works with you and the client to pick a floorplan, get the custom design finalized, it is built in the factory over three to four weeks, shipped to the site and from crane to finish is another three to four weeks.

Their focus is sustainability and they claim their homes are healthier to live in and cost less to run than a traditionally built single family home. They use low VFC paints, dual flush toilets, recycled materials, energy star appliances and are all LEED certified.

The designs are contemporary but warm, attempting to relate to the surrounding landscape with warm materials rather than the cold industrial feel of many boxy pre-fab designs. Stillwater Dwellings Co-Founder Matthew Stannard said, “we are not trying to telegraph to the world that [the houses] were made in the factory; it’s not about looking like a box because it was made in the factory.”

As sustainability becomes less of a hippie theory and more a part of America’s identity, Realtors will be faced with clients requesting less traditional methods like homes built in a factory with recycled materials. Consumers are more educated today than ever and are aware of the impact of every choice they make from the waste produced in standard building to the light bulbs used in their bathrooms. In areas where this trend becomes common place, agents will take on the role of land sales and project manager.

Have you worked on a pre-fab project or had clients inquire about them? Tell us in comments what it’s like in your neck of the woods.

Source: Agent Genius: By Lani Rosales on March 8, 2011

Autzen Estate Sells in NE Portland March 8, 2011

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Here are all of the specifications:

Original List Price: $2950,000

Sold Price: $2,000,000

Neighborhood: Alameda Ridge

Square Footage: 10160

Lot Size: .63 of an Acre

Bedrooms: 6

Bathrooms: 5 Full, 3 Half

Year Built: 1927- Registered Historic

Taxes: $31,001.18

“Historic Autzen Estate. Hand hewn timbers & banks of leaded glass. Expansive living & dining rooms. Kitchen-family room that opens to patio w/fireplace,BBQ/kitchen. Private master bedroom suite w/fireplace & sitting area. Also; exercise room, ballroom/media room, nanny’s quarters. Landscaped grounds w/2 historic trees, private courtyard, 3 patios, pond, play structure & dog run.”

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