The most recent housing data shows that even during the coronavirus pandemic, a world-changing health and economic crisis, people continue to buy residential real estate, motivated by historically low mortgage interest rates in the 2.9% range.
The median sale price for a Portland metro home has risen 4.5% to $426,500 when comparing 2020 to 2019 through July, and inventory of homes for sale last month decreased to 1.2 months, offering the fewest choices for potential buyers in years, according to a report by the local listing service RMLS.
“Inventory in Portland doesn’t have a chance,” says Dustin Miller of Windermere Realty Trust in Lake Oswego. “Correctly priced homes are selling with multiple offers and even surprising agents like me, who have been around for 15 years. ‘Even on that street?’ or ‘That house?’ slips out of our mouths once in a while.”
Online real estate brokerage Redfin lists 43 Portland area dwellings in need of major repairs that have sold in the last three months.
Bargain hunters love to see homes advertised as a “fixer upper,” “diamond in the rough” or “needs some TLC” (tender loving care) because they believe with brawn, brains and a budget, they can improve them and either score a profit or a nice place to live.
Pay attention when a listing warns that the buyer needs to perform his or her own “due diligence,” which means, it’s up to you to check that everything is legal and to code before you sign the contract.
Here’s a gallery of Portland area homes on the market touted as needing care and much repair, or are being sold “as is,” with the seller refusing to make any fixes or improvements.
Are you ready to work to earn sweat equity?
9234 S.E. Division St. #107 in Portland’s Montavilla neighborhood is for sale at $109,400.
The condo, built in 2007 on the first floor of the Division Plaza Condos, has two bedrooms, two bathrooms and 760 square feet of living space.
“Bring your designer skills and contractor to bring this back to life. Convenient to downtown, amenities and close to major highways,” says listing agent Leslie Edwards of REALHome Services & Solutions.
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1524 N.E. 238th Dr. in Wood Village is for sale at $219,900.
The bungalow, built in 1944 on a 6,969-square-foot lot, has an updated kitchen, master bedroom with a walk-in closet and sliding door to the backyard deck, a second bedroom that can be an office or craft room, one bathroom and 962 square feet of living space.
The fully fenced backyard has a fire pit, tool shed and large workshop.
Offers to be reviewed at 7 p.m. Sunday, Aug. 23.
“Opportunity awaits! Charming open floor plan. Unfinished bonus room waiting for your touches. Laundry hookups and newer high efficiency furnace. Don’t miss this one,” says listing agent Marissa Sainz of Living Room Realty.
755 N.E. 5th St. in Gresham is for sale at $244,900.
The single-level home, built in 1955 on a 6,098-square-foot lot, has laminate floors, vinyl windows, three bedrooms, one bathroom and 1,202 square feet of living space.
A fully fenced yard has room for RV parking. The garage was converted to a bonus room that can be used as a home office, craft room or for storage.
“Handyman special! Some nice updates, some unfinished projects and it could use landscaping. Great opportunity,” says listing agent Amy Asivido Christman of Knipe Realty ERA Powered.
1438 N.E. 19th St. in Gresham is for sale at $254,900.
The ranch-style house, built in 1973 on a 6,969-square-foot lot, has four bedrooms, two bathrooms and 1,184 square feet of living space.
There is a large driveway with ample parking and a fenced backyard.
“Here’s your chance to customize this sprawling place in a quiet neighborhood of longterm owners. This ranch needs your TLC to restore its original charm,” says listing agent Cassandra Skelley of PDX Dwellings.
16050 S.E. Kelly St. in Portland’s Centennial neighborhood is for sale at $254,999.
The bungalow, built in 1951 on a 8,276-square-foot lot, has two bedrooms, one bathroom and 896 square feet of living space.
“This home offers a newer roof put on in 2009, updated furnace and water heater, but needs a little TLC throughout. Great price for the condition of the home and the large yard. Come take a look before it’s too late,” says listing agent Nicholle Temneanu of Knipe Realty ERA Powered.
4390 S.W. 189th Court in Aloha is for sale at $345,000.
The traditional-style house, built in 1972 on a 7,405-square-foot lot, has three bedrooms, two bathrooms and 1,200 square feet of living space. The garage has been converted into additional living space.
“Enjoy super low electric bills and a great location. Solar system keeps you cool in the summer and warm in the winter. Start earning sweat equity at a fantastic price,” says listing agent Kevin Davis of Knipe Realty ERA Powered.
950 N.W. Jackson St. in Hillsboro is for sale at $359,000.
The A-frame house, built in 1972 on 0.29 acres, has three bedrooms, 1.5 bathrooms and 1,906 square feet of living space.
“Motivated seller! This home needs TLC. May be remodeled or scraped. Possible two to three home building sites between this lot (#205) and additional lot TAX ID #R2162814. Buyer to do their own due diligence,” says listing agent Lorrie Willner with Randy Willner of RE/MAX Equity Group.
235 N. Holland St. in Portland’s Piedmont neighborhood is for sale at $375,000.
The English-style house, built in 1937 on a 5,662-square-foot lot, has wood floors, a sliding door to the back patio through the second bedroom, one bathroom and 1,525 square feet of living space.
There is a basement for laundry and a patio in the backyard.
“Great fixer opportunity to flip, hold for a rental or keep for yourself… A nice condo alternative,” says listing agent Chris Guinn of Dwell Realty.
3825 S.W. 97th Ave. in Portland’s Garden Home neighborhood is for sale at $488,800.
The split-level house, built in 1947 on 0.38 acres, has oak cabinets, hardwood floors, a bonus room, four bedrooms, three bathrooms and 2,647 square feet of living space.
There is RV parking with hook-ups and storage buildings.
“Fixer upper investment: Rent upper unit for $2,500 month and finish second unit in daylight basement for duplex income. Sold as is. Excellent 1031 Exchange investment,” says listing agent Brent Barker of Coldwell Banker Bain.
— Janet Eastman | 503-294-4072
email@example.com | @janeteastman
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