OREGON REAL ESTATE ROUND TABLE

Category: Portland

  • Multnomah County Property Tax Appeal Process


    This information will help you decide how to appeal your property value to the Board of Property Tax Appeals (BoPTA). Your appeal must be postmarked or delivered by December 31.

    1. Deciding to appeal
    2. Submit your appeal
    3. Prepare for your hearing
    4. What to expect at the hearing
    5. Hearing decision

    Use this Glossary of Value Terms to help understand your tax bill and prepare your appeal.

    Deciding to appeal

    Before you file an appeal, please contact our office (via live chat(link is external), phone or email) for more information about how your property value was determined. Our appraisers will help you understand your value and if it should be adjusted.

    You may file appeals for the following reasons:

    • Value: You can appeal the current year’s Real Market Value (RMV), Specially Assessed Value (SAV) or Assessed Value (AV) on both real and personal property accounts. Personal property includes business property, floating property and manufactured structures.
    • Exception event: If improvements have been made to your property (for example updating or remodeling) and you believe that the amount the Assessor has increased the value of your property is too high, you may appeal the amount of the increase that is associated with the improvements (called an “exception event”).
    • Penalty: If you disagree with a penalty assessed to you for late filing of your real or personal property return, you may petition BoPTA to waive the penalty.

    When considering an appeal, keep in mind:

    • A reduction in Real Market Value of your property may not result in tax savings.
    • It is your responsibility to prove that the value the Assessor has placed on your property is too high.
    • BoPTA can only hear appeals of the current tax year values. It does not have authority to consider appeals for any other tax years.

    BoPTA cannot:

    • Consider hardship as a factor in establishing value
    • Set the amount of tax you owe
    • Consider a sharp increase in value in a single year to be a valid reason for appeal
    • Regard lack of normal property maintenance as a reason for appeal (however, severely deferred maintenance and structural problems are considered)
    • Consider testimony on tax rates or the fairness of the tax system.

    Submit your appeal

    When can I appeal?

    After your current year property tax statement is available, you have until December 31 to submit your petition to The Board of Property Tax Appeals (BoPTA). BoPTA can only consider petitions for the current tax year value.

    Your petition must be postmarked or delivered by December 31.

    • We use the U.S. Postal Service postmark to determine timeliness of filing. A postage meter imprint (e.g. Pitney-Bowes) is not considered a postmark.

    Hearings will take place between the first Monday in February through April 15. You will be notified by mail of your hearing date and time.

    Download appeal forms and petitions

    Pick up forms at our office

    501 SE Hawthorne Blvd, Suite 175
    Portland, OR 97214
    Phone: 503.988.3326

    Email form request to BOPTA@multco.us(link sends e-mail)

    How do I submit my appeal and what is the fee?

    You must submit a separate completed petition for each account. The filing fee is $30.00 per account.

    If we receive your petition without the filing fee, you have 20 days from the date of notification to submit the fee or the petition will be dismissed.

    Appeals are accepted by mail or in person only. Email or fax submissions are not accepted.

    By mail

    Board of Property Tax Appeals
    PO Box 5007
    Portland, OR 97208-5007

    In person

    501 SE Hawthorne Blvd, Suite 175
    Portland, OR  97214

    How do I appeal Business Personal Property?

    Business Personal Property value for the current tax year may be appealed to BoPTA. Paperwork must be postmarked no later than December 31.

    Late filing penalties for business personal property may also be appealed to BoPTA separately.

    The cost for each appeal is $30.

    Business Personal Property Appeals forms

    Personal Property Petition (468.98 KB)

    Waiver of Late Filing Penalty (152.42 KB)

    Prepare for your hearing

    When will my hearing be scheduled?

    Hearings start in mid-February and run until April 15. Hearings take place in 10 minute increments from 9 am-2 pm, Monday-Thursday at the Multnomah Building (501 SE Hawthorne Blvd, Portland, OR 97214).

    • Notices of hearing will be mailed 5-10 days in advance of the scheduled time. You may also call or chat our Customer Service office(link is external) to find out your scheduled hearing time.
    • Hearing times cannot be rescheduled. If, after your hearing is scheduled, you find you cannot attend, you may send a qualified representative. To designate a representative, fill out and submit the Authorization to Represent form(link is external).
    • If you are in need of special assistance, please call or chat our office and we will be able to help you.

    What evidence do I need?

    Generally, to be successful in your appeal, you must provide evidence of the market value of your property on January 1 of the assessment year. A strong case requires careful preparation. Remember, it is your responsibility to prove that the Assessor’s value is too high.

    The only evidence BoPTA can consider is what you provide with your current appeal.  Evidence from previous appeals will not be considered. You may send your evidence with your petition, or bring it at the time of the hearing.

    Here are some examples of evidence BoPTA may consider:

    • Documentation of an arm’s-length (openly-marketed) sale of your property that occurred close to January 1 of the assessment year.
    • A fee appraisal dated close to January 1 of the assessment year which reflects the property’s value.
    • Proof that the property has been listed for sale on the open market for a reasonable period of time at a price below the real market value on the tax roll.
    • A comparison of properties similar to yours in location, size and quality that have sold close to January 1 of the assessment year. If there are differences between properties, the differences must be accounted for in the comparison of values.
    • Cost of new construction that occurred close to January 1 of the assessment year and was performed by a professional contractor.
    • Cost to repair your property. You must provide written estimates of the cost of the repairs.
    • For commercial property, documentation of income and expense information or a comparable sales analysis.

    If you wish to submit comparable sales as evidence, an example of a Comparable Sales Grid is available.

    Any evidence you provide to BoPTA will not be returned to you.  If you wish to keep the original documents, you may submit copies to the Board.

    What to expect at the hearing

    A typical residential hearing is limited to a total of 10 minutes. All hearings in which a petitioner (or representative) is present are recorded. Most recordings are available for review upon request. During this 10 minutes you will:

    • Introduce yourself and identify your property. The BoPTA Chair will announce the current value and your requested value, and will confirm the size, location and type of property under appeal.
    • You will then make a statement supporting your requested value.
    • Describe each piece of evidence you present. BoPTA members may ask questions during your presentation.

    You must make your statement, present your evidence, and allow for questions within the 10 minute period. Remember that BoPTA is concerned with property values for the current assessment year, not large increases over last year’s value or increases in tax amounts.

    The process is informal. You should expect to be treated with courtesy. The Chair must, however, adhere to the time schedule and you will be asked to cooperate in this regard.

    Who is on the Board of Property Tax Appeals (BoPTA)?

    BoPTA members are private citizens appointed by the Multnomah County Board of County Commissioners. They are not professional appraisers, but have training, experience and knowledge in property valuation.

    BoPTA members are not part of the Assessor’s Office. BoPTA members are not part of the Assessor’s Office and they play no role in setting any of the values on your property.

    BoPTA may be thought of as a panel which decides the value of your property based on the evidence you present.

    Hearing decision

    When can I expect a decision?

    BoPTA hears all the day’s testimony before making any decisions. The decision-making process is typically between 2-4 pm. You are welcome to observe this process, however you will be unable to comment or offer any further testimony.

    BoPTA’s decisions are not available by telephone.

    Whether you are present for the decision-making process or not, a written Board order will be mailed to you or your representative within 8-10 business days after the hearing.

    What if I disagree with the BoPTA’s decision?

    Information and instructions on appealing BoPTA’s decision to the Oregon Tax Court will be included with the written decision.  For more information, visit the Oregon Tax Court’s website(link is external).

  • Piedmont Neighborhood on a Winters Day


     

     

     











  • FHA EASES CONDOMINIUM PROJECT APPROVAL REQUIREMENTS: Temporary guidelines will increase number of condominium projects eligible for FHA approval


    WASHINGTON – The Federal Housing Administration (FHA) today published new guidelines under its condominium approval process intended to increase affordable housing options for first-time and low- to moderate-income homebuyers.  Effective immediately, FHA’s temporary guidance will streamline the agency’s condominium recertification process and expand the eligibility of acceptable ‘owner-occupied’ units to include second homes that are not investor-owned.    Read FHA’s mortgagee letter.

    These provisions will expire in one year and serve to revise FHA’s condominium approval process until the agency can implement a more comprehensive condominium rule change.  Today’s guidance:

    1. Modifies the requirements for condominium project recertification;
    2. Revises the calculation of FHA’s required owner-occupancy percentage; and
    3. Expands eligible condominium project insurance coverages.

    Streamline Condominium Recertification

    FHA-approved condominium projects require recertification after two years to ensure that the project is still in compliance with FHA’s eligibility requirements and that no conditions currently exist which would present an unacceptable risk to FHA.  For existing condominium projects seeking recertification, FHA will now only require applicants to submit documents reflecting any substantive changes since the project’s prior approval.

    Calculation of Owner-Occupancy

    The procedure for calculating the required owner-occupancy percentage (50 percent) is modified to allow units that are not investor-owned to be considered owner-occupied for the purpose of Condominium Project approval.  A condominium is considered to be owner-occupied provided they are not:

    • Tenant Occupied;
    • Vacant and listed for rent;
    • Existing (previously occupied), vacant and listed for sale; or
    • Under contract to a purchaser who does not intend to occupy the unit as a Principal Residence or Secondary Residence.  The term Principal Residence and Secondary Residence have the same meaning.

    Expansion of Eligible Condominium Project Insurance Coverage

    Homeowners’ Associations (HOAs) are required to maintain adequate “master” or “blanket” property insurance in an amount equal to 100% of current replacement cost of the condominium (exclusive of land, foundation, excavation and other items normally excluded from coverage). Insurance coverage for condominium project approval that consists of pooled policies for affiliated projects, state-run plans, or contains coinsurance obligations on the part of the policy holder is now permitted to satisfy this requirement.

     

     

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    HUD’s mission is to create strong, sustainable, inclusive communities and quality affordable homes for all.
    More information about HUD and its programs is available on the Internet
    at www.hud.gov and http://espanol.hud.gov.

    You can also connect with HUD on social media and follow Secretary Castro on
    Twitter and Facebook or sign up for news alerts on HUD’s Email List.

     

  • Three Tips for Reducing Your Closing Costs if You’re Looking Forward To Buying a Home in the Spring


    Spring is approaching fast and it is usually the busiest time of the year for home buying. After a long and cold winter, many people are ready to enjoy the nicer weather and begin to shop for a new home. Spring is also the perfect time for home buying for families with children because it allows them to move during the summer without interrupting school.

    Home buying has costs associated with it other than the mortgage itself. Known as closing costs, these fees are a part of the home buying process and they are due at the time that the mortgage is finalized. Buyers, however, can negotiate these costs and reduce the expense with a little bit of effort and with the help of a good mortgage professional.

    If you are thinking of buying a new home in the spring here are three helpful tips to reducing your closing costs.

    Compare All of Your Mortgage Options

    If you’re using mortgage financing to cover some of the up-front purchase cost of your home you’ll have other closing costs to pay including lender fees, mortgage insurance and more. Be sure to compare all of your options with your trusted mortgage adviser to ensure that you’re getting the best possible deal and paying the least amount in fees and interest.

    You may also be able to save a bit on your closing costs by choosing a “no points” mortgage. In this type of mortgage you’ll end up saving on closing costs but you’ll be left paying a higher interest rate. Spend a bit of time doing the math to determine the best course of action.

    Third Party Fees

    Some of the closing cost fees will be associated with third party vendors that must perform required services. Home appraisals, title searches, and costs for obtaining credit reports are some of the items included in this area. While these may be a little harder to negotiate because the lender uses specific companies to perform these services, it does not hurt to ask if you can use your own appraiser or title search company.

    Zero Closing Cost Mortgages

    Buyers may also wish to inquire about a no closing cost mortgage. This type of mortgage eliminates all closing costs. The lender covers all of the closing cost fees in exchange or a slightly higher interest rate on the loan. In most cases the increase is less than one-quarter of a percent. This type of loan can be very helpful to buyers. Buyers can then use the money that they saved on closing costs to help with the move.

    With a little preparation, you can find the best mortgage product for the up-coming spring season. Be sure to contact your experienced mortgage professional, as they will be able to help you find the right mortgage for your specific needs with the lowest out-of-pocket expenses.

  • Looking to Pay Back Your Mortgage Faster? Three Reasons to Consider Switching to Bi-weekly Payments, by Steph Nobel, Stephnoblemortgageblog.com


    While there are differing schools of thought when it comes to whether or not a person should pay off a mortgage before the loan term ends, there may be some benefits to making payments on a bi-weekly basis as opposed to monthly basis. What are some of the reasons why it may be beneficial to make two payments a month instead of one? Here are three reasons why you should ditch the monthly fees and make payments once every two weeks.

    You’ll Make An Extra Payment Per Year

    If you’re looking to pay off your mortgage ahead of schedule, making bi-weekly payments means you’ll make an extra payment every year. Instead of making 12 large payments every year, you’ll make 26 small payments. These 26 small payments would be equal to about 13 large payments.

    This is the equivalent of an extra payment per year and 10 extra payments over 10 years. If you have a 30-year mortgage, you could pay it off between two and three years early because you will make your last payment 30 months ahead of schedule.

    You’ll Provide Yourself With Financial Flexibility

    Making extra payments can provide you with financial flexibility that makes it easier to deal with unexpected expenses or a job loss. As you are making a half-payment every two week, you can make your payments in smaller, more manageable chunks.

    It may be a good thing if you are self-employed and may not be sure when a client will pay for services rendered. Additionally, you may have your next payment reduced or advanced if you pay more than you owe in a given month.

    You’ll Reduce the Amount of Interest Paid on the Loan

    Paying off your mortgage faster reduces the amount of interest that you pay on the loan. Even if you only make one extra payment per year, you could still save thousands of dollars in interest by paying your loan several months or years early.

    To determine exactly how much you will save, you can use an amortization table or calculator to see how much interest you pay over the full 30 years as opposed to taking only 27 or 28 years to pay for your home. It is also important to note that making extra payments adds to the equity that you have in the home.

    Making two payments instead of one each month may help you achieve financial flexibility while building equity in your home. By paying off your mortgage as soon as possible, it may enable you to put more money into a savings or retirement account. Contact a mortgage professional for more information about whether bi-weekly payments are right for you.

     

     

     

     

    Steph Noble
    http://stephnoblemortgageblog.com

  • Utility Issues with Rental Properties, by Troy Rappold, Rappold Property Management


    When a rental property that is occupied by a tenant is sold to a new owner there are many details that require diligent attention. One of these areas is the utility billing and interim billing. Interim billing is one of the first things that you would want to cancel because an Owner doesn’t want to accidently pay for bill that isn’t their responsibility. This ensures proper and accurate billing. As a general rule, the tenant is responsible for all utilities for a single family home. In this case nothing changes if ownership changes and the tenant stays in place.  If the house is located in a city where the population is over 100K, the owner is responsible for the garbage service. In this case, the garbage bill is changed to the name of the new Owner.

     

    As a local property management company, we have the garbage bills mailed to our office and we pay it out of the rental income on behalf of the owner. That way the charge will be reflected on the monthly statement. This is important because this expense is a tax write-off for the home owner. If the new Owner is going to move into the property, and the tenant is going to move out, then all utilities will be a prorated amount based upon the move out date of the tenant. If the tenant moves out on the 18th of the month, then they are responsible for 18 days’ worth of electricity, water, sewer, garbage and natural gas. As the property management company for the house, we track this and make sure all these charges are distributed correctly.

     

    We also manage condominiums and often times the owner/investor will pay the Condo Association fees that include water, sewer and garbage. These charges are also a tax write off and can be tracked for the year. Although none of this is difficult to manage, it does need to be watched carefully so all parties involved pay only their share. This careful attention to detail is what we do here at Rappold Property Management.

     

    Rappold Property Management, LLC

    1125 SE Madison Street, suite #201

    Portland, OR 97214

    Phone: 503-232-5990

    Fax: 503-232-1462

  • The Advantage of Property Management, By Troy Rappold


    In business, the slogan “Just Do It!” rings true and will serve you well. In the world of Property Management this is applicable as well. After all, we are trying to grow our business and be successful when we manage your asset wisely and efficiently. However, more often than not our slogan is “Just Do the Right Thing!”

    As property managers we work with many vendors who complete work on our properties. We want quick, quality repairs, and at a good price for our clients. Sometimes this requires tough conversations. Navigating this world is our expertise and it is part of why you rely on us.  Our fiduciary responsibility is always you, the client.

    The other piece of the puzzle we have to navigate is relations with tenants. Our job is to provide clean, safe, well-maintained housing. However, and this might come as a shock, sometimes tenants can have expectations that are out of line. Just because a kitchen counter has a scratch on it doesn’t mean we need to replace the entire counter top with new, beautiful granite from Brazil. Often times a property manager has to say “no” in the most professional and courteous way possible.

    Real Estate management is an active, engaging industry. One cannot just buy an investment property and watch it appreciate or mature, like treasury bonds. Having the right management in place is just as important as buying the right property at the right price. We have the expertise and experience to navigate the difficulties and pitfalls for you. Here at Rappold Property Management we take our job very seriously and we manage your property as if it were our own.

     

     

    Troy Rappold
    Rappold Property Management, LLC
    1125 SE Madison Street, suite #201
    Portland, OR 97214
    Phone: 503-232-5990
    Fax: 503-232-1462
    http://rappoldpropertymanagement.com

     

  • Asking Prices and Inventory for Homes in Portland Oregon, by Deptofnumbers.com


    As of March 17 2014 there were about 7,821 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $299,000. Since this time last year, the inventory of homes for sale has decreased by 2.2% and the median price has increased by 10.8%.

    March 17, 2014 Month/Month Year/Year
    Median Asking Price $299,000 +3.3% +10.8%
    Home Listings/Inventory 7,821 -0.7% -2.2%

    Recent Asking Price and Inventory History for Portland

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    03/17/2014 7,821 $215,000 $299,000 $465,000
    03/10/2014 7,819 $214,900 $297,565 $460,000
    03/03/2014 7,870 $214,900 $294,900 $450,000
    02/24/2014 7,818 $214,500 $289,900 $450,000
    02/17/2014 7,874 $213,000 $289,500 $449,900

    Portland Asking Price History

    The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $57,585 (16.2%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $58,030 (24.3%).

    25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon

    Portland Housing Inventory History

    Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,810 in February 2014.

    Housing Inventory for Portland Oregon

    Portland Asking Price and Inventory History

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    March 2014 7,837 $214,933 $297,155 $458,333
    February 2014 7,810 $211,875 $288,950 $449,450
    January 2014 7,857 $209,225 $286,975 $444,025
    December 2013 8,570 $209,920 $289,144 $449,520
    November 2013 9,392 $210,177 $289,350 $449,900
    October 2013 9,929 $212,815 $294,463 $450,000
    September 2013 10,167 $211,790 $296,780 $451,980
    August 2013 10,119 $210,875 $297,000 $450,000
    July 2013 9,490 $206,640 $296,560 $450,000
    June 2013 8,858 $199,688 $288,694 $449,975
    May 2013 8,527 $194,888 $281,850 $446,900
    April 2013 8,075 $186,800 $274,540 $439,060
    March 2013 7,969 $182,923 $267,425 $427,213
    February 2013 7,981 $179,900 $262,450 $419,731
    January 2013 8,250 $179,075 $259,217 $404,725
    December 2012 8,627 $178,900 $259,720 $405,750
    November 2012 9,408 $179,675 $260,950 $408,963
    October 2012 10,259 $179,900 $267,160 $418,600
    September 2012 10,828 $179,900 $268,975 $418,450
    August 2012 11,102 $179,675 $268,725 $418,500
    July 2012 11,140 $177,600 $266,598 $411,651
    June 2012 11,362 $174,825 $259,675 $399,950
    May 2012 11,227 $169,713 $252,463 $399,450
    April 2012 10,820 $169,160 $249,910 $397,940
    March 2012 9,683 $174,450 $259,450 $406,225
    February 2012 10,549 $169,225 $248,250 $388,025
    January 2012 10,833 $169,080 $246,960 $381,960
    December 2011 11,461 $169,925 $248,375 $385,675
    November 2011 12,018 $174,750 $250,972 $397,425
    October 2011 12,846 $179,530 $258,720 $399,900
    September 2011 13,509 $179,939 $259,900 $399,900
    August 2011 14,672 $179,360 $256,590 $395,540
    July 2011 14,772 $178,150 $253,188 $389,225
    June 2011 14,762 $176,475 $250,970 $386,970
    May 2011 14,582 $173,184 $249,160 $375,780
    April 2011 14,748 $169,950 $242,400 $364,975
    March 2011 15,458 $169,800 $239,675 $359,575
    February 2011 15,531 $169,675 $239,125 $354,725
    January 2011 15,001 $170,760 $239,158 $356,380
    December 2010 16,118 $176,200 $242,700 $363,363
    November 2010 17,018 $180,160 $249,330 $373,780
    October 2010 17,614 $184,975 $253,375 $381,975
    September 2010 18,282 $189,100 $258,925 $390,950
    August 2010 18,579 $190,940 $261,150 $397,160
    July 2010 18,160 $195,163 $267,475 $399,000
    June 2010 17,488 $196,853 $268,875 $399,800
    May 2010 17,035 $198,880 $269,620 $399,818
    April 2010 17,279 $198,000 $266,750 $392,500
    March 2010 16,495 $195,600 $264,460 $393,960
    February 2010 15,382 $194,938 $264,450 $395,198
    January 2010 14,895 $197,819 $267,425 $399,225
    December 2009 15,329 $199,897 $272,038 $402,212
    November 2009 15,902 $202,750 $277,760 $417,780
    October 2009 16,573 $209,675 $283,646 $428,225
    September 2009 17,165 $210,000 $289,475 $436,100
    August 2009 17,595 $211,760 $292,880 $444,320
    July 2009 17,819 $212,950 $294,950 $449,000
    June 2009 17,870 $213,460 $294,920 $449,100
    May 2009 17,713 $211,475 $293,291 $445,250
    April 2009 17,978 $212,525 $289,925 $444,725
    March 2009 18,506 $214,153 $289,930 $443,360
    February 2009 18,449 $216,014 $293,968 $448,125
    January 2009 18,872 $219,952 $297,855 $452,809
    December 2008 19,842 $223,220 $302,773 $458,508
    November 2008 20,983 $226,382 $307,532 $464,024
    October 2008 22,086 $229,650 $312,450 $469,724
    September 2008 22,973 $233,730 $319,580 $474,990
    August 2008 23,314 $235,200 $322,000 $475,725
    July 2008 23,354 $236,074 $324,550 $475,000
    June 2008 22,657 $239,150 $324,920 $479,459
    May 2008 21,505 $239,900 $325,000 $480,947
    April 2008 20,669 $239,900 $324,937 $479,912
    March 2008 19,381 $241,300 $324,860 $485,960
    February 2008 18,409 $240,485 $324,925 $479,912
    January 2008 17,659 $243,500 $324,962 $481,765
    December 2007 18,584 $245,120 $327,975 $489,355
    November 2007 19,926 $248,665 $330,475 $486,425
    October 2007 20,762 $249,950 $337,260 $493,980
    September 2007 20,656 $253,425 $339,900 $497,749
    August 2007 19,837 $257,712 $342,975 $499,124
    July 2007 18,710 $261,120 $349,120 $499,930
    June 2007 17,670 $264,282 $349,950 $507,949
    May 2007 16,386 $264,900 $350,975 $512,662
    April 2007 15,059 $264,900 $354,740 $517,740
    March 2007 13,897 $264,450 $353,850 $523,425
    February 2007 13,814 $258,517 $349,800 $516,750
    January 2007 13,726 $255,810 $349,637 $507,441
    December 2006 14,746 $257,149 $348,246 $499,949
    November 2006 15,671 $258,837 $348,750 $499,900
    October 2006 16,027 $259,640 $348,834 $499,900
    September 2006 15,239 $261,098 $349,675 $499,937
    August 2006 14,029 $264,925 $350,737 $518,587
    July 2006 12,864 $264,920 $350,470 $525,980
    June 2006 11,261 $264,925 $349,975 $530,937
    May 2006 9,804 $262,340 $350,940 $532,360
    April 2006 8,701 $256,433 $346,433 $526,224

     

    Data on deptofnumbers.com is for informational purposes only. No warranty or guarantee of accuracy is offered or implied. Contact ben@deptofnumbers.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions. Privacy policy.

  • Landlords: Renters That Smoke, by Troy Rappold, Rappold Property Management, LLC


    The ability to smoke in public and at apartment communities has been under attack for years. But what about rental homes? Often times an owner plans to rent their home for only a year or two. Certainly the owner does not want to receive the house back with the smell of cigarette smoke still lingering in the house. Even if the renter was a model tenant in all other respects, cigarette smoke can be very destructive. Smoking turns walls yellow (new paint job $1,200), it destroys carpets ($1,500), and it requires a deeper cleaning, perhaps with a deionizer ($500). The cost of all this stress…priceless.

    The best approach? In all of our homes we have a no smoking policy. However, we do allow the renter to smoke outside, perhaps on the porch or deck. However, this issue can be a hard one to enforce. What if it’s cold outside? Who wants to stand outside when it’s only 35 degrees? The renter is easily tempted to stand inside the house or close to an open window and light up. Inevitably, smoke gets in the house and the home owner smells the evidence. A good suggestion is to do an inspection within the first month or two of a new lease if you know the renter smokes. Catch the problem early. Then do another inspection a few months later to make sure. If you detect smoke after the tenant moves out, a landlord can charge the tenant for the remediation of the smell. But this can be a tricky proposition. It is always best to be pro-active and keep this issue from becoming a possible expense.  It is less ideal to react and pursue a vacating tenant for money.

    You can always call Rappold Property Management with questions about your single family home investment.

    Troy Rappold
    Rappold Property Management, LLC
    1125 SE Madison Street, suite #201
    Portland, OR  97214

    Phone: 503-232-5990
    Fax: 503-232-1462

     

  • 4 Tips On Giving Your Mudroom A Makeover, by Steph Noble, Northwest Mortgage Group


    4_Tips_On_Giving_Your_Mudroom_A_Makeover

    From crunched-up leaves stuck to bottoms of shoes to bulky coats shed as soon as kids walk through the door, mudrooms are ideal for keeping outdoor dirt, wet clothing and outerwear from being strewn throughout your home.

    Mudrooms not only keep the rest of your house clean, but they also designate a spot for those last-minute grabs, such as coats, umbrellas and purses, when you’re running out the door.

    These rooms are great catchalls. However, an organized mudroom can make your life and those hectic mornings much less stressful. Below are smart tips for getting your mudroom ready this fall.

    1. Put In Seating

    After shedding outer layers, the next thing anyone wants to do after coming inside on a cold, wet day is to take off their mucky shoes. So make sure there is a built-in bench or convenient chair for people to sit down and tend to their tootsies. Whether taking off or putting on shoes, it makes life a little more comfortable.

    2. Install A Sink

    A mudroom is supposed to be the catchall for everything dirty from the outdoors. With this in mind, a sink for washing off the grime and mud makes sense. Then you can clean your clothing in the contained space without having to haul them to the kitchen sink or laundry room.

    3. Create Cubbies

    Even though this space is designated as a drop-off point before entering the main living space, you don’t want everything just thrown into one big confusing pile. Create individual cubbies for every person in your household. Each cubby should contain a shelf for purses and backpacks, hooks for coats and a low place for shoes.

    4. Splurge On A Boot Warmer

    While electric boot warmers can be a little expensive, you will definitely think it’s worth the money when it’s freezing outside and your shoes are damp. Electric boot warmers heat your shoes on pegs and dry them out at the same time. They also work well on gloves.

    Fall is a mudroom’s busy season; so get it in shape with the tips above. With all the coats hanging on their hooks, shoes in their cubbies and dirt contained to this designated space, your life will be a little more organized and much less stressful!

     

     

     

    Steph Noble
    Northwest Mortgage Group
    (503) 528-9800
    http://www.stephnoble.com
    http://www.nwmortgagegoup.com

     

     

    Related articles

  • How To Interview An Architect When Building A New Home by Steph Noble, Northwest Mortgage Group


    Making the decision to build a home might be one of the biggest you make in your life. You’ve found the perfect plot of land and have a vision of what type of home you want, but you need someone to bring your dream to life.

    That means it’s time to start interviewing architects.

    Hiring an architect isn’t as simple as just calling up a few and seeing who might have the time.

    You’ll want to ensure you choose a professional that understands your design aesthetic, communicates well, can design on budget and has an upstanding reputation.

    Below are a few key questions to ask when deciding whom to hire.

    Do You Have A Specific Design Style?

    When interviewing architects, be sure to ask each one if they have a specific aesthetic and if you can see a portfolio of his or her work. While most are adaptable, they usually all have design themes that recur in their projects.

    Whether you want a minimalist structure or LEED certified construction, you’ll want to know they have the experience.

    What Is Your Fee?

    You’ll need to inquire whether they charge a flat fee for their designs or a percentage of the total building cost. Most architects charge a percentage of the overall cost of your home, usually ranging from 5-20 percent.

    This is important to know because it means that for every floorboard installed, you’ll need to add on the architect’s additional percentage.

    Do You Provide Project Management Services?

    There are many services that architects should include within their contract, such as checking the contractor’s work, making adjustments as the construction moves forward and obtaining lien waivers.

    Get a list of what each architect you interview includes in his or her fee. Additional charges can add up and might play a part in who you choose.

    Interviewing architects and finding the right professional can make all the difference when it comes to building exactly what you want. One you work well with can make the construction experience extremely pleasant, while a negative relationship can leave you hating your new home.

  • Asking Prices and Inventory for Homes in Portland Oregon June 3rd 2013


    As of June 03 2013 there were about 8,714 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $285,077. Since this time last year, the inventory of homes for sale has decreased by 23.4% and the median price has increased by 10.1%.

    June 03, 2013 Month/Month Year/Year
    Median Asking Price $285,077 +1.8% +10.1%
    Home Listings/Inventory 8,714 +3.5% -23.4%

    Recent Asking Price and Inventory History for Portland

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    06/03/2013 8,714 $199,000 $285,077 $449,900
    05/27/2013 8,631 $197,700 $285,000 $449,000
    05/20/2013 8,597 $195,000 $282,500 $441,100
    05/13/2013 8,460 $194,950 $280,000 $448,500
    05/06/2013 8,420 $191,900 $279,900 $449,000

    Portland Asking Price History

    The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $69,663 (19.6%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $45,952 (19.2%).

    25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon

    Portland Housing Inventory History

    Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,969 in March 2013.

    Housing Inventory for Portland Oregon

    Portland Asking Price and Inventory History

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    June 2013 8,714 $199,000 $285,077 $449,900
    May 2013 8,527 $194,888 $281,850 $446,900
    April 2013 8,075 $186,800 $274,540 $439,060
    March 2013 7,969 $182,923 $267,425 $427,213
    February 2013 7,981 $179,900 $262,450 $419,731
    January 2013 8,250 $179,075 $259,217 $404,725
    December 2012 8,627 $178,900 $259,720 $405,750
    November 2012 9,408 $179,675 $260,950 $408,963
    October 2012 10,259 $179,900 $267,160 $418,600
    September 2012 10,828 $179,900 $268,975 $418,450
    August 2012 11,102 $179,675 $268,725 $418,500
    July 2012 11,140 $177,600 $266,598 $411,651
    June 2012 11,362 $174,825 $259,675 $399,950
    May 2012 11,227 $169,713 $252,463 $399,450
    April 2012 10,820 $169,160 $249,910 $397,940
    March 2012 9,683 $174,450 $259,450 $406,225
    February 2012 10,549 $169,225 $248,250 $388,025
    January 2012 10,833 $169,080 $246,960 $381,960
    December 2011 11,461 $169,925 $248,375 $385,675
    November 2011 12,018 $174,750 $250,972 $397,425
    October 2011 12,846 $179,530 $258,720 $399,900
    September 2011 13,509 $179,939 $259,900 $399,900
    August 2011 14,672 $179,360 $256,590 $395,540
    July 2011 14,772 $178,150 $253,188 $389,225
    June 2011 14,762 $176,475 $250,970 $386,970
    May 2011 14,582 $173,184 $249,160 $375,780
    April 2011 14,748 $169,950 $242,400 $364,975
    March 2011 15,458 $169,800 $239,675 $359,575
    February 2011 15,531 $169,675 $239,125 $354,725
    January 2011 15,001 $170,760 $239,158 $356,380
    December 2010 16,118 $176,200 $242,700 $363,363
    November 2010 17,018 $180,160 $249,330 $373,780
    October 2010 17,614 $184,975 $253,375 $381,975
    September 2010 18,282 $189,100 $258,925 $390,950
    August 2010 18,579 $190,940 $261,150 $397,160
    July 2010 18,160 $195,163 $267,475 $399,000
    June 2010 17,488 $196,853 $268,875 $399,800
    May 2010 17,035 $198,880 $269,620 $399,818
    April 2010 17,279 $198,000 $266,750 $392,500
    March 2010 16,495 $195,600 $264,460 $393,960
    February 2010 15,382 $194,938 $264,450 $395,198
    January 2010 14,895 $197,819 $267,425 $399,225
    December 2009 15,329 $199,897 $272,038 $402,212
    November 2009 15,902 $202,750 $277,760 $417,780
    October 2009 16,573 $209,675 $283,646 $428,225
    September 2009 17,165 $210,000 $289,475 $436,100
    August 2009 17,595 $211,760 $292,880 $444,320
    July 2009 17,819 $212,950 $294,950 $449,000
    June 2009 17,870 $213,460 $294,920 $449,100
    May 2009 17,713 $211,475 $293,291 $445,250
    April 2009 17,978 $212,525 $289,925 $444,725
    March 2009 18,506 $214,153 $289,930 $443,360
    February 2009 18,449 $216,014 $293,968 $448,125
    January 2009 18,872 $219,952 $297,855 $452,809
    December 2008 19,842 $223,220 $302,773 $458,508
    November 2008 20,983 $226,382 $307,532 $464,024
    October 2008 22,086 $229,650 $312,450 $469,724
    September 2008 22,973 $233,730 $319,580 $474,990
    August 2008 23,314 $235,200 $322,000 $475,725
    July 2008 23,354 $236,074 $324,550 $475,000
    June 2008 22,657 $239,150 $324,920 $479,459
    May 2008 21,505 $239,900 $325,000 $480,947
    April 2008 20,669 $239,900 $324,937 $479,912
    March 2008 19,381 $241,300 $324,860 $485,960
    February 2008 18,409 $240,485 $324,925 $479,912
    January 2008 17,659 $243,500 $324,962 $481,765
    December 2007 18,584 $245,120 $327,975 $489,355
    November 2007 19,926 $248,665 $330,475 $486,425
    October 2007 20,762 $249,950 $337,260 $493,980
    September 2007 20,656 $253,425 $339,900 $497,749
    August 2007 19,837 $257,712 $342,975 $499,124
    July 2007 18,710 $261,120 $349,120 $499,930
    June 2007 17,670 $264,282 $349,950 $507,949
    May 2007 16,386 $264,900 $350,975 $512,662
    April 2007 15,059 $264,900 $354,740 $517,740
    March 2007 13,897 $264,450 $353,850 $523,425
    February 2007 13,814 $258,517 $349,800 $516,750
    January 2007 13,726 $255,810 $349,637 $507,441
    December 2006 14,746 $257,149 $348,246 $499,949
    November 2006 15,671 $258,837 $348,750 $499,900
    October 2006 16,027 $259,640 $348,834 $499,900
    September 2006 15,239 $261,098 $349,675 $499,937
    August 2006 14,029 $264,925 $350,737 $518,587
    July 2006 12,864 $264,920 $350,470 $525,980
    June 2006 11,261 $264,925 $349,975 $530,937
    May 2006 9,804 $262,340 $350,940 $532,360
    April 2006 8,701 $256,433 $346,433 $526,224

    Data on deptofnumbers.com is for informational purposes only. No warranty or guarantee of accuracy is offered or implied. Contact ben@deptofnumbers.com (or @deptofnumbers on Twitter) if you have any questions, comments or suggestions.

     

     

     

    Department of Numbers
    http://www.deptofnumbers.com/

  • Multnomahforeclosures.com: Updated Notice of Default Lists April 25th, 2013


     

    Visit MultnomahForeclosures.com for the notice of default lists (Homes in Foreclosure) for Multnomah County and other Oregon counties.

     

    Multnomah Country Foreclosures
    http://multnomahforeclosures.com

     

     

    Fred Stewart
    Stewart Group Realty Inc.
    info@sgrealtyinc.com
    http://www.sgrealty.net
    503-289-4970

     

     

  • How To Have the Best Garage Sale Ever At Your Home, by Steph Noble


    It’s getting close to that time of year again — time to have a garage sale at your home!

    Here are a few tips to help you have your most successful garage sale ever.

    Advertise Your Sale In Local Newspapers And Online

    Many of the habitual Saturday morning garage sale patrons use the paper to plan their treasure hunts.

    They do this to make sure they hit all of the sales in certain neighborhoods.

    In the ad, mention your home address, date and time of your garage sale and any big or popular items you’ll be selling.

    Open Your Sale Early

    It’s best to open early, such as around seven in the morning a sales tend to taper off in the afternoon.

    Don’t disappoint early shoppers who are typically your best buyers.

    They have a busy schedule and a lot of stops to hit.

    Open on time or even a few minutes before the time you advertised.

    Make Plenty Of Signs To Guide Customers In

    If your yard is difficult to see or is not on a main road, be sure to post signs pointing the way.

    If allowed, attach a few balloons to it which will catch the attention of passing motorists.

    Have Everything Labeled With Reasonable Prices

    You’ll get some customers who try to haggle, but for most customers, not knowing the prices is a quick way to have them moving on to another sale.

    Keep in mind that these shoppers are looking for a bargain and price accordingly.

    You can individually label each item, or use an easily readable color-coded chart.

    For instance, a blue sticker means 25 cents, red stickers mean 50 cents and yellow stickers mean $1.

    Offer Specials At Different Points During The Garage Sale 

    You can offer a 2-for-1 sale or a twenty percent off special.

    At the end of the day, you may want to have an unadvertised special such as fill a bag for $1 to get rid of as much as possible.

    It’s always a good idea to have a “free box” for items that are already low-priced and don’t move during the first half of the sale.

    Donate Leftovers

    Make your life easier and do something for others by donating any items that don’t sell.

    If you plan carefully, you can schedule a pick up by your local charitable organization at the end of your garage sale.

    Garage sales are a great way to get the clutter and unused collection of items out of your house while recycling them at the same time.

    Using these tips, you’re well on your way to having your best garage sale ever.

     

    Steph Noble
    http://stephnoblemortgageblog.com/

  • Asking Prices and Inventory for Homes in Portland Oregon


    As of April 08 2013 there were about 8,039 single family and condo homes listed for sale in Portland Oregon. The median asking price of these homes was approximately $274,000. Since this time last year, the inventory of homes for sale has decreased by 24.4% and the median price has increased by 9.6%.

    April 08, 2013 Month/Month Year/Year
    Median Asking Price $274,000 +3.4% +9.6%
    Home Listings/Inventory 8,039 +0.8% -24.4%

    Recent Asking Price and Inventory History for Portland

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    04/08/2013 8,039 $185,000 $274,000 $439,000
    04/01/2013 7,836 $185,000 $269,900 $429,900
    03/25/2013 7,975 $184,990 $269,900 $429,950
    03/18/2013 7,998 $184,900 $269,900 $429,000
    03/11/2013 7,979 $181,900 $265,000 $425,000

    Portland Asking Price History

    The median asking price for homes in Portland peaked in April 2007 at $354,740 and is now $82,790 (23.3%) lower. From a low of $239,125 in February 2011, the median asking price in Portland has increased by $32,825 (13.7%).

    25th, Median (50th) and 75th Percentile Asking Prices for Portland Oregon

    Portland Housing Inventory History

    Housing inventory in Portland, which is typically highest in the spring/summer and lowest in the fall/winter, peaked at 23,354 in July 2008. The lowest housing inventory level seen was 7,938 in April 2013.

    Housing Inventory for Portland Oregon

    Portland Asking Price and Inventory History

    Date Single Family & Condo
    Inventory    		 25th Percentile
    Asking Price    		 Median
    Asking Price    		 75th Percentile
    Asking Price
    April 2013 7,938 $185,000 $271,950 $434,450
    March 2013 7,969 $182,923 $267,425 $427,213
    February 2013 7,981 $179,900 $262,450 $419,731
    January 2013 8,250 $179,075 $259,217 $404,725
    December 2012 8,627 $178,900 $259,720 $405,750
    November 2012 9,408 $179,675 $260,950 $408,963
    October 2012 10,259 $179,900 $267,160 $418,600
    September 2012 10,828 $179,900 $268,975 $418,450
    August 2012 11,102 $179,675 $268,725 $418,500
    July 2012 11,140 $177,600 $266,598 $411,651
    June 2012 11,362 $174,825 $259,675 $399,950
    May 2012 11,227 $169,713 $252,463 $399,450
    April 2012 10,820 $169,160 $249,910 $397,940
    March 2012 9,683 $174,450 $259,450 $406,225
    February 2012 10,549 $169,225 $248,250 $388,025
    January 2012 10,833 $169,080 $246,960 $381,960
    December 2011 11,461 $169,925 $248,375 $385,675
    November 2011 12,018 $174,750 $250,972 $397,425
    October 2011 12,846 $179,530 $258,720 $399,900
    September 2011 13,509 $179,939 $259,900 $399,900
    August 2011 14,672 $179,360 $256,590 $395,540
    July 2011 14,772 $178,150 $253,188 $389,225
    June 2011 14,762 $176,475 $250,970 $386,970
    May 2011 14,582 $173,184 $249,160 $375,780
    April 2011 14,748 $169,950 $242,400 $364,975
    March 2011 15,458 $169,800 $239,675 $359,575
    February 2011 15,531 $169,675 $239,125 $354,725
    January 2011 15,001 $170,760 $239,158 $356,380
    December 2010 16,118 $176,200 $242,700 $363,363
    November 2010 17,018 $180,160 $249,330 $373,780
    October 2010 17,614 $184,975 $253,375 $381,975
    September 2010 18,282 $189,100 $258,925 $390,950
    August 2010 18,579 $190,940 $261,150 $397,160
    July 2010 18,160 $195,163 $267,475 $399,000
    June 2010 17,488 $196,853 $268,875 $399,800
    May 2010 17,035 $198,880 $269,620 $399,818
    April 2010 17,279 $198,000 $266,750 $392,500
    March 2010 16,495 $195,600 $264,460 $393,960
    February 2010 15,382 $194,938 $264,450 $395,198
    January 2010 14,895 $197,819 $267,425 $399,225
    December 2009 15,329 $199,897 $272,038 $402,212
    November 2009 15,902 $202,750 $277,760 $417,780
    October 2009 16,573 $209,675 $283,646 $428,225
    September 2009 17,165 $210,000 $289,475 $436,100
    August 2009 17,595 $211,760 $292,880 $444,320
    July 2009 17,819 $212,950 $294,950 $449,000
    June 2009 17,870 $213,460 $294,920 $449,100
    May 2009 17,713 $211,475 $293,291 $445,250
    April 2009 17,978 $212,525 $289,925 $444,725
    March 2009 18,506 $214,153 $289,930 $443,360
    February 2009 18,449 $216,014 $293,968 $448,125
    January 2009 18,872 $219,952 $297,855 $452,809
    December 2008 19,842 $223,220 $302,773 $458,508
    November 2008 20,983 $226,382 $307,532 $464,024
    October 2008 22,086 $229,650 $312,450 $469,724
    September 2008 22,973 $233,730 $319,580 $474,990
    August 2008 23,314 $235,200 $322,000 $475,725
    July 2008 23,354 $236,074 $324,550 $475,000
    June 2008 22,657 $239,150 $324,920 $479,459
    May 2008 21,505 $239,900 $325,000 $480,947
    April 2008 20,669 $239,900 $324,937 $479,912
    March 2008 19,381 $241,300 $324,860 $485,960
    February 2008 18,409 $240,485 $324,925 $479,912
    January 2008 17,659 $243,500 $324,962 $481,765
    December 2007 18,584 $245,120 $327,975 $489,355
    November 2007 19,926 $248,665 $330,475 $486,425
    October 2007 20,762 $249,950 $337,260 $493,980
    September 2007 20,656 $253,425 $339,900 $497,749
    August 2007 19,837 $257,712 $342,975 $499,124
    July 2007 18,710 $261,120 $349,120 $499,930
    June 2007 17,670 $264,282 $349,950 $507,949
    May 2007 16,386 $264,900 $350,975 $512,662
    April 2007 15,059 $264,900 $354,740 $517,740
    March 2007 13,897 $264,450 $353,850 $523,425
    February 2007 13,814 $258,517 $349,800 $516,750
    January 2007 13,726 $255,810 $349,637 $507,441
    December 2006 14,746 $257,149 $348,246 $499,949
    November 2006 15,671 $258,837 $348,750 $499,900
    October 2006 16,027 $259,640 $348,834 $499,900
    September 2006 15,239 $261,098 $349,675 $499,937
    August 2006 14,029 $264,925 $350,737 $518,587
    July 2006 12,864 $264,920 $350,470 $525,980
    June 2006 11,261 $264,925 $349,975 $530,937
    May 2006 9,804 $262,340 $350,940 $532,360
    April 2006 8,701 $256,433 $346,433 $526,224

     

     

    Department of Numbers

    The Department of Numbers contextualizes public data so that individuals can form independent opinions on everyday social and economic matters.

     

  • 3 Common First Time Home Buyer Mistakes Can Cost Thousands, by Steph Noble


    Buying real estate for the first time is a very exciting step in life.

    It is likely to be one of the biggest financial commitments that you make, so it’s very important to navigate the purchasing process wisely.

    Many first-time home buyers make rookie mistakes that bring on negative consequences and a lot of frustration.

    Outlined below are common errors home buyers make, so you can learn from their missteps and avoid them yourself.

     

    1. Buying More Than What You Can Truly Afford

    Just because the bank says that you qualify a certain amount for a mortgage doesn’t mean that you have to choose a house at the very top of this price range.

    Many people get carried away and buy the most expensive house that they qualify for.

    If something unexpected happens, they may find it difficult to keep up with their monthly mortgage payments later on.

    Remember that you will also have student loan payments, vehicle costs, credit card bills, health insurance, groceries, retirement savings and other expenses, so make sure that your mortgage payments will comfortably fit within your budget.

     

    2. Failing To Get A Home Inspection

    Before buying a house, you should always have a professional inspection done. Not doing so is a big mistake.

    You don’t want to get stuck with hidden damage that could saddle you with the expense of ongoing repairs.

    Hiring a professional to assess the home’s condition is absolutely essential before making your final decision.

     

    3. Disregarding Your Future

    When you are buying real estate, don’t just think about how the home will work for you in the immediate future.

    Also consider what your needs will be five, ten or even 20 years from now.

    Find out the development plans for the neighborhood.

    Look for reputable schools if you intend to start a family.

    And consider whether the street’s home values are likely to increase or decline in the future.

     

    Your Next Steps

    Don’t let the home-buying process overwhelm you!

    Learn from these common first-time home buyers’ mistakes, so you can avoid them.

    A great next step toward planning for your first home purchase is to consult with a trusted, licensed mortgage professional who is trained in providing the best advice on how a new home will affect your budget.

     

     

    Steph Noble
    http://stephnoblemortgageblog.com/

  • LANDMARKS COMMISSION APPROVES WASHINGTON HIGH DESIGNATION


    Linus Pauling in 1954
    Linus Pauling in 1954 (Photo credit: Wikipedia)

    The Portland Historic Landmarks Commission voted to approve the landmark designation of Washington High School on January 14, 2013. This designation is the first step in Venerable’s ultimate goal of rehabilitating the 1923 brick building. Landmark designation brings with it local incentives for historic preservation, in addition to further regulation including historic design review and restrictions against demolition.

    The designation document makes a strong case for Washington High School local significance, as the property helps tell the story of Portland’s changing education system during the first half of the 20th century.  This period was marked by the need for expanded school facilities; growing concerns around health and safety, with a particular focus on fire prevention; and school designs that offered optimal learning environments as espoused by education experts at the time.

    Below is an excerpt from the landmark nomination, explaining the building’s historical significance and the ways in which Washington High School’s design and construction embodies the priorities, values, and challenges of its time:

    The construction of Washington High School began in 1923 after a fire destroyed much of the 1906 Washington High School in the year prior.  The new building fully utilized “fireproof” construction techniques of the time.  It is a significant example of a building constructed with a structural system entirely of concrete including slabs, columns, and beams.  The exterior was faced with red brick and the walls were constructed of plaster-cement-finished clay masonry.  There is very little wood in the building.  Even the stairs and flooring are concrete.

    The new Washington High School was constructed amidst an established campus of buildings that included the original Hawthorne School (1897-1900, demolished), Manual Training Building (1908, demolished), Gymnasium (1911, demolished) and a Boiler Building (1912, extant).  Construction was completed and Washington High School opened its doors to students in 1924.

    The Washington High School campus was and still is a prominent feature in the Buckman neighborhood.  Buckman is a dense early-20th-Century streetcar suburb that grew significantly in response to the building of bridges over the Willamette River, the development of streetcar lines that connected to downtown Portland, and the population explosion that occurred as a result of the 1905 Lewis and Clark Centennial Exposition.  Buckman was home to a rapidly growing middle class in Portland, which included families with school-age children.

    The 1906 Washington High School was an immediate response to Buckman’s changing demographics.  The 1924 Washington High School continued the tradition of a landmark building at the corner of SE Stark and Morrison after the former school burned, further expanding capacity while incorporating design principles idealized at the time.  Namely, it was organized around a central auditorium and had many specialized spaces included a library, science labs, music room, and cafeteria.  In addition, Washington High School also maintains one of the most substantial compositions of Classical Revival detailing on Portland’s eastside, as evidenced in the symmetry of windows and vertical elements, Classical details and reliefs in terra cotta, and a monumental entrance vestibule.  It is interesting to note that the classical symmetry of the exterior maintains such primacy that stairwell landings occur in the middle of window openings.  The inspirational quality of the Classical Revival design is further enhanced by six quotes featured on the building exterior in glazed terra cotta panels.

    The building’s large twelve-over-one wood windows are not only a key feature of the architect’s Classical composition, but the windows are clustered in groups of three or four to optimize the amount of daylight that could enter each classroom space.  “Breeze shields” are found in the classrooms, which could be placed in front of an open window, forcing the airflow in an upward direction rather than horizontally across a desk.

    Washington High School’s significance as a Classical Revival high school is not only a reflection of the ideals of educational facility design during this period, but reflects the expertise of its architects Luther Lee Dougan and Chester A. Houghtaling.  While the first Washington High School featured Romanesque design influences, Houghtaling & Dougan pursued the more monumental Classical Revival style for the building’s replacement—a style they had executed previously in Portland with much success.

    Portland Public Schools hired Houghtaling & Dougan because they were without a district architect during the time period of 1920 to 1924.  Floyd A. Naramore had recently resigned in 1919 to work as Seattle’s school architect.  He was originally hired in 1912 when the District recognized the need for in-house expertise to deal with the design of fireproof masonry buildings.  In the aftermath of Naramore’s departure, Portland Public Schools had to briefly rely on outside architects to design and manage much of the new construction, including Washington High School.   The firm Houghtaling & Dougan was considered to be a versatile team and they designed many different types of buildings ranging from industrial warehouses to schools to major civic buildings such as the Elks Temple.

    In 1978, Washington High School merged with Monroe High School—an all-girls polytechnic sister school to Benson Polytechnic High School—and the school then became known as Washington-Monroe High School.  Not long after, the school experienced declining enrollment and closed its doors in 1981.  Two years later the facility was reopened as the Children’s Service Center.  This multipurpose facility served multiple tenants that included a day care center, a vocational program for Native American youth and the district’s continuing education center for at-risk pregnant girls. The Children’s Service Center closed in the 1990s and the building has been largely vacant since that time.

    Notable alumni of Washington High School include Steven G. Bradbury, attorney, United State Department of Justice; Bill Naito, longtime Portland businessman and civic leader; and Linus Pauling, two-time Nobel Prize winner.  Pauling was awarded his diploma in 1962, 45 years after leaving Washington High School prior to graduating in order to attend Oregon State University.

    Contact Venerable: 503-224-2446

  • 3 Tips To Get The Best Results On Your Mortgage Application, by Steph Noble


    Although the financial markets have tightened lending guidelines and financing requirements over the last few years, the right advice when applying for your loan can make a big difference.

     

    Not all loans are approved. And even when they aren’t approved immediately, it doesn’t have to be the end of your real estate dreams.

    There are many reasons why a mortgage loan for the purchase of your real estate could be declined.

    Here are a few things to understand and prepare for when applying for a mortgage:

     

    Loan-to-Value Ratio

    The loan-to-value ratio (LTV) is the percentage of the appraised value of the real estate that you are trying to finance.

    For example, if you are trying to finance a home that costs $100,000, and want to borrow $75,000, your LTV is 75%.

    Lenders generally don’t like a high LTV ratio. The higher the ratio, the harder it normally is to qualify for a mortgage.

    You can positively affect the LTV by saving for a larger down payment.

     

    Credit-to-Debt Ratio

    Your credit score can be affected negatively, which in turn affects your mortgage loan if you have a high credit-to-debt ratio.

    The ratio is figured by dividing the amount of credit available to you on a credit card or auto loan, and dividing it by how much you are currently owe.

    High debt loads make a borrower less attractive to many lenders.

    Try to keep your debt to under 50% of what is available to you. Lenders will appreciate it, and you will be more likely to get approved for a mortgage.

     

    No Credit or Bad Credit

    Few things can derail your mortgage loan approval like negative credit issues.

    Having no credit record can sometimes present as much difficulty with your loan approval as having negative credit.

    With no record of timely loan payments in your credit history, a lender is unable to determine your likelihood to repay the new mortgage.

    Some lenders and loan programs may consider other records of payment, like utility bills and rent reports from your landlord.

    Talk to your loan officer to determine which of these issues might apply to you, and take the steps to correct them.

    Then, you can finance the home of your dreams.

  • As Inventories Shrink, So Do Seller Concessions, by RisMedia


    With inventories down and prices up, sellers are ending the costly incentives they have been forced to offer buyers during the six-year long buyers’ market. Concession-free transactions make deal-making simple on both sides of the table.

    There’s no better gauge of the onset of a seller’s market than the demise of concessions that were considered essential to attract buyer interest just a few months ago. The National Association of REALTORS®’ December REALTOR® Confidence Outlook reported that the market has steadily moved towards a seller’s market with buyers more willing to bear closing costs, in some cases paying for half or more of the closing cost. Tight inventories of homes for sale are making markets increasingly competitive.

    NAR reports that last year 60 percent of all sellers offered incentives to attract buyers. The most popular was a free home warranty policy, which costs about $500, offered by 22 percent of sellers, but 17 percent upped the ante by paying a portion of buyers’ closing costs and 7 percent contributed to remodeling or repairs.

    Concessions linger where inventories are still adequate and sales slow, but in tight markets like Washington D.C., the times when buyers can expect concessions are already over.

    “Buyers are discovering, to their dismay that homes they wanted to see or possibly buy have already been snatched up before they even get a chance to see or make an offer on the property. This area’s unprecedented low inventory levels are slowly driving up home prices and making sellers reluctant to cede little if any concessions to buyers. Realtors are warning (or should in some cases) buyers to be prepared to act that day if they are interested in a property,” reporters a local broker.

    In Albuquerque, supply is dwindling and sales are moving to a more balanced market. “Buyers can expect sellers to offer less concessions and sales prices will be close to list price,” reports broker Archie Saiz.

    In Seattle, not only are concessions a thing of the past, desperate buyers are even resorting to writing “love letters” to win over sellers in competitive situations. Lena Maul, a broker/owner in Lynnwood, reports a successful letter-writing effort last month by one of her office’s clients. Those buyers, who were using FHA financing, wrote a letter introducing themselves to the seller and explaining why they liked the home so much. After reviewing 13 offers, including one from an all-cash investor, the seller chose the letter-writer’s offer.

    New regulations enacted last year by the Federal Housing Administration to limit its exposure to risk forced many sellers to cut back on the amount of assistance on buyers’ closing costs. Sellers are now limited to no more than six percent of the loan amount.

    Underwriting standards on conventional mortgages also have the effect of limiting the amount sellers can contribute.

    In recent years many lenders have disallowed seller paid closing costs on 100 percent financed home loans because of the high foreclosure rate.

    However, seller paid closing costs are typically limited to 6 percent of the loan amount at 90 percent loan-to-value or lower, 3 percent between 90-95 percent, and then usually 3 percent for 100 percent loan-to-value.

    Some sellers bump up the home sales price to pay for concessions. However the buyer will need to get the higher amount he will need to borrow covered by the appraisal and he will have to meet increased debt-to-income ratio in order to close his loan.

    The demise of concessions will make buying and selling a little simpler and more rational. As one observed asked, “Why would anyone selling a home pay the home buyer to buy it?”

    For more information, visit www.realestateeconomywatch.com

  • Nearly Half of U.S. Families Teetering on Edge of Ruin. by MANDI WOODRUFF, Business Insider


    In the past few years, Americans have certainly learned a thing or two about how quickly disaster can strike.

    And with each Hurricane Sandy, housing crisis, and stock market crash that rocks our world, we’re faced with the harsh realization that many of us simply aren’t prepared for the worst. A sobering new report by the Corporation for Enterprise Development shows nearly half of U.S. households (132.1 million people) don’t have enough savings to weather emergencies or finance long-term needs like college tuition, health care and housing.

     

    According to the Assets & Opportunity Scorecard, these people wouldn’t last three months if their income was suddenly depleted. More than 30 percent don’t even have a savings account, and another 8 percent don’t bank at all.

    We’re not just talking about people who living people the poverty line, either. Plenty of the middle class have joined the ranks of the “working poor,” struggling right alongside families scraping by on food stamps and other forms of public assistance.

    More than one-quarter of households earning $55,465 to $90,000 annually have less than three months of savings. And another quarter of households are considered net worth asset poor, meaning “the few assets they have, such as a savings account or durable assets like a home, business or car, are overwhelmed by their debts,” the study says.

    BASIC NECESSITIES  
    One of the prolonging reasons consumers have consistently struggled to make ends meet has more to do with larger economic issues than whether or not they can balance a checkbook. According to the report, household median net worth declined by over $27,000 from its peak in 2006 to $68,948 in 2010, and at the same time, the cost of basic necessities like housing, food, and education have soared.

    It’s a dichotomy that is hammered home in a new book by finance expert Helaine Olen. In Pound Foolish: Exposing the Dark Side of the Personal Finance Industry, Olen knocks down much of the commonly-spread advice that is sold by the personal finance industry –– the idea that if you’re not making ends meet in America, you’re doing something wrong.

    “The problem was fixed cost, the things that are difficult to ‘cut back’ on. Housing, health care, and education cost the average family 75 percent of their discretionary income in the 2000s. The comparable figure in 1973: 50 percent,” Olen writes.

    “And even as the cost of buying a house plunged in many areas of the country in the latter half of the 2000s (causing, needless to say, its own set of problems) the price of other necessary expenditures kept rising.”

    And wherever consumers can’t cope with costs, they continue to rely on plastic. The average borrower carries more than $10,700 in credit card debt, one in five households still rely on high-risk financial services that target low-income and under-banked consumers.
    Read more at http://www.thefiscaltimes.com/Articles/2013/02/04/Nearly-Half-of-US-Families-Teetering-on-Edge-of-Ruin.aspx#DVKZCYevJIMwCEyw.99