Earline Penson, Principal Broker - Coldwell Banker Seal

Portland Monthly's 2013 School Rankings are out...take the time to educate yourself on the current stats of the schools in your neighborhood!

Check-out Portland Monthly Magazine's comprehensive listing of 596 public and private schools in Multnomah, Clackamas, Washington, and Clark Counties.

Click Here for more details.

Multigenerational housing can be enormously positive for some families, particularly in a aging society.

Putting three generations under one roof -- the most common multigenerational living arrangement -- became a growth industry during the recession. As the economy and housing markets recover, the financial stresses driving this trend will recede. However, the personal and social benefits of expanded living arrangements can be enormously positive for some families, particularly in an aging society.

Click Here to read the full article on MSN now!

MSN on the Real Estate Winners and Losers in 2012

Winner: Bay Area apartment landlords
Landlords in most major markets were grinning from ear to ear this year, as apartments filled up and rents continued their upward climb. Two-thirds of the country's largest markets are essentially at maximum occupancy, says Greg Willett, vice president of research and analysis for MPF Research.

The happiest landlords were in Northern California, where rent growth led the nation. Rents in San Jose and San Francisco have jumped 7.8% and 7.4% respectively in the past year, according to MPF, with nearby Oakland clocking in at 6.7%.

Landlords here are better able to raise rents than other similarly full markets, because of the exponentially high cost of buying a home in the Bay Area. 

Winner: Flippers

The flip was back in full force this year, as investors used their cash to buy undervalued properties to spruce up and sell. Even as the number of available foreclosures waned, these entrepreneurs began turning their attention to the supply of merely rundown homes in solid neighborhoods.

"We're still seeing a lot of inexpensive houses and derelict properties on the market, which are being scooped up by flippers," says Joshua Dorkin, CEO and founder of BiggerPockets.com.

Investors were able to outmaneuver most first-time homebuyers, natch, on the stock of cheap starter homes and fixers, landing returns of 20% or more on their investments.

Winner: Homebuyers

2012 was a phenomenal year to buy a house. Those who were able to buy had access to record-low mortgage rates and bottom-of-the-market prices, which enabled them to get more house for their money.

Sure, there wasn't a huge supply of homes to choose from in many markets, but those credit-worthy buyers who found a house — and were prepared to stay a few years — could feel confident that their investment would only gain in value.

Winner: Owners who refinanced

Record-low interest rates also created a refi boom, as applications grew at the fastest rate since 2005, according to the Mortgage Bankers Association.

Refinancings now represent about 80% of total mortgage applications. In years past, mortgage refinance represented only a 20% to 30% share, says Rick Sharga, executive vice president of Carrington Mortgage Holdings.

Winner: Investors in single-family home rentals

If investors aren't flipping properties to buyers looking for their next home, they're buying them up en masse for use as rentals.

In 2012, institutional investors, frustrated by their returns on Wall Street and the high prices for apartment portfolios, entered the single-family home-rental business.

Loser: Underwater homeowners who couldn't refinance

When HARP 2.0 rolled out this spring, it was a blessing for many borrowers whose home was worth far less than what they owed. More than 709,000 loans were refinanced through the program through September, according to the FHFA.

However, not everyone was able to take advantage of the government program, including:

• Borrowers who had a loan that wasn't owned or guaranteed by Freddie Mac or Fannie Mae.
• Borrowers whose loan was sold to Freddie after May 31, 2009.
• Borrowers who had missed a payment in the past 12 months.
• Borrowers who had a credit score of less than 620.

Without the ability to participate in the program, these underwater borrowers have a long, hard road back to home equity.

Loser: Investment property owners in Las Vegas, Florida and other sunshine markets

Investors who gambled on the fun and sun in highly developed places such as Daytona Beach, Fla., and Las Vegas during the boom and failed to get out still can't catch a break.

In high-rolling Vegas, the clubs may be hopping, but prices aren't budging, according to Local Market Monitor. Here, the average home price of $121,788 is down 60% from the peak in 2006, and has remained unchanged this year, despite upticks in most parts of the country. The news won't be much better in 2013. LMM predicts a modest 1% appreciation — not enough of a gain to make a difference for most owners.

Likewise, Daytona Beach saw no appreciation in the past year, and its average price of $131,445 is down 49% from its peak in 2006. In the next year, LMM predicts zero — that's right, nada – appreciation.

Other suffering markets include Atlantic City, N.J.; Wilmington, N.C.; and Myrtle Beach, S.C.

Loser: Victims of foreclosure abuse

While many troubled borrowers in default avoided property seizure this year as foreclosure processing slowed to a trickle, borrowers who were improperly foreclosed on in years past got very little in the way of restitution from this year's $25 billion National Mortgage Settlement, struck by attorneys general in 49 states and  the nation's largest mortgage servicers.

Those who applied only had to check a box online to indicate which of three categories caused their foreclosure: financial hardship, loan-modification problems or foreclosure errors.

But everyone who applied will get a check for the same amount next year — a mere $2,000 or less, depending on how many borrowers filed — no matter the circumstances of the case. That's cold comfort for homeowners whose lenders failed to process their loan-modification application or those who were paying on a trial loan modification but were foreclosed upon anyway.

There was another alternative to seek payback for abuses. Borrowers who were in the foreclosure process between January 2009 and calendar year 2010 were also eligible for the separate Independent Foreclosure Review running through the end of this year, which can determine compensation for the victims of abuses or errors. That could award up to $125,000 if a borrower wasn't behind on payments and the bank foreclosed — or nothing at all. Some of the abuses, such as giving a groundless answer for a modification denial, would yield a borrower $15,000, an amount some view as inadequate.

Real-estate winners and losers of 2012

Loser: Homeowners devastated by superstorm Sandy

The economic pain and suffering from superstorm Sandy, which made landfall on the New Jersey coast Oct. 29, wiping out hundreds of thousands of homes, is far from over. Governors in New York and New Jersey estimate they need at least $71.3 billion in relief to recover from the devastation and prevent similar damage from future storms.

Loser: REO brokers

The past few years had been banner ones for many brokers of distressed or bank-owned properties, but this year was a downright bummer. U.S. REO (real-estate owned) sales, which peaked in 2009, dropped for the third consecutive year to about 500,000, leaving many agents and brokers with a lot more time on their hands.

A slowdown in processing foreclosures was partly to blame, but many bank-owned properties are also being sold in bulk to big hedge funds to be used as rentals. And more lenders are agreeing to take less than the value of the note, as borrowers opt for short sales of their properties.

Click Here to read Melinda's full article on MSN.

If you are interested in buying and/or selling residential real estate consider contacting Earline Penson Principal Broker with Coldwell Banker Seal at 503.804.8781.  Earline has a wealth of experience and strives to exceed client expectations on each and every transaction.

CitySmart's Picks for the Best Holiday Experiences In The Portland Metro Area!

Winter Wonderland at Portland International Raceway - recognized throughout the northwest as the largest holiday lightshow west of the Mississippi, the 20th annual Jubitz Winter Wonderland will grab your family's attention with over 250 colorful light set pieces and many animated scenes to be enjoyed from the comfort of your vehicle.  Click Here for more details.  

The Christmas Ship Parade averages about 55 to 60 boats between the two Columbia and Willamette River fleets.  Both fleets will be out every night for two weeks beginning December 7, 2012 and running nightly through December 21, 2012. The fleet will do a special performance in Camas, WA on Dec. 1st.  As we are an all volunteer organization, not all the boats make it out every night.

Click Here for more details.

Peacock Lane - Since the 1920s, each house in this quaint southeast neighborhood has been decorating for Christmas. Mostly Tudors, the houses are adorned with not only beautiful sparkling lights, but also nativity scenes, rotating Christmas trees and stunningly life-like replicas of Santa and Frosty.

Be forewarned: this is a very popular Portland tradition and the crowds can get quite thick. It is wise to park several blocks away and walk, rather than drive through the area. Better yet, take a ride in a horse-drawn carriage. More info about the carriages is avaiable at Cowboy Carriage.  For more details, click here.

 

Our favorite Santas can be visited at:

Macy's Santaland (downtown Portland) - The tradition of visiting Santaland and having family portraits taken with Old St. Nick continues at the downtown Macy's store on the Level A. Macy's will once again offer a wide assortment of digital photography packages and families will be able to take their Santa photos with them immediately after they're taken. Santa photos will be available every day from Friday, November 23 through Monday, December 24. For more information click here or call 503-248-4515.

Washington Square Mall - Now through December 24, 2012 Santa will be available for photos and visits at his holiday lodge.

Washington Square has introduced a new, convenient twist with our Santa Fly By Program. Families enter Santa's virtual line via web, text, phone or in person at Santa's Lodge. You'll receive an approximate wait time - and are free to shop, dine or relax while awaiting your turn to visit Santa. Click Here for more details.

Mt. Hood Rail Road - Passengers are invited to wear their pajamas on the train. Passenger cars are decorated for the holidays. The Conductor will punch each passengers train ticket.

En route to the North Pole:
The book, The Polar Express will be read. Music from The Polar Express movie will be played. Passengers are served hot chocolate and cookies by chefs.

At the North Pole, and the return portion of the train tour:
Santa Claus and elves await the passengers at the North Pole (passengers just watch but do not leave train at this portion of the trip). Santa Claus and elves then board the train. Elves will be in each train car and will entertain passengers and lead them in singing Christmas carols. Santa Claus moves through each train car, will greet each child, giving them their own personal silver bell. Click Here for more details.

 

More great holiday experiences on our BucketList include:

The Heathman Hotel for dinner followed by a Lemondrop in front of the Heathman Library's warm crackling fire.  Click Here for more details.

Huber's - for Spanish Coffees which consist of Bacardi 151 rum, Bols Triple Sec, Kahlua, coffee, fresh whipped cream and a touch of nutmeg on top. The drink is made tableside with great flair. Click Here for more detailed information.

The Melting Pot -  enjoy a four-course dining experience including cheese fondue, salad, entree and dessert.  Or, drop by for fondue cheese paired with that perfect glass of wine from our extensive selection.  That's not to say, we haven't had more than a few stop by to satisfy that chocolate craving after a movie. Click Here for more detailed information.

The Nines Hotel - unwind with a glass of wine after a hard day of shopping, and take your time wrapping your gifts in one of The Nines Hotel's elegant suites.  Click Here for more details.

 

Portland Prime - features the freshest northwestern seafood available, prime steaks and chops, pastas, wood-fired baking oven specialties, hearty soups, creative salads, signature burgers and sandwiches, extensive selection of appetizers and side dishes round out the menus. House-made desserts that are focused on locally-grown fruits and berries along with decadent chocolate offerings complete your dining experience.

The Prime Bar offers vintage cocktails created in the classic style by our mixologists as well as a great selection of local craft beers, a wine list with over 140 bottles and 40 wines by the glass complimented by a state of the art barrel-to-tap wine system featuring four wines produced exclusively for Portland Prime from the Willamette Valley. The bar also features a charcuterie and fromage station staffed by a culinarian trained in making recommendations from the exciting selection of Terrines, cured meats and salumis and artisanal cheeses. Live jazz performances, highlighted by the best musicians that Portland has to offer, energize the Prime Bar Wednesday through Saturday. Enjoy happy hour Monday through Friday from 3:00 to 6:30 and from 11:30 a.m. to 5:00 pm on Sunday.

Click Here for more details.

Timberline Lodge -  this picturesque rough hewn timber lodge built in the 1930s is nothing short of magical, and the reason why it's exterior facade was used as the backdrop for the movie "The Shining" starring Jack Nickelson. Time your visit with one of Timberline’s monthly Winemaker’s Dinners at the Silcox Hut ($175 per person). Travel by Snowcat to the historic annex for a six-course dinner paired with Oregon wine and hosted by the winemakers.  Click Here for more details.

Zoo Lights - More than a million LED lights transform the Oregon Zoo into a luminous winter wonderland filled with moving sculptures, forests of lighted trees and animal silhouettes. Cap off your visit by boarding the zoo's light-bedecked steamer train, which provides a unique view of the ZooLights splendor.  Click Here for more details.

Portland, Oregon garners attention for its 2nd place ranking in the nation's lowest multi-family vacancy rental rates

....second only to New York City's, 1.8 percent. The NAR (National Association of Realtors) is projecting that vacancies in the apartment rental market are likely to drop from 4.7 percent in the first quarter of 2012 to 4.5 percent in the first quarter of 2013. Multifamily vacancy rates below 5 percent are generally considered to indicate a landord's market with demand justifying higher rents.

Click Here to read the full article on Mortgage News Daily.

If you're interested in exploring duplex and tri-plex investment opportunities in the Portland metro area contact Earline Penson, Principle Broker with Coldwell Banker Barbara Sue Seal's Uptown Office at 503.804.8781.

 

Do you want to keep mom close, but not too close? Investigate the benefits and possible cost savings of adding a "ADU" Accessory Dwelling Unit to a existing lot, or on a new, larger lot.

Everyone loves mom and dad, but we all deserve some personal space...."breathing room", if you will. As we all age though, that option becomes less and less, as the natural process of aging combined with the requirement for single-level living, assistance and monitoring becomes a requirement.

You will find information on this page about adding an accessory dwelling unit to a property, or converting a structure to a duplex. Every dwelling unit functions as a separate unit. They are commonly known as "mother-in-law apartments", "granny-flats" or studio apartments.

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Getting Started

An accessory dwelling unit (ADU) is a second dwelling unit created on a lot with a house, attached house or manufactured home. The second unit is created auxiliary to, and is smaller than, the main dwelling. ADUs can be created in a variety of ways, including conversion of a portion of an existing house, addition to an existing house, conversion of an existing garage or the construction of an entirely new building.

Methods to create an ADU

• Chapter 33.205 of the City of Portland Zoning Code provides the standards for accessory dwelling units in all Residential (R) zones. ADUs can be created in a house (detached single family dwelling), an attached house (rowhouse) or a manufactured home any of the following ways:
  
  a. Converting existing living area
  b. Finishing an existing basement or attic
  c. Building a new structure
  d. Making an addition to an existing structure
  
  Where attached housing was created under the infill provisions of the ‘a’ overlay zone (section 33.405.060), or as duplexes and attached houses on corners (section 33.110.240 E), ADUs are prohibited. Attics and basements with limited ceiling heights may not qualify as space that can be converted.
• Some existing attached or detached garages can be converted into an ADU in all R zones. ADUs can also be created by construction of a new accessory structure.

Applying For My Permit
Plan Review Process
Inspections
Applications & Handouts

Click Here for more details on FabCab's first home, which was on display at the Seattle Home Show in February. This unique pfrefabricated home is 538 square-foot and was featured with an open kitchen, living space, bedroom, and bathroom, all for the price of about $85,000.

Tiny houses you'll fall in love with.

Deciding to live in a tiny house involves making some big lifestyle choices. You'll need to be happy with minimal belongings, and have maximum tolerance for intimacy if others will be sharing the space. And you'll need to check your local laws to make sure you abide by building codes.

But cozy quarters also offer huge advantages. Click Here to read the full article compliments of MSN.

 

Do your homework before making a decision to purchase a old home - Earline Penson, Principle Broker with Coldwell Banker Seal

With home prices down as much as 50% from their peak several years ago, especially in certain real-estate markets, many people are deciding with good reason that now is the time to jump into homeownership or to invest in real estate. While living in a brand-new home has its perks, these newer homes often lack charm and personality.

This is why some people are drawn to older, historic homes, which are often oozing with character. The downside is that they can also be money pits and cause endless frustrations for homeowners.

Click Here to read the full article on MSN.com.

In addition to MSN's article I would suggest adding the following considerations for home inspections: Asbestos, Chimney, Lead Based Paint, Oil Tank Locate, Radon and Sewer Line Scope.

 

 

Rare, adorable and affordable 3 bed / 1 bath "Turn Of The Century" in sought-after Alberta Arts District - Portland, Oregon

 
 

 
 

10 inexpensive ways to boost your home's sales price right now!

 

To help property owners get the best selling price they can — without burying themselves in expenses — U.S. News has created a list of 10 cheap ways to boost your home's sales price by spring. Click Here to read the full article republished, compliments of MSN.

If you are considering buying or selling a home why not give Earline Penson a call?  She has a wealth of experience working with buyers and sellers in every price range. You can reach Earline right now at | 503.804.8781.