Buying, selling and operating apartments in Portland

Portland Apt Sales – Oct 17

30 November 2017
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Oct17_AptSales>>>

Highlights:

  • Gross sales dollars Oct 17 YTD = $1203M is a 35% DECREASE over Sept 16 YTD = $1861M
  • $/unit Oct 17 YTD = $172K is a 22% INCREASE over Oct 16 YTD = $140K.
  • $/SqFt Oct 17 YTD = $197.17 is a 3% INCREASE over Oct 16 YTD = $159.99

60% of Oct 17 sales were two large transactions (Beaverton and Gresham).  Overall YTD gross dollars are down mainly due to lack of large (>100 units) investors interest in Portland.  Nov 16 + Dec 16 alone had almost $1B in total sales.

If you’d like more information on:

– Free financial analysis of your property, eMail me for a SAMPLE report.  It will be very helpful if you’re making decisions about futures or operations and includes I&E comparison to neighboring properties along with recent sales and rent comparables.

– Details/background on individual sales in the report or a breakdown by neighborhood

– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593 
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 

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How Do I Decide on a Listing Broker?

10 October 2017
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You pay a broker a good chunk of money to sell your property.  While we can’t make guarantees, a good broker can improve the odds of a successful sale at a good price and with the least hassle.  Here are some questions you’ll want to ask yourself and them: 

 

  1. PRICING AND COLLATERAL – Does your broker make a compelling case for a listing price?  Does he establish some financial metrics and then verify them with comparable sales?  If you look at his marketing package, would you buy your property at this price?

  2. RESUME – Ask for one outlining closed sales.  Do they outline previous sales and speak to the property type, challenges in selling and how they overcame them to close?  Every property is unique – It has its appeal and also has issues – If nothing else, why is it worth such a high price?  How will he address your property issues?

  3. MARKETING / DUAL AGENCY – You will get the best price with the maximum exposure.  Does your broker use his own “platform” with controlled access or will the property be posted on public listing services like LoopNet, RMLS, and CreXi?  If you go to their WEBsite can you easily identify your property by units, pictures, and address with the price?  It’s the difference between having your broker call his short list vs. running an advertisement for the world to see.  The broker should be able to give you a link that anyone interested can access easily.  In some instances, dual agency happens (e.g. a broker brings you an unsolicited offer) and in other instances, a broker may fight to keep both sides of a commission by not actively listing the property.  You can always specify two commission rates – One for a co-op with another broker and a lower one if the listing broker handles both sides of the transaction

  4. ORGANIZATION – Once your property is in contract, he’ll need to be organized and keep you informed.  One of the biggest items is keeping everyone on schedule.  Once things start slipping, it creates a more casual attitude – “Time kills deals”.  Have your broker show you a sample timeline – Do you understand your obligations?  How is earnest money handled and what written approvals do you need from the buyer?  Are documents labeled and organized in some sort of taxonomy?  We use cloud storage for records and once together, we send a buyer a link and the document delivery is done.  Once records are in a shared location, there should be no need to re-ask for paperwork.

  5. TITLE – As the seller, you usually pay for standard title insurance.  You should have a say in who the title person is.  Ask your broker for his history with an escrow agent and if they have worked with apartment deals prior.  They handle all the monies involved and the closing paperwork.  The main thing is that they promptly notify all parties of critical events – Like a deposit of earnest money received.

Do not be afraid to ask questions.  There are plenty of brokers that want to list your property – Make sure you pick the most effective one.


Jan 17 Portland METRO Apt Sales- Jan 17

3 March 2017
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To download the individual sales report, right-click the link below and “Save As”:

<<<portland_jan17vsjan16_aptsales>>>

Highlights:

  • CapRates reported are still in the low 5% compared to 2016 in the mid 5% range. 
  • $/unit Jan 17 YTD is a 70% increase over Jan 16 YTD.
  • $/SqFt Jan 17 YTD  is a 71% increase over Jan 16 YTD.
  • Jan 17 YTD sales = $72M vs. Jan 16 YTD sales of $158M

 

Jan 17 got off to a slow start, however, it followed a huge month in Dec 16.  The market does seem to be changing with pricing (and rents) giving signs of topping out for the near term.

I’ll be posting a 5 year (2011-2016) Portland apartment sales history by mid-March, but if you’d like an earlier copy, eMail me.  I sort sales by:

  • County
  • Neighborhood
  • Complex Size
  • Decade Built
  • Largest sales per county by total sale, $/SqFt and $/Unit

Interest rates – The threat of small increases remains, however, with lower unemployment we haven’t seen the wage and general inflation that drives increases so far.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

– A very useful financial analysis of your property, call.  It will include I&E comparison to neighboring properties along with recent sales and rent comparables.

Please contact me:

Steve Morris | Vice-President
IMG Northwest
1234 SW 18th, Suite 102
Portland, OR 97205
Phone: 503.970.4593 
steve@imgnorthwest.com | www.imgnorthwest.com
OR License # 200202054 | WA License # 24512

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


August 2016 – Portland Apartment Sales

29 September 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<portland_aug16vsaug15_aptsales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit Aug 16 YTD is a 7.9% increase over Aug 15 YTD.
  • $/SqFt Aug 16 YTD  is a 5.6% increase over Aug 15 YTD.
  • Aug  2016 YTD sales = $1283M vs. Aug 2015 YTD sales of $1423M

We’re still behind 2015 YTD sales numbers.  However, Aug 16 was greater than Aug 15 for monthly sales.

There is a noticeable slow-down in SFR sales in Portland.  We anticipate that multi-units will reflect this with pricing and rent pressure moderating compared to 2015.

Interest rates may show a slight increase by EOY.  However, this is the Fed giving itself more wiggle-room than an over-heated economy.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Portland Apartment Sales – July 2016

1 September 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Jul16vsJul15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit July 16 YTD is a 7.0% increase over July 15 YTD.
  • $/SqFt July 16 YTD  is a 6.8% increase over July 5 YTD.
  • July 2016 YTD sales = $1077M vs. July 2015 YTD sales of $1252M

Biggest change in YTD gross sales numbers is the drop-off in large (>100 units) sales in the market.  These usually comprise 70%-75% of total gross sales in the 4 county are, so any drop is noticeable.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Portland Apartment Sales – June 2016

29 July 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Jun16vsJun15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the high 5% range. 
  • $/unit June 16 YTD is a 8.7% increase over June  15 YTD.
  • $/SqFt June  16 YTD  is a 95.5% increase over June  15 YTD.
  • June 2016 YTD sales = $939M vs. June 2015 YTD sales of $1026M

 

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Portland Apartment Sales – April 2016

26 May 2016
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To download the individual sales report, right-click the link below and “Save As”:

<<<Portland_Apr16vsApr15_AptSales>>>

Highlights:

  • CapRates reported are still in the mid-high 5% compared to 2015 in the low 6% range. 
  • $/unit April 16 YTD is a 15.2% increase over April 15 YTD.
  • $/SqFt April 16 YTD  is a 14.5% increase over April 15 YTD.
  • April 2016 YTD sales = $674M vs. April 2015 YTD sales of $576M

Rent/Tenant environment – Class A units in close-in locations (especially new construction) are starting to give concessions.   We continuously monitor, but be aware that rent growth may be flattening.

Apartment pricing –  This will be driven by income growth and interest rates.  Based on 2015YTD vs. 2016 YTD we are not seeing the same rate of increase as 2015 vs. 2014.

City of Portland Landlord Training – This is a regular training and very useful, especially with landlord law.   We are in process of getting PDFs of the May 16 presentation and will post these and send out a blog notice with a link.  If you’d like an earlier copy, eMail me.

YOUR PROPERTY – If you’d like a further breakdown on how in-demand your neighborhood is call.  Be aware of the current value of your apartment with unsolicited offers.  We offer valuations that include expense analysis with rent and sales comparables to back up any pricing.

If you’d like more information on:

– Details/background on individual sales in the report or a breakdown by neighborhood

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Oct 2015 Apt Sales Portland-Metro

3 December 2015
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For detail on individual sales, please download the PDF at:

<<<Oct15vsOct14Sales>>>

(Right-click link and Save As)

Oct 2015 had $210M in sales in the 4 (OR – Washington, Clackamas and Multnomah and WA – Clark) counties.  This is a 8.4% decrease from Oct 2014 ($230M).

It is official, in terms of total sales dollars, 2015 is highest year ever.  Oct 15 YTD at $2B has easily surpassed 2014 FY sales of $1.6B

Oct 2015 had $210M in total sales.  Highlights:

  • CapRates reported are still in the mid 5% compared to 2014 in the low 6% range. 

  • $/sqft and $/unit. $/unit Oct 15 YTD is a 13% increase over Oct 14 YTD. $/SqFt Oct 15 YTD  is a 17% increase over Oct 14 YTD.

  • Projected FY 2015 sales = $2.35B vs. 2014 sales of $1.6B (previous best ever year)

Interest rate environment – Probabilities favor an increase by the Fed by EOY.  Then again, stop me if you’ve heard this one before.

Portland backlash – City of Portland enacted a 90-day notice rule for rent increases >5%.

YOUR PROPERTY – If you’d like a further breakdown on how in-demand your neighborhood is call.  Be aware of the current value of your apartment with unsolicited offers.  We offer valuations that include expense analysis with rent and sales comparables to back up any pricing.

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Oregon / Portland New Rules for Apt Owners

25 November 2015
2 Comments

Please download the PDF of a presentation by Leah Sykes of Hahs & Bittner on rule changes that will affect landlords in 2015 and 2016

<<<2015 Changes to Oregon Residential Landlord_19Nov15>>>

Portland backlash – City of Portland enacted a 90-day notice rule for rent increases >5% and no-cause evictions effective 14 Nov 15.

In addition, the state of Oregon has made changes effective 1 Jan 16.  Changes will affect:

  • Penalties
  • Damage assessments
  • What is a bedroom (don’t laugh)
  • Waivers
  • Timing of notices

If you’d like more information on:

– Details/background on individual sales in the report or

– A Free copy of our 80-page book – Buying, Selling and Operating Apartments Using Financial Analysis

Please contact me:

Steve Morris | Senior Advisor
Sperry Van Ness | Bluestone & Hockley
9320 SW Barbur Blvd, Suite 300
Portland, OR 97219
Phone: 503.970-4593 | Fax: 503.222.6459
steve.morris@svn.com | www.svnbluestone.com
OR License # 200202054 | WA License # 24512

All Sperry Van Ness®Offices Independently Owned and Operated

For the Oregon Real Estate Agency Pamphlet click here.
For the Washington Real Estate Agency Pamphlet click here. 


Portland Apartment Market (4 county area) Sales History 2007-2012

21 February 2014
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<<<Portland Apartment Market History_1March14>>>

RIGHT-CLICK ABOVE LINK (and save target) TO DOWNLOAD COMPLETE REPORT

Attached is a history of Portland apartment sales sorted by neighborhood from 2008 – 2013 of transactions > $450K.

The report covers the Portland Metro area – Clark (WA), Clackamas (OR), Multnomah (OR) and Washington (OR) counties

Contents Include

2008 – 2013 Portland Apartment Market History w/ Comments

2013 Portland Operating Dynamics Trends

2008 – 2013 Sales by County

2008 – 2013 Sales by Neighborhood

2008 – 2013 Sales by Complex Size

2008 – 2013 Sales by Decade Built

2008-2013 Summary by County and Totals


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