Join our FREE Investing in Real Estate Class Sign Me Up
Select Page

News Feature: On the market: Portland homes priced at $500,000 are selling during the coronavirus crisis

by | Apr 7, 2020 | Blog, Uncategorized

From The Oregonian/Oregonlive   |  Read the full article here

How’s the coronavirus pandemic, plummeting retirement savings and massive layoffs impacting Portland residential real estate? “Things are certainly not business as usual,” says broker Nick Krautter of City and State Real Estate, “but Portland real estate is staying strong. Very strong it turns out.”

Krautter has been tracking new listings, closed sales and properties in which an offer has been accepted week by week, and he says the results are surprising.

Between March 25-31, 94 residential properties sold for an average of 102% of the asking price, another indication that it’s a seller’s market as inventory remains low. During those seven days, there were 132 active listings and 126 homes went under contract with offers.

Mortgage options are slowing interest in homes listed above $800,000. “The jumbo loan market is almost completely gone, so higher-priced homes are going to struggle,” says Krautter, “while conforming loans of $511,000 and under are seeing rates in the low 3% range, which makes the average house more affordable in 2020 than it was in 2019.”

Here are [some] examples of Portland homes priced around $500,000:

Under $500,000

7651 N. Westanna Ave. is listed at $449,000 by Nick Krautter with Jordan Fezler of City and State Real Estate.City and State Real Estate

7651 N. Westanna Ave. in North Portland’s Portsmouth neighborhood is listed at $449,000. The two-level condo, built in 2018, has four bedrooms, three bathrooms and 1,816 square feet of living space.

“The never-been-lived-in boutique condo in the charming St. Johns neighborhood has a spacious kitchen and private balcony overlooking a large, shared backyard,” says listing agent Nick Krautter with Jordan Fezler of City and State Real Estate. Homeowners association fees are $305 a month.

Under $500,000

3621 S.E. 50th Ave. in Southeast Portland’s Creston-Kenilworth neighborhood, is listed at $408,000 by Nick Krautter, with Glenn Matz PC of City and State Real Estate.City and State Real Estate

3621 S.E. 50th Ave. in Southeast Portland’s Creston-Kenilworth neighborhood is listed at $408,000. The bungalow, built in 1925 on a 3,920-square-foot lot, has refinished floors, new paint, an updated kitchen with a nook and original built-in cabinets plus two bedrooms, one bathroom and 2,088 square feet of living space.

The fenced yard has a fig tree, raspberries plants and flowers.

“There’s a partially finished basement with office space and a soundproofed room for the band,” says listing agent Nick Krautter with Glenn Matz PC of City and State Real Estate

–Janet Eastman | 503-294-4072 @janeteastman


Learning Center:

Advice, Opinions, and Market Reports about the Oregon and Washington Real Estate Market

Portland Luxury Condo Market Analysis

  2020 was a rough year with the pandemic, social unrest, and the closure of many restaurants and retail businesses. Nowhere was the impact more acute than in downtown urban areas across the country. Read the full  luxury condo report here to view the pre and post...

How To Buy & Sell at the Same Time

  How to buy a home when you already own a home: Have you been dreaming of your next home, but you’re not sure what to do with your current home? You’ve heard that it’s a sellers market, but what does that mean if you also need to buy?  There are three options to...

How To Retire for Real Estate Agents

Our CEO and Best Selling Author of The Golden Handoff, Nick Krautter, talks with Justin Stoddart on the Think Bigger Real Estate Show to review his revolutionary model that helps real estate agents grow their business while simultaneously helping other agents rapidly...

Start Your Search Today

For a Confidential Meeting contact:

Nick Krautter, CCIM

Principal Broker in Oregon/President

Managing Broker in Washington