ONLY IN PORTLAND!!

We're number one.

Portland's status as the world's preeminent tree-hugging destination is now official.

Guinness World Records, the collector and officiant of records big and small, recognized Portland's 2013 summer tree hugging event as a world record.

Last July, 936 people simultaneously hugged a tree at Portland's Washington Park for one minute.

The July 20th event, put on by the Hoyt Arboretum, Treecology Inc, and Friends of Trees, shattered the previous record of 720 tree-huggers. The United Kingdomheld the previous mark, set in 2011.

It can take months for Guinness to confirm a record, even then, records often switch hands multiple times during the course of several years. 

Scotland attempted to break Portland's record just a few months after last summer's event but fell short.

Did you miss the event last year and feel like hugging a big old tree? Don't fret.

Portland will look to build on its record on July 12, according to the Bureau of Environmental Services' website.

*courtesy of oregonlive.com

5 THINGS EVERY FIRST TIME HOME BUYERS SHOULD DO

It's never too soon to start planning ahead if you hope to buy your first home within the next year.

That's the key message that real estate and mortgage brokers say prospective first-time homebuyers should take away from any preliminary thoughts or discussions about buying.

Variables such as loan-qualifying guidelines, interest rates and house prices aren't within your control and might change before you're ready to move forward. But it's still smart to start educating yourself about factors you can control, such as your down payment, credit score and housing needs and wants, as early as possible, says Julie Miller, branch manager at Broadview Mortgage in Tustin, Calif.

"It's important to have a plan in place to ensure you're on the right track for qualifying for a mortgage," Miller says.

1. Find out how much you can borrow

To come up with your one-year plan, you'll need to talk to a lender or mortgage broker who will help you figure out what type of home loan will meet your needs and how much you can borrow to buy a home based on your personal financial situation.

• Check out current interest rates 

"You'll get to find out: Are you qualified for a $300,000 house or $400,000 house? And, based on your current credit, how much would that price require you to put down and what would your payment look like?" Miller says. "You'll have a much better idea of the guidelines for the different types of loans and what will be required to get the loan you'd really like."

The mortgage pro can also help you review your credit history so you can dispute any errors and make other changes that will better position you to purchase a home.

2. Decide where you want to liveBy setting your target price range early, you'll spend less time finding the specific house you want, says Tim Deihl, an associate broker at Gibson Sotheby's International Realty in Boston.

•  Find homes for sale now

Starting early can also help you figure out whether you want to live in a denser, more walkable community or a spread-out place where you'll have to drive to shops and other amenities. Think about whether you want to live in a certain school district or near a particular public transit line.

"You can never fine-tune your search too early," Deihl says. "Having a good idea of the type of neighborhood you're looking for and the qualities within that neighborhood that are preferences versus must-haves is really important."

3. Find a no-pressure agent

Once you've settled on an area, talk to one or more real estate agents. Select the agent you want and rule out agents who won't be patient with you, Deihl says.

•  What agents do for buyers

"If you're working with an agent who's going to push you into making a decision when you're not ready, you're probably not working with the right agent," he says. "Be happy you sat down with them a year ahead of time rather than three months ahead of time because you can cross them off your list."

4. Tap hidden housing market

Connecting early with an agent who's familiar with the area you've targeted can also help you find out about homes that aren't yet listed or are pocket, or so-called off-market, listings, says Ken Pozek, a real estate agent with Keller Williams Realty in Northville, Mich.

•  What are homes worth near you?

During the planning stage, take advantage of open houses, which are public invitations for prospective buyers to walk through for-sale homes and meet the agents who represent those properties' sellers.

"Open houses are more popular than ever," Pozek says, "and the agent is there to educate you."

5. Research homes online

If you'd rather shop online, you can research neighborhoods, homes and agents on real estate websites that contain a wealth of information and data. A caveat is in order, however.

"Early in the stages of looking for a home, online is a great place to start. You get a good general sense," Pozek says. "Unfortunately, there is also a lot of bad information on real estate websites. There is possibly a lot of false hope there. Realize that not everything you see online is 100 percent accurate."

•  Some of the world's worst listing photos

Some homebuyers take an analytical approach to house-shopping, putting together lists of neighborhood and home characteristics they need and want. Other buyers are more emotional about their decision.

Either way, preparation is crucial because, as Pozek adds, "it's a seller's market, so you don't have a lot of time to lollygag and try to make a decision" when you do decide to buy.

*courtesy of MSN Real Estate

ST. PATRICK'S DAY EVENTS IN PORTLAND

• March 14-17: St. Patrick’s Day Festival @ Kells Irish Pub | Boxing, Live Music, Beer, Irish Dance, Timbers
• March 14-17: St. Patrick’s Day Weekend @ The EastBurn | Whiskey’s Lament, The Israelites, DJ Kenny, Corned Beer + Colcannon
• March 14-15, 17: Get Sham-rocked on Portland St. Patrick’s Day Bar Crawl w/ BarCrawls.com | Drink Specials, No Cover, Promo / Discount Code, 3-Day Pass
• March 15: Special St Patrick’s Tour –Shanghaiers, Saloons & Skullduggery: A Walking Tour of Portland’s Sinful Past | Kick A** Oregon History Historian Doug Kenck-Crispin
• March 15: St. Patrick’s Day Pub Crawl w/ Shanghai Portland Party Bus | Flair Contest, A Wild Ride to Several Bars
• March 15: Faux Patrique’s-An Un-St. Paddy’s Day Tour w/ Portland Short Bus | 5 Hours, 5-6 Stops, Hip Bars, Dives
• March 17: St. Patrick’s Day: St. Paddy’s Day Rip w/ Portland Short Bus | 5-6 Stops, Hip Bars, Vietnamese Dives
• March 17: Po’shines & the Youth of Celebration Tabernacle Church St. Patrick’s Day Dinner Benefit | 5-9 p.m. (more info)
• March 17: St. Patrick’s Day @ McMenamins | Free, Live Music, Irish Stout, Irish Dancers, Food Specials

WHAT BUYERS SHOULD WATCH FOR WHEN IT COMES TO HOME INSPECTIONS

Indeed, more than 40 percent of the previously owned homes on the market have at least one serious defect, according to HouseMaster, a major home inspection company with offices in more than 390 cities in the United States and Canada.

"Virtually every 'used' home needs some repair or improvement," said Kathleen Kuhn, CEO and president of HouseMaster. "That's to be expected. But with today's high prices, you want to make sure that you are aware of any major problems in a house you are considering purchasing, and what it will take to remedy the situation."

Drawing from their own findings from more than one million home inspections, HouseMaster says the most serious home defects to be on the lookout for are:

1. Cracked heater exchange
2. Failing air-conditioning compressor
3. Environmental hazards including radon, water contamination, asbestos, lead paint, and underground storage tanks
4. Moisture in the basement
5. Defective roofing and/or flashings
6. Insect infestation -- termites or carpenter ants
7. Mixed plumbing
8. Aluminum wiring
9. Horizontal foundation cracks
10. Major house settlement
11. Undersized electrical system
12. Chimney settling or separation

Kuhn says most of these problems can be repaired. However, depending on the specific problem, the cost can be substantial, particularly if the defect involves one of the major systems. The cost could become a factor in whether you ultimately buy the house.

For example, a new air conditioning compressor could cost you up to $1,200. A new roof or repairs can cost at least several thousand dollars. A wet basement could cost up to $5,000 to remedy.

If you enter negotiations to buy a particular house, your agent should advise you to provide a provision for renegotiating or backing out of the contract if a home inspector finds major problems.

"If the property inspectors find that little or no corrective work is required, you have little or nothing to negotiate," say Eric Tyson and Ray Brown in their book, Homebuying for Dummies. "Suppose, however, that your inspectors discover the $200,000 house you want to buy needs $20,000 of corrective work for termite and dry-rot damage, foundation repairs, and a new roof. Big corrective work bills can be deal killers."

If repairs are needed, there are several ways to proceed if you still want to buy the house, the Dummies book advises.

• The sellers can leave enough money in escrow to cover the cost of repairs, with instructions for the escrow officer to pay the contractors as the work is completed.

• The lender can withhold part of the full loan amount in a passbook savings account until the work has been done.

• The sellers may give a credit for the work. Lenders may disapprove of this last alternative because there aren't assurances that the repairs will be made.

A home inspection usually costs between $250 and $400. Hire a qualified inspector. Try to get referrals from friends or anyone you know who has had a satisfactory experience with a home inspector. Also, look for affiliations with organizations like the American Society of Home Inspectors or the American Association of Home Inspectors. Both groups require its members to be certified, meet professional qualifications, and adhere to specific business ethics.

Once you make an appointment with a home inspector, it's important to be there.

Your investment of spending these few hours with the inspector could prevent headaches and save time in the future. As the home inspector examines the various systems and components of your home, ask him or her to explain what problems may be encountered down the road, what signs to look for, and how to prevent them. Try to learn how things work and how to maintain them. The inspector may also point out little flaws or oddities that don't measure up to being mentioned in the report, but may warrant keeping an eye on.

Says Kuhn of HouseMasters, "A pre-purchase inspection is your best protection against buying a home based more on emotions, rather than as a sound investment."

*courtesy of Realtor.com

COSTS TO CONSIDER FOR FIRST TIME HOME BUYERS

When Katie Cody bought her first home, she thought she knew everything there was about taking care of one. As a spokesperson for Lowe's, the national home and hardware chain, she was steeped in the ins and outs of home maintenance.

But even she wasn't prepared for everything that comes along with a first home--the work or the hidden costs. "I had no idea how much is involved in yard work, especially during the summer months," she said from her office in Mooresville, N.C. "Besides cutting the lawn every week, you have to mulch, and plant, and trim. There are just so many things I never thought of."

Most first-time homebuyers are focused on saving for a down payment and qualifying for a mortgage, and once they get past those financial hurdles, they think they are home free. But, say experts, as the owner of a first home -- whether it is a newly built home or a charming 1930s bungalow -- you need to think beyond that first mortgage payment when determining how much money you need to have available.

"Most financial experts say to have three to six months worth of mortgage payments in an emergency fund," says Michele Lerner, a real estate expert and author of "Homebuying: Tough Times, First Time, Any Time."

Lerner said that the best way for a first-time homebuyer to become aware of the peripheral costs of owning a home -- expenses beyond the mortgage, taxes and insurance -- is to talk to a few key people before you buy your first home. Your real estate agent, home inspector and the sellers of the home that you are purchasing all have critical information that will help you determine the real cost of owning a home.

"Real estate agents know what goes on in a community in terms of town or housing association fees," Lerner explains. "They can tell you if garbage pickup is provided by the town, and is paid as part of your taxes, or if you will pay a private company. Is the house on a private road? What's the snow-removal policy? These are expenses you need to be aware of."

What else should prospective first home owners know? Lerner suggests that buyers ask the following questions before taking ownership, to understand the true cost of owning a first home.


When were appliances and major systems last repaired or replaced?

Bigger expenses, such as structural repairs and replacement of big-ticket items such as hot water heaters and appliances, are harder to predict. "When you are touring a home, ask the owner how old the appliances are, when the roof was last repaired, how the furnace has been maintained," said Lerner. "If work was recently done, there might be warranties. They are the best source for information like this."


What are the average monthly utility bills?

Ask your real estate agent or the home seller for the average cost of utility bills: that includes gas, electric, water, even cable and Internet. There are many apartment dwellers who have never seen a gas or electric bill. And even for those who have, the costs of heating and cooling your first home might come as a shock.


Who are your repair people?

The seller is also a good source for a list of repair people for you to have. Because when the sink backs up as you are preparing Thanksgiving dinner, you need to know the name of a local, reliable plumber. As a first-time homeowner, it's also helpful to have the names of service people -- think plumber, electrician, landscaper, handyman, appliance repairman -- who are familiar with your home. They can be a good source when you can't find the water shut-off valve, or to tell you how to turn on the furnace that first cold day in October.


Get a home inspection

Not exactly a question, but another source for answers. When you do decide on that first home, be sure to have a home inspection. "These people can tell a lot about the condition of things, such as the heating and air conditioning system, the plumbing, and structural issues of the home," says Lerner. "They can tell you that you will need a new hot water heater and how much it will cost. Attend the home inspection and take notes."

That goes for both new homes and older homes, she said. "With a newly built home, you think you won't have any problems, but you don't know if someone made a mistake. It's better to be prepared, and at least get familiar with the house."

For Cody, buying her first home was "exciting, but overwhelming. There is always something to deal with. You have to become an expert pretty quickly." And the best way to become an expert is to ask the right questions before you buy.


*courtesy of AOL Real Estate

FIRST TIME HOME BUYER MAINTENANCE TIPS

First-time buyer Anna Daugherty learned the hard way that home maintenance is a new owner's responsibility. "One thing we completely forgot about was actually very simple. We forgot to get a shovel," says the Lansing, MI, resident. "This weekend, we had seven inches of snow fall in a short amount of time, burying us in snow--and no shovel!"

While going from being a renter to a first-time buyer is a transformative experience, it also brings a whole new set of home maintenance responsibilities. With no more 1-800-Landlord number to call when things go wrong or need repair, you're now fully in charge of maintaining this most important asset.

Just as the joys of home ownership appear in ways large and small, so do home maintenance needs and expenses. Here are tips to help first-time buyers stay on top of home maintenance tasks.
Gear up for every need: Home maintenance is a year-round job, so invest in the tools you'll need to tackle typical projects.

Avoid problems with snow days and other seasonal challenges by gearing up with a set of basic hand tools and an arsenal of lawn and garden implements. And while you're at it, invest in a storage system for home maintenance equipment that keeps everything neat and within reach, whether in your garage or a stand-alone tool shed.

Get to know the pros: First-time buyers can also be prepared by assembling your very own "home team" of contractors and servicepeople well before you ever need them. Find local home maintenance specialists through the recommendations of family and friends, and by connecting with referral services like ServiceMagic. The Realtor who helped you find your new home can also put you in touch with pros whose work quality and ethics can be trusted.

"Put your resources in your Realtor to obtain a list of favorite painters, plumbers, electricians and handymen because then you know you've got referrals from someone you can trust, and typically, that's the kind of person you want to do business with," says Diann Patton, Coldwell Banker Real Estate's consumer specialist and the sales manager/broker/owner in Grass Valley, CA.

Understand your home's operating systems: Understanding the basics of your home's mechanical systems is a must for first-time buyers, even if you call a pro for major home maintenance and repair issues. Know where your main water line is and how to shut it off in an emergency. Get acquainted with the fuse or breaker box, and label essential and non-essential systems for quick reference and energy-saving shutdowns when you're away for extended periods of time. Set a routine for heating and cooling system maintenance, including annual tune-ups by an HVAC contractor, frequent filter changes, and sealing leaky ductwork.

Maintain the exterior: Your home's "envelope" requires care not only for curb appeal but also to protect its structural elements and energy efficiency. Immediately address such regular home maintenance issues as damaged siding, clogged gutters and insufficient grading that keeps water near the structure. Also do a regular, thorough check of your roof's condition so that you can address trouble spots and stay ahead of repair needs.

Make utility bills manageable: Unlike most rental situations, home ownership puts you in charge of covering all utilities. If you're a first-time buyer with sticker shock when you get your power and water bills, take steps to manage your energy dollars as well as home comfort. Budget for foreseeable seasonal fluctuations in energy needs (like summer cooling and winter heating), and check into plans offered by local utility providers that allow you to distribute costs evenly over a 12-month period rather than paying right-now prices. Also look for ways to trim costs with minor energy-saving improvements, like installing a programmable thermostat or fitting the bath with WaterSense-approved fixtures.

Establish a contingency fund: Even if you're in a brand-new home that's under warranty, it's wise to have a contingency fund for the unexpected home maintenance expenses that invariably crop up.

"You really have no idea what could or might go wrong," advises Patton. "For instance in my community just a couple of weeks ago, we had a horrific snowstorm that actually put trees down through a lot of people's roofs...How do you plan for that? Fortunately as a homeowner, you have insurance to deal with those issues, but you want to have contingency funds to cover your deductible if you have an insurance claim, for plumbing leaks or roof leaks--anything like that."

Maintaining such a financial safety net will come in handy when you least expect it, and also provide backup as you approach longer-term home improvement needs and decisions. Add this critical element to your home maintenance strategy, and you'll be able to relax and enjoy the privileges of home ownership all the more.

THE PORTLAND HOUSING MARKET IS HOT, HOT, HOT!

In the Portland State University Center for Real Estate single family housing report, RMLS student fellow Evan Abramowitz reports that all major US metropolitan markets have seen appreciation in the last year, and foreclosure activity is at the lowest level since before the recession in 2008. Portland remains one of the hottest markets in the United States, with the year on year appreciation at 14.1% using National Association of Realtor data, 12.4% using the Case-Shiller repeat sales index, and 22.0% using Abramowitz’ analysis of RMLS data for the three-county region. Unlike most US markets, prices in Portland market are higher today than prior to the recession. At the same time, this increase in prices hasn’t led to a robust recovery in construction activity. While building permits have risen in the last year, they remain less than half the level in the boom period of 2003-07.
Outside of the three-county Portland area, Abramowitz finds sharp increases in housing prices in all the major markets in the state and region, with the following median levels: Portland area, $334,350; Bend, $280,000; Vancouver suburbs, $279,900; Benton County, $248,000; Eugene-Springfield, $244,300; City of Vancouver, $231,140; Redmond, $180,900; Salem $177,000, Marion County, $170,000, and Linn County, $155,000. Abramowitz discovered that new home prices in Portland in the last quarter only barely exceeded those of existing homes ($334,350 vs. $327,000), suggesting that developers have focused on constructing smaller homes than previously. Historically, new homes have sold for a premium of approximately $50,000 over existing homes.
In the multi-family housing report, Abramowitz reports the Portland-area apartment vacancy rates have remained low at 3.1%, considerably below the national average of 4.3%. Abramowitz finds that multi-family permit activity is rising quickly and cites the work of Portland apartment specialists, Mark and Patrick Barry, who see an accelerating new apartments being proposed, permitted, built, and opened, particularly in close-in East Portland neighborhoods. They anticipate vacancy rates reaching 5.5% by the end of 2015.
In the office market report, Oregon Association of Realtors Student Fellow Geoff Falkenberg finds that the office market has experienced a fourth year of positive net absorption with only a 0.2% increase in the stock of space in the last year. As a result, rents are rising by 5% for CBD class A space and 4.5% for Class B. Vacancy rates for the CBD remain lower (8.7%) than suburban markets like the Sunset Corridor (12.5%) and Kruse Way (15.4%). These patterns may change as the Edith Green redevelopment and the Park Avenue West projects are completed.
In his industrial report, Falkenberg reports that vacancy rates have remained at a low level of 6.7% in the Portland market, the lowest level since 2008, and much lower than rates in Seattle, 15.5%; San Francisco, 9.1%; and Los Angeles 16.7%. While rents haven’t moved much, the tight conditions are leading to new construction. Falkenberg reports the groundbreaking by Capstone Partners of the first speculative industrial warehouse in the Portland market since 2007.
In his retail report, Falkenberg finds that vacancy rates for retail space have remained stubbornly high at 6.15%,  However, average rents have remained at the $16.00 per square foot rate for the last two years, well below the $18.00 per square foot level they commanded in 2008-09. This suggests that landlords are keeping their space active by cutting rents. In that environment, little new construction activity is anticipated.
The Center for Real Estate Quarterly Report is produced with the assistance of the Oregon Association of Realtors.



*courtesy of Oregon Business Report