Bidding wars: Portland homes with a private office, big yard are selling fast during the coronavirus – OregonLive

Bidding wars: Portland homes with a private office, big yard are selling fast during the coronavirus  OregonLive

Despite stay-at-home orders, the coronavirus pandemic, high unemployment and an unsure global economy, people are buying homes in Portland. The motivating factors: Historically low mortgage interest rates and the realization that shuttered offices and schools require more living space.

The right house on the market is selling fast and sometimes a bidding war breaks out, due to low inventory and pent-up demand.

A half-century-old ranch house in Portland’s Centennial Community received 13 offers over the first weekend it was listed. It sold for $40,000 over the asking price.

An updated daylight ranch-style house on 0.25 acres with a separate home office overlooking a pool — called “the ultimate work-from-home oasis,” by listing agent Deb Kemp of The Agency — received 14 offers in the first four days.

“People are willing to overpay for what they want because of lending rates,” says Israel Hill, the office leader of John L. Scott Real Estate’s Portland Northeast office.

He estimates $10,000 added to the cost of a house breaks down to $50 more a month with a 30-year mortgage. “If I’m saving $300 to $400 a month not eating out, I can buy a lot bigger house with a nice kitchen,” he says.

He and his team are seeing multiple offers in well-priced residential properties at the $700,000 range and under, especially if there is a studio to set up a work-efficient “zoom room,” as well as extra living space for family members and a large backyard.

Consumers, rather than investors, are generating most of the market activity by buying and selling homes, he says.

“The coronavirus has fundamentally changed how you view your house,” says Hill. “Before Covid-19, people wanted to walk to get coffee, delicious food, and join activities like movies in the park. Now that people are working, homeschooling and cooking at home, they wish they had a backyard to hang out in, and the open concept living space doesn’t give them privacy to conduct work calls.”

Hill says many people viewed their home as “an ATM,” drawing funds from it until the recession hit in 2007 and values plunged. After that, people wanted a lifestyle connected to neighborhoods and schools.

But with children attending web academies and parents authorized to work at home, they can live anywhere, he says, driving up demand for acreage and desire for suburbs and rural communities.

“Home shoppers are asking, ‘How can I live while lessening my contact with other people?‘” he says.

Here are some recent residential transactions in which Hill researched the number of offers received before one was accepted.

3619 S.E. Francis St. in the Creston-Kenilworth neighborhood received multiple offers.Kim Bryson/John L. Scott NE Portland

3619 S.E. Francis St. in Portland’s Creston-Kenilworth neighborhood received multiple offers and went pending after 13 days of being listed on June 12 at $899,900. It was relisted for sale on July 6.

The restored Craftsman house, built in 1907 on a 6,534-square-foot lot, has three separate units, each with a deck or yard space. There is a total of five bedrooms, three bathrooms and 3,550 square feet of living space plus laundry and storage in the basement.

“Gardeners’ paradise with lots of privacy, impeccably maintained. Don’t miss this investment opportunity,” says listing agent Kim Bryson of John L. Scott NE Portland.

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4806 N.E. 15th Ave. in Portland’s Vernon neighborhood received multiple offers.Mark Graalum/Cascade Sotheby’s International Realty

4806 N.E. 15th Ave. in Portland’s Vernon neighborhood received multiple offers when listed at $800,000 on June 25. It went pending after four days on the market.

The restored Craftsman house, built in 1911 on a 4,791-square-foot lot, has original wood floors, period lighting, a box-beam ceiling plus a remodeled kitchen with high-end Wolf and Miele appliances.

The master suite on the upper floor has a new bathroom and closets. There are three more bedrooms, two more bathrooms, a media room, wine cellar and laundry room across 2,690 square feet of living space.

Behind the private, fenced yard is a flagstone patio, fire pit and bocce ball court.

“All newer mechanicals, wood/fiberglass windows and roof. In the heart of Alberta, steps to galleries, coffee, eats, dining, pubs and groceries,” says listing agent Mark Graalum of Cascade Sotheby’s International Realty.

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2814 S.E. Market St. in Portland’s Hosford-Abernethy neighborhood received four offers.Michael Smira, Danny Sommers/John L. Scott NE Portland

2814 S.E. Market St. in Portland’s Hosford-Abernethy neighborhood was listed at $724,950 on June 25 and received four offers before one was accepted four days later.

The two-story, renovated Colonial-style house, built in 1926 on a 5,227-square-foot lot, has an updated kitchen, three bedrooms, two bathrooms and 2,094 square feet of living space.

The south-facing backyard has a patio and lawn.

“Tastefully renovated to highlight the original charm of this beautiful home in the heart of Colonial Heights. Could be possible for a detached studio space or ADU [accessory dwelling unit],” says listing agent Michael Smira with Danny Sommers of John L. Scott NE Portland.

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9031 S.W. 9th Dr. in Portland’s Marshall Park received an accepted offer after four days on the market.Deb Kemp/The Agency

9031 S.W. 9th Dr. in Portland’s Marshall Park received 14 offers when it was listed for sale at $699,500 on June 18, and an offer was accepted after four days on the market.

The updated daylight ranch-style house, built in 1978 on 0.25 acres, has four bedrooms, three bathrooms and 2,811 square feet of living space.

There is a pool, hot tub, sauna plus a detached studio.

“This fabulous property is an entertainer’s dream and the ultimate work-from-home oasis,” says listing agent Deb Kemp of The Agency.

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3377 S.E. Raymond St. in Portland’s Reed neighborhood went pending in three days with three offers.Michelle Maida/John L Scott Real Estate

3377 S.E. Raymond St. in Portland’s Reed neighborhood went pending in three days after receiving three offers. It was listed on June 4 at $675,000.

The midcentury modern house, built in 1957 on a 8,712-square-foot lot, has vaulted ceilings in the living room, original hardwood floors, a Roman brick fireplace plus three bedrooms, two full bathrooms, a powder room and 3,094 square feet of living space.

“The dining-kitchen area has sliders to a mature, private backyard. Incredible large master bedroom boasts sitting area and sliders to the backyard patio. The lower level with a brick fireplace could be an ADU [accessory dwelling unit], home office, rec room or more,” says listing agent Michelle Maida of John L Scott Real Estate.

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5115 S.W. 19th Dr. In Portland’s Hillsdale neighborhood received 11 offers after three days on the market.Kaleigh Poetsch/John L. Scott Market Center

5115 S.W. 19th Dr. In Portland’s Hillsdale neighborhood received 11 offers when listed at $550,000 on June 26. It went pending after three days on the market.

The daylight ranch-style house, built in 1954 on a 7,840-square-foot lot, has a retro-style family room with a fireplace, two bedrooms, 1.5 bathrooms on the main level and two bedrooms and one bathroom on the lower level with a total of 2,189 square feet of living space.

The living room on the main floor leads to a covered deck overlooking mature trees and a greenhouse.

“Sitting between Hillsdale and Healy Heights. Do not miss the extra storage space and workshop below the garage,” says listing agent Kaleigh Poetsch of John L. Scott Market Center.

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1615 S.E. 41st Ave. in Portland’s Richmond neighborhood received up to eight offers.Kevin Caplener, Jamie Marion/Windermere Realty Trust

1615 S.E. 41st Ave. in Portland’s Richmond neighborhood received up to eight offers when listed at $500,000 on June 25 before an offer was accepted four days later.

The bungalow, built in 1954 on a 3,920-square-foot lot, has three bedrooms, two bathrooms and 1,704 square feet of living space. The basement has an exterior entrance, full bathroom and family room with fireplace.

The landscaping is low maintenance.

“Located right in the sweet spot in between Hawthorne and Division business districts. Lovingly maintained by the same owner for 30 years,” says listing agent Kevin Caplener and Jamie Marion of Windermere Realty Trust.

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3115 S.E. 57th Ave. in Portland’s South Tabor neighborhood went pending in two days with multiple offers. Anthony Piff/MORE Realty

3115 S.E. 57th Ave. in Portland’s South Tabor neighborhood went pending in two days with multiple offers. It was listed at $420,000 on March 27 and sold for $436,500, which is an increase of 3.9% or $16,500.

The traditional-style house, built in 1945 on a 4,791-square-foot lot, has hardwood floors, an updated kitchen, three bedrooms, one bathroom and 2,020 square feet of living space.

“Spacious basement has a ton of potential, including a toilet that’s already plumbed. One block from Clinton Park and schools,” says listing agent Anthony Piff of MORE Realty.

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3305 N. Arlington Place in Portland’s Kenton neighborhood went pending with five offers after four days on the market.Adam Kaplan/John L. Scott NE Portland

3305 N. Arlington Place in Portland’s Kenton neighborhood went pending with five offers after four days on the market. It was listed at $425,000 on May 21 and sold for $451,000, which is an increase of 6.1% or $26,000.

The traditional-style, two-story house, built in 2002 on a 4,356-square-foot lot, has updated flooring, three bedrooms, 2.5 bathrooms and 1,550 square feet of living space.

There is an oversized garage and a professionally landscaped backyard.

“Walkable to everything Kenton has to offer, coffee shops, restaurants, retail and parks,” says listing agent Adam Kaplan of John L. Scott NE Portland.

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3703 S.E. 167th Ave. in Portland’s Centennial Community went pending over the first weekend it was listed at $350,000, with 13 offers.Michelle Maida/John L. Scott/Woodstock

3703 S.E. 167th Ave. in Portland’s Centennial Community received 13 offers over the first weekend, May 29-31, it was listed at $350,000. It sold for $390,000, which is an increase of 11.4% or $40,000.

The renovated ranch-style house, built in 1963 on a 7,405-square-foot lot, has vinyl plank flooring, remodeled kitchen, four bedrooms, two bathrooms and 1,729 square feet of living space.

There is a back deck overlooking a mature landscaped yard as well as two sheds, with power available to one of them.

“The oversized master suite has a sitting area, bathroom, walk-in closet and sliders to deck. This won’t last,” says listing agent Michelle Maida of John L. Scott/Woodstock.

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— Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

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