Comments on: Plenty of Room for Millionaires http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/ Portland Oregon Real Estate Resources Fri, 21 Nov 2008 22:18:17 +0000 http://wordpress.org/?v=2.6.3 By: James http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-32884 James Fri, 16 Nov 2007 16:55:00 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-32884 Thanks for the balanced report. Thanks for the balanced report.

]]> By: Jon http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31611 Jon Wed, 31 Oct 2007 16:04:22 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31611 Wow. Very interesting. This makes me curious, are the home in this price range seeing a greater increase in market time than homes under $1M? I would expect them to have a longer market time even in a hot market, but wondering if they have been impacted harder by the slowdown than the less costly properties. Thanks Ron for the insight. Jon Wow. Very interesting.

This makes me curious, are the home in this price range seeing a greater increase in market time than homes under $1M? I would expect them to have a longer market time even in a hot market, but wondering if they have been impacted harder by the slowdown than the less costly properties.

Thanks Ron for the insight.

Jon

]]> By: Hank http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31610 Hank Wed, 31 Oct 2007 15:34:37 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31610 Thanks for the added info Ron. And to Dennis's point -- I totally agree, and it reminds me of when I foolishly and stupidly left Oregon for SoCal in 2001 and I would drive through neighborhoods of nice, but middle class, homes at 800k (dozens of them) and I would think -- how is it that so many people can afford houses at these ridiculous prices. And I stretched myself, way over my head, to buy a house in that price range that I really couldn't afford, and three years later you couldn't find a house you'd want to live in in the same neighborhood for under 1.2M. But the interesting thing is how one's perspective changes. I'm not a rich guy -- far from it -- but I remember driving through my very pleasant but not extravagant neighborhood in the San Fernando Valley and if there was a house priced under 1M you would assume it was a crappy house. "Something has to be wrong if it's priced so low." So the moral of the story, I think is: If you bought a house in Portland for 100k 15 years ago and you sold it for 700k earlier this year, and you're still working, $1M doesn't seem all that expensive to you for a house. And when every house in your neighborhood is also priced above 700k, as Irvington for instance is today, then 700 seems very average and 1M merely a slight upgrade. It is easy for those homeowners, many of who are also not necessarily extraordinarily wealthy, to forget that a million dollars in an extraordinary amount of money. Thanks for the added info Ron. And to Dennis’s point — I totally agree, and it reminds me of when I foolishly and stupidly left Oregon for SoCal in 2001 and I would drive through neighborhoods of nice, but middle class, homes at 800k (dozens of them) and I would think — how is it that so many people can afford houses at these ridiculous prices. And I stretched myself, way over my head, to buy a house in that price range that I really couldn’t afford, and three years later you couldn’t find a house you’d want to live in in the same neighborhood for under 1.2M. But the interesting thing is how one’s perspective changes. I’m not a rich guy — far from it — but I remember driving through my very pleasant but not extravagant neighborhood in the San Fernando Valley and if there was a house priced under 1M you would assume it was a crappy house. “Something has to be wrong if it’s priced so low.” So the moral of the story, I think is: If you bought a house in Portland for 100k 15 years ago and you sold it for 700k earlier this year, and you’re still working, $1M doesn’t seem all that expensive to you for a house. And when every house in your neighborhood is also priced above 700k, as Irvington for instance is today, then 700 seems very average and 1M merely a slight upgrade. It is easy for those homeowners, many of who are also not necessarily extraordinarily wealthy, to forget that a million dollars in an extraordinary amount of money.

]]> By: Dennis http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31592 Dennis Wed, 31 Oct 2007 05:55:55 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31592 Good topic, I think you are correct that the job market does not necessarily support the jump in million plus dollar homes. People that have money like what Portland has to offer including the cities ambiance, strong economy, beautiful country in every direction and homes that even though they are priced over a million, they are a good value compared to other parts of the country in somewhat comparable cities. Good topic, I think you are correct that the job market does not necessarily support the jump in million plus dollar homes. People that have money like what Portland has to offer including the cities ambiance, strong economy, beautiful country in every direction and homes that even though they are priced over a million, they are a good value compared to other parts of the country in somewhat comparable cities.

]]> By: Ron Ares http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31582 Ron Ares Wed, 31 Oct 2007 03:57:54 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31582 Hank, A great question. The SE listings are a mix of big old homes, large developable parcels with tear-down on them, and, as expected a handful of Mt. Tabor, Garthwick and Sellwood listings. It's really a hodge-podge, and contains few real classics like found in NE neighborhoods like Irvington, Alameda, and Laurelhurst. The North PDX homes are harbor condos on Hayden Island. Hank,

A great question.

The SE listings are a mix of big old homes, large developable parcels with tear-down on them, and, as expected a handful of Mt. Tabor, Garthwick and Sellwood listings. It’s really a hodge-podge, and contains few real classics like found in NE neighborhoods like Irvington, Alameda, and Laurelhurst.

The North PDX homes are harbor condos on Hayden Island.

]]> By: Hank http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31573 Hank Tue, 30 Oct 2007 23:18:35 +0000 http://www.repdx.com/2007/10/29/plenty-of-room-for-millionaires/#comment-31573 Wow. Fascinating data. But help me with how SE Pdx has twice as many Million Dollar homes on the market as NE Pdx! I think I could even name 6 NE Pdx homes on the market for that much -- between Alameda, Irvington, and Laurelhurst, it's easy to think of 6. But where would one find TWELVE million dollar homes in my neck of the woods? Surely they can't all be in Eastmoreland and Waverly. Is there another neighborhood out there in SE that I'm forgetting? And Four in North Portland? Where???? Wow. Fascinating data.

But help me with how SE Pdx has twice as many Million Dollar homes on the market as NE Pdx! I think I could even name 6 NE Pdx homes on the market for that much — between Alameda, Irvington, and Laurelhurst, it’s easy to think of 6. But where would one find TWELVE million dollar homes in my neck of the woods? Surely they can’t all be in Eastmoreland and Waverly. Is there another neighborhood out there in SE that I’m forgetting?

And Four in North Portland? Where????

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