On The Market: Portland Area Homes For Sale With Huge Price Cuts

Imagine saving a half million dollars on most people’s biggest purchase: A home.

This might be the time: High-end properties are taking longer to sell in this slower market.

For years in the Portland area, residential properties were going fast and for high figures; some were the center of bidding wars.

Now that the market has slowed, buyers feel they have more power than in the past to negotiate on price, repairs or closing costs.

Sellers still have a slight advantage because of low inventory, but when offers aren’t rolling in, the asking price usually drops.

$309,000 price drop on Happy Valley vineyard estate

12177 S.E. Greiner Lane is for sale at $1,690,000, a reduction of $309,000 since being listed Sept. 4, 2019 for $1,999,999.

The four-level, vineyard estate, built in 2006 on one acre, has six bedrooms, six bathrooms and 10,071 square feet of living space. Pinot noir grapes grow on the property.

“Posh elegance of Italy overlooking sun-swept vistas leading to picturesque views. This hilltop home is a chef’s paradise. Next Generational living,” says listing agent Lizbeth Hale of Tree City Real Estate. Sellers are licensed agents in the state of Oregon.

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Windermere Realty Trust

$249,000 price drop on Dunthorpe Tudor

02206 S.W. Greenwood Road is for sale at $2,250,000, a reduction of $249,000 since being listed Feb. 18, 2019 for $2,499,000.

The three-level house, built in 1927 on 0.83 acres, has five bedrooms, five full bathrooms, two partial bathrooms and 5,920 square feet of living space.

“Once in a great while does a truly magnificent home such as this become available. This classic Tudor is sited perfectly in a stunning setting … And has a wonderful flowing floor plan that is perfectly suited for significant entertaining and delightful everyday living,” say listing agents Christi Lawrence and Karen Durrett of Windermere Realty Trust.

Hasson Company

$250,000 price drop on Fulton Park farmhouse

7615 S.W. Kelly Ave. Is for sale at $1 million, a reduction of $250,000 since being listed May 9, 2019 for $$1,250,000.

The Victorian farmhouse, built in 1877 on 0.32 wooded acres, has been restored and rebuilt for modern living.

The two-level house has three bedrooms, 2.5 bathrooms and 3,442 square feet of living space.

“Oversized garage-shop-carriage house with studio above complete with half bathroom makes the perfect overflow home business and creative space,” say listing agents Chris Bonner and Lee McKnight of Hasson Company.

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Keller Williams Realty Portland Premiere

$245,000 price drop on Irvington Victorian

1503 N.E. Schuyler St. Is for sale at $1,750,000, a reduction of $245,000 since being re-listed April 18, 2019 for $1,995,000.

The four-level Victorian-era house, built in 1906 on a 10,018-square-foot lot, has eight bedrooms, 9.5 bathrooms and 9,212 square feet of living space.

The master suite on the main level is attached to an office with a private door and plumbed for a kitchen.

The basement apartment has a kitchenette, full bathroom, laundry and private entrance.

“Awesome opportunity to own a fully furnished Victorian Bed and Breakfast or convert into condos or live in this amazing, Historic Irvington mansion,” say listing agents Marc Fox and Matthew Soukup of Keller Williams Realty Portland Premiere.

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Windermere Realty Trust

$235,000 price drop on Dunthorpe Country French

11355 S.W. Northgate Court is for sale at $1,650,000, a reduction of $235,000 since being listed May 6, 2019 for $1,885,000.

The three-level house, built in 1991 on 0.9 acres, has five bedrooms, 5.5 bathrooms and 6,772 square feet of living space including two bonus rooms and a wine cellar.

“Owners have done extensive updates which include major kitchen remodel custom cabinetry, marble counters, hardwood floors, stainless-steel appliances and multiple bathroom remodels. Lower level perfect for mother-n-law apartment or nanny quarters,” say listing agents Teri Nelson and Heather Jenkins of Windermere Realty Trust.

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Windermere Realty Trust

$202,000 price drop on Southwest Hills Craftsman

6330 S.W. Sweetbriar Court is for sale at $1,998,000, a reduction of $202,000 since being listed July 10, 2019 for $2.2 million.

The two-level Craftsman house, built in 2005 on 0.46 acres, has six bedrooms, five bathrooms and 6,238 square feet of living space.

The main level living includes a master suite, high-end kitchen, game room and fitness room.

The backyard has a splash pad, fire pit and a basketball court on modern etched concrete.

“Masterfully designed for higher expectations, this custom estate offers a stunning indoor outdoor lifestyle. Relax and enjoy the privacy,” says listing agent Dennis Laird of Windermere Realty Trust.

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Windermere Realty Trust

$200,000 price drop on Sauvie Island contemporary

14025 N.W. Charlton Road is for sale at $1,295,000, a reduction of $200,000 since being listed Nov. 8, 2018 for $1,495,000.

The two-level contemporary-style house, built in 1975 on 3.49 acres, has six bedrooms, four bathrooms and 4,673 square feet of living space.

The upper terrace overlooks an orchard. There is a detached two-bay shop with RV parking and office space.

“Portland’s rural oasis only 15 minutes from N.W. Portland, this private home boasts two master suites on the main level, floor-to-ceiling windows with mountain and pastoral views; sprawling entertaining spaces; a spacious great room and a gourmet kitchen,” says listing agent Matt Mahaffy of Windermere Realty Trust.

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Homeworthy Oregon

$150,100 price drop on Wilsonville Colonial

32035 S.W. Guiss Way is for sale at $799,900, a reduction of $150,100 since being listed Dec. 17 2019 for $950,000.

The two-level Georgian Colonial-style house, built in 1992 on a 8,712-square-foot lot, has three bedrooms, 2.5 bathrooms and 3,300 square feet of living space.

This private community area has walking paths, tennis courts and a community pool.

“The spacious, open home offers vaulted rooms, indoor vacuum system and fireplaces throughout,” says listing agent Jeanette Finn of Homeworthy Oregon LLC.

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RE/MAX Equity Group

$150,000 price drop on Vancouver daylight ranch

7711 S.E. 16th Circle is for sale at $1,850,000, a reduction of $150,000 since being listed May 15, 2019 for $2 million.

The two-level daylight ranch, built in 2010 on 0.31 acres on a cul-de-sac in a gated community, has four bedrooms, 3.5 bathrooms and 5,251 square feet of living space.

The master suite on the main floor has a fireplace and door to an 800-square-foot deck with views of of city lights, the Columbia River and Mount Hood.

“Huge great room with fireplace and bamboo flooring. Kitchen has a Wolf 6-gas burner stove, two-level granite island and Travertine floors. Owner carry contract,” says listing agent Terrie Cox of RE/MAX Equity Group.

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Windermere Realty Trust

$100,000 price drop on Hillside four-level

720 N.W. Warrenton Terrace is for sale at $1,495,000, a reduction of $100,000 since being listed Feb. 11, 2019 for $1,595,000.

The four-level, traditional house, built in 1930 on a 10,018-square-foot lot in Northwest Heights, has four bedrooms, 3.5 bathrooms and 5,248 square feet of living space. The house is listed on the National Register of Historic Places.

“Carefully improved throughout for today’s lifestyle. Updates include gourmet kitchen appliances, including Viking, Paykel and quartz countertops. Remodeled bedroom bathrooms, furnace/AC system and backyard fencing. Seller open to contingent offers,” say listing agents Libby Benz and Drew McCulloch of Windermere Realty Trust.

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Where, Inc.

$100,000 price drop on Cedar Hills-Cedar Mill traditional

749 S.W. 68th Terrace is for sale at $1,375,000, a reduction of $100,000 since being listed June 11, 2019 for $1,475,000.

The three-level, traditional house, built in 2008 on a 8,712-square-foot lot, has four bedrooms, 5.5 bathrooms and 4,595 square feet of living space including a home gym.

A covered backyard patio has an outdoor fireplace and grill.

“Remarkable attention to detail. Conveniently located on a beautiful street near both the Sunset Corridor and downtown, the home is perfectly positioned,” says listing agent Suzann Baricevic Murphy of Where, Inc.

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Cascade Sotheby’s International Realty

$100,000 price drop on Dunthorpe ranch

01610 S.W. Mary Failing Dr. Is for sale at $1,850,000, a reduction of $100,000 since being listed April 4, 2019 for $1,950,000.

The two-level, ranch-style house, built in 1957 on 0.61 acres, has five bedrooms, 4.5 bathrooms and 4,323 square feet of living space including a guest suite on the lower level and bonus room with an office.

“Bright remodeled kitchen with top-of-the-line appliances, open, flowing floor plan for living and entertaining, along with thoughtfully designed spaces for work and play,” says listing agent Kristen Kohnstamm of Cascade Sotheby’s International Realty.

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U.S. Inventory Of Homes For Sale Reaches Record Low

The nation’s inventory of homes for sale tumbled 14% in January, falling to the lowest level since at least 2012, according to a realtor.Com report.

The inventory of entry-level homes saw the steepest drop in the series that goes back to 2012, the report said. The supply of properties priced under $200,000 fell 19%, while homes priced $200,000 to $750,000 declined 12%.

A supply shortage is choking the housing market, as evidenced by December’s 4.9% drop in pending home sales, the largest in almost a decade, according to the National Association of Realtors.

Mortgage rates at three-month lows and a strong jobs market can’t help buyers if there aren’t enough homes to purchase. The increase in competition is worsening their plight by driving up prices, said Danielle Hale, realtor.Com’s chief economist.

“This is a challenging sign for the large numbers of Millennial and Gen Z buyers coming into the housing market this homebuying season as it implies the potential for rising prices and fast-selling homes – a competitive market,” Hale said.

The metro areas with the largest annualized inventory declines were San Jose, California, down 37.3%; Phoenix, Arizona, down 35.4%; and San Diego, California, with a decline of 34%.

Only two of the nation’s 50 largest metros saw inventory increases: Minneapolis, up 9.4%; and San Antonio, Texas, up 8.4%.

While the national median listing price increased 3.4% in January from a year earlier, the gain was more than 10% in 18 metros, the report said.

The median list price in Philadelphia jumped 16%, the report said. In Rochester, New York, the gain was 15% and in Phoenix it was 14.5%. Memphis, Tennessee, it was 13.7%, and in Indianapolis, Indiana, it was 12.9%.

The homebuilding industry, decimated during the housing crash, still hasn’t returned to a normal level of production that would meet the demand created by increasing household formation.

It looks like more builders will be getting off the sidelines this year. Single-family housing starts probably will rise to 975,000 this year, the highest level since 2007, according to a forecast from Fannie Mae. That would be a 10% gain from 2019.

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