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April Market Update

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Its time again to look back at the numbers and see how healthy the real estate market is. With all the news about being in a bubble and an incoming crash, it is more important than ever to really look at past and present statistics. Let’s dive in to the numbers for April 2022!

Since November we have been seeing the inventory hover right around .8 months. This means if no one else listed their home, everything would be sold in less than a month. This is still true for April, but the number is climbing. When we have the stats out for May I expect the number to be closer to .9 or even 1. We have really been feeling the extra inventory and are so grateful for it.

The average sales price is up 13.4% compared to April of last year and a whopping 4% from just last month. The former is not surprising as we have been seeing double digit appreciation for the last couple years. The 4% increase from last month is astonishing, but not unbelievable. As soon as we saw the rates increase, we noticed people throwing out crazy offer numbers so they could lock their rate in. We noticed multiple homes that closed in this timeframe sold for around 30% over what they were listed for.

Summary

Now that everyone has settled into the newly increased rate hikes things are back to “Portland normal”. We are still seeing the really cute homes fly off the shelf for about 100k over asking price. Many people are still waiving some or all of their contingencies, and homes are getting multiple offers. The biggest difference is we are mostly seeing 2-3 offers instead of 20.

We expect this trend to continue as things settle a bit. We don’t expect to see any big drops or dips. Despite what major news outlets may be saying, the market correcting itself is a good things and will benefit everyone involved!

If you want specifics about what the changing market means for your home sale or purchase, we would be happy to chat with you! If you want to chat with a lender about your purchasing power, you can see who we trust here

Ripe Cooperative

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Hot Spot of the Week this week is OHSODELICIOUS market and bistro Ripe Cooperative. Naomi Pomeroy recently opened this adorable spot in the former location of epic dining destination Beast, and may I say I’m smitten?

We headed over to Ripe Cooperative for a ladies lunch recently. We were a little worried that there might be a long wait due to the small size plus the buzzworthy-ness, but they were actually able to get us in right away! They have a handful of small bistro tables indoors, plus covered and heated patio spots outside, so you are covered (haha) whatever your mood.

Upon walking in, the first things we noticed were the lovely wine selection and the smell of fresh focaccia. In addition to the bistro, Ripe Cooperative is also a marketplace. You can stop in and grab a well-curated bottle or a selection of delicious dishes to bring to your next dinner party. If you show up with Spinach and Dungeness Crab dip or Beet Pickled Deviled Eggs, I promise you will be everyone’s new best friend.

Once we were done ogling the 4 different focaccia varieties, we settled in and ordered a bottle of bubbles and some oysters to start. They had two different types of oysters, so we opted for a half dozen – 3 of each. They were super fresh and served with a champagne mignonette, the perfect pairing for the bubbles in our glasses.

Next, we moved on to lunch proper. As I mentioned, there were 4 focaccia options and they all sounded amazing. We ended up opting for the pesto, red onion, and gruyere. It was PERFECT. It was fluffy, with a wonderful bottom crust, and just the right amount of richness. We also tried out the chicories salad, which was tossed with walnuts, pancetta, parmesan, and aged balsamic. Delicious. The true star of lunch however, was the Dungeness Crab Roll. It was easily and by far the best crab roll I have ever had the pleasure to enjoy. With all of the rest of the food, I was grateful that we had split it 3 ways, but someday soon I will return to hog one all to myself.

I am not overstating it by saying that I am newly obsessed. For one, I cannot wait to return for another dining experience. But I also really can’t wait to try out all of their market options. This is going to be one of my new ‘go to’ spots, for sure.

Have you been over to try Ripe Cooperative yet? What was your favorite thing on the menu? Let us know in the comments! If you have not been, I highly recommend checking them out Here.

Market and Restaurant Combos

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As we know, Portland real estate can be expensive, so what better way to capitalize on your space than with a market and restaurant combo? These are wonderful places where you can enjoy a lovely meal in or grab some wonderful provisions to take home or both! Here is our list of best Portland Market and Restaurant Combos.

Coquine

6839 SE Belmont St

Cafe & Market Open Daily 9:30-2:30, Dinner Weds-Sat 5-10

Daytime casual café and market, Nighttime prix fixe New American dinner.

Flying Fish Company

3004 E Burnside St

Open 10-8 All Days except Tuesday

Fresh market with a focus on sustainable seafood and more.

Laurelhurst Market

3155 E Burnside St

Market Open Daily 10-10, Lunch 11-3, Dinner 5-10

Steakhouse and butcher shop with house-cured meats and unusual cuts.

Montelupo Italian Market

344 NE 28th Ave

Market Open Daily 8-8:30, Café 8-3, Dinner 5-8:30

Italian restaurant and market featuring deli, handmade pastas, and wine.

Petite Provence

4834 SE Division St * 3240 NE Sandy Blvd * 1824 NE Alberta

Division Mon-Fri 8-3, Sat & Sun 8-4 * Sandy Daily 8-3 * Alberta Tues-Sat 8-8, Sun & Mon 8-4

French Boulangerie and Patisserie featuring café, baked goods, brunch and lunch.

Portland Fish Market

4404 SE Woodstock Blvd

Open Daily 10-7, Fish & Chips Window 11:30-6:30

Fresh local seafood, specialty goods, and wine, plus a fish and chips window.

Ripe Cooperative

5425 NE 30th Ave

Weds-Sat 12-10, Sunday 12-5

Café and marketplace featuring fresh seafood, house made pastas, focaccia, and more.

Which of these market and restaurant combos are you most excited to check out? Let us know in the comments! And if we missed your personal favorite, be sure to reach out so we can check them out next!

Brasa Haya

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Hot Spot of the week this week is lovely Spanish restaurant Brasa Haya! Located in the old Beech Street Parlor space, Brasa Haya does it’s own playful take on tapas and pintxos and they do it well.

You can’t talk about Brasa Haya, of course, without mentioning the setting. It is located in an old 1906 foursquare home off of MLK, meaning that all of the dining areas are really converted rooms of the old house. They (or rather Beech Street before them) have added a beautiful wooden bar to the main level family room, but otherwise it generally feels like you could be headed to a dinner party at a friends home. Plus the wallpaper game here is top-notch.

The drinks list is understandably Spanish-driven, with a large selection of Spanish wines, a proper sherry list, and the ubiquitous Spanish coffee. Yet, we found quite a few fun surprises sprinkled throughout, like the Tensho Embassy (my cocktail of choice of the eve) which involved tequila, yellow chartreuse, and roasted miso. Once we finished cocktails, we ordered a lovely bottle of Cava to pair with the remainder of the courses.

The thing that I love most about tapas is that it is all built to share. I always want to try everything on the menu, and tapas restaurants are the only ones that let me even get close. That said, the portions here were not tiny and still quite filling, so try not to go too overboard, even when everything sounds too delicious.

We ended up trying the salt cod croquettes and the charred onion relish with ricotta on toast to start. Both were super tasty. Next, we had some of the roasted brussels sprouts with romesco (my favorite sauce in the world). Finally, we shared the salsify gratin with black trumpet mushrooms and preserved lemon. This one was so good but also so filling that we decided to skip the larger portions and head straight for dessert!

Dessert was a real treat. We went with the servers recommendation and had, what was more or less a wonderfully upscale and handmade version of a Dilly Bar. Pairing that with a Spanish coffee to round out the meal was definitely a genius move.

I cannot wait to head back to Brasa Haya and try the rest of the menu! Next time, I’m bringing a larger group so that we truly can order absolutely everything. Have you been to Brasa Haya yet? What was your fave? Let us know in the comments!

Love it or List it?

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I’m sure you’ve seen Love it or List it- where a family has totally outgrown their space but one of the partners just doesn’t want to leave, so they decide to renovate. 

And if the renovations aren’t fixing the issue, then, and only then, do they move…

While reality TV is fun to watch, the reality of living in a construction zone while shopping for a new house, isn’t.

That’s why I recommend doing one or the other. Let’s break it down.

A lot of times, people get frustrated with their space. They’ve had another baby, fallen out of love with their condo, or started dreaming of retiring in a smaller space near the beach. 

Whatever the reason, it’s very important to first identify WHY you are considering a move, and then go from there. 

Here’s five things to think about…

#1 Can it be fixed easily? 

If you want an updated kitchen, swapping out fixtures, painting cabinets, and buying new appliances is a pretty easy fix. But if you want a bigger kitchen, you’re going to have to move.

#2 Can you deal with contractors?

Hiring an interior designer or general contractor to manage your project will help, but renovations require you to work with multiple companies and contractors on a daily basis. And you’ll be totally dependent on their timeline, expertise, and quality of work. If you don’t want people coming in and out of your home for weeks on end, it may be time to move into a turn key home.

#3 Can you live with the mess? 

Renovations can be dusty and dirty and shrink an already hard-to-navigate environment. Tools will be everywhere, equipment will be everywhere, and people will be everywhere. Is a renovation going to get in the way of school, work, or travel? If so, something turnkey may be more appealing.

#4 Can you tolerate a move? 

You may dread the thought of having to pack up your entire home while paying a moving company thousands of dollars to pick up your heirloom armoire and try and make it through the front door. If this sounds unbearable to you, it may be cause to stay.

#5 Do you love your location? 

If the view, zoning, corner lot, or amazing neighbors are the reason why you moved to your current house to begin with, then moving may not be the answer. In this case, it would be better to renovate the inside of the home to match the amazing benefits of the outside of the home. 

No matter whether you decide to love it or list it, it’s important to have a good Realtor to help you understand how renovations will affect your home value and help you decide if you’re better off packing up or staying put. That’s where I can help.

If you’re thinking about making a move (or know someone who is), Please reach out! No pressure, no sales tactics, just helpful advice and the guidance you need!

And finally, if you’re not thinking about making a move just yet, feel free to save this page for future reference, so you can come back to it! 

If you want to get to know either of us better you can go to our pages Jessica or Tekela

Portland Distilleries

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Here in Portland we love our alcohol, distilleries are no different! Most people know Portland for our IPA’s or for our pinot noir, but we also make some incredible liquor! Sorted by location, here are some of the places we think you should visit! As a bonus, these distilleries are all a part of Portland’s distillery row, you can buy a passport and have many of the tasting fees waived, or get other fun perks! You can see all the details over on the website.

Freeland Spirits

  • 12-6 pm daily
  • 2671 NW Vaughn St
  • Women owned and operated
  • Gins and Bourbon

New Deal Distillery

  • 12-6 pm daily
  • 900 SE Salmon St

Vodka, whiskey, gin, rum, liqueurs, pre-made cocktails.

Westward Whiskey

  • 12-7 pm Thursday – Monday
  • 65 SE Washington St

A variety of whiskeys

Straightaway Cocktails

  • Hours vary, visit website for details
  • 901 SE Hawthorne Blvd

premixed cocktails made with various liquors

Stone Barn Brandyworks

  • 11-5 pm Monday – Friday, 12-5 Saturday and Sunday.
  • 3315 SE 19th Ave B

Brandy, Whiskey, Liqueurs

503 Distilling

  • 3-9 pm Thursday – Sunday
  • 4784 SE 17th Ave

Cocktails in a can!

Shine Distilling

  • 4-10 pm Wednesday – Sunday
  • 4232 N Williams Ave
  • LGBTQ owned and operated
  • Vodka, Gin, Whiskey

Wild Roots Spirits

  • 12-6 pm daily
  • 77 NE Grand Ave

Vodka, Gin, Vodka sodas

Aimsir Distilling

  • 4-10 pm Wednesday – Sunday
  • 2117 NE Oregon St

Gin, Whiskey, Bourbon

Aria Portland Dry Gin

  • 12-6 pm Daily
  • 2304 NW Savier St

Gin

Bull Run Distilling

  • 12 – 6 pm Wednesday – Sunday
  • 2259 NW Quimby St

Whiskey and Vodka

Did we miss anywhere that you love? Let us know in the comments!

Year End Market Update

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The year end numbers are out for the Portland market for 2021. The year was absolutely insane in many ways, so lets dive into the numbers!

year end review
Appreciation

Firstly, if you bought a house more than a year ago, you averaged a 15.8% appreciation. To put that into perspective a $500,000 house is now worth, on average, $580,000. Some areas are even seeing much higher numbers. For example, Oregon City and Troutdale both saw an average appreciation of over 19%. The rural areas around Mt. Hood are up over 30%. If Covid has taught us anything, it’s that people wanted more space. So rural areas had really aggressive bidding wars and some serious price jumps.

Average Home Price

The average home price in the Portland metro is now at $582,000. I know many people are waiting on the market to drop and this simply isn’t going to happen. It will cool down, especially as climbing interest rates push people out of the market, but prices will continue to climb and affordability will continue to be an issue. We predict that 2022 will be just as competitive as 2021 was. We are still seeing houses get bid up to 100k over list price in many instances, and almost everything is still getting multiple offers. If you are on the fence, now would be a good time to get off of it.

Average Days on Market

The average days on market dropped yet again to the lowest numbers on record. We had just over 2 weeks of inventory for the month of December. This isn’t surprising because it’s December, there are a lot of holidays, and not many people want to move during this time. We have seen a lot of houses coming on the market in the last couple weeks and that number will start to tick back up.

We hope these numbers help you to get a pulse on what is going on in and around Portland! If you want specific numbers for your neighborhood, let us know and we will happily send them over. If you need anything else real estate related, feel free to submit the form below and we will get right back to you!

Ready to jump in but want to know more about us? You can read about Jessica or Tekela! Also, if you need a lender, you can find some that we love HERE

Montelupo

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Hot Spot of the week is very cool Italian Market and
Restaurant, Montelupo! This great NE spot has a very neat business plan and something for every one of your needs. In the mornings, they have coffee and pastries, at night they have dine-in (and heated patio) delicious dinner, and throughout the day they have an excellent grab ‘n go market with wine and wonderful pantry goods. Recently, we took advantage of the heated dining tent and sampled a whole bunch of Montelupo’s dinner service and it was delish!

To start, of course, we tried a cocktail. I opted for the Daisy Chain, a bright and citrusy gin concoction that was too good not to down in about 3 minutes. To follow we ordered a bottle of prosecco, which was pleasantly crisp and complemented the rich food very well.

We wanted to try so many things on the menu that even after a lengthy ‘paring-down’ debate, we still definitely over-ordered. We were not sad about that however, as we got to have Montelupo lunch the next day! To start we went with the Dos Hermanos pull-apart bread, which is a must have in order to mop up sauces as well as eat plain with EVOO. We also got the burrata, which was delicious and fresh, served with olive, tomato aioli, and greens. We also had the arancini, stuffes with rice, bay shrimp, and cheese. Finally, we tried the roasted and carrot with sunchokes (a new favorite) accompanied by tahini and gremolata. The starters were all wonderful and also quite filling.

Even though we were practically stuffed at this point, you can’t go to an Italian restaurant and not try the pasta! We went for the pappardelle, prepared with braised pork ragu and a broccollini-basil pesto for one. For our second choice we tried the fusilli with wild mushrooms, parsnips and cream. The pastas were both well-prepared and the ingredients did not overwhelm with flavor, instead letting the noodles shine.

Too full to even think about dessert, we grabbed an extra bottle of bubbles to go from the market inside and headed home to sip and plan out our next visit. Want to check out Montelupo Italian Market? You can head right over Here.

Do you know a Hot Spot that we should checkout next? Let us know in the comments below!