Despite the fact that Portland is growing rapidly real estate prices for residential and commercial property there are still reasonable. For this, and several other reasons, Portland may be the place for many buyers and investors this coming year. While the rest of the country reels under the weight of foreclosures, Portland has faired much better. This, and its potential job market, are two big reasons many investors are taking a second look. And more recent pricing drops have surely made Portland one of the real estate investment targets in the country. Let's see why.
The Oregon Employment office gives figures that show that there could be over 200,000 new jobs created in the Portland area by the year 2020. Portland has also recently seen an economic growth rate of 7 percent, while the rest of the country has been buried deep in the recession. The economic problems of California has caused many blue-chip companies to relocating to Portland and there is a feeling that this area may actually become the new Silicon Valley. As you can see, Portland is emerging as a new and powerful housing market too.
Its close proximity of the ocean has helped Portland gain a reputation as a friendly and active town. Water sports have a way of doing that to a place after all. Entertainment in Portland too, is about as diverse and eclectic as you can imagine, and everything from shopping to ski resorts are only minutes away.
During the winter you can enjoy the numerous Winter sports resorts to be found close by. And for those more inclined to shop until they drop, Portland has shopping malls, cafes, boutiques, fashion shops, department stores, eating venues, and other all day buying opportunities to match any major city in the world. For the indoor or outdoorsman, Portland offers the gambit of activity, take in the Zoo, or enjoy the 3D center for art and photography, the city has its share of everything cultural and action packed. And in terms of American history and culture the center for art and photography is a unique museum and features photography technology that goes all the way back to the civil war and compares them with those found today.
The commercial and business real estate advantages of Portland are fairly obvious. But, purchasing residential real estate in Portland as maybe even more dynamic a market. One reason for the city's appeal is those multitude of activities and amenities mentioned, but another is the pictureque beauty of the place. Portland is actually a stunning city to live in. Where the wilderness, meets cosmopolitan life, and then both these meet the Pacific Ocean - well, the combination is quite stunning. But there is more, much more....
Portland is truly one of the greenest cities in the United States. Besides being considered one of the most environmentally friendly places to live, and the aforementioned grandeur of the place, the City of Roses has an indiscernible character only the residents there can describe. A shining city at the confluence of the great Willamette and Columbia rivers, Portland is and always has been a great place to live, work, and play.
For most investors or even potential home buyers though, the prime mover for buying in Portland is going to be value. And in the end, because of all the factors listed - on top of fantastic price drops in the city - there may be no better "buyer's market" than Portland, Oregon. In a recent article at Seeking Alpha, Leith van Onselen uncovers the grissly truth about the US housing market, not too many want to acknowledge.
Aside the greater implications though, this report reveals Portland as a veritable "blue light special" where quality location rests atop home price. Of particular note here, since October house prices in Atlanta, Charlotte, Miami, Portland, Seattle and Tampa have fallen to their lowest since the big recession began. If there ever were an "up" side, to an economy on the "down" side, superb real estate that is affordable is it. JMA Properties' website offers a nice view of what is available on the Portland market.