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Originally Posted by Jesus H Christ
That's not necessarily true because I own rental property up in his neck of the woods and for some odd reason that I don't understand, Portland never really was effected (as heavily) to the real estate market crash. In short, it really depends on where the property is at because I could put a for sale sign on my property and it would be sold by the weekend.
PDX is an odd place because you can own a nice size new apartment downtown on the river and lose your ass or you can own a 100 year old renovated house in the pearl district and it's worth a million dollars (or several) and they are in walking distance from each other. Depending on where Kane is at he just might of became a multimillionaire.
I could never really figure that place out or why property values hold because the people are weird, incredibly high unemployment, crushing property taxes, 8 months of the year is cold rain, and some of the dumbest liberal laws on the planet ie., bike laws and measure 11. The worst thing I hated about Portland/Oregon is they have the best/cheapest State medical care for the poor and a dumping ground for other states to rid themselves of their crazy relatives and for some reason it all blends naturally in Portland.
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It is a strange place. In the last election this state actually re-elected a governor who was not very good his first time in office and basically ran on a campaign saying he would raise taxes.
Also, like you say, it is a strange mix of people. Portland is one of the top cities in the world for transgender reassignment surgery. We also have more lesbians per capita than any other city in the nation. We have big taxes right now high unemployment and yet we have 2 bedroom apartments downtown still going for 700K.
Where I live the average house they would build would be a 3-4 bedroom that would sell for 180-300K, but the way my land sits they could probably fit 50-70 houses on it. There was a lot that sold a few years back (pre housing bubble burst) that was right down town and was about 3 acres in size for $850K. The owners had lived on it forever then the husband died of a heart attack and the wife decided to move out and sell the land (she was in her 60's) the developer snatched it up and put a lot of nice houses there that sold pretty quickly. So, in theory, if everything fell into place I could be looking at a pretty big payday, however it is still a ways down the road. If nothing else getting annexed should increase the value a little bit, then I just have to wait and see how things work out.