Friday, November 30, 2018
Stark Street Station’s operations required adjustment for costs associated with capital improvements and owner-management. HFO Investment Real Estate worked with investors familiar with outer eastside neighborhoods of Portland and Gresham to complete a successful sale of the asset.
Wednesday, November 28, 2018
The ordinance requires:
- 20-day notice to vacate and relocation assistance for low-income tenants authorized by RCW 59.18.440, when a landlord intends to change the use, substantially rehabilitate, or demolish a dwelling unit.
- 60-day notice to vacate for no-cause eviction
- 60-day notice requirement for rent increase
- Distribute certain information
- Prohibits retaliation
- Allows installment payments for various deposits and fees
- Provides authority to enforce violations, as well as codification of relocation assistance when the City declares a building uninhabitable.
The code passed unanimously on November 20th and replaces the city's temporary protections that sunset on January 31, 2019.
Tuesday, November 27, 2018
Monday, November 26, 2018
Portland Tribune: Lawsuit Threatened Against City of Portland Over Unreinforced Masonry Warning Signs
Angie Even of Save Portland Buildings offers a recap and update on the status of the City of Portland's regulations on unreinforced masonry buildings inside the city limits of Portland.
Wednesday, November 21, 2018
The Blake was placed under contract off-market and was an exchange for the buyer. The newest phase of the property was under lease-up during escrow and operations were not fully stabilized as a result. These unstabilized operations challenged the property’s ability to place new debt. HFO worked with the management company and seller to help the lender achieve maximum value.
Monday, November 19, 2018
This week: Oregon economists are predicting that the state's economic growth will start to slow over the next two years, but do not anticipate a recession; local transportation advocacy groups are supportive of Portland's Central City in Motion plan, but have expressed concerns over a recently released parking loss mitigation strategy; and a new report in the Journal of Planning Education and Research finds that Millennial first-time home buyers are more likely to purchase homes near city centers than their Gen-X peers.
Thursday, November 15, 2018
Previously listed unsuccessfully by a national firm, HFO used its extensive market knowledge to communicate the special nuances of the opportunity and identified an experienced out-of-state private equity buyer.
Tribune Podcast: 147-Unit Broadstone Reveal Apartments in the Pearl Get Their Close-Up in Preparation for Opening
Monday, November 12, 2018
This week: historic midterm elections bring Democratic supermajorities to both chambers of the Oregon legislature and deepen the urban-rural divide in Washington; Portland, Tualatin, and Tigard are working on a plan to upzone land near the proposed Southwest Corridor MAX line; and the LA Times reports on the growing income inequality between landlords and renters.
Thursday, November 8, 2018
Update on the City of Portland's Unreinforced Masonry Placard Requirements & Status of Seismic Upgrades
Wednesday, November 7, 2018
While ballot measure 104, which would have required a 3/5 vote in each chamber in order to enact new tax increases, got only 33% of the vote, the new Democratic supermajorities in the house and senate will facilitate the passage of more progressive legislation at the state level, including revenue raising actions.
School bond measures were passed in Oregon City, North Clackamas, and Tigard-Tualatin. Metro-area voters also passed the $653 million affordable housing bond by a wide margin, with statewide voters enabling the bond to provide up to 3,900 homes through the passage of Measure 102.
Read the full results from the Oregonian here.
Monday, November 5, 2018
U.S. Census: Year-Over-Year Rental Vacancy Rates in Greater Portland Fall as Seattle Metro Vacancies Increase
Seattle/Tacoma/Bellevue's metro area vacancy rate was listed at 5.5%, up from 3.6% a year earlier.
Average National Rental Vacancy Rate
The average national rental vacancy rate for Q3 2018 was 7.1 percent for multifamily dwellings of five or more units -- 0.4% lower than one year earlier, despite ongoing delivery of multifamily units throughout the national market.
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U.S. Homeownership Rate Increases
After falling to a 26-year low in 2016, homeownership rate remained flat from the prior quarter. The current homeownership rate in the West increased from 59.7% to 60.2%.
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