Comments on: West Linn Real Estate Market Activity – March 23-29, 2009 http://www.move2westlinn.com/2009/03/30/west-linn-real-estate-market-activity-march-23-29-2009/ News, Statistics, and Commentary about West Linn Oregon Real Estate Tue, 09 Mar 2010 00:49:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: dj http://www.move2westlinn.com/2009/03/30/west-linn-real-estate-market-activity-march-23-29-2009/comment-page-1/#comment-604 dj Tue, 31 Mar 2009 19:46:29 +0000 http://www.move2westlinn.com/?p=522#comment-604 Oh, and for those who haven't yet tried out www.westlinnlistings.com, you need to check it out if you want to see what is available in the West Linn market. It is a really awesome tool. Thanks, Jody, for making such a valuable site available to readers such as myself who are interested in the West Linn residential real-estate market. Oh, and for those who haven’t yet tried out http://www.westlinnlistings.com, you need to check it out if you want to see what is available in the West Linn market. It is a really awesome tool. Thanks, Jody, for making such a valuable site available to readers such as myself who are interested in the West Linn residential real-estate market.

]]> By: dj http://www.move2westlinn.com/2009/03/30/west-linn-real-estate-market-activity-march-23-29-2009/comment-page-1/#comment-603 dj Tue, 31 Mar 2009 19:33:19 +0000 http://www.move2westlinn.com/?p=522#comment-603 Interesting observation, Stuart. I agree, the market for $500K+ homes is pretty much dead, which caters primarily to the "move-up" crowd. The segment of buyers are concerned about their jobs, their financial portfolios, and the continued decline in home values, hence will continue to stay on the sidelines until their personal situation improves. The latest Case-Schiller Index shows that the Portland area has suffered a 14% decline in home values year-over-year: http://blogs.wsj.com/economics/2009/03/31/a-look-at-case-shiller-numbers-by-metro-area-7/ And the latest news suggests that prices will continue to decline. The optimists report that the combination of lower prices, foreclosures and low interest rates will entice buyers to jump into the market to absorb the excess inventory. I can see this logic apply to the <$500K homes, which is what we are seeing in the latest West Linn sales figures, but I doubt this will do anything to help homes in the $500K+ range. Given this, I still think West Linn homes are overpriced and that the true market value for a 'standard' home is around $130-$140/sqft. Anything more than this and buyers will be have to wait a very long time to recoup any possible appreciation in their home. Interesting observation, Stuart. I agree, the market for $500K+ homes is pretty much dead, which caters primarily to the “move-up” crowd. The segment of buyers are concerned about their jobs, their financial portfolios, and the continued decline in home values, hence will continue to stay on the sidelines until their personal situation improves. The latest Case-Schiller Index shows that the Portland area has suffered a 14% decline in home values year-over-year:

http://blogs.wsj.com/economics/2009/03/31/a-look-at-case-shiller-numbers-by-metro-area-7/

And the latest news suggests that prices will continue to decline. The optimists report that the combination of lower prices, foreclosures and low interest rates will entice buyers to jump into the market to absorb the excess inventory. I can see this logic apply to the <$500K homes, which is what we are seeing in the latest West Linn sales figures, but I doubt this will do anything to help homes in the $500K+ range.

Given this, I still think West Linn homes are overpriced and that the true market value for a ’standard’ home is around $130-$140/sqft. Anything more than this and buyers will be have to wait a very long time to recoup any possible appreciation in their home.

]]> By: Stuart http://www.move2westlinn.com/2009/03/30/west-linn-real-estate-market-activity-march-23-29-2009/comment-page-1/#comment-602 Stuart Tue, 31 Mar 2009 05:04:09 +0000 http://www.move2westlinn.com/?p=522#comment-602 Is it me, or is the upper price band of sold homes (not pending, actually sold) reducing at quite a rate? Is the jumbo mortgage issue crimping West Linn's style? Is it me, or is the upper price band of sold homes (not pending, actually sold) reducing at quite a rate?

Is the jumbo mortgage issue crimping West Linn’s style?

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