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  #161  
Old Posted Aug 7, 2013, 7:41 PM
maccoinnich maccoinnich is offline
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It would be nice if this trend spurred new office construction (but not enough to drive the food carts themselves away!) SW 11th & Washington, for instance, is just crying out to be developed.

Quote:
Food cart proximity the special sauce for downtown office space buyers

Posted by Michael Andersen (News Editor) on August 7th, 2013 at 9:16 am

Got some cubicles to rent in Portland? A local real estate analyst says you'd better hope there's a food cart pod nearby.

As firms pile into downtown — it's the most crowded commercial real estate area in the city (PDF) — researcher Patricia Raicht of Jones Lang LaSalle has stumbled on a surprising trend. Downtown office buildings, she says, consistently fill up faster when they're close to food carts.

In the first six months of 2013, Raicht said, 92 percent of net demand for high-quality downtown Portland office space occurred within two blocks of a food cart pod.
...continues at BikePortland.
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  #162  
Old Posted Aug 8, 2013, 12:38 AM
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I am hoping the apartment market is expanding with apartments for all different income levels, just not luxury market.

it is also good to see people understand the importance of having food carts downtown which should protect them from being pushed out. I would love to see the block on 10th and Washington built, but I would want to see it done in a way to keep the carts.
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  #163  
Old Posted Aug 8, 2013, 6:47 AM
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Quote:
Originally Posted by maccoinnich View Post
It would be nice if this trend spurred new office construction (but not enough to drive the food carts themselves away!) SW 11th & Washington, for instance, is just crying out to be developed.



...continues at BikePortland.

I've mentioned before, I love food carts, but some of the food cart pods are located in prime locations (SW 10th and Alder sticks out to me).


It would be really cool to see some developments that incorporate space for food carts at the base. That way we can lose the surface parking lots but keep the food carts.

I know it'll probably never happen, but it would be really cool.
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  #164  
Old Posted Oct 16, 2013, 7:10 PM
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Apartment rents rising as units, despite new construction, remain hard to find
By Elliot Njus | enjus@oregonian.com
on October 16, 2013 at 8:26 AM, updated October 16, 2013 at 11:56 AM

http://www.oregonlive.com/front-porc...incart_m-rpt-2
Quote:
Could it get any harder to find an apartment in Portland? Believe it or not, in the past six months, it has.

Fewer apartments are empty in the Portland area, according to a twice-a-year survey by rental industry group Multifamily NW. As a results, rents continue to rise.

And despite an unusually high number of new apartments reaching the market making some landlords wary, the balance isn’t shifting yet.

“This is about as strong a landlord’s market as I have ever seen,” said Mark Barry, a Portland apartment appraiser with about 30 years of experience.

The survey -- which includes responses from 72,000 units and 947 properties -- puts apartment vacancy at just 3.11 percent, down from 3.55 percent in the last report released in April.

...

Multifamily NW says rents have jumped 6.8 percent across the Portland market, in large part due to the addition of 5,000 new, mostly high-end units in developments completed in the past year. For older buildings, the average increase for older units is closer to 4 or 5 percent.

...

But more than 20,000 may still be in the pipeline. Barry said 6,200 new apartments are expected to be opened in 2013 -- the most in any year since 1999. And the rate of new pipeline projects -- which may or may not be completed -- is accelerating.

...
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  #165  
Old Posted Jul 26, 2014, 4:28 PM
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Portland's average apartment rents soar as market tightens

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How expensive are apartments in Portland these days?
The area's average apartment rent in June was $1,160 in June, $167 more expensive than it was this time last year.
Apartment rents in the Portland-Vancouver-Hillsboro area grew by 6.1 percent, making it the 10th strongest market in the US, according to apartment data and research firm Axiometrics.
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  #166  
Old Posted Aug 15, 2014, 7:48 PM
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Tech industry powers Portland rent increases, job growth



Robust growth in the high-tech industry is the reason for strong rent increases in Portland over the past two years, a new report has confirmed.

In Portland, tech jobs account for 12.6 percent of all new office jobs in the two-year period. Tech employment has played a major role in the recovery of the U.S. office market as a whole, according to the report from real estate firm CBRE Inc..

Portland ranked at number 12 for overall rent growth. The Bay Area accounted for the top three markets for rent growth – San Francisco, Silicon Valley and the San Francisco Peninsula respectively – followed by Manhattan, Denver, Austin, Boston and San Diego.
...continues at Portland Business Journal.
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  #167  
Old Posted Sep 10, 2014, 7:35 AM
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Apartments on the rise? Permits for multifamily projects spike in Oregon

Matthew Kish

New federal data show an 86 percent jump in permit applications in Oregon for multifamily housing in the second quarter, another sign that banks and developers expect continued high demand for apartments.

The data was released Monday as part of the Federal Deposit Insurance Corp.'s quarterly state profile of Oregon.

Permits increased 19 percent in the same quarter last year and declined 25 percent in the first quarter this year.
...continues at Portland Business Journal.
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  #168  
Old Posted Sep 10, 2014, 7:55 AM
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This is very good news, I can't wait till we start seeing buildings going up on MLK and Grand seeing that area is zoned for 150-250ft buildings.
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  #169  
Old Posted Oct 2, 2014, 7:49 PM
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Quote:
Tech companies drive strong demand for Portland office space, brokerage says

By Elliot Njus | enjus@oregonian.com



Expansions by technology companies in the third quarter helped drive office vacancy to its lowest point since 2000.

The brokerage Jones Lang LaSalle put Portland's office vacancy rate at 10 percent. Vacancy in the main business district of Portland also hit a 10 year low at 7.7 percent.

The company says it sees a steady stream of new tech firms in the market that will keep the trend going, and it expects others to grow their offices in Portland, perhaps after being acquired by a larger out-of-town company.
...continues at the Oregonian.
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  #170  
Old Posted Apr 21, 2015, 8:31 PM
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Interesting/sobering read.

How Cash Sent the Portland Home Market Spinning

...

Like many cities, Portland is facing pent-up demand by buyers who hunkered down through the recession. Limited supply, new residents, and uncertain sellers are also strong market factors.

But an InvestigateWest analysis shows Portland’s affordability is also being pressured by investors so bullish on this city’s single-family housing they’ve bought properties by the dozen on the heels of the recession, driving up prices and rents as they go.

Traditional real estate investors — flippers, remodelers and developers, companies that to some extent have always been here — have been joined by hundreds of private investors and new private equity firms out to make money for investors through real estate.

...

Article here
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  #171  
Old Posted Apr 22, 2015, 12:07 AM
PDXDENSITY PDXDENSITY is offline
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Originally Posted by tworivers View Post
Interesting/sobering read.

How Cash Sent the Portland Home Market Spinning

...

Like many cities, Portland is facing pent-up demand by buyers who hunkered down through the recession. Limited supply, new residents, and uncertain sellers are also strong market factors.

But an InvestigateWest analysis shows Portland’s affordability is also being pressured by investors so bullish on this city’s single-family housing they’ve bought properties by the dozen on the heels of the recession, driving up prices and rents as they go.

Traditional real estate investors — flippers, remodelers and developers, companies that to some extent have always been here — have been joined by hundreds of private investors and new private equity firms out to make money for investors through real estate.

...

Article here
What can be done in terms of regulation to prevent rampant cash inflation of property values? It's not fair to those in our community being pushed out by these investors. Investors should never be allowed to destabilize a housing market until it starts driving people out.
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  #172  
Old Posted Apr 22, 2015, 11:23 AM
Encolpius Encolpius is offline
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Originally Posted by PDXDENSITY View Post
What can be done in terms of regulation to prevent rampant cash inflation of property values? It's not fair to those in our community being pushed out by these investors. Investors should never be allowed to destabilize a housing market until it starts driving people out.
There are a host of regulatory tools for discouraging speculation, so it's puzzling to me that Portland doesn't employ any of them. However, I suspect that state and federal laws have been enacted to take many of our options off the table. Off the top of my head:

- a real estate transfer/capital gains tax
- betterment assessments
- a land value tax
- a tax on absentee ownership
- community land trusts

Ideally, in my opinion, the proceeds from a tax designed to discourage speculation would be poured into the construction of public housing, helping to keep housing accessible for both buyers and renters.
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  #173  
Old Posted Apr 22, 2015, 4:04 PM
PDXDENSITY PDXDENSITY is offline
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Originally Posted by Encolpius View Post
There are a host of regulatory tools for discouraging speculation, so it's puzzling to me that Portland doesn't employ any of them. However, I suspect that state and federal laws have been enacted to take many of our options off the table. Off the top of my head:

- a real estate transfer/capital gains tax
- betterment assessments
- a land value tax
- a tax on absentee ownership
- community land trusts

Ideally, in my opinion, the proceeds from a tax designed to discourage speculation would be poured into the construction of public housing, helping to keep housing accessible for both buyers and renters.
Could you go into detail about how some of these work? I am a total layman.
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  #174  
Old Posted Apr 22, 2015, 8:09 PM
maccoinnich maccoinnich is offline
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Rents rise and apartments remain scarce, but survey shows signs of relief



Rents continued to rise across the Portland area during the last year as available apartments were increasingly elusive to would-be renters, but some areas that have seen intense development showed some relief.

Area rents increased by about 6 percent over the last year, from $1.17 to $1.24 a square foot, according to a survey of apartment owners and managers by rental industry trade association Multifamily NW.

That brought the average rent to $944 for the average one-bedroom, one bathroom apartment.

And apartments were harder to find. Apartment vacancy fell to 3.1 percent — half a percentage point lower than the last survey, conducted six months ago.
...continues at the Oregonian.
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  #175  
Old Posted Apr 22, 2015, 8:11 PM
PDXDENSITY PDXDENSITY is offline
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Originally Posted by maccoinnich View Post
...continues at the Oregonian.
3.1%? We aren't building enough, even when these big projects come online.
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  #176  
Old Posted Apr 23, 2015, 6:31 AM
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Originally Posted by PDXDENSITY View Post
3.1%? We aren't building enough, even when these big projects come online.
Not even close. We're becoming victims of our own success. We need to relax height and/or FAR limits, or find some other way to increase density in close in neighborhoods. We've created a central city that is too desirable for the amount of housing that exists near it.
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  #177  
Old Posted Apr 23, 2015, 12:03 PM
Encolpius Encolpius is offline
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Originally Posted by PDXDENSITY View Post
Could you go into detail about how some of these work? I am a total layman.
I'm no expert either, so you'd probably better google these yourself if you're interested in understanding their intricacies. But I can give you a brief description of each as I understand it.

The various taxes all work on the same philosophical principle: they offer various ways for the city to recoup the 'unearned increment', or the profits that would otherwise accrue to speculators and other property owners wholly as a result of public policies and investment. Recouping the added market value of property allows cities, in principle, to cushion their most vulnerable residents from the shocks of rising land values and real estate speculation.

A real estate transfer tax is a tax assessed whenever real estate changes ownership. It can include exemptions for 'first-time buyers' or for real estate of modest value. According to Wikipedia, the city of Pittsburgh has one of the highest transfer taxes in the US at 4%.

Oregon is one of relatively few states (and perhaps the only blue state) to have no statewide real estate transfer tax. [*] However, this type of tax is banned at both the state and local level under Measure 79, passed by voters in 2012.

A capital gains tax on property transactions taxes only the profits (capital gains) realized by the seller. In South Korea, the capital gains tax on property is 50% for property sales within the first two years of purchase, but is lower for owners that hold onto their property for longer. [*] It appears they implemented this tax after seeing how land speculation wrecked the economy of neighboring Japan.

Betterment assessments describe a wide range of taxes and fees assessed to property owners. One example is Israel's hetel hashbacha. According to a mortgage broker's website:

Quote:
This is a tax paid when the authorities allow a change of zoning for a neighborhood which causes the value of the property to rise. The tax is 50% of the added value to the property (as assessed by an assessor) due to the change in the zoning.... The betterment tax is paid when the owner sells the property or when he requests a building permit.
Land value taxes have already been discussed here.

Community land trusts are often created by residents seeking to band together to resist gentrification, but they can also be encouraged by city administrators. Deeds to properties are held nominally by the trust, a nonprofit, tax-exempt corporation, though often conveyed to individual homeowners through a long-term lease agreement. The mechanisms of the trust generally allow homeowners to own the structures built on their property and to realize a reasonable return on their investments and maintenance, while maintaining fair access to the neighborhood at affordable prices for future homebuyers.

A famous example of a land trust created in collaboration between residents and city authorities is the Dudley Street Neighborhood in Boston. You can read about it here. Brief synopsis:

Quote:
Through DSNI’s community land trust, the Dudley neighborhood has the only permanent affordable housing in the city of Boston.
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  #178  
Old Posted Apr 23, 2015, 1:48 PM
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Originally Posted by davehogan View Post
Not even close. We're becoming victims of our own success. We need to relax height and/or FAR limits, or find some other way to increase density in close in neighborhoods. We've created a central city that is too desirable for the amount of housing that exists near it.
Portland is threading a needle here. It's going to grow but it needs to do so in a way that doesn't sacrifice its famous quality of life. There are lots of variables here, from traffic and transit, to parks and schools, to architecture and neighborhood identity. I know people like to complain (I know I do) about city government, but it's doing a reasonably good job balancing the various interests of the community. There is not a majority in Portland that simply wants to abandon the process and let developers have free rein. That is not going to happen.

For me, the most difficult thing we face is getting more people out of their cars. This is going to be a long-term campaign and it's already a flashpoint in certain neighborhoods (e.g., Division) because of parking. Bicycling will necessarily become a mainstream transportation mode over the next couple of decades. But make no mistake: Portland is still a car town and streets are going to get increasingly clogged. If you drive, you might feel entitled to wide-open roads and EZ parking, but that's all going to change dramatically in the future. There's an enormous amount of bitterness out there because of this.

Retrofitting the city for much-greater density will not be easy. It will be impossible if we decide to rush into this future heedlessly. The process will require a lot of patience. I'm excited to think Portland can become America's most urban medium-sized city but I'm not deluded by my values. We who exchange opinions here are in the minority. Most people still want to drive.
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  #179  
Old Posted Apr 23, 2015, 10:28 PM
Encolpius Encolpius is offline
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Originally Posted by soleri View Post
For me, the most difficult thing we face is getting more people out of their cars.... Most people still want to drive.
That's not surprising. Mass transit was underwhelming when I lived in Portland (fairly close-in on the eastside, back when that was affordable) and I understand it's only suffered cutbacks since then. I wouldn't have had the patience to put up with the infrequency and gaps in Portland bus service... fortunately, I had a bicycle and a rainjacket (okay, most of the time I just had a bicycle, and mud splatters all over my jeans). But that's evidently not for everyone. Compare Portland with any city where a large sector of the population commutes by transit... and those other cities will have far better transit.

Portland will have to make the transit investments before its increasing density can fully justify them. Fire everyone in leadership positions at Tri-Met (they all seem to be morons), then triple its budget. Lots more buses = fewer cars.
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  #180  
Old Posted Apr 23, 2015, 11:06 PM
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Originally Posted by Encolpius View Post
Lots more buses = fewer cars.
Sadly, I don't believe that to be true. Most people don't like busses. Look at the impact the streetcar has had. Trimet could have run busses along that exact same route (I'm talking about the original NW loop) but it wouldn't have made anywhere near as much of an impact, even if the busses had much greater frequency. It isn't just about getting from point A to point B. It's about how you get there. I have plenty of friends who've taken MAX to the zoo, but I can't name a single one who has ever taken a bus to get there. I have plenty of friends who've taken MAX to Lloyd Center, but I can't name a single one who has ever taken a bus to get there.

Every friend I have who used to ride a bus to work eventually bought a car. Every friend I have who moved along a streetcar or MAX route and was able to ride it to work eventually did, and many sold their cars.

Streetcars make a huge impact in terms of creating neighborhoods where people feel like they don't need cars. Busses don't. Busses give people the ability to get from point A to point B without a car, but light rail is usually what makes people choose mass transit instead of driving. What I don't understand is, why aren't transit agencies learning this lesson and making their busses be more like streetcars? So far, the only city that seems to have figured it out is Bogota.
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