Agent Info
Marisa Swenson
Earth Advantage Broker
971-285-7955
Agency Info
MRealty Inc
2211 NW Front Ave Ste. 101
Portland, OR 97209
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Weekend Events in Portland
photo by Marisa Swenson
I used to update my old blogger blog with weekend Portland events that looked interesting so I thought I would revive it here at the PDX Metro site.
Weekend Events 1/30/2009:
- Now through 2/1/2009 – Fertile Ground: A City Wide Festival of New Works – loads of stage performances, check out the calendar
- Now through 2/8/2009 – Year of the Ox Chinese New Year Celebration at Portland’s Classical Chinese Gardens, NW 3rd and Everett
- 1/31/2009 – Friends of Trees planting living Christmas trees along I-205, starts at 8:45am, meet at Salmon off of 92nd ave by freeway, I will be here!
- 1/31 – 2/1/2009 – Chocolatefest, need I say more?? Chocolate + Wine = good times, 10am – 5pm @ World Forestry Center 4033 SW Canyon Rd PDX, OR 97221
- 1/31/2009 – Airplay Cafe All-Stars Concert – Family music event, starts at 5pm and is $5 per family, 701 E Burnside
- 1/31 – Hello Morning Show @ the Ash Street 225 SW Ash, starts at 9:30pm and is only $6
Send me a note if you know of any fun/interesting events this weekend or in the future.
Short Sale Basics
The definition of a short sale in real estate is:
A sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property sold. The bank of mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. The home owner sells the mortgaged property for less than the outstanding balance of the loan, and turns the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In some cases, the bank will apply a deficiency balance to the property owner.
Here is an example:
A homeowner buys a house for x amount. Owner loses their job or the ARM is up on their loan and they are not able to refinance, which in turn prevents them from being able to make their mortgage payments. The bank agrees to let them sell the house for market value, but below the original loan amount.
The transaction typically goes like this for a buyer:
1. Write offer on the house
2. Seller approves, rejects or counters the offer
3. Offer goes to the bank and the bank either approves, rejects or counters (depending on the bank this could be up to a 6 week process, but it really depends on who holds the loan)
4. Proceed with inspections etc.
The transaction typically goes like this for a seller:
1. Negotiate with your bank to see if they will accept a short sale (less than you owe). You can do this yourself, some real estate agents do this, or a loss mitigation company can be hired.
2. List the house with a real estate agent at market value (what a willing buyer would pay to a willing seller, both in a free market, for an asset or any piece of property).
3. Get an offer and approve, reject or counter it.
4. Offer is sent to the bank to be approved, rejected or countered.
5. Transaction then proceeds as normal if approved i.e. inspections etc.
6. Close
7. Bank takes the payoff and either calls it good or attaches a deficiency judgment (personal debt like a credit) to you for the balance of the loan.
First Time Homebuyer Tax Credit
Here is some information about the first time home buyers tax credit. You do have to pay it back but it is interest free for 15 years.
- The tax credit is available for first time home buyers only.
- The maximum credit amount is $7,500.
- The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
- The tax credit works like an interest-free loan and must be re-paid over a 15 year period. (approximately $41.67 per month)
Information taken from the federal housing site.
The Observatory
photo by Marisa Swenson
The Observatory just opened in December on the Stark St strip of new restaurants and boutiques. I finally had a chance to try it out the other night and it is excellent. It is a nice open space that they have created a very comfortable atmosphere with low lighting and a very cute vintage decor. The cocktail list is very unique with spicy drinks like the chai buttered rum to sweet cocoa drinks. They have a good selection of food from appetizers to full dinners that are moderately priced. I am more than pleased to have a nice bar like this in the Montavilla area, it’s good for the equity.
Located next door to Salty’s at:
8115 SE Stark
Portland, OR 97215
Lents Neighborhood
Lents is currently one of the cities very active Urban Renewal areas. MAX will start running that direction sometime later this year, hopefully boosting home values along its path. The PDC has some great programs for first time home buyers in this area that are worth checking out. Lents has it’s own farmers market and Trader Joe’s just opened a new location down the street!
Lents is bordered by the Brentwood-Darlington, Mount Scott, Foster-Powell, Powellhurst-Gilbert, and Pleasant Valley neighborhoods.
Bai Yok Thai Cuisine
Yummy, just typing the name of this restaurant makes me salivate. They make one of the best Pad Kee Mao’s (drunken noodles) in Portland, and it’s only a couple of blocks from my house! Located in the heart of Montavilla in a bright purple and green Portland bungalow style house. Owned by the same people that run Thai Peacock in downtown with pretty much the same menu.
Located across from Vestal Elementary School:
150 NE 82nd Ave
Portland, OR 97220
First Time Homebuyers
Everyone says there are great deals out there for first time home buyers but what the first time home buyers want to know is what are they are where? I went to PDC this morning to see what they have to offer buyers in this market since they have in the past had great loans for first time home buyers. All of their programs have maximum income limits and most of them are available to urban renewal areas only. The best deal they have is the “silent second” loan where they finance 20% of the loan and as long as the house is owner occupied then they do not have to pay on that portion of the loan. That means if you bought a house for $200k, then you only pay on the first loan of $160k. If the buyer qualifies, then they also have a home rehab loan that they wrap into this loan that is between $6k -$10k that the homeowner has 2 years to use towards repairing and making improvements to the structure. The main urban renewal area that they are granting this loan in as of right now is Lents Town Center. There are a lot more details to this loan, it just depends on what the candidate qualifies for. I have personally worked with this loan and my buyers walked away with a small monthly mortgage payment, a great house that had been updated and cash to make improvement such as landscaping, new bathroom floors etc. It is a great program to help first time home buyers and improve renewal neighborhoods. Give me a call if you have questions or if you would like to see if you qualify for any of these programs 971-285-7955.
Montavilla Neighborhood
The Montavilla Neighborhood celebrates it’s 120th birthday this year. Established in 1889, the Montavilla Neighborhood quickly developed into a thriving community of small businesses and growing subdivisions. The name Montavilla came to be the popular term by the land surveyors platting out subdivisions since the original name of Mt. Tabor Villa Addition was a little too cumbersome. Today, Montavilla is still a thriving community (the 2nd largest neighborhood in Portland) that hosts many small businesses, a popular community center, and it’s very own farmer’s market. Montavilla is in SE Portland bordered by the North Tabor (previously Center), Madison South, Hazelwood, Powellhurst Gilbert and Mt. Tabor Neighborhoods.
Neighborhood Facts:
Association – Montavilla Neighborhood Association
Coalition – Southeast Uplift
Area – 5.64 km^2
Population – 15,987
Households – 6,025
Owned – 3,665 (61%)
Rented – 2,360 (39%)
Median home price – $225,000
Median household income – $38,854
Popular businesses in Montavilla:
Johnny’s Original Montavilla Barbershop
Thatcher’s Restaurant and Lounge
The Grotto
photo by Marisa Swenson
Located at the base of Rocky Butte, The Grotto is a great place to get away for a second and enjoy some peace and quiet in a busy, noisy city. Technically, it is a 62 acre Catholic shrine carved into the hill of the mountain but you don’t have to be Catholic to enter and enjoy the beautiful plants and wildlife. Stop into the gift shop and get a token to ride the elevator that is built into the rock wall that will take you to the top of the hill/mountain. Up top you will find the Meditation Chapel (you know that glowing white cross you see coming to Portland on the 205? that’s what it is) which is a sound proof room designed for you to meditate. I will have to admit though if you walk up to the floor to ceiling glass window that runs flush with the mountains cliffs, it give you a slight rush thinking you might actually be able to fall off of it (not recommended trying if there are actually people in there meditating).
Located at the base of Rocky Butte:
8840 NE Skidmore
Portland, OR 97220
Montavilla Farmers Market
photo by Marisa Swenson
Still in it’s infancy stage at 2 years old, the Montavilla Farmer’s Market provides a decent selection of local organic produce, baked goods and handmade wares. The more business it gets each year the larger it will grow so head on down from June 8th through October 5th Sundays between 10am -2pm. Look for me at the community outreach booth at Beets Automotive, I will be there a couple of times this Summer!
Located at:
7600 SE Stark
Portland, OR 97215
