Maybe you love the idea of living in a beautiful condominium with everything that inspires a healthy, balanced life right outside your door. Relax by the pool or unwind at the gym after a long day of work. Start your day with a run, bike or walk on the Rock Creek Nature Trail before heading into the day. Maybe you are tired of the drive, MAX is conveniently located within minutes so you can take your coffee and your book and just relax on the way to work. And after a prosperous week, spend your weekend sampling delicious restaurants and great shopping at The Streets of Tanasbourne and Orenco Station.
The article speaks to Arbor's continued growth and success at Arbor Oaks in North Bethany while other developers remain immobilized by the lack of planning progress and approvals.
Now, you may be thinking...What does this have to do with Arbor Pass? Well my friends, it has everything to do with Arbor Pass. Wally Remmers, Co-Owner and Vice President of Arbor Custom Homes, said of Arbor Oaks "We just can't build them [the homes] fast enough." The same holds true here! WE SOLD 9 HOMES IN 30 DAYS at Arbor Pass between mid-September and mid-October. Nearly all our homes are sold prior to completion and a number prior to construction even beginning (a rare thing to see in condominium purchases). In fact, we have buyers in escrow that won't be able to close until our last building is completed in May/June 2013!
"We [too] just can't build them fast enough!"
We have only one move-in ready home and only a few more that can close before the end of the year. Overall, we are nearing our close-out phase and the number of available homes at Arbor Pass is rapidly dwindling...And once they are gone, they are gone! If you want to move within the next six to eight months, NOW is the time to start getting serious...Especially if you desire to personalize your home and/or have specific needs regarding pricing, location and floor plan. For updated pricing, availability and to learn about our Fall Promotion, call/text me at 503.481.6252 or email me at firstname.lastname@example.org.
It is always difficult to say goodbye to a fellow colleague and friend, especially when that person made such a great impact on the lives of many here at Arbor Pass and at Arbor Custom Homes. We wish you the best in your future endeavors, Christopher Korenthal...You will be missed!
Although I am sad to see Chris go, I am thrilled for the opportunity to sell these beautiful Arbor homes and to work with you all! I am here to make things as easy and as smooth as possible, so don't hesitate to reach out if I can assist in anyway. My contact information is as follows:
Of course, I would love to meet you in person and urge you to stop in to say hello. The Arbor Pass Sales Office is located at 21359 NW Miriam Way (Just west of the Clubhouse/Pool) and open Monday through Wednesday 12-6, Saturday and Sunday 10-6...Closed Thursday and Friday.
I look forward to connecting with and meeting you soon!
My wife and I just purchased a townhouse in the Arbor Pass development. We are very excited to start the new chapter in our lives as homeowners here
We started our home search about six months ago. We looked at several different developments before coming to Arbor Pass. What initially struck us about this community was the excellent customer service provided by your representative, Chris Korenthal. Chris was very knowledgeable about the property and was able to answer all of our initial questions. Once we decided to purchase an Arbor Home he was very patient in allowing us to view the property on almost a weekly basis to see how the construction process was coming along.
Chris went out of his way to try to assist Wells Fargo in order to keep our closing on track. It seemed that Chris was assisting in almost every part of the process.
In closing my wife and I both feel that Arbor Homes is lucky to have an associate like Chris Korenthal. We are sure he is an important asset not only to you as the seller, but future buyers as well.
11 years ago today terror hit this great nation. I was able to go to NY and be a part of the mourning. It is a day that no American should ever forget. We are a great country that was born on freedom! I am thankful to be an American and live in the greatest nation in the world.
Today we remember the great men and women we lost and those who helped. Even after 11 years, the scars run deep. I hope that the pain of the scars fades.
The end is near with our last building started. Building 8, which will be done in March 2013 got under way this week. I am excited and a bit sad. I've been here almost since the beginning. It will be exciting to see the finished neighborhood, but sad to have to leave.
Home prices nationwide, including distressed sales, increased s by 2.5 percent in June 2012 compared to June 2011, the housing research organization CoreLogic reported Tuesday. When distressed sales such as foreclosures and short sales are excluded, home prices nationwide were up 3.2 percent during the same time period.
Price increases in both Washington and Oregon exceeded the national average. Washington's home prices rose 2.8 percent with the distressed sales listings included, and 4.3 percent without distressed sales. Oregon reported a 4.3 percent rise in prices with distressed properties included and a 3.9 percent increase without those properties.
In another measure of the housing market's steady improvement, CoreLogic reported a 1.3 percent one-month increase in home prices nationally for all sales. Those numbers marked the fourth consecutive increase in home prices nationally as measured annually and monthly.
Local builders are enjoying stronger sales than they have in years, and they're planning more new houses to meet the demand.
There's just one problem: They're running out of places to put them. After years of almost no new development, homebuilders see an increasing shortage of "shovel-ready" lots in the Portland area.
Shortage has been good to the housing market, with low inventory of available homes driving up what buyers are willing to pay. But builders worry a shortage of lots could limit construction and raise construction costs, potentially damaging an industry just beginning to recover from the housing crash.
And getting raw land ready to build is a process that can take up to two years. There are engineering, environmental and traffic studies to conduct before the land can be divided into lots. Only then does the actual development -- clearing and leveling the land, building roads and installing utilities -- begin.
"The development business is a hurry up and wait game," said Gordon Root, a developer and president of the Home Builders Association of Metropolitan Portland. "There's not any question about that. It just takes time."
In the boom years, as homebuilders were rushing to create the excess supply that haunted the real estate market for years afterward, lot developers -- the leading edge of homebuilding -- were overproducing to an even higher degree to meet the demand.
But when the market collapsed, lot production dropped to almost nothing. Even with anemic new-home sales, lot development has been even slower since 2009.
Lending lags financing demand
Builders who survived the downturn, seeing a new surge in demand for homes, are in a hurry to catch up with it by ramping up the number of available lots. But lenders, they say, haven't caught up with the need to finance more.
"Even with builders consuming far more lots than we've been creating, banks don't like to lead us very far," Root said. "While the market's really come back for homes, development financing is still pretty dry."
Builders spotted the coming shortage long ago, and those with the means started buying up all they could in the areas they wanted to build.
Arbor Custom Homes, the largest of the local homebuilders, has built up more than 2,000 houses' worth of land with plans to deliver 300 new homes this year. At one time, the company saw its excess land supply as a liability, and in fact sold a significant chunk last year -- lots it said were underperforming -- to national builders Lennar Northwest and D.R. Horton.
Now, thanks to the company's relationship with construction lenders -- some of whom own mortgages on Arbor's land, and thus have a financial stake in the projects' success -- it is able to secure financing to develop its land into buildable lots.
"We feel very fortunate in that respect," said Brad Hosmar, Arbor's chief operations officer. "We have a good relationship with a couple of lenders. We've weathered the worst of the storm, we feel more confident, and now we can go out and develop lots again."
Some smaller homebuilders, such as TA Liesy Homes Northwest LLC of Clackamas, have had to start learning to work like the big guys.
Tom Liesy has increased his company's production over the last two years to build up a year's supply of land.
That won't be enough, so Thursday he arranged to buy unfinished land that his company will develop -- backed not by a bank, but by outside investors.
"The really scary part of it is, there are no lots," Liesy said. "So if we don't start getting creative about ways to bring new lots online, it'll be a problem for me, my company and many people in the same position as I am."
Private equity is one of the few options for new-lot development, said Todd Britsch, president of New Home Trends Inc. of Bothell, Wash. Well-capitalized national builders could also bring new lots to the market, but fewer are active in Portland than other markets.
But ultimately, Britsch said, builders and developers are going to need more financing options, and that may be slow to return.
"It's available, but we're very conservative on all our underwriting standards," said John Satterberg, president of Community Financial Corp., a major construction lender. "The land acquisition and development loans was one of the biggest risks to the banks when the crisis hit."
Cheap lot options
Smaller builders who don't have a supply of land built up might have to be willing to take what they can get in terms of location.
Builders have been nibbling away at the supply of bank-owned lots since the crash -- with home prices low, the only profitable way to build. Now, they're taking big bites at that foreclosure inventory, said Britsch. Lennar and D.R. Horton each bought big pieces of that stock, too.
The dregs of that supply -- poorly located or planned developments that might have sold anyway during the boom years -- are available for cheap.
"Some of this never should have been developed," Britsch said. "We saw everybody building anything. You can't do that."
Receive your choice of a Whirlpool top load Washer/Dryer (model #WTW4800XQ/WED4800XQ) or Whirlpool Refrigerator (model# ED5FVGXWS) with an accepted purchase agreement dated 7/28/12-8/31/2012. Must mention incentive at time of offer. Cannot be combined with any other offer.
So I just got back from vacation (see picture left of me, my son and daughter). We enjoyed time in Northern California, but it is always nice to come back home. While I was gone, my partner Kara was really busy. We had 3 homeowners get their keys and we sold 3 other homes. I am back in the swing of things and looking forward to serving you!
After devastating job losses in the recession, Portland has made a spectacular recovery, fueled by the tech mini-boom and the area's attractiveness to young people. Anchored by Intel and its 16,000 employees, Portland will maintain its moniker as the Silicon Forest for its more than 1,200 high-tech firms, most of them small to medium-size.
High tech will continue to be the fastest-growing sector, but other major job gains will come in sportswear. The presence of Nike, Adidas and Columbia Sportswear has spawned many smaller sportswear-related firms that are hiring designers, marketers and salespeople. The industry has also given rise to a vibrant graphic design sector. Portland, the third-largest seaport on the West Coast, will also continue to grow as a major transportation and shipping center.
Can we build the homes quicker has been a common question. With the market changing and the need for new homes increasing, buyers wish that we had more moving in ready homes. Currently we have building 21 completely sold out and building 22 (which closes in August) has 4 out of the 6 sold. Currently we have 5 buildings under construction with 3 more starting by the end of August. So to all of you that have requested us to build faster, I promise you, your Arbor home will be worth the wait!
Mr. Remmers, Mr. Sackhoff, Mr. Hosmar and Mr. Droukas,
My husband and I recently purchased a condo in the Arbor Pass development on Miriam Way. I would like to take a moment to express our appreciation for the efficient and enthusiastic help that we received from Chris Korenthal. No matter what our question or request was, he was very prompt in his reply. As we were approaching the close of escrow, through no fault of our own, an issue came up with our first lender. Chris immediately informed us of the problem and offered viable solutions. We were very grateful as the loss of our first lender put us in a very time sensitive and costly situation, but with his help we were able to close escrow in time.
Chris obviously takes great pride in the homes that he sells for Arbor. He is a credit to your staff. We look forward to residing in Hillsboro in our new Arbor Home.
Every Memorial Day my family and I always do something that helps us remember the men and women that risk their lives for our freedom. This year we went to the Vietnam Memorial in Washington Park. What a great experience. Every year on Memorial Day they read the Oregon men that died in the Vietnam war. As the names were being read, you can see many Vietnam vets wiping tears from their eyes. My wife asked one of the vets if he knew anyone that died. He said no, but the guy next to him lost his brother.
It is a sobering reminder how much is risked then and now for our freedom. I am very thankful we live in such a great country.
Just wanted to extend a very heartfelt thank you for all that you did to make this happen. We know that if it hadn't been for your efforts we wouldn't have made it. I am sorry for the stress it caused you...it was certainly dropped in your lap like a bomb shell and you just hit the ground running. I have never been through such a stressful month! If we ever have an opportunity to recommend your expertise, we certainly will!
Concha and Merritt
***Adam Ansteth with Wells Fargo can be reached at 503-720-4000
Every Mother's Day I work. So it has become tradition that my wife, daughter and mother in law go out for a date on Mother's Day. My mother in law took a very nice picture of my wife and daughter during their date today. Happy Mother's Day to the best mother on the planet!
It would be an understatement that the market is changing. We have sold quite a few homes here in the past week. We still have homes that will be ready in June, but won't last forever. Come in and see what's left.
Here is my daughter at the Wooden Shoe Tulip Farm. We make the trip there every year. This year I could not go due to work being so busy! We live in such an amazing area that we can enjoy such beauty. I have to say, although the tulips are beautiful, my daughter is much more beautiful!
Here is one of Arbor Pass' families celebrating their kid's birthday party at our clubhouse. They brought in a puppeteer to put on a show for the kids. The kids enjoyed the show, but I think the adults enjoyed it more. Everyone had such a great time.
I love that we have a clubhouse here at Arbor Pass to have parties in. It so nice for the homeowners to have a place that is large enough to house such a big group.
The Home Builders Association (HBA) of Metropolitan Portland announces the Ultimate Open House New Home Tour, presented by NW Natural and Standard TV & Appliance. Designed especially for homebuyers interested in new construction, two inspiration-filled weekends will offer the latest in new home trends, smart sustainability and affordable home options on April 28 & 29 and May 5 & 6, 2012, from 11 a.m. – 5 p.m. The event is free for the public.
WHAT: The Ultimate Open House New Home Tour has changed the way homes built by premiere builders are sold. The tour not only provides a showcase for top builders, it simultaneously helps homebuyers find and purchase their ultimate new home. Homes run the gamut in size, price range, style (also incorporating townhomes and condominiums) and location across Portland and its suburbs.
The first ten people to buy a tour home during the dates of the tour with a natural gas furnace and water heater will receive a gas bill credit of $800 courtesy of NW Natural.
WHERE: New homes throughout Portland and surrounding suburbs will be featured. NW Natural has created a smartphone application for the event that can be used to navigate to each location.
WHEN: April 28 & 29 and May 5 & 6 / 11 a.m. – 5 p.m.
BUILDERS: Participating builders include: Arbor Custom Homes; Legend Homes; Gertz Fine Homes; Stone Bridge Homes NW; Renaissance Homes; Monza Homes; Everett Custom Homes; Portland Development Group, LLC; Maratona Homes, LLC; TA Liesy Homes NW, LLC; Fish Construction NW, LLC; JT Roth Construction, Inc.; Westlake Development; Olin Homes; Pacific Lifestyle; Pahlisch Homes; and Hutchinson Home Builders.
WHO: The HBA of Metropolitan Portland produces the Ultimate Open House New Home Tour, presented by NW Natural and Standard TV & Appliance. Additional sponsors include Energy Trust of Oregon and Metros.
As a new home owner in your Arbor Pass community, I thought I would take a moment and recognize the quality employee you have in Chris Korenthal. He has been a true professional during this entire process for me. He has answered all questions and concerns for me and really helped during this process. I would certainly recommend any of my friends and family to this community, largely based on the knowledge Chris has about the homes he is selling.
Chris is a good guy, an absolute professional and I feel you are lucky to have someone of his caliber representing Arbor Homes. If you have any questions or concerns, feel free to contact me at any time.
Nobody wants to catch a falling knife. It is as simple as that. If potential buyers see continued home price erosion, they will stay parked on the sidelines. But as with everything else in this unique and historic housing market, perhaps the usual logic doesn't apply.
"Housing is one of the great investments right now. I tell people all the time when they come up to me, they say, "What should I do, Mr. Trump?" I say go buy a house," said Donald Trump earlier today on CNBC.
"It wouldn't be an obvious mistake to buy a house now," hedged Robert Shiller, barely a few hours later.
Perhaps they were just jumping off Warren Buffett's declaration yesterday that if he had a way to manage them, he would buy a couple of hundred thousand single family homes and rent them out.
Housing appears to be rated a "buy" these days, especially among investors, who see a ripe and rising rental market and big potential for income. But is it the right time yet for what I call "organic" buyers to get in? By this I mean people buying a home to actually live in it, raise a family in it, let the dog run around in the back yard. If prices are still falling, couldn't an even better deal be waiting down the road a bit?
No. House prices will continue to fall on a national basis at least through 2012, but you have to look past national headlines to your local market, which is likely already recovering nicely. The trouble with the national numbers is that they are heavily weighted toward the lower end of the market and to the distressed end of the market.
Around 73 percent of homes that sold in January were priced below $250,000, according to the National Association of Realtors. Forty-seven percent of homes sold that same month were considered "distressed," which is either a foreclosure or a short sale (where the lender allows the borrower to sell for less than the value of the mortgage). With all the activity in these areas, no surprise that prices skew lower.
The $250,000 to $500,000 price range may now be the sweet spot for the market. Sales in January were up in this price range, and if you have good credit, you are within GSE and FHA loan limits in most markets. While FHA just raised its insurance premiums, which may hurt much-needed first-time homebuyer demand, it is still one of the best loan products out there today, especially for those with lower down payments.
You cannot time housing any more than you can time the stock market. True, housing moves far more slowly, but that works to its benefit, as prices don't rise and fall on daily news or even on major events. Sales have clearly bottomed in housing, and prices always lag sales. They will lag longer this time around, no question, but they will come back. Supply and demand will eventually win out, even after an historic crash. If you can't get a good mortgage now, then perhaps it's not your time, but if you can, waiting may not buy you much.
Questions? Comments? RealtyCheck@cnbc.com And follow me on Twitter @Diana_Olick
So far this month we have sold 6 homes. That is amazing. We are running out of inventory so much that we currently have 3 buildings under construction at once. We do however have some homes that are move in ready, but don't wait, they may be gone.
As you can see we have been very busy here at Arbor Pass. We currently have 2 buildings under construction with one more starting next week. We are nearly sold out of our show homes. Come by and visit and see what all the fuss is about.
Here are pictures of building 2, ready for sale. The interior shots is our Sussex floorplan that is selling for $124,900. It is our only Sussex that is ready. Come by and view it and make Arbor Pass your new home!
January has been an amazing month. We have been so busy and sold so many homes. We just finished building 2,we have building 21 ready in June and building 22 will be ready in August. Come by and see all the new homes!
If you know me, you know that I don't really like snow. One major reason is that I won't drive in it which makes me crazy because I can't get to work. Lately we have had some snow that looks beautiful and does a light dusting. This is a picture of my son playing in the snow at his grandparents in Scappoose. The grandparents saw much more snow than we did. Hope you enjoyed it while it lasted.
Home prices fell 3.5 percent in 2011, but are expected to reverse course in 2012.
Portland-area home values fell 3.5 percent percent during 2011 but are expected to stabilize and even post an increase in 2012, the real estate research firm Clear Capital reports.
The California company forecasts a 1.9 percent increase in home values in the Portland-Vancouver-Beaverton area.
In the company's ranking of 50 major metro areas' home prices, that moves Portland from No. 27 in 2011 to No. 14 in 2012. Exactly half of the markets are expected to post home price increases. The Portland market is also among 20 considered to be stable in 2012, with a predicted increase or decrease of less than 2.5 percent.
The company also reported 15.5 percent of home sales in 2011 were bank-owned foreclosures.
U.S. home prices fell 2.1 percent in 2011 and are expected to gain 0.2 percent in 2012, the firm reports.
The Seattle area was one of the hardest-hit markets in 2011, posting a 15.1 percent decline in prices. Clear Capital predicted the city would lose another 7.5 percent in 2012.
Published: Monday, January 09, 2012, 11:42 AM Updated: Monday, January 09, 2012, 12:36 PM
The housing sector seems to have finally bottomed, and may even be rebounding, according to The Washington Post, which cited data released over the past several weeks. "Housing has switched from being a drag on overall growth, to modest positive contributions,” the newspaper quotes Brian Bethune, chief economist of Alpha Macroeconomic Foresights. as saying.