Comments on: Multifamily market shows signs of improvement

By: Southeast Portland apartments sell for $1.7M « Daily Journal of Commerce – Building and Construction News in Portland, Oregon and the Pacific Northwest

Mon, 26 Jul 2010 23:55:48 +0000

[…] purchase is the latest multifamily investment in the Portland area. The downtown Ladd tower apartments sold earlier this month. The North Portland Tupelo Alley […]

By: Nick Bjork

Nick Bjork — Thu, 22 Jul 2010 17:51:42 +0000

Look at Trulia’s data on renting vs. owning in PDX, we are the 4th best city to rent in the US. I agree that in other parts of the country it is ridiculous to rent over buy because you avoid just handing your money over. But that isn’t the case in Portland, at all.

I rent in the Sunnyside Neighborhood right now. I pay a fair price, $1,200 for a rennovated 700 sq. ft. apartment with all new appliances included, granite countertops and bamboo floors. The average, I repeat average, home price in my neighborhood is $380,000 for an old home that is structurally sound but still needs some work to be at the level of my apartment. The monthly payment would be $2,500 for the average house in my neighborhood. More than I make in a month.

I want to buy a house because I think along the same lines as you, but it’s hard to even find a place worth buying that I can afford using all of my paycheck.

Steve,

If you see this, email me at nick.bjork@djcorprod.wpengine.com or call me at 503.802.7225. What you are saying would make a great story.

Thanks for reading!

By: steve hilgedick

steve hilgedick — Thu, 22 Jul 2010 17:40:57 +0000

You must remember that the landlord has allready put his 25% down payment into his property. He has saved for the purchase. The rents I charge produce negative cash flow as rentals. In addition, the city takes 20% of that rent as property taxes and then they take another 15% for storm water runoff. These two costs raise the cost of home ownership significantly compared to the rest of the country. our cost of government is way too high. While our services may be good we are killing ourselves with taxes. The storm water runoff program is rediculous especially in the east county. I capture 100% of the stormwater run off on my property and get taxed horendously. We live on one of the largest gravel rock aquifers in the world. Our storm water runs mostly into this system with no cost to the city. Yet, they use this as a huge slight of hand to gain more revenue undservedly. I don’t see landlords making huge money. It takes 30 years to pay for the property. The owner has put his down payment on the proerty. The only big money has come from inflation and as we all know the last ten years has been flat. That even includes the high runup in 06.

By: j

Wed, 21 Jul 2010 18:36:53 +0000

Would someone please explain how more people moving into apartments is a good thing? Before you explain to me how “several families” “may” have been living in a single unit, consider the fact that those several families had much more disposable income due to split rent.
Just in case you were curious, apartments are not any sort of deal – there are no savings since rent is often just about the same as owning, therefore offering renters little to no chance of ever escaping the nightmare of apartment dwelling. With rent on par with a mortgage, renters can’t set aside any money to put towards a downpayment on their own place. It should be unlawful to charge a landlord’s total cost through rent – why should a renter pay the mortgage without gainging any benefit of ownership?
Just my two cents, feel free to justify your land-lordship over your fellow man.