Just how much is a great location worth?

Today I ventured out in the (what do you call it again?)  hot sunshine, slathered in plenty of sunscreen thank you, to check out three new southeast Portland listings that all sparkled with the promise that "great location" offers. Alas, I was chagrined to find that 2 of 3 were disappointing, for different reasons. But at the end of the day, disappointing always means overpriced. The third house had great relative location and views that make up for its somewhat easterly Mt.-Tabor-but-not-much-else hike factor.

Location should come at a premium, but only if the property itself lives up to a strong neighborhood's image. A fixer is a fixer is a fixer, I don't care how many trendy restaurants you can walk to. In this market, poor (read: cheap) remodeling choices and true rough-and-tumble condition really hurt the marketability of the home, especially when the house has (or had) a lot of vintage character. And a fixer ain't gonna fetch what a lovely home in a 2nd-tier location is going to. In this city, 2nd tier locations aren't bad ones, they just aren't the ones touting 90+ Walkscores. With that said, here is the dish on today's offerings:

1. 2416 SE 34th Ave. $249,500 2BR/1BA Craftsman bungalow oozing with location, intact built-ins & kitchen, though unfortunately also oozing with decay, neglect and many restoration or replacement projects that would challenge anyone other than a professional. Sheesh. Overpriced by close to $50K. 

2. 1218 SE 51st Ave. $325,000 2BR/1BA Another Craftsman bungalow in a powerfully appealing location. Though updated and remodeled, pleasant enough and neatly kept, the house's updates were out of sync with the era. Both bedrooms were small and decorated as if in a hip 1960 home; I'd look past that if the kitchen hadn't been re-done as if it were part of a Hillsboro subdivision. Enough said. (On the bright side, the kitchen did have a lovely eating area opening out to the back deck & yard.)

3. 7229 SE Yamhill St. $397,000 3BR/2BA An English view home in the dreamy east side of Mt. Tabor, a bit removed from what many buyers yearn to walk to - namely, shops & eats - but is really not far from them. The reward for the extra half-mile out is a very well-tended pocket and sometimes spectacular views of Mt. Hood and Mt. St. Helens.

As Promised....Pictures of New Listing!

New Belmont town home has hit the market!

For more pictures, a showing, or more information, please contact Chylese Austin.  503.703.3303 -or- chylese@meadowsgroup.com

A couple of little dumplings

This week's new entries to the market were definitely limited by the upcoming holiday weekend, but that didn't keep me from extracting three little pearls to tour. Unfortunately, one was colossally overpriced, though paradoxically it appears to have a motivated seller. Another was an enticing buy, with an unusual unfinished upstairs - 2 rooms framed in, with a quite serviceable existing staircase - on a wide friendly street. The third one was technically not a new listing (it had a sale fail) and a client of mine coaxed me over to show it. Glad I did!

1. Enticing Tabor 2+BR/1BA $319,500 1736 SE 51st Ave. Well-preserved late-40's traditional has rare unfinished 2nd floor, sweet & clean eat-in kitchen and nice main floor bath & bedrooms. Great yard, but it is only accessed through the driveway side. The only other drawback is the paucity of space for formal dining. If one has the typical 6-chair set, it would be mighty tight in the allowable area off the kitchen. Still, the street is wide and great and the blank canvas upstairs is pretty compelling at this price point.

2. Diamond-priced Zirconium 1BR/1BA $329,000 4234 SE Washington St. Petite but charming bungalow with very lovely yard, beautifully appointed & cozy interior, upscale-remodeled kitchen. Sparkles! But is it a true diamond? The kitchen is so small that what I took for a wine fridge was the fridge. (A full size one is quite inconveniently located in the basement.) The bath is nice, but not stellar; it's also pretty small. So is the bedroom... you get the picture.  Should be closer to $289,000.

3. Scrumptious Victorian Farmhouse 2BR/1BA $279,900 22 NE 61st Ave. I could just about smell the pancakes cooking in this delicious little house, decorated and clearly loved for all its vintage glory:  battered but cool wood floors, a handsome living room & fireplace with peek-view of the west hills adjacent to a generous kitchen and quirky-neat back room (dining room?). Both bedrooms were adorable, though one is small... however, its size actually adds to the the charm of its wainscot and Cape Cod transom windows on two sides, still very much in good working order. A tad high for the street, but a lovely, private yard almost makes up for that. More (though limited) possibilities in the basement, too.