Blog Stories Experience Comes in Just Shy of Crystal Ball

Experience Comes in Just Shy of Crystal Ball

By Virginia Barden, January 19, 2019

I opened the operations of these three iconic mixed-use buildings in Portland. (Park Avenue West, Goat Blocks and YARD).

As a regional manager, I saw first hand how investment funds were prioritized. During these years, the multifamily apartment market was strong with low vacancy rates. This meant good income expectations, generous budgets for brand work, higher-end finishes, amenities, and a budget to actually care for our residents.

However, IZ zoning requirements have had a long term and adverse effect on housing affordability in PORTLAND. With a heads up that those new rules were coming, developers flooded the permit office to get their development projects approved. We now have a glut of housing and rents momentarily getting cheaper for folks. With that come budget cuts and thinner operations = fewer resources to do good work=customer service fails.

However, so few new housing projects have requested permitting that in 2-3 years when that new building supply is absorbed by new people moving here (which they still will), we will have a MAJOR housing availability and affordability issue. Prices will rise-Fast and for everyone in every part of the housing market.

Yes, especially for those that are trying to buy real estate. Rents will raise so much that a mortgage will look very competitive and thus, more buyer competition. If you are thinking about repositioning your financial situation and owning real estate, or more real estate, things will be getting much more difficult in the future.

Choose not to operate out of fear but rather by the empowerment of information. There are so many economic and cultural factors that play into this-I know, it’s complicated. Want to know more? Let’s talk! 📠📱📞Staying immersed in economic trends and activity provides my clients with a broader perspective on real estate and the best information to help them make the right choices for their lives.

 

Always in the business of helping. 

 

 

Virginia Barden

Broker

Grounded in personalized service and thoughtful communication, Virginia leverages her experience with high-pressure real estate investment environments to achieve exceptional outcomes for her clients. Virginia creates calm from chaos and loves adapting these tools to her clients’ benefit. In addition to her years in real estate, Virginia holds a Bachelor’s of Sociology Degree and a Certificate of Organic Master Gardening from Portland State University. When Virginia is not tenaciously advocating for her clients, she is in the kitchen working on recipes that begin with, “Day 1…”, drinking great coffee and hiking Mt. Tabor with her young family and her labradoodle, Polly. Virginia deeply cherishes the trust of her community and she will always have hearts in her eyes for Portland.  
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  • T: 971-284-0657
  • virginia@livingroomre.com

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