2008 is Looking Great for Salem Oregon Real Estate
Salem Cited as # 1 in Top Ten Markets!! >
| "Many people who work in Portland, Oregon live in Salem down the highway from the state’s largest urban center. Salem has experienced one of the richest booming housing markets for more than two years and is forecast to see a healthy market through at least most of the year, picking up the second spot on the Hottest 10." full story > |
New! Salem Oregon in Top Ten of Vacation Home Rentals !
NuWire Investor March 12 2008
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Even before the articles came out, we have seen an increase in activity with buyers since January 2008. One listing in South Salem, priced right, sold in three days.
Based on supply and demand, more buyers mean that prices may firm up and stop being reduced as the competition increases. But this may not happen overnight. Now that we are starting to get national attention again, we will have people from all over the country taking a look here. It has already been happening for some time now, but an increase in buyers is a good possibility based on current trends. But no one can predict the future, so don't hold me to it ! But it is refreshing to see a positive news article.from my blog ...The new real estate year is starting off with a lot of activity as I am writing offers and taking listings. There seems to be a shift in the Salem market. Maybe we have hit bottom or have already turned the corner here. It feels like it. The media effect of the doom-and-gloom-sky-is-falling compounded an already serious situation in the national mortgage and real estate markets. But real estate is local, and in Salem Oregon, that rule applies very well. Since we did not have over-speculation in our market, we seem to be more stable here and people are seeing the values of living in the Northwest in general, and Salem in particular because of the central location and good real estate values. Oregon has one of the lowest foreclosure rates in the country and is the second most popular state to move to. Go figure. I moved here from Chicago seven years ago, and I am originally from California. I love it here and there is so much geographical diversity to explore - the Oregon Coast, the Cascades, the Columbia Gorge, wine tasting throughout the Willamette Valley, and Crater Lake. View a slide show to illustrate this
Stable Market Does not Mean We are Out of the Slump , Yet
According to Richard Manning, an appraiser here in Salem, "values have been trending towards a decline since August, but only about 1% and the outlook is good for this market. We just have a huge inventory to burn off. With interest rates lower and the Spring-Summer buying season coming up, it is possible to see some continued stablization here in this market."
Salem Oregon Real Estate Featured in Portland Magazine
The Portland-Salem Green Connection
Portland is going through a major renaissance in building, urban renewal, and is the leading green city in the country. There is a new magazine, a spinoff of Portland Monthly, titled Portland Spaces, and the first premiere issue has two articles of relevance here: "Urban Uprising" (urban renewal of five Portland neighborhoods) and an article featuring Oregon's most sustainable new development - Pringle Creek - right here in Salem. Green is now "in" and Oregon has already been there." Salem's Pringle Creek development is a 32 acre environmentally advanced master plan that includes geothermal heat, passive solar, 85 per cent of standing trees preserved, and 30% of the land reserved for parks, plazas, and natural habitat. Portland architect James Meyer sees Pringle Creek as a "living laboratory of green design". There is a greenhouse and community gardens with a crew of volunteer gardeners who donate to local food banks. A biodiesel cooperative - called "Flower Power" - already has sixty members. The medium and small scale homes are designed to be up to 75% more energy efficient than standard homes. All the streets are composed of highly porous concrete and asphalt that will cleanse and send all rainwater back into the aquifer instead of city sewers. A town center will have shops and other amenities." - excerpts from Portland Spaces