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Real Estate for Downtown Salem Oregon

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Downtown Salem Oregon                                                                                 October 21, 2011

There are many Real Estate options for downtown Salem Oregon these days.  Many turn of the century homes surround the downtown Salem area including homes around Bush Park, Fairmount Hills and North of the Capital Mall.  Some developers felt there was a demand for downtown condo style living and thus 3 large contemporary condo complexes were born.

The Meridian, located at 777 Commercial St. S consists of 89 units, many of them unfinished condos ranging from 1 bedroom 845 SF units on up.  Many of these condos have views over the Willamette River and the surrounding commercial landscape.

The Rivers Condos is arguably the most desired location as it sits across from Salem’s Riverfront Park & Salem’s Riverfront Carousel with views of the Willamette River to the West.  This complex consists of 8 stories and offers residential units as well as commercial units on the ground floor.

  • 22 luxury condominiums ranging from 935 – 4,159 sqft.
  • 3 live/work units on 2nd and 3rd floor ranging from 935 – 4,159 sqft.
  • 2 ground floor retail with floor-to-ceiling windows 1,333-5,552 sqft.

These condos are pricey, which may be the reason why only one has sold.  Their asking prices range from $183,000 to around $1,000,000.  The units are roughed in, but await your custom finishing touches.

Another condo complex that was completed is 295 Church.  This condo complex consists of units ranging from 894 SF to 1500 SF.  Their prices range from $174,000 to $237,000 depending on location and views.  Some of these units overlook Pringle Park with Gambretti’s Itialian Restaurant and Creekside Flyfishing shop nearby.

 

It is evident that the developers were a little over anxious in providing abundant upscale condo living in downtown Salem as many of these units are left vacant. The hope is that when the economy recovers, then these condos will sell along with many other exciting developments to come to fruition in the downtown Salem area.  Real Estate in downtown Salem offers may options to the buyer who desires to be in the middle of it all, and this market has great potential to grow to be an even healthier and more vibrant community!

Downtown Salem Oregon offers exciting events and attractions for people looking to reside in the hub of the state’s capital.  The attractions within Willamette University, Salem Conference Center, the Capital Building, & Bush Park offer a robust influence providing diversity throughout Salem.

 

Click Here for Active Listings in Downtown Salem Oregon!

*MLS information is deemed reliable, but not guaranteed.

 

Real Estate in West Meadows Estates in West Salem Oregon

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West Meadow Estates                                                                                          October 21, 2011

West Meadows Estates in West Salem offers some beautifully constructed custom homes mostly built within the Real Estate boom of the mid 2000’s.  The growth of West Salem was astounding after the new West Salem High School was established in 2002.  West Meadows Estates encompasses the South side of the High School.  Convenient to Glenn Creek Rd and Orchard Heights Rd, West Meadows Estates is a nice community with comfortable access to Center St. Bridge via Wallace Rd.  Traffic congestion has increased incredibly over the last decade giving the city a desire to install another bridge over the Willamette River to alleviate the problems.  Marion St. Bridge heading to West Salem from downtown and Center St. Bridge heading into downtown Salem are the most convenient bridges utilized by commuters in West Salem.  At times, this one way approach can cause problems for commuters.

West Meadows Estates offers newer construction ranging from approximately 2000 SF on up to approximately 4000 SF.  As of this writing, since the beginning of 2011, there have been 15 sales ranging from $225,000 for a 2127 SF home built in 2004 to $386,597 for a 3328 SF home built in 2006.  West Meadows offers some amazing deals for buyers and still offers many vacant lots to build on. Available homes are currently priced between $259,900 for a 2718 SF home built in 2006 and $415,000 for a 3756 SF home built in 2006.

Students may expect to attend Chapman Elementary School or Brush College Elementary School, Walker Middle School or Straub Middle School, & West Salem High School.

Click Here for Active Listings in West Meadows Estates!

*MLS information is deemed reliable, but not guaranteed.

 

Another Victim. Stop Pricing your Home too High! It is Costing You!

Again, another client suffers from denial and the result is an extra $50,000 out of their pocket.  I can’t tell you how many times this happens.  Our largest challenge today seems to be educating sellers where the current market value of their home is.  A typical listing appointment for us goes like this:  We visit the seller’s home to review the location, condition and functionality, and amenities of their home.  We spend time analyzing the market to find the REAL MARKET VALUE of their home.  After presenting the facts to them, you see a shade of pale come over their face.  “No way their home could only be worth that much”, they say.  “We want to price it a little high to see if we get any bites.  Don’t you want us to get the most out of our house?”

Of course we want our clients to get the most out of their house!  That is why we give them the right information at the beginning so they can make an informed decision.  Unfortunately often times, they don’t take our advice.

After months and months on the market the sellers usually end up chasing the market as it continues to decline.  The most recent experience we had just closed at $50,000 under what they could have sold it for over a year and a half ago when they started the sale process.  That denial got the best of them when they decided to price their home at $360,000 instead of the $310,000 that we suggested.  They couldn’t stop thinking that their home was much better than the comparable comps around their Creekside neighborhood on Poppy Hills.  After 19 months of frustration, they finally cut their losses at $260,000.  That is a hard pill to swallow; losing over $50,000!  However, that is what commonly happens to sellers who do not price their homes effectively.

Zillow had just released some studies that showed that homeowners who bought their home after 2007 are overpricing their homes 14.1% on average.  Homeowners who bought prior to 2007 are overpricing their homes by 10.5% on average.  Depending on the price point of the home itself; that can significantly price a seller out of the market!  Buyers are finding great deals and those great deals are here to stay.  The idea of us bouncing back to healthy appreciation anytime soon is a fallacy.  This market is here to stay for quite a while; and by that, I mean quite a few years.

If you are planning on selling, don’t price your home too high!  It will cost you!

For a Free Professional Market Analaysis call 503-385-1518 or visit http://www.old.paramountoregon.com

Real Estate on Croisan Mountain in Salem Oregon

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Croisan Mountain                                                                                                October 20, 2011

Croisan Mountain in Salem Oregon offers one of the most affluent lifestyles that Salem has to offer.  Homes sitting on Croisan Mountain range from approximately $400,000 to $1,000,000.  Croisan Mountain does require homeowners to adhere to CC&Rs with the intent to keep the values of these magnificent properties affluent.  It is nearly impossible to find two homes similar in this area of upscale homes as builders have added their own personal custom touches to each one.

Croisan Mountain sits on the Southwest edge of Salem and many of the properties have elaborate views.  It is not difficult to find a home with views to the East beyond Salem over to the Cascade Mountains as well as views to the North and West also.  Since Croisan Mountain is a butte, many of the homes are daylight basement styles taking advantage of the slopes.

This corrective market has taken its toll on this affluent neighborhood in the past few years.  Since the beginning of this year, there have been 3 homes sold ranging from $590,000 to $760,000.  There are currently 5 homes active for sale ranging from $562,500 for a 4300 sf home to $650,000 for a 6200 sf home; both built in 1993.

Croisan Mountain is mainly home to empty nesters, however; students may expect to attend Candalaria
Elementary School
, Leslie Middle School, & South Salem High School.

 

Search for available properties on Croisan Mountain!

*MLS information deemed reliable, but not guaranteed.

 

Real Estate for Chinook Estates in Salem Oregon

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Chinook Estates                                                                                                            October 20, 2011

Chinook Estates lies just a few miles outside of the South Salem city limits and offers gorgeous territorial and mountainous views all around.  Chinook Estates comprises of small acreage parcels ranging from 2 acres on up to 7 acres.  Depending on location, many properties take advantage of the distant rolling hills and mountains and a few have exquisite views of the winding Willamette River.  Chinook Estates offers a range of homes built from the 1970s until the present day.  Although building has slowed substantially since the Real Estate boom in the mid 2000’s, there are still some building lots available.  At the height of the market, homes were often selling for $1,000,000 or more in this area.  The affluent lifestyle is evident in Chinook Estates with the large exquisite custom built homes and vast amenities.

Just like any other affluent market in Salem Oregon, Chinook Estates has seen better days.  As of this writing, Chinook Estates has seen 2 properties sell since the beginning of 2011 with an average sales price of $762,500.

A buyer can really take advantage of the current market with some great buys in this desired location.  There are currently 7 homes for sale ranging from $399,500 for a 3 bed 2 bath, 2123 sf home built in 1978 to $769,000 for 4 bed 4 bath, 4400 sf home built in 2000.

Chinook Estates is one of South Salem’s finest communities.  Students may expect to attend Rosedale Elementary SchoolCrossler Middle School and Sprague High School.

 

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*MLS information deemed reliable, but not guaranteed.

 

 

Real Estate at Kooskooskee in Salem Oregon

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October 14, 2011                                                                                                                  Kooskooskee

Kooskooskee is a desirable community among mature adults in South Salem that offers beautiful park-like settings along Battle Creek.  This neighborhood offers paved paths throughout common areas with lush manicured grounds.  The Kaufman’s built out Kooskooskee, and it is comprised of two phases.  Phase 1 was mostly built out in the early 80’s.  This is known as Cayuse Circle.  Phase 2 was mostly built out in the late 80’s and is named Pawnee Circle.  Kooskooskee is comprised of Zero Lot Line Townhomes where homeowners own their unit, but it is shared with a common wall with their neighbor.  Many of these homes are single level, offering a nice living experience for the older adult who does not want to navigate stairs.  Many of the units also offer square footage above 2000 if someone desires more space.  Kooskooskee has a healthy HOA that covers upkeep of the common grounds around Battle Creek. 

At one time, finding these homes for sale was nearly impossible.  It was not uncommon to find a buyers waiting list circling around the neighborhood.  Times have changed a little in this community as well.  There are currently 8 homes for sale in Kooskooskee with 2 closed sales since the beginning of 2011.  The current asking prices range from $159,000 on up to $224,900 with all of them being located on Cayuse Circle.  Pawnee Circle shows to be the more desirable of the two streets with their newer styles and more updated archetecture.  The two homes that have sold were priced at $159,000 for a 1669 sf 2 story home, and $270,000 for a 2371 sf single level home.

View all active listings in Kooskooskee!

 *MLS information is deemed reliable, but not guaranteed.

 

Welcome to Paramount Real Estate Services

Real Estate at Illahe Hills & Bailey Ridge Salem OR

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Illahe Hills Country Club

 

Illahe in Salem Oregon is a beautiful and originally 1960’s contemporary community lying on the outskirts of Southwest Salem. Illahe is nestled in the middle of South Salem rolling hills and lies along the Willamette River.   Gorgeous landscaping views and wildlife surround all areas of this community.  This community is known for its affluent lifestyle and golfing amenities.  Illahe Hills Country Club was established in 1960 by several prominent and local businessmen.   People looking to reside in this area can enjoy a golf pro shop, clubhouse featuring catering and social events, tennis and swimming with different levels of membership.

 

Illahe has changed its landscape over the years from its contemporary style to offering more neo-craftsman styles that are more popular today.  With the housing boom came smaller lot sizes as with most subdivisions.  The original community fought to keep Bailey Ridge from coming to existence; however that battle was ultimately won by Sandstrum Homes.

 

Bailey Ridge was contrived at the height of the market offering a more affordable product for the Illahe area.  Many neighbors resented this subdivision because they felt that Bailey Ridge was capitalizing on the Illahe reputation all the while bringing down their own property values.  As it stands today, there are many vacant lots in Bailey Ridge and a number of foreclosures, although building continues.

 

Illahe stands to have sold 8 homes since the turn of 2011 with an average sales price of $370,462.  The low price is an 1854 sf condo built in 1961 for $185,000.  The highest sale is a 3489 sf home built in 2010 for $495,000.  There are currently 16 active homes for sale ranging from $335,000 on up to $799,000 leaving approximately 27 months of inventory on the market in this community.

 

Bailey Ridge has sold 10 homes since the turn of the year with an average sales price of $296,642.  The low price is a 2026 sf home built in 2006 for $244,900.  The highest sale is a 3304 sf home built in 2007 for $342,500.  There are currently 7 homes for sale leaving approximately 7 months of inventory on the market in this community.

 

Illahe and Bailey Ridge are still one of Salem Oregon’s very desirable areas.  Students can expect to attend Schirle Elementary School, Crossler Middle School and Sprague High School.

 

Search here for active listings in Illahe and Bailey Ridge!

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*MLS information deemed reliable, but not guaranteed.

 

Mortgage Interest Rates Hit Another All Time Low; however Few will Capitalize

Mortgage rates continue to conquer new territory with a new all time low for a 30 year fixed mortgage!  What an amazing time to purchase or refinance.  I know there are many people who would love to take advantage of these rates, but they are not in the position to make any moves.  What good is the lowest interest rates on record when the financing rules are too tight?  Rates could bottom out at 1%, but if people can’t qualify, then it is all in vain.

Fortunately FHA buyers are able to take advantage of these historically low rates.  However, in our Salem Oregon market, those buyers only make up 20% of the purchasing power.  It is the more qualified purchaser that is having difficulty with financing and therefore is less of a driving force in getting us out of the housing crash.  FHA buyers have helped stabilize the market below $150,000 in our Salem Oregon area.  Homes priced above that price point continue to see values erode away quickly.  Unfortunately there is too much inventory in the higher price point.

It is so overwhelming to think about how our economic system is all tied together with different facets of the economy.  What is going to break it open?  Housing has historically lead the road to recovery in the past recessions, but how is housing going to recover when jobs are not created?  How is housing going to recover when we have so many homeowners underwater on their mortgages and banks are not modifying?  How is housing going to recover when we have such a mess with MERS and the overwhelming presence of Shadow Inventory?

There is no one answer to get us out of this mess.  Declining mortgage rates are not going to make a bit of difference at the moment.  We need solid fiscally conservative leadership on a wide and consistent basis to have a chance.  The question is, have we dug our hole way too deep to recover well in the next decade?  Judging by the way things are going, the answer seems grim, however; if you can take advantage of the all time low mortgage rates, then by all means; CAPITALIZE!

Real Estate at Creekside Estates & Golf Club Estates Salem Oregon

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Creekside Estates and Golf Club Estates at Creekside make up one of South Salem’s more desirable locations to live.  This community of 10 current subdivision phases wraps around one of Salem’s nicest golf courses.  Creekside Golf Course was designed by Golf Professional Peter Jacobson in the early nineties.  A person can find a pro shop in the clubhouse, an underground swimming pool and the exquisite Lakeview Restaurant and Lounge at Creekside.  Creekside is also known for one of the best Fourth of July celebrations in town.

Creekside Estates offers beautiful and peaceful settings nestled just outside of South Salem with many views of the golf course.  Many of these homes line the fairways and greens.  Convenient to shopping and Interstate 5 access, Creekside is also known for its affluent market.  Phase 6 at Creekside offers gorgeous views to the North over the golf course and city of Salem.

Golf Club Estates at Creekside is a group of phases devoted to offer less expensive housing to those who want to establish themselves within the same community.  These homes do not generally offer views of the golf course, however; many of these homes are custom built and offer beautiful amenities.  Creekside offers a healthy HOA for people who want to have the security of stronger CC&Rs.

Creekside Estates and Golf Club Estates at Creekside have had its share of market corrections.  At the height of the market it was very difficult to find a home in this area without paying an arm and a leg.  As of this writing, there have been 15 residential sales in this area in 2011 with an average sales price of $298,613.   The low price is a 1682 sf home built in 2001 for $200,000.  The highest sale is a 2892 sf home on .92 acres overlooking the golf course built in 2004 and sold for $400,000.  There are currently 29 homes for sale ranging from $249,990 on up to $849,000 leaving approximately 23 months of inventory on the market in this community.

Creekside Estates and Golf Club Estates are one of South Salem’s finest communities.  Students may expect to attend Sumpter Elementary School, Judson Middle School and Sprague High School.

Search here for active listings in Creekside Estates!

*MLS information is deemed reliable, but not guaranteed.