Business Insider recently compiled a list of America’s 10 hottest housing markets for 2014. Portland is one of the nation’s hottest real estate markets because of:
- Anticipated population growth.
- Projected strong year over year housing price increases.
- Low unemployment rate.
We belong on the list based on the fundamentals of our local market. By way of clarification: I believe we are in very for some very solid gains not only in 2014 but for the next few years ahead. But I don’t think that we are going to have explosive gains expected in Seattle, San Diego, Salt Lake City, or Miami. Those cities are expected to post bigger gains…and those markets are characterized by some larger valuation swings (good and bad) than good ol’ PDX.
A Rising Tide lifts all boats
My assessment: Currently the Single Family Residence (SFR) market is doing very well, and our Multifamily Investments in Portland are the talk of the nation. Retail has made solid gains. The Office market is gaining momentum, particularly the Medical Office Building Sub-segment. Industrial shows signs of rebounding in some sub-markets but I don’t think we’re seeing that across the entire PDX Metro area yet.
Some investors have asked me if I’m concerned with Portland’s current multifamily building boom. I’ve witnessed over building before…and guess that we’ll do it again someday…but I’m not seeing it yet. The numbers I have seen thus far don’t worry me…particularly when I consider the 43,500 new Portlanders projected to arrive in the next 2 years. That’s around 60 new folks a day, every day.
If you want to be a Genius in 5-years…talk to me about investment real estate today! Rick M. Bean
These are good days to enhance your real estate investment portfolio! Contact Rick Bean of Rose City Commercial Real Estate for more information at 503.577.1034, or rick@rosecitycre.com.