When the number of homes for sale is low and so are interest rates, home shoppers wanting a desirable mortgage may offer full asking price or more for a residential property. That’s the case in the Portland area, where the inventory of homes on the market has been minuscule for years and plunged to a record low in November.
The seller’s market forces buyers to face bidding wars or wait.
More than one in four — 26.9% — of homes in the Portland area sold for more than their asking price in 2019, according to an analysis by the real estate marketplace Zillow. As high as that sounds, that’s a drop from 31.7% in 2018.
During Portland’s overheated real estate market in 2016, 2017 and 2018, owners of modest, flippable homes could get almost double asking price.
In 2020, a dozen Oregon sellers with ambitious buyers pocketed $200,000 or more than full price. The highest bump over asking price was $750,000, according to Zillow.
Just missing the list: A new Craftsman-style house on Northwest Overton Street in Portland’s Alphabet District sold in May 2020 for $195,000 over the $1,660,000 asking price. An accepted offer was received three days after the property was put up for sale.
Here are 12 other properties that went for way more than the seller expected.
The Fisher Estate on Northwest Burton Street was sold by Dirk Hmura with Jessica Corcoran of Eleete Real Estate.Eleete Real Estate
The Fisher Estate on Northwest Burton Street in Cedar Mill sold on Sept. 22, 2020 for $2.5 million, which was 42.9% over the $1.75 million asking price.
This was the first time the custom, ranch-style home, built in 1970 with 4,031 square feet of living space, was for sale.
The 1.72-acre property includes a pool, tennis court, orchard and pasture.
“Remodel, add-on or rebuild,” said listing agent Dirk Hmura with Jessica Corcoran of Eleete Real Estate.
The property was on the market for 13 days before an offer was accepted.
The 0.74-acre property on Northwest Pee Wee Court was sold by Terance Skjersaa of Duke Warner Realty.Duke Warner Realty
A 0.74-acre lot on Northwest Pee Wee Court in Bend sold on Aug. 20, 2020 for $2,185,000, which was 18.1% over the $1.85 million asking price.
The bungalow-style home was built in 2010 with a wraparound porch, wide-plank hardwood floors and white wood-clad ceilings.
The kitchen has custom cabinetry, a six-burner AGA range and double pantry. An adjacent flex room works for homeschooling or socializing, and opens to a private courtyard.
There is 3,941 square feet of living space. The upstairs master suite has an infrared sauna, clawfoot tub, marble shower and walk-in closet. The bunkroom has a second living area, two bedrooms and a loft.
The property also includes a standalone, 540-square-foot cottage.
“This westside oasis is the perfect blend of vintage farmhouse charm and thoughtful, modern design,” said listing agent Terance Skjersaa of Duke Warner Realty. “There is also a unique development opportunity with the potential to create up to an additional, three city lots.”
The property was on the market for five days before an offer was accepted.
A 0.28-acre property on Southwest Broadway Drive was sold by Betsy Rickles with Tamra Dimmick of Windermere Realty Trust.Windermere Realty Trust
A 0.28-acre property on Southwest Broadway Drive in Portland Heights sold on Sept. 24, 2020 for $1,975,000, which was 17.9% over the $1,675,000 asking price.
The four-level, traditional-style house, built in 1926, has four bedrooms, three bathrooms, two powder rooms and 5,536 square feet of living space.
“This sophisticated home beautifully blends the quality and character of Old World architecture with contemporary design and modern convenience,” said listing agent Betsy Rickles with Tamra Dimmick of Windermere Realty Trust.
The property was on the market for 16 days before an offer was accepted.
A 5.4-acre property on Southwest Petes Mountain Road in West Linn was sold by Kathleen MacNaughton with Breylan Deal-Eriksen of Windermere Realty Trust.Windermere Realty Trust
A 5.4-acre property on Southwest Petes Mountain Road in West Linn sold on Nov. 6, 2020 for $1,867,000, which was 16.8% more than the $1,599,000 asking price.
The Tudor Revival-style home, built in 1982, has a gated entry, family room with a wood-burning, stone fireplace, four bedrooms, 3.5 bathrooms and 5,845 square feet of living space.
The property also has a private boat dock and 400 feet of Willamette River frontage.
“Beautiful river views from every room ... Perfect property to renovate or tear down for a new home,” said listing agent Kathleen MacNaughton with Breylan Deal-Eriksen of Windermere Realty Trust.
The property was re-listed on Sept. 3, 2020 and received an accepted offer that day.
A 1.79-acres property on Southwest Oceanspray Place in Sherwood was sold by Hayley Scott Kirk with Dan Scott of Cedar River Realty.Cedar River Realty
A 1.79-acre property on Southwest Oceanspray Place in Sherwood sold on Nov. 10, 2020 for $1.75 million, which was 17.4% over the $1.49 million asking price.
The Northwest contemporary-style, custom home, built in 2020 by Skye Homes, has four bedrooms, 3.5 bathrooms and 3,506 square feet of living space.
The property in the gated Parrett Mountain View Estates overlooks the valley with Mount Rainier, Mount Adams and Mount St. Helens in the background. Homeowner’s association dues are $159 a month.
“Proposed plan is a Mascord elegant master on the main level designed to be an ‘age in place’ home. The lower level to be modified to fit the build site and buyer’s needs,” said listing agent Hayley Scott Kirk with Dan Scott of Cedar River Realty.
The property was on the market for 58 days before an offer was accepted.
A 0.4-acre property on Northwest Champanelle Way in Bend’s Skyliner Summit was sold by Terry Denoux of Cascade Sotheby’s International Realty.Cascade Sotheby’s International Realty
A 0.4-acre property on Northwest Champanelle Way in Bend’s Skyliner Summit sold on Aug. 18, 2020 for $1,565,000, which was 18.1% over the $1,325,000 asking price.
The custom, Northwest contemporary-style home, built by Pacwest Builders in 2014 in The Reserve, has wide-plank oak floors, a flex room off of the kitchen area, four bedrooms, three bathrooms and 3,338 square feet of living space plus balconies and decks.
The upper-level master suite includes a large walk-in closet, soaking tub, blackout windows, rolling privacy panels and a separate studio.
The property has a fire pit in the backyard and a short-term RV area with 30-amp hookups. The neighborhood has bike trails to the Phil’s Trailhead complex.
“Perched on the uphill side of the street offering territorial views, [the site] provides a sense of privacy from your surroundings,” said listing agent Terry Denoux of Cascade Sotheby’s International Realty.
The property was on the market for 18 days before an offer was accepted. The homeowner’s association fees are $100 a month.
A 0.33-acre property on Southwest Clifton Street in Portland’s West Hills was sold by MJ Steen of Windermere Realty Trust.Windermere Realty Trust
A 0.33-acre property on Southwest Clifton Street in Portland’s West Hills sold on Sept. 15, 2020 for $2,783,610, which was 9.2% over the $2,550,000 asking price.
The traditional home, built in 1938 and remodeled by Jessica Helgerson Interior Design, has five bedrooms, four bathrooms, two powder rooms and 4,332 square feet of living space.
The double-lot property, looking north over the city, has gardens designed by Craig Kiest of Huntington & Kiest Landscape Architects.
“This custom remodel possesses a quality that embraces modern design yet respects the architectural heritage of the home,” said listing agent MJ Steen of Windermere Realty Trust.
The property was on the market for seven days before an offer was accepted.
A 0.34-acre, oceanfront property on Whale Watch Way in Bandon was sold by Hunter Finch of Coastal Sotheby’s International Realty.Coastal Sotheby’s International Realty
A 0.34-acre, oceanfront property on Whale Watch Way in Bandon sold on Oct. 2, 2020 for $1.8 million, which was 14.3% over the $1,575,000 asking price.
The contemporary-style home was built in 2003 in a gated community. Each of the three bedrooms has a private balcony or patio. There are 3.5 bathrooms and 3,126 square feet of living space.
“Tall ceilings and large windows capture the extraordinary views, nearly 180 degrees up and down the coastline,” said listing agent Hunter Finch of Coastal Sotheby’s International Realty.
The property, with private steps to the beach, was on the market for five days before an offer was accepted.
A 7.28-acre property on Northwest Miller Road in Portland’s Forest Park neighborhood was sold by Breanna Zulauf with Jamie Johns Manske of Premiere Property Group.Premiere Property Group
A 7.28-acre property on Northwest Miller Road in Portland’s Forest Park neighborhood sold on Oct. 30, 2020 for $1,673,000, which was 15% over the $1,455,000 asking price.
The single-level, ranch-style home with cedar siding was built in 1938 and remodeled. There are three bedrooms, two bathrooms and 2,100 square feet of living space.
“Located on one of the most beautiful lots in West Slope, the property is bordered by 40 acres of an environmental conservation zone and is minutes from St. Vincent Hospital, downtown Portland and a short commute to Nike and Intel,” said listing agent Breanna Zulauf with Jamie Johns Manske of Premiere Property Group.
The property was on the market for four days before an offer was accepted.
The Northwest ranch-style, remodeled home in Tumalo’s Winston Ranch was sold by Virginia Ross of Coldwell Banker Bain.Coldwell Banker Bain
A 7.5-acre property on Winston Loop in the Bend area sold on July 13, 2020 for $1,610,000, which was 15.4% over the $1,395,000 asking price.
The Northwest ranch-style, remodeled home, built in 1996 in Tumalo’s Winston Ranch, has a vaulted great room with a towering dry-stack stone fireplace and floor-to-ceiling windows that frame the Cascade mountains.
There are knotty Alder cabinetry, granite and Caesarstone counters, three bedrooms, three bathrooms, an office and 2,740 square feet of living space.
The property has a three-car garage as well as front and back hickory decks that overlook a waterfall, Koi pond and creek plus 6.6 irrigated acres.
“Mountain views are protected in CC&Rs,” said listing agent Virginia Ross of Coldwell Banker Bain.
The property was on the market for six days before an offer was accepted. Homeowner’s association dues are $133 a month.
The 10,018-square-foot, corner lot on Northeast Thompson Street in Portland’s Irvington neighborhood was sold by Kathleen MacNaughton with Breylan Deal-Eriksen of Windermere Realty Trust.Windermere Realty Trust
The 10,018-square-foot, corner lot on Northeast Thompson Street in Portland’s Irvington neighborhood sold on Aug. 7, 2020 for $1.6 million, which was 14.7% over the $1,395,000 asking price.
The restored 1912 house has a master suite with a gas fireplace, walk-in closet and spa-like bathroom with heated tile floors plus four more bedrooms, two more bathrooms and 5,875 square feet of living space.
“Carefully and thoroughly updated to preserve its superb original architectural details,” said listing agent Kathleen MacNaughton with Breylan Deal-Eriksen of Windermere Realty Trust.
The property was on the market for three days before an offer was accepted.
A 0.52-acre property on Northwest Pee Wee Court in Bend was sold by Terance Skjersaa of Duke Warner Realty.Duke Warner Realty
A 0.52-acre property on Northwest Pee Wee Court in Bend sold on Aug. 28, 2020 for $1.6 million, which was 14.7% over the $1,395,000 asking price.
The Craftsman-style home, built in 2013 in Shevlin Ridge, has a two-story entry, Dutch doors, aged hardwood floors, quartz counters, custom cabinetry, 745-square-foot vaulted bonus room plus three bedrooms, 4.5 bathrooms and 4,438 square feet of living space.
There is also a courtyard, patio with a fire pit, flat lawn with a treehouse and a 597-square-foot cottage with a loft plus a three-car, extra deep garage.
“One-of-a-kind property offers thoughtful details,” said listing agent Terance Skjersaa of Duke Warner Realty.
The property was on the market for four days before an offer was accepted.
— Janet Eastman | 503-294-4072
jeastman@oregonian.com | @janeteastman
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