By Scott Shoji, August 18, 2020
By Scott Shoji, August 18, 2020
The detached home market in Portland continues to remain hot and competitive. Flying under the radar are some incredible new construction homes that remain on the market, with some of these are being detached condos that live exactly like their traditional residential counterparts, and in some circumstances, better.
I was introduced to Sean and Shannon by way of company referral. We initially began their search looking at condos in the Pearl District and Slabtown/NW PDX and expanded to inner SE Portland for proximity to Sean’s work. Originally from California, Sean has lived in Portland for several years, coming here for work. Shannon was still based down in California and spending part of her time in Portland. We needed a property that worked for both of them, that was clean, had modern aesthetics, and needed the ability for two home offices. What we discovered was many new construction homes on the east side were priced similarly to condos in the Pearl, but had a lot of bells and whistles that you did not have with some of the older properties we had started looking at. We had interest in several of these homes and wrote on a few, right as COVID-19 began making its presence known in the states. We wrote offers on 2 places prior to the home they found, each having been on the market for a bit, and each having much optimism for what they could sell for. We also discovered the wide range of what builders constituted an ADU and what they felt that was worth. (Hint: Putting a mini-fridge in a lower level room and an exterior door in there, while trying to call it a full ADU is going to hurt you when competing against a fully plumbed kitchenette, separate entrance, bathroom and washer/dryer area )…just in case there are any builders or brokers out there wondering what should I do here on my next project.
I was blessed by Sean’s no-nonsense approach to offers, and Shannon’s meticulous attention to detail, but when things did not pan out on properties 1 and 2, we found this wonderful property at the Tabor Terraces Condominiums, built by Ethan Beck Homes and listed by Eric Hagstette with Inhabit Real Estate. It was under $1M, stunning and functional interior, 3 Bedrooms, 2 bathrooms and Laundry on the top level, Kitchen, Living Spaces, Bonus Bedroom/Office on the 2nd level with access to 2 outdoor decks, and a full bedroom and bath + recreation room on the entry level. You could walk up SE Yamhill and head off the trails into Mt. Tabor Park, or head down and cut across a walking path and be on SE Belmont. Eric’s easy going approach to the Sale Agreement was a refreshing change from what we had encountered in the past, and we had the opportunity to meet the builder and walk the property with them, discuss some options built into our offer, and as with many new construction homes, we had the opportunity to do a walk through with the Project Super and get any items that cropped up on the inspection taken care of. I tell some of my clients, the longest repair addendum I had ever written was on a New Construction property. This was primarily because the home was not ready for us, and we had to call out many things just for the sake of completion. This inspection was anything but that, and perhaps the cleanest one I had ever had. This speaks a lot to the builder, the quality of construction and the diligence that his team takes in following up on items. If you are curious, they still have one left for sale and I would love to get into it! Here is a link to the project for those who are curious as to what the project looks like: http://www.taborterrace.com/
I have to thank Bill Dolan with Guild Mortgage, who jumped through a lot of hurdles in making this happen with the financing side of things and competing against the Builder’s preferred Lender. Bill has always been extremely great in communication and updates, and it was well appreciated and needed for the successful on time closing of our transaction.
Cheers and welcome home Sean and Shannon! I truly hope you enjoy your place here in Portland.