Picture a place with coffee shops, breweries, restaurants and food carts. Nearby ocean beaches offer the smell of salt air, sand between your toes, and crashing waves. Historical architecture lines the streets coupled with the latest in LEED buildings. Liberal communities dotted with Gluten-Free, bicycle-friendly people and the endless offerings of State Parks, trails, and outdoor experiences.
I was NOT describing the Bay Area. I was describing Oregon.
As the median sales price in San Francisco has risen well above the million dollar mark and the median sales price in San Jose and surrounding Santa Cruz areas have topped $750,000, it's no wonder some Californian's are looking to the Pacific Northwest.
Seattle, after all, is home to Google, Amazon, HP, and Microsoft, AND the median sales price is only $350,000.
Major Price Difference: Portland vs. Bay Area
$350,000 in Santa Cruz will buy you a 2007 manufactured home in an age-restricted community (55+.) You don't even own the land.
On the other hand, $307,000 will buy you a 3 bedroom, 1.5 bathroom 2000+ square foot home with a partial basement on a 5,000 square foot lot.
So can you really blame Californian's for looking Northward to relocate? Climate is similar, the landscape is green and water isn't restricted. I don't think any people in Portland are leaving it mellow when yellow and flushing down when brown.
Oregon Backlash
In recent weeks, stickers like this one have popped up on For Sale signs around Portland. The local real estate market is starting to experience bidding wars and properties selling for well above list price. Some local Realtors attribute the rising prices to historically low inventory levels and buyer frustration. Does this scenario sound familiar?
As locals are being priced out of their own market, many are turning their frustration into blame. Blame on Californians for their "mass exodus" and their single-handed responsibility for a pricing "bubble."
Change is inevitable. When you look around Santa Cruz now, it is not the same Santa Cruz it was 30 years ago. Whether you agree or not with Portland locals and blame Californians for hiking up their local property values, what the heart of this story reminds me is that Real Estate is not just local, it's Global.
I was NOT describing the Bay Area. I was describing Oregon.
As the median sales price in San Francisco has risen well above the million dollar mark and the median sales price in San Jose and surrounding Santa Cruz areas have topped $750,000, it's no wonder some Californian's are looking to the Pacific Northwest.
Seattle, after all, is home to Google, Amazon, HP, and Microsoft, AND the median sales price is only $350,000.
Major Price Difference: Portland vs. Bay Area
$350,000 in Santa Cruz will buy you a 2007 manufactured home in an age-restricted community (55+.) You don't even own the land.
On the other hand, $307,000 will buy you a 3 bedroom, 1.5 bathroom 2000+ square foot home with a partial basement on a 5,000 square foot lot.
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| 800 Brommer St #2 sold for $340,000 in September |
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| 7219 SE Harold St, Portland, OR sold for $307,000 in October |
So can you really blame Californian's for looking Northward to relocate? Climate is similar, the landscape is green and water isn't restricted. I don't think any people in Portland are leaving it mellow when yellow and flushing down when brown.
Oregon Backlash
I can only imagine that, with breaking hearts, those Californian's who are electing to make the move can at least ease their pain knowing they are headed to a land of similar culture, vibe, and lifestyle. Why wouldn't Portland welcome a mass exodus of hipsters, millennials and tech retirees with open arms?
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| Courtesy of Lori Fenwick |
In recent weeks, stickers like this one have popped up on For Sale signs around Portland. The local real estate market is starting to experience bidding wars and properties selling for well above list price. Some local Realtors attribute the rising prices to historically low inventory levels and buyer frustration. Does this scenario sound familiar?
As locals are being priced out of their own market, many are turning their frustration into blame. Blame on Californians for their "mass exodus" and their single-handed responsibility for a pricing "bubble."
Change is inevitable. When you look around Santa Cruz now, it is not the same Santa Cruz it was 30 years ago. Whether you agree or not with Portland locals and blame Californians for hiking up their local property values, what the heart of this story reminds me is that Real Estate is not just local, it's Global.
Aimee Thayer-Garcia is a Real Estate Broker Associate at Bailey Properties. She is Top-Producing Agent and practices Real Estate full time with her husband, Angel Garcia. Mom of 3. 831-435-9146. ATGarcia@BaileyProperties.com