RSS FeedPortland's multifamily market shows signs of improvement
Statistics released recently by the local real estate industry indicate Portland’s apartment and condominium market may be the first sector in the metro area to turn around.
The city’s multifamily vacancy rate was 4.1 percent for the second quarter of 2010, down almost an entire percentage point from the first quarter of the year, according to NAI Norris, Beggs & Simpson .
It’s the first time in two years that rental rates have risen. But before anyone will consider the uptick a full recovery, local brokers say there needs to be more job growth and some new projects in the pipeline.
“These are great indicators that things are moving in the right direction, but seeing those numbers grow - or at least sustain through the fall and winter - will be the truly telling sign,” said Robert Black , associate vice president of NAI Norris, Beggs & Simpson.
Black added that even though unemployment has remained high this year, positive in-migration, distrust in homeownership and accustomation with the recession have boded well for the multifamily market. According to Portland State University’s Population Research Center, the city is gaining approximately 21,000 people a year.
Dallas Road Trip Wrap up | Michael Holtzman
I am back from last week’s road trip to Dallas. In an earlier post I talked about the first night where we drove from Albany to Buffalo. The next day was our longest drive of the trip. Our trip was from Buffalo to Louisville, Kentucky. It took us around 8.5 hours with a quick stop for lunch. We still had enough time to enjoy dinner at a nice Cuban restaurant and head downtown. We went to an area called 4th Street Live. In case you couldn’t figure it out, it’s on 4th St. in the city. This area was really fun, kind of like Pearl St. in Albany except way better and bigger. They close off a three block section of the street so there are no cars and you are able to walk between bars with drinks. The nice thing is that there is variety in the bars and clubs. You have everything from regular dance clubs to a duelin’ piano bar, comedy club, Hard Rock and a true English Pub to name a few. We spent the majority of the time in the piano bar, though we did walk around and check out the other places.
The next day we were back on the road with our shortest leg of the trip. We drove from Louisville to Memphis. Our one goal in Memphis was to have an authentic Memphis BBQ dinner. After asking several local people we finally decided on Interstate BBQ . This location was the original one that started the now famous Neely’s BBQ name .
Dinner was great, beef ribs with cole slaw and a Bud (not even Bud Light). Jason got Rib Tips and Pulled Beef with potato salad. After dinner we headed to Beale St. The area around Beale St. can be a little dicey but nothing too bad. Again the main section of Beale St. was off-limits to cars and had an open-container policy. The street is basically lined with bars, places to get drinks (you know the yards with lanyards and live music. I don’t know if it is the original but there is a Coyote Ugly bar towards the end of the street. We didn’t stay out too late as we were really tired and needed to get up early the next day for our final leg of the trip.
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