Oregon is home to many archives, most rich with collections documenting Oregon’s history. In order to highlight some of these collections containing Portland-area images, Vintage Portland has invited photo submissions from other archives within the region. Today’s photo and text is provided by the Multnomah County Archives.
This 1963 artist concept shows the proposed Delta Dome. It was planned as a professional football and baseball stadium located in what is now Delta Park. Bond-based funding was rejected by voters in 1964.
There are quite a few projects going up right now in and around Eliot. North Eliot is getting most of the action. The two proposed large six-plus story tower developments at NE Fremont and Williams as well as the project at NE 7th and Russell have driven the most uproar. However, there are a number of other developments being proposed or already under construction.
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Portland’s “hot” housing market has been much in the local news over the past few weeks – from KATU’s Your Voice Your Vote program on May 10th, to Oregon Public Radio, OregonLive, Portland Monthly, Portland Tribune, Investigate West and more. Key facts, trends and perspectives in the coverage are distilled in this two-part posting focusing on 4 questions:
- What is a hot market?
- Why is the Portland housing market hot?
- What are the benefits, costs and risks of the market – and for whom?
- What steps are proposed to offset costs and minimize risks?
1. What is a hot market?
Portland’s inventory of homes reached a 10-year low in March according to the Regional Multiple Listing Service. At the sales rate current then, it would have taken just 1.9 months to sell all listed properties, well under half the national average…
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Many Portlanders caught wind of the study released by Governing Magazine last month: Portland is the fastest gentrifying city in America, with “58 percent of Portland’s lower-priced neighborhoods gentrified since 2000,” it reported.
While growth creates jobs and prosperity for some, others will undoubtedly get left behind. And Portland’s rapid expansion could make it the urban center it fought hard to separate itself from.
With a population of 601,510 people, around 9,400 persons moved to the city between 2013 and 2014, more than double the number in the previous year. In five years, Portland’s population would reach between 630,000 and 650,000, according to statistics provided by the Population Research Center at Portland State University (PSU).
A strengthening economy could be a reason. But young people keep moving here, with or without a job.
Aaron Benson, 24, is a motorbike mechanic from Austin, Texas. He moved to Portland last August. “I…
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As of January 1, 2015, the exception to selling homes with FHA financing within 90 days of seller acquisition has expired. HUD defines a flip as the “purchase and subsequent resale of a property in a short period of time.”
The clock for a “flip” starts when the seller acquires legal ownership of the property. The resale date is defined as the date of execution by all parties intending to finance the property with an FHA-insured mortgage.
Homes being sold using FHA financing that are “flipped” between 91 and 180 days of original acquisition date (as defined by FHA) are eligible for FHA financing – provided:
- The re-sale price to FHA mortgagors is less than 100% greater than previous sale
- If re-sale price is 100% or greater than the previous sale, a second appraisal is required and must support the value. (The buyer cannot pay for the second appraisal.)
- If the second appraisal indicates a value …
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