WINTER 2025
Published February 15th
Well, the second half of January completely made me forget what it means to live in Portland in the winter. Those glorious couple weeks of sunshine changed my day to day for the better. I was doing anything I could to be outside as much as possible, and since I’m still rehabbing my arm, that mostly means walking. Thankfully, I live in such a walkable neighborhood sandwiched between Mt. Tabor and Ladd’s Addition, two of my favorite places to walk with Bixby.
I also live just one block away from my favorite street of commerce in Portland, Division. As I’ve lately been strolling down D street in the sun, I’ve been thinking about just how much I love it. I truly live so much of my life on this street. It got me thinking I’d do a little Division Street Greatest Hits List. This is, of course, just according to me, so WARNING! There might be some unpopular opinions. Since it’s such a long street, I’m only talking about the stretch I walk all the time - 39th down to 11th. Here are my top 5s for each category.
Restaurants
Cibo - Our neighborhood Italian joint, and our most-frequented spot. We love sitting at the bar, and usually split the cesar and a pasta or a pizza. Allora.
Ava Genes - I would call this a special occasion place. The ambience is elevated, but cozy. The food is elevated and expensive.
Nuestra Cocina- A sit-down Mexican restaurant that has been around for years. We try to get something different every time, but always get the chips and salsa.
Oma’s Hideaway - A funky little spot with creative dishes and cocktails from Singapore and Malaysia.
Double Dragon - This could be on the bar or restaurant list, but we usually eat every time we go, so I think that should be a sign. Such a cool space, almost like a greenhouse with a bar inside. Love the ramen, rice bowl, and burger.
Dessert
Pinolo - Such good gelato. Whenever I host a dinner party, I buy a few different pints - it’s my dessert hack.
Eb & Bean - Where can you even get froyo anymore?!
Salt & Straw - It is what it is.
Lauretta Jeans - The cult following of this place is astonishing. Super charming space and wide variety of pies - cream, berry, savory, mini - they’ve got it all.
Shopping
Artifact - A Creative Recycle Consignment Store for clothes and home goods that are actually reasonably priced. I love this place.
Adorn- Kind of just an old faithful boutique for women’s clothing in Portland.
Wild Cactus - As a Millennial, I think this shop is Gen-Zish, but definitely targets Millennials trying to be Gen-Zish. Clothes, accessories, gifts.
Vintage Club - A thoughtfully curated vintage shop new to the street. They carry both women’s and men’s clothing, a few accessories, and a couple new things too.
Shop Dano - Aesthetically, so pleasing. Great for gifts, they have lots of apothecary items, some jewelry, and a small, but optimal offering of clothing, both vintage and new.
Bars
Division Wines- Hands down the best wine deal in the city. I always get the $18 “taster” flight aka 3 glasses of any 3 wines on the menu. Super casual and friendly.
The Richmond - A good neighborhood bar with a great back patio.
Someday- Very pretty cocktail bar with a back courtyard that makes me feel like I’m somewhere in Europe.
The End - Newer cocktail bar with a fun interior, great for a pre or post dinner drink.
The Cats Paw - Small little dive bar with a cat / punk vibe?
Honorable Miscellaneous Mentions
In a category all their own.
Wellspent Market- The little market we didn’t know we needed. Convenient and cute, cute, cute.
Division Hardware - Everything you need in a pinch.
Spielman Bagels - A good old-fashioned bagel spot.
What About Real Estate?
If you’re active on Redfin or Zillow, you may have noticed that there has been a significant increase in properties that are “Back on Market”. This means that they were under contract, but likely during the inspection period could not come to a mutual agreement. This could be for a number of reasons, but what’s interesting about this, is simultaneously, many homes are receiving multiple offers over asking. This is giving the sellers more power. If buyers are asking for significant repairs and/or credits, sellers are less inclined to acquiesce because they know they can go back on market and get another offer. Of course, sellers want to weigh in on if the other offers are going to ask for the same things. If so, maybe reconsider.
It’s worth noting that not all properties are receiving multiple offers, but most that are priced right (what my office has been referring to as “value pricing”) aka slightly below what the comps might be showing, and in a great location. This can be tricky because the sellers have to be willing to sell for what the list price is. Sellers might come on the market at $675,000 hoping to get multiple offers over $700,000, but there is always the chance that $675,000 is the best offer.
Right now, there are more buyers than there are listings, so if you’re thinking about waiting until spring to list, keep thinking!
What We’re Talking About in my Office
During the first week of February, I attended the Windermere Realty Trust 2025 Kickoff Event. One of the speakers was Jeff Tucker, Windermere’s Principal Economist. He provided some insight into the ever changing landscape of our country’s economy, more specifically as it relates to the uncertainty surrounding new administrative policy and potential effects on real estate.
Immigration:
Demand: loss of immigrant home buyers
Supply: loss of workforce building homes, including luxury
Tariffs:
Demand: lower economic growth; lower purchasing power, retaliation by trading partners against US exports
Supply: more expensive building materials and appliances
Value of the dollar:
Administration’s economist want to weaken the dollar to boost exports
Counteracted by rising tariffs
Mortgage and Finance Updates
Appraisal waivers are now available for 10% down. If you're considering buying, make sure you ask your lender about getting an appraisal waiver before your offer is made. It will help strengthen your offer!
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GOODBYE 2024
Published December 16th
It’s been a long and wild year, but I'm grateful for a successful one in real estate. I'm ending the year strong and having some fun. Last weekend I snuck away to New York, which always wakes up my senses and somehow seems to leave me recharged, regardless of the late nights. I got to spend quality time with two of my close girlfriends, walked for miles, infinitely admired all of the classic architecture, saw a Broadway show, and drank several martinis. It was fantastic.
Pete and I are headed to Minnesota (pray for me and the current -8 temps!) next week to spend some holiday time with the Hejnys, but we’ll be back in Portland for Christmas and New Years. I’m quite excited to be home for the holidays; the city really does have a nostalgic spirit right now.
In the last week, I’ve happily stumbled upon a couple of local bars (Hey Love and Holmans) that really dip into the Christmas vibe and thought I’d share, along with a few others.
1. Hey Love (aka Sleigh Love) - Super fun tropical cocktail bar with over-the-top Christmas decorations. There is a 1.5 hour time limit FYI. I had the “Baller Old Fashioned”, which did the trick.
2. Holmans - My personal favorite dive bar in Portland. Probably where all of the favorite childless aunts and uncles come together to unwind and debrief after the family gathering.
3. The Slammer - A "home for Winter Break" classic.
4. Hubers - For the OG Portlanders who imbibe in tradition with bartenders setting overproof rum ablaze right before your eyes, tableside.
5. Miracle at Deadshot - A kitschy Christmas wonderland pop-up. I have yet to try it, but am hoping to make it there in the next couple of weeks.
What About Real Estate?
Mortgage and Finance Updates
One of my favorite parts about Windermere is the people. Every Thursday morning, we meet to discuss relevant industry updates, what’s going on in the market, and to share upcoming listings. This week we talked about how the Portland market is still busy, and many of our listings are receiving multiple offers, especially in the $400-$700k range. There are fewer listings, but still a healthy amount of buyers, which is creating competition.
It's still a great time to sell!
Many people in our country don’t earn a traditional salary-based income, which can create obstacles when applying for a mortgage. One of my preferred lenders, Kim McGuire, just introduced a program that Penrith is now offering to address this problem. Take a look …
Asset Depletion Loan Scenario
The Client: Currently unemployed with $650k in assets in a savings account
The Goal: Purchase a $500,000 home without paying for it fully in cash - would like to only put $200k down
The Obstacle: Does not qualify for a standard Fannie Mae/Freddie Mac loan under their asset depletion guidelines
The Solution: Utilizing one of our wholesale lenders that has lenient guidelines around qualifying, using asset depletion. We would take the net amount left in the bank ($450K) and divide it by 60 months, giving him $7500 in qualifying income per month. Fannie/Freddie guidelines would require the balance to be divided by 240 months, which would only be $1875 per month in income.
Minimum down payment 25%
Conventional Guidelines
$450k (in assets) / 240 months = $1875 in usable monthly income
Wholesale Lender Guidelines
$450k (in assets) / 60 months = $7500 in usable monthly income