No one disputes that Portland metro’s residential real estate market is sizzling hot. There are so few homes for sale and such high demand to buy before mortgage interest rates rise that bidding wars break out for the most desirable properties.
But, seriously. A recently remodeled midcentury modern in the West Hills sold for 30% over the listing price, that is $605,000 more than the owner expected. A 1912 bungalow in Portland’s Laurelhust neighborhood traded hands for 51.4% or $486,000 more than the asking price, all in two weeks.
In the Portland area, multiple offers on homes will most likely continue, say experts, as long as buyers are motivated by the extra buying power they get from locking into historically low, 30-year mortgage interest rates that are around 2.87%.
“If your home is in good shape and clutter free with a maintained yard, you will likely get multiple offers and over list price,” said Lynda O’Neill, a broker with Exceptional Homes by John L. Scott Lake Oswego. “With that being said, it is important to price a home for the market so it sells quickly.”
Here are 10 homes that sold for the most over their asking price in the Portland metro area so far this year, according to a special report the Oregonian/OregonLive requested from real estate marketplace Zillow:
$605,000 over asking price
A midcentury house on Southwest Warrens Way in Portland’s West Hills sold on April 20 for $2.6 million, which was 30% over the $1,995,000 asking price.
The 1960 house designed by noted architect Roscoe Hemenway and set on 0.52 acres with valley views has four bedrooms, four bathrooms and 4,178 square feet of living space.
“The sellers had just finished an extensive kitchen and family room remodel, and installed new landscaping and two expansive Ipe decks overlooking the valley,” said listing agent Mj Steen with Macey Laurick of Windermere Realty Trust. “Our office suggested some minor staging items and recommended that they price their home reasonably and let the market determine the ultimate sale price.”
The property was on the market for seven days before one of the eight offers it received was accepted.
$486,000 over asking price
A Craftsman-style house on Northeast Davis Street in Portland’s Laurelhurst neighborhood sold on July 2 for $1,431,000, which was 51.4% over the $945,000 asking price.
The recently renovated, 1912 two-story has a family room with a gas fireplace, four bedrooms, 3.5 bathrooms and 3,714 square feet of living space.
The 4,791-square-foot lot includes an outdoor Viking kitchen and a detached garage.
“Modern twist with hand-picked lighting, gourmet kitchen with Viking six-burner range and Liebherr refrigerator. Re-designed for today with the highest quality,” said listing agent Eugene Park of MORE Realty.
The property was on the market for five days before an offer was accepted. The transaction closed in 15 days.
$450,000 over asking price
A Colonial Revival-style house on Southwest Davenport Street in Portland Heights sold on May 4, 2021 for $2.4 million, which was 23.1% over the $1,950,000 asking price.
Respected architect Roscoe Hemenway designed the 1941 dwelling to capture mountain, river and downtown skyline views from nearly every room. The house has four bedrooms, 3.5 bathrooms and 5,221 square feet of living space.
The 0.57-acre property has an entertaining patio surrounded by an expansive, level yard and mature plantings.
“First time on the market in 80 years, this rare and magical property is perfectly positioned on a picturesque street,” said listing agent Christy MacColl with Carrie Gross of Windermere Realty Trust.
The property was on the market for five days before an offer was accepted.
$425,000 over asking price
A 1944 farmhouse on 0.94 acres on Southwest 78th Avenue in Portland’s Raleigh Hills neighborhood sold on July 15 for $1,375,000, which was 44.7% over the $950,000 asking price.
The architecturally designed and remodeled house has an open floor plan with custom built-in cabinetry, floor-to-ceiling windows, three bedrooms, two bathrooms and 2,642 square feet of living space.
“The kitchen has rift-sawn white oak custom cabinetry, quartz and maple counter tops, and porcelain tile. Relax in the spacious owners suite with a walk-in closet and custom bathroom” said listing agent Heather Paris of Paris Group Realty.
The property was on the market for five days before an offer was accepted.
$420,000 over asking price
A custom midcentury modern house on Cherry Circle in Lake Oswego’s Skylands community sold on June 30 for $2,110,000, which was 24.9% over the $1,690,000 asking price.
The 55-year-old house, which was on the market for the first time, has walls of windows, vaulted ceilings, five bedrooms, 3.5 bathrooms and 3,796 square feet of living space with a daylight basement.
The terraced, 0.95-acre lot has river and mountain views visible from a huge deck and hot tub.
“This is the view people talk will about long after they have gone home. Bring vision on how to take this 1966 treasure and create a 2021 jewel,” said listing agent Cricket Forsey of Keller Williams Realty Portland Premiere.
The property was on the market for six days before an offer was accepted.
$380,000 over asking price
A ranch-style house on Southwest Willowmere Drive in Portland’s Montclair neighborhood sold on May 25 for $2,105,000, which was 22% over the $1,725,000 asking price.
The updated, 1969 dwelling has white oak floors, an executive home office and a gourmet kitchen with an eight-burner BlueStar range, wine fridge and 11-foot-long island. There are also four bedrooms, three bathrooms and 3,109 square feet of living space.
Sharing the 0.45-acre property is an expansive patio and private yard.
“New A/C units, roof, gutters, garage doors and floor,” said listing agent Kim Kress of Windermere Realty Group.
The property was on the market for seven days before an offer was accepted.
$205,000 over asking price
A midcentury modern house on Northwest Melinda Avenue in Portland’s Kings Heights neighborhood sold on May 20 for $1.8 million, which was 12.9% over the $1,595,000 asking price.
On the first full day on the market, 15 qualified buyers and their agents toured the 0.27-acre property. On the second day, listing agent Patrick Clark of Inhabit Real Estate showed the restored and updated home to nine more hopeful buyers. On the third day, offers were reviewed and one was selected.
The residence was built in 1969 and recently renovated by architect Mark Engberg, who founded COLAB Architecture + Urban Design in Portland.
Engberg bought the property in 2005 and invested time and money restoring, updating and expanding the dwelling, which now has 3,309 square feet of living space, four bedrooms, three full bathrooms and a powder room.
Expansive windows under vaulted ceilings and well-placed decks offer “long-lasting” views of Mount St. Helens and Mount Adams, said Clark. There are raised vegetable beds in the private, tiered yard and a car turntable to display an auto collection in the detached garage.
$164,000 over asking price
A midcentury modern house designed by architect Saul Zaik on Southwest 40th Place in Portland’s Bridlemile neighborhood sold on May 14 for $1,264,000, which was 15% over the $1.1 million asking price.
The two-level house, built in 1965, has an open floor plan under skylights and vaulted ceilings, four bedrooms, 2.5 bathrooms and 3,100 square feet of living space.
“It was back-to-back showings,” said listing agent Gabrielle Enfield of Living Room Realty. “It’s great to see that Saul Zaik’s designs still hold so much reverence and the Portland market is definitely mad for midcentury modern.”
She met “midcentury purists” looking for an architecturally significant home with room to make it their own. They appreciates the 56-year-old house’s original features and signature Zaik details, including the “jaw-dropping great room,” she said.
The 0.46-acre property, which has a swimming pool and overlooks a wooded creek, was on the market for four days before an offer was accepted.
$106,000 over asking price
A midcentury modern house in Portland’s Hillsdale neighborhood also caused a storm of responses: Danielle Southern of Keller Williams Portland Premiere said she fielded hundreds of calls, text messages and emails after listing the property on Southwest Richardson Drive on April 14.
The asking price: $829,000. An offer was accepted six days later. The final price: $935,000 or 8.8% more.
The dwelling, built in 1956 on a 6,534-square-foot lot, received $250,000 in recent upgrades including a new roof, plumbing, furnace and central air conditioning. There are four bedrooms, three remodeled bathrooms and a media room among the 2,260 square feet of living space.
“A new state-of-the art kitchen overlooks a private courtyard and open concept great room,” said Southern.
$75,000 over asking price
A traditional-style house on Upper Drive in Lake Oswego’s Lake Grove area sold on July 20 for $1,950,000, which was 4% over the $1,875,000 asking price.
The two-story house, built in 2017 on 0.33 acres, has three suites plus a bedroom and a large bonus room as well as 4.5 bathrooms among 4,058 square feet of living space.
“The owners suite on the main floor has two-story ceilings with light pouring in from the sunny southern exposure,” said listing agent Kendall Bergstrom-Delancellotti of The Hasson Company.
The private outdoor covered patio has a water feature, custom fire pit and level lawn. The property includes a swim easement and a three-car garage.