Summary. Portland is the largest city in the State of Oregon and the third most populous city in the Pacific Northwest region. It’s location near the confluence of the Willamette and Columbia rivers provides for both large marine shipping facilities and a connection to both west coast intercontinental railroads. It has a population of nearly 600 thousand people, making it the 28th most populous city in the United States. Approximately 3 million people live in the Portland metropolitan area, making it the 19th most populous in the United States. Portland has a diverse economic blend including athletic and footwear manufacturers and a high density of technology companies. This has led to the nickname Silicon Forest being used to describe the Portland area. As the economy in Portland has continued to grow, the real estate markets have expanded not just along the I-5 and I-205 in communities such as Tualatin, Sherwood, Tigard, and West Linn but throughout the areas of Lake Oswego, Beaverton, Gresham & even into Vancouver, Washington.
If you call one of the unique downtown Portland neighborhoods such as the Pearl District, Hawthorne District, or even Irvington and the Alameda Ridge home; then you understand the nuances of city living and the differences in homes and condominiums in these areas and how values can change from street to street. We understand that Portland offers a wide choice of housing alternatives. Each of the neighborhoods as well the outlying towns within the area have varying access to the local amenities, employment centers and downtown Portland. Each of the towns and neighborhoods are unique and care must be taken to evaluate the differences in each area.
Education. School districts and the proximity to local transit systems and highways are often determining factors when new residents begin their search for a home in the area. As such, these factors can have a direct impact on your valuation. Lot size and subdivision amenities are also important to buyers in these markets. Wherever your home resides, it is important that your appraiser be familiar with the impact that all of these factors can have on your home’s value.
Commerce. Portland is the center of economic activity in Oregon and home to many Fortune 500 companies, including Nike, Adidas, Daimler Trucks, Vestas Wind Systems, KinderCare, and athletic and footwear manufacturers Keen, Hi-Tec Sports, The Combs Company and Li-Ning.
Technology. Computer components manufacturer Intel is the Portland area’s largest employer, providing jobs for more than 15,000 people, with several campuses to the west of downtown Portland. The metro area is home to more than 1,200 technology companies and houses facilities for hardware makers such as Tektronix, TriQuint Semiconductor, Lattice Semiconductor, Siltronic, ON Semiconductor, WaferTech, LaCie, Genentech, FLIR Systems and others. The area also hosts facilities for software companies such as McAfee, Mentor Graphics, Jive Software, Extensis and Autodesk. Software-oriented startup companies, supported by seed funding organizations and business incubators, include Clicky, COLOURlovers, AppFog, Vizify, CPUsage, Urban Airship and many others. All of these economic factors contribute to a unique and ever-changing housing market that requires a distinct local perspective.
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