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You know, I noticed that as well at least in parts of Vancouver. I've wondered why that is and think it might be due to the differences in buildable land in Vancouver vs. Portland. It seems like since Vancouver and Ridgefield are building with no end in sight, folks aren't as motivated to fix up those older homes 'with good bones.' The money it takes to do an extensive remodel with more modern finishes, updated electrical, plumbing, heating, flooring, A/C, windows, insulation, etc... exceeds what it would cost to buy it built with many of those as standard features new or newer.
The main value in gentrification is based upon location. RE 101 - location, location, location. If its prime RE maybe with a view or something else desirable, well, that changes the equation. Where land is harder to come by than new homes, it makes perfect sense. Some might even buy a dilapidated old beater, tear it down (or most it) and rebuild.
The home you posted looks good, BTW, given the OP budget. Here are a couple more that don't look too bad either.
I expect sometime in the next 20-30 years as the metro area continues to grow, all those nondescript 1970s inner Vancouver neighborhoods in that big square between I-5 and I-205 will eventually become hot and become the next target for young urban gentrifyers who will be drooling over all the "Mid-century ranch homes" on close-in larger lots. We just aren't there yet because of all the construction happening further out on the fringe. But eventually the outer fringe will push from Ridgefield to Woodland and people will start "discovering" all those more convenient inner-neighborhoods. Because who wants to commute from Woodland or Kalama to central Portland.
25 years ago all that nondescript east side Portland stuff between 39th and 82nd was much the same. Now it is full of hot neighborhoods.
Thank you for all your insight. I have the same observation like texasdiver's. Most of the 1 level homes in Vancouver are so old and expensive. Many of the "updated" ones are really not that updated. It looks like the owners just want to take advantage of this seller's market to get rid of their old properties. Portland does have a lot more fully updated one level older homes, but I am trying to get out of Oregon.
I found a brand new construction project near Costco in Walnut Grove, but the community is right next to the train track and a large semi-truck yard. I grew up right next to a passenger railroad so I am used to the noise and vibration. However, is it going to be a big problem when I need to sell in the future? Also, does anyone know how frequent the train track is in use?
Thank you for all your insight. I have the same observation like texasdiver's. Most of the 1 level homes in Vancouver are so old and expensive. Many of the "updated" ones are really not that updated. It looks like the owners just want to take advantage of this seller's market to get rid of their old properties. Portland does have a lot more fully updated one level older homes, but I am trying to get out of Oregon.
I found a brand new construction project near Costco in Walnut Grove, but the community is right next to the train track and a large semi-truck yard. I grew up right next to a passenger railroad so I am used to the noise and vibration. However, is it going to be a big problem when I need to sell in the future? Also, does anyone know how frequent the train track is in use?
I know where you are talking about but I don't know what it is like to live out there. Seems kind of industrial. I wouldn't think it is a super-prime location but there might be some nice neighborhoods tucked way on side streets that I don't know about. Can't answer questions about the rail traffic. I don't think that is a main-line but I'm not even sure.
Thank you for all your insight. I have the same observation like texasdiver's. Most of the 1 level homes in Vancouver are so old and expensive. Many of the "updated" ones are really not that updated. It looks like the owners just want to take advantage of this seller's market to get rid of their old properties. Portland does have a lot more fully updated one level older homes, but I am trying to get out of Oregon.
I found a brand new construction project near Costco in Walnut Grove, but the community is right next to the train track and a large semi-truck yard. I grew up right next to a passenger railroad so I am used to the noise and vibration. However, is it going to be a big problem when I need to sell in the future? Also, does anyone know how frequent the train track is in use?
I've worked in real estate as an appraiser for big bank. So, I have some experience with valuation. As a general rule you want to find a home in the nicest neighborhood you can afford even if a smaller, older home. The reason is, the other homes and desirable location will help keep the values up. The old saying was 'buy the cheapest home in the nicest neighborhood you can afford.' By contrast, buying the nicest, newest/newer home is a less desirable/so-so area with poor schools, industrial noise, freeway noise, train tacks, possibly higher crime, etc... is typically not a good investment. That's why even if you have no children, you want to at least be aware of the local schools for resale value if/when you ever want to move and sell.
Derek
Last edited by MtnSurfer; 01-19-2021 at 01:38 AM..
I've worked in real estate as an appraiser for big bank. So, I have some experience with valuation. As a general rule you want to find a home in the nicest neighborhood you can afford even if a smaller, older home. The reason is, the other homes and desirable location will help keep the values up. The old saying was 'buy the cheapest home in the nicest neighborhood you can afford.' By contrast, buying the nicest, newest/newer home is a less desirable/so-so area with poor schools, industrial noise, freeway noise, train tacks, possibly higher crime, etc... is typically not a good investment. That's why even if you have no children, you want to at least be aware of the local schools for resale value if/when you ever want to move and sell.
Derek
Thank you, Derek and texasdiver. All your comments make sense. I am starting to think that I should buy a plot of land and get a builder to build for me. I prefer newer construction and it is hard to find in any established nice neighborhoods within my budget.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Don't invest your time or money in a personal residence adjacent or passing through industrial land. (unless it is a beater, that you are going to rezone and sell as commercial property (an easy (but risky) way to reap $500k income tax free $ every 24 months). BTDT +/-
The rail line (spur) used to serve a wood mill and industry in Battleground and Yacolt. IIRC, there is still an excursion Rail line in Yacolt, but if there are a lot of weeds growing in the tracks I would not be surprised. It should have served Battleground and point north with HS rail to downtown Vancouver and Portland (~20 min), but... I think they removed the overpass on HWY 99, near Ross Substation. If not... I hope it eventually provides HS rail to North Clark County! (with elevated tracks in traffic areas (similar to Vancouver BC levitation LR. circa 1982.
Orchards is definately OUT for me. Locals refer to it as 'DogPatch' (high number of rentals and petty crime). Soils are terrible (gravel / river rocks) and radon is an issue (for schools and businesses and residences).
nearby Pleasant Valley / Glenwood, are equally convienent and has very nice soils (sustainable gardening), neighborhoods, services, access to I-5 and 205. Schools are decent too (for future resell).
I would not build new construction at the moment. Too high land, material, impact fees, permits, and labor costs. (this will drastically change someday). If you want a larger lot... I would buy one that can be split by Short Plat, and build a very economical minimal structure on one 'future' parcel, while doing the short plat (2+ yrs), then sell parcels to people dreaming of building their dream house. (Reaping that $500k tax free gain). If you like your location, you can reserve the best lot for yourself, and build on it once the contractors are starving, and your new nieghbors have filled your building piggy bank flush with cash. (And you have had plenty of time to accumulate all the treasures and bargains for your own future home.) You have also planted all the trees, shrubs, landscaping to make your future lot a paradise. (this is a several yr project, but very doable if you like an area and can find a large parcel. My formula works pretty well... Buy a trashed home or mobile home on a nice parcel, not everyone is willing to see through that potential, but... developers are always looking for those deals. so... Be diligent, and have cash ready, make a 'sell' to the owners of creating a paradise (place to call home for future residents), rather than a canned subdivison filled brim to brim with asphalt roads and roofs. These end up being more expensive, but highly desired and livable areas. There are quite a few of them in Pleasant Valeey and Glenwood and Brushpraire (and a few in Orchards and Evergreen). If you find one already developed... that can be a good place to call home too. (and quicker than building your own).
Thank you, Derek and texasdiver. All your comments make sense. I am starting to think that I should buy a plot of land and get a builder to build for me. I prefer newer construction and it is hard to find in any established nice neighborhoods within my budget.
You may be in for a long and difficult process if you start down that path. Builders and subs are pretty busy right now. And someone's one-off private residence isn't going to take precedence over larger jobs. How long do you have?
StealthRabbit - you have great long term investment strategies for real estate. Unfortunately those large lots with trashed homes are expensive now. I would be paying the inflated price for not only the lot but the trashed home as well. This is a terrible time for home buyer for sure. Thank you for your insight and suggestions. Btw, I visited the new construction site today and saw that there is a wastewater pump station very close to the lot I was considering. It looks pretty new so I am guessing it is built for the new community. However, railroad + industrial + wastewater pump station =not so thrilled
texasdiver - I am not in a time constraint to move but I do want to live in WA sooner than later. I started house hunting last June thinking that I could get a better house in Vancouver for the same price of my current home value. I was so wrong. My current neighborhood is nice, new and close to everything (Max, freeway, shopping, community college). For the same price, I will certainly get a downgrade in terms of the house and the area in Vancouver. It is what it is now. The competition is brutal. Thanks again for all your comments.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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You need to dig up your own deals (or pay market rates). I have bought (2) since last June, at very attractive prices. 1 was listed FS (with site challenges). I prefer to ink my deals before they hit the competitive market.
If you were willing to go north to Cowlitz, there are some great bargains with really nice views. If you want Clark County, I would be looking at the obituaries and estate sales (that is one place the realtors find their new listings). You will likely need to update such a purchase, but that is quite fast and cheap compared to building new.
At the moment, there is a 'premium' on Clark County properties over neighboring Portland area. Several coworkers who were life-long Portland homeowners have fled to Clark County for safety and security for their young families. (They hope temporarily).
This too will change. (Mid term escalated valuations / buyer pressure)
Lots of elderly are dying, they are the ones who are moving OUT of Clark County.
BTW: there is a lot of ground water issues in your area of inquiry. It has been a 'swamp' for centuries. The Storage Buildings visible between Crossroads Church and Padden on-ramp to I-205 South was built on reclaimed swampland (as were the subdivisions west and east of 205 near Costco)
You need to dig up your own deals (or pay market rates). I have bought (2) since last June, at very attractive prices. 1 was listed FS (with site challenges). I prefer to ink my deals before they hit the competitive market.
If you were willing to go north to Cowlitz, there are some great bargains with really nice views. If you want Clark County, I would be looking at the obituaries and estate sales (that is one place the realtors find their new listings). You will likely need to update such a purchase, but that is quite fast and cheap compared to building new.
Thanks for the tips of the groundwater issue. The soil quality is important.
My realtor is not well connected to provide listings before they hit the market. Calling grieving people to ask to buy their inherited properties is not my area of expertise but I am sure some realtors do it. I think most buyers still reply on MLS. I can't imagine any reason why a seller would not want to list his/her property on MLS to get more money. My realtors told me good properties get 20-30 bids and so-so properties get at least 5-10 bids now.
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