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Displaying blog entries 121-130 of 363

Mt. Hood Rents Skyrocket

by Liz Warren

The rental situation in the Mt. Hood area is bleak. Demand far outstrips supply. The problem is, there is no supply. May sellers who made it through the recession and bubble bust have now decided to sell reducing rental inventory even further. 

We see renters in our office nearly every day looking for a place to land. I don't recall even seeing a for rent sign in two years. The massive migration over the past five years to Portland has increased our population substantially.  Just drive through Portland and see the multi-level units popping up on every other block. Where will all these people park?

Higher rents in PDX has pushed many more folks to the mountain which is a little more affordable for purchasing but try to find a rental.....good luck! We wonder how this will maintain this pace. If a buyer can buy in the long run, it's almost the only way to go!

Rentals on Mt. Hood, VERY hard to find

Salmon Valeey Water System in Welches Oregon

by Liz Warren

If you're in the Salmon Valley Water district you may or may not be aware of a pending sale of the water system. It looks like Northwest Natural Gas Company has struck a deal with the water company in December 2017. The sale should be completed no sooner than 60 days from their agreement and must be approved by the Public Utility Commission of Oregon. It may have already happened by the time this is posted. Here is a link to their website for additional information. 

http://www.thesvwc.com/

Resort at the Mountain Bell Ringing Event March 11, 2018 Welches, Oregon

Here are details right from the Clackamas County website:

Project Description: Replace the existing one-lane bridge with a new two-lane bridge. The current bridge, built in 1958, is reaching the end of its functional life and is weight-limited.  The 18-month construction  project includes building a temporary detour bridge, removing the old bridge, building the new bridge and then removing the detour bridge.

Things to be aware of:

  • Trees are being removed early to avoid any conflicts with nesting birds.
  • Work in the water is limited by law to strict time periods (known as the “in-water work window”), generally 6 weeks during the summer
  • There may be delays of up to 20 minutes, but no complete closure is scheduled.  If there is a need for a closure of longer than 20 minutes, area residents will be notified at least 24 hours in advance and accommodations will be made for emergency vehicles, as needed.

Funding:

  • $2.9 million -- Federal Highway Administration Highway Bridge Replacement and Rehabilitation Program
  • $330,000 -- County Road Fund

You may be interested to know:

  • The bridge is a critical life line for residents, as this is the sole access to several homes
  • The bridge is considered structurally deficient and functionally obsolete.
  • The bridge has three spans (100-foot steel pony truss and two timber approach spans).

More details: Visit http://www.clackamas.us/engineering/elkparkbridge.html

Tax Reform and Housing: A Reference Guide

by Liz Warren

Tax Reform & Housing: A Reference Guide

 

This information comes immediately after the new tax code became law. Some of the information may be revised as the analysis of the new law evolves.

When the tax code was originally being overhauled by the House and the Senate, there were three major proposals being considered that would have substantially impacted the residential real estate market:

  • Changing the requirements for the exclusion of gain on the sale of a principal residence
  • The reduction on the limit of the Mortgage Interest Deduction (MID)
  • The elimination of the State and Local Tax deduction (SALT) which includes property taxes

Let’s look how the tax code has evolved from the original proposal, and decipher what impact experts believe it may have on the housing market.

1. Exclusion of gain on sale of a principal residence

Original Proposal: Owners would need to live in their house for at least 5 out of the last 8 years to claim this exemption. Under the former tax framework, a typical owner, who has lived in their house for at least 2 years out of the last 5 years, would pay nothing in capital gain taxes if they sell the house.

The New Tax Code: No change. The “at least 2 years out of the last 5 years” requirement is unchanged.

Impact on the Market: None.

2. Mortgage Interest Deduction

Original Proposal: Reduce the limit on the mortgage interest deduction (MID) amount from $1,000,000 to $500,000.

The New Tax Code: Reduces limit on deductible mortgage debt to $750,000 for new loans taken out after 12/14/17. Current loans up to $1 million are grandfathered.

Impact on the Market: Assuming a 20% down payment, this reduction in the MID will impact buyers that are purchasing a home between the prices of $938,000 and $1,250,000. Any home under the lower price is still covered and any home over the higher price was not covered under the former tax code either.

What does that mean to the market? Experts disagree. Calculated Risk’s Bill McBride:

“I think the impact of reducing the MID from a maximum of $1 million in mortgage debt to $750 thousand in mortgage debt will have very little impact on the housing market.”

On the other hand, Capital Economics claims:

“The impact on expensive homes could be detrimental, with a limit on the mortgage interest deduction raising taxes for those that itemize.”

3. State and Local Taxes (SALT)

Original Proposal: The elimination of the state and local tax deduction (which includes property taxes).

The New Tax Code: Allows an itemized deduction of up to $10,000 for the total of state and local property taxes and income or sales taxes.

Impact on the Market: Most experts agree that higher taxed regions will be impacted as homeowners in those communities now have a cap on these deductions.

Calculated Risk’s Bill McBride stated:

“SALT will have an impact on housing in some areas. Some people might choose to live in one state over another (if they have a choice), based on taxation. This could impact demand in certain states – especially for the middle and upper-middle class homeowners.”

Mark Zandi of Moody’s Analytics said:

“The impact on house prices is much greater for higher-priced homes, especially in parts of the country where incomes are higher and there are thus a disproportionate number of itemizers, and where homeowners have big mortgages and property tax bills.”

What will be the overall impact on the housing market?

For most of the country, the new tax code will not have a negative impact on the market. As Capital Economics reports:

“Given most households will see an overall tax cut, and potential buyers are likely to put that saving towards their home, we doubt it will have a significant detrimental impact on the housing market.”

There is also no doubt that some higher priced, higher taxed regions will be affected more than others. However, most experts agree that other portions of the tax code will favor the high-end buyer and seller, and this might mitigate many concerns. McBride explains:

“The corporate tax cuts (and other tax cuts) will mostly benefit the wealthy, and this will be a positive for high end real estate.”

What does this all mean to you?

To know for sure, you should sit with your accountant or financial planner and explore how all the aspects of the new code will impact your family.

Most families consider homeownership an essential part of the American Dream, and don’t purchase a home based solely on the tax advantages. The main reasons they buy a home are personal (they just got married, they are looking for a good place to raise children, they want to be near friends and family, they want to better enjoy their retirement, etc.). This will never change.

Looking at the new tax code, Mr. McBride’s opinion makes the most sense:

“There will be some negative impact based on SALT, but overall the impact of these policy changes on housing will be minimal.”

Happy New Year From Mt. Hood!

by Liz Warren

Happy New Year from Mt. Hood

Mt. Hood Land Swap

by Liz Warren

The "Mt. Hood Cooper Spur Land Exchange Clarification Act"is heading to Trump's desk to get signed into law. It's been a long time coming and was actually originally passed in 2009  as part of a wilderness designation. It was to be implemented within 16 months of passage by the Forest Service but so many delays, including a law suit against the forest service, as pushed this out for many years. 

This bill was written to protect land conservation and recreation in the Mt. Hood National Forest. The trade is for property in the Cooper Spur ski area swapped for  around 100 acres of land near Government Camp.  Here's the approximate location for the swap near Government Camp. 

Government Camp Land Swap with Cooper Spur and Government Camp

 

More information can be found about the swap in this Hood River News article. 

Environmental Impact Statement

This could bode well for future development areas in Government Camp which is lacking in further land available for building homes and condos. Skiers will relish having more choices in the future and perhaps more affordable options down the road.

New Snow for Welches!

by Liz Warren

First Snow Welches Oregon near the Resort at the Mountain Golf Course

Mt. Hood Foxglove One Most Interesting Hole

by Liz Warren
The Oregon Golf Association recently added the Foxglove fairway hole number one as one of the most interesting holes of Oregon gold courses. The course, located in Welches at the Resort at the Mountain, is one of three including Pinecone and Thistle.
 
The tee box sits facing West with the scenic Salmon River which wraps around on the left of the fairway, a steep hill on the right, and smack dab in the middle a monolithic boulder spit from Mt. Hood's eruption in the late 1700's. It's always a challenge for golfers to get over it, let alone around it!
 
The Mountain View Golf Course just down the road in Boring also  made the list with hole number twelve, a par three, shooting high above a majorly steep canyon to the green below. 
 
I particularly enjoy a drink and a bite after golfing at Mountain View at the Leaderboard Restaurant where you can sit out side and take in a picture perfect view of Mt. Hood while watching golfers teeing off on the first hole. 
 
Speaking of golf courses, if you are looking for a home or Condo around the Resort at the Mountain, here is the place to find one:
 
 
Be sure to sign up and receive notifications if you are looking for new properties that hit the market!
 
 
 
 
 
 
 
 
 
 
 
 
 

Resort at the Mountain Craft and Wine Event in Welches

by Liz Warren

Resort at the Mountain Thanksgiving Weekend Craft Show
Resort at the Mountain Craft Fair November 2017 in Welches Oregon 97067

Displaying blog entries 121-130 of 363

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