In the last few years, we have seen and heard a lot about the Lents Neighborhood in Portland, OR. Most of that attention has been due to the Urban Renewal and Max projects that have occurred. According to the PDC, or Portland Development Commission, one of the goals of the development in Lent's is to revitalize the area and make it an important town center within the Portland Metro area. The latest talk of development in the area relates to the arrival, maybe, of a Major League Soccer franchise in Portland.
Portland currently is the home of the Portland Timbers, a USL division franchise that plays down at PGE park. USL is the United Soccer League, and is one step below the MLS level in regards to prestige and ability. The teams owner is attempting to bring an MLS franchise to Portland, which would require a new soccer-specific stadium at the location of PGE park. The question is, where do the Portland Beavers end up playing?
Merritt Paulson, the owner of both the Timbers and the Beavers, is looking to build a smaller, more intimate baseball stadium in the Lents neighborhood. The idea is that it has access to public transportation, highways, and the price is right. If you look quickly at the Real Estate Market in Lents you see a slight increase in the median pricing of homes over the last year. Pulling numbers from RMLS I found over 1500 units listed in the immediate area within the last year and over 600 units sold. The average sold price in September 2007 was roughly $246,000, and in mid-September 2008 it is near $260,000. The number of units sold per month varied from 32-70, with the majority of months seeing sales of 50 or more homes. The average days on the market for these homes was just under 2 months.
Has the Urban Renewal project made a difference? I would say that the sales look consistent if not slightly positive. The area looks nicer than it used to, and I have more and more clients that are looking for homes in the Lents neighborhood. Prices are still affordable, and the feeling is that positive change is coming to the area. Some people believe that the influx of the Beavers will tip the scales in bringing more restaurant and retail business to the area... and more money.
The jury is still out in Portland, but my question is for those of you that have seen a new and/or revitalized pro franchise enter your community recently. This could include a new or refurbished arena. Have you noticed new interest in the community? Have you noticed new investment? Importantly, what has it done to that local community as far as home prices are concerned?
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