Greater Portland Newsletter and Planner - Dec 2-4,2022

WHAT'S UP THIS WEEKEND?
Excerpts From TravelPortland.com

HAUNTED SHANGHAI TUNNEL TOUR WITH BEER TASTING
Book a tour in the heart of the legendary Shanghai Tunnels. Learn about Portland’s dark history and hear stories about the resident ghost, Nina. Finish up with three tasters and 1 pint of Old Town Brewery’s internationally award-winning beer. Named One of the Most Haunted Places in America by Conde Nast, USA Today, Thrillist, Cosmopolitan Magazine and more.

BENSON HOTEL ANNUAL GINGERBREAD DISPLAY
The Benson Portland, a Curio Collection hotel by Hilton, invites the public back again for a live unveiling of the 2022 Gingerbread Masterpiece, a 50-year holiday tradition.

PORTLAND LATIN AMERICAN FILM FESTIVAL
The Portland Latin American Film Festival announces its XVI Season at the Hollywood Theatre, with a mix of seven feature films, documentaries, and short films from Argentina, Bolivia, Colombia, Dominican Republic, France, Germany, Mexico, Panama, Uruguay and the USA.

THE GROTTO CHRISTMAS FESTIVAL OF LIGHTS
Presenting the sights, sounds and sensations of the season, The Grotto’s Christmas Festival of Lights is the largest Christmas choral festival in the world. The festival features nearly 160 indoor holiday concerts performed by many of the region’s finest school, church and civic choirs. Offering a family-oriented blend of traditional celebration and serene reflection, the festival theme reflects the special season of hope that Christmas offers many thousands of families around the Pacific Northwest.

WINTERSONG
This annual concert is sure to put you in a holiday mood as you share in music that brings everyone together in the spirit of celebration and community. Join in for the warmth and music of the season. This year’s Wintersong concert is free — a gift to show our appreciation for your ongoing support. 

ELF THE MUSICAL
This family-friendly and heartwarming Christmas tale runs through Dec. 18 at the Lakewood Center for the Arts in Lake Oswego. Buddy, a young orphan, mistakenly crawls into Santa’s bag of gifts and is transported to the North Pole. The would-be elf is raised — unaware that he is human — until his enormous size and poor toy-making abilities cause him to face the truth. With Santa’s permission, Buddy embarks on a journey to New York City to find his birth father and discover his true identity.

IT’S A WONDERFUL LIFE
Reimagined for the stage as a live radio broadcast, idyllic Bedford Falls is brought to life with an ensemble cast, gorgeous music, lavish costumes, and delightful live sound effects. Small-town everyman George  Bailey has a Christmas Eve that can only be saved by a miracle. Enter George’s guardian angel, Clarence, who takes him on a heartwarming journey of redemption, proving that “no one is a failure who has friends.” With evening and matinee performances through Dec. 24. Presented by Portland Center Stage at The Armory, 128 N.W. 11th Ave., Portland.

HOLIDAY EXPRESS
Join Santa Claus and his elves for a magical ride behind Portland’s famous steam locomotives. Vintage rail cars transport you through the wilderness in the heart of the city. Round-trip rides run from Oaks Park Station through Oaks Bottom Wildlife Refuge to the Springwater Trail gateway on the Oregon Pacific Railroad.

CHRISTMAS SHIP PARADE
The Christmas Ship Parade began in 1954 with one lone sailboat from Portland Yacht Club. Today, the Christmas Ship Fleet averages about 55 to 60 boats between the Columbia and Willamette River fleets, with displays that are brightly lit and can be seen from bank to bank on each river.

A CHRISTMAS CAROL
Attend Charles Dickens’ holiday classic about miserly Ebenezer Scrooge, Bob Cratchit, Tiny Tim, and three ghosts at Portland Playhouse, 602 N.E. Prescott St. in Portland. Join the spirits who guide Scrooge
love. The hopeful musical entertainment runs Nov. 25-Dec. 30.

SANTA ON THE FARM
Head to Trikskelee Farm for pictures with Santa and his animal helpers. Ticket price also includes the bounce house, craft, s’mores, hot cocoa, and popcorn.

WINTER WONDERLAND
Recognized throughout the Pacific Northwest as the largest Holiday Light Show west of the Mississippi, Winter Wonderland will grab your attention with glimmers and glows around every corner.

CHRISTMAS PARADE & TREE LIGHTING
The City of Washougal kicks off the holiday season with the Lighted Christmas Parade and Tree Lighting! During and after the parade, the city is serving complimentary cookies and hot cocoa.

CHRISTMAS SHIPS PARADE
View the annual Christmas Ships Parade from the Vancouver Waterfront this December!

PORTLAND NIGHT MARKET
The Portland Night Market showcases many unique businesses that call Portland home. Blending food, culture, music, drinks and retail together for an adventurous evening in the Central Eastside. Come meet some of Portland's best makers and creators. The Portland Night Market is a FREE quarterly event and open to all ages. 

Featured Listings

1936 Cornelius Charmer
387 S 14th Ave Cornelius, OR 97113
$479,000

This charming home has so much character! Hardwood floors throughout. Built-ins in almost every room. Fireplace in living room with certified insert. Spacious kitchen with attached dining room. Leaded glass windows & antique light fixtures. Range is gas ready. Upgraded plumbing. Step out to a huge back yard perfect for entertaining. Water feature and fire pit. A variety of fruit trees including fig and apple. River rock chimney adds to the charm of this awesome home. Roof is 4 years old.

For more information, click here or text "901" to (971) 264-2095 or call (971) 264-2095 and enter code 901

 

Sweet 2 Bedroom in a Close-Knit Enclave
16621 SE Naegeli Dr, Portland OR 97236
$330,000

 

This turn-key ready starter home or investment property is located in a quiet community. 2 generous bedrooms each with an attached full bathroom PLUS a loft with additional closet space. Freshly painted and new furnace installed Nov 2022. Separate utility room Private fenced in yard. Very low HOA. Carport parking plus one extra space.

For more information, click here or text "902" to (971) 264-2095 or call (971) 264-2095 and enter code 902

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Portland Metro Area Real Estate Market Update
October 2022

 

 

Residential Highlights

• New listings (2,513) decreased 22.2% from the 3,232 listed in October 2021, and decreased 20.2% from the 3,151 listed in September 2022.
• Pending sales (1,835) decreased 42.4% from the 3,187 offers accepted in October 2021, and decreased 8.4% from the 2,003 offers accepted in September 2022.
• Closed sales (1,955) decreased 37.5% from the 3,129 closings in October 2021, and decreased 12.6% from the 2,237 closings in September 2022.
• Inventory and Total Market Time
• Inventory increased to 2.4 months in October. Total market time increased to 38 days.

Year-To-Date Summary

• Comparing the first ten months of 2022 to the same period in 2021, new listings (33,383) decreased 8.7%, pending sales (24,314) decreased 21.7%, and closed sales (24,793) decreased 16.2%.

Average and Median Sale Prices

• Comparing 2022 to 2021 through October, the average sale price has increased 7.8% from $570,600 to $615,000.
• In the same comparison, the median sale price has increased 8.6% from $506,500 to $550,000.

For a comprehensive report, click here

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Lender Perspectives

by Mark Snow, Guild Mortgage

This week, Fed Chair Jerome Powell spoke, and interest rates touched the lowest level in almost 3 months. Let's discuss what happened and look into the week ahead. "Help me get my feet back on the ground, Won't you please, please help me" - Help by The Beatles "Time To Moderate Pace of Rate Hikes May Come as Soon as December Meeting" - Fed Chair Powell Nov 30, 2022. On Wednesday, November 30th, the anniversary of the Fed flip-flopping on inflation and telling us they were wrong about its high nature, Powell delivered the most "dovish" speech in a year. The quote above is the one that really sent the markets soaring, as it confirms the Federal Reserve will lower the size of rate hikes going forward. Since June, The Fed has raised the Fed Funds Rate by .75% four times. Now the markets are pricing in a smaller .50% rate hike at the Fed meeting in two weeks. "Growth in Economic Activity has Slowed to Well Below Longer-Run Trend, and This Needs to be Sustained" - Powell. This quote highlights the Fed's desire to slow demand and thereby lower inflation/prices. Many critics of the Federal Reserve have been saying the Fed needs to slow down the size of rate hikes for this very reason as the economy has materially slowed down. And, the Fed is going to have raised rates by 3.50% in the back half of 2022...none of which has impacted the economy. There is a lag of anywhere from 6 to 9 months for rate hikes to make an impact on the economy, so seeing the Fed acknowledge that conditions have slowed is seen as further confirmation to slow the size of rate hikes. "The Federal Reserve has been pretty aggressive already with its interest rate hikes and won't try to crash the economy with further sharp increases just to get inflation under control faster" - Powell. This quote came from the question-and-answer session and confirms what market conditions are saying. We have seen inflation peak and we must direct our attention toward not putting the economy into a deep recession through overly strict monetary policy. Remember, long-term rates only go higher if the economy can absorb the Fed rate hikes. Watching the 10-yr Note fall from 4.30% to 3.57% over the course of the last month tells us long-term rates are sensing the economy can't absorb much more Fed rate hikes without going into a recession. Consumer Inflation May Have Peaked On Thursday, the Core Personal Consumption Expenditure (PCE) Index for October came in lower than expectations and lower than September. With the economy slowing as the Fed Chair acknowledged, we should expect lower inflation readings going forward. Bottom line:  Home loan rates have improved a bit. With more inventory coming to market and many sellers eager to make deals, now could be a great time to consider taking advantage of the opportunities in housing. Looking Ahead Next week the economic calendar is a little lighter, with only some medium impact reports set to be released. Additionally, the Federal Reserve members are in the quiet period where they do not speak one week prior to the next Fed Meeting. This all leads to the next Fed Meeting on Dec 13-14, where it is now widely expected the Fed will raise the Fed Funds Rate by .50% to a range of 4.25 to 4.50%. Mortgage Market Guide Candlestick Chart   Mortgage-backed security (MBS) prices determine home loan rates. The chart below is a one-year view of the Fannie Mae 30-year 5.5% coupon, where currently closed loans are being packaged. As prices go higher, rates move lower and vice versa. You can see on the right side of the chart the Green Candles moving above $101 for the first time since September. Should prices remain above this once tough ceiling, today's rates could be about as bad as rates can get going forward. Chart: Fannie Mae 30-Year 5.5% Coupon (Friday, December 2, 2022) Economic Calendar for the Week of December 5 - 9