5 Homes in Portland for Sale, For Over 1 Year

So you see a listing that peaks your curiosity, but then you notice it’s been on the market a long time. Uh oh. Move along right?

Not necessarily. There are many reasons a house can remain on the market for a long time, becoming what’s called a “stale listing.” You’d certainly have to do your homework to see if a stale listing is right for you, but if you play your cards right, making an offer on one could really pay off.

How Do Homes Stay on the Market Too Long?

The first thing that pops into people’s heads when they see a house that’s been for sale for a long time is that there’s something really wrong with the structure itself. And sometimes this is the case. Maybe it needs foundation work or a new roof. But there are several other possibilities in the mix.

Sometimes you’re working with a stubborn seller who wanted to value the home higher than what it was worth. If this happens and the seller has to keep lowering the price, they end up scaring off buyers. The longer it sits and the more the price drops, the fewer interested buyers come to the table. The seller might be sitting on a perfectly good home that they just can’t now seem to move. And that could be a good opportunity for you to swoop in for the deal!

Another group of homes stay on the market because they are extremely niche. Maybe they have a very artistic or futuristic design, which will weed out a lot of buyers who are looking for a more traditional style. (Although this isn’t always the case in the city of Keep Portland Weird. Let’s not forget the Doughnut House.) The highest end luxury homes will fall into this category; there is a smaller pool of buyers, and the sellers have the funds to wait.

And then, of course, some homes really do have serious repair work needed. That doesn’t rule them out entirely, though. The longer a seller remains unable to sell a house with issues, the more skittish buyers become. This could go in your favor, getting you a better price and freeing up funds needed for repairs. You would, however, need to be very careful and be sure to have the best experts inspect the property.

Shall we roll the dice and see what kinds of houses have been for sale in Portland for over 500 days? Let’s check them out.

#1 – 2055 SW 85th Ave.

2055 SW 85TH AVE

Newly renovated details are a draw for this home, situated off Highway 26 towards Beaverton. Stainless steel fixtures, a gas range, and AC are a big draw, as are the built in shelving (the master walk in closet in particular). The bones of the house are also promising, offering two wood burning fireplaces and a spacious garage for all you vehicle and storage needs.

Originally advertised at $699,000, the sellers have dropped their listing price twice, both $50,000 at a time. The last drop was not long ago on January 19, so it’s possible they’re feeling more amenable to cutting a deal. How low could they go?

#2 – 2909 SW Upper Dr.

2909 SW UPPER DR

Under $500,000 for a 3 bedroom in Portland Heights – not too shabby! And on nearly a full acre of land. This Craftsman has seen some updates, including newer electric, plumbing, and furnace, which is a good sign. Lovely hardwood floors, a gas range, and vaulted ceilings highlight the interior. Outside, you’ll find a nice yard with mature landscaping punctuated by a charming pergola.

On the market for 508 days, this home has dropped a whopping $249,000, most recently by $49,000 in December. Why such a plummet? You’ll have to check it out to find out!

#3 – 7536 N Chatham Ave.

7536 N CHATHAM AVE

Now for something a little different. This duplex has historically been an Income Property, meaning the owner has been renting it out (this requires that you manage the property as well). So it’s a more complicated investment, which may partially explain why it hasn’t been snapped up yet. It could prove a profitable enterprise for someone with the time and the funds. On the market 514 days, the price has dropped only by $20,000.

#4 – 8940 NW Skyline Blvd.

8940 NW SKYLINE BLVD

Now we move into the realm of what looks to be a true fixer upper. But maybe one that could pay off big! Surrounded by million dollar homes right outside of Forest Park, this 1.78 acre property needs a little love to be restored to its former glory. The listing includes no interior photos, which is often a sign that there’s some fairly significant work to be done. But for someone with the moxie (and money), this property could become one of Portland’s finest.

The listing price hasn’t seen a huge drop – only $24,000 total. But the last was on January 22nd, so it’s possible the sellers are feeling motivated.

#5 – 2037 SE 90th Pl.

2037 SE 90TH PL

Okay, we’re cheating a little here. This ranch style home hasn’t quite met its one year anniversary, but it’s getting very close. And we’re a bit curious as to why, given the neighborhood. Nestled into a quieter part of the increasingly desirable Montavilla neighborhood, you’d think this ranch would be snatched up by now.

A yard, driveway, garage, and fireplace all make appealing features here. It’s likely that this home needs some work put in, and certainly some updates. For the right investor with a good agent to help navigate costs and negotiations, this home could be a score.

Let’s Go Check Them Out Together

If you’re intrigued by any of these stale listings, the best thing you can do is go to the experts. An experienced Realtor will guide you through the process, and away from any pitfalls. Whether you want to try to score a deal or invest in a fixer, we’ll help you get into the home of your dreams! Call us at 503-773-0000 to find out more or schedule a tour.

Written by Stephen FitzMaurice
Published on February 9, 2021