Palazzo Custom Homes: "Inner Portland Housing Market Continues To Be Strong"

(PRLEAP.COM) Palazzo Custom Homes (www.PalazzoCustomHomes.com) announces strong sales in the Portland housing market. Recent housing reports nationally combined with the crisis of our banking system have created perceptions that the local housing market in Portland has suffered to the same degree. Those perceptions seemed to have been reinforced by suburban builders in the area who have recently fallen on hard times.

However, despite these perceptions driven by the media, the market in the inner Portland areas actually appear to be quite vibrant. According to data from Portland’s Real Estate Market Listing Service (RMLS), the number of homes being listed and sold have actually remained relatively constant in the inner Portland areas.

In fact, it appears that the current market may be driving greater demand in these inner areas as they have become much more desirable with the increase in fuel prices, and because they tend to be in a more affordable price range than housing in the outer suburbs.

The city of Portland’s largest homebuilder (as reported by the Construction Monitor), Palazzo Custom Homes, and its owner Randall Palazzo, was contacted recently to find out his views of the current housing market.

"There really is nothing wrong with the city of Portland’s housing market," stated Randy. "I have been working in these areas for over 20 years, and this market continues to perform strongly if you have the right combination of location, design, and pricing. We have sold over sixty homes this year so far, and expect to sell around eighty homes before the year is out. "

When asked about the causes of the current national housing crisis, Randy responded that "the root cause was that our basic lending principles that we had relied on for so many years simply vanished. Back in the late 80’s and early 90’s you could not get a conventional loan without a minimum of 10% down. The market was solid back then, and interest rates were at 12%! Then in the 90’s, the standards changed so you could obtain a conventional loan with only 5% down, and everyone thought they had won the lottery. As has been well documented, in this decade the requirement to have anything to put down went by the wayside…if you had a pulse, you could get a loan. And this is with interest rates at historic lows! It was just a matter of time before the market acted to correct itself."

Randy also had an upbeat outlook for the market for the upcoming year. "While it may take longer for the suburban market to bounce back, we are definitely seeing positive changes in the Portland market already. Prices have bottomed out. The building statistics that you read are always three to six months behind what the market is doing today. By next spring, there should be a nice healthy balance between a buyer’s market and a seller’s market."

Palazzo Custom Homes recently announced the fact that they will be featured on Home Gallery TV’s "Great American Builders" Series.


Read the full interview of Mr. Randall Palazzo at a popular local Portland blog. More information about Palazzo Custom Homes can be obtained at www.palazzocustomhomes.com.

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