Fixer uppers a booming opportunity in the City of Roses
Large and small investors are combing the market in search of fixer upper properties that promise to deliver significant bank for the buck. Real estate in Portland offers its share of distressed or foreclosed homes in a wide variety of styles and neighborhoods that are available for purchase.
Portland’s January foreclosure resales, homes sold within 12 months of foreclosure, made up 26 percent of the total resale market – up 21.2 percent from the prior month, according to DataQuick, a San Diego-based real estate reporting firm. Distressed property sales represented approximately 42 percent of the resale market in January, just slightly below the record of 43.4 percent in February 2011.
Investors seeking a good opportunity could find valuable properties for discount prices in the Portland real estate market. Whether it is a simple cosmetic fix or a significant overhaul, a person can revamp an existing property bought at low cost and resale it later in the improving market as prices increase. Bathrooms, master suites and kitchens are prime renovation candidates due to the increased return on investment rate.