New neighborhood economic development initiatives proposed for Portland

A new proposed budget cut to Portland’s general fund could provide the money for new development initiatives between 2012 and 2013. Portland Mayor Sam Adams has developed a plan for a $14.7 million cut to the $387 million general fund in order to allocate more money to new economic development, neighborhood business support measures and workforce preparation, according to the Portland Business Journal. If the plan goes into action, houses for sale in Portland in key neighborhoods could increase in value due to their proximity to new thriving businesses in the city and its vicinity.

Already, the median single-family detached home price increased to $263,323 as of May 12, 2012, according to ALTOSResearch. The statistic is slightly up from March 1, 2012 when the median price was approximately $260,000.

Home prices could further increase if the initiative gets approved, as positive momentum in the local economy can often influence prospective buyers. Those searching the MLS listings in Portland can soon find affordable homes in the metro area that have the potential to increase in value after being purchased, due to local job creation and business development.