As buyers continue to outweigh sellers in popular Oregon real estate markets like Portland, inventory grows more strained by the day.
According to data from Redfin.com, the median days on the market in February 2022 was just eight days, with a median sale price of $510,000. Of the nearly 280,000 households in Portland, only 793 homes were for sale.
Like other major metro areas, the luxury market in Portland is looking for developers to supply new products and temper shortages. Two such developments are now in the works and on the market.
Check out how Portland’s developers respond to residence scarcity with these two new luxury properties listed with LUXE, Oregon’s top boutique real estate agency.
Penthouses at Frances in Lake Oswego
Marketed as setting a new standard for luxury, Frances is set to be the Pacific Northwest’s first all-penthouse community.
The 16 units that make up this Lake Oswego condominium will be uniquely designed for a bespoke feel.
Though varied in styling, layout and size, the collection of penthouses will feature 2,000-square-foot-plus designs that include two en-suite bedrooms, 2.5 bathrooms and a powder room.
Some of the larger layouts may also house glass-enclosed offices, kitchen prep spaces and media rooms.
An open floor plan blends living space, dining room and a state-of-the-art kitchen outfitted with Bosch dishwashers, SubZero Pro Series refrigerators and Wolf gas ranges.
In addition, the penthouse residences will feature stone-floored terraces, with many units opening out to views of the Willamette River and Mount Hood.
Shared spaces include a rooftop terrace, upscale clubhouse and expansive courtyard suitable for outdoor entertaining.
The Frances homesite is within walking distance of many of Lake Oswego’s best offerings, like Oswego Lake and the shops and restaurants of a charming downtown, and just 8 miles to the north is Portland.
Construction is underway with completion poised for the end of 2022.
Pricing starts at about $1.8 million.
Private Estate in West Linn
Sitting atop Pete’s Mountain, the 21-acres that make up this private, to-be-built West Linn estate include a 14.4-acre vineyard and stretches of golf course frontage.
A two-acre home-site that sits amongst the vines with views of Mount Hood in the distance is at the heart the property.
The 20-year-old vineyard includes multiple clones of high-yield pinot noir grapes, a varietal that has found great success in Oregon’s soil.
Bordered by the 72-par country club, Oregon Golf Club, the property includes a proposed home concept by DC Builders, a Damascus-based design and construction firm.
West Linn, a southern suburb of Portland, is just 15 minutes from downtown and 20 minutes from PDX International Airport.
The proposed home and land are to be sold separately. Pricing for the land is $2.5 million. The featured proposed home is estimated at a price of $3.15 million and is sold through a direct contract with the builder.