Live-work units: a tiny, happy place for real estate

| Print |  Email
Friday, August 01, 2008

LiveworkUnits

STATEWIDE As bad-news headlines for the real estate industry continue month after month, one sliver of the Portland metro and Bend market is actually growing: live-work units, townhomes where the ground floor is dedicated to commercial and the upstairs to living.

In the first six months of this year, 60 live-work units have been sold in the Portland metro area, according to the Regional Municipal Listings Service. Compare that to 2007 and 2006 when, respectively, 50 units and 22 units were sold.

On the west side of Bend, Brooks Resources Corporation, the developers of NorthWest Crossing, currently are building eight of 30 planned live-work units. Three  already have been sold and interest in the others remains strong, says David Ford, general manager at Northwest Crossing.

While that number is small, those units are some of the only ones in Bend. Ford finds the three sales remarkable because of what he sees as a reticence on the parts of most buyers in the current market to purchase anything that isn’t 100% completed.

Despite the higher numbers of sales, developers and marketers still have to take the current real estate market into account. The buyer’s hesitancy that Ford sees is the reason the Kaiser Group has kept their still-under-construction five-unit live-work building in North Portland off the market, says marketing spokeswoman Erin Livengood.

“Our thought was to let people actually see it and then have the ability to close in 30 days rather than months,” she says.

Regardless of what the real estate market does this year or next, Shawn Busse, a Portland live-work advocate, thinks the demand — and community interest — in live-work units will continue to grow. Busse started his design firm out of his living room and knows how different it would have been had he been in a live-work unit.

“It doesn’t require a big outlay of cash to start a business in one of these,” he says. “It’s a great model that allows someone to be a business person without a lot of usual hurdles.”

ABRAHAM HYATT


Have an opinion? E-mail This e-mail address is being protected from spambots. You need JavaScript enabled to view it

 

More Articles

Marijuana law ushers in new business age

The Latest
Tuesday, June 23, 2015
062315panelthumbBY KIM MOORE | RESEARCH EDITOR

Oregon’s new marijuana law is expected to lead to a bevy of new business opportunities for the state. And not just for growers. Law firms, HR consultants, energy efficiency companies and many others are expected to benefit from the decriminalization of pot, according to panelists at an Oregon Business breakfast meeting on Tuesday.


Read more...

5 stats about Oregon fireworks

The Latest
Thursday, June 18, 2015
fireworksthumb001BY JACOB PALMER | DIGITAL NEWS EDITOR

Fireworks are a booming industry, even if the pyrotechnics have turned July 4th into a day fire marshals, and many residents, love to hate.


Read more...

Fixing Oregon’s broken roads

The Latest
Tuesday, June 09, 2015
RUCCostComparison rev4-30BY KIM MOORE | RESEARCH EDITOR

The technology at the center of Oregon’s road usage fee reform.


Read more...

Photo log: Murray's Pharmacy

The Latest
Friday, July 17, 2015
OBM-Heppner-Kaplan thumbBY JASON KAPLAN

Photographer Jason Kaplan takes a look at Murray's Pharmacy in Heppner.  The family owned business is run by John and Ann Murray, who were featured in our July/August cover story: 10 Innovators in Rural Health Care.


Read more...

Reader Input: Rx for Health Care

July/August 2015
Wednesday, July 15, 2015

We asked readers how Obamacare has impacted their business.


Read more...

Urban renewer

Linda Baker
Wednesday, June 24, 2015
UnknownBY LINDA BAKER   

One year after he was appointed chair of the Portland Development Commission, Tom Kelly talks about PDC's longevity, Neil Kelly's comeback and his new role as Portlandia landlord.


Read more...

Apartment Mania

Guest Blog
Thursday, June 18, 2015
4805983977 11466ce1d6 zBY BRAD HOULE | CFA

While most categories of commercial real estate have performed well, one of the most robust has been apartment buildings.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS