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

| Print |  Email
Archives - August 2008
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

Wildcards

Guest Blog
Tuesday, July 28, 2015
072815fergusonthumbBY JASON NORRIS

Uncertainty in Greece and China, along with potential interest rate hikes mean investors are looking at the market and nervously questioning where they should be invested.


Read more...

The Private 150: From Strength to Strength

July/August 2015
Monday, July 13, 2015
BY KIM MOORE

Revenues in Oregon's private, for profit sector maintained solid growth as the economy continued to rebound.


Read more...

Child care challenge

September 2015
Wednesday, August 26, 2015
0927OHSUhealthystarts-thumbBY KIM MOORE AND LINDA BAKER

Child care in Oregon is expensive and hard to find. We delved into the numbers and talked to a few executives and managers about day care costs, accessibility and work-life balance.


Read more...

Preserving the Legacy

July/August 2015
Monday, July 13, 2015
BY KIM MOORE | PHOTOS BY JASON E. KAPLAN

A New York floral and gift business takes on the iconic Harry & David brand.


Read more...

Brain Storm

July/August 2015
Monday, July 13, 2015
BY CAMILLE GRIGSBY-ROCCA

Can the brave new world of neurotechnology help an OHSU surgeon find a cure for obesity?


Read more...

Reader Input: Road Work

March 2015
Wednesday, July 15, 2015

Oregon's roads are crumbling, and revenues from state and local gas taxes are not sufficient to pay for improvements. We asked readers if the private sector should help fund transportation maintenance and repairs. Research partner CFM Strategic Communications conducted the poll of 366 readers in February.


Read more...

Photo Log: Waterfront Blues Festival

The Latest
Thursday, July 09, 2015
bluesfestthumbBY JASON E. KAPLAN | STAFF PHOTOGRAPHER

The sweltering weather didn't keep the crowds away. Although the numbers were down slightly from last year, the Oregon Food Bank raised $850,636 to fight hunger.  About 80,000 people attended despite temperatures in the upper 90s.


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