|| Print ||
|Articles - March 2010|
|Friday, February 26, 2010|
Mack Wiebe has always lived near water; he grew up on the edge of the Columbia River, off of Bridgeton Road, and later moved to San Diego. But now he lives on the water, literally, in a floating house near Sauvie Island.
“I grew up on the river. As a youngster I’d go up on the Columbia every morning. It’s very cool to be on the water and live on the water,” Wiebe says. “It’s a very easy lifestyle.” He laughs. “No yard work.”
Floating homes are permanent houses anchored to a floating concrete block or set of logs. They don’t move, except to rise and fall with the tide, or unless the homeowner decides to move and take her house with her. They come with all the comforts — water, telephone, heat, a complete septic system — of a house on land.
There are a few floating homes, or “floats” in other parts of the state, such as Astoria and Newport, but there are 2,366 such houses along the Columbia and Willamette rivers in Portland. When Wiebe was growing up, most of the floating houses in Portland were occupied by fishermen. More recently they’ve become popular with retirees like Wiebe, who is 75, single men and women, young couples, and anyone with an affinity for water. The floating neighborhoods, or “moorages,” are usually serene, quiet, private docks, connected to land by a thin ramp. They’re often gated. The houses have back decks and big windows. Marine birds, beavers, river otters and other wildlife are a common sight. Most float owners have at least one boat tethered in the area that, on land, would be a driveway.
Floating homes make up a quirky sector of the real estate market. Zoning and environmental regulations make it difficult to build new moorages, so supply is relatively fixed. There was also no sub-prime lending boom for floating homes. Banks consider floats “private property,” not real estate, even though homeowners often own the section of river where the house is anchored. This classification means banks keep floating home mortgages on their books, as opposed to bundling them and selling them off, a practice that contributed to the housing market crash. And because the houses are on water, banks assume there is more risk of damage and require a 20% down payment, which reduces the risk of foreclosure as homeowners are better prepared to pay and less likely to abandon the property.
Despite being insulated from the worst of the housing crisis, floating-home prices have been set back by about two years and some have gone into foreclosure, says Portland realtor Jane Betts-Stover, who specializes in floating homes and owns one herself. “You don’t see them being hit as hard as the land houses,” she says. “Some people have gone into bankruptcy or short sales, but not in the waves and the numbers that you see in Oregon City.”
Betts-Stover says soft prices mean it’s a great time to buy, considering that many floating homes are on the market for less than $180,000 with lots of room for improvement. “I think they’re little gold mines. Down the road anybody who’s got a floating home is sitting on a gold mine.”
Wiebe and his wife, Meredith, 72, don’t consider their home a gold mine. “I just enjoy being able to look out each evening and see the water going by our house,” he says.
Tuesday, August 26, 2014
Strong public schools shore up the economy, survey respondents say. But local schools demonstrate lackluster performance.
Thursday, September 25, 2014
Nick Herinckx, CEO of Obility, and Jake Weatherly, CEO of SheerID, share what they've been reading.
Monday, October 06, 2014
BY LINDA BAKER | OB EDITOR
Intel's manufacturing way station; Merkley's attack dog; Diamond Foods gets into the innovation business.
Wednesday, October 15, 2014
BY DIANE BUISMAN
Some common misconceptions employers have about marijuana.
Tuesday, August 26, 2014
Parents and students paying for college today are like homeowners who bought a house just before the housing bubble burst.
Wednesday, October 22, 2014
BY JASON NORRIS
Historically, when the leaves fall, so do the markets. This year, earnings, Europe, energy and Ebola have in common? Beyond alliteration, they are four factors that the investors are pointing to for this year’s seasonal volatility.
Thursday, September 25, 2014
In our cover story this month, Wendy Collie, CEO of New Seasons Market, and Kim Malek, owner of Salt & Straw, discuss their rapidly growing businesses and Portland’s red hot food scene. The conversation provides an interesting lens through which to explore trends in the grocery store and restaurant sectors.
|The 100 Best Nonprofits to Work for in Oregon 2014|
|A Recipe for Success|
|Uber considers flu shot delivery service|
|P&G plans to exit Duracell|
|Target to offer free holiday shipping|
|Caterpillar gains after raising forecast|
|Dow Chemical profit up 44%|
|Boeing profit jumps 18%|
|Verizon posts higher Q3 revenue|
Is your business ready to join us in the call for action? This opening panel includes Oregon businesses who will discuss why they signed the Oregon Climate Declaration, the investments they are making to reduce carbon emissions, and how their actions are affecting their companies.
Get ready for two days of special events produced with the EPA, Portland Timbers and ISOS before and after the GoGreen Conference on October 16.
Finding a health insurance plan that makes both financial sense for the bottom line and provides choice for plan participants is a huge challenge for employers.
The right financing at the right time is critical for small businesses to succeed.
Among Oregon universities, Oregon Tech is special in the way it incorporates applied research into the curricula of every department.
More than 400 "Change Makers" will gather to invest in a socially sustainable community.