Residential real estate experts entered 2020 with caution. Many braced for a recession, but no one could foresee a devastating pandemic.
After stay-at-home orders were issued in March, some people who hadn’t lost their source of income went searching for property that could support adults working at home, children in virtual school and everyone needing space to relax.
“We anticipated a potential change in lifestyle and work requirements,” says Marty Wells of Luxe Christie’s International Real Estate in Lake Oswego. “By April, we saw activity go through the roof.”
Wells says West Linn, Lake Oswego and rural Clackamas County properties with study and work spaces, home gyms and outdoor entertaining areas became even more desirable.
Some of Luxe Christie’s’ clients also wanted to move out of Multnomah County due to “the political and social unrest” and high taxes, says Wells.
Buyers took advantage of historically low mortgage rates, although the majority of the most expensive homes sold in 2020 were purchased with cash.
“In 2020, our region saw an approximately 50% increase in closed sales of homes over $1 million compared to 2019 — 1,464 versus 981 — and we saw identical numbers for properties over $3 million — 31 versus 21,” says Wells.
In the new year, “we anticipate a continuing low-interest rate environment and continued strong sales and prices,” he adds.
In the fall, Windermere Real Estate, which has long had its poshest homes in its Premier Properties division, introduced the W Collection to Oregon, a category of “ultra-luxury” residential properties priced around $3 million or more.
The first W Collection listing was a 6,697-square-foot mansion in Northwest Portland’s Kings Heights neighborhood.
With special handling by Libby Benz and Drew McCulloch of Windermere Realty Trust, an offer of $3.9 million was accepted by out-of-town buyers and the estate sold Oct. 1 after 40 days on the market.
That sale was not the largest in the Portland area. It tied for fifth place.
“A property priced at $3 million seems high for Portland, but the number of ultra-luxury buyers is steadily increasing,” says Benz, who has been a licensed agent since 1990. “Many luxury buyers move to Oregon for many reasons, including our high-end market is about three time less than Seattle and six times less than San Francisco.”
Justin Harnish of Harnish Properties in Lake Oswego says in the past a handful of lakefront, riverfront or unique luxury houses would sell for $3 million or more each year.
“Today, we are seeing a lot more demand, activity and sales over $3 million that aren’t waterfront or on acreage or have views,” says Harnish, who sold a record $7.5 million residential property last year that wasn’t listed publicly.
In 2020, Harnish Properties sold two of the 10 most expensive residential properties in the Portland area.
Here’s the list of top 10 most expensive Portland-area homes that sold in 2020:
The midcentury modern, built in 1971 on 3.4 acres, was listed by Suzann Baricevic Murphy of Where, Inc.Where, Inc.
The Northwest Regional midcentury house was designed by architect Walter Gordon and built in 1971 for Elizabeth “Betty” Leadbetter Meier, whose grandparents owned the Pittock Mansion, and her second husband, Jack Meier of Meier & Frank department stores.
The 3.4-acre property on Southwest Patton Road sold May 15 after 37 days on the market. The original price was $5,985,000. The offer, for $235,000 less, was paid in cash.
The restored and updated, 8,162-square-foot mansion has an open floor plan, floor-to-ceiling windows and living on one level. There are four bedrooms, five full bathrooms and two powder rooms.
Panoramic views are offered from terraces, Mediterranean-style gardens and around the infinity-edge pool.
“A rare gem,” said listing agent Suzann Baricevic Murphy of Where, Inc.
The buyer was represented by Michael Biehler of RE/MAX Equity Group
Estimated annual property taxes: $38,872
When it sold in 2015 for $2 million, the property was the seventh most expensive residential sale in Portland.
The updated traditional-style house, built in 1940 on 0.52 acres, was listed by Matthew Tercek of Cascade Sotheby’s International Realty.Cascade Sotheby’s International Realty
The half-acre, waterfront property on Northshore Road sold Sept. 21 after 17 days on the market. The original price was $4,595,000. The offer, for $245,000 less, was paid through a conventional loan.
The updated traditional-style house, built in 1940, has an open floor plan with 5,455 square feet of living space. The master suite and three bedrooms face Oswego Lake. There are 6.5 bathrooms.
Outdoor entertaining spaces include a covered living area plus a rooftop patio on the boathouse, a pool, spa and private dock.
“One of Lake Oswego’s finest waterfront properties ... with stunning southern main lake views and all day sun exposure,” said listing agent Matthew Tercek of Cascade Sotheby’s International Realty. “Walk or boat to all of downtown Lake Oswego amenities.”
The buyer was represented by Kayla McCormick of Cascade Sotheby’s International Realty.
Estimated annual property taxes: $34,065
Homeowner’s association annual fees: $2,698 plus a one-time fee of $7,500
The traditional-style house, built in 2019 on 1.22 acres, was listed by Marcia Kies with Rebecca Green of the Hasson Company.The Hasson Company
The 1.22-acre property on Skyland Drive in the Skylands of Oswego #2 community sold July 13 after three days on the market. The original price was $4.25 million. The offer, for $255,000 less, was paid with a conventional loan.
The traditional-style house, built in 2019, has 6,085 square feet of living space. There are four fireplaces, quarter-sawn oak floors and a gourmet kitchen with a cupola, butler’s pantry and breakfast nook.
There are covered patios and level yard areas accessible from the five bedrooms. The property also offers 270-degree views of three mountains and the Willamette River.
“No detail missed in this gorgeous new home with custom finishes throughout,” said listing agent Marcia Kies with Rebecca Green of the Hasson Company.
The buyer was represented by Justine Syck of Premiere Property Group.
Estimated annual property taxes: $14,364
The Hamptons-style estate, built in 2007 on 5.07 acres, was listed by Justin Harnish of Harnish Properties.Harnish Properties
The 5.07-acre property on Southwest Cascade Vista Lane sold Oct. 1 after 93 days on the market. The original price was $4,595,000. The offer, for $600,00 less, was paid in cash.
The Hamptons-style estate, built in 2007 on the highest point in the Quarry at Stafford, has a gourmet kitchen in the great room, two dens, four bedrooms, 7.5 bathrooms and 12,332 square feet of living space.
There is an indoor-outdoor sunroom overlooking a pool as well as a detached, 3,000-square-foot office above a shop.
“A timeless design and built with forever in mind. Run your business from home, have a home gym and every other amenity one would need in today’s world,” said Justin Harnish of Harnish Properties, who represented the seller and buyer.
Estimated annual property taxes: $24,757
The traditional-style house, built in 1938 on 0.28 acres, was listed by Libby Benz with Drew McCulloch of Windermere Realty Trust.Windermere Realty Trust
The 0.28-acre property on Northwest Cumberland Road sold Oct. 1 after 40 days on the market. The original price was $4,145,000. The offer, for $245,000 less, was paid in cash.
The updated house, built in 1938, has 6,697 square feet of living space, wood floors, four bedrooms, four full bathrooms and two powder rooms.
The original owner of the house hired respected Portland architect Roscoe De Leur Hemenway to design it.
There are panoramic views of the city, river and mountains from the level garden, lawn and putting green. A paved outdoor entertaining area includes a grill and fireplace.
“World-class luxury view home was comprehensively restored with impeccable hand-chosen material throughout,” said listing agent Libby Benz with Drew McCulloch of Windermere Realty Trust.
The buyer was represented by Todd Prendergast of Windermere Realty Trust.
Estimated annual property taxes: $32,788
The Colonial Revival-style house, built in 1916 on 1.57 acres, was listed by Kathy Hall with Kevin Hall of the Hasson Company.The Hasson Company
The 1.57-acre gated estate on South Corbett Hill Circle sold Aug. 19 after 53 days on the market. The original price was $4,495,000. The offer, for $595,000 less, was paid in cash.
The updated 1916 Colonial Revival-style house has four bedrooms, four full bathrooms, two powder rooms and 9,829 square feet of living space.
There is space for a pool and sports court.
“Iconic historical beauty ... with a circular drive,” said listing agent Kathy Hall with Kevin Hall of the Hasson Company.
The buyer was represented by Peggy Reaume of Windermere Realty Trust.
Estimated annual property taxes: $59,089
Homeowner’s association fees: : $174 a month
Blackberry Castle on 6.4 acres was listed by Daniel Lowe of Land and Wildlife.Land and Wildlife
Blackberry Castle is hidden in the hills of Northwest Portland’s Forest Park neighborhood but it’s been highly visible since it was under construction. The reasons: Its size — 13,000 square feet of living space — and its almost immediate listing for sale.
The owners originally put the property up for sale at $7,175,000 in 2015, soon after spending seven years and millions to create the French chateau-inspired mansion with pointy turrets, wrought-iron Juliet balconies and medieval-style arched windows.
Inside is a two-story library, European village-style entertainment space, home theater, gym with a climbing wall, sauna, five bedrooms and 5.5 bathrooms.
The property on Northwest Germantown Road has 6.4 gated acres, some planted in Pinot Noir and Chardonnay grapes, and a 400-bottle wine cellar concealed in a hillside.
The original 1967 house sits off to one side, next to tennis courts and near an in-ground trampoline.
The property sold Dec. 18 after five years on the market for about half of the original asking price.
“One-of-a-kind International icon,” said listing agent Daniel Lowe of Land and Wildlife, who re-listed the property at $3.9 million in August 2020, which was its sale price.
The buyer was represented by Adam Davis of RE/MAX Select.
Estimated annual property taxes: $47,750
The English-style house, built in 1930 on 0.26 acres, was listed by Justin Harnish with Errol Bradley of Harnish Properties.Harnish Properties
The 0.26-acre property with 180 feet of water frontage on Westpoint Road sold Jan. 13 after 109 days on the market. The full-price offer was paid in cash.
The renovated and updated 1930 English-style lake house has a great room, den, billiard room, four bedrooms, four bathrooms and 4,858 square feet of living space.
Outside, there is a lakeside fireplace, pool and hot tub.
“One of Oswego Lake’s finest locations, on the peninsula at the east end of the Main Lake,” said listing agent Justin Harnish with Errol Bradley of Harnish Properties.
The buyer was represented by Susan Stohl of Windermere Realty Group.
Estimated annual property taxes: $31,930
Homeowner’s association annual fees: $2,697
The Dutch Colonial house, built in 1952 on 0.49 acres, was listed by Terry Sprague of Luxe Christie's International Real Estate.Luxe Christie's International Real Estate
The 0.49-acre property on Chandler Road sold Nov. 30 after 87 days on the market. The original price was $3,950,000. The offer, for $87,500 less, was paid in cash.
The Dutch Colonial house was planned by a designer for her residence and built in 1952. The home has six bedrooms, four full bathrooms, two powder rooms and 7,054 square feet of living space.
There are golf course views, indoor-outdoor living spaces and quiet retreats.
“Boat slip included. Hamptons-inspired living on Chandler Egan-designed Oswego Lake golf course. Access to Forest Hills easement,” said listing agent Terry Sprague of Luxe Christie’s International Real Estate.
The buyer was represented by Jon DuClos of Windermere Realty Trust.
Estimated annual property taxes: $35,941
The traditional-style house, built in 1969 on 0.79 acres, was listed by John Nieland of the Hasson Company.The Hasson Company
The 0.79-acre property on Southshore Boulevard on Main Lake Oswego sold Nov. 30 after 118 days on the market. The original price was $3,950,000. The offer, for $193,300 less, was paid in cash.
The updated house, built in 1969, has views in the kitchen, living and dining rooms. The upper floor is dedicated to the master suite with balconies. There are four more bedrooms, four full bathrooms, one powder room and 6,731 square feet of living space.
The boathouse has a catering and food prep area.
“One of only a few pinnacle properties on Lake Oswego. Amazing waterfront sanctuary with rare eastern view of the entire lake. Quiet water location in no-wake zone, yet immediate main lake access,” said listing agent John Nieland of the Hasson Company.
The buyer was represented by Lori Lanning-Redd of eXp Realty.
Estimated annual property taxes: $37,651
Homeowner’s association one-time fee: $7,500
— Janet Eastman | 503-294-4072
jeastman@oregonian.com | @janeteastman
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