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Another website-based company is preparing for their initial public offering, this one with quite a bit of influence in our corner of the business world. Zillow, the Seattle-based real estate-listing information service, has upped the proposed price range for their IPO, going as high as $18 per share.
Another big Washington County sale is on the books, as Griffith Development LLC has purchased the gym housing the Beaverton Family YMCA. The sale, which closed Monday afternoon for $1.28 million, followed the settling of a $1.5 million lawsuit between the nonprofit YMCA of Columbia-Willamette and the previous building owner, Pardee Properties.
Washington County continues to further its green-friendly image today, as the City of Hillsboro has announced a new partnership with Clean Energy Work Oregon (CEWO) to offer discounts and incentives to Hillsboro homeowners who are willing to make their houses energy efficient. The first 50 homeowners who sign up for an energy efficiency project through CEWO will be eligible for $500 cash back from the city. Add to that other discounts and bonuses offered by CEWO, and signing up can save up to $2,800 for eligibile Hillsboro homeowners.
Continuing a theme seen last week with the sale of a pair of Beaverton rental properties to a Vancouver company, another real estate investor, this time based out of Hawaii, is yet again showing faith in the Washington County market, increasing its already sizable presence there.
PMI Group, a private mortgage insurer, is now rewarding homeowners with underwater mortgages (that is, more is owed on the mortgage than the property is actually worth) who pay on time, and not just by keeping a roof over their heads. Homeowner Reward, a subsidiary of PMI, has collaborated with Loan Value Group to create the Responsible Homeowner Reward, which awards cash bonuses to qualified homeowners who stay current on their mortgages.
As Beaverton continues to expand, a targeted residential area in North Bethany is the latest focus. While we’re still in the planning stages, officials have a clear idea of how the area will be built-out, including having already developed a North Bethany Subarea Plan. For those who feel that this type of expansion deserves community involvement, now is your chance.
Fixed mortgage rates increased again this week, the most in four months. The average rate on the 30-year loan, 4.51 percent last week, is up to 4.60 percent, according to Freddie Mac. Three weeks ago it sat at 4.49 percent, the lowest it has been in 2011.
State land-use law calls for Metro—the regional Portland metro area governmental body that deals with development and land across boundaries, including city and county lines—to monitor and adjust growth boundaries to account for population, job growth and housing projects 20 years in advance. As such, Metro has listed the leading candidates for expansion of urban growth boundary this fall, and Hillsboro is at the top of the list.
The government has created a new program for un- or underemployed homeowners who have gotten behind on their mortgage payments, and thus far the response has been enormous. The Emergency Homeowners’ Loan Program, funded by $1 billion in federal funds, is available to homeowners in 32 states (Oregon as yet is not included) and Puerto Rico who are at least three months behind on their mortgages and have suffered at least a 15% decrease in income. The loans go to help homeowners avoid foreclosure and need not be paid back, so long as the individual stays current on their mortgage for the next five years.
The plan to improve Washington County continues, and it won’t only focus on the cities. The county recently officially launched their Aloha-Reedville Community Plan, which will gather data and begin improvements for the two unincorporated communites around Beaverton.
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