by T.J. Wolfe

Created on: April 27, 2009   Last Updated: May 14, 2009

The markets have been tumbling. Housing prices have been plunging. Opportunities to purchase a home at a great value are on the rise, and Portland is a great place to look.

Located in the Pacific Northwest, Portland offers all the amenities of a large metropolitan area plus the great outdoors. Portland's variety of neighborhoods offers all types of real estate values.

For those who prefer the edgy city scene, Northwest Portland is in the city center. Some of the trendier Portland neighborhoods are found here. The famous Northwest 23rd Avenue with upscale boutiques and sophisticated restaurants sits in the heart of Northwest Portland. Portland's famous Max light rail offers reliable, flexible transportation throughout downtown Portland.

These neighborhoods offer attractive urban living at a great price.

Median pricing for the first quarter of 2009 was $230K, approximately 6.5% less than the area's overall median pricing. They have the most activity and fastest days on the market at only four months. With everything going for them, Northwest neighborhoods may be the best long term purchase.

If you're looking for a more relaxed, upscale, suburban environment, the Beaverton/Hillsboro neighborhoods west of Portland may be the ticket. Once known as the Silicon Forest, west of Portland has many large employers including: Intel, Nike, and Columbian Sportswear. In addition, Beaverton provides a great school system.

Real Estate pricing has suffered in Beaverton/Hillsboro due to the recent economic downturn. Falling from the 2007 high, pricing has dropped 25% to 40% and foreclosure rates have skyrocketed. Median home prices are between $227K and $236K. The conscientious investor can find a great value in foreclosures.

The last area to build up during the boom was Tigard, Tualatin, and Sherwood south of Portland. Although the median home price is high at $315K, great deals are still available. These are beautiful homes that listed in the high $400's and low 500's during the boom.

Many builders still have construction loans outstanding in the southern suburbs. Deals can be found with cash strapped builders. Builders are offering great price incentives. In addition, home builders have been facing bankruptcy. These suburbs have seen great auction pricing on their new homes.

Always wanted a horse in your backyard? Look in Oregon City and Canby. Although not easy to find, homes in these areas can be found with one to five acres. Oregon City and Canby didn't see the rapid urbanization other areas experienced during the boom. In addition, the location is farther out making commute times a bit more tiresome.

Foreclosures are low in Oregon City and Canby compared to other Portland neighborhoods. Yet, if your heart is set on a horse in your backyard, the median price in Oregon City and Canby is only $250K. That's quite a deal if you get acreage, too.

Portland is beautiful city with many treasures. Opportunities are popping up all over Portland. With a little ingenuity and a basic understanding of the Portland real estate market, the savvy investor will find a great value.

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