Land in Portland Oregon
If you’re considering purchasing a piece of land or a lot for building or other development it helps to know what the current market is in the Portland Oregon area.
Land or lot prices start at around $50,000 for a small lot on the east side of the river and can range as high as several million dollars depending on how many acres or square footage the land is. There are several newer home developments that are ready for building which include sewer or septic and electricity. Many of them also are now being wired for fiber optics and cable which makes Internet, phone, and television much easier to install once the home is built.
If you’re looking for a lot to build your dream home on there are several in the Lake Oswego and Northern Portland area perfect for waterfront a riverfront properties and those with a view. Depending on how much work you’re willing to put in, there are homes ready for building and those that need to be cleared. Typically, those that are cleared and ready for building which also include utilities, will tend to run between $100,000 and $250,000.
Lots of a half an acre or more on average start at $100,000 although you might be able to squeak under that price up in the northwestern part of Portland. If you’re looking at being in a more residential or establish neighborhood you might find lots that have been divided from larger residential lots that may have a home already on part of the lot and their selling off the other half.
Financing and obtaining a loan for land or a lot in the Portland Oregon area is a little bit different than a single detached house. Since there’s no improvement to the lot or land, interest rates may be higher and buyers typically must put down more money up front to secure the loan. Banks and lenders need to know what the land will be used for and how much the improvements will be once created or developed. One benefit to getting a land loan is that once the home is built you’re able to refinance with the development and improvement included in a new home loan. Also, construction loans are available for those that plan to build right away and are designed and tailored around your specific situation. Credit ratings and financing scores usually need to be higher when it comes to obtaining a loan for land and you’ll need more earnest money up front.
If buying land in the Portland Oregon area something you’ve been considering or just like to learn more about start your online search here or Contact me for details about current listings, lot sizes, utilities and more anywhere around Washington and Multnomah counties.