This year, the Eagle Creek Fire decimated 177,000 acres of forest and the Portland metro area watched in helpless horror as the dangers of climate change unfolded before our eyes. Portland, which has experienced a real estate renaissance over the past 10 years, suddenly became an unattractive prospect for real estate investment and development. But with hundreds of development projects underway and still more in the works, many are wondering how this inescapable vulnerability to savage wildfires will affect their investments.
Oregon is heralded for its remarkably mild seasons; a summer that at its hottest rarely tops 100 degrees, a dewy spring full of lush blooms and buzzing honeybees, an autumn that is arguably as breathtaking as any on the eastern seaboard, and a brisk winter that may offer only a week of snow—if that. Of the myriad reasons to relocate to the Pacific Northwest from other parts of the country, these mild weather conditions were ranked considerably high. As our summers linger further and further into September and October and our winters become steadily less mild, potential buyers are raising questions about the comfort of the northwest.
What these changing climate conditions mean for the Portland real estate industry remains to be seen. Portland’s trendy shine may be in the early stages of tarnish, which could be a boon for individuals and families preparing to purchase their first homes, regardless of the changing climate.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.