Modern farmhouse in Portland for sale at $3.9 million instantly gets two offers

How hot is Portland’s housing market during the pandemic? Prices are spiking and inventory is so low that even top-tier properties get snatched up fast.

Earlier this month, a modern farmhouse in Portland’s Forest Park neighborhood hit the market at $3.9 million.

The one-acre estate at 5350 N.W. Rubicon Lane has glass walls that slide away to a heated covered terrace with an outdoor kitchen overlooking a pool and putting green.

The listing went live on Thursday, March 4. That weekend, eight pre-qualified buyers and their real estate agents toured the property, and two offers were received. The owners accepted the best offer and the place is now pending.

“Typically, we expect a luxury home of this level to be on the market for a couple months, but this home went in a flash,” says listing agent Yonette Fine of Living Room Realty.

The pandemic push to have a larger home, the scarcity of properties for sale and low mortgage interest rates are accelerating the sale process.

Residential properties in the Portland area wait an average of 42 days before a solid buyer seals the deal, according to the latest Regional Multiple Listing Service (RMLS) report. That’s almost half the time from a year ago.

The Portland Metro area is virtually sold out up to the $1.5 million price point, says J. Lennox Scott of John L. Scott Real Estate. Correctly priced homes up to $1 million, where 94 percent of sales activity occurs, are predominantly at the frenzy stage and the $1- to $3-million range has strong sales activity.

Owners, fearful of not finding another place to live, are borrowing from their retirement funds, tapping their home equity or finding a short-term bridge loan to use as a down payment for their next home before listing the old one.

Potential buyers whose offers were not accepted continue to search, with new buyers joining the line.

Both offers for the estate on Northwest Rubicon Lane were from Oregon residents, says Fine of Living Room Realty.

The modern farmhouse was designed by Portland architect Jeffrey L Miller and completed in 2016. Interior finishes were selected by Ronda Divers, who is based in Lake Oswego.

The home has 9,232 square feet of living space. The main level has expansive windows that rise to vaulted ceilings with exposed beams. The kitchen has double sinks in soapstone counters, an eating area, island and butler’s pantry.

There are three fireplaces, a media room, six bedrooms, eight bathrooms and one powder room.

Glass doors open a side of the sprawling house to the covered outdoor living space, where an al-fresco kitchen is outfitted with soapstone counters and island, a 51-inch Kalamazoo barbecue, refrigerated drawers and ice maker.

A two-sided fireplace also warms the outdoor seating area, which overlooks the landscape yard.

The wooded grounds were designed by Portland-based SHWA Landscape Architecture to include a spa, bocce court and dog-secure fencing as well as lawns, gardens and raised vegetable beds.

See more homes in the 97229 zip code

— Janet Eastman | 503-294-4072

jeastman@oregonian.com | @janeteastman

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