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Will In-N-Out Burger Come to Beaverton?

Portland Metro Area residents rejoice! Almost one year ago we were anxiously awaiting the grand opening of In-N-Out’s Keizer location, the second In-N-Out to be built in Oregon. Sure, it was still a 45-minute drive to get a taste of one of the most popular burgers in the country, but we were ready to make that commitment. Now, we may get a shot at having an even shorter commute for animal fries.

For awhile the rumor mill was pushing out information regarding In-N-Out scouting out more locations in Oregon. Cities such as Hillsboro,  Tualatin, Happy Valley, Oregon City, Beaverton, and Vancouver, Washington were in the mix, two of which seemed to get the most traction: Beaverton and Tualatin. While there has been no confirmation that In-N-Out is looking to develop in Tualatin, a proposal has been submitted by them for Beaverton.

According to the proposal that In-N-Out submitted to the Washington County Department of Land Use and Transportation, In-N-Out is seeking to build a 3,879 sf restaurant complete with a drive thru and outdoor seating area over at 10565 SW Beaverton Hillsdale Highway. For those not familiar with that location, it is close to 217 and across from the Uwajimaya Asian Supermarket.

Now, while you may think that letting In-N-Out demolish the current Hawaiian Time restaurant to build this highly desired restaurant is a no-brainer, there actually is community anxiety over it, primarily for one reason. Traffic. If you have ever ventured out to the Keizer location you will notice two things. One, the line is really really long. So long that it goes out into the other businesses, weaving its way, sometimes hard to know exactly where it is….because the cones that denote the lines are just that far away. The second thing you will notice is that even a year after its opening, wait time still can be up to two hours long in the line for In-N-Out. That isn’t a typo. Two hours. People are willing to submit to the high wait times, because this is the only close location for this restaurant.

Naturally, Beaverton residents are highly concerned. Uwajimaya, along with Chick-Fil-A, Target, and Home Depot. already generate quite a bit of traffic to the area. If In-N-Out were to be added, knowing what the current wait times in Keizer are, how many more people would that bring? What would the congestion look like, especially around rush hour? 217 is already gridlocked at that time of day. How much worse would that get?

On December 28th, there will be a virtual neighborhood meeting for anyone wanting to attend. This meeting, originally scheduled for December 22nd, is to gain community feedback. If you are interested in sharing your opinion or listening in, make sure you have Zoom downloaded, and use the Meeting ID: 834-0465-2990. Over Zoom? You can also dial into the meeting by calling: 1-877-853-5257.

What are your thoughts about In-N-Out potentially expanding to Beaverton? Are you excited for more options and a shorter drive? Ambivalent as to whether it comes or not because you don’t like the food? Or are you concerned that this may bring too much congestion to Beaverton?

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Breaking Down the November 2020 Market Action for PDX Metro

 

The recently released November 2020 Market Action Report for the Portland Metro area held few surprises for those currently looking to purchase a home in Portland or one of its surrounding suburbs. In fact, it reinforced what we already know: inventory is extremely low, while the average and median sale prices of homes are continuing to slightly rise based on the amount of competition out there.

It doesn’t help that the amount of new listings took a drastic dip of 36.3% from October, though they were up 5.7% from November 2019. One might speculate that perhaps this was impacted by the election and COVID, or maybe simply a traditional holiday slow down, but I don’t think this is necessarily the case.

To get a better grasp, let’s look at some of the other metrics in play. Similar to  active listings, the amount of pending listings also dropped in November, down 20.1 percent from October, and even the amount of closed listings decreased 13%, though closed sales were up 25.3% from November of 2019.

What also saw an increase? The year to date average sale price, which has risen from $459,300 up to $492,000. Similarly, the average median home price has increased from $410,000 up to $438,000.

November 2020 logged the lowest amount of inventory recorded in RMLS history: 1 month. This means that if all the homes that were currently on the market were to be gobbled up by everyone looking to buy a home out in the PDX Metro Area, it would take one month for all of the homes to be gone. This is severe, especially considering that in November 2019 there was 2.4 months worth of inventory, and 2.8 in November 2018. That is an additional 1.4 months worth of inventory gone.

So why are we seeing the numbers that we are? Though the initial pause we had in real estate at the beginning of the pandemic contributed to creating a pent up demand for housing, the demand has yet to abate. In fact, with many remaining at home to work or oversee distance learning, there has been an increase in buyers looking for homes with more room. Low mortgage rates have also given an extra push to those on the fence, edging them into the buying pool. Add these factors to the low inventory we normally see at this time of year plus the fear from potential sellers of not finding a place to move to once their home goes pending, and you have an anemic market.

It will be interesting to see what January brings, whether the amount of homes to come to the market will significantly rise or not. I believe that while we will see more sellers come to the market, there will still be a noticeable deficit between what is available and the amount of Buyers still looking.

Looking for advice on how to make your offer irresistible to Sellers and stand out from the crowd? Or are you considering selling your home but are uncertain about the best way to do so in this competitive market? Check out the About page on Beckspacnw.com for ways to contact me to schedule a consultation today!Market Action (3)