Oregon’s biggest real estate bidding wars of 2022: Homes that sold up to $600,000 over asking price

Although waning panic buying and higher mortgage rates have cooled the once-blazing residential real estate market, the low level of homes for sale continues to fuel competition for highly desirable places.

Home shoppers may still find themselves among a pack of people offering the seller’s full asking price or more.

In 2022, brokers MJ Steen and Macey Laurick of Windermere Realty Trust had two multimillion-dollar sales that brought in much more than the seller expected.

Both were modern in design and move-in ready with city and mountain views in Southwest Portland.

Both sold for more than 25% over their $1,995,000 listing price.

“We priced both properties in the lower range of where we thought they might sell, with the hope that the market would ultimately dictate what the house was worth,” says Laurick. “Pricing listings correctly will generate an enthusiastic response and create market competition. Both listings profited from a lack of inventory and had multiple offers, which contributed to their higher sale prices.”

Here are the top 10 Oregon homes that sold for the most above the listing price in 2022, according to a special report The Oregonian/OregonLive requested from real estate marketplace Zillow.

All but one of these bidding-war sales took place in the first six months of the year, before 30-year fixed mortgage rates jumped from 3.22% on Jan. 6 to 5.81% on June 23 before reaching 7.08% Nov. 10 and dropping to 6.31% on Dec. 15, according to the Federal Home Loan Mortgage Corporation, known as Freddie Mac.

A contemporary beach house on Beulah Reed Road in Manzanita’s Neahkahnie area sold on May 17, 2022 for $3.1 million, which was 24% over the $2.5 million asking price.

The architect-designed house, built in 1991 on 0.81 acres, has unobstructed, sweeping coastline views, a living room with a vaulted ceiling and stone fireplace, four bedrooms, three bathrooms and 3,024 square feet of living space.

“Tasteful upgrades and remodel have only added to its appeal,” says listing agent Meadow Davis of Cascade Sotheby’s International Realty.

The property was re-listed on the market on April 19 and an offer was accepted eight days later, says Zillow.

A contemporary house on Tam McArthur Loop in Bend’s gated Broken Top community sold on June 7, 2022 for $3.25 million, which was 20.4% over the $2.7 million asking price.

The two-story house, built in 2019 on 0.38 acres, has a great room with a fireplace, a primary suite with a sauna, three bedrooms and bathrooms, and 4,241 square feet of living space.

“The expansive kitchen island, custom pullout wall pantry, cooktop, double ovens, wine refrigerator and two sinks all make this a well-appointed kitchen,” says listing agent Carol Tobey of Harcourts The Garner Group Real Estate.

The covered patio has overhead heaters, a built-in Wolf barbecue and a dining area.

The property was on the market for five days before an offer was accepted, says Zillow.

A ranch-style house on Southwest Montclair Drive in Portland’s Montclair-Raleigh Hills area sold on April 22, 2022 for $2,030,000, which was 35.8% over the $1,495,000 asking price.

The single-level house, built in 1959 on 0.39 acres, has a great room with high ceilings, wood floors, French doors and a fireplace. There are four bedrooms, 3.5 bathrooms and 3,114 square feet of living space.

“This entertainers’ dream has a gourmet kitchen with white marble slab cook island and seamless flow to the lush, private, level backyard,” says listing agent Erin Bergstrom of Windermere Realty Trust.

The property was on the market for five days before an offer was accepted, says Zillow.

A modern house on Southwest Carl Place in Portland’s Healy Heights sold on Feb. 28, 2022 for $2,525,000, which was 26.6% over the $1,995,000 asking price.

The remodeled, two-story house, built in 1942 on a 7,840-square-foot lot, has four bedrooms, four bathrooms and 4,272 square feet of living space.

“Refined and relaxed, this home integrates sleek architectural details and a contemporary urban lifestyle,” says listing agent Macey Laurick with MJ Steen of Windermere Realty Trust.

The property was on the market for five days before an offer was accepted, says Zillow.

Architect Richard Campbell’s Northwest modern residence on Southwest Burton Drive in Portland’s Sylvan-Highlands sold on June 30, 2022 for $1,978,350, which was 35% over the $1,465,000 asking price.

The custom house, built in 1966 on 0.65 acres, has vaulted wooden roofs, an exposed concrete structural system, expansive windows, four bedrooms, two bathrooms and 2,505 square feet of living space.

“The quintessential Northwest Regional Modern chalet … has been featured in Sunset magazine as the Home of the Year and was awarded by the Portland chapter of the American Institute of Architects,” says listing agent Jeff Weithman of Where, Inc

The property was on the market for nine days before an offer was accepted, says Zillow.

A contemporary house on Northwest Perspective Drive in Bend sold on July 26, 2022 for $3 million, which was 20.6% over the $2,488,500 asking price.

The single-level house, built in 2017 by Norman Building & Design on one acre, has panoramic views from Mount Bachelor to Mount Hood from expansive windows rising to vaulted ceilings.

There is also a fireplace with a floor-to-ceiling surround, hardwood floors, three bedrooms, four bathrooms and 2,905 square feet of living space.

The four-car garage has 220-volt outlets, built-in cabinets and a gas heater plus a bay with an 11-foot overhead door and RV drain receptacle,” says listing agent Cindy Berg-Wagner of Cascade Hasson Sotheby’s International Realty.

The property was on the market for six days before an offer was accepted, says Zillow.

A contemporary house on Southwest Council Crest Drive in Portland’s Healy Heights sold on May 5, 2022 for $2.5 million, which was 25.3% over the $1,995,000 asking price.

The single-level dwelling, designed by the Lane Williams Architects and built in 1960 on 0.27 acres, has four bedrooms, four bathrooms and 3,982 square feet of living space.

“This residence is refreshingly modern and is imbued with a unique sense of calm and refined sophistication,” says listing agent Macey Laurick with MJ Steen of Windermere Realty Trust.

The property was on the market for six days before an offer was accepted, says Zillow.

A country estate on Northeast Crystal View Court in Sherwood sold on June 22, 2022 for $2 million, which was 33.3% over the $1,499,900 asking price.

The traditional house, built in 1999 on 1.74 acres with views of Mount Hood, has vaulted ceilings, hardwood floors, four bedrooms, three bathrooms and 4,467 square feet of living space.

Outside is a gazebo, fireplace, barbecue, hot tub “and so much more,” says listing agent Daniel Hardy of Hardy Properties.

The property was on the market for one day before an offer was accepted, says Zillow.

A traditional-style house on Northwest La Cassel Crest Lane in Portland’s Cassel Heights area sold on April 5, 2022 for $1,660,000, which was 40.1% over the $1,185,000 asking price.

The two-story house, built in 1993 on 0.33 acres, has four bedrooms, four bathrooms and 4,000 square feet of living space.

“Stunning anti-cookie cutter house … chock-full of interesting details, soaring ceilings, dramatic windows and skylights,” says listing agent Renee Harper with Connie Apa of Eleete Real Estate.

An outdoor living space has a stone fireplace, built-in barbecue and mini kitchen with views of a level, grassy yard and play structure. “Enjoy a private hot tub and watch the owls in the woods,” says Harper.

The property was on the market for five days before an offer was accepted, says Zillow.

A daylight ranch-style house on Southwest Chehalem Avenue in Portland’s Southwest Hills sold on…