PORTLAND, Ore. – A 93-year-old house in the Richmond neighborhood will be demolished and replaced by one new residence by a very active development company across Portland.
Photo credit: Portland Chronicle
Located at 2826 SE 49th Ave., the 840-square-foot house was built in 1922 and occupies a 4,950-square-foot lot.
Photo credit: Portland Chronicle
Following a death certificate of the former owner recorded by the county this year, the property was sold to The Ableton Group Inc., registered to Tyler Combs in Tigard, in March for $150,000. This is substantially less than the real market value listed by the city for 2014, which estimates the house and land had a value of $275,900.
Photo credit: Portland Chronicle
In April The Ableton Group Inc. sold the property for $275,000, meaning a $125,000 increase from what the company had paid one month prior.
The buyer in the April transaction was Portland Development Group, registered to Mike Hubbell at 11124 NE Halsey St., suite 643.
Photo credit: Portland Chronicle
On March 20 the city received an application for demolition of the house, with Majid Habibi of Portland Development Group as the applicant and “Gene” of the same company as the contractor. The permit was issued the same day, as the developer applied for a concurrent replacement house which waived the now-mandatory 35-day delay.
Making the ownership history more complicated, on the demolition application the owner is listed as Chris Botero of Stumptown Equity Solutions. This name does not appear on county or city sales records.
Photo credit: Portland Chronicle
In place of the one-story 93-year-old home the developer plans to build a two-story single family residence with a tuck-under garage. That construction permit was issued May 4.