The words "as is" aren't normally associated with neighborhoods boasting $1 million houses. But in a competitive market, sellers (and banks) feel they can offload anything without first making cosmetic or even structural repairs. This line of thinking results in seven-figure fixer-uppers.

Renovations could transform the 1910 Colonial Revival mansion at 2539 SW Hillcrest Dr. in Portland Heights, says listing agent Ahmad Shaghafi of Pete Anderson Realty Group. The asking price: $1,295,000.

Not so with two other properties in which the real estate agents declare that the value is in the land:

The 1920 Craftsman on 0.28 acres at 4506 NE Garfield Ave. in Portland's King neighborhood is for sale at $1.6 million. Listing agent Jason Wasinger of Living Room Realty states, "House most likely a teardown."

The $799,000 asking price at 8636 SE Harney St. in Portland is based on the value of the 1.23 acres. "No sewer hook-up yet" for the ranch-style house, says listing agent Steven Vo of Fairplay Realty & Investments.

In this week's real estate gallery, we look at pricier homes on the market or recently sold that have major drawbacks.

Listing agent Gloria Hahn of RE/MAX Preferred says the property at 3962 Bass Lane in Lake Oswego is a short sale at $566,200. The house, built in 1984 on a 9,979-square-foot lot, is a "major fixer in high-end neighborhood, with million dollar homes on two sides! Excellent potential," she says.

How well do houses stamped with "buyer to do due diligence" sell? In 2017, the real estate database Zillow found that fixer-uppers were "flying off the market," including in Portland, which was ranked in the top five markets that embraced homes with "good bones" and bad other things.

Homes described as in need of "TLC" (tender loving care) or work were slightly more likely to sell than listings without those terms, reported Zillow. Nationally, there was a fraction of a percentage point difference between the share of fixer-uppers and the share of non-fixer-uppers that went pending in 14, 30 and 60 days.

In Portland, the median fixer-upper took seven fewer days to go pending than the median move-in ready listing, according to Zillow's data in 2017.

An 1894 Victorian fixer-upper on a 2,614-square-foot lot got an offer after four days on the market: 2377 NW Kearney St. in Portland's Alphabet District sold for $850,000 in April.

Are you willing to accept flaws?

-- Janet Eastman



jeastman@oregonian.com

503-799-8739

@janeteastman



