Intel Bomb Creates Real Estate Market Explosion In Hillsboro Oregon 10 years ago as I sat in my home office and watched truck after truck roll into Ronler Acres and begin construction. Those old fields and marshes, once the home of the great Atfalati Tribe, would soon be turned into a world-class computer chip fab. No more would we be able to walk among the reeds and listen to the blackbird’s song or see the Tualatin Mountains in the North. Times were when us locals would hunt China Pheasants on that land and find arrowheads. The vacant 400 plus acre plot was once owned by over 800 people who dreamed of living in the country only to have a corrupt developer steal their money and run.
What began with some trucks would become the Ronler Acres Intel Computer Fab and after 4 of 5 Billion dollars, the company has brought their project to a reality. Construction has started and stopped several times and heck it may never end. One thing is for sure. That plant set off a bomb in the valley of explosive growth and rampant appreciation and there is no end in site as of this moment.
Once completed this Intel Campus will employ thousands. How many? 5,000 to 10,000 workers is not out of the question. There is in lies the incredible problem and the unbelievable opportunity.
For any of you with a home in the areas surrounding this Fab hold on for a wild ride.
For any of you looking to buy you better hurry up and grab something. Anything.
Let me explain why.
Factor of 10 – Every one of this Intel jobs creates 10 additional jobs in the local economy. Thousands of high-tech jobs have spun off Intel and even more service sector and support jobs have been created too.
Restrictive Land Use Laws– For 50 years Oregon has had the toughest land-use laws in the country. We are simply not allowed to build houses and apartments in the farmlands surrounding Intel and the west Tualatin Valley. Thus little to no housing inventory has been created to support this explosive economy. The Intel Fab is shown as a Red ball – the red boundaries around it show our Urban Growth Boundary beyond which no one may develop or build. Notice how the housing is filled all the way to edge of the boundary.
Traffic At Collapse – On everyone’s mind in Hillsboro, Oregon and the greater Portland area is Traffic. Commutes that used to take 15 minutes now take 30. Those that used to take 30 now take an hour. We all see it, feel it, and know we are doomed. The Intel Fab and resulting jobs have contributed to setting off a traffic nightmare that is out of control. It will not get better. Clients we represent are reporting that their drives from Tigard, Portland, Lake Oswego, and beyond are taking 45 to 90 minutes. That is not going to change; only get worse.
Housing Shortage At All Time High – Rents Doubling – These factors are the trifecta for rampant housing appreciation. That is happening at a rate in the local zip codes that we have not seen in a long time. Even more troublesome is the out of control rents. It appears that as of this moment that a home can still be bought for less than the rent; cheaper to own than rent. Median Prices in Hillsboro, Oregon as now over $500,000. 10 years ago that number was $300,000.
Bay Area Effect – Better Place To Live – The housing market here is tracking in a way that reflects the Bay Area experience where Jobs, Traffic, and lack of housing and land have led to 500% increases in the past 30 years. Facts are that Hillsboro, Oregon has cleaner air, more water, lower taxes, and higher quality of life and everyone knows it. We can expect our Region to eventually catch the Bay Area in terms of housing prices. This means we could easily see prices double withing 5 to 10 years.
“We have seen these same factors play out in the Bay Area. The housing market near the lareg tech companies explodes as Traffic creates a “location means everything” market and hyper appreciation has occured near the jobs (San Jose, Palo Alto, Sunny Vale). We see it here and are buying more than 1 property. But I don’t think the locals see it coming.” …. recent high-tech client at Platform Realty Group meeting.
These factors above are why you must secure housing for you and your family. Daily we are battling it out matching sellers and buyers from our small but mighty real estate consultancy brokerage in Orenco at the heart of the Intel Phenomena.
Conclusion – Get In The Game – If reading this report has not convinced you nothing will. We are very bullish on this housing market and believe that it has quite an amazing decade ahead. Many will be left behind and regret not investing or owning a home here. It will not be our clients!
Our goals are simple.
- We want you homeowners to win and get the most money possible when you sell. We are doing that for all our clients.
- We want you renters to buy and not be left behind and overcharged for your housing.
- We want all of you to invest in the community here in greater Hillsboro which is not only one of the most livable cities in the State but one of the nicest!
- We want Intel to succeed and the thousands of other businesses here to do the same.
- We want better housing and traffic solutions and work daily on these issues.
- We are here to help all of you and make this the best place possible to live and work.
Do not be left behind. Do not be forced out by gentrification. Do not miss out on this incredible investment market.
We will find you sell your property if your moving or help you move up or down and re-position.
We provide rental management and consultancy.
We provide exclusive buyer services and will dig in to find you a home, commercial property, or investment.
Call us to get started at 503-610-9280 and look at the inventory of land, housing, and investment property in Hillsboro, Oregon by clicking below: