New Alberta Arts Listing + Our Market Update

Maya Bennett

Bennett & Co. Real Estate

(503) 555-5555
hello@mayabennett.example

New Alberta Arts Listing + Our Market Update

That 1908 Craftsman I just listed in Alberta Arts has those original fir floors that make you stop talking mid-sentence when you walk in, plus a full back-house ADU that pencils out beautifully at $785k.

I'm thrilled to say congratulations to the MacKenzie family, my wonderful clients who just closed on their dream home in the Pearl District. Let's look at what May brought us locally, what's on the horizon nationally, and why one Seattle housing story caught my attention this week.

FEATURED LISTING

Featured: New Listing & an Improved Price

Just Listed

$785,000

1908 Craftsman in Alberta Arts, Portland

3 bed · 2 bath · 1,360 sqft

This beauty comes with original fir floors that have stood the test of time and a full back-house ADU for extra income potential. The combination of historic charm and modern flexibility makes it a standout in one of Portland's most creative neighborhoods.

Price Drop

$1,205,000

123 Main Street, Portland

4 bed · 3 bath · 2,200 sqft

Stunning water views and fully renovated! The sellers of this turnkey condo have asked me to share with you our new asking price of $1,205,000, an incredible deal! Come and join us at the open house this Saturday from 11:00-1:00.

LOCAL PULSE · PORTLAND

Local Pulse: Pearl District Sees Spring Revival While Inner Eastside Moves Fast

Pearl District Foot Traffic Surges as Galleries Reopen

Three straight weekends of noticeably heavier foot traffic in the Pearl have marked a noticeable change from the quieter winter months. Gallery reopenings and a fuller Saturday market are drawing more people downtown. The revival comes as my buyer clients continue asking about rate buy-downs and timeline expectations for the math to work in their favor (which I am more than happy to discuss!).

Inner Eastside Listings Moving Under a Week

Several inner Eastside properties that had been sitting on the market pulled offers within a week, a notable change from earlier spring patterns. The quick movement suggests renewed buyer activity in these desirable neighborhoods. This shift coincides with the City Council's unanimous approval of zoning changes aimed at speeding housing development in the inner Eastside.

Portland Schools Face $56M Budget Gap

Portland Public Schools presented plans for 336 staff layoffs across the district to address a $56 million budget deficit for 2026-27. This marks the third consecutive year of cuts, with officials already projecting a $65.2 million shortfall for the following year. The ongoing budget crisis affects Oregon's largest school district as families weigh neighborhood school quality in their home searches.

TOP OF MIND

Google and Blackstone Form Joint Venture to Build AI Infrastructure with $5 Billion Initial Investment Bringing 500 Megawatts Online by 2027

Google and Blackstone have announced a major partnership to launch a new U.S.-based company focused on AI infrastructure. The venture will offer data center capacity along with access to Google’s Tensor Processing Units (TPUs), giving companies a new way to lease large-scale AI computing power. Blackstone is making an initial $5 billion equity commitment, and the companies expect the first 500 megawatts of capacity to come online in 2027.

TPUs are Google’s custom-built AI chips, designed specifically for training and running advanced AI models. Google has used them internally for more than a decade to support everything from large AI labs to demanding high-performance computing workloads. Until now, most businesses could only access TPUs through Google Cloud’s broader suite of services.

This new venture changes that by creating a more direct path for enterprises to lease TPU capacity with customized commercial agreements.

The announcement comes as demand for AI infrastructure continues to surge. Since the rise of generative AI, the need for data centers, GPUs, cooling systems, and reliable energy supply has increased dramatically. Infrastructure constraints are quickly becoming one of the biggest bottlenecks for AI growth.

Analysts expect Big Tech spending on AI infrastructure to surpass $700 billion in 2026 alone.

The new company will enter an increasingly competitive AI compute market, offering an alternative to both GPU-heavy providers and traditional hyperscale cloud platforms. Google, in particular, is looking to challenge NVIDIA’s dominance in AI hardware with its in-house TPU technology. At the same time, Microsoft and Amazon continue to hold significant share in the cloud and AI infrastructure market, pushing Google to expand its presence through AI-focused cloud tools and enterprise offerings.

The total investment tied to the venture is reportedly valued at around $25 billion, a figure that likely includes debt financing in addition to equity capital. Benjamin Treynor Sloss, formerly Google’s chief programs officer, will lead the new company.

Source: TechStartups (link)

NATIONAL MARKET

30-Year Mortgage Rate Jumps to 6.51%, Up from 6.36% Last Week

The 30-year fixed-rate mortgage averaged 6.51% as of May 21, 2026, up from 6.36% the previous week, according to Freddie Mac data. The 15-basis-point increase reflects mounting pressure on rates as bond markets react to inflation concerns. Bond yields have spiked as investors worry about prolonged inflation and ongoing conflict in Iran, with the 10-year Treasury yield rising roughly 15 basis points to around 4.6%.

For borrowers, this uptick means higher monthly costs on new mortgages. Someone financing a $200,000 home over 30 years would see their payment increase from about $1,190 at 6.36% to roughly $1,205 at 6.51%, a modest but notable difference that compounds over three decades. A year earlier in May 2025, the 30-year rate averaged 6.86%, so rates remain somewhat lower than this time last year.

Investors now see little chance that the Federal Reserve will cut benchmark interest rates by year-end, and odds of a potential rate hike in coming months are rising. Prospective buyers should expect rates to remain elevated in the near term as geopolitical and inflationary pressures persist.

Source: Fox Business (link)

WORTH KNOWING

Americans staying put longer: The median homeowner now lives in the same house for 12 years—highest since 2022

The typical U.S. homeowner stays put in their house for 12 years, the longest median tenure since 2022. After the pandemic sparked a homebuying and selling frenzy with record-low mortgage rates and remote work opportunities, tenure inched up from 11.8 years in 2024 to 12 years in 2025 as home sales slowed due to high housing costs.

The trend shows how much has changed over the past two decades. Homeowners are holding onto their houses for nearly twice as long as they were in the early aughts. In 2005, for instance, the typical homeowner stayed put for 6.5 years before selling.

There's a trade-off here. While longer tenure reflects an aging population preferring to stay in place, it creates challenges for first-time homebuyers. Empty-nest baby boomers own 28% of America's three-bedroom-plus homes, twice as many as millennials with kids.

While it's understandable that older Americans want to hold onto their low housing payments or no housing payment, the flip side is that it depletes inventory of starter homes and pushes home prices higher. Geography matters significantly. Los Angeles homeowners typically hang onto their homes for 20 years, the longest span in the nation.

California's tax laws incentivize homeowners to stay in their homes for a long time. Proposition 13, which was adopted in 1978, locks owners into low property taxes, discouraging them from moving and taking on a higher tax rate.

Source: World Property Journal (link)

Maya Bennett

Bennett & Co. Real Estate

(503) 555-5555·hello@mayabennett.example·mayabennett.example

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