Sellwood is a lot less convenient if you're reliant on public transportation to get around; in NW you not only have the MAX but you also have the streetcar, and it's a lot easier to walk around. Sellwood can also be more of a family-oriented neighborhood depending on where you live in it--so it all depends on what you're looking for.
Where you're talking about in NW is a great spot. That would be my choice, personally.
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If I am not better, at least I am different. --Jean-Jacques Rousseau
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