Here is a working implementation. Enjoy!
0) Create something that wraps everything inside .red.
<div class="red">
<div class="wrapper">
<all the stuff that makes your portfolio>
</div>
</div>
Notice that the wrapper needs overflow: hidden; in it's css.
1) When the filter is clicked, get .red's current height and set red's height to it, then it won't jump around.
$('.red').height($('.wrapper').height());
// The portfolio moves around
2) After the animation of the items is complete, set .red to animate() to the same height as the wrapper.
$('.red').animate({'height': $('.wrapper').height()}, 250);