Month: April 2008

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Lake Oswego Real Estate Market Results – Q1 2008

The 1st quarter Lake Oswego real estate results for 2008 are in the books. Heading into the prime buying and selling season, how did the market fare?

For home sellers, the news wasn’t particularly heartening. Over the first quarter of 2008, Lake Oswego sold 125 condo, attached, and single-family homes. That figure is down 40% from the same period in 2007.

Across all property types, the average price came in at $591,131, which is up 7% from last year. The median (middlemost) value in the range is $495,000 (vs. $449,000 in 2007).

Following is a breakdown of property types by average sale prices, market time, and size:

LAKE OSWEGO MARKET ACTIVITY – JANUARY 1 – MARCH 31, 2008

PROPERTY TYPE
QUANTITY SOLD
AVG SALE PRICE
AVG SQ. FT.
SALE PRICE VS. ORIG. LIST PRICE
AVG MARKET TIME*
Condominiums
31
$223,935
1,156
88%
113
Attached Homes
6
$481,187
2,149
96%
24
Single Family Detached Homes
88
$727,981
2,808
92%
82
SUMMARY
125
$591,131
2,367
92%
87

Conclusions?

Do the results suggest that prices in Lake Oswego are still rising? In 2007, single family detached homes made up 56% of the total housing mix; this year, it’s 70% of the mix, having a much greater influence on the overall housing average. Looking just at single family homes, the average sale price is down 4% from last year’s first quarter.

A note of caution: Final sale prices on single family homes are coming in at 92% of the original list price, suggesting that sellers may be better off starting their pricing at a level reflective of a slowing market.

* Market time or Days on Market (DOM) refers to the number of days between the time the listing becomes active in the multiple listing service and the date of when an offer has been accepted by the seller.

Data courtesy of RMLS.

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Main Property Photos – The Good, Bad & Ugly

Let me start by saying that I am not perfect by any means, and all real estate professionals have had their share of difficult photo situations when it comes to showing a house to its fullest potential. That being said, I have a few tips regarding photos for those who wish to sell their homes… specifically for the Main Photo which will show first on the MLS, and usually all flyers etc.

Looking through the MLS for examples of “do’s and don’ts”, I was frankly surprised to find so many “don’ts” from which to choose.

I find that the most common mistakes fall into four categories:

darkness.JPG‘Shady’ Homes…

If you want potential buyers to be attracted to your home, they must at minimum be able to see it. If the time of day is just wrong, as far as shade goes, ask your agent to come later that day, or the next day to make sure that the home is looking bright and shiny in that all-important Main Photo. And if it is evening when you sign that listing agreement, ask your agent to come back when the sun is out to photograph your home! Photo editing tools, and house lighting can also help to lighten a dark photo.

lost-again-again.jpG‘Lost in the Woods’ Homes…

Here in Lake Oswego, we are blessed with an overabundance of gorgeous greenery, and trees are revered and protected by the city and citizens alike. When you are taking a photo of your home, you want that potential buyer (who will give it a maximum of two seconds worth of attention before moving on to the next home in their Internet search) to say “Wow! Let’s look at this one honey.” So… work with every angle.

lostfront.JPGIf you have to, take a shot closer-in to the front of the property that actually shows the house, and feature more photos showing the larger area in subsequent photos (you now have the option of including 16 photos on the MLS). In the most difficult cases, short of drastically trimming the trees, another option is to give your agent a photo of the home that has been taken in winter or fall when the trees were bare of leaves so that the house is visible… and attractive to a buyer!

garage_1.jpGThe ‘Star Garage’ Home…

Now, I don’t need to tell you that there is probably a better angle for each of these homes (and no, garbage cans are not an attractant). Yes, some of our beautiful homes have garages that are prominent to the street.

garage_2.jpGThere are ways to shoot these homes that really show off the beauty of their entirety. This usually involves taking the photo from the non-garage-prominent side of the house at an angle.

And though there are several more “dont’s” categories we could go over, one more that I found prevalent is the…

“Look At My Entry or Driveway” Home…

entry_drive.JPG entry_2.JPGentry_1.JPG entry_3.jpG

Bottom line, the Main Photo needs to be your “Showcase”. It should show off your real estate and really be a beautiful shot representing the front of your home in the best way possible. Circular driveway shots and other yard features can be highlighted after you come up with that one great, frontal shot of the house itself.

mthood.jpgAnd, last but not least, remember that your Main Photo needs to be of your house on the MLS…
Although you may have an incredible view of Mt. Hood, or treetops, or the valley, that Main Photo actually needs to be of your house. Please add gorgeous feature shots like this one after the Main Shot.

kilkennydrawing_a.jpg

So…. Show off architecture ~ Present more than one shot to highlight that big, beautiful porch, etc. Or have a drawing commissioned if the season (or available angle) is just not right.

If your home is up above street level, consider climbing a ladder leaned on a streetlight pole (be careful!) to get that impossible shot of your home

But use your Main Photo wisely… it is the first (and can easily be the last) impression you make.

high-up.JPG

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Market Activity – March 31-April 6, 2008

The post-spring break real estate rush is definitely on, with 46 new home listings coming on the market in the past week. Fortunately, 24 properties closed escrow or received an acceptable offer (sale pending).

Later this week, we’ll take a look at the first quarter results for the Lake Oswego market.

Here are the Lake Oswego real estate market statistics for the week March 31 through April 6 (look to the bottom for definitions and research criteria):

New Listings

Address List Price Tot Beds Tot Baths Tot Sq Ft Prop Type List Date
368 CERVANTES CIR
$159,900
2
1
882
CONDO
4/1
15938 QUARRY RD
$187,000
2
1
991
CONDO
4/3
165 OSWEGO SMT
$209,900
2
2
1,383
CONDO
3/31
216 RIDGEWAY RD
$259,900
2
1
914
CONDO
4/3
343 5TH ST
$319,500
2
1
910
CONDO
3/31
4458 THUNDER VISTA LN
$339,500
3
2.1
2,200
CONDO
4/1
210 S STATE ST
$339,900
2
1.1
1,495
CONDO
3/30
150 KINGSGATE RD
$359,900
3
2
1,477
DETACHD
4/3
4161 COBB WAY
$419,800
3
2
1,915
DETACHD
3/30
1307 CEDAR ST
$447,500
4
3
2,162
DETACHD
3/30
13050 BOONES FERRY RD
$449,000
3
2.1
2,320
DETACHD
4/2
5142 ROSEWOOD ST
$449,900
4
2.1
1,784
DETACHD
3/30
17101 CHAPIN WAY
$509,000
3
2
1,949
DETACHD
3/31
4688 OAKRIDGE RD
$525,000
3
2
1,788
DETACHD
4/4
1440 CHERRY CREST AVE
$539,900
3
2.1
1,938
DETACHD
4/2
14251 SW CAMDEN LN
$540,000
3
2.1
2,179
DETACHD
4/1
5497 Willow CT
$549,900
3
2.1
2,438
ATTACHD
4/1
14300 CAMDEN LN
$550,000
4
2.1
2,346
DETACHD
4/2
5475 Willow CT
$569,900
3
2.1
2,438
ATTACHD
4/1
5431 Willow CT
$569,900
3
2.1
2,400
ATTACHD
4/1
5453 Willow CT
$569,900
3
2.1
2,400
ATTACHD
4/1
17777 BLUE HERON DR
$575,000
4
3
2,609
DETACHD
4/3
3355 UPPER DR
$599,900
4
2
3,205
DETACHD
4/1
4722 HASTINGS PL
$649,900
4
2.1
2,151
DETACHD
3/31
7190 SW CHILDS RD
$675,000
3
3
2,316
DETACHD
3/31
557 EVERGREEN RD
$685,000
2
2
1,598
DETACHD
4/3
4031 Old Gate Road
$699,900
4
4
3,704
DETACHD
4/5
14218 KIMBERLY CIR
$749,000
4
2.1
3,205
DETACHD
3/30
770 5TH ST
$779,000
3
2.1
2,721
DETACHD
4/1
165 FURNACE ST
$829,000
2
2.1
2,175
CONDO
3/30
19177 35TH PL
$838,000
4
2.1
3,459
DETACHD
3/31
547 MIDDLECREST RD
$849,900
2
2.1
1,881
DETACHD
3/31
307 DURHAM ST
$965,000
3
2.1
2,600
DETACHD
3/31
14135 EDENBERRY DR
$979,000
4
2.1
3,174
DETACHD
4/3
17606 WOODHURST PL
$1,049,000
5
3.1
4,488
DETACHD
3/30
3540 RED CEDAR WAY
$1,159,000
4
3.1
4,000
DETACHD
3/30
1606 BAY VIEW LN
$1,169,000
5
3.1
4,288
DETACHD
3/30
1835 CEDAR CT
$1,169,000
3
3.1
3,148
DETACHD
4/4
5587 CARMAN DR
$1,175,000
4
3.1
2,591
DETACHD
3/31
950 OAK TER
$1,220,000
4
2.1
3,714
DETACHD
3/31
3407 LAKE GROVE AVE
$1,298,000
4
3.2
4,475
DETACHD
4/1
4063 CANAL WOODS CT
$1,299,900
4
3.1
4,563
DETACHD
3/30
5250 SW Dawn ST
$1,390,000
4
3.1
4,333
DETACHD
4/1
17538 BROOKHURST DR
$1,450,000
4
5.1
5,451
DETACHD
4/2
1340 CHERRY LN
$1,950,000
4
4.1
5,795
DETACHD
4/2
4011 WESTBAY RD
$1,990,000
5
3.1
4,518
DETACHD
3/30

Pending Sales

Address List Price Tot Beds Tot Baths Tot Sq Ft Prop Type DOM
8 CRESTFIELD CT
$144,900
1
1
689
CONDO
30
18620 INDIAN CREEK DR
$399,900
3
2
2,064
DETACHD
21
17200 CANAL CIR
$430,000
2
1.1
1,814
DETACHD
124
1711 HIGHLAND DR
$449,000
3
2.1
1,926
DETACHD
2
5511 ROYAL OAKS DR
$449,900
3
2
1,898
DETACHD
4
1982 PARK FOREST AVE
$519,900
5
3
2,692
DETACHD
11
1091 BICKNER ST
$625,000
4
2
2,510
DETACHD
76
490 IRON MOUNTAIN BLVD
$649,000
2
2
2,246
DETACHD
27
5642 LA MESA CT
$699,000
4
2.1
3,361
DETACHD
153
2340 PARK RD
$724,900
3
3
3,200
DETACHD
131
15737 TARA PL
$779,000
4
2.1
3,057
DETACHD
206
17912 MEADOWLARK LN
$799,000
4
3
3,087
DETACHD
410
17237 Lowenberg TER
$999,900
3
2.1
3,095
DETACHD
2070 RIDGE POINTE DR
$1,149,900
4
5
5,400
DETACHD
32
1098 CHANDLER RD
$2,000,000
4
3.1
3,696
DETACHD
63

Sold Properties

Address Sale Price Tot Beds Tot Baths Tot Sq Ft Prop Type DOM
93 GALEN ST
$134,000
1
1
689
CONDO
68
16200 PACIFIC HWY
$312,500
2
2
1,200
CONDO
633
13457 AUBURN CT
$512,500
3
2.1
1,937
CONDO
110
1991 SUMMIT DR
$539,900
3
3.1
2,395
DETACHD
267
11 TANGLEWOOD DR
$550,000
4
3
3,148
DETACHD
206
1322 GLENMORRIE DR
$710,000
3
3
2,771
DETACHD
110
17970 ROYCE WAY
$899,900
4
4.2
4,207
DETACHD
273
140 FURNACE ST
$950,000
4
3.1
3,633
DETACHD
228
15420 BOONES WAY
$1,169,000
3
2.1
3,364
ATTACHD
0

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer.

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Lake Oswego Open Houses – April 5-6, 2008

A little late getting The PropertyBlotter’s Open Houses in Lake Oswego list up this week, but here are nearly 40 homes to tour this weekend.

Date Time Address List Price Bdrms Baths Total SF
4/6/08 12-2pm 368 CERVANTES CIR
$159,900
2
1
882
4/6/08 2-4 pm 86 KINGSGATE RD
$185,000
2
2
849
4/6/08 1:003:00 750 1ST ST
$254,900
2
2
1,350
4/6/08 1-3pm 5858 LAKEVIEW BLVD
$299,980
2
1
1,142
4/6/08 1-3pm 5058 FOOTHILLS DR
$305,000
2
2
1,252
4/6/08 1-4pm 12832 SW 62ND AVE
$324,900
3
2
1,224
4/6/08 1-4pm 9 EAGLE CREST DR
$329,900
2
2
1,492
4/6/08 1-4pm 4458 THUNDER VISTA LN
$339,500
3
2.1
2,200
4/6/08 1-3pm 17975 SW BELMORE AVE
$349,900
3
1
1,012
4/6/08 11-1 pm 4070 VIRGINIA WAY
$350,000
4
2
1,728
4/6/08 1-3pm 1024 GANS RD
$359,999
4
2
1,560
4/6/08 1-4pm 15254 BOONES WAY
$368,850
3
2
1,600
4/5/08 1-4 PM 4211 WOODSIDE CIR
$375,000
3
2
1,688
4/6/08 1-3PM 17650 ARBOR LN
$419,000
3
3
2,043
4/5/08 1-4PM 5142 ROSEWOOD ST
$449,900
4
2.1
1,784
4/5/08 12-3pm 1480 HEMLOCK ST
$488,850
4
3
2,246
4/5/08 1-3pm 5497 Willow CT
$549,900
3
2.1
2,438
4/6/08 1-3pm 5497 Willow CT
$549,900
3
2.1
2,438
4/6/08 1PM-4PM 16750 PHANTOM BLUFF CT
$550,000
3
3
2,267
4/5/08 1-3pm 5475 Willow CT
$569,900
3
2.1
2,438
4/6/08 1-3pm 5475 Willow CT
$569,900
3
2.1
2,438
4/6/08 3-5pm 12711 SW 60TH CT
$619,000
4
2.1
2,940
4/6/08 1p-3p 1123 ERICKSON ST
$620,000
4
3
2,893
4/6/08 1pm-3pm 17878 HILLSIDE DR
$625,000
5
3
3,449
4/6/08 2-4PM 56 SPINOSA
$649,900
5
3.1
3,808
4/6/08 1-4 PM 8 CAMELOT CT
$650,000
5
3
3,080
4/6/08 4-Jan 5624 SOUTHWOOD DR
$695,000
4
3
3,120
4/6/08 2-Dec 5642 LA MESA CT
$699,000
4
2.1
3,361
4/6/08 1pm-4pm 1 BRITTEN CT
$699,950
4
3
2,325
4/6/08 3-Jan 17 Del Prado
$725,000
5
3.1
4,094
4/6/08 1-4PM 435 8TH ST
$749,900
4
3.1
2,505
4/6/08 1-4PM 34 HILLSHIRE DR
$760,000
4
2.1
3,822
4/6/08 5-Mar 605 SW COUNTRY CLUB RD
$775,000
4
2.1
3,422
4/6/08 2:00-4:00 2188 GLENMORRIE LN
$850,000
5
3
3,200
4/6/08 1-4pm 3540 RED CEDAR WAY
$1,159,000
4
3.1
4,000
4/6/08 12-2pm 13701 SW KNAUS RD
$1,235,000
4
4.1
5,730
4/6/08 1-3pm 622 OAK MEADOW DR
$1,325,000
4
3.1
4,168
4/6/08 1-3pm 17464 RIDGEVIEW LN
$1,348,950
4
3.1
4,407
4/6/08 1-3pm 17433 RIDGEVIEW LN
$1,495,000
4
4.1
4,659
4/6/08 12-3pm 3114 DOUGLAS CIR
$2,400,000
4
4
5,300

Please note, dates and times are subject to change without notice. This list may not contain ALL open houses in the city, but represent those that agents have publicized in the multiple listing service as of Friday afternoon.

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Only million dollar mansions, right?

soccer-statue.jpgLake Oswego is known to be a community with very expensive homes. Lake front, river front, city views, mountain views, you can find some pretty special amenities here that do drive up the value of a home. So, yes, there are million dollar mansions in Lake Oswego. But does that mean that there are not any less expensive homes? No. In fact, I am of the opinion that the community is often over-looked by buyers because they make the assumption that there is nothing for sale in Lake Oswego that they can afford. So here is a quick moment of enlightenment to be shared: Lake Oswego has affordable houses.

As of March 28, 2008, there were 20 houses for sale in Lake Oswego that were priced at $350,000 or less. The least expensive home was priced at $199,000. It was built in 1947 and has 2 bedrooms and 1 bath in 1188 square feet. This compares to Sellwood, a neighborhood in Southeast Portland, where as of the same date there were 18 houses for sale at $350,000 or less. You actually had a larger selection of homes under $350,000 in Lake Oswego than you did in Sellwood! Yet, a buyer in that price range is very likely to over-look Lake Oswego as an option for them. Amazing!

And, yes, for the record, the most expensive home in Lake Oswego at that same time was a mansion on the shore of Oswego Lake for $7,500,000. Those mansions are part of the neighborhood, but they are not the neighborhood in its entirety.

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Property Values

I have got to take a moment to respond the the front-page headline of the Oregonian on Wednesday, March 26, 2008: “Portland home values take first dip”.

First of all, that headline was put there to sell newspapers. Doom and gloom has always been a spectator sport. Not to down play the severity of our Nation’s current economic situation, but that headline was extremely sensational. Then read further into the story and you’ll find predictions that property values could drop by as much as 15% this year. Amazing!

As a real estate agent it is my business to listen to economists and follow advice of professionals as to what is going on with real estate values. This is the first time that I have heard such a dire prediction about the Portland housing market. In fact, what I am hearing much more commonly is that the Pacific Northwest is bearing up better than the rest of the country, and while it is possible that we will see declining values, the Portland metro area should fair better than the rest of the country. This is because of several unique factors to our area. 1) People continue to move to Oregon in greater numbers than they leave, and 2) we have limited supply of land available to develop with new homes which keeps our inventory low.

But what about in Lake Oswego? How should you consider the current economy as you think about selling your home? What are your property values doing?

According the latest numbers available from the Realtors Multiple Listing Service, for February of 2008, property values in Lake Oswego are still up 8.5% over a year ago. However, the numbers also indicate that there are 46% fewer sales than a year ago. So prices are up, but sales are down. Average market time to sell a home in Lake Oswego is 80 days. That is the time it takes from listing your home for sale to accepting an offer.

canal.jpgWhat does this mean to you? It means that if you have your home priced according to what other homes in your neighborhood have sold for, and your home is clean and in good repair, you’ll sell your home at 8.5% over what it was worth a year ago and it will happen in about 80 days.

Does that mean you can add 5% to the asking price to have more room to negotiate? No. You need to price your home according to what homes are actually selling for. Because there are more homes for sell today than a year ago, it means that buyers have lots of homes to choose from and will shop for the home that is a good value. It also means it needs to be in good condition. Replace the carpet, pressure wash the exterior, plant flowers in the yard and make your home ready to be show cased.

I am not going to pretend to know what the future holds. Prices could go down. Prices could go up. Who knows? And, really, does even the best economist know? What I can tell you is that values are still excellent. If you have been in your home for two years or longer, you have probably got some equity that you can take with you. Price your home correctly, have it nice and clean, and it will sell.