Oswego Lake has always had a certain appeal. It is in the middle of the town and is certainly a focus of the community. Years ago the waterfront homes were little vacation cottages that people came from Portland to enjoy on the weekends and on summer break. As rail lines and freeways made the drive quick and easy, the little cottages have gradually been replaced with modern homes and some pretty incredible mansions. Even if you will never aspire to living on the Lake, the real estate on the waterfront is certainly intriguing. And if you do want to live on the Lake, you need to know a little bit about the various values that the waterfront solicits.
There are 4 distinct categories of values for the waterfront. I am going to explore each one and give you a list of the current inventory.
Condominiums
Up until 10 years ago, there just weren’t many condos on the lake. There is a really charming 1940’s 4-plex on Northshore, but that was about it. Then in about 2000 the Lakewood Bay Condomiums and Lofts were built. And in 2008 a couple of apartment complexes were converted to condominiums at the Eastern end of the Lake. Of the various developments, there are two condo complexes that have docks and lawn areas right on the water’s edge. Some units have boat slips. And for anyone with disabilities or trying to avoid stairs, the Lakewood Bay Condos have elevator access. Here is the current inventory of condominiums for sale:
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 244 RIDGEWAY RD | $214,500 | 2 | 1 | 753 | CONDO | 11/14/2009 | ||
| 668 MCVEY AVE | $216,000 | 2 | 1 | 852 | CONDO | 1/28/2010 | ||
| 668 MCVEY AVE | 209000 – 229000 | 3 | 1.1 | 985 | CONDO | 3/9/2010 | ||
| 668 MCVEY AVE | $239,998 | 3 | 1.1 | 992 | CONDO | 11/24/2009 | ||
| 668 MCVEY AVE | $395,000 | 3 | 1.1 | 985 | CONDO | 7/24/2009 | ||
| 119 3RD ST | $399,900 | 3 | 2 | 1,204 | CONDO | 10/11/2009 | ||
Houses on the Canals
The canals are less expensive then the other areas of the lake. Of course this will have a range of value with newer homes generally selling for more than older homes. I think that location on the canals also affects the value. Kelok Canal is a flowing body of water where the Lake is filled from the Tualatin River. So the quality of the water is going to be better and more enjoyable to use than the more shallow and more stagnant water on the other canals. Also, there is one canal that is so wide that it is often considered a bay, Blue Heron Bay/Canal. There is a direct relationship between water quality and property values, in my opinion. Here is what is currently for sale on the canals:
| Address | List Price | # BR | # BRHS | Total SF | Prop Type | List Date | ||
| 3300 SOUTHSHORE BLVD | $549,850 | 2 | 2.2 | 1,162 | DETACHD | 1/1/2010 | ||
| 17471 CARDINAL DR | $575,900 | 4 | 2.1 | 3,056 | DETACHD | 2/11/2010 | ||
| 17455 BLUE HERON RD | $750,000 | 3 | 2 | 2,572 | DETACHD | 12/8/2009 | ||
| 17344 CEDAR RD | $1,099,000 | 4 | 2.1 | 2,831 | DETACHD | 3/1/2010 | ||
| 3220 SOUTHSHORE BLVD | $1,099,000 | 3 | 3 | 3,629 | DETACHD | 2/5/2010 | ||
| 17460 WREN CT | $1,295,000 | 3 | 3.1 | 3,300 | DETACHD | 11/6/2009 | ||
| 17282 LAKE HAVEN DR | $1,299,000 | 4 | 2.1 | 3,662 | DETACHD | 2/2/2010 | ||
| 17281 KELOK RD | $1,395,000 | 4 | 3 | 2,682 | DETACHD | 1/21/2010 |
West Bay and Lakewood Bay
At each end of the lake is a bay. The bays are rather wide with enough room for boating and water skiing. Not as big as the lake, they still have better water quality than most of the canals. Lakewood Bay has the advantage of being next to Millinium Plaza Park for easy access to the Farmer’s Market. It also shares the water with restaurants with dock-side dining. Here is the current inventory of homes for sale on both of the bays:
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 106 3RD ST | $699,900 | 2 | 2 | 1,495 | DETACHD | 7/16/2009 | ||
| 548 RIDGEWAY RD | $999,500 | 4 | 3 | 2,830 | DETACHD | 10/19/2009 | ||
| 811 NORTHSHORE RD | $1,299,900 | 4 | 4 | 4,945 | DETACHD | 4/8/2008 | ||
| 102 3RD ST | $1,490,000 | 4 | 4 | 3,400 | DETACHD | 2/8/2010 | ||
| 307 NORTHSHORE RD | $1,500,000 | 3 | 2 | 2,673 | DETACHD | 12/19/2009 | ||
| 425 NORTHSHORE RD | $1,529,000 | 3 | 3 | 3,270 | DETACHD | 1/24/2010 | ||
| 1103 LAKESHORE RD | $1,599,000 | 3 | 3 | 3,200 | DETACHD | 7/26/2008 | ||
| 4398 Lakeview BLVD | $1,775,000 | 4 | 2.2 | 3,309 | DETACHD | 12/30/2008 | ||
| 100 3RD ST | $1,799,000 | 3 | 3.1 | 3,600 | DETACHD | 2/6/2010 |
Main Lake
The prime real estate on the Lake is the main lake. This body of water is a natural lake. At it’s deepest it is about 150′. It is a couple of miles long and about half a mile wide, so it is large enough for boating, sailing, and water skiing. In my experience the values on the lake are affected by the amount of sun that the home is exposed to. On the North shore the houses get full sun all afternoon. On the South shore there are areas that get very little sun light and remain shaded nearly all day long. For this reason, I do think that the North shore has higher values than the South shore. However, the North shore is the home of a rail line that is still in use. So the sunshine is shared with 3 or 4 trains on a daily basis. There is talk of taking out the train track some day and putting in a trail for biking. That’s still in the dream stage and don’t hold me to it. If you buy on the North shore, be aware of the train. Here is the current inventory for houses on the main lake:
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 16511 Maple CIR | $925,000 | 3 | 3 | 3,341 | DETACHD | 3/1/2010 | ||
| 16990 ALDER CIR | $995,000 | 3 | 2.1 | 1,926 | DETACHD | 8/4/2008 | ||
| 3203 Southshore BLVD | $1,099,900 | 4 | 3.1 | 3,773 | DETACHD | 2/23/2009 | ||
| 444 RIDGEWAY RD | $1,150,000 | 3 | 2 | 2,099 | DETACHD | 9/9/2009 | ||
| 16771 MAPLE CIR | $1,450,000 | 3 | 3 | 2,074 | DETACHD | 1/3/2009 | ||
| 983 LAKE FRONT RD | $1,595,000 | 3 | 2.1 | 2,199 | DETACHD | 2/18/2010 | ||
| 1835 PALISADES TERRACE DR | $1,748,900 | 4 | 3 | 3,380 | DETACHD | 1/8/2010 | ||
| 112 NORTHSHORE CIR | $1,760,000 | 4 | 4.2 | 3,632 | DETACHD | 3/9/2010 | ||
| 2557 SOUTHSHORE BLVD | $1,775,000 | 3 | 3.2 | 3,604 | DETACHD | 1/11/2010 | ||
| 333 NORTHSHORE RD | $2,500,000 | 4 | 4.1 | 5,152 | DETACHD | 12/1/2009 | ||
| 961 TERRACE DR | $3,495,000 | 4 | 4.2 | 5,795 | DETACHD | 9/7/2009 | ||
| 1719 LAKE FRONT RD | $3,888,850 | 4 | 5.1 | 5,251 | DETACHD | 5/3/2009 | ||
| 16697 MAPLE CIR | $4,695,000 | 4 | 3.1 | 3,146 | DETACHD | 1/30/2010 | ||
| 3012 LAKEVIEW BLVD | $5,750,000 | 4 | 4.1 | 5,957 | DETACHD | 6/7/2008 | ||
| 1901 PALISADES TERRACE DR | $5,950,000 | 5 | 4.1 | 7,284 | DETACHD | 4/27/2009 | ||
| 3232 LAKEVIEW BLVD | $6,300,000 | 3 | 5.1 | 7,500 | DETACHD | 6/23/2008 | ||
| 3214 LAKEVIEW BLVD | $7,500,000 | 4 | 5.1 | 5,800 | DETACHD | 6/23/2008 | ||
| 1850 NORTHSHORE RD | $19,500,000 | 5 | 6.2 | 13,500 | DETACHD | 9/8/2008 |
And for those of you who really like to crunch the numbers, I thought I’d give you a list of the water front sales that have occurred in the last 12 months:
| Address | O/Price | Close Price | # BR | # BTHS | Total SF | Prop Type | CDOM | ||
| 668 MCVEY AVE | 164900 | 160000 | 2 | 1 | 852 | CONDO | 9 | ||
| 3688 SPRING LN | 179900 | 164500 | 2 | 2 | 1,120 | CONDO | 81 | ||
| 668 MCVEY AVE | 229900 | 199900 | 2 | 1 | 852 | CONDO | 765 | ||
| 668 MCVEY AVE | 249850 | 200000 | 3 | 1.1 | 985 | CONDO | 982 | ||
| 668 MCVEY AVE | 239900 | 220000 | 3 | 1.1 | 1,184 | CONDO | 61 | ||
| 668 MCVEY AVE | 369900 | 300000 | 3 | 1.1 | 989 | CONDO | 521 | ||
| 668 MCVEY AVE | 399850 | 365000 | 3 | 1.1 | 985 | CONDO | 19 | ||
| 111 3RD ST | 419000 | 390000 | 2 | 2 | 1,206 | CONDO | 276 | ||
| 101 3RD ST | 474900 | 430000 | 3 | 2 | 1,447 | CONDO | 376 | ||
| 17675 CARDINAL DR | 599000 | 500000 | 3 | 3 | 3,458 | DETACHD | 294 | ||
| 830 CABANA LN | 668250 | 572941 | 4 | 3.1 | 3,029 | DETACHD | 79 | ||
| 17332 Lake Haven DR | 749000 | 710000 | 4 | 2 | 2,484 | DETACHD | 125 | ||
| 706 MCVEY AVE | 949000 | 780000 | 3 | 2 | 2,000 | DETACHD | 391 | ||
| 18051 KELOK RD | 899000 | 799000 | 5 | 3.1 | 3,670 | DETACHD | 401 | ||
| 716 MCVEY AVE | 749998 | 800000 | 3 | 2 | 2,348 | DETACHD | 805 | ||
| 1755 SOUTHSHORE BLVD | 949000 | 850000 | 5 | 3.1 | 4,757 | DETACHD | 104 | ||
| 17960 SARAH HILL LN | 1179000 | 910000 | 5 | 3.1 | 4,800 | DETACHD | 163 | ||
| 1555 BAY VIEW LN | 995000 | 945000 | 4 | 4.1 | 4,775 | DETACHD | 277 | ||
| 17178 CEDAR RD | 1195000 | 1049000 | 5 | 3.1 | 4,209 | DETACHD | 92 | ||
| 1149 LAKESHORE RD | 1295000 | 1115000 | 4 | 2.1 | 2,660 | DETACHD | 143 | ||
| 3270 LAKEVIEW BLVD | 1399000 | 1125000 | 3 | 3 | 3,295 | DETACHD | 147 | ||
| 17211 KELOK RD | 1399000 | 1230000 | 3 | 3.1 | 5,384 | DETACHD | 112 | ||
| 128 NORTHSHORE CIR | 1479000 | 1290000 | 3 | 3.1 | 3,550 | DETACHD | 764 | ||
| 753 LAKESHORE RD | 1385000 | 1335000 | 3 | 3.1 | 2,562 | DETACHD | 51 | ||
| 2605 SOUTHSHORE BLVD | 1395000 | 1340000 | 3 | 4.1 | 4,750 | DETACHD | 234 | ||
| 17225 KELOK RD | 1350000 | 1350000 | 4 | 3.1 | 4,161 | DETACHD | 0 | ||
| 975 LAKE FRONT RD | 1899000 | 1500000 | 3 | 3 | 3,232 | DETACHD | 157 | ||
| 16840 ALDER CIR | 1595000 | 1555000 | 4 | 2.1 | 3,563 | DETACHD | 77 | ||
| 4313 WESTBAY RD | 2775000 | 2100000 | 4 | 3.1 | 4,000 | DETACHD | 193 | ||
| 890 LAKESHORE RD | 2275000 | 2275000 | 3 | 3.1 | 3,200 | DETACHD | 0 | ||
| 16819 ALLEN RD | 5500000 | 4850000 | 3 | 3.1 | 4,591 | DETACHD | 8 | ||
| 1980 TWIN POINTS RD | 4987500 | 4987500 | 4 | 5 | 6,600 | DETACHD | 0 |
This is a pretty quick summary. But I think it gives you a small insight into what values are like for homes on Oswego Lake. The lake is just a very beautiful and unique place to own a home. In my experience people who aspire to living on the lake will start out in a more affordable home on a canal and then through the course of their professional lives move up to a home on the main lake. I have also known people who bought distressed properties on the canals and made enough money on a good remodel to sell at a profit and move onto the main lake. In any case, what a great place to come home to at the end of a long day at work. Living on the lake is like always being on vacation.
Please let Linda or I know if you have any questions about buying home on Oswego Lake.
Dianne