Author: Dianne Gregoire

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Featured Property: 2990 Glen Eagles Rd

If there was an encyclopedia for real estate, under “beautiful house” would be 2990 Glen Eagles Rd. I think there are two reasons that this house is a stand-out property. First is the location. The neighborhood is very quiet with very little traffic. Yet it is in the Northwest area of Lake Oswego that is close to Boones Ferry Rd, Kruse Way, Hwy 217 and I-5. Shopping, restaurants and schools are all nearby. Second, it’s on .38 of an acre that backs to a green space. Most newer homes are in newer neighborhoods on lots that are dictated to be small by the zoning. This house is not just one more newer house in a newer neighborhood. It is located in an established older neighborhood of large lots and custom homes.

The house features 4 large bedrooms, 2.5 baths, a great room floor plan, a huge den, and a family room. It’s a total of 3787 square feet. There is a 200 square foot covered deck off of the great room that looks out to the trees and is usable year around. Built in 2010, it is that perfect age where it is still so new and yet the yard is established and the blinds have been put in. The kitchen is amazing! There is a huge cooking island but the real feature is the Jennaire stove. It’s gas with 6 burners plus a pancake griddle. It also has a double oven and a commercial-grade hood. The price is $1,190,000. This house has 4, count them with me, 4 lake easements.

I’ll be holding the house open this Sunday from noon to 2pm. Please come and see it!
Dianne

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Market Activity April 16-22, 2018

Doing these market activity reports, I get a sense of the rhythm of the market. Looking at last week’s numbers, it feels like we are really kicking into full gear. In my opinion the market peaks in June with about 35 pending sales per week. Last week we had 25 new listings, 33 pending sales, and 20 closed/sold properties. 33 pending sales is pushing close to those peak numbers. Its exciting and also hectic!

Following is the breakdown for you according to RMLS:

New on the Market (April 16-22, 2018)

Address Type Price BR Baths Sq Ft
21 Oswego Summit Condo $170,000 1 1 764
4000 Carman Dr A-7 Condo $214,900 2 2 866
4 Touchstone #77 Condo $239,000 3 2.5 1351
520 S State St 5B Condo $243,000 2 1 914
512 S State St Condo $270,000 1 1 829
99 Kingsgate Rd Detached $449,950 2 2 1224
5465 Childs Rd Detached $450,000 3 2 1487
13850 Verte Ct Detached $525,000 3 2 1942
14328 Holly Springs Rd Detached $529,000 4 2.5 1939
2814 Overlook Dr Detached $595,000 4 2.5 3348
1458 Greentree Circle Detached $680,000 4 2.5 2156
663 Carrera Ln Detached $749,900 3 2 2197
5575 Suncreek Dr Detached $759,000 4 2.5 2958
9 Buckingham Terrace Detached $798,000 4 3 2766
3075 Royce Way Detached $849,900 4 3.5 3724
2095 Ridge Pointe Dr Detached $875,000 3 2.5 3748
252 Greenwood Rd Detached $875,000 5 2 3834
691 7th St Detached $889,500 2 2 2450
5676 Suncreek Dr Detached $949,000 4 3.5 3312
15585 Manchester Dr Detached $949,000 4 3 3576
790 Terrace Dr Detached $1,195,000 4 2.5 3734
14005 Goodall Rd Detached $1,795,000 4 3.5 4886
13705 Knaus Rd Detached $1,795,000 4 3.5 5339
1115 Lake Front Rd Detached $2,295,000 4 4 4245
919 Westpoint Rd Detached $4,500,000 4 4 4995

Pending Sales (April 16-22, 2018)

Address Type Price BR Baths Sq Ft CDOM
125 Oswego Summit Condo $180,000 1 1 764 10
147 Oswego Summit #21 Condo $185,000 2 2 1140 1
199 Oswego Summit Condo $194,000 2 2 1506 58
100 Kerr Parkway #27 Condo $198,000 2 2 832 17
4 Touchstone #68 Condo $199,900 2 2 984 3
86 Kingsgate #47 Condo $199,900 2 2 840 4
4 Touchstone #148 Condo $214,900 3 2.5 1351 159
200 Burnham Rd #203 Condo $222,000 2 1 1160 18
67 Oswego Summit Condo $225,000 2 2 1212 24
4000 Carman Dr #60 Condo $225,000 2 2 866 13
3433 McNary Parkway Condo $229,000 2 2.5 1208 4
48 Eagle Crest Dr 4E Condo $305,000 2 2 1489 8
6070 Lakeview Blvd Detached $350,000 3 2 1416 5
17132 Rebecca Ln Detached $505,505 3 2.5 1763 7
55 Northshore Rd #10 Condo $519,000 2 2.5 1910 235
4391 Upper Dr Detached $529,000 4 2.5 1740 22
17647 Hill Way Detached $559,900 3 2 1787 4
4 Westminster Dr Detached $585,000 4 3 2142 1
3827 Bass Ln Detached $589,000 4 2.5 2302 42
13861 Shireva Ct Detached $625,000 4 2.5 2377 5
17960 Ridge Lake Dr Detached $750,000 4 2.5 3124 10
852 A Ave Detached $768,000 4 2 2362 56
4667 Winthrop Ct Detached $769,900 4 2.5 2235 12
1510 Fernwood Dr Detached $789,900 5 3 3291 13
2484 Marylshire Ln Detached $799,000 4 3.5 4168 3
1565 Pine St Detached $950,000 4 2 2830 32
975 Englewood Dr Detached $1,049,000 5 3.5 4024 333
1619 Bay View Ln Detached $1,175,000 5 3.5 4922 237
1875 Fernwood Dr Detached $1,224,900 4 4 3279 74
3166 Stonebridge Way Detached $1,295,000 4 2.5 3039 16
490 G Ave Detached $1,349,900 3 3.5 2959 0
15567 Village Dr Detached $1,695,000 5 4 4934 2
16865 Greenbrier Rd Detached $2,595,000 5 5 6104 33

Sold/Closed (April 16-22, 2018)

Address Type List Price Sold Price Sq Ft CDOM
4647 Lakeview Blvd D-1 Condo $179,000 $155,000 753 171
4000 Carman Dr #70 Condo $237,500 $238,000 974 4
94 Oswego Summit Condo $249,000 $240,000 1,140 4
3802 Botticelli St Condo $275,000 $280,000 1224 26
5058 Foothills Dr A Condo $364,500 $360,000 1252 101
4912 Lower Dr Detached $475,000 $469,500 1557 2
536 2nd St Attached $499,000 $490,000 1394 3
578 2nd St Condo $499,000 $492,000 1361 39
18426 Sandpiper Way Detached $535,000 $535,000 1884 5
1714 Meadows Dr Detached $539,000 $557,361 1912 5
5687 Bonita Rd Detached $589,900 $608,000 2048 9
4344 Snowbrush Ct Detached $749,000 $640,000 3255 245
17360 Hunter Ct Detached $645,900 $655,000 3272 178
2220 Hillside Dr Detached $625,000 $685,000 2201 3
3106 Rosemary Ln Detached $775,000 $725,000 2717 75
4198 Glacier Lily St Detached $724,900 $725,000 2806 4
17379 Brookhurst Dr Detached $735,000 $735,000 3140 3
3305 Cedar Ct Detached $1,098,000 $1,098,000 3986 11
13587 Meadowcreek Ln Detached $1,195,000 $1,180,000 3200 178
1221 Glenmorrie Dr Detached $1,649,000 $1,465,000 4231 205

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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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My Best Advice and My Hardest Job

I hope that as a reader of the Property Blotter you are getting a sense of what makes real estate happen. Linda and I really strive to provide you with data, and also with tips, pointers, and useful information. This week I thought I’d give you just two quick tid bits.

Let’s start with my best advice. In a word, chill. There are so many factors that contribute to the purchase or sale of a home. There is the buyer and the buyer’s Realtor, the seller and the seller’s Realtor, the mortgage broker, the mortgage underwriter, the title company and the escrow officer that represents the title company, the home inspector, and more. In other words, there are lots of people all doing their job to coordinate and come together to make the sale happen. With so many people involved, it doesn’t take much to create a snag. If the underwriter wants an updated tax statement, if the title company discovers an unexpected lien, if the buyer is in transit and air born on a flight to New York, all of these elements are completely normal and can cause a delay. Going into the purchase or sale of a home, know that everyone is doing their best to meet deadlines, but be prepared to be flexible. It simply is the nature of the business that things come up, so my best advice is to take a deep breath and try to remain calm. It will all come together and stressing over it accomplishes nothing useful.

As for my hardest job, it is working on behalf of my client even when it is not intuitively what I think is the best course of action. I work for my client. I know this. Occasionally, not very often mind you but occasionally, I have a client who feels the best course of action is to make a request or exercise an idea that is not something I agree with. This will never, ever happen in regards to something dishonest or illegal, absolutely not, and this is not what I am referring to here. What I am referring to is something perfectly legal and honest, but still something that I would not normally advise. Here is my example. A few years ago I represented a very particular client. It was strong seller’s market where offers were competitive and houses were selling quickly. To buy in this environment requires making the best offer possible. My buyer just did not want to pay one dollar more than necessary. That is understandable, but there are also times when a buyer must step up or they will not get into a home. This buyer simply would not do it. She made offer after offer without success.

I can give advice, and I do, but ultimately my clients decide the best course of action for themselves. My job is to LISTEN and then act upon their desires. And so, with this client, we went through the process of her learning. It took two years. By the time she came to realize that she really did have to make a competitive offer, and not try to negotiate the price, a good deal of time had gone by. Ultimately she ended up spending about 15% more for a house that had gone up in value during the time she was learning about the market. That is just really hard to experience.

So those are my two insights that I wanted to share with you this week. I think it can be summed up by saying that you will benefit by not stressing out during the course of buying or selling, and also by hiring a Realtor who will really listen to you and act on your desires, but also by listening to your Realtor and realizing that they too are offering you good advice that can help your experience go more smoothly and to your benefit.

Enjoy the sunshine!
Dianne

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Market Activity April 9-15, 2018

I love spring! It is absolutely beautiful outside as I write this. Sunny, blue skies, lots of flowers in bloom, this is just a stunning time of year in Lake Oswego.

Along with the beauty of spring, we are in the full throws of the spring market. Last week in Lake Oswego we had 20 homes enter the market, 32 moving into pending status, and 22 sold/closed properties.

Following is the breakdown for you according to RMLS:

New on the Market (April 9-15, 2018)

Address Type Price BR Baths Sq Ft
125 Oswego Summit Condo $180,000 1 1 764
86 Kingsgate Rd #47 Condo $199,900 2 2 840
3433 McNary Pkwy Condo $229,000 2 2.5 1208
48 Eagle Cresst Dr 4E Condo $305,000 2 2 1489
4442 Thunder Vista Ln Condo $335,000 2 2.5 1829
6070 Lakeview Blvd Detached $350,000 3 2 1416
21 Summit Ridge Ct Attached $429,000 2 2.5 1654
5835 Carman Dr Detached $449,900 3 2.5 1650
28 Northview Ct Attached $574,000 2 3 2092
75 Touchstone Detached $700,000 4 2.5 2373
17960 Ridge Lake Dr Detached $750,000 4 2.5 3124
10 Morningview Ln Detached $775,000 4 3.5 3848
18028 Westminster Dr Detached $805,000 4 3.5 4501
15818 Springbrook Ct Detached $914,900 3 3 2538
144 Leonard St Detached $1,095,000 4 3.5 3363
17312 Bergis Farm Dr Detached $1,149,000 4 4.5+.5 4808
13637 Westlake Dr Detached $1,350,000 4 4.5 3868
17407 Redfern Ave Detached $1,599,950 4 4.5 5206
1210 Chandler Rd Detached $3,488,000 6 6.5+.5 7455
4643 Firwood Rd Detached $1,099,000 3 2.5 2790

Pending Sales (April 9-15, 2018)

Address Type Price BR Baths Sq Ft CDOM
52 Oswego Summit Condo $204,900 1 1 705 15
47 Crestfield Ct Condo $205,000 2 1 921 6
200 Cervantes Condo $225,000 3 1.5 1138 63
45 Eagle Crest Dr #510 Condo $246,900 1 1 830 45
4000 Carman Dr A11 Condo $249,900 2 2 869 55
668 McVey Ave #74 Condo $285,000 1 1 636 26
16200 Pacific Hwy #7 Condo $365,000 2 2 1190 13
16909 Tracy Ave Detached $439,999 4 2 1499 4
5101 Rosewood St Detached $509,900 3 2.5 1736 3
528 2nd St Condo $525,000 2 2.5 1567 101
5875 Bonita Rd Detached $550,000 5 3.5 2650 199
3300 Southshore Blvd Detached $599,000 2 1.5+.5 1062 8
377 Livingood Ln Detached $624,000 3 2.5 2409 2
130 Del Prado St Detached $659,900 4 3 2419 3
4 Bernini Ct Detached $665,000 4 3 3028 10
4051 Virginia Way Detached $679,333 3 2 1750 2
2033 Ridgewood Rd Detached $699,000 4 2.5 2668 622
2325 Oakhurst Ln Detached $780,000 5 2.5 3627 51
754 Oak Meadow Ct Detached $839,900 4 2.5 3283 4
18120 Delenka Ln Detached $850,000 5 2.5 3157 31
4904 Lower Dr Detached $864,900 4 3 2844 3
16805 Old River Dr Detached $875,000 3 2 1728 9
13978 Westcott Ct Detached $925,000 4 3 3267 73
4305 Upper Dr Detached $950,000 5 2.5 3483 191
13507 Streamside Dr Detached $999,000 4 3.5 3716 2
832 9th St Detached $1,150,000 3 2 2149 5
937 F Ave Detached $1,199,900 5 3 2736 57
4688 Upper Dr Detached $1,449,000 4 3.5 3962 152
13740 Fielding Rd Detached $1,495,000 4 3.5 4471 12
1655 Leslie Ln Detached $1,725,000 4 3.5 4805 324
3866 Botticelli St #27 Condo $286,500 2 1.5 1132 3
668 McVey Ave #64 Condo $295,000 1 1 636 7

Sold/Closed (April 9-15, 2018)

Address Type List Price Sold Price Sq Ft CDOM
3433 McNary Pkwy #405 Condo $198,000 $200,000 1208 3
18319 Terry Ct Detached $350,000 $350,000 1,191 18
93 Kingsgate Rd Detached $410,000 $405,000 1,669 427
200 Burnham Rd #211 Condo $450,000 $440,000 1862 6
4470 Golden Ln Condo $459,000 $454,500 2102 3
825 Oak St Detached $449,000 $470,000 1350 3
12 Da Vinci St Detached $684,000 $490,000 2959 113
1515 Cloverleaf Rd Detached $495,000 $495,000 2206 7
19 Westridge Dr Detached $624,800 $629,800 3711 30
168834 Cherry Crest Ave Detached $649,900 $650,000 2598 2
13171 Sandalwood Ct Detached $715,000 $675,000 3325 50
13602 Provincial Hill Way Detached $675,000 $675,000 2420 6
3088 Rosemary Ln Detached $719,000 $702,500 3233 23
5616 Southwood Dr Detached $781,500 $750,000 3043 24
1 Mountain View Ln Detached $800,000 $775,000 3352 19
17614 Brookhurst Dr Detached $782,500 $796,500 3386 1
4376 Snowbrush Ct Detached $899,000 $820,000 4173 49
3920 Upper Dr Detached $1,350,000 $1,030,000 3800 127
2735 Glen Eagles Rd Detached $1,379,900 $1,330,000 2938 35
149 Pine Valley Rd Detached $1,450,000 $1,400,000 3220 6
1144 Bayberry Rd Detached $1,449,000 $1,425,000 3523 6
17104 Cedar Rd Detached $1,628,800 $1,550,000 3345 163

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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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Rivergrove Gratitude

Heritage Park
Technically, this post is not about Lake Oswego. It’s about Rivergrove. Rivergrove is at the Southern edge of Lake Oswego, along the Tualatin River. It has it’s own incorporated government with a mayor and a city council. It is a very small area with a population of just 486 people. The mailing addresses for the homes in Rivergrove are Lake Oswego addresses and the children in Rivergrove attend Lake Oswego schools. So while it may not be Lake Oswego, it is pretty darn close.

There is a wonderful park in Rivergrove called Heritage Park, and in this park is something very special, a tree of gratitude. A small black box is next to the tree with weather-proof tags and sharpie pens for writing what you are thankful for onto the tag. Then you simply hang the tag onto the tree. I just love it!

The Gratitude Tree
Gratitude is known to be a factor in living a happy life. We all have much to be grateful for, even when times are difficult. I think the gratitude tree is wonderful. I hope you will take the time to exercise some gratitude today. You may even find your way to the gratitude tree!
Dianne

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Market Activity March 26-April 1, 2018

As you know, Linda and I share the task of writing our Market Activity Report and I do one every other week. I find it very important as it has me reflecting on trends and allows me to really have a reading of the changes in the market. What I noticed this week is twofold. First, condos are hot. They are selling like crazy. This is probably because they tend to be less expensive and the words less expensive are hard to come by these days. Second, the surge in inventory that typically happens as we get into spring hasn’t happened yet. The volume of new listings this past week was nearly identical to what it was two weeks ago. At the same time, pending sales seem to be ticking up. This is a formula for increasing prices. It’s a great time to sell a house in Lake Oswego!

Last week in Lake Oswego we had 15 homes enter the market, 26 moving into pending status, and 17 sold/closed properties.

Following is the breakdown for you according to RMLS:

New on the Market (March 26-April 1, 2018)

Address Type Price BR Baths Sq Ft
52 Oswego Summit Condo $204,900 1 1 705
4391 Upper Dr Detached $549,000 4 2.5 1740
5835 Ridgetop Ct Detached $675,000 4 2.5 2375
58 Aquinas St Detached $699,900 5 33 3721
12777 Sierra Vista Dr Detached $714,000 4 2.5 3144
17606 Woodhurst Pl Detached $789,900 5 3.5 4707
17941 Meadowlark Ln Detached $849,000 4 3.5 3905
2420 Palisades Crest Dr Detached $929,000 5 2.5 3471
15545 Village Park Ct Detached $935,000 4 2.5 2745
5566 Luce Ln Detached $990,000 5 3 3088
13613 Provincial Hill Way Detached $1,075,000 5 3.5 4327
17224 Greentree Ave Detached $1,279,900 4 4 3545
4146 Lakeview Blvd Detached $1,500,000 4 3.5 3279
1655 Leslie Ln Detached $1,725,000 4 3.5 4805
1955 Highlands Loop Detached $1,995,000 4 4.5 4012

Pending Sales (March 26-April 1, 2018)

Address Type Price BR Baths Sq Ft CDOM
32 Oswego Summit Condo $169,900 1 1 752 176
4647 Lakeview Blvd D-1 Condo $179,000 1 1 753 171
199 Oswego Summit Condo $194,000 2 2 1506 41
45 Eagle Crest Dr #510 Condo $246,900 1 1 830 32
4053 Jefferson Pkwy Condo $275,000 2 2.5 1462 37
5061 Foothills Dr A Condo $309,500 2 2 991 140
6 Britten Ct Attached $374,900 2 1.5 1317 46
6243 SW Dawn Ct Detached $429,900 3 1.5 1254 5
5861 Benfield Ct Detached $449,000 4 2 1557 34
1760 Oak St Detached $459,900 5 2 1680 1
17323 Ashley Ct Attached $525,000 4 2.5 2117 137
8 Sherwood Ct Detached $529,900 3 3.5 3212 93
1660 Woodland Terr Detached $538,400 4 3 2728 42
3827 Bass Ln Detached $589,000 4 2.5 2302 25
13758 Regency Ct Detached $615,000 3 2.5 1986 155
2220 Hillside Dr Detached $625,000 3 2.5 2201 3
17915 Ridge Lake Dr Detached $650,000 4 3.5 3304 394
343 3rd St Detached $685,000 3 3.5 2044 5
16731 Alder Circle Detached $699,000 3 2.5 2301 7
5585 Kilchurn Ave Detached $724,900 5 2.5 2929 2
706 2nd St Detached $1,159,900 4 2.5 2737 173
13587 Meadowcreek Ln Detached $1,195,000 4 2.5 3200 178
505 Iron Mountain Blvd Detached $1,245,000 5 4 3015 462
1925 Childs Rd Detached $1,290,000 5 4.5 5207 125
3914 Edens Edge Dr Detached $1,548,000 5 5.5+.5 6635 11
4262 Upper Dr Detached $1,590,000 4 3.5 4096 38

Sold/Closed (March 26-April 1, 2018)

Address Type List Price Sold Price Sq Ft CDOM
58 Galen St Condo $164,000 $159,000 689 18
4 Touchstone #130 Condo $215,000 $200,000 984 19
86 Oswego Summit Condo $225,000 $225,000 1,140 2
200 Burnham Rd #208 Condo $279,000 $227,500 1320 195
16250 Pacific Hwy #60 Condo $249,900 $239,900 1305 34
18440 Sandpiper Circle Detached $350,000 $325,000 1447 28
16538 Carnegie Ave Detached $389,900 $375,000 1182 267
6030 Shakespeare St Detached $429,900 $432,000 1056 337
40 Nova Ct Detached $519,900 $513,000 2308 15
14595 Sherbrook Pl Detached $569,500 $530,000 2028 78
1895 Greentree Rd Detached $580,000 $540,000 2861 139
16 El Greco St Detached $639,000 $639,000 2826 3
3665 Olson Ct Detached $695,000 $660,000 2517 82
4729 Lakeview Blvd Detached $679,000 $665,000 2551 75
16034 Inverurie Rd Detached $839,900 $865,300 3305 18
1130 Oak Terrace Detached $949,000 $922,500 3729 0
14128 Goodall Rd Detached $1,090,000 $1,083,000 2960 2

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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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Condo vs Townhouse, What’s the Difference?

A condominium in Lake Oswego
As prices have increased in the last few years, one of the hottest parts of Lake Oswego’s real estate market has become condos and townhouses. The two terms tend to be used somewhat interchangeably, but there is actually a very big difference between the two and I thought I’d take a moment to explain the difference.

In a condo you are buying the interior walls and everything within the air space that is contained by the interior walls. The exterior walls, the space between the exterior and interior walls, and everything outside of the exterior walls is owned by the home owner’s association. This means that if you own a condo and you get a clog in your toilet, you have to pay for the repair if the clog is in the toilet itself, but as the plumbing for the toilet passes by the interior wall and leaves the condo, the plumbing belongs to the HOA and it becomes their responsibility to repair the clog.

I am making a big generalization here. Every HOA has it’s own by-laws and conditions, covenants, and restrictions, and there may be provisions in these documents that has an exception for something like a toilet clog, but in general the example holds true.

So with a condo, you rely on the home owner’s association to take care of everything outside of the living space within the condo. This includes the attic, the crawlspace below, all of the exterior paint, roof, parking lot, landscaping etc.

Most condominiums have what are called “limited common areas”. These are usually decks and small patios that are for the use of the individual unit owner, but are maintained by the HOA and for which the HOA may enter to do maintenance work.

In a townhouse you not only own the interior space, but you also own the dirt below the home, the crawlspace, and usually the attic as well. If you have a small yard or deck, it is yours and you maintain it. The usual practice in townhouses is that the HOA owns the roof and exterior siding and they maintain those.

This may seem like splitting hairs, but it is most significant when it comes to bank financing. Banks and mortgage companies look at townhouses the same way that they look at stand alone homes. They are financed the same way and are eligible for FHA and VA financing just like regular homes that get mortgages.

Condominiums are not financed like regular homes. They are financed as condominiums with very specific guidelines and restrictions. If a property is a condominium it must be in an approved complex to qualify for either FHA or VA financing. For conventional financing there are also restrictions, although not quite as stringent.

The word townhouse by practice has come to reference more of an architectural style. The public tends to think that a townhouse is attached to its neighbors only on the sides and that it does not have an attached neighbor either above or below. This is a fallacy. Just because it has a style known as a “townhouse” does not mean that it is not, in fact, a condo. So how do you know if a property is a townhouse or a condo? It’s in the legal description of the property. If it’s a condo, it will have a legal description that includes the word “condominium”.

It can all be a bit confusing. Further mixing folks up is the word “attached”. This word has been used in the RMLS data base for decades. It needs to fall out of use! It may mean that the property is attached to another property, but it does not tell you if it’s a townhouse or a condo. In time, I do think it will fall out of use, but in the mean time I hope this little explanation has helped you to understand what is a condo and what is a townhouse.

Dianne

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Market Activity March 12-18, 2018

Our weather may have a few showers, but the sun breaks are beautiful and growing more frequent. Spring truly is spectacular in Oregon, particularly in the Willamette Valley. I also feel that the spring market is in full swing. Well priced homes are selling fast and the inventory remains low. If you are thinking of buying, get pre-qualified, find a good Realtor, and get in the swing of it.

Last week in Lake Oswego we had 14 homes enter the market, 21 moving into pending status, and 17 sold/closed properties.

Following is the breakdown for you according to RMLS:

New on the Market (March 12-18, 2018)

Address Type Price BR Baths Sq Ft
68 Greenridge Ct Townhouse $479,000 3 2.5 2868
4902 Mulholland Dr Townhouse $539,900 3 2.5 2495
304 6th St Detached $615,000 1 1 941
16969 Alder Circle Detached $734,900 3 2 1534
720 Maple St Detached $737,000 3 2.5 3966
18341 Heather Ann Ct Detached $849,900 4 3.5 2316
1804 Oak Knoll Ct Detached $875,000 4 3 2667
17851 Westview Dr Detached $890,000 4 3.5 3433
1565 Pine St Detached $950,000 4 2 2830
1190 Bayberry Rd Detached $1,159,000 4 2.5 2732
17544 Ridgeview Ln Detached $1,378,000 4 3.5 4561
13750 Knaus Rd Detached $1,495,000 5 4 4773
3101 Westview Ct Detached $1,550,000 4 3.5 4290
16865 Greenbrier Rd Detached $2,595,000 5 5 6104

Pending Sales (March 12-18 , 2018)

Address Type Price BR Baths Sq Ft CDOM
4 Touchstone #130 Condo $215,000 2 2 984 18
86 Oswego Summit Condo $225,000 2 2 1140 2
94 Oswego Summit Condo $249,000 2 2 1140 4
3844 Botticelli St Condo $289,000 2 1.5 1132 5
3986 Carman Dr Condo $329,000 2 2.5 1107 3
5051 Foothills Dr C Condo $344,900 2 2 991 21
18440 Sandpiper Circle Detached $350,000 3 2 1447 28
156 Kingsgate Rd Detached $399,900 2 2 2020 68
110 Kingsgate Rd Detached $410,000 3 2.5 1669 2
13 Bloch Terr Attached $415,000 3 2.5 1972 27
578 2nd St Condo $492,000 2 2.5 1361 39
536 2nd St Attached $499,000 2 2.5 1394 3
1714 Meadows Dr Detached $539,000 3 2 1912 5
313 3rd St Attached $679,900 3 3.5 1962 4
17370 Brookhurst Dr Detached $729,000 4 2.5 3140 3
13209 Twin Creek Ct Detached $729,900 4 2.5 3021 8
5616 Southwood Dr Detached $750,000 5 2.5 3043 24
15985 Bonaire Ave Detached $900,000 3 3 2910 5
17503 Cherry Ct Detached $945,000 4 3.5 4267 13
116 Middlecrest Rd Detached $1,075,000 4 3 2545 34
1221 Glenmorrie Dr Detached $1,459,000 4 3.5 4231 205

Sold/Closed (March 12-18, 2018)

Address Type List Price Sold Price Sq Ft CDOM
160 Oswego Summit Condo $199,000 $199,000 1383 23
133 Oswego Summit Condo $199,900 $199,900 923 4
4000 Carman Dr F90 Condo $205,000 $205,000 834 9
668 McVey Ave #46 Condo $274,900 $251,750 863 49
5225 Jean Rd #510 Condo $274,900 $274,900 1100 2
17484 Bryant Rd Detached $409,000 $412,400 1431 0
17522 Bryant Rd Detached $450,000 $452,500 1152 0
17460 Schalit Way Detached $569,900 $497,000 2190 174
15 Del Prado St Detached $520,000 $520,000 2180 3
4745 Cambridge Ct Attached $749,900 $675,000 3171 145
4725 Cambridge Ct Attached $799,900 $700,000 2942 130
830 Lake Forest Dr Detached $789,000 $722,350 2517 199
17167 Cedar Rd Detached $764,900 $745,000 2673 108
1418 Maple St Detached $825,000 $775,000 2066 98
16931 Maple Circle Detached $1,500,000 $1,500,000 3635 0
13705 Knaus Rd Detached $1,848,000 $1,750,000 5339 625
16835 Greenbrier Rd Detached $5,950,000 $5,950,000 8852 1

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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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To Stage or Not to Stage

When I council people who are wanting to sell a house the subject of home staging often comes up. Is it worth the cost? Will it result in a higher sales price? Good questions that I am going to tackle here.

First of all, selling home does require preparing the house. As I have mentioned before, getting it really clean is the first and most important thing that you are going to do. No one wants to buy someone else’s dirt. A dirty house will sell for significantly less than a clean house, in my opinion.

Before staging
The next stage of preparing a house to maximize it’s value is replacing worn surfaces such as carpets and counters, and then painting walls in good neutral colors that optimize the attractiveness of the house. I do believe you get your money back from carpet and paint. I want to be clear that I am not talking about remodeling kitchens and baths. While those are items that do improve the value of a house, I am addressing this blog post to the average person who wants to simply prepare a home for sale. I am not addressing the concept of a big remodel, commonly called a flip, to completely change a house.

Assuming the house is clean and has good carpet and paint, do you need to go one step further and have the house professionally staged with furniture and art work? I think it depends. If your property is in a high-demand price range, and in Lake Oswego that would be $500,000 or less, I just don’t think that home staging is necessary. A house in this price range is going to be given attention by buyers simply because it is affordable.

If your property is priced over $500,000 I do think staging is something that you may want to consider.

If you live in the house I don’t think you necessarily need to pay for the full services of a staging company that would require removal of your possessions and then the rental of new furniture and art. Rather, I think you may want to consider a one time consultation for a few hundred dollars. Actually, this is a service that I often do for my clients at no additional charge. I am not a professional stager, but I do have a sense of what looks good and what does not. The basic premise is remove clutter and over crowded furnishings to make rooms feel as large as possible.

After staging
If the house is completely vacant then putting a few decorative items into it will make if feel more warm and soften the hard edges of blank walls. I have a small supply of staging items that I often use in vacant homes.

If your house is clean and decorated in a tasteful manner I don’t think that you will sell for a greater final price with professional staging services. I do however think that your house will sell more quickly. This means that if your home is at a higher price point, staging can make your house stand out to buyers and can trigger a quicker offer.

Costs associated with home stage run as little as $200 for an hour’s consultation. If you do choose to have the house staged with furnishings and art, you pay by the size of the house and the length of time that the furnishings are rented. An average home runs about $3500 a month and a huge home can be as much as $9000 a month. On average sellers will rent the furnishings for a couple of months.

What it comes down to is the decision to stage or not to stage needs to be made on a case-by-case basis. Please give Linda or myself a call if you would like to get our opinion about your home. We are both familiar with the concept of home staging and we both have companies that do professional staging that we would be happy to refer you to.

Thanks for reading,
Dianne

Photos courtesy of stagetomove.com

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Market Activity Feb 26-March 4, 2018

Last week in Lake Oswego there were 15 new listings that came onto the market, 25 that accepted contracts and went into pending status, and 22 sold/closed sales. I always look for what my take away is when I do this. What I noted this week is how many of the pending and sold properties had been on the market for more than 100 days. 11 of the 25 that went pending, and 8 of the 22 that closed. I think this continues to be a refection of the low inventory. After such extended market time sellers rarely get the asking price, but buyers also hate to haggle over price. With many of these houses selling, I think it indicates the buyers are ready to do some negotiating because the house may be over priced, but it remains a good option with so few houses for sale.

Following is the breakdown for you according to RMLS:

New on the Market (Feb 26-March 4, 2018)

Address Type Price BR Baths Sq Ft
58 Galen St Condo $164,000 1 1 689
3433 McNary Pkwy #405 Condo $198,000 2 2.5 1208
45 Eagle Crest Dr #510 Condo $250,000 1 1 780
16250 Pacific Hwy #76 Condo $360,000 3 2 1745
3912 Carman Dr Condo $399,900 3 2.5 1326
200 Burnham Rd #211 Condo $450,000 3 2 1862
121 3rd St Condo $499,000 2 2 1065
120 Condolea Dr Attached $599,900 3 3 2958
13602 Provincial Hill Way Detached $675,000 3 2.5 2420
14145 Redwood Ct Detached $675,000 4 3 2558
4198 Glacier Lily St Detached $724,900 4 3 2806
17668 Woodhurst Pl Detached $895,000 4 2.5 4281
19320 Lorna Ln Detached $1,199,000 4 3.5 4192
149 Pine Valley Rd Detached $1,450,000 4 2.5 3220
17442 Ridgeview Ln Detached $1,475,000 4 3.5+.5 5063

Pending Sales (Feb 26-March 4, 2018)

Address Type Price BR Baths Sq Ft CDOM
103 Oswego Summit Condo $199,900 2 1.5 1116 42
3433 McNary Pkwy #806 Condo $214,900 2 2.5 1136 203
4 Touchstone #130 Condo $215,000 2 2 984 5
4000 Carman Dr A11 Condo $249,900 2 2 869 18
3802 Botticelli St Condo $280,000 3 2 1224 26
18440 Carnegie Ave Detached $379,900 3 1.5 1182 267
466 5th St Condo $389,000 2 1.5 1092 71
47 Condolea Ct Condo $400,000 2 2.5 2157 1
4470 Golden Ln Condo $459,000 3 3.5 2102 3
1515 Cloverleaf Rd Detached $495,000 3 2.5 2206 7
1895 Greentree Rd Detached $549,500 4 3 2861 139
17790 Overlook Circle Detached $590,000 3 3 3480 22
17360 Hunter Ct Detached $645,900 4 2.5 3272 178
16977 Cherry Crest Dr Detached $649,900 4 2.5 3002 236
2401 Mayors Ln Detached $649,900 4 3 3004 1111
4729 Lakeview Blvd Detached $679,000 3 2.5 2551 75
13171 Sandalwood Ct Detached $685,000 4 2.5 3325 50
4745 Cambridge Ct Attached $699,900 2 2.5 3171 145
17110 Lowenberg Terr Detached $749,000 4 2.5 2732 145
4933 Lakeview Blvd Detached $996,000 4 3 3988 226
4591 Dogwood Dr Detached $1,100,000 4 3.5 4177 6
1144 Bayberry Rd Detached $1,449,000 5 3 3523 6
17104 Cedar Rd Detached $1,599,000 3 3 3345 163
13705 Knaus Rd Detached $1,848,000 4 3.5 5339 625

Sold/Closed (Feb 26-March 4, 2018)

Address Type List Price Sold Price Sq Ft CDOM
86 Kingsgate Rd C202 Condo $175,000 $225,000 924 39
5225 Jean Rd #313 Condo $270,000 $265,000 1,200 155
1776 Bonniebrae Dr Townhouse $331,000 $313,950 1,525 17
15494 Brianne Ct Attached $335,000 $336,500 1250 2
4000 Carman Dr #49 Condo $350,000 $360,000 1004 4
17755 Overlook Ln Detached $529,900 $404,000 3198 131
19241 Longfellow Ave Detached $439,900 $450,000 1188 3
16150 Lake Forest Blvd Detached $524,900 $527,000 2302 4
1601 Woodland Terrace Detached $609,900 $547,000 2594 126
780 Briercliff Ln Detached $599,900 $550,000 2502 97
21 Masaryk St Detached $615,000 $565,000 2773 80
1033 Spruce St Detached $575,000 $576,000 1623 6
17420 Schalit Way Detached $749,000 $675,000 2823 150
5925 Sunbrook Dr Detached $699,000 $690,000 3540 43
5693 Victoria Ct Detached $790,000 $690,000 3540 43
18336 Tamaway Dr Detached $745,000 $745,000 3372 6
803 Clara Ct Detached $769,000 $759,000 2857 54
17421 Brookhurst Dr Detached $779,000 $785,000 3756 10
18440 Delenka Ln Detached $799,900 $785,000 4668 234
13644 Melrose Pl Detached $869,000 $810,000 3564 154
19419 East Side Rd Detached $1,300,000 $1,190,000 4682 134
1316 Cedar St Detached $935,000 $825,000 3140 257

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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.