Author: Dianne Gregoire

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Market Activity Dec 19-25, 2016

As you can imagine, we are in the midst of the slow market for real estate, and yet I find it interesting that the activity remains consistent with last week’s numbers being very similar to the week prior. I suspect this week will be similar as well. Then we will see the build up begin with inventory building and buyer’s buying. The first couple of weeks of January are likely to still be a bit slower as everyone gets back to their routines, but by mid January, and certainly by February, it will really take off. This is a good time to buy a home for two reasons: less competition so less likelihood of bidding wars, and low interest rates.

Last week in Lake Oswego we had 4 new listings, 11 properties go to pending status, and 12 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market(Dec 19-25, 2016)

Address Type Price BR Baths Sq Ft
4 Touchstone #87 Condo $175,000 2 2 984
37 Touchstone Detached $445,000 4 3 2573
2155 Ridgewood Rd Detached $799,000 4 3 3454
505 Iron Mountain Blvd Detached $1,595,000 5 4 3015

Pending Sales (Dec 19-25, 2016)

Address Type Price BR Baths Sq Ft CDOM
1368 Boca Ratan Dr Attached $325,000 3 2 1611 60
4724 Firwood Rd Detached $405,000 3 1.5 1240 4
5717 Bonita Rd Detached $459,000 5 2 2572 176
4739 Rembrandt Ln Detached $485,000 3 2.5 1954 22
655 2nd St Attached $499,000 2 2 1457 32
1225 Cornell St Detached $514,999 3 2 1395 7
4920 Centerwood St Detached $557,500 3 2.5 2072 175
17920 Meadowlark Ln Detached $675,000 4 2.5 2716 33
429 6th St Detached $1,049,000 4 2.5 3205 48
1976 Highlands Loop Detached $1,795,000 4 3.5 4597 460
15508 Diamond Head Rd Detached $2,850,000 3 4 3900 185

Sold/Closed (Dec 19-25, 2016)

Address Type List Price Sold Price Sq Ft CDOM
131 Oswego Summit Condo $200,000 $190,000 1212 57
94 Greenridge Ct Attached $364,900 $364,900 1,752 57
17311 Mandi Ln Detached $379,000 $379,000 1,935 115
580 2nd St Attached $459,000 $452,000 1464 72
14798 Davis Ln Attached $479,900 $460,000 1698 61
550 2nd St Condo $500,000 $482,000 1540 13
1709 Meadows Dr Detached $497,000 $505,000 2288 15
1501 Woodland Terr Detached $649,900 $649,900 3,992 30
17700 Leafy Ln Detached $779,500 $750,000 3666 76
15501 Diamond Head Rd Detached $995,000 $930,000 2353 187
1666 Lake Front Rd Detached $1,279,000 $1,225,000 3183 27
1415 Skyland Dr Detached $1,450,000 $1,250,000 3859 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, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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What about your pets?

night-animal-dog-petYou are selling your house and doing everything that you can think of to get it ready: cleaning, de-cluttering, and making repairs. It’s a project and you are in it up to your elbows when it occurs to you that you need to figure out what to do about your golden retriever and 2 cats. This is an important consideration and it needs to be figured out BEFORE your house goes on the market.

The first step is to address any odors in your house that your pets may have created. If you use an in-door litter box, make sure that it is always cleaned and fresh before your house is shown. If you have pets who have made “mistakes” in various corners or on rugs, then you need to wash and scrub those areas to get rid of the smell. In some cases you may need to replace carpeting and pads. In the worst case I have dealt with, not only did all of the carpet and pads need to be replaced but the under flooring had to be treated. My client used vinegar wash over several applications and it did work. I believe that there are also products sold that specifically address these odors. Consult a professional and do what you need to do to get rid of the smell. Urine literally assaults the senses when you walk into a house. Remember that all important first impression? Kiss it good by if you have pet odors in your home. So clean, clean and then clean some more. You will be rewarded with a sale that happens more quickly and at a higher price than you would have gotten if you had not taken the important step of getting your house clean.

I also want to discourage the use of fragrances to block or to mask odors. It simply does not work. Instead of smelling the cat, the house is overwhelming with the smell of whatever fragrance you have applied and now the question becomes WHY? What is the home owner trying to cover up? These fragrances do not generally appeal to buyers and I have worked with buyers who had an allergic reaction and had to immediately leave the house. There is simply no way around it. If your home has pet odors, you have got to clean it up.

Be sure to vacuum before showings to remove pet hair. Pick up the chew toys and put them away in a basket or cupboard.

So now you have the house ready, what will happen when it is shown?

The key here is to communicate to your Realtor how best to protect your pets. If you have cats that can not go outside, how many of them are there? Ask your Realtor to put into the Realtor instructions in the RMLS that you have indoor cats and how many of them there are. This way when the Realtor arrives to show the house, they are prepared to be careful as they open the door to not let any kitties out. I also recommend a small note taped to the front door to remind them of the cats as they enter. If you have a cat who is an escape artist who will be lurking at the door, tell them. They better prepared that they are, the less likely a cat will accidentally get out. The same holds true if you have a cat who can go outside. Let them know. If a cat gets out who is allowed out, but the Realtor doesn’t know it’s OK, they may panic over the cat having gotten out and this too will distract from the showing.

free-cat-food-samplesDogs, because they are bigger, are a more complicated issue. If you have a dog who is protective of your house and who will growl, bark or otherwise threaten, then you need to remove the pet. There is just no other option. I believe this holds true even if the dog is otherwise contained. A dog who is barking, growling, or jumping at the back windows will make the showing a failure. And put yourself in your poor dogs place. This animal loves you, loves its home, and is only doing what instinctively it feels is right. To have strangers coming through its home is difficult and stressful for the dog. So help yourself and help your dog by making arrangements to remove the animal.

If your dog is gentle and friendly and you are absolutely certain it will not be noisy or overbearing, then it is OK to have it in the house. It is quite common for a dog to be kenneled in the garage or a utility room. For very sweet dogs it is also common for the dog to simply be inside. If this is the case, put a note on the door and let your Realtor know so that it can be in the showing instructions. Be sure to let the Realtor know the type of dog and the dog’s name. This way the Realtor will be able to enter the house and have the dog approach them with it’s name being used. I have had clients who put out treats for the dog that Realtors can use to reward the dog for its good behavior. But even in this circumstance I still think it is better to remove the dog. The buyer looking at the house may have a fear of dogs. Even a very sweet dog can be a distraction. This is your call.

I think it is really important to plan for pets. What you don’t want is to have something happen that ruins the showing of your home, or worse, something happen that is bad for your pet. Problems can be avoided if you plan ahead and be sure to communicate with your Realtor your concerns and your plans for making your pets safe and your showing successful.

Merry Christmas to Fido and Fluffy!
Dianne

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Market Activity Nov 24-Dec 4, 2016

We are in our first official “winter storm watch” for the season. As someone who has lived here for awhile, I can tell you that it is pretty normal for a lot to be made of winter weather events that turn out to be not much for than frost on the lawn in the morning. Having said that, we can hope, right? Perhaps we will get an inch or two of snow this week. If we do, it won’t last more than a day or two. And even in these conditions, in the middle of the holiday season, houses still get bought and sold. Last week in Lake Oswego we had 5 new listings, 12 houses enter into contracts as pending sales, and 14 sold/closed properties.

Following is the breakdown for you according to RMLS:

New on the Market (Nov 28-Dec 4, 2016)

Address Type Price BR Baths Sq Ft
4739 Rembrandt Ln Detached $485,000 3 2.5 1954
5538 Royal Oaks Dr Detached $525,000 3 2 1899
4978 Suntree Ln Detached $535,000 3 2.5 2348
18020 Gimley Ct Detached $850,000 3 2.5 3420
1527 Lake Front Rd Detached $6,985,000 5 6.5 7220

Pending Sales (Nov 28-Dec 4, 2016)

Address Type Price BR Baths Sq Ft CDOM
100 Kerr Pkwy #7 Condo $114,900 1 1 617 6
18861 Indian Springs Circle Detached $419,000 3 2 1567 31
47 Oriole Ln Detached $420,000 3 3 1958 2
2520 Southshore Blvd Detached $449,900 3 2.5 2016 24
19235 Redwing Ct Detached $549,900 4 2 2084 130
1669 Oak St Detached $559,000 5 2.5 2649 48
50 Hillshire Dr Detached $645,000 5 2.5 3188 12
672 1st St Condo $659,000 2 2.5 1986 92
17771 Marylcreek Dr Detached $730,000 4 3.5 4398 123
4620 Dogwood Dr Detached $888,500 4 2.5 3613 102
16827 Scott Ct Detached $1,000,000 4 0.35 4179 140
16 Dover Way Detached $1,595,000 5 5.5 8147 219

Sold/Closed (Nov 28-Dec 4, 2016)

Address Type List Price Sold Price Sq Ft CDOM
4 Touchstone #109 Condo $163,000 $155,000 989 264
3433 McNary Pkwy #203 Condo $149,900 $160,000 1,008 4
48 Eagle Crest Dr Condo $265,000 $265,000 1,443 64
1033 Hallinan St Detached $309,900 $298,000 1128 159
1875 Fernwood Dr Detached $349,900 $375,000 1102 11
15450 Kimball Ct Detached $475,000 $442,500 1544 26
1935 Fernwood Dr Detached $515,000 $455,000 2100 106
18250 Indian Creek Dr Detached $469,900 $469,900 1,581 3
4191 Southshore Blvd Detached $455,000 $477,824 1361 12
350 6th St Detached $589,900 $530,000 2304 36
37 Hillshire Dr Detached $619,000 $605,000 2809 52
490 Iron Mountain Blvd Detached $699,900 $700,000 2246 2
14867 Twin Fir Ct Detached $699,900 $730,000 3641 63
16060 White Oaks Dr Detached $825,000 $770,500 3420 135

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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Optimize Showings

house-insurance-419058_960_720You have made the decision that it is time to move, you have interviewed Realtors and found someone you trust and have faith in, the house is going on the market, now comes one of your most important jobs, making the most of each and every showing that happens. There are a few simple things you can do.

Of course before you listed your home for sale you already did a thorough job of cleaning and making repairs. Here at the blotter we have discussed this at length in previous posts, but in a nutshell, dirt will cost you dearly. No one wants to buy someone else’s grime. Scrub fixtures, clean the roof and the windows. If it is broken, fix it. If you have neither time nor resources to fix things, price your house accordingly. At the right price a buyer will both repair and clean, but it will be a price less than you would otherwise obtain if these were not issues.

So this narrative assumes the house is both clean and repaired. Your house is on the market and your phone is starting to ring, now what?

Turn on all of the lights and open all of the curtains
People associate light with happiness. Especially as our days grown shorter, light is even more important. It is much easier for homes to look beautiful in June than it is in November. Turn on lights even during the day.

Replace your LED lights that have to warm up to be at full brightness. If you have multiple showings, there is a good chance that someone coming through early will turn off lights as they leave. You can put out a note to ask them not to. Just leave it on the kitchen counter. But I also recommend that when you have your house for sale, you need light bulbs that come on at full brightness the minute the switch is flipped.

Open all of the drapes and blinds to let in as much light as possible. If you have a bad view out of a window (I’m thinking neighbor’s garbage cans on the side yard), think about installing blinds that open partially. They can be opened, but not all of the way, to maximize light and also obscure issues you have no control over.

Make is easy for Realtors to show the house
The easiest showing instructions are “call first, use lockbox”. This means a Realtor can call or text you at a designated phone number, leave a message, and then go and show the house. Many homeowners want advanced notice, as much as 24 hours, or want selective showing hours, or want specific appointments where the Realtor must speak directly with the home owner and confirm the appointment time. I recognize that in some circumstances this is necessary and most Realtors will accommodate this, including me. But think about it. Put yourself in the shoes of the Realtor who may want to show your house. They have a list of 15 possible houses to show. They know realistically they can comfortably do 10-12 without everyone becoming too tired. So they go through the list. If a house is complicated to get into, they will forgo it to show a house that is move convenient. So making it hard to show your house will lower the number of showings that you will get.

Leave the house for the showing!
Never, never, never be at home when possible buyers come through. This includes sitting in your car across the street and watching them. When you are home, or obviously in the area, you are putting a big stamp on the property “This is my house!”. Potential buyers will feel cautious about looking around. They will see you in every room, even if you are in the back yard. It is awkward, awkward, awkward. This actually happened to me.

My Mom and I were both Realtors here in Lake Oswego in 1998. I was wanting to move from Sellwood to LO to get my kids into Lake Oswego schools. My Mom went on Realtors tour and came back to the office and told me she had seen the perfect house for me. On her insistence I called the home owner and went to see it. The guy who owned the house was home. He followed me through every room, even going so far as to say things like “this is the kitchen”. I came back to the office and told my Mom that I didn’t like the house. She was floored and insisted it was perfect. I told her about my experience and she suggested I go and see it again and politely ask the home owner to leave. I did. This time I went through the house and was able to see that it had everything I was looking for. When I walked through the yard I could see my kids playing there and my family barbecuing on the big patio. She was right, it was my house. We have lived in it for nearly 20 years. Good thing my Mom had the good sense to get me to make the owner leave!

I know I said never, but there are occasional exceptions to this. Particularly with elderly people or people with disabilities. If it is absolutely necessary for a home owner to be at home, so be it. Realtors are people too. We will work with you and make the best of the situation. Just realize that it can compromise both the number of showings that you get and the quality of the showings.

This advice is relevant no matter the time of year, but when the market slows down, like during the holidays and during a buyer’s market, it is particularly important. I hope you find it helpful. Don’t hesitate to call Linda, Whitney, or myself if you have any questions.
Dianne

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Market Activity Nov 1-6, 2016

I think the pace of sales right now is what I would call “Fall Steady”. Our numbers this week are consistent with what we have been seeing for about a month now. Last week in Lake Oswego we had 11 New Listings, 14 Pending Sales, and 15 Closed/Sold listings.

Details below:

New on the Market (Nov 1-6, 2016)

Address Type Price BR Baths Sq Ft
52 Oswego Summit Condo $199,900 1 1 705
7 Condolea Dr Condo $449,900 3 3 2388
12504 Shelby Ct Detached $625,000 4 2.5 2860
15939 Twin Fir Rd Detached $649,000 3 2 2480
6 Garibaldi St Detached $799,900 5 4 5470
13852 Shireva Dr Detached $830,000 5 3 2716
16007 Bonaire St Detached $867,000 3 2.5 2845
18400 Delenka Ln Detached $949,900 5 3.5 4603
17808 Hillside Way Detached $1,075,000 4 4 3815
4300 Haven St Detached $1,379,000 4 4 4312
757 Lake Shore Rd Detached $2,895,000 4 3.5 4098

Pending Sales (Nov 1-6, 2016)

Address Type Price BR Baths Sq Ft CDOM
3962 Carman Dr Condo $244,900 2 1129 26
155 Oswego Summit Condo $259,000 2 2 1506 46
16724 Roosevelt Ave Detached $364,995 3 1.5 1270 58
580 2nd St Attached $459,000 2 1.5+.5 1464 72
2815 Orchard Hill Pl Detached $478,000 4 3 2812 14
19235 Redwing Ct Detached $485,000 4 2 2084 100
15 Touchstone Detached $495,000 4 2.5 2276 23
1709 Meadows Dr Detached $497,000 4 2.5 2288 15
16577 Glenwood Ct Detached $545,000 4 3 3279 20
3520 Lanewood St Detached $549,000 3 2 1850 30
4400 Cobb Way Detached $565,000 3 2 1676 7
18171 Bryant Rd Detached $625,000 3 2 2984 78
545 Evergreen Rd Detached $789,900 3 3.5 2182 50
950 Cedar St Detached $995,000 4 3.5 3135 257

Sold/Closed (Nov 1-6, 2016)

Address Type List Price Sold Price Sq Ft CDOM
31 Oswego Summit Condo $174,000 $169,900 721 106
74 Galen St Condo $199,900 $198,000 995 35
668 McVey Ave #64 Condo $279,900 $267,000 636 60
98 Greenridge Ct Attached $365,000 $342,500 2000 41
67 Greenridge Ct Attached $369,000 $350,000 2004 67
6423 Frost St Detached $569,000 $509,000 2548 304
17911 Lake Haven Dr Detached $563,000 $545,000 2136 58
19134 Terry Ave Detached $575,000 $557,500 2,557 7
2825 Vale Ct Detached $575,000 $575,000 2314 4
628 Evergreen Rd Detached $619,000 $619,000 2402 4
19 El Greco St Detached $649,000 $632,500 3030 71
3195 Edgemont Rd Detached $699,000 $675,000 1858 91
5681 Yorkshire Ct Detached $734,000 $695,000 2985 97
4176 Upper Dr Detached $869,000 $839,000 2938 32
4200 Upper Dr Detached $1,289,000 $1,265,000 3610 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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Our Growing Population

If you have lived in the Portland metro area for the last 5 years or so you have seen first hand how much our population is growing. I know I have mentioned in previous blog posts the United Van Lines survey that comes out each year showing where in the United States people are moving to and from. Oregon for 2 years in a row has now been the #1 in-migration state in the country. So what you sense as you drive around is very, very real. I think about this a lot because it has a big impact on my job, and so I pay attention to others with thoughtful observations on the topic. This past week I had the pleasure of discovering an article in Portland Monthly on this very subject. Written by Randy Gragg, it layed out some really good observations and thoughts.

The first factor that is supporting our growth is our strong economy. With large employers like Nike, Intel, Adidas, and Columbia Sportswear, good jobs are available. Randy Gragg believes that this is going to continue and even expand. He attributes it to a new tech boom that is spurred on by the growing connectivity of our personal devices to the Internet. Think Fitbits, phones, even refrigerators and our cars, this is the economy of the “Internet of Things”.

Then there is the reality that 14,000 new apartments have been built since 2012, and 60 buildings at least 100′ tall are in the planning process, 15 of them are over 200′. I remember learning that the zoning for high rise buildings like exist in downtown Portland goes all the way South to about the Sellwood bridge. We are going to see more and more of the small, obsolete buildings in Portland being torn down and replaced with tall office, apartment, and condominium buildings.

The third factor is that we actually have the land to allow this development to take place. This land exists now within our urban growth boundary. Both San Francisco and Seattle are geopgraphically contained by water and therefore the opportunity for growth is limited. Not so in Portland. Portland is 3 times the size of San Francisce and 2 times the size of Seattle. Here’s a fun fact: SE 82nd Ave is the geographic center of Portland. This means that all of the land in the out East side is ripe for eventual development. The population of Portland is expected to exceed that of Seattle (the city, not the entire metro area) by 2025.

The fourth factor is climate change. The drought in the Southwest is a very significant factor right now. Suddenly all of our rain looks pretty attractive when the alternative is water rationing and the hardships of living in a drastically dry environment.

So what to do? Randy Gragg shares these ideas:

1) The metro area needs to concentrate on building affordable family housing. This means that instead of tearing down one old house and building one huge new house, we need to tear down one old house and build a tri or fourplex. This needs to be encouraged by offering incentives to builders and also by loosing up zoning restrictions.
2) The traffic is hear to stay, don’t fret about it. Randy used a pretty funny phrase. He says that if you complain about traffic it makes you a GBB, a Grumpy Baby Boomer. He points out that younger people increasingly don’t rely on cars but instead use car sharing, uber, bikes, and mass transit. I can attest to this. I see it in my younger clients. Think Copenhagen, Madrid, and the great cities of Europe. They are already doing this.
3) Let growth be our friend and realize that with growth will come opportunities. Development fees can encourage community improvements.
4) Do value historic preservation but let it be focused on buildings that have genuine value. Old does not necessarily mean valuable.
5) Encourage good urban design with emphasis put onto vibrant streets and public plazas. People need places to enjoy the community that they get out into. A great example of this is Millenium Plaza Park right here in LO.
6) Recognize that a lot of the growth that is going to happen is going to be on Portland’s East side. It is no longer the boonies, it is prime.

I realize that you are probably thinking “So, what does this have to do with Lake Oswego?”. It has a lot to do with Lake Oswego. All of this growth is going to press in upon our community. We too are growing and are going to continue to grow. I don’t see high rise buildings happening here, but I do see much larger buildings than have been built in the past. Look at the mixed use building currently under construction on the Wizer block. It is taller than any other building in our town. We are going to see more of this, not less. I will predict in this post that I do believe the Foothills Development will happen within the next 20 years. It is too well located near downtown LO and has easy access to what will likely become a commuting line into Portland on the current Trolly route. We are going to see lots of changes as we grow. I am not going to complain about it. I am instead going to pay attention to it and give imput when possible.

I’d love to know your thoughts,
Dianne

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Market Activity Oct 3-9, 2016

Here is your market report for real estate activity in Lake Oswego last week. We had 12 new listings, 19 houses go into pending status, and 15 closed transactions. Not quite the gang-buster activity of the spring and summer, but still active and pretty balanced between new listings and houses getting sold.

Following is the breakdown for you according to RMLS:

New on the Market (Oct 3-9, 2016)

Address Type Price BR Baths Sq Ft
1368 Boca Ratan Dr Attached $325,000 2 2 1611
60 Wheatherstone Condo $375,000 3 3 2465
10 Saint Helens Circle Detached $409,900 2 2 1410
29 Becket St Detached $480,000 3 2.5 2354
3520 Lanewood St Detached $579,000 3 2 1850
5750 Washington Ct Detached $599,000 3 2.5 2238
4581 Trillium Woods Attached $615,000 3 2.5 2211
1481 Greentree Circle Detached $628,800 4 3 2878
1838 Oak Knoll Ct Detached $649,000 4 2.5 2557
150 Iron Mountain Blvd Detached $725,000 4 2.5 2868
13554 Southwood Ct Detached $750,000 3 2.5 2912
951 Westpoint Rd Detached $3,865,000 6 4 4144

Pending Sales (Oct 3-9, 2016)

Address Type Price BR Baths Sq Ft CDOM
86 Kingsgate Rd B103 Condo $158,900 2 2 924 149
86 Kingsgate Rd I204 Condo $159,000 2 2 840 24
45 Eagle Crest Dr #211 Condo $189,900 2 2 1046 68
169 Oswego Summit Condo $198,000 2 2 1383 171
131 Oswego Summit Condo $205,000 2 2 1212 24
566 S State St Condo $215,000 1 1 778 2
48 Eagle Crest Dr Condo $265,000 2 2 1443 64
15450 Kimball Ct Detached $449,900 4 2 1544 26
4191 Southshore Blvd Detached $455,000 3 2 1361 12
15 Masaryk St Detached $469,500 4 3 3864 196
1677 Laurel St Detached $489,000 4 3.5 2445 6
654 1st St Condo $689,000 2 2.5 2140 35
16060 White Oaks Dr Detached $799,000 4 3.5 3420 135
4726 Upper Dr Res-Mfg $810,000 3 2 2250 148
878 10th St Detached $879,000 2 2 1900 7
582 9th St Detached $1,100,000 3 3.5 2841 946
548 Ridgeway Rd Detached $1,560,000 4 3 2830 455
1125 Maple St Detached $1,998,000 4 3.5 5481 244
1021 Lake Shore Rd Detached $2,695,000 4 3 3487 941

Sold/Closed (Oct 3-9, 2016)

Address Type List Price Sold Price Sq Ft CDOM
4 Touchstone #140 Condo $185,000 $182,000 1351 10
3928 Carman Dr Condo $239,900 $245,000 1,130 5
221 Cervantes Condo $265,000 $279,500 1,240 14
2 Mountain Circle Attached $299,000 $300,000 1372 32
18851 Pilkington Rd Detached $399,000 $376,000 1679 54
4291 Collins Way Detached $405,000 $425,000 1482 5
16652 Bryant Rd Detached $440,000 $440,000 2411 5
5581 Yorkshire Pl Detached $585,000 $574,300 3,218 69
18183 Westminster Dr Detached $720,000 $713,000 3191 57
17170 Wall St Detached $835,000 $825,000 3446 12
18260 River Edge Ct Detached $949,000 $940,000 4711 164
721 7th St Detached $1,249,000 $1,225,000 4544 42
13060 Knaus Rd Detached $1,595,000 $1,450,000 4353 48
13800 Knaus Rd Detached $1,995,000 $1,995,000 5132 42
1193 Fairway Rd Detached $2,900,000 $2,998,000 7028 987

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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Counter Tops 101

A recent transaction I had got me to thinking about counter tops. This was a really beautiful, high-end home. The kitchen had been recently remodeled and the information given by the seller was that the counters were granite. In the home inspection the home inspector stated that they were acrylic. Who was right? The seller was absolutely certain that they were granite in part because they had cost him about $10,000 for the material alone. I went to Contract Furnishings Mart where a wonderful man, Patrick VonPegert, was of great help to me. I am going to try to do justice to what I learned, but I also want to encourage you to do your own homework as I am not an expert.

thPatrick told me that while granite is the style that is currently the most popular, quartz is actually more commonly purchased. This is because quartz has similar properties to granite and at the lower end of the product cost it is similar in price. But quartz tops out at its maximum expense much lower than does granite. So it tends to be more affordable as a generalization.

I explained to him my delimna with the question of the counter in the home I was selling and I showed him a photo. He felt, looking at the photo, that the counter was likely granite but he then showed me an acrylic sample in his showroom that was virtually identical. I asked about the cost as evidence and I learned that acrylic counters are also expensive and the $10,000 price tag would not be evidence of the material in question. He then taught me two simple tests. The first was the temperature of the surface. Putting my hand on a granite sample and then putting my hand on an acrylic sample there was a huge difference in temprature. The natural stone is significantly colder and the acrylic was more easily compared to room temperature. The other test was dropping a quarter on the surface. The stone had a higher pitched “ting” whereas the acrylic was more of a lower pitched thud. With this new knowledge in hand I met my client at the house and put our hands to the counter (very cold) and dropped a quarter (ting). My clients response was that she loved the kitchen and the look of the counters so she was fine with them in any case.

Here is some more information and my thoughts of various counter materials. I obtained this information from the Popular Mechanics website. Pricing is suggested and subject to change.

th-1Granite
Granite is gorgeous. Materials cut straight from the earth is solid panels, then custom cut to become a seemless counter surface, they are, in a word, stunning. They come in many colors of solids, varigated, and lined. I have seem some surfaces that literally pull you in and leave you transfixed. There is a reason that they are the premium material. Having said this, they do have a down side. They must be properly sealed to prevent staining and then the seal must be re-done as needed. They need to be cleaned with stone cleaner and not with normal household cleaners. I suspect that there are lots of folks who have granite counters who don’t have a clue about the proper maintenance. They are also expensive with the cost being $75-$250 a square foot. I also have to point out two additional concerns that I have. Natural stone is a finite resource. I so hope that granite counters installed today will be still in use 100 years from now. Please, please, don’t fall pray to changing styles. I so hope that they don’t end up in landfills 20 years from now. Last, granite gives off radon. You know, that nasty stuff we test for in home inspections to prevent lung cancer. I did make an effort to find out if the amount of granite in a typical kitchen counter is a concern by asking an environmental specialist. This was years ago. He told me that the granite in the counter would have to be 10 feet thick to give off the amount of radon that hurts people. But I still think if I had a lot of granite in my home I would test for radon (well, I’d do it even if I didn’t have any granite).

Soapstone and Slate
These materials have much of the same look as granite because they too are natural stone. They have fewer color options. Soapstone is porous and must be sealed with mineral oil. Slate is non-porous and is much easier to care for. It won’t stain easily and scratches can be buffed out. Cost runs $100-$150 per square foot.

Acrylic and Polyester
These counters resist stains and scratches and are both renewable and repairable. Scratches and burns can be sanded out. Gouges can be filled. The color choices are basically limitless as are textures and edges. Cost runs $100-$200 per square foot.

th-2Engineered Stone and Quartz Composits
These counters are 90% quartz, glass, or any other materials chosen to be blended, and 10% acrylic. The color options are pretty limitless. Maintenance is reasonable. Cost runs $150-$200 per square foot. I particularly like the counters made with recycled glass. I tend to be pretty environmentally aware and the idea of materials that are both recylcled and beautiful really appeals to me.

Plastic Laminate, otherwise known as Formica
There is a reason that this stuff has been used in homes for so long. It’s super affordable and wears well with little or no maintenace beyond cleaning. It comes in hundreds of colors and options. Cost is $3-$25 per square foot.

Tile
The trend has moved away from tile, which was the counter top king in the 1990’s. This is mostly due to the issue of maintaining seems and grout, which must be cleaned and sealed regualarly. Having said this, tile is still a popular option for back splashes and smaller surface areas like breakfast bars and pantry counters. Be sure you use a tile that is rated for counters. Wall tile is typically more thin and would more easily crack. I do see a lot of tile in new construction that is under $500,000. This is particularly true in homes that have more modern design elements. Tile stylistically fits in with modern lines. As I mentioned, if you go the route of tile, be sure to properly clean and seal the grout regularly. Cost runs $3-$100 per square foot.

Wood
Wood counters are pretty unusaul. It’s more common to see wood sections in counters on areas like cooking islands or next to the stove for food prep. Wood has had a bad reputation as not being sanitary. This was debunked in 1993 by a University of Wisconsin study that showed that bacteria on wood surfaces like cutting boards will be 99% dead within 3 minutes of exposure to the wood. My bigger concern is how well it will wear. It’s a softer surface that will burn, scratch, and suffer water damage pretty easily. To properly care for it, it should be oiled every 4-6 weeks. And it’s not cheap, running $100-$200 a square foot for a well made counter.

Concrete
This is a material that I am seeing more and more of. Going back to the popularity of modern design, concrete fits right in with that trend. It can be done in a variety of colors and does have a look of stone but with more clean lines. A properly made counter will be pre-cast and fully cured and finished off sight. It should be re-inforced with wire mesh or rebar to minimize cracking. I had a home inspector tell me once that all concrete counters crack. I don’t know if this is true or not, but I think if you are considering concrete you need to decide if this will put you off or not. I have seen cracks in concrete counters. I don’t think that they usually destroy the functional use of the counter, although cracks do invite dirt. To my eye the cracks can become part of the design element. But don’t go with concrete if this may drive you nuts. Cost run $85-$100 per square foot.

There you have it, counters 101. I hope you found it helpful. My thanks to Patrick at Contract Furnishings Mart and to Popular Mechanics.
Dianne

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Market Activity Sept 12-18, 2016

I love the change of seasons! All of the color in the trees and the crisp air first thing in the morning. It is really beautiful. Homes show well at this time of year as people anticipate the coming holidays. This encourages real estate activity. So while things have begun to slow down, the market is still extremely active. We had 16 homes come onto the market in Lake Oswego last week as new listings, 29 houses go into pending status, and 12 sales that closed.

Following is the breakdown for you according to RMLS:

New on the Market (Sept 12-18, 2016)

Address Type Price BR Baths Sq Ft
100 Kerr Pkwy #44 Condo $154,500 2 1.5 823
131 Oswego Summit Condo $205,000 2 2 1212
3433 McNary Pkwy #306 Condo $229,900 3 2 1344
5050 Lower Dr Detached $319,000 2 1 1375
4681 Trillium Woods Attached $595,000 3 2.5 2185
37 Hillshire Dr Detached $619,000 4 3 2809
1004 Cumberland Pl Detached $679,000 5 2 3313
5656 La Mesa Ct Detached $729,950 4 3 2748
2060 Ridge Pointe Dr Detached $799,000 5 2.5 4120
286 D Ave Attached $799,900 3 2.5 2302
154 Berwick Rd Detached $825,000 5 3.5 2880
545 Evergreen Rd Detached $829,900 3 3.5 2182
14215 Bridge Ct Detached $910,000 4 2.5 3468
3938 Edens Edge Dr Detached $1,024,999 4 3,5 3882
12819 Alto Park Rd Detached $1,199,900 4 4.5 4102
13648 Goodall Rd Detached $1,795,000 4 4.5+.5 5288

Pending Sales (Sept 12-18, 2016)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #35 Condo $149,900 2 1 932 6
86 Kingsgate Rd E204 Condo $165,000 2 2 938 4
76 Galen St #76 Condo $199,900 2 2 989 6
76 Oswego Summit Condo $199,900 2 2 1212 43
668 McVey Ave #64 Condo $279,900 1 1 636 60
67 Greenridge Ct Attached $355,000 3 2.5 2000 41
15711 Boones Way Detached $499,000 3 2 1973 25
261 Ash St Detached $499,900 3 2 1788 10
17 Laurel St Detached $565,000 3 1.5 3096 88
1920 Park Forest Ave Detached $575,000 3 3 2679 32
19134 Terry Ave Detached $575,000 4 2 2557 7
1590 Larch St Detached $599,000 5 2.5 2836 66
1837 Cedar Ct Detached $629,000 5 3 2625 92
19 El Greco St Detached $649,000 4 3 3030 71
13551 Southwood Ct Detached $699,900 4 2.5 3115 86
3180 Westview Circle Detached $749,000 3 2.5 2787 82
17572 Shephards Ct Detached $859,000 4 3 2983 69
2527 Palisades Crest Dr Detached $895,000 3 2.5 3738 86
13017 Knaus Rd Detached $1,075,000 4 3.5 4690 89
834 6th St Detached $1,099,900 4 2.5 2679 63
683 5th St Attached $1,178,000 4 3 2811 0
14530 Uplands Dr Detached $1,230,000 4 3.5 4080 15
19371 Riverwood Ln Detached $1,300,000 4 4.5 5034 4
462 9th St Detached $1,390,000 5 3.5 4377 27
14365 Twin Fir Rd Detached $1,439,000 4 3.5 4574 110
1814 Highlands Loop Detached $1,700,000 3 4.5 5635 224
333 Northshore Rd Detached $3,597,500 4 4.5 5150 28
1865 Palisades Terrace Dr Detached $6,900,000 4 5.5+.5+.5 8800 723

Sold/Closed (Sept 12-18, 2016)

Address Type List Price Sold Price Sq Ft CDOM
343 5TH St #3 Condo $249,000 $239,000 910 27
1543 Bonniebrae Dr Attached $295,000 $280,000 1,303 22
5060 Foothills Dr #96 Condo $305,000 $305,000 1,252 2
15422 Partridge Dr Detached $500,000 $465,000 1872 17
4050 Virginia Way Detached $524,500 $524,500 1344 1
700 Briarcliff Ln Detached $549,900 $525,000 2132 41
17486 Cardinal Dr Detached $575,000 $550,000 2327 14
49 Hillshire Dr Detached $699,900 $610,000 4,268 48
727 Laurel St Detached $875,000 $775,000 2924 84
5955 Sunbrook Dr Detached $780,000 $780,000 3110 2
13197 Thoma Rd Detached $1,495,000 $1,452,500 3560 348
2575 Summit Dr Detached $2,395,000 $2,250,000 6185 151

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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Appraisal Crisis in Full Blown

photoWe have a crisis happening in the real estate market right now. No, you probably haven’t heard about it in the news, but you certainly may experience it if you are buying or selling a home in the Portland Metro area right now.

Here’s the back story. As robust as the market currently is, it was only a few years ago that we were in a mega recession. The mortgage lending industry tanked and the Federal government did a big over haul of the industry to prevent a similar catastrophe from happening again. In the fix was an effort to separate appraisers from lenders. There was a perception, and in many cases it was completely valid with both mortgage brokers and appraisers serving jail time, that a mortgage broker and an appraiser could falsify values in order to profit. To prevent this from happening appraisers were taken out of the lenders employment and control. All appraisals are now sent to Appraisal Management Companies (AMC). These are 3rd party companies who offer the appraisal request to their group of appraisers. So the lender does not know or have any communication with who will be doing the appraisal. It goes even further. A mortgage loan officer can not communicate with the appraiser at all.

Further challenging getting an appraisal done is the fact that the requirements to become an appraiser have gotten more stringent. Foremost among this is the requirement that an appraiser work as an apprentice under an experienced appraiser for 1-2 years before they are able to obtain full licensing and the ability to work independently. This is a burden for appraisers who are already swamped by their volume of work. It is hard for aspiring appraisers to find a mentor to apprentice with.

During the recession when the housing market slowed to a crawl many appraisers simply left the industry because it was hard to make a decent living.

Fast forward to today. We are in a housing boom. Portland is one of the hottest real estate markets in the entire country. The volume of houses being sold is tremendous, as is the market to refinance existing mortgages to lower interest rates. All of this means that just as the market has heated up, the appraisers needed to meet the demand simply do not exist.

I have been a realtor for almost 30 years. In all but the last year the normal turn around time for an appraisal has been 2-3 weeks. This allowed for an expected escrow period of 30-45 days. This issue with the shortage of appraisers is making the turn around time much, much longer. I think right now it is averaging 3-4 weeks. This in turn is making the escrow period 45-60 days.

This is taking away a major leveraging point for buyers competing to buy homes in this hot market. No longer can a buyer confidently say that they can do a quick close, which most sellers love. The buyer simply does not have the ability to promise a quick close. If a buyer is representing that they can, working as a seller’s agent I would be a bit dubious. I certainly would not discourage the buyer’s effort to do so. But I would counsel my seller client to be prepared mentally for the possibility of the closing being delayed by the appraisal.

A 45-60 day escrow period is actually a best case scenario. There are many, many transactions that are experiencing delays well beyond this. If the property is unusual the appraisal request may languish at an AMC with no appraiser choosing to do it. I have had a transaction where this was the case. The property was in an unusual location that was a mix of residential and commercial use. When an appraiser finally offered to take the assignment we were told it would take 2 months to complete and cost $2200!

I see a couple of things that need to be addressed. First, the shortage of appraisers will, I hope, be attractive to people who want good employment. It would be a great field to go into right now. Second, I predict that the cost of an appraisal will be going up. The old law of supply and demand should kick in. Bear in mind that the cost of an appraisal has been about $500 for decades. An increase in the cost seems likely. I just hope it is only by a few hundred dollars.

This entire issue will all settle out eventually. You can still buy or sell a house, just be aware that this issue is occurring and don’t stress about it.

I want to wish you a safe and fun holiday weekend,
Dianne