Author: Dianne Gregoire

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Market Activity Aug 22-28, 2016

We had a bit of a dip in new listings last week with just 11 properties coming onto the market. That, along with the Labor Day weekend and the start of school, really makes me feel like summer is winding down. Pending sales as well as closed sales held steady with 22 houses going pending and 21 houses closed. Have a safe and happy holiday everyone!

Following is the breakdown for you according to RMLS:

New on the Market (Aug 22-28, 2016)

Address Type Price BR Baths Sq Ft
48 Eagle Crest Dr 2F Condo $279,900 3 2 1673
15711 Boones Way Detached $499,000 3 2 1973
625 10th St Detached $525,000 3 1.5 1128
4660 Wildwood St Detached $545,000 5 2 2412
1031 Oxford Dr Detached $559,900 3 2.5 2564
87 Tanglewood Dr Detached $575,000 4 3.5 2654
9 Spinosa Detached $595,000 2 2.5 2250
32 Wilbur St Condo $635,000 2 2.5 2671
16510 Maple Circle Detached $679,000 4 3 2295
8 Pimlico Terrace Detached $699,900 5 3 3120
4620 Dogwood Dr Detached $972,500 4 2.5 3613

Pending Sales (Aug 22-28, 2016)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #13 Condo $154,900 2 1 932 45
4000 Carman Dr #1 Condo $199,900 2 2 834 34
221 Cervantes Condo $265,000 2 2.5 1240 14
1543 Bonniebrae Dr Attached $287,500 3 1.5 1303 22
16443 Lake Forest Blvd Detached $395,000 3 2 1474 4
1248 Ash St Detached $399,950 2 1 1631 98
4291 Collins Way Detached $405,000 3 2 1482 5
4752 Rembrandt Detached $439,900 3 2.5 1655 3
17335 Ashley Ct Attached $455,000 4 3 2161 113
16287 Bonaire Ave Detached $495,000 4 3 2100 53
1935 Fernwood Dr Detached $495,900 4 3 2100 53
13142 Peters Rd Detached $499,900 4 2.5 2412 17
950 Lake Front Rd Detached $549,900 4 2.5 2112 21
510 Country Club Rd Detached $560,000 4 3 3274 105
5581 Yorkshire Pl Detached $585,000 4 2.5 3218 69
16 Independence Ave Detached $650,000 5 3 3979 65
4279 Albert Circle Detached $685,000 3 2.5 2768 45
5 Cellini Ct Detached $709,900 5 3.5 4659 178
17170 Wall St Detached $835,000 4 3.5 3446 12
1131 Northshore Rd Detached $1,249,000 4 3 3850 374
13197 Thoma Rd Detached $1,495,000 4 3 3560 348
980 Evergreen Rd Detached $2,280,000 4 5.5+.5 5644 90

Sold/Closed(Aug 22-28, 2016)

Address Type List Price Sold Price Sq Ft CDOM
47 Eagle Crest Dr #7 Condo $88,897 $90,000 932 92
366 Cervantes Cir 14C Condo $160,000 $160,000 832 2
3433 McNary Pkwy #304 Condo $205,000 $205,000 1,208 3
4000 Carman Dr #26 Condo $289,000 $210,000 836 3
45 Eagle Crest Dr #509 Condo $299,900 $285,000 1379 264
4341 Woodside Circle Condo $359,000 $360,000 1532 6
18610 Benfield Ave Detached $419,000 $432,100 1407 17
5895 Burma Rd Detached $459,900 $440,000 1,781 43
1710 Yarmouth Cir Detached $495,000 $485,500 1540 52
13379 Thoma Rd Detached $494,900 $526,000 2594 44
4951 Galen St Detached $589,900 $535,000 2543 52
4889 Hampton Ct Detached $543,000 $550,000 2206 4
22 Partridge Ln Detached $569,900 $574,900 3334 101
397 Livingood Ln Detached $590,000 $616,000 2631 2
5519 Bay Creek Dr Detached $784,900 $777,400 3415 14
15468 Boones Way Attached $800,000 $800,000 2432 44
5086 Hastings Ct Detached $849,900 $830,000 3255 18
4378 Albert Circle Detached $862,000 $862,000 3734 0
906 Cedar St Detached $950,000 $950,000 2829 247
1626 Englewood Dr Detached $1,450,000 $1,300,000 5690 14
17210 Cedar Rd Detached $1,875,000 $1,675,000 2813 165

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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2016 Street of Dreams

IMG_1061The Street of Dreams is held somewhere in the metro area each August. Sometimes it is worth the price of admission, and sometimes it is not. This year it is, in spades.

IMG_1070When I go to the Street of Dreams I am looking for very special homes. This is not supposed to be a showcase of average stuff. I am looking for design ideas that are new, fresh, and functional. The sorts of things that we will see here first and that gradually become available in more average new homes. I am also looking for luxury: high-end finishes, exteptional architectural design, and locations that warrant spending millions of dollars on a house.

I am going to admit that last year’s Street of Dreams in Lake Oswego was a bit of a let down. After a hot day touring the houses I felt a big humphhhhh. Several houses were quite grand, but the master closets were small, one house had a 2-car garage, and being in LO, well, the houses were like lots of houses in LO.

IMG_1073This years tour is in an exceptional location across the street from the Oregon Golf Club in West Linn. The lots are all about 2 acres with views of vineyards and Mt Hood. Gorgeous! The price tags are also up there at around $4,000,000. But what you get for this kind of money actually feels like a value in these houses.

First of all, there are no 2-car garages here. Each houses has at least 3 car garages and several have 4. The size of the homes is 7000+ square feet with space for families, guests, and yes, perhaps an au pair or servant.

My favorite house is the Delcetto. I love this house! Built by Elite Development, 2 women builders, it is fresh and new in so many ways. The windows look to all be custom made to resemble an industrial look like you would find an a loft in Manhattan. Yet the decor is also elegant and somewhat reflective of French Country. As you enter you cross a water feature over a small bridge. As you go through the house you get to revisit the water feature when you discover it ends in a water fall outside of a basement window that would otherwise be nothing but dirt and bushes. So surprising and so pretty! This is the kind of stuff I want to find at the Street of Dreams.

IMG_1071Here are some of my take aways that I think we will see come to more average new construction:

Fixtures and finishes for things like hinges and knobs are still primariy chrome and brushed nickel. I had heard that this was going away to be replaced by brushed brass, but it is not yet at the Street of Dreams, so the change is a ways away.

IMG_1075TVs and monitors are everywhere. That’s not particularly new, except that they are being incorporated into things like bathroom mirrors. Very cool.

Kitchen counter electrical outlets that pop up and then push down to be hidden away. Simple, probably not super expensive, practical, I think this one will make its way into many homes.

Water features and swimming pools are big. Several homes had full on swimming pools. The one I liked was a pool that was about the size of a big (and I mean big) hot tub. But it wasn’t hot. It was next to a lounging deck and clearly designed for cooling off with seating all of the way around so that a family or group of friends could sit in it together on a hot day. And, of course, there is the house with what they are calling a “moat” all of the way around. It’s about 12″ wide and does go around the house. It screamed to me “clog me with leaves and invite thirsty racoons”.

IMG_1068My last comment is about the most beautiful kitchen I have ever seen. The cooking island is literally so big that it included plenty of space for food prep, a breakfast bar, and a full on bench seating/table area. It sounds over the top, but the lines of the counter and cabinets, along with the large space of the room made it feel refined and elegant.

Did I mention the wine celler with a glass ceiling that you can look down into from the hallway above? This is the stuff that dreams really are made of.

So this year I say “Go”! It’s worth the price of admission.
Dianne

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Market Activity Aug 1-7, 2016

We are having a rather perfect summer here in LO. Temperatures have been mostly mild, staying in the 70’s and 80’s, the free summer concert series is in full swing, and the boats are lined up on gorgeous summer evenings at the dock at Stickmen’s. Gotta enjoy every moment, including the real estate activity. Last week LO had 17 new listings, 15 houses go to pending status, and 20 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (August 1-7, 2016)

Address Type Price BR Baths Sq Ft
100 Kerr Parkway #51 Condo $149,950 1 1 617
75 Galen St Condo $184,500 2 2 993
217 Cervantes Condo $219,000 2 1.5 1204
1543 Bonniebrae Attached $295,000 3 1.5 1303
4341 Woodside Circle Condo $359,000 3 2 1532
98 Greenridge Ct Attached $365,000 3 2.5 2000
4323 Lakeview Blvd Detached $499,000 4 2 1483
2395 Greentree Rd Detached $539,000 4 2.5 2832
950 Lake Front Rd Detached $549,000 4 2.5 2112
5051 W Sunset Dr Attached $550,000 2 2.5 1734
17821 Sundown Ct Detached $625,000 4 2.5 3368
10 Buckingham Terrace Detached $719,900 4 3 3428
19233 Indian Springs Rd Detached $789,000 4 4.5 3485
5435 Westfield Ct Detached $790,000 4 3 2796
1555 Country Commons Detached $1,399,000 3 2.5 4191
610 4th St Detached $1,600,000 3 2.5 3394
17979 Crestline Dr Detached $2,050,000 4 3 5905

Pending Sales (August 1-7, 2016)

Address Type Price BR Baths Sq Ft CDOM
44 Eagle Crest Dr #38 Condo $166,000 1 1 798 3
4314 Botticelli St Condo $334,950 3 3.5 2098 7
3765 Lanewood St Detached $395,000 3 2 1482 3
18851 Pilkington Rd Detached $399,000 3 2 1679 5
4231 Woodside Circle Condo $405,000 3 2 1943 22
16652 Bryant Rd Detached $440,000 2 2 2411 5
532 2nd St Condo $465,000 2 2.5 1395 14
534 2nd St Condo $469,000 2 2.5 1394 62
700 Briarcliff Ln Detached $529,900 3 3 2132 41
4962 Harvard Ct Detached $535,000 4 2.5 2522 42
17486 Cardinal Dr Detached $575,000 5 3 2327 14
18121 Pioneer Ct Detached $648,000 4 2.5 2310 41
49 Hillshire Dr Detached $672,500 4 2.5+.5 4268 48
15985 Bonaire Ave Detached $835,000 3 2.5 2910 0
151 Berwick Rd Detached $999,500 4 3 4387 37

Sold/Closed (August 1-7, 2016)

Address Type List Price Sold Price Sq Ft CDOM
42 Cervantes Circle Condo $155,000 $157,000 912 5
3940 Carman Dr Condo $229,900 $229,900 1,132 13
24 Condolea Dr Condo $275,000 $303,000 1,448 5
2255 Greentree Rd Detached $450,000 $412,500 2309 14
1190 Oak Terrace Detached $460,000 $420,000 1534 11
1160 Oak Terrace Detached $450,000 $420,000 1654 7
17470 Hill Way Detached $398,000 $430,000 1561 4
17312 Chapin Way Detached $559,000 $591,000 1,854 5
12870 Elk Rock Rd Detached $950,000 $785,000 2742 310
2023 Ridgewood Rd Detached $878,000 $820,000 4340 115
5321 Carman Grove Ln Detached $800,000 $824,000 2824 0
17981 Meadowlark Ln Detached $825,000 $835,000 3250 4
4069 Pfeifer Ct Detached $1,125,000 $860,000 4332 102
4688 Chelsea Ln Detached $915,000 $885,000 3549 34
610 Atwater Rd Detached $995,000 $992,000 2969 35
784 3rd St Detached $1,249,000 $1,200,000 4138 72
4431 West Bay Rd Detached $1,695,000 $1,375,000 3098 367
2707 Southshore Blvd Detached $1,449,000 $1,400,000 3122 47
711 7th St Detached $1,549,000 $1,425,000 3097 2
1455 Lake Front Rd Detached $3,200,000 $2,600,000 6145 1085

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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Featured Neighborhood: Lake Forest

IMG_1034Today I want to introduce you to the neighborhood in Lake Oswego where I live, Lake Forest. There are 25 specific neighborhoods in Lake Oswego, each with unique aspects and, for some, a neighborhood association.

Lake Forest is bound on the North by Kruse Way, on the South by Boones Ferry Rd, on the West by I-5, and on the East by Carman Dr and East Waluga Park (approximately). For many years most of the neighborhood was in unincorporated Clackamas County. Some of it still is. I would say the single most distinctive characteristic are the large stands of towering Douglas Fir trees. Because some of it is unincorporated Clackamas County, many of the homes are still on septic systems. The lots on septic are not sub-dividable. Lake Oswego requires that if a septic system fails that is within 300 feet of the city sewer system, then the house has to connect to the sewer. This is gradually happening. Over time it is likely that all of this area will be brought into the city. It is a slow and gradual process that will take many years. In the mean time the large trees and large lots are a feature of the area.

fit_spot_1There is one park in the Lake Forest neighborhood, West Waluga Park. This park features a covered picnic area, a play ground for kids, a library book return drop box, and a fit spot workout station.

The area is super convenient to I-5 and Hwy 217. It is also extremely walkable with Albertson’s and Zupans only about 1-2 miles from even the farthest reaches of the neighborhood. Then there are the many Starbucks. Not exaggerating, there are 6 Starbucks within a mile of my house.

IMG_1035There are currently 15 houses for sale in the Lake Forest neighborhood. The least expensive is a 1258 square foot home that was built in 1970 and is listed for $475,000. It has 3 bedrooms, 2 full baths, and sits on .58 of an acre. The most expensive is a brand new house that is currently under construction and listed for $875,000. When finished it will have 2824 square feet with 3 bedrooms and 3 baths.

I actually consider the Lake Forest neighborhood to be one of the more affordable parts of Lake Oswego.

Personally, I love living in the area. I really like the convenience, but I also like the mix of housing. Older more modest homes are mixed in with new construction and more luxurious homes. Then you add in the flock of Peacocks that live on Bonaire and, well, it’s what I call home.
Dianne

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Market Activity July 11-17, 2016

There is been lots of media coverage of late talking about our house prices and how they are climbing quickly. That is holding true throughout the Portland area and Lake Oswego is no exception. It is summer and the real estate market is hot. We are continuing to see high demand and the good news is that the new listings continue to happen. Last week LO had 30 new listings, 27 houses go into pending status, and 21 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (July 11-7, 2016)

Address Type Price BR Baths Sq Ft
54 Galen St Condo $248,000 2 2 995
48 Eagle Crest Dr 1B Condo $269,000 3 2 1538
668 McVey Ave #64 Condo $279,900 1 1 636
12824 Boones Ferry Rd Attached $298,000 2 2.5 1398
2 Mountain Circle Attached $299,000 2 1.5 1372
16250 Pacific Hwy #76 Condo $299,900 3 2 1767
19377 Sycamore Ave Detached $360,000 3 1 1008
67 Greenridge Ct Attached $369,000 3 2.5 2004
4231 Woodside Circle Condo $405,000 3 2 1943
17311 Mandi Ln Detached $429,000 3 2.5 1935
1160 Oak Terrace Detached $450,000 3 2 1654
16041 Waluga Dr Detached $454,900 4 2 1982
1190 Oak Terrace Detached $460,000 4 2 1654
15422 Partridge Dr Detached $500,000 4 2.5 1872
4950 Centerwood St Detached $523,500 3 2 1871
19235 Redwing Ct Detached $549,900 4 2 2084
14588 Wilmot Way Detached $558,000 5 3 2238
3845 Tempest Dr Detached $574,000 4 2.5 2000
350 6th St Detached $589,900 4 2 2304
6126 Frost Ln Detached $639,000 5 3 2493
2981 Vale Ct Detached $739,900 5 2.5 3516
16980 Maple Circle Detached $839,000 4 2 2500
5844 Bay Point Dr Detached $869,000 3 2.5 3375
18025 Sarah Hill Ln Detached $899,900 4 3.5 3442
1049 Northshore Pl Detached $939,900 3 4 2274
16827 Scott Ct Detached $1,000,000 4 3.5 4179
17432 Kelok Rd Detached $1,025,000 3 2.5 2884
876 9th St Detached $1,099,900 4 2.5 2699
834 6th St Detached $1,099,900 4 2.5 2679
3155 Upper Dr Detached $1,100,000 4 3 2950

Pending Sales (July 11-17,, 2016)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #7 Condo $88,897 2 1 932 92
47 Eagle Crest Dr Condo $159,900 3 1 1024 3
172 Oswego Summit Condo $166,200 2 2 1383 0
4000 Carman Dr #71 Condo $189,900 2 2 834 2
750 1st St #A12 Condo $279,900 2 2 1350 30
1652 Bonniebrae Dr Attached $279,900 4 1.5 1303 11
40 Weatherstone Condo $385,000 3 2.5 1692 37
4974 Suntree Ln Attached $409,950 2 2.5 1652 53
4841 Dawn St Detached $425,000 3 2 1550 6
653 3rd St Detached $549,000 3 2 1270 95
16921 Kara Ln Detached $569,000 3 2.5 2382 31
22 Partridge Ln Detached $569,900 4 2.5 3334 101
300 4th St Attached $600,000 2 2.5 1731 0
18521 Waxwing Circle Detached $600,000 3 2.5 2936 63
1002 Hemlock St Detached $624,900 3 2.5 1950 4
12140 Orchard Hill Way Detached $644,000 4 2.5 3169 8
5086 Hastings Ct Detached $825,000 4 2.5 3255 18
13607 Melrose Pl Detached $869,500 4 3.5 3892 25
1520 Eastview Ct Detached $889,000 4 4 3750 29
906 Cedar St Detached $950,000 4 3.5 2829 247
610 Atwater Rd Detached $995,000 3 2.5 2969 35
3600 Wembley Park Rd Detached $1,100,000 4 3.5 3633 1
14599 Doris Ave Detached $1,143,000 5 3.5 3903 0
356 9th St Detached $1,280,000 3 3.5 3647 101
2575 Summit Dr Detached $2,395,000 4 4.5+.5 6185 151

Sold/Closed (July 11-17,, 2016)

Address Type List Price Sold Price Sq Ft CDOM
44 Eagle Crest Dr Condo $159,900 $158,000 908 57
342 Cervantes Circle Condo $185,000 $185,000 1,104 33
309 Cervantes Circle Condo $229,900 $229,900 1,209 9
4322 Silver Ct Condo $339,900 $350,000 1996 13
5295 Oakridge Rd Detached $394,900 $405,000 1182 6
13278 Vermeer Dr Detached $469,900 $520,000 1856 8
2302 Overlook Dr Detached $579,000 $546,700 3125 334
4231 Sunset Dr Detached $599,000 $550,000 2,272 18
4571 Oakridge Rd Attached $560,000 $560,000 2092 4
32 Spinosa Detached $549,500 $570,000 2542 8
32 Morningview Circle Detached $599,900 $587,500 2783 69
4252 Albert Circle Detached $689,000 $590,000 2964 28
1469 Greentree Circle Detached $599,900 $610,000 1808 5
4070 Westbay Rd Detached $659,000 $629,000 1828 105
839 Country Commons Ln Detached $710,000 $660,000 3089 0
29 Del Prado St Detached $650,000 $682,500 3037 6
1623 Glenmorrie Dr Detached $850,000 $850,000 5677 23
3788 Southshore Blvd Detached $915,000 $881,500 3224 17
16686 Maple Circle Detached $1,195,000 $1,095,000 3311 290
3555 Lake Grove Ave Detached $1,199,000 $1,100,000 3324 83
1617 Lake Front Rd Detached $3,250,000 $3,000,000 4619 6

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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Seismic Retrofitting

Is-Your-Home-Ready-for-an-Earthquake-Free-Eval-and-Estimate_2As part of my continuing education I attended a class this morning put on by Zach Smith of Earthquake Tech and Gemmell Construction. Living on the West coast earthquakes are something most of us are aware of. The large quakes in California are recent enough to be remembered by most of us. The 2011 quake and Tsunami in Japan directly affected our coast line (and still does with garbage washing ashore), but for the most part it seems far away and not directly important to our lives. That changed with the publication of a New Yorker article on July 20, 2015 (“The Really Big One” by Kathryn Schulz). It brought front and center the issue that the Pacific Northwest is grossly under prepared for a major earthquake.

Some back ground is needed here. There have been 41 significant quakes (we are talking huge, like 9.0) that have happened in the Cascadia Subduction Zone off of the Oregon Coast in the last 10,000 years. The major fault in this zone is the San Juan de Fuca plate which runs from Northern California to Vancouver Island. The average occurance is every 243 years. The last quake was 9.0 on January 26, 1700. So we are now 316 years into a 243 year cycle. Of course these quakes don’t occur on a specific time schedule. This is an average. Some quakes have been many hundreds of years apart and some less than a hundred. When the next quake will occur is a complete unknown. What is known is that it will happen, we just don’t know when.

koso300So, we know it will come, but what should we do about it? There are some really basic steps that are promoted as earthquake preparedness:
* Seismically retrofit your house if it is older than about 1980. If it was built since 1980 you should still have it examined to see if there is anything more that you can do. Retrofitting should include strapping your house to it’s foundation, strapping the water heater to brace it against a secure part of the house, brace your chimney, at a minimum put a shut-off wrench next to your gas meter, or better yet, install an automatic shut off valve that will engage as soon as it detects that the house is moving.
* Get earthquake insurance. Earthquake damage is not covered in standard home insurance policies. It is a rider to the policy and must be purchased separately.
* Have a supply of water that will last for enough time to provide 1 gallon of water per day for each person in the house. Different experts suggest different times to expect utilities to be down, a few days or a few weeks, store what you can manage.
* Have a supply of non-perishable food
* Have earthquake preparedness kits in your home, your car, and your office. Don’t forget supplies for your pets.

Juan.de_.Fuca_1I think the big question is how much does it cost to retrofit a house. I was surprised this morning to learn that on average it runs $2000-$8000 for homes built from the turn of the Century to the 1970’s. The cost is dependent upon how big the house is and the condition of the foundation. If the house has a bad foundation (Zach referred to brick foundations a “standing rubble”) then the cost goes up significantly in the range of $50,000-$200,000. I felt encouraged that the average house can be done for under 10K.

I was extremely impressed with Zach’s presentation this morning. If your home is within the metro area he will come and give you an estimate at no charge. For information on Earthquake Tech click here.

I also want to give a shout out to Jay Kushner of Seismic Technologies. I have been referring clients to Jay for years. He is knowledgeable and a tremendous resource for assessment of the seismic preparedness of homes. For his information click here.

Let’s hope we never have The Big One happens in our life times, but let’s also be aware and pro-active so that if it does, we have the best chances possible for our homes and for our families.
Dianne

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Market Activity June 6-12, 2016

A slight slow down appears to have developed. I am often asked when our most active real estate market happens and it has held true for many years that it is May and June. For the last two years I think it has shifted to April and May. This does not mean that our market is now slow, not at all. It will remain strong and active through the summer with lots of houses coming on the market and lots of houses selling. I just think that we Oregonians do live in anticipation of our sunny season and are motivated to make a house move and then have the summer to play.

Last week Lake Oswego saw 22 new listings, 17 houses go into pending status, and 14 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (June 6-12, 2016)

Address Type Price BR Baths Sq Ft
20 Crestfield Ct Condo $175,000 2 1.5 923
309 Cervantes Cir Condo $229,900 2 2 1209
1400 Bonniebrae Dr Condo $259,000 2 1 864
12 El Greco St Detached $399,900 3 2 1533
14854 Twin Fir Rd Detached $415,000 3 2 1287
5055 Dawn St Detached $450,000 4 2.5 2699
18927 Indian Creek Ave Detached $475,000 3 2 2394
1454 S Glenmorrie Detached $550,000 4 2.5 3372
16921 Kara Ln Detached $569,000 3 2.5 2382
320 Durham St #2 Condo $569,500 3 2.5 1876
775 Boca Ratan Dr Detached $569,900 4 3.5 2727
14102 Kimberly Cir Detached $799,900 4 3.5 3103
2886 Upper DR Detached $849,000 4 3 2498
4550 Dogwood Dr Detached $899,000 3 3 3074
15468 Boones Way Attached $899,900 4 2.5 2425
2801 Lakeview Blvd Detached $949,000 3 4 3051
610 Atwater Rd Detached $995,000 3 2.5 2969
1300 Andrews Rd Detached $1,290,000 5 3 4810
1626 Englewood DR Detached $1,450,000 4 2.5+.5 5690
13705 Knaus Rd Detached $1,995,000 4 3.5 5251
13600 Goodall Rd Detached $2,295,000 6 6.5 6612
12901 Goodall Rd Detached $2,395,000 4 4.5 5333

Pending Sales (June 6-12, 2016)

Address Type Price BR Baths Sq Ft CDOM
18225 SW 65th Ave Detached $225,500 3 1.5 1701 7
2 St Helens Cir Detached $374,000 3 2 1464 6
15465 SW Tanager Dr Detached $445,000 2 2 1535 2
17534 Cardinal Dr Detached $479,900 4 3 2300 5
17763 Mardee Ave Detached $519,000 5 3 2300 3
1730 Yarmouth Cir Detached $519,000 2 2 1770 15
4571 Oakridge Rd Attached $560,000 3 2.5 2092 4
1161 Upper Devon Ln Detached $574,995 4 2.5 2265 28
1641 Ash St Detached $575,000 4 3 2764 5
4252 Albert Cir Detached $625,000 4 2.5 2964 28
17935 Lake Haven Dr Detached $635,000 5 3.5 3500 39
17821 Hillside Way Detached $699,900 4 3.5 3480 2
2331 Dellwood Dr Detached $715,000 3 3 2746 4
17981 Meadowlark Ln Detached $825,000 3 2.5 3250 4
4069 Pfeifer Ct Detached $898,000 5 3.5 4332 71
784 3rd St Detached $1,249,000 5 5 4138 72
1644 Lake Front Rd Detached $1,249,000 4 4 3866 119

Sold/Closed (June 6-12, 2016)

Address Type List Price Sold Price Sq Ft CDOM
4 Touchstone Condo $159,900 $162,500 984 2
668 McVey Ave #42 Condo $260,000 $247,000 836 120
1454 Glenmorrie Dr Detached $400,000 $360,000 3,372 237
2280 Fernwood Cir Detached $449,950 $510,000 2129 6
3312 Sabina Ct Detached $549,900 $536,500 1665 39
16525 Glenwood Ct Detached $559,900 $626,150 2166 2
839 E Ave Detached $649,000 $637,000 1722 5
17018 Summer Pl Detached $699,900 $69,000 2,925 8
14435 Uplands Dr Detached $965,000 $908,890 4822 126
1224 Tyndall Ct Detached $1,039,000 $1,039,000 4157 1
642 Iron Mountain Blvd Detached $1,295,000 $1,072,500 4575 369
588 9th St Detached $1,200,000 $1,180,000 3536 3
13237 Knaus Rd Detached $1,995,000 $1,965,000 4900 44
17849 Upper Cherry Ln Detached $2,898,000 $2,800,000 8731 10

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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Let’s Talk Permits

LakePermits are a subject that comes up fairly often in my business. Buyers want to know if work on a house was permitted, and sellers want to know if they need to take out a permit. I am not an expert on the permitting process, when they are and are not needed, nor the exact specifics of permits, but I can tell you what I have seen and learned in 28 years of doing this.

Question #1, was the work permitted? Public records are pretty easy to research, both on line and with a personal visit to the local planning department. When you are buying a home and you have this sort of a question, do some research and find out. The owner of the home may have knowledge and they are specifically asked this question on the property disclosure statement. So the seller may know. But it’s also possible that work done pre-dates this owner’s knowledge of the home. So if they have no clue, you should still do your own research.

Should you buy a house where work was not permitted? That depends. How extensive was the work? Were structural changes made or was the electric or plumbing involved? If these were a part of the remodel then you should care if it was permitted. A good home inspector can tell you their opinion of how the work was done. It is also possible that a bank appraiser could find the house suspicious and ask for evidence of permitting, but that is not likely unless it is a total nightmare. What it will more likely come down to is do you accept the fact that work was not permitted and do you still want the property enough to buy it anyway.

I would caution you that it could have an impact on a home owner insurance claim. If the defective remodeling is the source of a house fire, I think it could be possible that it could become a claim issue.

Question #2, do you need to get a permit? I think it varies from jurisdiction to jurisdiction. So what Lake Oswego requires may not be the same as what West Linn requires. I go back to what I stated above. If it is structural, or involves plumbing or electricals, yes, you probably need a permit. I also think it is better to error on the side of caution. I am aware of a very nice home near Lake Oswego High School that had a beautiful bedroom suite addition put onto the house and none of it was permitted. That seller had so much trouble with sales falling through because of this that they took the house off of the market and went back to obtain permits before putting the house back on the market again with the problem solved. So permitting will, in my opinion, make selling your home easier and likely for a higher price.

Now I’m going to share two specific examples of permitting that should have been done and was not.

I sold a house years ago that had a shed built onto the back of the garage. It had a concrete foundation and a composition roof, but no plumbing and no electric. The home owner had built it without permits. We simply disclosed the lack of permits and the house sold easily with no impact on the price. But this was a really low-impact addition that pretty much was for housing a lawn mower. Just not a big deal.

I have also sold a house that had an entire apartment built into what had previously been a tall crawls space of a house on a hillside. This apartment had a separate entry, a full kitchen, and a full bathroom. It was done with zero permits. I contacted the permitting department of the city the house was located in, West Linn, and came clean with a planner. He told me that the city is aware that people do this and that the city did not have the resources to go after people when this happens. The way that the home owner and I handled this is that we did not give any value to the apartment when we priced the house. We then did full disclosure to the buyer who bought it. It was clearly explained in the seller’s property disclosure statement. We were able to find a buyer who accepted this and the house sold with no issues. So lack of permits did not prevent the sale of a house, but it did have an impact on the value because the house was sold without including the value that the apartment would have had if it had been permitted.

So that’s my take on permits. Please let me know if you have any questions,
Dianne

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Market Activity May 16-22, 2016

What a wonderful time of year! Houses really shine in the late spring with yards in their full, lush glory and the days growing longer and warmer. All of this corresponds with the busiest season of the real estate year. Last week in LO was really balanced between homes coming onto the market and homes selling. We had 20 new listings, 22 houses go in to pending status, and 17 closed/sold homes. I also want to restate what Linda said last week. Please notice that every price point is covered here: less expensive and more affordable homes right up to million dollar estates. LO has it all!
Following is the breakdown for you according to RMLS:

New on the Market (May 16-22, 2016)

Address Type Price BR Baths Sq Ft
74 Galen St Condo $159,000 2 2 995
31 Oswego Summit Condo $174,000 1 1 721
668 McVey Ave #50 Condo $380,000 1 1 636
4300 Silver Ct Condo $399,900 3 3.5 2246
1248 Ash St Detached $425,000 2 1 1631
5895 Burma Rd Detached $459,900 4 2.5 1781
13278 Vermeer Dr Detached $469,900 3 2.5 1856
4199 Fruitwood Ct Detached $525,000 3 2 2230
32 Spinosa Detached $549,500 4 3.5 2542
14466 Holly Springs Rd Detached $550,000 5 3 2238
4188 Cobb Way Detached $575,000 6 3 2577
17 Laurel St Detached $625,000 3 1.5 3096
24 Northview Ct Attached $630,000 3 3.5 2938
17658 Brookhurst Dr Detached $750,000 3 3 4226
1287 Bickner St Detached $825,000 4 3.5 2665
12716 Elk Rock Rd Detached $995,000 3 2.5 4015
2125 Ridge Pointe Dr Detached $995,000 3 3.5 3489
15501 Diamond Head Rd Detached $1,095,000 3 3 2353
17900 Sarah Hill Ln Detached $1,390,000 4 3 4186
1617 Lake Front Rd Detached $3,250,000 4 4.5 4610

Pending Sales (May 16-22, 2016)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #17 Condo $129,900 2 1 932 6
48 Eagle Crest Dr 3E Condo $157,900 2 2 1545 201
86 Kingsgate Rd B103 Condo $158,900 2 2 924 3
44 Eagle Crest Dr Condo $159,900 2 1 908 20
241 Cervantes Condo $264,900 2 2 1384 0
11 Britten Ct Attached $296,500 2 2 1318 3
90 Greenridge Ct Attached $358,000 3 2.5 1980 54
5835 Carman Dr Detached $399,900 3 2.5 1340 29
17614 Schalit Way Detached $425,000 3 2 1569 1
67 Condolea Terr Condo $437,900 3 3 2373 5
26 Northview Ct Attached $525,000 2 3 2095 15
18978 Indian Springs Rd Detached $529,900 4 3 2860 6
1430 Woodland Terr Detached $579,000 5 3 2904 8
1400 Horseshoe Curve Detached $679,000 3 2.5 2248 6
2331 Prestwick Rd Detached $825,000 5 3 2613 0
1920 Glenmorrie Dr Detached $849,000 3 3.5 4370 18
4688 Chelsea Ln Detached $889,900 4 2.5 3549 34
4120 Canal Rd Detached $950,000 4 3.5 4104 221
1692 Village Park Ln Detached $975,000 4 3.5 3581 12
301 Iron Mountain Blvd Detached $1,095,000 4 3.5+.5 2946 16
12812 Alto Park Rd Detached $1,314,000 4 3.5 4040 14
711 7th St Detached $1,549,000 3 2.5+.5 3097 2

Sold/Closed (May 16-22, 2016)

Address Type List Price Sold Price Sq Ft CDOM
47 Eagle Crest Dr #11 Condo $159,900 $148,000 932 12
4 Touchstone #82 Condo $170,000 $170,000 135 0
57 Oswego Summit Condo $164,000 $180,000 764 2
16681 Lake Forest Blvd Detached $300,000 $306,000 936 3
5 Summit Ridge Ct Attached $379,900 $385,000 1576 8
4725 Jean Rd Detached $385,700 $388,200 1433 65
1820 Southshore Blvd Detached $450,000 $440,000 22373 0
6330 Shakespeare St Detached $479,900 $460,000 1,792 31
5674 La Mesa Ct Detached $548,950 $540,000 1802 24
676 9th St Detached $549,900 $560,000 1888 1
4779 Heritage Ln Detached $585,000 $592,000 2121 2
5887 Langford Ln Detached $629,950 $630,000 2724 8
3472 Tempest Dr Detached $675,000 $659,000 3146 28
1145 Timberline Dr Detached $1,065,000 $875,000 4564 213
16461 Chapin Way Detached $875,000 $900,000 4012 6
2543 Palisades Crest Dr Detached $1,150,000 $1,075,000 4141 32
17509 Ridgeview Ln Detached $1,250,000 $1,200,000 3810 8

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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Internet and the Open House

Ridge 030So many things about marketing a home for sale have changed due to the Internet. One of those things is the importance of an open house.

For years there was a disconnect between open houses and marketing in general. Sure, back in the day a Realtor would put an ad in the newspaper to advertise an open house. People would come in with the homes section in hand and red ink circled around the houses that they were touring that day. Then along came the Internet but there was not an open house connection. That changed about 5 years ago and today it is a huge driving force in the early marketing of a property.

Ridge 006Ridge 003Today the RMLS allows a Realtor to post their open houses directly into the data. This is then picked up widely across the Internet with sights like Zillow and Redfin.

Add to that today’s fast market. The new listings are a huge draw for prospective buyers. They are on the Internet as never before watching for their dream house.

A well planned marketing strategy is to list a house toward the end of the week, Thursday or Friday, plan open houses all weekend on the first weekend, and then wait for the hordes of buyers to come on thru. I have done this twice this spring and in both cases it worked beautifully.

So, yes, open houses are an important marketing tool: now more than ever.

Ridge 020Having shared this, please come and see me today. I am holding open a new listing in our neighboring community of West Linn. 2759 Ridge Lane was built in 2010. It is a gorgeous Renaissance built home with all of the goodies Renaissance is known for: huge gourmet kitchen, substantial wood work with extra trim and cabinetry, a master suite that is substantial with custom walk-in shower, garden tub, double sinks and a big walk-in closet. There are 4 bedrooms + a bonus room. There is a 3 car garage that is tandem on one side. There is a big, flat fenced yard with a covered patio. It’s a lot for $629,900. In Lake Oswego this house would be $900,000. Please come on by. I will be holding it open today and tomorrow from noon to 3pm.
Dianne