Author: Dianne Gregoire

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Market Activity April 18-24, 2016

Looking at how busy the real estate market is right now, I feel blessed for good health and stamina. Whew! What a busy time of year. Our market historically peaks in May and June. So this busy season is just beginning. We are continuing to see a demand that is greater than the supply. Last week in Lake Oswego there were 18 new listings, 33 that went into pending status, and 20 closed sales.

Following is the breakdown for you according to RMLS:

New on Market (Apr 18-24, 2016)

Address Type Price BR Baths Sq Ft
86 Kingsgate Rd C201 Condo $149,900 2 2 938
154 Ridgeway Rd Condo $275,000 3` 1.5 1791
4422 Thunder Vista Ln Condo $288,500 2 2.5 2040
5 Summit Ridge Ct Attached $379,900 2 2.5 1576
5835 Carman Dr Detached $430,000 3 2.5 1650
668 McVey Ave #52 Condo $450,000 3 1.5 992
17927 Belmore Ave Detached $475,000 3 1.5 1488
16809 Cornell St Detached $549,000 3 3.5 2464
4954 Mulholland Dr Attached $589,900 3 2.5 2498
19 Falstaff St Detached $599,000 4 2.5 3207
16064 Waluga Dr Detached $619,900 7 3 2552
5950 Southwood Dr Detached $775,000 3 2.5 2731
737 Country Club Rd Detached $799,900 3 2.5 3242
2247 Sequoia Ct Detached $925,000 3 2.5 3493
588 9th St Detached $1,200,000 3 3.5 3536
3914 Edens Edge Dr Detached $1,425,000 5 5.5+.5 6635
3177 Douglas Circle Detached $1,450,000 5 3.5 4732
4100 Canal Rd Detached $1,499,000 4 3.5 4957
448 Country Club Rd Detached $1,595,000 4 3.5 4873
13750 Knaus Rd Detached $1,695,000 5 4 4773

Pending Sales (Apr 18-24, 2016)

Address Type Price BR Baths Sq Ft CDOM
86 Kingsgate Rd 202A Condo $145,000 2 2 849 14
57 Oswego Summit Condo $164,900 1 1 764 2
4000 Carman Dr #80 Condo $179,900 2 2 1100 3
668 McVey Ave #42 Condo $252,500 2 1 836 120
16250 Pacific Hwy #46 Condo $265,000 2 2 1305 14
210 State St #8 Condo $340,000 2 2.5 1614 57
1400 Parrish St Condo $349,900 3 2.5 1880 60
5998 Shakespeare St Detached $362,900 3 2 1743 13
18630 Kristi Way Detached $399,900 3 2 1743 2
668 McVey Ave #30 Condo $445,000 3 1.5 992 2
826 Cornell St Detached $447,500 2 1 1184 14
5266 Charleton Ct Detached $479,000 3 2 2063 10
16969 Alder Circle Detached $529,000 3 2 1534 61
14450 Hilly Springs Rd Condo $550,000 5 3 2238 19
13852 Shireva Dr Detached $550,000 5 3 2664 74
4623 Hastings Pl Detached $569,900 4 2.5 2151 0
313 3rd St Attached $639,900 3 3.5 19622 11
2 Walking Woods Dr Detached $643,900 4 3 4116 26
3560 Tempest Dr Detached $675,000 4 2.5 2847 5
6 Tanglewood Dr Detached $690,000 3 3.5 3108 6
17018 Summer Pl Detached $699,900 4 2.5 2925 8
4719 Lakeview Blvd Detached $725,000 3 2.5 2923 5
19330 River Run Dr Detached $799,000 4 4 3786 52
884 Cedar St Detached $995,000 4 3.5 3120 57
1224 Tyndall Ct Detached $1,039,000 4 3.5 4157 1
18260 River Edge Ct Detached $1,049,000 4 3.5 4711 56
630 8th St Detached $1,095,000 4 2.5 2832 5
642 Iron Mountain Blvd Detached $1,095,000 3 2.5+.5 4575 369
950 Schukart Ln Detached $1,098,000 4 2.5 3530 29
844 5th St Detached $1,100,000 3 3 2590 19
14365 Fosberg Rd Detached $1,150,000 5 3.5 53343 63
3140 Childs Rd Detached $1,850,000 5 6.5 6692 35
13237 Knaus Rd Detached $1,995,000 4 4.5 4900 44

Sold/Closed(Apr 18-24, 2016)

Address Type List Price Sold Price Sq Ft CDOM
86 Kingsgate Rd H-104 Condo $124,900 $139,000 840 7
50 Oswego Summit Condo $155,000 $175,000 752 1
213 Cervantes Condo $220,000 $220,000 1,216 1
191 Oswego Summit Condo $269,000 $258,000 1506 5
162 4th St Detached $560,000 $554,000 1948 0
808 Ellis Ave Detached $599,000 $635,000 2108 2
17183 Carlson Ct Detached $665,000 $665,000 3366 15
411 Ridgeway Rd Detached $695,000 $676,880 3094 5
6413 McDuff Ct Detached $699,900 $694,500 3091 94
13679 Melrose Pl Detached $699,000 $700,000 4752 0
17743 Marylcreek Dr Detached $780,000 $738,000 3288 52
18217 Delenka Ln Detached $769,900 $742,000 4166 61
480 Iron Mountain Blvd Detached $775,000 $794,250 3067 4
19229 35th Pl Detached $899,500 $900,000 4764 347
408 Northshore Rd Detached $929,900 $940,000 3753 70
17442 Ridgeview Ln Detached $1,295,000 $1,200,000 5036 228
19342 Lorna Ln Detached $1,298,000 $1,285,000 4114 85
1164 Crestline Ct Detached $1,469,000 $1,392,938 6800 58
12838 Alto Park Rd Detached $1,439,000 $1,437,500 4475 145
915 Atwater Rd Detached $1,895,000 $1,72,500 4102 57

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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The Importance of Seller Disclosure

lake-headerI am directing this post to people who are selling a home, but the knowledge is also important to folks who are buying a home. Oregon has very specific disclosure laws that all people selling real estate must abide by. There are a few exceptions, but they are rare.

To put it simply, when selling a house (this includes condos) you must tell what you know if it is material to the property. Material is physical and real. You must tell what you know. At the time that you list your property for sale you will be asked to complete a 5-page disclosure statement. This statement is a series of questions that will prompt your memory about everything from any deed restrictions to physical defects such as a leaking roof or faulty furnace. I advise my clients to leave no question unanswered. Even if it doesn’t apply to your property choose the option “n/a” or write “n/a” in the margin.

The point at which a buyer receives the disclosure statement is when their offer has been accepted. They are excited and eager to learn more about the house. Once they receive the statement they have 5 business days to revoke their offer. I also think of this as a bit of a cooling offer period. If they are going to get cold feet, let it happen early in the process and before the buyer or the seller have invested more time in the sale. So if the fact that the roof once leaked or the attic was once treated for mold is going to freak them out, find out early, let the deal come apart and everyone can move on. Doing it early is so much better than after the seller looses two weeks of market exposure while the buyer does a home inspection and then finds evidence of a past roof leak or of past mold.

So what should you disclose? EVERYTHING! Even if it seems minor. Even if it has been fixed and never happened again. This is your chance to tell what you know. Our disclosure statement has a 6th page for giving explanations. You can add a 7th, 8th, and 9th page. It simply is not possible to tell too much. When the buyer does the inspection, they are going to find evidence of past defects such as water stains or newer sections of plumbing. If nothing was said in the disclosure statement it makes the buyer feel suspicious. “What else didn’t they tell me?’. Where as if you have done a thorough job of disclosing, they buyer will find the evidence and feel like “OH, sure, they told me about that.”

The bottom line is that you have a legal obligation when you sell real property to tell what you know.

There are 4 exceptions:
If the house is brand new construction (in that case the disclosure requirement is replaced by the permit requirements of the local jurisdiction)
If the house is a bank owned property such as a foreclosure
If the sale is being handled by a legal entity such as a trustee, personal representative, conservator, or guardian
If the seller is a government agency

That’s it. Those are the only exceptions. This means that even if you have never lived in the house but have had it as an investment, you must still disclose what you know about the material condition of the property.

What if something is wrong with the property that you don’t know about? You do not have to disclose what you don’t know. You only have to disclose what you do know. So if the buyer does an inspection and finds defects you don’t know about you may end up negotiating to fix those defects but you aren’t at fault for not knowing about them before hand.

Now I’ve got to give my full disclosure. I am not an attorney. Always seek legal council if you feel you don’t understand this or if you have questions. What I am telling you is my advice based upon my experience.

I hope you have found this helpful.
Dianne

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Market Activity March 28-April 3, 2016

OK, it’s official, we are in the full throws of the spring market and the market is HOT! Last week Lake Oswego saw 20 new listings, 31 houses accept offers and go into pending status (13 of those in less than 10 days), and 18 sold/closed transactions. If a house is in desirable condition and priced right, it is selling FAST!

Following is the breakdown for you according to RMLS:

New on the Market (Mar 28-April 3, 2016)

Address Type Price BR Baths Sq Ft
167 Oswego Summit Condo $180,000 2 2 1506
3922 Carman Dr Condo $234,900 2 2.5 1137
3932 Carman Dr Condo $234,900 2 2.5 1133
16748 Lake Forest Blvd Detached $325,000 3 1 1076
17 Britten Ct Attached $359,900 3 2.5 1972
90 Greenridge Ct Attached $368,000 3 2.5 1980
20 Summit Ridge Ct Attached $389,000 2 2.5 1704
5434 Willow Ct Attached $495,000 3 2.5 2423
4 Morningview Pl Attached $499,000 2 2.5 1880
1731 Woodland Terrace Detached $534,900 4 2.5 2714
14450 Holly Springs Rd Detached $575,000 5 3 2238
19505 Olson Ave Detached $748,950 5 2.5 2916
4137 Orchard Way Detached $775,000 5 2.5 3681
844 5th St Detached $1,100,000 3 3 2590
4069 Pfeifer Ct Detached $1,125,000 5 3.5 4332
784 3rd St Detached $1,299,000 5 5 4138
2120 Glenmorrie Dr Detached $1,395,000 4 3.5 4383
7 Garibaldi St Detached $1,400,000 4 3.5 6303
5405 Childs Rd Detached $2,095,000 5 4.5 5702
1210 Chandler Rd Detached $2,799,000 6 6.5+.5 7668

Pending Sales (Mar 28-April 3, 2016)

Address Type Price BR Baths Sq Ft CDOM
96 Galen St Condo $129,000 1 1 550 15
50 Oswego Summit Condo $155,000 1 1 752 1
4 Touchstone Condo $159,900 2 2 984 2
77 Galen Rd Condo $164,900 2 2 993 15
48 Eagle Crest Dr 1C Condo $239,000 2 2 1399 1
191 Oswego Summit Condo $269,000 2 2 1506 5
1225 Cornell St Detached $349,000 3 2 1394 62
5215 Madrona St Detached $389,000 3 2 1305 6
2 Eagle Crest Dr Detached $395,000 3 2 1830 5
1820 Southshore Blvd Detached $450,000 3 2.5 2373 0
1244 Hallinan Circle Detached $465,000 4 3 2485 50
4101 Chapman Way Detached $465,000 3 2.5 1864 142
5674 La Mesa Ct Detached $548,950 3 2 1802 24
5311 Childs Rd Detached $559,000 4 2.5 1766 11
17510 Cardinal Dr Detached $578,500 4 3 2550 36
5124 Lakeview Blvd Detached $579,000 4 3 2932 153
4779 Heritage Ln Detached $585,000 3 2 2121 2
3100 Wembly Park Rd Detached $625,000 3 3 3060 332
2 Walking Woods Detached $649,900 4 3 4116 2
41 Touchstone Detached $675,000 4 3 3092 2
0 Carman Dr Detached $699,000 3 2.5 2751 213
17343 Brookhurst Dr Detached $749,000 4 2.5 3443 11
5632 Grand Oaks Dr Detached $765,000 4 2.5 2898 3
5959 Suncreek Dr Detached $789,960 4 2.5 3315 2
12870 Elk Rock Rd Detached $795,000 4 3 2742 223
4018 Canal Woods Ct Detached $799,900 4 3.5 3600 177
2479 Marylview Ct Detached $810,000 4 3.5 3832 28
1100 Troon Rd Detached $1,200,000 4 2.5+.5 2943 5
2445 Glenmorrie Dr Detached $1,295,000 5 5 5106 196
13050 Knaus Rd Detached $1,699,000 4 3.5 4821 56
13237 Knaus Rd Detached $1,995,000 4 4.5 4900 23

Sold/Closed (Mar 28-April 3, 2016)

Address Type List Price Sold Price Sq Ft CDOM
69 Galen Rd Condo $164,900 $164,900 923 4
5056 Foothills Dr C Condo $273,500 $275,000 1,252 10
6155 McEwan Rd Detached $320,000 $288,000 1,294 108
4305 Silver Ct Attached $339,000 $339,000 1721 7
5365 Greystoke Dr Detached $414,900 $375,000 1541 167
13680 Shireva Dr Detached $459,000 $448,900 1504 120
7 Falstaff St Detached $519,900 $512,500 2740 140
6080 Summer Woods Detached $519,900 $517,450 2326 4
741 Briercliff Ln Detached $519,000 $525,000 2765 39
2 Creekside Terrace Detached $549,900 $540,000 2906 44
17730 Marylbrook Dr Detached $589,900 $570,500 2951 104
5004 Woodcrest Ln Detached $649,900 $650,000 2522 6
5937 Bay Point Dr Detached $789,999 $701,000 3402 143
13613 Provincial Hill Way Detached $1,095,000 $995,000 4327 213
556 7th St Detached $1,219,000 $1,198,000 3911 161
13900 Goodall Rd Detached $1,429,000 $1,350,000 4212 28
1901 Palisades Terrace Detached $3,945,000 $3,400,000 7284 270
3142 Lakeview Blvd Detached $4,350,000 $3,980,000 5554 298

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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Spring Cleaning

Spring is a great time to give your home a good once over. You should do it if you are about to list your house for sale, but you should also do it as a matter of keeping up with maintenance and repair. Being a good steward of your home will maintain and even increase it’s value. So it’s time to roll up your sleeves and get to it!

As you sort, wash, and organize, there is likely going to be a good deal of stuff to dispose of. Oregon is a mecca for recycling and properly disposing of debris, so I thought today would be a good time to go over some basics.

Curb side recycling is amazing. Here in LO you can sort your weekly pick up into garbage, recycling, and yard debris. We have 4 different curb side containers. For yard debris you can put small stuff like grass clippings and leaves and for larger stuff you can put in branches and limbs that are cut into sections. No, you can’t have a tree popping out of the top of the can. It has to be cut up and fit into the can. For recycling you can put out paper, plastic containers that have necks (think containers with twist on tops) and tin cans and clean aluminum. Glass has to be sorted separately and put into its own container.

You can not recycle at the curb plastic bags or molded plastic like the clam shells that vegetables come in. You also can not recycle glass light bulbs or broken dishes.

Yard debris can also be put at the curb in biodegradable bags for an extra pick up charge.

But what to do with the things that can’t be recycled curbside? Here are some answers.

IMG_0894Far West Recycling is right her in Lake Oswego (341 Foothills Rd). They take metal, glass, styrofoam, and elctronics. I have recycled old TVs and computers here for a small donation.

S & H Logging is also local (20200 Stafford Rd) and they take yard debris on a large scale. I’m talking pull every single scrap out of your yard and take it in the back of a flat-bed truck quantity of yard debris. The great thing at S & H is that they also sell landscape supplies like bark dust and compost. So you can take to them what you want to get rid of and bring home what you need.

SouthmetroIMG_0893 is the place to take everything else. Located in Oregon City you can take to them wood waste, garbage, motor oil, paint, appliances, plastics, they pretty much handle it all.

Please, please, please don’t put stuff into landfills that can be recycled. When I travel to other states and see pop cans in the garbage I have a physical reaction to the waste. It is so easy to recycle this stuff. I know not every single citizen of this state is so emphatic, but I do think it is part of our common community. When in Oregon….

Happy house cleaning!
Dianne

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Market Activity March 7-13, 2016

It’s been another great week of the spring market ramping up. Lots of houses are coming onto the market and lots are selling. Last week in Lake Oswego we saw 21 new listings, 21 going into pending status, and 16 closed sales. With spring break happening next week this trend will only continue. By my memory the new listings will peak in June at about 35 new listings per week.
Following is the breakdown for you according to RMLS:

New on the Market (March 7-13, 2016)

Address Type Price BR Baths Sq Ft
86 Kingsgate Rd H 104 Condo $124,900 2 2 840
73 Oswego Summit Condo $179,900 2 2 1212
44 Eagle Crest Dr #28 Condo $199,000 3 2 1085
5995 Shakespeare St Detached $349,500 3 1.5 2590
2500 Greentree Rd Detached $399,900 3 2 1502
1304 Laurel ST Detached $417,500 3 2 1540
1531 Woodland Terrace Detached $448,000 3 2.5 1986
4720 Lower Dr Detached $535,000 4 2 2404
5674 La Mesa Ct Detached $548,950 3 2 1802
6 Becket St Detached $560,000 3 2.5 2843
411 Ridgeway Rd Detached $695,000 3 2.5 3094
877 Cornell St Detached $698,500 3 3 3041
14540 Uplands Dr Detached $750,000 3 2.5 2704
18153 Westminster Dr Detached $789,900 4 2.5 3590
1471 Woodland Terrace Detached $819,000 5 4.5 5362
568 Weidman Ct Detached $819,000 4 3.5 3702
18982 Bryant Rd Detached $865,000 4 3.5 3463
19460 Eastside Rd Detached $981,750 5 4.5 4521
429 6th ST Detached $1,049,000 4 2.5 3205
2543 Palisades Crest Dr Detached $1,150,000 3 2.5+.5 4141
13237 Knaus Rd Detached $1,995,000 4 4.5 4900

Pending Sales (March 7-13, 2016)

Address Type Price BR Baths Sq Ft CDOM
205 Oswego Summit Condo $162,900 2 2 1383 20
69 Galen Rd Condo $164,900 2 1 923 4
4000 Carman Dr #88 Condo $169,000 2 2 836 4
6210 Childs Rd Detached $400,000 3 1.5 1296 209
1680 Pine St Detached $419,000 3 3 2472 5
4251 Woodside Circle Attached $419,000 3 2 2068 18
14352 Sherbrook Pl Detached $439,900 3 2.5 1806 96
1899 Country Club Rd Detached $449,500 4 2 1612 1
135 Del Prado St Detached $520,000 4 2.5 2444 0
51 Tanglewood Dr Detached $550,000 4 2.5 2351 3
2500 Park Rd Detached $569,000 3 2.5 1811 3
808 Ellis Ave Detached $599,000 3 2.5 2108 2
5887 Lower Dr Detached $699,000 3 2.5 2526 61
3620 Wren St Detached $700,000 4 3.5 2845 5
1317 Laurel ST Detached $725,000 3 2.5 2259 81
5876 Ridgetop Ct Detached $819,000 4 2.5 3280 6
17193 Lowerberg Terrace Detached $889,900 4 2.5 2973 6
18945 Bryant Rd Detached $987,000 5 3 4755 133
17540 Ridgeview Ln Detached $1,195,000 4 3.5 4345 33
556 7th ST Detached $1,219,000 5 3.5 3911 161
17442 Ridgeview Ln Detached $1,275,000 4 3.5+.5 5036 228
1164 Crestline Ct Detached $1,469,000 5 5.5 6800 58
13056 Knaus Rd Detached $1,688,000 4 3.5 5244 1

Sold/Closed (March 7-13, 2016)

Address Type List Price Sold Price Sq Ft CDOM
104 Oswego Summit Condo $165,000 $145,000 800 25
67 Oswego Summit Condo $184,900 $180,000 1,212 88
14850 Twin Fir Rd Detached $439,000 $439,900 2,018 2
6286 Harrington Ave Detached $474,950 $450,000 3219 249
1140 Hallinan Detached $479,950 $464,000 1744 55
149 Middlecrest Rd Detached $599,000 $475,000 2302 256
15585 Partridge Dr Detached $620,000 $507,000 2604 182
17568 Erin Ct Detached $619,900 $615,000 3008 10
17927 Ridge Lake Dr Detached $649,000 $621,500 2544 142
547 2nd ST Condo $625,000 $625,000 1529 54
15837 Allison Pl Detached $679,000 $635,000 3534 125
1992 Palisades Terrace Dr Detached $849,900 $825,000 4140 25
5355 Rosalia Way Detached $925,000 $915,000 3764 1
2371 Palisades Crest Dr Detached $1,198,000 $1,185,000 4270 11
18016 Skyland Circle Detached $1,790,000 $1,650,000 6304 240
13599 Knaus Rd Detached $2,148,000 $1,953,000 6874 1013

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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LO’s Fit Spot

fit_spot_1

Something very cool has been built in West Waluga Park. It’s an outdoor gym that is free to use. Equipment is there for all major muscles just like you would find at a place like LA Fitness or 24 Hour Fitness. The difference is that there is no roof or walls to keep out the wind or rain, and it’s free. Take a moment here and think about this. No, there is no roof to keep out the rain, but there is also no roof to block the sun and the fresh air. And did I mention that it’s free?

The first time I used the equipment I was totally exhilarated by the feeling of what a great day to be out side and what a privilege to be able to work out in that environment. I have used the equipment many times. I have never found it so busy that I have to wait for others before I can take my turn. I do a lot of walking so I find myself using the upper body equipment. But I also enjoy the cross country machine and they have this machine that you stand on and swing your torso from side to side. I suspect it’s meant to work the sides of your waist, but I enjoy the movement.

11538977_942599229117261_5599756301123894766_oIf you do decide to give it a go, be sure to read the instructions that are clearly posted on each piece of equipment. As with all exercise, it’s meant to be beneficial and not harmful, but you bear responsibility for doing it right.

West Waluga Park also has a nice paved path around it’s circumference. So if you like the idea of getting in a brisk walk along with the weight training, you can easily do so all in one place. It’s a perfect set up for parents who’s kids want to play and you want to exercise and keep an eye on them.

Yep, I’m a fan of the new fit spot. Located at 15775 Waluga Drive, check it out.
Dianne

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Market Activity Feb 15-21, 2016

Market activity continues to pick up. Last week in Lake Oswego there were 16 new listings, 25 properties that went into pending status with accepted offers, and 16 closed sales. It continues to be a seller’s market with more homes going pending than coming up for sale. Having said this a property still needs to be in a location and condition that the price supports. 3 of the pendings and 2 of the closed sales still took over 200 days.

Following is the breakdown for you according to RMLS:

New on the Market (Feb 15-21, 2016)

Address Type Price BR Baths Sq Ft
205 Oswego Summit Condo $162,900 2 2 1383
4 Touchstone #109 Condo $163,000 2 2 989
1400 Parrish St Condo $349,900 3 2.5 1880
4251 Woodside Circle Attached $419,000 3 2 2068
14584 Rainbow Dr Detached $545,000 4 3 2570
545 Evergreen Rd Detached $550,000 3 2.5 2182
16969 Alder Circle Detached $569,000 3 2 1534
5 Westminster Dr Detached $579,000 5 3 3104
5004 Woodcrest Ln Detached $649,900 3 2.5 2522
17183 Carlson Ct Detached $665,000 4 3.5 3366
4208 Albert Circle Detached $674,900 5 3 2777
2110 Summit Dr Detached $799,900 4 2 2525
14365 Fosberg Rd Detached $1,150,000 5 3.5 5343
14380 Uplands Dr Detached $1,150,000 4 3.5 2996
17600 Upper Cherry Ln Detached $1,299,000 4 3.5 3900
3232 Lakeview Blvd Detached $5,450,000 4 5 7925

Pending Sales (Feb 15-21, 2016)

Address Type Price BR Baths Sq Ft CDOM
4 Touchstone #110 Condo $165,000 2 2 989 28
47 Greenridge Ct Attached $229,900 2 1.5 1176 51
19416 Tualamere Ave Detached $350,000 3 0.5 1296 6
18440 Donlee Way Detached $385,000 3 1 1223 2
5402 Carman Dr Detached $400,000 3 1 1699 214
14352 Sherbrook Pl Detached $439,900 3 2.5 1806 75
1273 Rockinghorse Ln Detached $549,900 3 2.5 2192 154
14489 Camden Ln Detached $550,000 5 2.5 2816 2
2220 Fernwood Circle Detached $558,950 4 2.5 1882 6
17730 Marylbrook Dr Detached $589,900 3 2.5 2951 104
16510 Maple Circle Detached $590,000 5 3 2808 4
16805 Old River Dr Detached $650,000 3 2 1728 2
104 Garibaldi St Detached $699,000 3 2.5 3074 272
6413 McDuff Ct Detached $699,900 3 2.5 3091 94
5937 Bay Point Dr Detached $729,900 4 2.5 3402 143
4867 Upper Detached $789,900 4 3 2845 141
4255 Chad Dr Detached $899,900 4 3.5 3853 7
183 Furnace St Condo $1,000,000 2 2.5 2126 7
3487 Lake Grove Ave Detached $1,095,000 4 3.5 3473 36
1979 Country Club Rd Detached $1,149,000 5 5.5 4115 4
2371 Palisades Crest Dr Detached $1,198,000 4 3 4270 11
19354 Lorna Ln Detached $1,199,000 4 3.5 4169 184
12838 Alto Park Rd Detached $1,439,000 4 3.5 4475 145
18016 Skyland Circle Detached $1,790,000 4 4.5 6304 240
13599 Knaus Rd Detached $2,148,000 5 7 6874 1013

Sold/Closed  (Feb 15-21, 2016)

Address Type List Price Sold Price Sq Ft CDOM
65 Oswego Summit Condo $154,999 $140,000 1140 79
86 Kingsgate Rd F202 Attached $134,900 $146,000 849 3
44 Eagle Crest Dr #1 Condo $150,000 $156,500 908 3
31 Crestfield Ct Condo $184,500 $184,500 995 2
5800 Sevillle Ave Detached $399,000 $309,500 2113 40
19251 Indian Creek Ave Detached $350,000 $341,000 1550 40
59 Greenridge Ct Attached $369,000 $365,000 2004 19
17273 Bryant Rd Detached $395,900 $380,000 1452 251
6105 Shakespeare St Detached $400,000 $400,000 1550 227
4660 Upper Dr Detached $549,000 $489,000 3100 155
736 Evergreen Rd Detached $549,000 $490,000 2172 84
524 Weidman Ct Detached $669,000 $705,000 3450 13
14113 Amberwood Circle Detached $749,000 $717,500 3514 102
717 5th St Detached $1,089,000 $1,075,000 2809 6
1144 Bayberry Rd Detached $1,299,900 $1,250,000 3523 60
667 Iron Mountain Blvd Detached $1,699,000 $1,650,000 4679 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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Market Snap Shot

l-lake-oswego-mansionIn a recent conversation with another Realtor here in Lake Oswego the comment was made “aren’t there any houses in Lake Oswego under a million dollars!”. It got me thinking about the fact that it’s been awhile since I did my affordability comparison with Sellwood in SE Portland. It also got me wondering about all the houses in Lake Oswego that are priced at a million dollars or greater. How many are there and are they selling?

I ran these numbers on February 1st and in 5 days time they will of changed, but it will give all of us a snap shot of current inventory and current activity.

There are currently 124 detached houses for sale. Of those, 56 are priced at a million dollars or greater. That means that million dollar properties make up 45% of the current inventory. I wanted to know how many million dollar homes had sold in the last six months. I decided if I was going to do it with the expensive houses I would also do it with the less expensive houses. Below you will find the results of my research:

Type Value Range # Active # Pending # Sold/6 Months # Month’s Inventory
Detached $100,000-$400,000 6 13 52 3 weeks
$400,001-$600,000 21 26 106 5 weeks
$600,001-$800,000 28 19 77 2 months
$800,001-$1,000,000 14 9 43 2 months
$1,000,001-$1,500,000 28 13 32 5 months
$1,500,001-$2,000,000 13 3 16 5 months
$2,000,001-$3,000,000 7 0 8 5 months
$3,000,001-$5,000,000 4 2 2 12 months
$5,000,001-$20,000,000 3 0 0 unknown
Attached All Price Ranges 6 6 27 5 weeks
Condos All Price Ranges 3 20 103 1 week

So the answer to my question is that while there are a lot of million dollar houses, they are selling quite well. The far right column shows you that based upon how many have sold in the last 6 months, how many months it will take to sell what is currently on the market. The less expensive homes are selling in just weeks.

The real shocker in this, to me, is what has happened to the condos. I have never in 28 years of selling real estate seen the condo inventory so low. In my experience there always seems to be a bit of a glut of condos available. Last summer there were many and some complexes had so much inventory that they just languished on the market. So what happened? Many complexes that were involved in litigation and special assessments have put that behind them and are now more stable and more financially healthy. The foreclosures and shortsales are pretty much gone (there may be a few hold outs yet to appear), but mostly I think it’s because first time home buyers are back in the game. The millenials have had a hard time getting established in good jobs, but it is happening and they are buying homes. If you own a condo in Lake Oswego, it is likely going up in value.

Lake Oswego vs Sellwood
I started doing this comparison between LO and Sellwood (a neighborhood in SE Portland) because I have long felt that thinking of Lake Oswego as a strictly rich community is unfair. I think there are a fairly broad range of households and that you can find affordable housing in Lake Oswego. I used Sellwood for the comparison because it is where I moved from when I came to Lake Oswego 18 years ago. I used to do this comparison about once a year, but I don’t think I’ve done it for quite a long time. So hear it is. My definition is based upon a detached home that is priced at $400,000 or less. In Lake Oswego there are currently 6. In Sellwood there is currently 1. So it continues to hold true that there are more “affordable” houses in Lake Oswego than there are in Sellwood. This has been the case every time I have done this exercise. But the take away is “only 6”?! and “only 1”?! Our property values have gone up so much that I’m not sure I can use the $400,000 price cap any more, in either area.

Most expensive and least expensive
The last part of this review is that I want to give you an idea of the least and most expensive detached house value in Lake Oswego. The least expensive house is offered at $320,000. It was built in 1964 and has 3 bedrooms and 1 bath, and 924 square feet. It’s on a .24 acre lot, needs a lot of updating, and is on a septic system. The most expensive house is offered at $15,000,000. It was built in 2006. It has 5 bedrooms, 6 full baths and 3 half baths. It has an elevator, a media room, a game room, a workout room, and more. It has 13,462 square feet. It sits on .66 of an acre that happens to be lake front along the North shore. It has also been on and off of the market for the past 4 years.

I hope you found this both interesting and helpful. Feel free to call if you have any questions. Linda, Whitney and I are always here to help.
Dianne

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Market Activity Jan 25-31, 2016

We are in February now and I expect these numbers to start climbing. Our market peaks in May and June, but it starts to build in February and March. Doing the market activity report for last week in Lake Oswego, the numbers are still pretty small, particularly the new listings. I know that there are buyers right now that are eager to buy but just haven’t found “the one”. If you are planning to sell this spring, I actually think now is a good time to list because you have such low competition.

Last week in Lake Oswego there were 5 new listings, 18 houses moved to pending status, and 13 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Jan 25-31, 2016)

Address Type Price BR Baths Sq Ft
104 Oswego Summit Condo $165,000 1 1 800
18000 Cardinal Dr Detached $674,900 4 3 2750
51 Hillshire Dr Detached $715,600 3 2.5+.5 4268
2155 Ridgewood Rd Detached $780,000 4 3 3454
17622 Lake Haven Dr Detached $1,149,000 3 2

Pending Sales (Jan 25-31, 2016)

Address Type Price BR Baths Sq Ft CDOM
4 Touchstone #110 Condo $165,000 2 2 989 2
48 Eagle Crest Dr #D2 Condo $174,900 3 2 1623 78
67 Oswego Summit Condo $184,900 2 2 1212 88
48 Eagle Crest Dr Condo $185,700 2 2 1545 90
11 Summit Ridge Ct Attached $349,900 2 2.5 1576 11
8 Summit Ridge Ct Attached $379,900 2 2.5 1642 4
1775 Kilkenny Rd Detached $439,900 4 2 2560 42
741 Briercliff Ln Detached $519,000 4 3 2765 24
7 Falstaff St Detached $519,900 4 2.5 2740 140
1430 Larch St Detached $529,000 3 3 2279 34
16060 Pearcy St Detached $538,000 3 3.5 2101 4
17927 Ridge Lake Dr Detached $629,900 4 2.5 2544 142
1495 Woodland Terrace Detached $649,500 4 2.5 3862 12
41 Touchstone Detached $675,000 4 3 3092 100
5371 Southwood Dr Detached $724,900 3 3 2751 9
18320 River Edge Ln Detached $899,000 4 4 4342 290
3133 Douglas Circle Detached $1,350,000 4 3.5 3981 41
915 Atwater Rd Detached $1,895,000 4 4.5 4102 57

Sold/Closed  (Jan 25-31, 2016)

Address Type List Price Sold Price Sq Ft CDOM
95 Oswego Summit Condo $135,000 $105,000 1116 56
44 Eagle Crest Dr #6 Condo $139,900 $135,000 798 6
45 Eagle Crest Dr #208 Condo $185,000 $182,500 1,046 152
17 Summit Ridge Ct Attached $342,500 $327,500 1558 0
21 Oriole Ln Detached $345,000 $345,000 1473 228
1475 Cherry Crest Dr Detached $409,000 $439,000 1739 2
1651 Larch St Detached $489,900 $505,000 2225 2
6150 Kenny St Detached $599,000 $545,000 2070 150
1330 Pine St Detached $799,900 $770,000 3775 149
18262 Bryant Rd Detached $975,000 $875,000 3428 601
17620 Woodhurst Pl Detached $1,195,000 $975,000 4389 290
3115 Wembley Park Rd Detached $1,035,000 $1,035,000 3616 3
12822 Alto Park Rd Detached $1,299,000 $1,199,000 3426 179

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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Lake Oswego Reads

loreads2016_4
2016 marks the 10th anniversary of the annual Lake Oswego Reads. It’s pretty simple. The idea is that “the city that opens the same book closes it in greater harmony”. I am a pretty avid reader and I think I have read the chosen book at least 8 years of the 10. Great thought is put into the selection as it needs to appeal to a broad population of young and old. It needs to be engaging, but also appropriate for schools. The committee that chooses the books have done a great job.

Chief Joseph, Nez Perce, 1903
Chief Joseph, Nez Perce, 1903
I am particularly excited about this year’s selection as I have been a fan of Timothy Egan for some time. I really like good non-fiction. The first book I read of his was “The Big Burn” about Gifford Pinchot and the formation of the National Parks Service. From there I read “The Worst Hard Times” about the great depression and the dust bowl. Both of these books left me with better knowledge of important events, but also thoughts about how those times were truly dramatic (they made soup out of tumble weeks!). So I was excited that Timothy Egan is the author of this year’s selection “Short Nights of the Shadow Catcher”.

It’s the true story of Edward Curtis, an uneducated man from Seattle with a burning talent for photography and the drive that became his life’s mission, photographing the tribes of the American Indians before their lives were irrivocably changed by modern man. I am about 3/4 of the way through the book and it is a great read. I have so much more appreciation for Indians of the Willamette Valley and the Columbia River Gorge, but also for Indians in Arizona, New Mexico, California, Alaska, really our entire country.

The friends of the Lake Oswego Library are giving away free copies of the book on January 11th, this Monday, at 6:30pm, at the Lake Oswego Library (706 4th St). Then through out the months of January and February are a series of events that range from exhibits of Edward Curtis photography at the Library and LO Heritage House, to sampling of Native American foods, drum circles, and many other events. The highlight, in my opinion, will be the talk that Timothy Egan will be giving on the evening of February 10th at Lake Oswego High School. The event is free, but you do have to obtain your ticket in advance. They will be given out on January 23rd, 11:00-11:30, again at the Lake Oswego Library.

Lake Oswego Reads is one of many reasons I love this town!
Cheers to you and happy reading,
Dianne