Dianne Gregoire – Page 48 – Property Blotter

July 24, 2016July 24, 2016

Featured Neighborhood: Lake Forest

Today 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.

There 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.

There 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

July 22, 2016

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.

June 21, 2016June 21, 2016

Seismic Retrofitting

As 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.

So, 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.

I 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

June 16, 2016

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

May 29, 2016

Let’s Talk Permits

Permits 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

May 27, 2016

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

April 30, 2016

Internet and the Open House

So 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.

Today 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.

Having 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

April 29, 2016

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

April 8, 2016

The Importance of Seller Disclosure

I 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

April 7, 2016

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