Author: Dianne Gregoire

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Remodeling for Resale

RMS_Uptown-Foursquare_kitchen-remodel-backsplash-after_s3x4_lgIt’s spring and we are heading into the season when home owners are taking on home projects. This is a great time of year to clean up the yard, touch up the paint, and perhaps consider doing some remodeling. I thought I’d share some of my thoughts so that not only will your remodeling bring you additional pleasure as you live in your home, but it may also help you when it comes time to sell.

Best bang for the buck
Without question the best return on the investment in remodeling is the front door. Time and again when the National Association of Realtors puts out their annual rate of return on investment, the front door holds the top position. In fact, it is the only area of the home where you can gain more than the cost of the remodel.

Consider a new door if the door you currently have is beat up or out of character to the house. If it’s a nice door that needs new life, consider paint and new hardware. Also, pay attention to the weather stripping and the threshold. Clean it, paint it, repair it.

As a real estate agent, I know the front door makes the first impression. As I take the time to open the lockbox and unlock the door, my client is looking about and deciding what they think. If they like what they see, they enter the house looking to re-enforce that good impression. If they don’t like what they see, they enter the house ready to criticize.

Kitchen and Baths are the King and the Queen
Buyers today want large, functional kitchens and baths, particularly master baths, that meet contemporary needs. Especially when you get up into higher-end homes, buyers have expectations that the kitchen will have plenty of cabinets, lots of counter tops, and perhaps a pantry. The master bath should have a walk-in shower, a bathtub, double sinks, and perhaps a separate water closet for the toilet.

When showing property in the $600,000+ range, if it does not have the sort of kitchen and baths that I am describing, the house just is not going to sell at top value. Buyers are going to look at the cost to purchase and then calculate the cost to remodel. They will base their offer on that total sum. There is an exception to this broad opinion. Houses with unique features such as waterfront, views, or lush lots are exempt from this. However, it is my opinion that for your standard house on your standard lot, there is a $100,000 difference in value when a house has been properly updated.

Keep the remodeling in character to the house
While it is tempting to gut the house and put in 2013 everything, it may just shoot you in the foot. What is in fashion today will be out of fashion tomorrow. If you intend to sell soon, this year or next, you are probably OK going with 2013 everything because it is shiney and new and popular today. But if you are doing remodeling and not intending to sell immediately, please consult a designer and get advice on sticking with classic elements that will not be be based on fads.

There is nothing worse than a 1940’s house with a 1980s update. There is a fine line between remodeling and destroying. If your house has classic elements such as built-ins, moldings, brick, flagstones and fine touches from it’s original construction, those elements will retain value over time. Perhaps those elements can be salvaged and re-used? Be creative. Get good professional advice from designers and architects.

Most bang for the buck #2
Paint and clean, there is nothing cheaper that goes so far. Declutter, sort out closets, have a garage sale or donate that clutter to a good charity. You will find enjoyment in living in your house when it is fresh and clean, and you will have taken a big step towards having it re-sale ready.

This particular post is based upon my personal experience and opinion. I hope you find it helpful. I hope you can get yourself going and enjoy the rewards of taking good care of your home.
Dianne

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Market Activity April 29-May 5, 2013

I’ve got to say that real estate has become fun again. It is so nice to have happy people to work with and all of this gorgeous spring weather. Buyers are happy because prices are good and interest rates are low. Sellers are happy because their homes are selling quickly at and above the list price. All the way around it’s a win/win.

Last week in Lake Oswego there were 19 new listings, 34 pending sales, and 21 closed sales.

Here are further details regarding last week’s Market Activity, according to RMLS:

NEW SALES (Apr 29-May 5, 2013):

Address Type Price BR Bths SF
5225 Jean Rd #401 Condo $169,900 2 2 1080
16250 Pacific Hwy #45 Condo $195,000 2 2 1311
13 Erasmus St Attached $234,900 2 2.5 1256
4260 Southshore Blvd Detached $319,000 2 2 1268
1425 Greentree Circle Detached $339,000 3 2 1809
1407 Greentree Circle Detached $459,000 4 2.5 2201
14360 Uplands Dr Detached $468,000 4 2.5 2943
805 Hemlock St Detached $474,900 4 3 2491
303 Lake Bay Ct Detached $485,000 3 2.5 1560
2188 Overlook Dr Detached $499,900 4 2.5 2618
15964 Parker Rd Detached $549,900 3 2.5 2936
4846 Lower Dr Detached $589,900 5 4 2650
4311 Orchard Way Detached $614,000 3 2.5 2804
4850 Lower Dr Detached $624,900 4 3 2611
17151 Wall St Detached $675,000 5 4 4141
13680 Knaus Rd Detached $799,000 3 2.5 3006
4540 Lamont Way Detached $949,950 4 2.5 3555
2240 Summit Ct Detached $2,595,000 3 3.5 5036
1719 Lake Front Rd Detached $3,399,000 4 5.5 5251

PENDING SALES (Apr 29-May 5, 2013)

Address Type Price BR Baths SF DOM
4 Touchstone #68 Condo $112,500 2 2 984 6
45 Eagle Crest #305 Condo $124,700 2 1.5 1056 44
1127 Cedar St Detached $219,000 1 1 1070 37
16164 Parker Rd Detached $219,900 3 1 1080 282
5333 Tree St Detached $259,500 3 1 1114 2
14854 Twin Fir Rd Detached $297,500 3 2 1287 13
102 Kingsgate Rd Detached $305,000 3 2.5 1727 3
14 Polonius Detached $329,900 4 4 2828 10
13901 Sundeleaf Dr Detached $359,900 4 3 1900 103
1297 Hide A Way Detached $367,500 3 2.5 1832 3
1651 Larch ST Detached $369,900 4 3 2225 3
1257 Hallinan Circle Detached $375,000 4 2.5 2548 2
2510 Park Rd Detached $395,000 3 2.5 1960 0
3554 Tempest Dr Detached $399,000 3 2.5 2279 3
18962 Terry Ave Detached $412,500 4 2 1860 6
17438 Cardinal Dr Detached $420,000 4 2.5 2286 29
22 Othello St Detached $429,900 3 2.5 2168 3
4914 Mulholland Dr Attached $439,900 3 2.5 2500 2
6132 Summer Woods Detached $515,000 4 2.5 2811 3
4007 Bass Ln Detached $517,900 4 3 2701 46
13658 Shireva Dr Detached $549,900 3 3 3502 31
720 Maple St Detached $619,000 3 2.5 3966 483
108 3rd St Detached $625,000 1 1 1017 363
320 Berwick Rd Detached $649,000 3 2 2780 2
17363 Grandview Ct Detached $649,900 3 3.5 4218 89
1579 Bay View Ln Detached $659,698 4 3 4685 133
13554 Peters Rd Detached $709,000 3 3 3036 90
2860 Upper Dr Detached $748,500 4 3.5 3938 101
940 Cumberland Rd Detached $799,000 4 3 3062 71
2371 Palisades Crest Dr Detached $849,000 4 3 4182 2
4245 Westbay Rd Detached $949,000 3 2 1966 9
13728 Knaus Rd Detached $1,025,000 4 3.5+.5 4041 2
1075 Chandler Rd Detached $1,495,000 5 4.5 5710 21
907 Terrace Dr Detached $1,795,000 4 4.5+.5+.5 6919 572

SOLD (Apr 29-May 5, 2013)

Address Type List Price Closed Price Sq Ft CDOM
5831 Seville Ave Detached $185,000 $170,000 1320 126
5053 Foothills Dr H Condo $200,000 $191,200 1252 8
5020 Lakeview Blvd Detached $239,900 $242,900 1192 1
1287 Boca Ratan Dr Condo $275,000 $275,000 1,611 63
12439 Orchard Hill Rd Detached $345,000 $345,000 1513 2
2593 Greentree Rd Detached $359,900 $359,900 2215 7
1621 Larch St Detached $395,000 $362,000 3040 138
29 Partridge Ln Detached $419,000 $397,300 3109 228
5099 Galen St Detached $429,500 $429,500 2246 3
16621 Graef Circle Detached $499,500 $437,500 2170 21
18895 Indian Springs Rd Detached $439,000 $444,000 2860 20
17125 Warren Ct Detached $489,900 $482,750 2705 5
5450 Bay Creek Dr Detached $525,000 $520,000 2386 5
16792 Quail Ct Detached $562,950 $535,500 3050 163
1492 Glenmorrie Dr Detached $569,000 $549,000 4096 174
4767 Dogwood Dr Detached $769,900 $660,000 3964 495
2088 Lilli Ln Detached $675,000 $665,000 4101 16
3300 River Woods Pl Detached $759,000 $755,000 3642 2
4311 Haven St Detached $864,000 $868,000 3816 16
1000 Upper Devon Ln Detached $995,000 $870,000 3535 472
2057 Summit Dr Detached $995,000 $975,000 4589 170

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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Open Houses 5/5/13

There are 19 open houses scheduled this Sunday. It’s supposed to be a gorgeous, sunny day, so perfect for seeing homes. Enjoy!

Address Price Type Beds Baths Open
750 1st ST D24 $165,000 condo 2 2 2 to 4
13 Erasmus $234,900 Attached 2 2.5 2 to 4
19060 Indian Springs Circle $349,900 Detached 3 2 2 to 4
825 Oak St $359,000 Detached 3 2 1 to 3
1297 Hida A Way Ln $367,500 Detached 3 2.5 3 to 5
1651 Larch St $369,900 Detached 4 3 11 to 1
14414 Orchard Springs Rd $379,900 Detached 4 2.5 1 to 4
3554 Tempest Dr $399,000 Detached 3 2.5 1 to 3
18962 Terry Ave $412,500 Detached 4 2 1 to 3
8 Hotspur St $450,000 Detached 3 2.5 1 to 4
805 Hemlock St $474,900 Detached 4 3 12 to 3
6192 Harrington Ave $499,000 Detached 5 3 1 to 3
5555 Fieldstone Ct $589,500 Detached 3 2.5 1 to 3
14350 Meadow Grass St $674,900 Detached 4 3 12 to 3
17450 Brookhurst Dr $749,500 Detached 4 3.5 1 to 3
17600 Upper Cherry Ln $1,190,000 Detached 4 3.5 1 to 3
17152 Cedar Rd $1,197,500 Detached 4 2.5 1 to 3
17458 Cardinal Dr $1,325,000 Detached 4 3.5 1 to 4
112 Northshore Circle $1,600,000 Detached 3 3.5 11 to 4
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Secrets of Lake Oswego’s Famous Flower Baskets

Ever wonder how it’s done? How those baskets get so huge and gorgeous? I am honored to share with you a re-run of a column I wrote 3 years ago. It seems like the perfect week to post this information.

There are several things that Lake Oswego is famous for: the Lake, beautiful homes, great schools, and the glorious flower baskets. The baskets have been hung annually on the main streets of town for many years. They are spectacular with both great size and great color. As someone who loves flowers and working in my garden, I’ve wondered how they do it. What are the secrets that make the LO baskets thrive? They start out pretty and of good size, but by summer’s end they hang about 6 feet down and are a profusion of color that is just amazing. Last Saturday I attended a class put on by the City Park’s and Recreation Department where I learned how they do it. So here it is: the secrets of Lake Oswego’s famous flower baskets.

Start with a 12 inch hanging pot that is nearly as deep as it is wide. The city uses 16 inch pots, but those are much too large for the scale of most homes. 10 inch pots can also be used, but they require watering twice daily, whereas the 12 inch pot can get by on once daily watering. Also recommended is a pot with a straight side. This allows as much soil and water as possible for root development. These instructions are for a 12 inch pot. If you use one that is either larger or smaller, please make your own adjustments.

Fill the pot about half full of soil. The recommended soil is NW Best Soil Potting Mix. This is what is used by the City. It is the choice because it contains “Sirfactin” which allows the walls of soil to expand so water doesn’t run around the planting mix and out the bottom of the container. To this soil, mix in about 1/4 cup of Plant-Tone, a fertilizer to get the plants off to a good start.

Before adding any more soil, remember the planter is only about half full, place 7, 4-inch plant starts. If they are in plastic containers, pull them out. If they are in the kind that are made of compost you can just set them into the planter in the container and the container will decompose as the roots develop. Think about putting a plant that will grow tall in the center such as a geranium. Then place the other 6 plants around the perimeter that will hang as they spread and grow. Think about having a variety of colors and textures. The planters made for the city are designed to be hung in full sun. You can design your own flowers based upon where you intend to hang your planter. Using a 12 inch planter and 4 inch plants you will find that this really packs the pot completely full of plants. The 7th one has to be pretty much squeezed into the planter. This will leave just a few areas between the edges of the plants that need to be filled with dirt. Find those spots and gently fill dirt in around the plants. When you are done the level of the top of the dirt should be about one inch below the rim of the pot. (It’s a good idea when testing the first plant you put into the container to eye-ball the level and see if you need to fill your planter more than half full when you add the initial soil).

Water immediately and really let the water run. The planter needs to be watered DAILY, even on days that have rain. Rain will not be enough to thoroughly saturate the soil. It is not possible to over-water this planter. Yes, you really have to water it every single day. When you water, let the water gently run and then keep the water going. Count to 50, sing a short song, whatever you can do to force yourself to stand at the planter and thoroughly water the planter. Do it every single day and on those days with really extreme heat, do it TWICE.

Once a week fertilize with Proven Winners. This is a fertilizer that is widely sold in the area. You mix it into a big gallon watering can with water and poor it into the planter. It has a balance of fertilizers that is 24-12-17. It contains 15 nutrients, not just nitrogen, phosphorus and potassium, but trace elements as well.

When you hang your planter remember a couple of things. This planter is going to get very large. This means that it will be very heavy so make certain that it is on a hook that will hold the growing weight. Also hang it where it has room to grow. By the end of the season it will hang 4 to 6 feet long. It will be a total show piece in your garden.

If you have questions or need help, or want to buy any and all of the materials listed above, the place to go is The Garden Corner in Tualatin. Located at 21550 SW 108th Ave in Tualatin, this garden center has been the birthplace of the LO hanging baskets for many years. They are proud of their participation in the LO hanging basket program and are happy to be of help to you when you grow a basket of your very own.

I’ve got my basket hanging at my home. I am eager to see just how big it is going to get. Let me know if you do one too. Maybe we can share some photos in September!

Remember, gardening is great therapy for your soul.
Dianne

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Market Activity April 15-21, 2013

There were some interesting things about last week’s market activity that popped out at me. First, condominium sales are picking up pretty aggressively. Several complexes that I have been following have had recent sales SIGNIFICANTLY higher in value than just a year ago. I attribute this to the fact that the foreclosures are sold and actual market value is taking over. The other trend I am noticing is houses that sat on the market, did not sell, were taken off the market a year or two ago, are now being re-listed and selling quickly.

Lake Oswego had 34 new listings last week, 26 pending sales, and 9 closed transactions.

Here are further details regarding last week’s Market Activity, according to RMLS:

NEW SALES (Apr 15-21, 2013):

Address Type Price BR Bths SF
4000 Carman Dr #60 Condo $165,000 2 2 866
4075 Jefferson Pkwy #18 Condo $172,500 2 2.5 1182
16250 Pacific Hwy #64 Condo $225,000 2 2 1305
15472 Brianne Ct Attached $239,000 2 2.5 1208
52 Greenridge Ct Attached $275,000 3 2.5 2524
14854 Twin Fir Rd Detached $297,500 3 2 1287
5686 Washington Ct Detached $310,000 2 2 1342
14 Polonius St Detached $329,900 4 4 2828
5753 Windfield Loop Detached $330,000 3 2 1503
825 Oak St Detached $359,000 3 2 1350
6173 Washington Ct Detached $370,000 2 2 1440
17521 Hill Way Detached $375,000 3 2 2283
821 Evergreen Rd Detached $394,900 2 1 920
1467 Greentree Circle Detached $420,000 3 2 1896
8 Hotspur St Detached $450,000 3 2.5 1954
5570 Kilchurn Ave Detached $649,900 4 2.5 2931
816 9th St Detached $650,000 4 3 3033
2002 Cedar Ct Detached $659,000 3 2 2945
14350 Meadow Grass St Detached $674,900 4 3 3329
13210 Deerfield Detached $679,900 4 2.5 3341
1876 Palisades Lake Ct Detached $694,900 3 2.5 3178
17450 Treetop Way Detached $695,000 4 3 3752
13100 Boones Ferry Rd Detached $695,000 3 2 2370
19201 Maree Ct Detached $749,000 5 2.5 4070
17485 Brookhurst Dr Detached $749,500 4 3.5 4550
13836 Amberwood Circle Detached $769,000 3 2.5 3985
3600 Southshore Blvd Detached $824,900 3 2.5 2117
3012 Rivendell Rd Detached $900,000 5 4.5 4607
760 7th St Detached $969,000 4 4.5 4536
SW Ash St Detached $1,200,000 4 3.5 3600
18325 Crestline Dr Detached $1,275,000 5 4 5784
17485 Cardinal Dr Detached $1,325,000 4 3.5 3406
705 Terrace Dr Detached $1,795,000 4 3.5 3686
2500 Glen Eagles Rd Detached $2,295,000 5 4.5 5565

PENDING SALES (Apr 15-21, 2013)

Address Type Price BR Baths SF DOM
4 Touchstone #152 Condo $135,000 3 2.5 1351 35
206 Oswego Summit Condo $175,000 2 2 1506 71
4417 Thunder Vista Ln Condo $179,000 2 2.5 1455 49
51 Greenridge Ct Attached $205,000 2 2 1348 10
5813 SW Kennycroft Way Detached $222,000 3 1 1182 3
5056 Foothills Dr D Condo $259,000 2 2 1252 47
72 Greenridge Ct Attached $269,000 3 3 1824 7
63 Greenridge Ct Attached $270,000 3 2 1788 1
2256 Glenmorrie Dr Detached $299,500 3 2 1628 87
769 2nd St Detached $310,000 3 1 1200 497
18903 Terry Ave Detached $339,000 3 2 1236 65
1720 Mapleleaf Rd Detached $369,000 3 2 1584 2
497 Livingood Ln Detached $375,000 3 2.5 2144 87
13242 Vermeer Dr Detached $408,000 3 2.5 2100 8
618 5th St Detached $425,000 4 2.5 2320 201
16168 Lake Forest Blvd Detached $449,900 4 3 2276 34
7 Westminster Dr Detached $499,950 5 3 2974 7
1131 Devon Ln Detached $599,900 3 3.5 3179 230
16723 Bonaire Ave Detached $619,500 4 3 2847 6
1921 Glenmorrie Ln Detached $624,000 3 3 2375 116
1579 Bay View Ln Detached $659,698 4 3 4685 117
1222 Glenmorrie Dr Detached $699,999 4 3 2875 49
19371 SW Riverwood Ln Detached $875,600 4 4.5 5048 244
1000 Upper Devon Ln Detached $895,000 4 3.5 3535 472
752 8th St Detached $969,000 4 3.5 4550 495
1075 Chandler Rd Detached $1,495,000 5 4.5 5710 5

SOLD (Apr 15-21, 2013)

Address Type List Price Closed Price Sq Ft CDOM
100 Kerr Pkwy #26 Condo $69,900 $67,000 617 32
18959 Kristi Way Detached $350,000 $350,000 1778 33
2 Sherwood Ct Detached $509,995 $405,000 3306 305
19226 Megan Pl Detached $549,500 $500,000 3,392 264
2830 Park Rd Detached $524,900 $510,000 3115 7
831 Northshore Rd Detached $800,000 $785,000 2113 348
1291 Lake Garden Ct Detached $897,500 $897,500 3254 268
661 6th St Detached $795,000 $927,738 2741 232
399 Furnace St Attached $2,150,000 $1,585,000 3664 379

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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Open Houses 4/21/13

It’s going to be a great day to tour open houses. The forecast is sunshine. Nothing like a beautiful spring day and 34 open houses to go and visit!

Time L/Price Address Bdrms Baths
1pm – 4pm $275,000 52 GREENRIDGE CT 3 2.1
1pm – 3pm $309,900 15205 BOONES WAY 3 2
1pm – 4pm $324,900 18917 REDWING WAY 3 1.1
1pm – 3pm $359,000 825 OAK ST 3 2
1pm – 4pm $359,000 19060 INDIAN SPRINGS CIR 3 2
12pm – 3pm $370,000 6173 WASHINGTON CT 2 2
1pm – 4pm $375,000 17521 HILL WAY 3 2
12pm – 4pm $399,000 4241 CHAPMAN WAY 4 2.1
2pm – 4pm $439,000 219 HIDALGO ST 4 3
1pm – 3pm $479,900 4890 SAGE HEN CIR 4 2.1
1:30pm – 3:30pm $499,950 7 WESTMINSTER DR 5 3
2pm – 4pm $529,900 4910 LOWER DR 3 2.1
2pm – 4pm $559,950 12723 ADRIAN CT 4 3
1pm – 3pm $579,000 4121 HEDGE NETTLE CT 3 2.1
11am – 1pm $599,000 14136 HEATHROW LN 4 2.1
1pm – 3pm $599,900 4137 ORCHARD WAY 5 2.1
1pm – 4pm $600,000 2322 STONEHURST CT 4 2.1
11am – 1pm $659,000 2002 CEDAR CT 3 0.2
2pm – 4pm $659,900 17393 GRANDVIEW CT 4 3.1
1pm – 3pm $674,900 14350 MEADOW GRASS ST 4 3
1pm – 3pm $749,000 19201 MAREE CT 5 2.1
1pm – 3pm $749,500 17485 BROOKHURST DR 4 3.1
1pm – 4pm $819,900 5676 SUNCREEK DR 4 3.1
1pm – 4pm $885,000 17340 CARDINAL DR 4 3
1:30pm – 3:30pm $894,900 1667 VILLAGE PARK LN 5 3.1
12:30pm – 2:45pm $895,000 16805 SCOTT CT 3 3.1
1pm – 3pm $949,888 4912 FIRWOOD RD 4 4
1pm – 3pm $969,000 760 7TH ST 4 4.1
1pm – 3pm $987,000 310 IRON MOUNTAIN BLVD 4 2.2
1pm – 3pm $995,000 615 4TH ST 4 3
1pm – 3pm $1,130,000 2671 GLEN EAGLES RD 3 3
1pm – 3pm $1,175,000 12700 FIELDING RD 3 3
1:30pm – 4pm $1,299,000 18520 DELENKA LN 4 4
11am – 4pm $1,625,000 112 NORTHSHORE CIR 3 3.1
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Home Owner’s Associations 101

Oswego Summit
Oswego Summit
The Terraces
The Terraces

Home Owner’s Associations are extremely common. They occur in condominium developments, townhouse developments, and even neighborhoods of single family homes. Basicly they are a set of rules that are recorded with the title to the property and that transfer when the property is sold. So when you buy a property that has a Home Owners Association, you are not just buying the property, you are also buying membership in the HOA.

Being of a positive nature, I want to start with the good aspects of belong to a HOA (Home Owner’s Associaiotn).

HOAs are ideal for the person who wants someone else to do exterior yardwork and maintenance, who likes the ammenities that often come with the HOA, and also someone who likes the idea that they can close the door, lock it, and go away knowing that the property will be cared for while he or she is gone.

My Mother is a perfect example. She’s in her 80’s and can not physically maintain a house. But she’s still capable and independent, so not ready for assisted living. She lives in a condominium complex here in Lake Oswego. I like the idea that she has neighbors close by who know and care about her. The lady across the hall happens to also be a nurse and she has a key to my Mom’s front door. It is a great comfort to me to know that my Mom has help 6 feet across the hall.

Now the downside to HOAs.

When you buy a property that has an HOA, your home inspection should not just be for the physical dwelling, it should also include the fitness of the HOA. Condition your purchase on reveiw of the Conditions, Covenants and Restrictions, reading the last 2 years notes from HOA meetings, a copy of the financil status of the HOA including review of the long-term reserve studies, a copy of the rules and regualtions, and any and all pertinent information.

The normal thought process when buying into an HOA is that you want to keep the cost down and so tend to be attracted to HOAs that have low monthly fees. This may be incorrect thinking. The HOA is likely responsible for long-term maintenance of some very expensive items such as roofs, decks, and swimming pools. If they are not collecting money to build up a savings account for these expensive items, then the HOA will have to cover these expenses with a special assessment. This is all too common!

In addition, HOAs often have expenses that a single family residence does not. Think about the parking lot through a normal condominium development. It will need to be re-paved, re-striped, and get annual snow and leaf removal.

You want to belong to an HOA with solid financial management that has performed a full study that projects for these future expenses and then collects money in the monthly HOA fees to build up the necessary reserves to meet these expenses.

If a large expense arrises that the HOA does not have money to do, those famous special assessments happen. I am aware of an HOA here in Lake Oswego that had a special assessment about 15 years ago that average $10,000 per unit. That same HOA, just last week, had a meeting of the unit owners and announced that a similar special assessment will be happening this year as well.

Be aware that there are actually insurance policies you can purchase to protect you from special assessments. I have a personal friend who owns such a policy. It costs her $10 per month for coverage up to $10,000. Seems like a good investment that is pretty cheap.

The other concern with HOAs is the possibility of lawsuit. There is a condominium complex here in Lake Oswego that was a 1950’s apartment building that was converted to condos in 2006. Since the conversion the complex has experienced extensive water problems. The HOA is now suing the developer who did the condo conversion. Banks will not lend on units in the complex until the lawsuit is settled. This means that condos can only be sold on private contract or with all cash. This severely limits the pool of capable buyers and is consequently suppressing the re-sale value for those trying to sell now.

The bottom line is that you need to know what you are doing if you want to buy a property that has an HOA. It really is the reason you should be working with a good Realtor.

Have a great day!
Dianne

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Market Activity April 1-7, 2013

Last week we saw 25 New properties entering the market, 12 go to Pending status, and 10 Selling in Lake Oswego.

Here are further details regarding last week’s Market Activity:

NEW SALES (April 1-7, 2013):

Address Type Price BR Bths SF
3930 Lake Grove Ave 3B Condo $136,000 2 1 952
45 Eagle Crest Dr #119 Condo $199,900 3 2 1348
51 Greenridge Ct Attached $205,000 2 2 1348
1127 Cedar St Detached $219,000 1 1 1070
18357 Heather Ann Ct Detached $409,000 3 2 1832
1402 Parrish St Attached $425,000 3 2.5 1862
219 Hidalgo St Detached $439,000 4 3 2980
14221 Dolph Ct Detached $465,000 3 2.5 2100
732 Clara Ct Detached $499,900 4 3.5 2935
4910 Lower Dr Detached $529,900 3 2.5 2151
12723 Adrian Ct Detached $569,950 4 3 3219
13658 Shireva Dr Detached $570,000 3 3 3502
3601 Red Cedar Way Detached $629,000 4 2 2250
5148 Woodcrest Ln Detached $665,000 5 3 3110
471 Country Club Ct Detached $779,000 4 3 2962
1301 Horseshoe Curve Detached $795,000 3 3 2060
5676 Suncreek Dr Detached $819,900 4 3.5 3312
18383 Old River Dr Detached $850,000 4 4.5 4548
878 7th St Detached $889,000 4 3.5 2858
3720 Marquis Ct Detached $919,000 4 2.5+.5 4795
72 Nansen Summit Detached $1,100,000 4 3 4770
2671 Glen Eagles Rd Detached $1,130,000 3 3 2851
17282 Lake Haven Dr Detached $1,195,000 4 2.5 3664
17152 Cedar Rd Detached $1,295,000 4 2.5 3175
13764 Knaus Rd Detached $1,395,000 4 4.5 4805

PENDING SALES (April 1-7, 2013)

Address Type Price BR Baths SF DOM
3906 Carman Dr Condo $176,300 3 2.5 1354 11
1132 Cedar St Detached $199,500 3 1.5 1276 0
5053 Foothills Dr H Condo $200,000 3 2 1252 8
1240 Cedar St Detached $244,900 3 1 1044 2
17438 Cardinal Dr Detached $420,000 4 2.5 2286 5
17433 Schalit Way Detached $436,000 4 2.5 2350 2
1429 Greentree Circle Detached $445,000 4 2.5 2599 298
5624 Southwood Dr Detached $575,000 4 3 3120 6
3480 Upper Dr Detached $749,000 3 2.5 2571 17
3101 Douglas Circle Detached $1,025,000 5 4.5 4430 309
18132 Siena Dr Detached $1,089,000 4 3.5 3565 489
17225 Kelok Rd Detached $1,195,000 4 3.5 4161 474

SOLD (April 1-7, 2013)

Address Type List Price Closed Price Sq Ft CDOM
47 Eagle Crest Dr #13 Condo $89,950 $89,000 932 5
245 Cervantes Condo $110,000 $125,110 1265 10
1547 Boca Ratan Dr Attached $188,950 $175,000 1008 28
10 Summit Ridge Attached $325,000 $325,000 1642 3
4263 Harvey Way Detached $355,000 $339,000 1640 180
12 Abelard St Detached $339,000 $352,000 2344 6
13005 Princeton Ct Detached $413,000 $398,000 2294 141
2618 Palisades Crest Detached $795,000 $733,000 5169 220
786 7th St Detached $859,000 $873,895 2825 84

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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Open Houses 4/7/12

There are 22 houses being held open in Lake Oswego this Sunday. Enjoy!

Address Type Price Bedroom Bath Open
4417 Thunder Vista Ln Attached $192,600 2 2 1 to 3
5056 Foothills Dr D Condo $259,000 2 2 1 to 4
15205 Boones Way Attached $309,900 3 2 3 to 5
14550 Doris Ave Detached $349,900 3 1.5 1 to 3
18357 Heather Ann Ct Detached $409,000 3 2 1 to 3
17433 Schalit Way Detached $436,000 4 2.5 1 to 3
2234 Fernwood Circle Detached $499,900 4 3 1 ro 4
4007 Bass Ln Detached $517,900 4 3 1 to 3
12723 Adrian Ct Detached $569,950 4 3 2 to 4
4121 Hedge Nettle Ct Detached $579,000 3 2.5 1 to 4
1921 Glenmorrie Ln Detached $624,000 3 3 2 to 4
3601 Red Cedar Way Detached $650,000 3 2.5 1 to 4
18460 Ray Ridge Dr Detached $650,000 3 2.5 1 to 3
17393 Grandview Ct Detached $659,900 4 3.5 1 to 3
5501 Rachel Ln Detached $699,000 4 2.5+.5 12 to 3
868 7th St Detached $699,750 4 3 1 ro 3
18383 Old River Dr Detached $850,000 4 4.5 1 ro 3
16805 Scott Ct Detached $892.00 4 3.5 2 to 4
1667 Village Park Ln Detached $899,000 5 3.5 1 to 3
12700 Fielding Rd Detached $1,175,000 3 3 1 to 3
112 Northshore Circle Detached $1,625,000 3 3.5 11 to 4
448 Country Club Rd Detached $1,695,000 4 3.5 2 to 4
Posted on

This is important because We Love LO!

In 1978 the State of Oregon mandated that individual communities develop and maintain a comprehensive plan. This plan becomes a road map for the future. How does the community support growing populations, economic development, and prioritize resources? The last time Lake Oswego updated its comprehensive plan was in 1994. With 16 years since being updated, in 2010 the State of Oregon told the City of Lake Oswego to update the comprehensive plan and gave the City 3 years to do so.

In the last 3 years over 2000 citizens of the community have participated in a lengthy process of meeting, discussing, and giving in-put as to what the vision of Lake Oswego should look like in 2035. This was a very involved process that included the school district, neighborhood associations, business associations, and open public forums. In fact, the City received the National Planning Excellence Award for Communications Initiative from the American Planning Association for this effort.

The comprehensive plan has 7 action areas:

• Healthy Ecosystems
• Community Health and Public Safety
• Connected Community
• Inspiring Places and Spaces
• Economic Vitality
• Complete Neighborhoods and Housing
• Community Culture

These action areas support a wide variety of goals. Much emphasis is placed on livability and there was a strong consensus that walking, biking, and public transportation should be encouraged. Value is placed on high-quality schools, library, and recreational opportunities. Economic diversity is encouraged and the support of local businesses is a goal.

Think about it, the gallery without walls didn’t just happen. It is something we treasure and enjoy because in the past the arts were encouraged and supported in this community.

The final step in the adaption of the comprehensive plan is now occurring. Our mayor and city council will be voting on the adaption of the final version of the comprehensive plan at the City Council meeting on April 16th. I want to encourage you to learn about the plan. The easiest way to do this is by watching this short video.

Next I want to encourage you to contact our Mayor and City Council members to support adaption of the current comprehensive plan as it has been developed by the citizens of our community. To contact our Mayor and members of the City Council click here.

There is always a bit of controversy in public planning. That is true in this instance. There are several members of our city council who are not in favor of the comprehensive plan as it has been developed. I guess it could be attributed to a general dislike of planning in general: the idea that government should be smaller and less involved. There certainly are times when I agree with that perspective. But this plan is a good one. It is a vision for the future of our City that was developed by the citizens of this City. Please encourage the adaptation of the plan as the citizens have designed it over the course of the last 3 years.

We do love our City! This vision for the next 20 years is wonderful! Get involved and please encourage the adaptation of the Comprehensive Plan.
Dianne