Author: Dianne Gregoire

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Market Activity Oct 8-14, 2012

Last week in Lake Oswego there were 14 new listings, 17 pending sales, and 7 closed sales.

See below for further details on last week’s Market Activity:

NEWLY LISTED (Oct 8-14, 2012)

Address Type Price BR Bths SF
43 Crestfield CT #43 Condo $63,900 2 1 921
47 Eagle Crest Dr C31 Condo $108,768 2 1 1009
16909 Tracy Ave Detached $325,000 4 2 1499
209 Hidalgo St Detached $359,900 4 2.5 2609
5675 Childs Rd Detached $369,900 2 2.5 1644
2550 Greentree Rd Detached $404,900 4 3 2852
4890 Sage Hen Circle Detached $499,900 4 2.5 2832
4567 Hastings Pl Detached $549,000 3 2.5 2107
2770 Wembley Park Rd Detached $615,000 5 3 3375
1799 Atherton Dr Detached $699,900 5 5.5 6280
5405 Childs Rd Detached $1,180,000 4 3.5 4000
800 Terrace Dr Detached $1,349,000 5 4.5 5070
15508 Diamond Head Rd Detached $1,595,000 3 4 3715
179 Furnace St Condo $1,995,000 3 3.5 4784

PENDING SALES (Oct 8-14, 2012 2012)

Address Type Price BR Baths SF DOM
64 Touchstone Detached Auction 3 2.5 4197 92
225 Cervantes Condo $120,000 2 1.5 1216 131
167 Oswego Summit Condo $147,000 2 2 1506 15
5225 Jean Rd #313 Condo $159,900 2 2 1200 10
18055 Central Ave Detached $191,565 2 1 1202 10
16311 Inverurie Rd Detached $199,000 3 2 1525 20
5195 Firwood Rd Detached $206,000 3 2 1886 158
16910 Tracy Ave Detached $249,900 3 2 1176 18
4765 Firwood Rd Detached $289,900 3 2 1728 51
18863 Indian Springs Rd Detached $292,500 4 3 1976 147
1800 Kilkenny Dr Detached $329,900 5 2.5 4361 132
12510 SW 27th Pl Detached $339,000 4 3 2484 168
18238 Terry Ave Detached $359,000 3 2.5 1570 2
663 Carrera Ln Detached $397,000 3 2 2197 68
18529 Deerbrush Ave Detached $439,000 4 2.5 2461 14
940 Upper Devon Ln Detached $549,000 4 3 4464 133
16791 Sylvan Ct Detached $699,000 5 3.5 5153 7

SOLD (Oct 8-14, 2012)

Address Type List Price Closed Price BR Baths CDOM
5225 Jean Rd #504 Condo $150;,900 $150,900 2 2 14
4968 Oakridge Rd Detached $195,000 $175,000 3 1.5 34
16774 Graef Circle Detached $260,000 $262,000 2 $2 $51
17022 Crestview Dr Detached $524,900 $500,000 4 3 31
2035 Ridge Pointe Dr Detached $635,000 $635,000 3 2.5 805
533 Widman Ct Detached $769,000 $700,000 4 3.5 66
2890 Glen Eagles Rd Detached $1,495,000 $1,450,000 4 3.5 17

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 for Oct. 14th

Get out your galoshes and go see some open houses! It’s supposed to be rainy, after 3 straight months of little or no rain, so be sure to also drive carefully.

Address Type Price BR Baths Open
16758 Graef Circle Detached $259,000 3 1 1 to 3
16909 Tracy Ave Detached $325,000 4 2 1 to 3
1454 Glenmorrie Dr Detached $425,000 4 2.5 1 to 3
16439 Lexington Ct Detached $439,000 2 2 1 to 4
18096 Pilkington Rd Detached $625,000 3 2.5 1 to 3
2479 Palisades Crest Dr Detached $664,500 5 3.5 2 to 4
1131 Devon Ln Detached $679,900 3 3.5 1 to 3
16633 Woodsman Ct Detached $699,900 4 4 2 to 4
1985 Country Club Rd Detached $699,999 5 4 2 to 5
2300 Childs Rd Detached $750,000 4 2 1 ro 4
655 7th St Detached $819,000 3 2.5 1 to 3
112 Northshore Circle Detached $1,600,000 4 3.5 11 to 4
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Contesting Your Property Taxes

You know that fall is in the air when the leaves are turning color and your tax bill is about to arrive in the mail. So it seems appropriate that I share some information that may be of help with your tax bill.

Some History
The tax year in Oregon runs from July 1 to June 30. Taxes are due on November 15. So when you pay your property taxes you are paying back to July 1 and ahead to June 30. That in and of itself is confusing because it doesn’t correspond to the calendar year.

Coming out of the recession weary 1980’s, Oregon’s real estate boomed. We had year-over-year property value growth. With no caps on tax assessment, people would receive their property tax bill in October and find the tax amount due had increased 10-20%. This was a huge burden and an unexpected expense that had to be paid. It lead to a series of ballot measures put before the people of Oregon to address this problem. In 1996, ballot measure 47 was passed.

Ballot measure 47 restricted the annual rate of tax increase to not more than 3%, plus any bond measures that were voted on and approved by the community. The exception to this is significant remodeling that changes the property.

The sale of a house does not trigger a new assessment. The tax rate remains on the property when it is transferred to a new owner, and is subject to the same 3% annual limit.

Move forward from 1996 and property values changed significantly. We had years of appreciation in property values that were in the double digits year after year. Real market values increased at a rate significantly greater than 3%.

When you get your property tax bill, you will see two valuations. One is what the county tax assessor thinks your real market value currently is (what your house would sell for today). And one is the current value that your tax bill is assessed at. As long as the market value is greater than the assessed value, your taxes will go up. The increase limit is 3%. This is why your tax assessment goes up even though you know your property value has gone down. This will continue to happen as long as your market value is higher than your assessed value.

If you think your assessed value is higher than your market value, there is a process you can go through to appeal your taxation and potentially reduce your property taxes.

Contesting your property taxes
To appeal your property tax bill, you need to submit a petition to the Clackamas County Board of Property Tax Appeals between October 25th and December 31st. This window of time is the only time an appeal can be made. If you don’t do it on time, you have to wait until next year.

Once you have submitted your petition, you will be given the opportunity to appear before the appeals board sometime starting in February, but not later than April 15th. At your hearing you will have 15 minutes to present your evidence. Evidence can consist of the following:

A professional appraisal
Your testimony and testimony of witnesses you bring with you
Physical evidence such as photos, maps, graphs, and documents
The paperwork from your recent purchase of the property
Recent sales of comparable properties

At the hearing you need to be prepared and concise. The Board will attempt to make a decision at the hearing, and a written decision will be mailed to you in about 3 weeks.

My story
I attended a class on the tax appeal process last winter. The class was taught by a man who had served on the Appeals Board. He brought up a case as illustration of the process. It happened to be a condominium where my 82 year old mother currently lives. The condominium complex, in Lake Oswego, had been an apartment conversion in 2007. The entire complex was remodeled. With beautiful units, right on the Willamette River, the condos sold on the high-end of the condo market. Well, we know what has happened since then. Those condos have lost more in value than the average home. One of the unit owners successfully contested their taxes and reduced them. A discussion took place, which was now shared with the people in the class I was attending, that perhaps the tax assessor should reduce the taxation throughout the complex (benefiting perhaps 100 home owners or more). The decision? No. Each unit owner would have to bear the burden of individually contesting their taxes.

Needless to say, I am going to be working with my Mom to appeal her taxes this year.

Would you like to appeal your taxes? Click here to get started.

If you would like me to run some comparable sales for you, I am happy to help. Disclaimer: I am not an expert on the appeals process and I will not do the appeal for you. But I can at least point you in the right direction. Drop me an e-mail at jdgregoire@earthlink.net and tell me about your house. I will run a quick property search for comparable sales in your neighborhood and send them back to you. This will help you to know if you should do an appeal or not. And you can use the comparables at your hearing if you decide to pursue the process.

Wish me luck with helping my Mom. I’ll let you know next spring if we are successful.
Dianne

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Market Activity Sept 24-30, 2012

Last week in Lake Oswego there were 11 new listings, 10 pending sales, and 20 closed sales.

See below for further details on last week’s Market Activity:

NEWLY LISTED (Sept 24-30, 2012)

Address Type Price BR Bths SF
167 Oswego Summit Condo $147,000 2 2 1506
18055 Central Ave Detached $191,565 2 1 1202
16910 Tracy Ave Detached $249,900 3 2 1176
3545 Upper Dr Detached $344,500 3 2 1350
980 C Ave Detached $425,000 3 2 1312
18529 Deerbrush Detached $439,000 4 2.5 2461
17721 Overlook Circle Detached $449,900 4 2.5 3172
618 5th St Detached $475,000 4 2.5 2320
2491 Overlook Dr Detached $609,900 5 3 3250
2070 WembleyPark Rd Detached $998,000 5 4.5 4935
720 6th St Detached $1,000,000 4 3.5 4318

PENDING SALES (Sept 24-30,2012 2012)

Address Type Price BR Baths SF DOM
1512 Hemlock St Detached $274,900 3 2.5 3168 2
18 Abelard St Detached $338,000 4 2.5 2101 52
13455 Auburn Ct Attached $360,000 3 2.5 1892 9
475 Country Club Ct Detached $419,000 3 2.5 1705 150
890 C Ave Detached $470,000 4 2 2596 15
14722 Uplands Dr Detached $575,000 3 2 2344 107
17680 Blue Heron Dr Detached $750,000 4 3 3070 85
1033 Northshore Rd Detached $765,000 3 2 2976 146
1809 Headlee Ln Detached $850,000 3 2.5 3836 1108
3178 Douglas Circle Detached $1,150,000 5 4.5 5531 4

SOLD (Sept 24-30,2012)

Address Type List Price Closed Price BR Baths CDOM
69 Oswego Summit Condo $83,000 $83,000 1 1 0
285 Cervantes Condo $145,000 $130,000 3 1.5 125
5851 Burma Rd Detached $249,888 $229,000 4 2 38
113 Touchstone Ter Attached $289,000 $237,500 2 2.5 327
15393 Diamond Head Rd Detached $550,000 $275,000 4 2.5 788
2325 Park Rd Detached $284,950 $275,000 3 2 0
4104 Lakeview Blvd Detached $300,000 $306,000 4 2 10
15 Saint Helens Circle Detached $317,900 $314,900 3 2 78
13828 Regency Ct Detached $319,900 $319,900 4 2.5 227
3715 Upper Dr Detached $339,000 $334,000 3 2.5 16
14710 Davis Ln Attached $375,000 $335,000 2 2.5 87
14359 Orchard Springs Rd Detached $374,900 $340,000 4 2.5 190
4965 Mulholland Dr Attached $429,900 $415,000 2 2.5 8
2322 Knaus Rd Detached $419,900 $419,900 4 2 0
2 Buckingham Dr Detached $519,000 $500,000 4 3 27
13161 Twin Creek Ct Detached $574,900 $530,000 4 2.5 476
629 Iron Mountain Blvd Detached $625,000 $575,000 3 2 160
18283 Lothlorien Way Detached $609,900 $590,000 4 3 22
3030 Childs Rd Detached $825,000 $742,500 5 4.5 20
16672 Fir Ln Detached $979,000 $905,000 4 4.5 67

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 9/30/12

Fall is in the air. Get out and enjoy the changing colors and these 20 open houses. Enjoy!

Address Type Price BR Baths Open
4231 Woodside Circle Attached $289,500 3 2 2 to 4
15144 Boones Way Detached $319,900 4 3.5 1 to 3
4150 Upper Dr Detached $329,000 2 1.5 1 to 3
1501 Koawood Dr Detached $395,000 4 3 1 to 3
1454 Glenmorrie Dr Detached $425,000 4 2.5 1 to 3
16439 Lexington Ct Detached $449,000 2 2 1 to 4
1429 Greentree Circle Detached $459,500 4 2.5 12 to 2
530 Boca Ratan Dr Detached $469,000 4 3 2 to4
31 Touchstone Detached $479,000 5 3 1 to 3
16734 Mellon St Detached $523,950 4 2.5 12 to 3
5530 Dunmire Dr Detached $529,900 5 3 1 to 4
16746 Mellon St Detached $548,850 3 2.5 12 to 3
4994 Hartford Pl Detached $569,000 5 2.5 12 to 2
12994 Sierra Vista Dr Detached $599,500 6 3.5 12:30 to 3:30
18096 Pilkington Rd Detached $625,000 3 2.5 1 to 3
13366 Boones Ferry Ln Detached $649,950 4 2.5 1 to 4
588 9th St Detached $795,000 4 2.5 1 to 3
8 Dover Way Detached $975,000 6 4.5+.5 1 to 3
310 Iron Mountain Blvd Detached $1,295,000 4 3.5+.5 `1 to 3
112 Northshore Circle Detached $1,575,000 4 3.5 11 to 4
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Moving On from Foreclosure or Shortsale

I had the pleasure of attending a continuing education class this past week where the subject was qualifying to buy a house after foreclosure or shortsale. The class was put on by WFG National Title and the guest speaker was Mitch Carpenter, a home mortgage consultant with Wells Fargo. Also in attendance was one of Wells Fargo’s loan underwriters.

Foreclosures and shortsales have been a huge part of our real estate market for several years now. These people who have lost their homes in distressed circumstances are going to get past the hard times, hopefully. In the future they may want to become home owners again. Just how will the foreclosure or shortsale affect their ability to buy a house in the future?

First, a disclaimer. What I am sharing here are some simple guidelines that I got out of a class. Be aware that each circumstance is unique and different underwriters and different lenders may, well, see things differently. This is intended to be general information. If you are in this circumstance, please consult your own lender.

Also, if you are facing foreclosure or shortsale, please seek legal council. What I am sharing here should not be used by you as advice. There are consequences to foreclosure and shortsale that I am not going to go into in this narrative. You need better advice and good legal council that I am simply not providing here.

Extenuating Circumstances vs Financial Mismanagement

When someone who has been through foreclosure or shortsale goes to apply for a new mortgage, the underwriter is going to want to determine if the foreclosure or shortsale was a result of extenuating circumstances or financial mismanagement. Extenuating circumstances are conditions that were out of their control. This may have been failure of a company, illness, or other financial difficulties that were beyond the control of the borrower. It will have been a one-time event that is unlikely to occur again. Financial mismanagement is a pattern of poor choices. Does the borrowers credit history show slow and late payments before the foreclosure or shortsale and also afterwards? This pattern means that the potential for future problems may exist. These two types of distress will determine what a buyer needs to do before they can become a homeowner again.

Foreclosure

If the foreclosure happened under extenuating circumstances:
* Borrow must provide a written narrative explaining the circumstances as well as written documentation and why it will not occur again.
* A minimum 620 credit score
* Purchase needs to be a primary residence and the borrower needs at least 10% down payment
* A credit report that shows borrower has reestablished an acceptable credit history.
* 3 years have passed since the foreclosure

If the foreclosure happened because of financial mismanagement:
* Minimum credit score of 680
* Purchase needs to be a primary residence and the borrower needs 10% down, minimum
* 7 years have passed since the foreclosure

Shortsale

Under extenuating circumstances:
* It has been 2 years since the completion date of the shortsale
* Property can be primary residence, second home, or investment
* No minimum credit score, but good credit will certainly be a factor

Due to financial mismanagement:
* It has been at least 4 years since the completion date of the shortsale
* Property can be primary residence, 2nd home, or investment
* Minimum 680 credit score

New FHA or VA Loans

Both FHA and VA are more lenient than conventional.

FHA will consider a borrow who has been through a foreclosure after 3 years and no further documentation is needed. If the borrower can show it was under extenuating circumstances and good credit has been re-established, they will consider approving a new loan before 3 years.

VA will consider a borrower who has been through a foreclosure after 2 years. If the foreclosure was under extenuating circumstances a new VA loan will be considered after just one year. In both cases the borrower must have re-established good credit.

Of note:
If the foreclosure or shortsale properties were either a VA or an FHA loan, a new VA or FHA loan will NEVER be approved until the the debt is paid in full.

It feels good to be thinking about moving beyond the down turn in the real estate market. There are a lot of people out there who have lost their homes. It has been terrible. Is there a light at the end of the tunnel? I hope so. And for those who moved out into the light, you can rebuild your credit, you can become a home owner again. I recommend connecting up with a good mortgage loan officer and start working with them now for that purchase in the future. A good loan officer will spend time to help you years in advance of your eventual purchase.

Call if you have questions. As always, Linda and I are here to help.
Dianne

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Market Activity Sept. 10-16, 2012

Last week in Lake Oswego there were 17 homes that came onto the market, 21 that went pending, and 9 closed sales.

See below for further details on last week’s Market Activity:

NEWLY LISTED (Sept 10-16, 2012)

Address Type Price BR Bths SF
18409 Benfield Ave Detached $250,000 3 1.5 1400
446 5th St Condo $279,900 2 1.5 1092
106 Kingsgate Rd Detached $299,900 3 2.5 1669
4150 Upper Dr Detached $329,000 2 1.5 1738
4968 SW Suntree Ln Attached $330,000 2 2.5 1680
36 Aquinas St Detached $339,999 3 2 1606
13 Saint Hellens Cir Detached $345,000 3 2.5 2022
13455 Auburn Ct Attached $360,000 3 2.5 1892
1674 Fircrest Dr Detached $379,000 4 2 1998
1501 Koawood Dr Detached $395,000 4 3 2993
890 C Ave Detached $470,000 4 2 2596
6 Da Vinci St Detached $479,900 4 2.5 3378
353 3rd St Attached $485,000 2 2.5+.5 2044
444 10th St Detached $595,000 4 2 1876
290 Iron Mountain Blvd Detached $595,000 1 1 1432
1465 Morning Sky Ct Detached $899,500 5 3.5 4678
1560 Country Commons Detached $949,000 4 3.5 4379

PENDING SALES (Sept 10-16,2012 2012)

Address Type Price BR Baths SF DOM
668 McVey Ave #43 Condo $89,900 1 1 626 55
4 Touchstone #120 Condo $104,900 3 2.5 1351 28
4000 Carman Dr #85 Condo $124,500 2 2 834 10
19061 Redwing Ct Detached $249,900 3 2 1611 67
6325 Alyssa Terrace Attached $259,900 3 2.5 1485 69
4334 Woodside Circle Attached $269,900 3 2 1671 92
234 Greenridge Dr Attached $279,900 3 2 1492 11
236 Greenridge Dr Attached $289,900 3 2 1492 11
4 Del Prado St Detached $299,900 3 2.5 1716 26
15 Saint Helens Circle Detached $314,900 3 2 1528 78
14361 Sherbrook Pl Detached $419,900 3 2.5 2100 120
1267 Hide A Way Ln Detached $469,000 3 2.5 2300 41
762 Lake Forest Dr Detached $484,900 4 3 2567 160
2823 Glen Haven Rd Detached $499,000 4 2 3015 85
1580 Woodland Terr Detached $499,900 4 2.5 2127 185
17022 Crestview Dr Detached $499,900 4 3 3168 31
10 Sherwood Ct Detached $535,000 4 3.5 3289 10
5047 Woodcrest Ln 7 East Detached $679,336 4 3.5 3602 0
19395 Hilltop Rd Detached $875,000 4 3.5+.5 4911 217
16672 Fir Ln Detached $939,000 4 4.5 4179 67
2890 Glen Eagles Rd Detached $1,495,000 4 3.5 4587 17

SOLD (Sept 10-16,2012)

Address Type List Price Closed Price BR Baths CDOM
6351 Burma Rd Detached $230,000 $160,000 2 1 77
5276 Oakridge Rd Detached $274,900 $266,700 3 2 8
545 Hemlock St Detached $269,900 $276,500 3 $2 $2
875 Palisades Terrace Dr Detached $499,000 $349,900 4 3 564
5365 Lakeview Blvd Detached $419,000 $379,000 4 2.5 348
39 Spinosa Detached $449,000 $407,000 3 2.5 86
7 Mountain View Ln Detached $559,950 $488,000 5 2.5 151
775 F Ave Detached $595,000 $587,500 4 2.5 3
175 Berwick Rd Detached $1,495,000 $1,430,000 4 3.5+.5 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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Open Houses 9/16/12

This Sunday is going to be a perfect day to go and see some nice homes. The weather is supposed to be sunny and mild, so enjoyable in every regard. There are 28 houses being held open, including Linda’s listing at 979 Devon Lane.

Linda’s listing has stunning views of the City and Mountains. It also has a truly unique floorplan that was custom built to take full advantage of the views. With 4 bedrooms and 3 1/2 baths, it is a tremendous value for $397,000. Linda will be there from 1 to 4pm. Stop by and say hello.

Address Type Price Baths BR Open
1041 Hemlock St Detached $299,900 4 3 1 to 3
13 Saint Helens Circle Detached $345,000 3 2.5 1 to 3
2593 Greentree Rd Detached $374,500 4 3 1 to 4
979 Devon Ln Detached $397,000 4 3.5 1 to 4
14722 Uplands Dr Detached $397,000 3 2 1:30 to 4
475 Country Club Ct Detached $419,000 3 2.5 1 to 4
1454 Glenmorrie Dr Detached $425,000 4 2.5 1 to 3
16439 Lexington Ct Detached $449,000 2 2 1 to 4
31 Touchstone Detached $479,000 5 3 1 to 3
29 Spinosa Detached $489,000 3 2.5+.5 1 to 4
17802 Treetop Ln Detached $529,000 4 3.5 12 to 2
17357 Oak Meadow Ln Detached $535,000 4 2.5 1 to 3
17561 Shepherds Ct Detached $550,000 4 2.5 1 to 4
15655 Fieldstone Dr Detached $589,500 4 2.5 12 to 2
5533 Fieldstone Ct Detached $599,500 4 2.5 12 to 2
18160 Delenka Ln Detached $609,500 4 3 1 to 3
18096 Pilkington Rd Detached $625,000 3 2.5 1 to 3
135 Middlecrest Rd Detached $699,900 3 2.5 1 to 3
1985 Country Club Rd Detached $699,999 5 4 2 to 4
568 9th St Detached $799,900 3 3.5 1 to 4
582 9th St Detached $799,900 3 3.5 1 to 4
828 8th St Detached $825,000 3 3.5 1 to 4
16805 Scott Ct Detached $892,000 3 3.5 1:30 to 3:30
8 Dover Way Detached $975,000 6 4.5+.5 2 to 4
18202 Bella Terra Dr Detached $1,039,500 4 3.5 12 to 2
2092 Summit Dr Detached $1,295,000 4 4.5 1 to 3
16743 Graef Circle Detached $1,595,000 4 3.5 2:30 to 4;30
112 Northshore Circle Detached $1,625,000 4 3.5 11 to 4
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Realtor with a Capital “R”

The State of Oregon requires Realtors to take 30 hours of very specific continuing education to be re-licensed every two years. And the National Association of Realtors requires that every four years Realtors must take a class on the Realtor Code of Ethics.

I’ve taken this class quite a few times. There is very little variation. To be a Realtor, that is with a capital “R”, a licensee must adhere to the Code of Ethics. I belong to one of the very few vocations that actually has a code of ethics. I think it goes without saying that it shouldn’t be necessary, but it is. And I am very proud of my profession that we have taken this position to maintain fair dealings and integrity.

Oregon has a pretty interesting history on this front. Oregon was the very first state in the United States to adopt a code of ethics on July 29th, 1913. So it isn’t just the bottle bill with which we have led the Nation.

The code has 17 Articles that stipulate fair dealings with fellow Realtors, with the our clients, and with the public. Each local real estate board is charged with enforcing the code of ethics. Yes, Realtors are held accountable.

Think about it, real estate involves the most important financial dealings that most people make within their lives. It must be handled with ethics.

My favorite part of the Code of Ethics is the preamble. I’d like to share with you just a sample:

“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization. Realtors should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.”

And that is just the beginning. It is a beautifully written document and a standard that I am proud of in my profession.

Dianne

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Market Activity Aug 27-Sept 2

Last week brought 16 New Listings to Lake Oswego, 21 Pending Sales, and Closed Sales.
See below for further details on last week’s Market Activity:

NEWLY LISTED (August 27 to September 2, 2012)

Address Type Price BR Bths SF
4 Touchstone #74 condo $158,000 3 2.5 1351
5785 Carman Dr detached $265,000 5 2.5 1934
466 5th ST #14 condo $299,900 2 1.5 1092
5745 Windfield Loop detached $369,000 3 2.5 1950
1935 Fernwood Dr detached $409,000 4 3 2100
5499 Royal Oaks Dr detached $409,900 3 2 1780
17121 Wall St detached $424,900 4 2.5 2187
2215 Fernwood Circle detached $438,950 4 3 2640
9 Spinosa detached $439,000 2 2.5 2250
323 3rd St attached $465,000 3 3.5 1959
12430 Orchard Hill Rd detached $625,000 3 3 2889
3197 Alber Spring Ct detached $649,900 4 2.5 3664
14527 Pfeifer Way detached $689,000 4 3.5 3803
8 Dover Way detached $975,000 6 4.5+.5 6244
2057 Summit Dr detached $1,095,000 4 3.5 4589

PENDING SALES (Auguest 27-September 2,2012 2012)

Address Type Price BR Baths SF DOM
100 Kerr Pkwy #24 condo $51,500 1 1 617 54
526 State St condo $119,000 2 1 914 29
181 Oswego Summit condo $149,900 2 2 1383 3
3858 Botticelli attached $182,500 3 2 1224 95
113 Touchstone Terr. attached $238,698 2 2.5 2104 327
5276 Oakridge Rd detached $274,900 3 2 1600 8
4270 Oakridge Rd detached $275,000 2 1 978 55
868 7th St detached $329,900 4 2 2270 8
4970 Suntree Ln detached $350,000 3 2 1769 8
19044 Olson Ave detached $429,000 4 4 3264 32
4909 Mulholland Dr attached $430,000 2 2.5 2403 8
17336 Hunter Ct detached $454,900 3 2.5 3004 14
2376 Fernwood Cir detached $489,000 4 2 2094 9
2 Buckingham Terr detached $519,000 4 3 3732 27
837 C Ave detached $569,000 2 2 2109 7
629 Iron Mountain Blvd detached $599,500 3 2 1966 160
1099 Troon Rd detached $899,000 4 3.5 3938 22
2180 Prestwick Rd detached $1,200,000 3 1.5 2391 21
2058 Summit Dr detached $1,390,000 3 2.5 3137 18
758 Southview Rd detached $3,450,000 5 5.5 5179 201
1024 Northshore Rd detached $4,695,000 5 5.5 7000 428

SOLD (August 27-September 2,2012)

Address Type List Price Closed Price BR Baths CDOM
203 Cervantes condo $119,900 $108,000 2 2 87
510 State ST condo $126,900 $125,710 1 1 7
15220 Boones Way 1C condo $139,900 $135,000 2 2 6
17684 Schalit Way detached $225,000 $210,000 3 1.5 6
4242 Woodside Cir attached $309,000 $288,000 3 2 33
17083 Fernwood Dr detached $389,900 $315,000 5 3 177
17200 Robb Pl detached $385,000 $395,000 3 2.5 4
12 Morningview Cir detached $425,000 $397,500 4 2.5 135
143 Furnace St condo $530,000 $490,000 2 2.5 30
5752 Victoria Ct detached $549,000 $537,500 3 2.5 23
1928 Palisades Terr detached $575,000 $575,000 4 5.5 91
217 5th St detached $699,000 $630,000 3 2.5 121
16737 Sylvan Ct detached $795,000 $750,000 4 3 329
15575 Village Dr detached $895,000 $875,000 4 2.5 18
13795 Cameo Ct detached $1,449,000 $1,350,000 4 5.5+.5 259
1345 Cherry Ln detached $1,599,000 $1,450,000 5 3.5 10
17700 Upper Cherry Ln detached $2,495,000 $1,925,000 5 5.5 724

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