Author: Dianne Gregoire

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Market Activity Feb 13-19, 2012

Last week Lake Oswego had 21 homes come onto the market, 15 homes go pending, and 5 closed sales.
See below for further details.

New Listing for Feb. 13-19,2012

47 Eagle Crest DR B17, a condo, $59,900, 2 BR, 1 Bth

4 Touchstone, a condo, $124,900, 3 BR, 1.5 Bths

112 Greenridge CT, a townhouse, $219,900, 2 BR, 3 Bths

6140 Burma Rd, detached, $285,000, 4 BR, 2 Bths

17653 Bryant Rd, detached, $289,000, 3 BR, 2 Bths

17653 Mardee Ave, detached, $289,900, 3 BR, 2 Bths

14316 Holly Springs Rd, detached, $299,000, 3 BR, 2.5 Bths

2491 Overlook Dr, detached, $299,900, 5 BR, 3 Bths

652 8th St, detached, $429,900, 2 BR, 1 Bths

18034 Westview DR, detached, $430,000, 4 BR, 2.5 Bths

5652 Yorkshire Ct, detached, $454,900, 4 BR, 2.5 Bths

17415 Upper Cherry Ln, detached, $479,000, 4 BR, 3.5 Bths

1731 Woodland Terrace, detached, $489,500, 4 BR, 2.5 Bths

13849 Melrose Place, detached, $499,900, 3 BR, 2.5 Bths

5503 Dunmire Dr, detached, $519,900, 4 BR, 2.5 Bths

7 Mountain View Ln, detached, $559,950, 5 BR, 2.5 Bths

5173 Woodcrest Ln Lot23, detached, $609,900, 4 BR, 2.5 Bths

1524 Oak ST, a townhouse, $625,000, 3 BR, 2.5 Bths

16655 Maple Circle, detached, $1,025,000, 2 BR, 2 Bths

2092 Summit Dr, detached, $1,395,000, 4 BR, 4.5 Bths

1115 Lake Front Rd, detached, $1,995,000, 4 BR, 4 Bths

Pending sales for Feb 13-19, 2012

47 Eagle Crest DR #37, a condo, $49,900, 1 BR, 1 Bth, 102 DOM

4 Touchstone #67, a condo, $80,000, 2 BR, 2 Bths, 100 DOM

56 Galen St, a condo, $98,000, 2 BR, 2 Bths, 41 DOM

5054 Foothills Dr H, a condo, $180,000, 3 BR, 2 Bths, 163 DOM

13990 Shireva Ct, detached, $192,500, 3 BR, 2 Bths, 307 DOM

5322 Charleton Ct, detached, $251,000, 3 BR, 2.5 Bths, 331 DOM

2315 Southshore Blvd, detached, $285,000, 3 BR, 1 Bth, 133 DOM

7 Partridge Ln, detached, $300,000, 3 BR, 3 Bths, 112 DOM

4793 Auburn Ln, a townhouse, $377,900, 3 BR, 2.5 Bths, 139 DOM

1837 Cedar Ct, detached, $415,000, 5 BR, 3 Bths, 352 DOM

19 Falstaff ST, detached, $429,900, 4 BR, 2.5 Bths, 24 DOM

1159 Tyndall Ct, detached, $549,000, 4 BR, 3.5 Bths, 237 DOM

4081 Pfeifer CT, detached, $580,000, 5 BR, 3.5 Bths, 12 DOM

2530 Palisades Crest Dr, detached, $639,000, 4 BR, 2.5 Bths, 11 DOM

1644 Leslie Ln, detached, $1,350,000, 4 BR, 3.5 + .5 Bths, 4 DOM

Sold homes for Feb 13-19, 2012

4760 Lower DR, detached, original price $229,900, sold price $232,000, 3 BR, 3 Bths, 148 CDOM

525 2nd ST #102, a condo, original price $415,000, sold price $385,000, 2 BR, 2 Bths, 247 CDOM

18606 Westview Dr, detached, original price $539,000, sold price $461,500, 3 BR, 2.5 Bths, 105 CDOM

183 Furnace St, a condo, original price $495,000, sold price $485,000, 2 BR, 2.5 Bths, 31 CDOM

3899 Daniel Way, detached, original price $509,000, sold price $505,000, 4 BR, 2.5 Bths, 10 CDOM

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 Sunday 2/19/12

There are 30 open houses planned for this week. Seriously, that’s a lot of houses. Enjoy.

5058 Foothills Dr A, $190,000, 2 BR, 2 Bths, open 1 to 4. This is the only condo on this week’s list. All of the other open houses are for detached homes.

16212 Lake Forest Blvd, $229,900, 3 BR, 2 Bths, open 1 to 3

113 Touchstone Terrace, $269,000, 2 BR, 2.5 Bths, open 1 to 3

21 Britten Ct, $299,000, 3 BR, 2.5 Bths, open 12 to 2

10 Walking Woods Dr, $333,000, 3 Br, 2.5 Bths, open 1 to 3

19061 Indian Springs Rd, $364,900, 4 BR, 3 Bths, open 1 to 4

1657 Campus Way, $385,000, 4 BR, 3 Bths, open 3 to 5

13020 Princeton Ct, $444,000, 4 BR, 2.5 Bths, open 1 to 3

486 Livingood Ln, $459,000, 4 BR, 3.5 Bths, open 2 to 4

5503 Dunmire Dr, $519,900, 4 BR, 2.5 Bths, open 11 to 4

5542 Dunmire Dr, $519,900, 4 BR, 2.5 Bths, open 11 to 4

5515 Dunmire Dr, $536,900, 5 BR, 3 Bths, open 11 to 4

625 4th St, $539,000, 4 BR, 3 Bths, open 12 to 3

29 Spinosa, $549,000, 3 BR, 2 1/2 + 1/2 Bths, open 2 to 4

5595 Luce Ln, $579,900, 5 BR, 3 Bths, open 11 to 4

17802 Treetop Ln, $599,000, 4 BR, 3.5 Bths, open 1 to 4

19245 Megly Ct, $599,000, 5 BR, 3 Bths, open 12 to 3

13226 Rogers Rd, $599,000, 4 BR, 2.5 Bths, open 1 to 3

15633 Fieldstone Dr, $618,950, 4 BR, 2.5 Bths, open 12 to 2

5533 Fieldstone Ct, $628,950, 4 BR, 2.5 Bths, open 12 to 2

1708 Oak St, $638,000, 4 BR, 2.5 Bths, open 1 to 3

17601 Woodhurst Pl., $649,000, 3 BR, 2 1/2 + 1/2 Bths, open 1 to 3

5604 Grand Oaks Dr, $649,000, 5 BR, 3 Bths, open 2 to 5

2479 Palisades Crest Dr, $699,000, 5 BR, 3.5 Bths, open 1 to 3

2358 Summit Dr, $739,000, 4 BR, 2.5 Bths, open 1:30 to 4

4767 Dogwood Dr, $799,900, 4 BR, 2.5 Bths, open 2 to 4

19395 Hilltop Rd, $1,095,000, 4 BR, 3 1/2 + 1/2 Bths, open 1 to 4

18132 Siena Dr, $1,125,000, 4 BR, 3.5 Bths, open 12 to 2

18202 Bella Terra Dr, $1,145,000, 4 BR, 3.5 Bths, open 12 to 2

2092 Summit Dr, $1,395,000, 4 BR, 4.5 Bths, open 1 to 4

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Villa Teresa

Lakefront Living
Al Fresco Dining
Villa Teresa
One of the great side benefits of being a Realtor is having the opportunity to get inside of truly extraordinary homes. There is one house in particular that I have wanted to get into for years. When I returned to Lake Oswego 13 years ago, this house was just being built. The construction took years. Unlike most homes that are built in 4 to 6 months, this house literally took years. Now I know why.

Villa Teresa was open to Realtors during the weekly broker’s tour last Tuesday. My thanks to Joelle Lewis, the listing Realtor with RE/MAX Equity Group, for hosting the open house. And also for allowing me to share her gorgeous listing with you here on the propertyblotter.

Pictures do not begin to convey the grandeur of this house. I don’t mean grandeur as in large or huge. I mean grandeur in that you feel like you are visiting a home that is rare and exquisite. Every surface of everyroom is a work of art. From floors inlaid in artistic parterns with 7 or 8 different types of wood, to one-of-a-kind chandlers made in Italy of Murano glass. This house took so long to build because it was built by artisians using absolutely the finest materials.

The house is listed for $4,600,000. It has 5800 square feet with 4 bedrooms, 5 1/2 baths, a den, a wine cellar, and a card room. This is in addition to the livingroom, familyroom, kitchen and normal living spaces. The house is fully wired for high tech with consoles placed discretely throughout. There is a little booth off of the kitchen with a desk for going on-line and taking calls.

I have had the great good fortune of traveling in Europe and I can tell you that I have never been in a home that truly makes you feel transformed to Italy. There is even an al fresco dining terrace with spray misters for hot summer days.

Topping off this house is its waterfrontage on the coveted Northshore of Oswego Lake for maximum sun exposure.

No, actually, there is one more little item that tops off this house. It has a guest house next door that is also for sale. The guest house is faced completely in stone. It has 7500 square feet that includes an in-door swimming pool. This house was built but not finished as the home owner was relocated to another state before its completion. It is on the market for $3,400,000.

So who buys these sorts of homes? Obviously people with money. Business owners, executives, celebrities, and people who are able to afford the finest lifestyle available. The pool of buyers for homes such as these is pretty limited, so it can take awhile for a house of this nature to sell.

Here are some quick statistics:

There are currently 12 homes for sale in Lake Oswego priced at over $3,000,000.

In the last 3 years, during this terrible economy, just 3 houses priced over $3,000,000 have sold. Interestly, each one of these 3 sales had no real market exposure. 2 sold in zero days and 1 sold in just 8 days. In other words, the buyer and seller were brought together either through friendship or mutual acquaintance.

There is one house currently pending that is on the Willamette River that is pending for $4,395,000. It has 3.89 acres, 7527 square feet, 6 bedrooms, and 7 1/2 baths.

And, of course, Jantzen Island is still for sale. I have never gotten into that house. Like Villa Teresa, it is a Realtor goal of mine to see the interior. Built in 1930, the house and guest house combined have 13,500 square feet. This property is special because it sits on a private island that is actually 5 lots of one acre each. When you consider the house, guest house, and potential land value, it may actually be worth the asking price of $15,000,000. It is uncomparable to anything else around.

Perhaps wealth is not as fashionable as it has been at other times in history. But a truly magnificent home will always be a dream, and for a few, a reality.

Now here is a sobering thought. The property taxes for the Jantzen Island are $99,000 a year.

I hope you have enjoyed this little peek into the world of high-end homes. I know that I have. And I especially am happy that I finally got to see inside of Villa Teresa. Thanks Joelle.

Dianne

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Today’s Open Houses

There are 12 houses being held open today. I’ve also got to comment that the past few days have been glorious with crisp, clear, sunny weather. Today is going to be that again. So get out there and enjoy it!

16212 Lake Forest Blvd, detached, $229,900, 3 BR, 2 Bths, Open 1 to 3

1700 Bonniebrae Dr, a condo, $259,000, 3 BR, 3 Bths, Open 12 to 2

668 McVey #57, a condo, $299,000, 3 BR, 1.5 Bths, Open 12 to 2

4700 Lower Dr, detached, $369,900, 3 BR, 2.5 Bths, Open 1 to 3

5542 Dunmire Dr, detached, $529,900, 4 BR, 2.5 Bths, Open 11 to 4

5515 Dunmire Dr, detached, $536,900, 4 BR, 3 Bths, Open 11 to 4

5595 Luce Ln, detached, $579,900, 5 BR, 3 Bths, Open 11 to 4

15633 Fieldstone Dr, detached, $618,950, 4 BR, 2.5 Bths, Open 12 to 2

5533 Fieldstone Ct, detached, $628,950, 4 BR, 2.5 Bths, Open 12 to 2

18231 Siena Dr., detached, $994,000, 4 BR, 3.5 Bths, Open 12 to 2

18132 Siena Dr, detached, $1,125,000, 4 BR, 3.5 Bths, Open 12 to 2

18202 Bella Terra Dr, detached, $1,145,000, 4 BR, 3.5 Bths, Open 12 to 2

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This is Earthquake Country

Earthquake fault
Cascadia Subduction Zone
While not as famous as our neighbor to the South, Oregon is very much earthquake country.

Some background
When recently visiting LO City Hall, I found a wealth of interesting information on a variety of topics, one of which is a handy little magazine called “Living on Shaky Ground“. It’s published by Oregon Emergency Management and is available for free.

We happen to live right on top of the Cascadia Subduction Zone. This zone has a history of 8.0 and 9.0 (we are talking HUGE earthquakes) that goes back 10,000 years with these big quakes happening on average every 250 years. It’s now been 312 years since the last big quake. So it’s not a matter of if, it’s a matter of when.

So, what can you do? In particular, when it comes to your home and buying a house.

When buying a home inspect, inspect, inspect

A good home inspector will look at the house from a perspective of its structural soundness. If the inspector has concerns, he or she should recommend further inspection be done by a seismic engineer.

I was recently involved in the potential sale of a home that was partially built on stilts with a very sloped lot. I was representing the buyer. Our home inspector determined that the substructure of the stilts provided for East and West support (or shaking) but not for North and South. Basically the Nouthern stilts all sat on the same retaining wall with no lateral bracing. In an earthquake, any shaking from the North to the South would cause that retaining wall to fall over and, yep, the house would go down the hill. Needless to say, my buyer chose to end that transaction and ended up purchasing an entirely different home.

If a more in-depth inspection is required by a seismic engineer, expect to spend about $250 for a sight visit. At this visit you will be able to walk the property and get a naration of what the engineer thinks. If you want to proceed and you want specific observation put into writing, that would include corrective measures to create a secur home, expect to spend several thousand dollars.

Consider getting earthquake insurance

There are limitations to what homes can qualify for earthquake insurance. Most insurance companies will not issue it to older homes. But if your home was built in the last 50 or so years, it may be eligible. And if it is, it is not that expensive to add as a rider to your home owner’s policy. Look into it.

Consider getting your home retrofitted

Newer homes are built to modern codes and standards that do take earthquakes into consideration. So newer homes are going to be more seismicly sound. However, older homes can be retro-fitted. Strapping the house to the foundation, installing cripple walls in the crawlspace, bolting the mudsills to the foundations: these are just a few of the possible corrective measures to make an older home more seismicly worthy.

Some thoughts

In 1993, Oregon had 3 strong earthquakes. I was awoken from sleep by the “Springbreak Quake”, a 5.6 magnitude quake centered about 25 miles South of Lake Oswego in Scotts Mills. That same year Klamath Falls in Southern Oregon had 5.9 and 6.0 earthquakes. Being awoken from sleep by an earthquake makes you feel like you have been through something quite extraordinary. I can not even imagine the shock and destruction of experiencing an 8.0 or 9.0 quake.

Preparedness is the key. Do some research, think about preparing your family and your home for living through an earthquake.

I have recently read quite a bit that the way to react to an earthquake is to get into what is called “The Triangle of Life”. This involves laying against furniture or large objects so that your body is contained in the triangle created between the top of the object and the floor. According to the Oregon Emergency Management Office this is NOT the best response. They recommend DROP, COVER, and HOLD ON. Get underneath a sturdy object, on your knees and crouching on the floor, tuck your head between your arms, and hold onto the object that is protecting you. Almost all scientific, government, and relief organizations, including the Red Cross, are now recommending this method.

Let’s hope it doesn’t happen. Proper Prior Planning being one of my favority policies, do take earthquakes seriously. For a copy of “Living on Shaky Ground”, click here.

As always, thanks for reading.
Dianne

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Market Activity Jan. 23-29, 2012

Last week in Lake Oswego there were 14 new listings, 22 pending sales, and 5 closed sales. Of the pending sales, 4 had been on the market for more than a year.

See below for further details.

New Listings for January 23-29, 2012

4000 Carman Dr #21, a condo, $106,000, 2 BR, 2Bths, 973 SF

236 Ridgeway Rd, a condo, $156,000, 2 BR, 1 Bth, 914 SF

668 McVey Ave #57, a condo, $299,000, 3 BR, 1.5 Bths, 914 SF

16834 Cherry Crest Ave, detached, $329,600, 4 BR, 2.5 Bths, 2598 SF

4583 Trillium Woods Lot 13, a townhouse, $416,200, 3 BR, 2.5 Bths, 2004 SF

1902 Woodland Terrace, detached, $423,500, 3 BR, 3 Bths, 2138 SF

19 Falstaff St, detached, $429,900, 4 BR, 2.5 Bths, 3222 SF

537 2nd St #106, a condo, $459,900, 2 BR, 2 Bths, 1292 SF

72 Condolea Way, a condo, $495,000, 3 BR, 2.5 Bths, 2958 SF

625 4th St, detached, $559,000, 4 BR, 3 Bths, 3300 SF

5035 Rosewood St, detached, $579,900, 4 BR, 3.5 Bths, 3174 SF

19245 Megly Ct, a townhouse, $599,000, 5 BR, 3 Bths, 3490 SF

5604 Grand Oaks Dr, detached, $649,000, 5 BR, 3 Bths, 3676 SF

17951 Meadowlark Ln, detached, $824,900, 4 BR, 3.5 +.5 Bths, 5065 SF

Pending Sales for January 23-29,2012

47 Eagle Crest Dr #4, a condo, $43,500, 2 BR, 1 Bth, 436 DOM

16250 Pacific Hwy #50, a condo, $99,500, 2 BR, 2 Bths, 94 DOM

4640 Lower Dr, a condo, $99,900, 2 BR, 1.5 Bths, 291 DOM

4 Touchstone, a condo, $107,910, 3 BR, 2.5 Bths, 14 DOM

210 S State St #6, a condo, $149,000, 2 BR, 1 Bth, 86 DOM

5055 Foothills Dr C, a condo $184,999, 2 BR, 2Bths, 527 DOM

5830 SW Burma Rd, detached, $189,000, 3 BR, 1 Bth, 103 DOM

18914 Longfellow Ave, detached, $199,000, 3 BR, 1.5 Bths, 116 DOM

4305 Silver Ct, a townhouse, $207,500, 3 BR, 2.5 Bths, 409 DOM

5270 Red Leaf St, detached, $249,000, 3 BR, 2 Bths, 1 DOM

16475 Bonaire Ave, detached, $255,000, 3 BR, 1 Bth, 243 DOM

975 Southshore Blvd, detached, $285,000, 3 BR, 2.5 Bths, 4 DOM

1685 Cloverleaf Rd, detached, $290,000, 3 BR, 2.5 Bths, 204 DOM

14101 Goodall Rd, detached, $345,000, 4 BR, 2 Bths, 11 DOM

4525 Trillium Woods Lot 16, a townhouse, $409,900, 3 BR, 2.5 Bths, 24 DOM

17026 Crestview Dr, detached, $439,000, 4 BR, 3 Bths, 9 DOM

4527 Trillium Woods Lot 15, a townhouse, $439,900, 3 BR, 2.5 Bths, 134 DOM

183 Furnace St, a condo, $495,000, 2 BR, 2.5 Bths, 31 DOM

345 3rd St, a townhouse, $499,900, 3 BR, 4 Bths, 112 DOM

850 Schukart Ln, detached, $699,000, 4 BR, 3 Bths, 267 DOM

1427 Horseshoe Curve, detached, $879,000, 2 BR, 2 Bths, 240 DOM

1300 Skyland Dr, detached, $1,199,000, 4 BR, 4.5 +.5 Bths, 344 DOM

Closed Sales for January 23-29, 2012

3950 Carman Dr, a condo, listed for $140,450, closed for $126,000, 2 BR, 2.5 Bths, 60 DOM

1228 Maple St, detached, listed for $399,000, closed for $250,000, 3 BR, 2 Bths, 522 DOM

13120 Thoma Rd, detached, listed for $345,000, closed for $350,088, 3 BR, 2 Bths, 32 DOM

18014 Gimley Ct, detached, listed for $599,900, closed for $442,900, 5 BR, 3.5 Bths, 198 DOM

4180 Casey Ct, detached, listed for $739,950, closed for $740,000, 4 BR, 3.5 Bths, 7 DOM

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Market Activity for Jan 16-22, 2012

Last week brought 14 new listings onto the market in Lake Oswego, 13 pending sales, and 5 closed sales. See below for further details.

New Listings for January 16-22, 2012

16250 Pacific Hwy #45, a condo, $129,500, 2 BR, 2 BTH

5225 Jean Rd #603, a condo, $179,900, 3 BR, 2 Bth

12808 SW Boones Ferry Rd, attached townhouse, $279,000, 3 BR, 2.5 Bth

14101 Goodall Rd, a detached house, $345,000, 4 BR, 2 Bth

10 Hillshire Dr, detached, $384,900, 4 BR, 3 Bths

17083 Fernwood Dr, detached, $389,900, 5 BR, 3 Bths

17026 Crestview Dr, detached, $439,000, 4 BR, 3 Bths

15939 Twin Fir Rd, detached, $589,000, 3 BR, 2 Bths

885 8th St, detached, $687,000, 3 BR, 2 Bths

5677 Bonita Rd, detached, $769,900, 4 BR, 3.5 Bths

655 7th St, detached, $799,000, 3 BR, 2.5 Bths

789 E Ave, detached, $829,000, 3 BR, 2.5 Bths

1644 Lake Front Rd, detached, $1,055,000, 4 BR, 4 Bths

17342 Ridgeview Ct, detached, $1,250,000, 4 BR, 3.5 Bths

Pending Sales for January 16-22, 2012

247 Cervantes, a condo, $120,600, 2 BR, 2Bths, 100 DOM

12459 Boones Ferry Rd, manufactured, $149,900, 3 BR, 2.5 Bths, 32 DOM

5786 Washington Ct, detached, $172,500, 3 BR, 2 Bths, 95 DOM

6380 Washington Ct, detached, $232,500, 3 BR, 2 Bths, 71 DOM

5387 Red Leaf St, detached, $249,900, 3 BR, 2 Bths, 5 DOM

15 Condolea Dr, a condo, $265,000, 3 BR, 3 Bths, 193 DOM

12511 Boones Ferry Rd, detached, $299,000, 3 BR, 2 Bths, 43 DOM

12 Walking Woods Dr, detached, $369,000, 3 BR, 3 Bths, 73 DOM

1736 Palisades Terrace Dr, detached, $423,000, 4 BR, 3.5 Bths, 204 DOM

4581 Trillium Woods Lt 14, attached, $437,840, 3 BR, 2.5 Bths, 0 DOM

1850 Egan Way, detached, $462,900, 6 BR, 3.5 Bths, 88 DOM

3899 Daniel Way, detached, $509,000, 4 BR, 2.5 Bths, 10 DOM

3000 Upper Dr, detached, $679,000, 3 BR, 3 Bths, 98 DOM

Closed Sales for January 16-22, 2012

18411 Longfellow Ave, detached, sold for $152,000, listed for $175,000, 3 BR, 1 Bth, 134 DOM

3984 Carman Dr, a condo, sold for $154,750, listed for $167,500, 3 BR, 2.5 Bths, 33 DOM

19221 Redwing Ct, detached, sold for $298,500, listed for $329,500, 3 BR, 2 Bths, 121 DOM

4403 Oakridge Rd Lot 21, attached townhouse, sold for $389,900, listed for $399,900, 3 BR, 2.5 Bths, 114 DOM

5148 Woodcrest Ln lot 4, detached, sold for $620,000, listed for $606,900, 5 BR, 4 Bths, 274 DOM

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 1/22/12

11 houses are scheduled to be held open this Sunday. Enjoy.

12844 SW Boones Ferry Rd, a condo, $175,000, 2 bedrooms, 2 and a half baths, open 2 to 4

17083 Fernwood Dr, a house, $389,900, 5 bedrooms, 3 full baths, open 1 to 4

17930 Meadowlark Ln, a house, $499,900, 4 bedrooms, 4 full baths, open 1 to 3

5542 Dunmire Dr, a house, $529,900, 4 bedrooms, 2 and a half baths, open 11 to 4

5515 Dunmire Dr, a house, $536,900, 4 bedrooms, 3 full baths, open 11 to 1

5595 Luce Ln, a house, $579,900, 4 bedrooms, 3 full baths, open 11 to 4

15633 Fieldstone Dr, a house, $618,950, 4 bedrooms, 2 and a half baths, open 1 to 3

5533 Fieldstone Ct, a house, $628,950, 4 bedrooms, 2 and a half baths, open 1 to 3

1708 Oak St, a house, $639,000, 4 bedrooms, 3 full baths, open 1 to 3

2311 Oswego Glen Ct, a house, $899,999, 4 bedrooms, 4 full baths, open 1 to 3

4110 Canal Rd, a house, $970,000, 4 bedrooms, 3 and a half baths, open 1 to 3

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Bouncing on the Bottom

I know this is risky. There are all sorts of possibilities that I’ll be wrong and you will be able to come back to me a year from now with “It’s only gotten worse. You were WRONG.” But I am going to take the risk and put this in writing. I think that the housing market is bouncing on the bottom. If there is downturn yet to do then I think it will be minor. And there is even a chance that there will be upturn.
No, I’m not a Nationally recognized economist. Really, what do I know? What I know is that I am down here in the trenches living in this house market. And I see 2 signficant changes.
First, the cash investors are out buying BIG TIME. I am working with 2 cash buyers right now both wanting entry level houses of $150,000 or less. This is partly due to low house prices as compared to high rent rates making the return on rentals look good. But this is the same formula that will turn renters into home buyers. It’s starting to make sense to buy entry level houses because the rents are now getting as high or higher than a house payment.
Second, when I show property I am now finding that more and more houses are going pending. It’s like Christmas is over, the prices and interest rates are incredibly low, so now is the time. Lockbox activity (meaning the number of times lockboxes are opened by Realtors to access listings)has skyrocketed. It always goes up after the holidays, but not like I’ve seen it in the last two weeks.
I am also seeing more positive economic news in the media, including this short article from the Oregoninan on January 10, 2010:

Home values in Portland are predicted to rebound
Portland-area home values fell 3.5 percent during 2011 but are expected to stabilize and even post an increase in 2012, real estate research firm Clear Capital reports.
The California company forecasts a 1.9 percent increase in home values in the Porltand-Vancouver-Beaverton area.
In the company’s ranking of 50 major metro areas’ home prices, that moves Portland from No. 27 in 2011 to No. 14 in 2012. Exactly half of the markets are expected to post home price increases. The Portland market is also among 20 considered to be stable in 2012 with predicted increase or decrease of less than 2.5 percent.
The company also reported 15.5 percent of homes sales in 2011 were bank-owned forcloseures.
U.S. home prices fell 2.1 percent in 2011 and are expected to gain 0.2 percent in 2012, the firm reports.
The Seattle area was one of the hardest-hit markets in 2011, posting a 15.1 percent decline in prices. Clear Capital predicted the city’s real estate would lose 7.5 percent in 2012.

Certainly time will tell. I understand I might be wrong, wrong, wrong. But there is also a pretty good chance that I am right. We will see…
Dianne

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Market Activity Jan. 2-8, 2012

The first full week of 2012 brought 14 new listings, 7 pending sales, and 5 closed sales.
See below for further details:

NEWLY LISTED (Jan. 2-8, 2012)

Address Type Price Sq FT BR Baths
56 Galen St Condo $98,000 995 2 2
1400 Bonniebrae Dr Attached $150,000 864 2 1
5776 Kimball St Detached $179,900 1084 3 2
18609 Kristi Way Detached $219,000 1400 4 1
705 Ellis Ave Detached $269,900 1872 3 2.5
18407 Deer Oak Dr Detached $299,600 1812 3 2
886 9th St Detached $349,000 870 2 1
4523 Trillium Woods Lt17 Attached $409,000 2004 3 2.5
3899 Daniel Way Detached $509,000 3115 4 2.5
5595 Luce Ln Detached $579,900 3613 4 3
1227 Lake Front Rd Detached $929,000 2616 4 3
720 Maple St Detached $950,000 3966 2 2.5
1000 Upper Devon Ln Detached $995,000 3535 3 3.5
455 Furnace St Detached $1,699,000 4000 4 3.5


PENDING SALES (Jan. 2-8, 2012)

Address Type Price Sq Ft BR Baths CDOM
5225 Jean Rd #511 Condo $156,000 1400 2 2 22
1716 Aspen Ct Detached $249,000 1528 2 2 174
420 G Ave Detached $345,000 2363 4 2 7
1278 Hide A Way Ln Detached $350,000 2632 4 2.5 123
1736 Palisades Terrace Detached $423,000 3079 4 3.5 186
17110 Lowenberg Terr Detached $639,000 2732 4 2.5 1078
1592 View Lake Ct Detached $699,000 2889 3 3 647


SOLD (Jan. 2-8, 2012)

Address Orig. Price Sold Price Type Sq Ft CDOM
6 Condolea Dr $198,000 $178,000 Condo 1312 299
5733 Fernbrook Way $235,000 $220,000 Detached 1250 76
14066 Edenberry Dr $619,000 $520,000 Detached 3835 12
919 Lake Shore Rd $539,000 $539,000 Detached 1817 55
17475 Canal Circle $895,000 $900,000 Detached 2290 22

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