Author: Dianne Gregoire

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Market Activity for Nov. 21-27, 2011

With the Thanksgiving holiday last week, activity was mixed. Just 4 new listings came onto the market, but 14 homes went pending, and 8 sales closed.
See below for further details:

NEWLY LISTED (Nov 21-27, 2011

Address Type Price Sq FT BR Baths
45 Eagle Crest Dr Condo $144,900 1046 2 2
5063 Foothills Dr C Condo $159,900 991 2 2
3433 McNary Parkway #703 Condo $159,900 1008 2 2
13795 Cameo Ct Detached $1,760,000 7190 4 5.5+.5

PENDING SALES (Nov 21-27, 2011)

Address Type Price Sq Ft BR Baths CDOM
34 Oswego Summit #34 Condo $55,900 764 1 1 35
86 Kingsgate Rd F103 Condo $79,900 849 2 2 101
6929 Montauk Circle Condo $134,900 968 2 1 60
6 Condolea Dr Condo $195,000 1312 2 2 299
480 S State St Condo $199,900 1659 3 2 46
6218 Nokomis Ct Detached $199,900 1512 3 2 159
828 Maple St Detached $230,000 1287 3 2.5 119
18150 Bryant Rd Detached $289,000 1468 3 2 138
655 7th St Detached $340,000 1558 3 1.5 109
13120 Thoma Rd Detached $345,000 3116 3 2 14
227 4th St Detached $347,500 2352 4 2 8
919 Lake Shore Rd Detached $539,000 1817 3 2 145
13020 Knaus Rd Detached $599,000 2545 3 2.5 179
1020 Skyland Dr Detached $1,399,500 6653 5 4.5+.5 4

SOLD (Nov 21-27, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4000 Carman Dr #100 $125,000 $110,000 Condo 935 144
45 Eagle Crest Dr #508 $189,000 $154,000 Condo 1046 206
5225 Jean Rd #308 $179,900 $175,000 Condo 1400 5
4752 Rembrandt Ln $288,900 $272,000 Detached 1516 26
647 Sunny Hill Dr $299,500 $303,000 Detached 2298 4
4 Nansen Summit $545,000 $412,000 Detached 3255 218
4725 Firwood Rd $479,500 $455,000 Detached 2557 133
17896 Kelok Rd $729,000 $600,000 Detached 4323 1211

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 11/26/11

There are just two scheduled open houses this Sunday, November 26, 2011.

4050 Virginia Way will be open from 1:30 to 5:00pm. A 1984 built house, it has 3 bedrooms and 2 full baths. It’s a one-level home with beautifully updated kitchen that includes slab granite and stainless steel appliances. The asking price is $325,000

4102 Chad Dr will be open from 1:00 to 4:00. Priced at $739,000, it has 4 bedrooms and 2 and 1 half baths. The house was built in 2004. With brazilian cherry hardwood floors and a fireplace in the master, this house is worth the look.

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Counting Our Blessings

Thanksgiving is far and above my favorite holiday of the year. I think I love it so because it hasn’t been commercially hijacked (although the lines at Costco this morning does put some holes in this thought), and it revolves around giving thanks, being with our loved ones, and pausing to reflect on our own personal bounty.

Call me sentimental, but I guess I feel abundantly thankful. In that spirit I thought I would share with you the story of my favorite Thanksgiving memory.

I spent August of 1979 to February of 1980 living as a college student in Besancon, France. It’s about 3 hours by train East of Paris and only about 45 minutes from the Swiss boarder. I was on a study abroad program organized by The State University of New York, New Paltz. Rather than living with families, those of us in the program lived in college dorms and in-town apartments. We Americans gravitated to one another and became fast friends.

As Thanksgiving approached we realized that our host country would be oblivious. That was not, however, going to dampen our efforts to celebrate our uniquely American holiday. My cohort was Kathy. She and I declared the Wednesday and Thursday of Thanksgiving week our own personal holiday and cut classes for two full days. We had access to a friend’s apartment with its unbelievably undersized range (I recall 2 burners and an oven about 24 inches wide). We had no recipes whatsoever.

The first task was grocery shopping. We had no vocabulary for turkey, cranberries, or stuffing. And did you know that when you try to describe jello to a cashier in France in 1979, that they would have no idea whatsoever what you are talking about? The high point of the purchasing was going into a butcher shop and finding a small turkey, probably 12 or 15 pounds, with a bow tied onto it! That butcher had either been to the U.S. or watched a lot of TV.

Cooking was a total adventure. Remember that I mentioned we had no recipes? It was “my Mom does it this way” and “I think I remember my Mom doing this”. Some how we pulled it off.

I recall about 10 of us, all American students, sitting down to a very memorable meal. The part I recall most fondly, aside from laughter and amazement that we had somehow pulled off Thanksgiving, was realizing we had no electric mixer to make whipped cream. We poured the heavy cream into a bowl, added a fork, and passed that bowl around the table with each of us taking turns hand mixing until we had traditional whipped cream. It was just so memorable.

I really do love Thanksgiving. This year I am thankful for my health, that my recent college graduate daughter has a job, that my son has healed from his injury and will soon be discharged from the Marines, that the remainder of my family and friends are in good health and a part of my life. I am also thankful, as a Realtor, to have business in this economy. So I am thankful to my clients who put their trust in me and allow me to be their Realtor.

I think a really wonderful reflection on Thanksgiving was in this morning’s Oregonian. Shoshana Winebury of Seattle reflects on the meaning of Thanksgiving as seen through her experience teaching refugees English as a second language. For the full story, click here.

I want to wish you a lovely Thanksgiving. No matter your place in life, no matter your circumstances, Thanksgiving is a day to reflect and feel gratitude.
Dianne

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Market Activity for Nov. 7-13, 2011

It feels like we are falling into a pattern for the fall and winter. Sales are not gangbuster, but they are steady with about the same number of sales this week as last, and as the week before. New listings seem to be falling off, which is normal at this time of year. Last week Lake Oswego had 10 houses come onto the market, 13 houses go pending, and 7 closed sales. See below for further details:

NEWLY LISTED (Nov. 7-13, 2011)

Address Type Price Sq FT BR Baths
47 Eagle Crest Dr #37 Condo $49,900 672 1 1
4 Touchstone #67 Condo $99,000 984 2 2
4214 Woodside Circle Attached $234,900 1841 3 2.5
6380 Washington Ct Detached $249,500 1720 3 2
13120 Thoma Rd Detached $345,000 3116 3 2
12 Walkingwoods Dr Detached $369,000 2177 3 3
4573 Oakridge Rd Lot33 Attached $369,900 1835 3 2.5
4571 Oakridge Rd Lot32 Attached $419,680 2092 3 2.5
4076 Coltsfoot Ln Detached $639,900 3882 4 3.5
17475 Canal Circle Detached $895,000 2290 3 3

PENDING SALES (Nov. 7-13, 2011)

Address Type Price Sq Ft BR Baths CDOM
5056 Foothills Dr G Condo $179,900 1252 2 2 363
16211 Inverurie Rd Detached $196,100 1819 4 2.5 22
3300 Wembly Park Rd Detached $200,000 2094 2 1 11
668 McVey Ave #70 Condo $299,000 992 3 1.5 5
589 Ridgeway Rd Detached $400,000 1736 3 2 41
4575 Oakridge Rd Lot34 Attached $401,836 1927 3 2.5 2
52 Condolea Ct Condo $485,000 2958 2 2.5 60
40 Condolea Ct Condo $485,000 2958 3 3 227
13354 Twin Creek Ln Detached $535,000 3134 5 2.5 65
14231 Dolph Ct Detached $650,000 2580 4 2 172
13048 Knaus Rd Detached $749,000 3715 4 3.5 198
13124 Knaus Rd Detached $789,000 3016 3 2.5 188
18284 Meadowlark Ln Detached $1,249,000 5833 5 5.5 468

SOLD (Nov. 7-13, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
191 Oswego Summit #191 $199,000 $189,000 Condo 1506 115
16700 Gary Ln $319,000 $289,000 Detached 1529 37
1637 Laurel St $399,000 $330,000 Detached 1792 453
17071 Rebecca Ln $399,900 $369,000 Detached 2230 129
18180 Pioneer Ct $405,000 $377,250 Detached 2380 107
15601 Manchester Dr $449,950 $424,000 Detached 3302 150
13223 Deerfield Ct $614,900 $598,000 Detached 4008 423

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 11/13/11

There are 7 houses scheduled to be held open this Sunday. Enjoy.

Address Price Bedrooms Baths Open
4050 Virginia Way $359,000 3 2 1 to 3
4793 Auburn Ln $377,900 3 2.5 12 to 3
15633 Fieldstone Dr $618,950 4 2.5 12 to 2
5533 Fieldstone Ct $628,950 4 2.5 12 to 2
17110 Lowenberg Terr $649,900 4 2.5 1 to 3
15622 Fieldstone Dr $668,950 3 2.5 12 to 2
4767 Dogwood Dr $799,900 4 2.5 2 to 4
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Celebrating Veterans and VA loans

With Veteran’s Day occurring this Friday, 11/11/11, it seems appropriate to take a moment to look at the benefits that our Veterans have earned as a result of serving our Country.

VA loans are one of the few remaining sources of 100% financing. The veteran still has to qualify their income and their credit. And the amount of the loan can not exceed the appraised value. The seller can pay up to 4% of the sales price towards the Veteran’s closing costs. And the loan can be as much as $417,000. The Veteran’s credit score must be 620 or greater, which is pretty generous as compared to conventional financing which often requires a score of 650 or higher.

The house must also qualify for the loan by being in structurally sound condition. It does not have to be updated or new. It simply has to be in good enough condition to move right in with no broken windows, peeling paint, or that sort of thing.

This loan is available to Veteran’s for the rest of their lives. It can be used over and over again (only one loan at a time, however). So it is not just for the first-time purchase.

Who is eligible? Veterans, active-duty personnel, certain reservists and National Guard members, surviving spouses of persons who die on active duty or die as a result of service-connected disabilities, spouses of active duty personnel who are missing in action, captured in the line of duty, or forcibly detained by a government or power.

How does it work? The VA guarantees to the lender that if the veteran does not pay his loan the lender will be reimbursed. This means that there is no monthly mortgage insurance on this loan. There is what is called a VA Funding Fee that is usually added to the loan amount. This fee is waived if the Veteran or Service Member is disabled in the line of duty.

In addition to the VA loan, there are a couple of other great programs for Veterans. I highly recommend that if you or one of your relatives are a Vet that you visit HOWNW.com, a website devoted to military homeownership resources. There are many, many programs including the Dreammakers Grant which provides 3 to 1 downpayment assistance up to $5000.

If you are looking for a good lender to help you obtain a VA loan, I want to recommend Naida Paris at Northwest Mortgage Group. I have known and worked with Naida my entire real estate career, 24 years. She is probably the most ethical person in the mortgage lending business. And she is an expert about VA loans.

If you are currently on Active Duty, or if someone you know and care about is on Active Duty, I highly recommend you share with them this link. It is a 5 minute video that explains the Service Members Civil Relief Act. This Act requires that Active Duty military can not be charge more than 6% on their debt. That’s right, even on credit cards, they can not be charged more than 6%. It also protects them from eviction or foreclosure.

Why are VA loans so important to me? Well, I’m the Mom of a Marine (wounded in Afghanistan 5/2010), the wife of a Marine, the daughter of a Sailor, the grand daughter of a Soldier, the daughter-in-law of an Airman, the sister-in-law of an Airwoman, the sister-in-law of 4 Marines, and the Aunt of both a Marine and an Airman. Yep, my family is pretty strongly committed to the values of serving our Country.

If you are a Veteran, I would love to help you obtain your next home.
Dianne

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Market Activity for Oct. 14-30, 2011

In Lake Oswego there were 9 New properties entering the market, 14 in Pending status, and 6 marked as Sold during the last week according to RMLS.
See below for further details:

NEWLY LISTED (Oct. 24-30, 2011)

Address Type Price Sq FT BR Baths
5332 Tualata Ct Detached $199,000 1658 3 1.5
5220 Firwood Rd Detached $234,900 1300 3 2
15275 Boones Way Attached $275,000 1321 2 2
1401 Greentree Circle Detached $325,000 1683 3 2
13125 Vermeer Dr Detached $327,000 2046 4 2.5
1850 Egan Way Detached $543,900 4543 6 3.5
872 Country Commons Detached $599,000 2800 4 2.5
103 Garibaldi St Detached $724,997 3262 4 3.5
507 Ash St Detached $1,100,000 3100 3 3

PENDING SALES (Oct. 24-30, 2011)

Address Type Price Sq Ft BR Baths CDOM
200 Burnham Rd Condo $93,500 959 1 1 12
159 Oswego Summit Condo $159,900 1506 2 2 385
1764 Conifer Dr Detached $295,000 1200 3 1 53
5755 Windfield Loop Detached $324,900 1561 2 2 107
755 5th St Detached $349,000 927 2 1 163
1050 Sunningdale Rd Detached $365,000 1616 3 1.5 62
5192 Coventry Ct Detached $365,000 2259 4 2.5 2
4660 Black Forest Ct Detached $390,000 2157 4 2.5 15
19443 Kokanee Ct Detached $397,000 2807 4 2.5 364
18180 Pioneer Ct Detached $399,500 2380 4 2.5 107
5843 Ridgetop Ct Detached $475,000 2897 4 3 196
16925 Depot St Detached $499,950 2631 4 2.5 150
17665 Kelok Rd Detached $949,500 1820 3 2 66
17554 Greenbluff Detached $999,000 5042 4 4.5+.5 239

SOLD (Oct. 24-30, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
86 Kingsgate Rd F106 $99,000 $78,000 Condo 849 867
3676 Spring Ln 2C $139,900 $130,000 Condo 1762 36
18207 Westminster Dr $409,900 $409,900 Detached 2258 24
3149 Douglas Circle $1,195,000 $950,000 Detached 5237 80
17255 Canal Circle $1,200,000 $1,165,000 Detached 4256 5
2936 Lakeview Blvd $2,100,000 $1,700,000 Detached 4179 120

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. 30, 2011

This Halloween weekend Lake Oswego has 16 open houses currently scheduled. Enjoy the weekend and have a safe and Happy Halloween.

Address Price Bedrooms Baths Open
221 Cervantes $125,000 2 1.5 1 to 3
6929 Montauk Circle $134,900 2 1 1 to 3
16212 Lake Forest Blvd $249,000 3 2 2 to 4
7 Britten Ct $249,000 4 2 1 to 3
4793 Auburn Ln $377,900 3 2.5 12 to 3
1278 Hide A Way Ln $399,000 4 2.5 1 to 3
13020 Princeton Ct $444,000 4 2.5 12 to 2
6 Sherwood Ct $539,900 4 3 1 to 3
580 Weidman Ct $599,000 5 3.5 1 to 3
14231 Dolph Ct $650,000 4 2 1 to 4
17110 Lowenberg Ter $689,000 4 2.5 2 to 4
17090 Chapin Way $775,000 4 3 12 to 3:30
2650 Glen Eagle Rd $875,000 3 4 12:30 to 2:30
1427 Horseshoe Curve $879,000 2 2 1 to 3
17282 Lake Haven Dr $1,199,000 4 2.5 1:30 to 4
112 Northshore Circle $1,695,000 4 3.5+.5 1 to 5
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Buying A Condo

Condos appeal to buyers for a couple of very specific reasons. First is the appeal of having all of the exterior maintenance taken care of for them. If you travel a lot, are physically unable to do yard work, or simply prefer having someone else take care of things, a condo might be a good fit in your life. The other significant reason people may choose a condo is it is a great first purchase. Condos can often be bought for significantly less than a detached home.

Lake Oswego has a very large assortment of condos. Mountain Park was one of the first planned communities in the U.S. and a big part of that plan was an assortment of condominiums. At the very top of Mountain Park is Oswego Summit with it’s 2 swimming pools and views of Mt. Hood. Then there are the luxury condos that have been built on the Willamette River, on the Lake, and in First Addition. These complexes are located in highly desirable areas and have features such as secured parking and large terraces.

Some quick stats:
There are currently 68 condos for sale in Lake Oswego priced from a low of $43,500 (932 square feet with 2 bedrooms and 1 bath) to a high of $1,895,000 (on the Willamette River with 4784 square feet, 3 bedrooms and 3 1/2 baths).

21 Condos are in escrow with accepted offers waiting to be closed.

54 condos have sold in the last 6 months.

At any given time you’ll find a good selection to choose from.

There are some specific things you need to think about if you are considering a condo purchase. When you make an offer, make sure it is subject to review of these items:

Ask to read the last 12 months of minutes from the Home Owner Association meetings. If there are problems in the complex, people will be talking about them at these meetings. This is probably the easiest way to find out issues.

Make your offer subject to obtaining and approving of financial statements for the HOA (Home Owner’s Association). You want to see that the HOA has been doing maintenance and upkeep. That they have reserves being built up on account for significant repairs such as roof replacement or paving. And you want to see that they are projecting future expenses and not just working on an emergency basis.

Ask the seller for full disclosure of any upcoming special assessments or any litigation that the HOA may be involved in.

When you have your home inspection done, have the inspector walk the complex and inspect it as well. Does he/she see dry rot on decks or worn roofing shingles? If so, find out if the HOA has plans to address correcting these issues.

Buying a condo is different from buying a house. You are buying into a community with shared responsibilities and obligations. You want to make sure the HOA will be a good fit for you and not throw any surprises your way after you move in.

There is a tendency to want to buy a condo with small HOA dues. The HOA dues are paid monthly, in most cases, and cover things like landscape maintenance and repair of the exterior of buildings. Sure, it’s nice to have small monthly expenses. But the problem with small HOA dues is that money is then not collected for future expenses. And when those expenses arise and there is not enough money in reserve, then all of the members of the HOA have to pony up and pay a special assessment. These assessments can be in the thousands of dollars. So do your homework and get to know the HOA before you buy. Don’t necessarily opt to buy a condo just because the HOA dues are small. Small monthly dues can mean big special assessments later.

Please let us know if you have any questions about condos. Linda and I are here to help.
Dianne

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Open Houses for October 22, 2011

22 homes are scheduled to be held open this Sunday in Lake Oswego. Enjoy!

Address Price Bedrooms Baths Open
16250 Pacific Hwy #55 $175,000 2 2 1 to 3
6016 Bonita Rd $229,999 4 2 1 to 4
6263 Childs Rd $264,900 4 2 2 to 4
16695 Glenwood Ct $379,000 4 3 12 to 2
4660 Black Forest Ct $390,000 4 2.5 1 to 4
19443 Kokanee Ct $397,000 4 2.5 1 to 4
1657 Campus Way $399,900 4 3 1 to 4
14361 Sherbrook Pl $429,900 3 2.5 1:30 to 4
7 Del Prado St $435,000 4 3 12 to 3
13020 Princeton Ct $444,000 4 2.5 1 to 3
5698 La Mesa Ct $600,000 4 2.5 1 to 3:30
15633 Fieldstone Dr $618,950 4 2.5 1 to 3
5533 Fieldstone Ct $628,950 4 2.5 1 to 3
17601 Woodhurst Pl $649,000 3 2.5+.5 1 to 3
5056 Denton Dr $649,900 4 2.5 2 to 6
14231 Dolph Ct $650,000 4 2 1 to 4
15622 Fieldstone Dr $668,950 3 2.5 1 to 3
5604 Grand Oaks Dr $685,000 5 3 1 to 4
17406 Brookhurst $689,900 5 3.5 1 to 3
17930 Blue Heron Dr $799,000 5 4.5 1:30 to 4
18308 Meadowlark Ln $1,395,000 4 3.5+.5+.5 1 to 3
17700 Upper Cherry Ln $2,375,000 5 5.5 1 to 3