Along with letting you know about the open houses scheduled for this Sunday, I want to share an a quick bit of wisdom. I am currently working with an investor who is doing a 1031 exchange following the passing of his parents who were first-generation immigrants. They came to this country, worked hard, and invested in real estate. With their passing, their children are now coming into a fairly substantial amount of money. Following their parents advice, they too are investing in real estate. Their parents words of wisdom: invest in what you can sweep.
Love it!
Here are the open houses to anticipate this Sunday. Have a great weekend.
There are 25 neighborhoods in Lake Oswego and today I want to focus on one in particular: Bryant. Bryant is found on the South side of the lake and is bounded by Upper Drive on the North, Southshore and Kelok roads on the East, Childs and Deerbrush roads on the South, and Pilkington on the West.
Lake Grove Swim ParkHighlights of the neighborhood include Waluga Junior High School, West Bay, Lamont Springs Nature Park, and on the Northern edge, one of Lake Oswego’s two swim parks, the Lake Grove Swim Park.
There is a small commercial commercial district that allows the neighborhood to enjoy 4 excellent restaurants. LaVang’s is an institution having been opened many years ago by a Vietnamese doctor who used the proceeds to support an orphanage in Vietnam. I am not sure if the connection to the orphanage still exists, but I can tell you that the good food has remained. It has wonderful Pho and amazing salad rolls. Deno’s Pizzeria has about the best caesar salad I have ever eaten. Pine Shed Ribs serves Santa Maria Style Barbeque. And the newest addition is Oliver’s which specializes in farm to table fresh ingredients with a Mexican flair.
West BayHousing in the area runs the gamut. There are several condominium complexes with pricing ranging from $100,000 to $175,000, with 1 currently for sale, 2 pending and in escrow, and 1 closed sale in the last 6 months.. The single family residential has a much broader range.
There are currently 22 houses for sale. The least expensive house currently for sale was built in 1952 and is a bank foreclosure. It has 2324 square feet (928 is in an unfinished basement), 3 bedrooms and 3 full baths. It is listed for $229,900.
The most expensive house currently for sale is on a canal. It was built in 1985, is on nearly half an acre with 4 bedrooms and 2.5 baths, and is listed for $1,199,000.
25 homes have sold in the last 6 months. The low sale occurred on a mid-century modern home that was built in 1962. With 1700 square feet, 3 bedrooms and 2 baths, it was listed for $229,900. It sold in just 2 days for $209,400. The most expensive sale was a 1992 built home with a brick facade and 3-car garage on a cul-de-sac. It had 4 bedrooms, 2.5 baths. Listed for $850,000, it sold in 56 days for $750,000.
I think what I like about the Bryant neighborhood is how walkable it is. Relatively flat, you can walk to the swim park or to a good restaurant in 10 to 15 minutes. I don’t live in the Bryant neighborhood, but I do live close enough that I walk through it regularly. Lamont Springs Park is a personal favorite.
Please feel free to let Linda or myself know if we’ve peaked your curiosity and would like more information about homes in this area.
Last week in Lake Oswego there were 19 new listings, 13 houses that received accepted offers and went pending, and 4 closed sales.
See below for further details:
NEWLY LISTED (Sept. 12-18 2011)
Address
Type
Price
Sq FT
BR
Baths
86 Kingsgate Rd H102
Condo
$64,900
849
2
2
4 Touchstone #65
Condo
$119,900
1351
3
2.5
5225 Jean Rd 3308
Condo
$179,900
1400
3
2
5733 Fernbrook Way
Detached
$235,000
1250
4
1.5
1641 Devon Ln
Detached
$239,900
2013
3
2.5
1127 Cedar St
Detached
$259,000
870
2
1
6438 Frost St
Detached
$365,000
2558
3
2.5
6450 Frost St
Detached
$395,000
2957
4
2.5
4 Hillshire Dr
Detached
$449,000
3084
4
2.5+.5
52 Condolea Ct
Condo
$485,000
2958
2
2.5
19475 Dogwood Ct
Detached
$499,900
3302
6
3
4 Juarez St
Detached
520,000
3962
4
2.5
4120 Southshore Blvd
Detached
$525,000
2033
3
2
17370 Canyon Dr
Detached
$579,900
3408
4
3.5
1828 Palisades Terrace Dr
Detached
$599,000
3264
4
2.5
Glenmorrie
Detached
$667,000
3196
3
4
14599 Fosberg Rd
Detached
$759,000
3453
4
3.5
19375 Eastside Rd
Detached
$799,000
4100
4
3.5
3122 Upper Dr
Detached
$1,075,000
3851
4
4
PENDING SALES (Sept 12-18, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
4 Crestfield Ct
Condo
$84,900
923
2
1
42
4638 Lower Dr A2
Condo
$99,000
1260
2
1.5
93
5325 Oakridge
Detached
$234,900
1191
4
2
106
3797 Lanewood St
Detached
$249,000
2560
3
1
126
1286 Rockinghorse Ln
Detached
$309,000
1883
3
2.5
302
17607 Arbor Ln
Detached
$315,000
1906
3
2
154
5011 Rosewood St
Detached
$345,000
1698
4
2
123
4734 Lakeview Blvd
Detached
$397,500
2787
3
1
155
19240 Megly Ct
Detached
$549,900
3633
5
3.5
145
5088 Woodcrest Ln
Detached
$619,900
3056
4
2.5
219
727 6th St
Detached
$679,900
2884
4
2
601
16828 Alder Circle
Detached
$1,099,000
2362
3
2
133
1066 Northshore Rd
Detached
$1,195,000
4224
4
5.5
227
SOLD (Sept 12-18, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
750 1st St D22
$150,000
$140,000
Condo
1350
82
17 Walking Woods Dr
$290,000
$320,000
Detached
2915
55
19124 Megan Pl
$699,000
$620,000
Detached
3584
104
5231 Denton Dr
$669,000
$636,500
Detached
3031
75
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
One of the most basic components of being a good Realtor is understand just who I work for. As I work with a client I find myself going back to this concept again and again. Let’s face it, a real estate transaction requires a tremendous amount of negotiation. For both the buyer and the seller, the sale is likely one of the largest and most important financial endeavors that they will do. So it has to be done right, and to their satisfaction. What I want has pretty much nothing to do with it.
So think about that. A Realtor is in a job where what they want is not important.
Fiduciary Duty Fiduciary duty is the relationship that exists when one person puts faith and trust into another person to act on their behalf. Realtors have fiduciary duty to their clients. This is such an important element in real estate.
In a transaction I find myself thinking about my clients and their needs constantly. Will this be good for them? Will this help? Is this what they want? Often it means telling them hard information that I know will likely make them not want a house. It can mean causing a transaction to fail so that we go out and begin again. That is not necessarily good for me, but it is certainly good for my client. It’s the right thing to do.
Real Estate Agency
In Oregon we have buyer’s agents, seller’s agents, and dual agents. This was not always the case. Prior to about 1994, all Realtors worked for the seller. So even when I worked with buyers showing them houses, writing up an offer, and negotiating repairs, I was really working for the seller. It was strange.
The advent of buyer’s agency allowed Realtors to work exclusively for the buyer. This means that the Realtor who is a buyer’s agent is committed to the best interests of the buyer. It also allowed seller’s agents to do the same for the seller.
We also have what is called dual agency. This happens when a Realtor is working with a buyer who wants to buy one of that Realtors listings. In this circumstance, the Realtor would be representing both the buyer and the seller. This can only happen if both the buyer and the seller give their approval. The Fiduciary duty does not change. A dual agent must still maintain confidences about things like price and work to see to the best interests of both clients. This does not happen very often. I think in my 24 years as a Realtor I’ve done it half a dozen times.
Dual agency can also happen when a buyer’s agent sells a house that is listed by another Realtor in their office. This is because most Realtors do work in offices with multiple agents who are supervised by a Principal Broker. That Principal Broker reviews all of the paperwork of every transaction and offers supervision and guidance to the Realtors in that office. So the buyer’s agent and the seller’s agent remain just that, but the Principal Broker becomes a dual agent.
Please forgive me if this is all pretty dry. It’s the sort of thing that is not particularly exciting. But I think it is incredibly important and one of the backbones of my career.
Have a great day and thanks for reading the blotter.
Dianne
Even with the Labor Day weekend last week, Lake Oswego saw quite a bit of real estate activity. 15 new listings came onto the market, 14 houses went pending, and 20 houses became closed sales. The high volume of closed sales versus new listings is likely a reflection of people wanting to move in before the start of the school year.
Also interesting, to me, was the percentage of the activity that was condos and attached homes. Condos and attached homes were 33% of the new listings, 57% of the pending sales, and 45% of the closed sales.
Last, I have to point out the 2 closed sales at $1,400,000 and $1,422,500 that sold in just 51 days and 2 days.
These are some rather positive numbers.
See below for further details:
NEWLY LISTED (August 28 to September 4, 2011)
Address
Type
Price
Sq FT
BR
Baths
47 Eagle Crest Dr #26
Condo
$74,900
932
2
1
3 Oswego Summit #3
Condo
$124,900
1212
2
2
19221 Redwing Ct
Detached
$329,500
1374
3
2
4946 Mulholland Dr
Attached
$389,900
2584
3
2.5
1238 Hemlock St
Detached
$399,900
1548
3
2
510 2nd St
Condo
$410,000
1520
2
2.5
4725 Cambridge Ct
Attached
$425,000
3056
2
2.5
5842 Meadowcreek Ct
Detached
$449,900
2309
3
2.5
5686 Charles Circle
Detached
$499,900
3246
4
3
33 Westridge Dr
Detached
$538,000
3864
5
3.5
1278 Hida A Way Ln
Detached
$549,000
2632
4
2.5
13354 Twin Creek Ln
Detached
579,000
3134
5
2.5
18175 Pilkington Rd
Detached
$635,000
3164
4
3.5
1495 Woodland Terr
Detached
$725,000
3960
4
2.5
18202 Bella Terra Dr
Detached
$1,145,000
3863
4
3.5
PENDING SALES (August 29 to September 4, 2011, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
12 Crestfield Ct
Condo
$48,100
552
1
1
50
47 Eagle Crest Dr #3
Condo
$56,000
932
2
1
491
58 Galen St
Condo
$70,000
689
1
1
375
169 Oswego Summit
Condo
$89,900
1383
2
2
486
215 Cervantes
Condo
$134,999
1100
2
2
44
23 Wheatherstone
Attached
$135,000
1692
3
2.5
32
3924 Carman Dr
Attached
$145,000
1139
2
2.5
363
16443 Inverurie Rd
Detached
$180,000
1480
4
2
5
191 Oswego Summit #191
Condo
$189,000
1506
2
2
115
16546 Bonaire Ave
Detached
$219,900
1064
3
1
5
1510 Spruce St
Detached
$269,000
1242
3
2
47
4405 Oakridge Rd Lot 20
Attached
$410,160
2004
3
2.5
0
3811 Childs Rd
Detached
$417,000
2006
3
2.5
101
19330 Riverwood Ln
Detached
$618,900
3367
4
3.5
0
SOLD (August 29 to September 4, 2011, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
47 Eagle Crest Dr #48
$89,500
$47,900
Condo
696
351
4000 Carmen Dr #101
$119,000
$112,000
Condo
869
5
5225 Jean Rd #307
$165,000
$140,000
Condo
1100
210
5061 Foothills Dr G
$199,000
$163,000
Condo
991
272
4316 Botticelli St
$209,000
$167,000
Condo
2098
114
4322 Botticelli St
$315,000
$230,000
Condo
2043
440
55 Northshore Rd #7
$500,000
$267,500
Condo
1478
1193
5368 Tree St
$269,000
$279,000
Detached
1850
121
880 Boca Ratan Dr
$399,900
$280,000
Detached
2364
281
2089 Glenmorrie Dr
$425,000
$329,500
Detached
1551
412
16 Grouse Terr
$395,000
$378,000
Detached
2532
11
4958 Bilford Ln
$379,900
$386,000
Detached
1968
3
1677 Laurel St
$425,000
$420,000
Detached
2445
117
173 Furnace St
$619,900
$505,000
Condo
2220
334
17911 Hillside Dr
$569,000
$550,000
Detached
3330
11
554 5th St
$699,000
$625,000
Attached
2166
177
4155 Canal Rd
$850,000
$750,000
Detached
3736
56
3168 Douglas Circle
$899,900
$899,900
Detached
4331
0
17860 Crestline Dr
$1,475,000
$1,400,000
Detached
6810
51
17313 Blue Heron Rd
$1,495,000
$1,422,500
Detached
3480
2
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
It sure does feel like a holiday weekend when I see just 4 houses being held open in Lake Oswego this Sunday. Make the most of it and get out to see some houses!
People's Choice 2011, "August Trunk" The community of Lake Oswego loves art in a big way. In 1999 the Arts Council of Lake Oswego was founded as a non-profit to ensure the continuing support of art in the town, and one of their big accomplishments has been the Gallery Without Walls. The Gallery Without Walls consists of sculpture that is loaned to the community for a 2-year period. While it is on display it is offered for sale. At the end of the 2-year period the community votes on their favorite sculpture and the “People’s Choice” sculpture is purchased and added to the city’s permanent collection.
"Vincent" by Keith JellumOver the years this has allowed the city to acquire some wonderful art work that is displayed throughout town. There are currently about 60 sculptures that make up the art work on loan as well as the permanent collection. In driving around town, I have been enjoying the 15 new sculptures that were installed in July.
"Zen Beacon" by Thor MyhreIf you would like a tour of the pieces with the aid of a knowledgeable guide, private tours can be arranged by calling the Arts Council at 503.675.3738. You can also get a free phone app for your iphone by going to the Apple App Store and searching for L.O. Art tour. For your Smartphone go to www.artscouncillo.org/tour
And if you love art and want to get involved with the Arts Council, they are always looking for volunteers. Please call Cheryl Brock at 503.675.3738.
To view the “People’s Choice” collection, click here.
"Jazz Drummer" by Mary Ann BakerI really do believe that art enriches our lives in both subtle and profound ways. Even on one of those more difficult days, a piece of art will bring a smile to my face. And on glorious days, it just makes the day all the more enjoyable. I love art. I am so happy to live in a community that shares that love.
Last week 13 homes were put onto the market for sale in Lake Oswego, 10 homes accepted offers and became pending, and 12 homes closed escrow to be fully sold.
See below for further details:
NEWLY LISTED (August 15-21, 2011)
Address
Type
Price
Sq FT
BR
Baths
4390 Sunset Dr
Detached
$197,500
942
3
1
839 F Ave
Detached
$240,000
1516
3
1
5139 Tualata Ln
Detached
$257,900
1524
3
2
5051 Tualata Ln
Detached
$369,900
1591
4
2
4403 Oakridge Rd Lot 21
Attached
$399,900
2004
3
2.5
1193 Troon Rd
Detached
$415,000
2558
3
2.5
15200 Lily Bay Ct
Detached
$488,000
3260
4
2.5
17930 Meadowlark Ln
Detached
$525,000
3300
4
4
48 Becket St
Detached
$525,000
2485
3
2.5
18009 Braeden Ct
Detached
$639,000
3224
4
2.5
2941 Westview Circle
Detached
$689,000
3075
5
2.5
15468 Boones Way
Detached
749,000
2425
4
2.5
1647 Englewood Dr
Detached
$1,595,000
4101
4
5
PENDING SALES (August 15-21, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
5225 Jean Rd #307
Condo
$156,900
1100
2
2
210
13985 Sundeleaf Dr
Detached
$279,000
1278
3
2
83
5795 Langford Ln
Detached
$349,500
1687
2
2
9
17737 Overlook Circle
Detached
$359,900
2250
4
2.5
65
2360 Greentree Rd
Detached
$379,900
2211
3
2.5
139
17095 Rebecca Ln
Detached
$379,900
2350
4
3
84
605 4th St
Detached
$525,000
1880
4
3
30
17682 Marylbrook Dr
Detached
$529,900
3799
4
2.5
339
19 Juarez St
Detached
$550,000
3584
3
2.5
169
3168 Douglas Circle
Detached
$899,900
4331
4
3.5
0
SOLD (August 15-21, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
322 Cervantes
$99,990
$99,900
Condo
832
57
668 McVey Ave #74
$145,000
$145,000
Condo
636
139
5 Britten Ct
$235,000
$225,000
Attached
1394
57
1981 Mapleleaf Rd
$320,000
$300,000
Detached
2015
38
518 5th St
$369,000
$305,000
Detached
1426
150
4398 Glacier Lily St
$425,000
$318,500
Detached
2936
127
2825 Vale Ct
$417,000
$401,000
Detached
2304
31
18132 Westview Dr
$620,000
$500,000
Detached
3871
471
17645 Oak Meadow Ln
$510,000
$515,000
Detached
3510
392
5115 Denton Dr
$719,000
$665,000
Detached
3069
99
528 7th St
$999,999
$950,000
Detached
3678
90
1954 Egan Way
$1,050,000
$950,000
Detached
3748
323
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
Taking advantage of the beautiful weekend, Sunday will be a great day to get out and see any and all of the 31 houses being held open in Lake Oswego. Enjoy!
