In Lake Oswego there were 17 New properties entering the market, 8 in Pending status, and 10 marked as Sold during the last week according to RMLS.
See below for further details:
NEWLY LISTED (Oct. 10-16, 2011)
Address
Type
Price
Sq FT
BR
Baths
4629 Lakeview Blvd C2
Condo
$94,900
1178
2
2
203 Cervantes
Condo
$119,900
1100
2
2
16494 Inverurie Rd
Detached
$155,000
1064
3
1
247 Cervantes
Condo
$161,200
1384
2
2
5830 SW Burma Rd
Detached
$189,000
1186
3
1
5786 Washington Ct
Detached
$194,400
1876
3
2
19010 Longfellow Ave
Detached
$199,900
1732
3
1
135 Kingsgate Rd
Detached
$264,900
1720
3
2.5
765 Maple St
Detached
$380,000
1998
3
2
120 Condolea Dr #45
Condo
$383,790
2958
3
3
4660 Black Forest Ct
Detached
$390,000
2157
4
2.5
13750 Shireva Dr
Detached
399,900
3294
4
3
12 Yorick St
Detached
$416,000
2428
4
3.5
4367 Haven St
Detached
$578,000
3617
5
3.5
3000 Upper Dr
Detached
$695,000
2851
3
3
19363 SW Riverwood
Detached
$719,000
2984
4
3
1623 Glenmorrie Dr
Detached
$925,000
5894
5
4.5
PENDING SALES (Oct. 9-16, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
99 Oswego Summit #99
Condo
$89,900
1116
2
1.5
45
45 Eagle Crest Dr $508
Condo
$169,000
1046
2
2
206
17025 Denney Ct
Detached
$209,900
1429
3
2
7
1674 Fircrest Dr
Detached
$249,500
1998
4
2
114
140 Touchstone Ct
Attached
$284,900
1964
3
2.5
8
15601 Manchester Dr
Detached
$424,000
3302
5
3.5
150
5428 Southwood Dr
Detached
$575,000
3302
4
3
172
427 9th St
Detached
$649,500
3250
5
3.5
123
SOLD (Oct. 10-16, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
3311 Fir Ridge Rd
$359,000
$359,000
Detached
2112
91
4734 Lakeview Blvd
$439,950
$366,500
Detached
2787
155
4677 Oakridge Rd Lt4
$369,900
$369,900
Attached
1738
97
4663 Trillium Woods Lt 9
$433,275
$418,275
Attached
2232
0
5842 Meadowcreek Ct
$449,900
$440,000
Detached
2309
7
2235 Glen Haven Rd
$549,000
$479,000
Detached
2778
714
5686 Charles Circle
$499,900
$499,900
Detached
3246
6
4184 Sunset Dr
$569,000
$500,000
Detached
2932
169
5035 Woodcrest Ln Lt 19
$585,300
$604,894
Detached
3174
0
5088 Woodcrest Ln
$599,900
$607,500
Detached
3056
219
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
Housing starts in new construction have always been a leading indicator of what is happening in the housing market. It can be a real roller coaster for builders. So I thought it would be interesting to compile some information that allows you to easily see what has happened to new construction in Lake Oswego in the years 2006-2011.
Here is a summary:
Year
# Houses Sold
Low Price
High Price
Average Price
Square feet
2006
30
$449,900
$1,980,000
$1,068,000
3,743
2007
33
$825,000
$2,610,000
$1,435,000
4,450
2008
11
$670,000
$1,815,000
$990,000
3,746
2009
11
$519,000
$2,025,000
$1,002,000
3,623
2010
13
$510,000
$1,115,000
$697,000
3,635
2011
18 to date
$375,000
$959,000
$683,000
3,131
2011 Pending
13
$379,900
$1,199,000
$619,800
3,071
Active
39
$379,950
$3,400,000
$662,000
2,924
It’s pretty incredible to see how heady things got in 2007. In just one year the average sales price went up from $1,068,000 to $1,435,000. And the size of the houses being built went from an average of 3743 square feet to 4450 square feet. I remember seeing million dollar mansions being built and sold as spec houses on Southshore! I have always been able to appreciate a big, gorgeous new house at top dollar if it also has a nice location and setting, but on a busy street? Even then it seemed crazy to me. But there is so little undeveloped land in Lake Oswego that the buyers were willing to buy on a busy street. The demand for large, luxury homes was that high.
Then the economy turned. Very few homes were built and sold 2008-2010.
What got me to thinking about writing on this topic is that I have been seeing quite a lot more new construction. The builders have learned and adapted to the economy. I was surprised to see that the average size of a new home is still right around 3000 square feet. So they are smaller, especially when compared to the 4450 average size in 2007, but 3000 square feet is still a good sized house. The big change is in the pricing. Averages prices of 2011 solds, pending sales and active listings are all in the $600,000’s. There are 18 closed sales year to date but 13 in escrow. With escrow times running 45-60 days, it’s fair to say that most of the pending sales will close by the end of the year. So we could potentially see new construction sales up around 30 for the year, which is where they were before the recession.
I think this is a time of opportunity in Lake Oswego housing. There are 13 brand new homes for sale in LO right now that are priced under $500,000.
Please let us know if you want further information. Linda and I would love to be of help.
Dianne
In Lake Oswego last week there were 14 new listings, 16 pending sales, and 10 closed sales.
See below for further details:
NEWLY LISTED (Sept. 26 to Oct. 2, 2011)
Address
Type
Price
Sq FT
BR
Baths
18914 Longfellow Ave
Detached
$235,000
1232
3
1.5
16212 Lake Forest Blvd
Detached
$249,000
1267
3
2
3500 Red Cedar Way
Detached
$250,000
1769
3
2
6263 Childs Rd
Detached
$279,900
1600
3
2
113 Touchstone
Attached
$289,000
1838
2
2.5
589 Ridgeway Rd
Detached
$450,000
1736
3
2
13880 Knaus Rd
Detached
$520,000
3532
4
3.5
17160 Kelok Rd
Detached
$549,900
4650
4
4
3811 Carman Dr
Detached
$580,000
3028
4
2
17952 Cardinal Dr
Detached
$599,999
1702
4
2
15633 Fieldstone Dr
Detached
$618,950
3047
4
2.5
17601 Woodhurst Pl
Detached
699,000
3272
3
2.5+.5
4767 Dogwood Dr
Detached
$839,900
3964
4
2.5
12900 Fielding Rd
Detached
$4,395,000
7527
6
7.5
PENDING SALES (Sept 26 to Oct 2, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
12 Crestfield Ct
Condo
$44,900
552
1
1
74
48 Eagle Crest Dr 3B
Condo
$134,900
1489
2
2
37
5064 Foothills Dr H
Condo
$185,000
1252
3
2
203
4760 Lower Dr
Detached
$229,900
2324
3
3
44
3305 Upper Dr
Detached
$299,999
1484
3
2
172
1286 Rockinghorse Ln
Detached
$309,000
1883
3
2.5
316
18715 Indian Creek Dr
Detached
$339,825
1976
3
2
244
1214 Hallinan Circle
Detached
$342,000
1748
3
2
7
17071 Rebecca Ln
Detached
$379,900
2230
4
3
129
4693 Lakeview Blvd
Detached
$429,950
2021
3
2
120
4729 Firwood Rd
Detached
$489,500
2594
3
2.5
127
18462 Anduin Terr
Detached
$524,900
2982
4
2.5
71
215 Chandler Pl
Detached
$895,000
3118
3
2.5
355
1066 Northshore Rd
Detached
$1,195,000
4224
4
5.5
239
1715 Edgecliff Terr
Detached
$1,295,000
4929
4
4.5
475
2936 Lakeview Blvd
Detached
$1,888,000
4179
5
3.5
120
SOLD (Sept 26 to Oct 2, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
4454 Thunder Vista Ln
$170,000
$157,000
Condo
2060
158
16443 Lake Forest Blvd
$249,900
$206,000
Detached
1474
47
5139 Tualata Ln
$257,900
$262,000
Detached
1524
6
55 Northshore Rd #4
$289,000
$289,000
Condo
1554
18
17095 Rebecca Ln
$399,900
$375,000
Detached
2350
84
19285 Megly Ct
$539,900
$479,900
Detached
3275
203
605 4th St
$525,000
$518,000
Detached
1880
30
5511 Fieldstone Ct
$638,950
$615,000
Detached
3037
629
17460 Wren Ct
$995,900
$850,000
Detached
3305
180
3328 Lakeview Blvd
$3,750,000
$2,565,000
Detached
6675
471
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
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
