Author: Dianne Gregoire

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Worth the Price Fix-Ups

If you are in the position of selling your home, and don’t have a big pile of money to make improvements, are there things you can do yourself that are affordable? You bet! With the help of www.homesalemaximizer.com, I have compiled a list of simple things you can do inexpensively. I am also including an estimated return on your efforts.

Clean and declutter, please!
This one is the most obvious. You can not image how often I go into houses where the seller has left the house dirty and cluttered and the property is a total turn-off, even if it is a nice house. Wash, clean, vacuum, make the house sparkle. Put away personal items. You’re going to be moving anyway, now is the time to start packing. Go ahead and put boxes and extra furniture in the garage. It’s OK to fill the garage in order to have a decluttered house. Estimated cost: $290. Estimated return: $1,990

Brighten the house up
Make sure that all light bulbs are working. Open the curtains and turn on all of the lights. Wash the windows inside and out. Replace dated light fixtures. (No brass!) Move furniture so that it does not block the windows. Estimated cost: $375. Estimated return: $1550.

Stage the house
Rooms look bigger when they are not overcrowded. Move furniture so that people can walk through the rooms without bumping into furniture. Think about arranging furniture into 3’s: one sofa and two chairs, one bed and two cabinets, 3 is a balance that is appealing to the eye. Consider updating rooms with new pillows or area rugs. Estimated cost: $550. Estimated return: $2,194.

Landscaping
Cut back overgrowth in your yard. An over-grown yard just screams WORK. Mow the lawn and edge it. Spread new bark dust. Weed and trim. Plant new annuals and set out fresh and bright pots of blooming flowers. Be sure to cut back trees and shrubs that overhand walk ways or that block windows. Estimated cost: $540. Estimated return: $1,932.

Repair electricals and plumbing
Fix outlets and lights that don’t work. Consider having an electrician look over your main panel and fix wiring that does not work. I can promise you that a buyer will find this stuff and ask you to do it anyway. Get it done now and make your home not only ready, but fully functional. Fix dripping faucets and leaks under the sink. Be sure to scrub away any mold or mildew. Estimated cost: $535. Estimated return: $1505.

Replace or shampoo worn and dirty carpets
New carpet has a huge impact on a home. Everything else in the house can be out of date, but with new carpet the house feels fresh. In addition, soiled carpet is a big source of odors which are a big turn off. Stained carpet is also a problem. No one wants to buy someone else’s dirt. Estimated cost: $647. Estimated return: $1,739.

Even if you are not about to sell your home, consider doing these do-it-yourself fixes. You too will enjoy a home that is clean and well cared for.

Let me know if you have any questions or other ideas,
Dianne

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Market Activity for June 13-19, 2011

Last week in Lake Oswego there were 18 new listings, 16 pending sales, and 18 closed sales.

See below for further details (data derived from RMLS):

NEWLY LISTED (June 13-19, 2011)

4638 Lower Dr A2, $99,000, Condo, 2 BR, 1.5 Baths, 1260 sq. ft.
86 Cervantes Cir #86, $132,000, Condo, 2 BR, 1.5 Baths, 912 sq. ft.
15442 Stephanie Ct, $329,900, Attached, 3 BR, 2.5 Baths, 1662 sq. ft.
17737 Overlook Circle, $$359,900, Detached, 4 BR, 2.5 Baths, 2250 sq. ft.
16250 Pacific Hwy #70, $374,500, Condo, 2 BR, 2 Baths, 1380 sq. ft.
312 4th St, $399,000, Attached, 2 BR, 2.5 Baths, 1731 sq. ft.
13854 Provincial Hill Dr, $419,900, Detached, 3 BR, 2.5 Baths, 2726 sq. ft.
1249 Larch St, $421,900, Detached, 4 BR, 4 Baths, 3544 sq. ft.
764 2nd St, $425,000, Detached, 3 BR, 2.5 Baths, 1548 sq. ft.
211 Hidalgo St, $429,000, Detached, 4 BR, 2.5 Baths, 2635 sq. ft.
2376 Fernwood Circle, $525,000, Detached, 4 BR, 2 Baths, 2574 sq. ft.
15180 Boones Way, $549,900, Detached, 5 BR, 3.5 Baths, 3961 sq. ft.
657 9th St, $689,000, Detached, 3 BR, 2.5 Baths, 2812 sq. ft.
3623 Eena Rd, $769,000, 4 BR, 3.5 Baths, 3350 sq. ft.
1944 Palisades Terrace Dr., $839,900, Detached, 4 BR, 2.5 Baths, 4256 sq. ft.
13371 Atwater Ln, $999,000, Detached, 4 BR, 3 Baths, 4795 sq. ft.
1777 Atherton Dr, $1,595,000, Detached, 6 BR, 4.5+.5+.5 Baths, 6332 sq. ft.
13413 Fosberg Rd, $3,000,000, Detached, 3 BR, 2Baths, 2118 sq. ft.

PENDING SALES (June 13-19, 2011)

200 Burnham Rd #201, $110,000, Condo, 1 BR, 1 Bath, 897 sq. ft., 167 DOM
4765 Firwood Rd, $155,000, Detached, 3 BR, 1 Bath, 1348 sq. ft., 9 DOM
17950 Kelok Rd, $199,900, Detached, 3 BR, 2 Baths, 2376 sq. ft., 168 DOM
4184 Virginia Way, $229,900, Detached, 3 BR, 2 Baths, 1700 sq. ft., 2 DOM
5207 Rosewood St, $289,900, Detached, 3 BR, 2 Baths, 1438 sq. ft., 6 DOM
16026 Parker Rd, $299,900, Detached, 3 BR, 1 Bath, 1620 sq. ft., 265 DOM
1981 Mapleleaf Rd, $320,000, Detached, 3 BR, 2 Baths, 2015 sq. ft., 5 DOM
4697 Oakridge Rd Lot 05, $362,900, Attached, 3 BR, 2.5 Baths, 1738 sq. ft., 98DOM
2355 Greentree Rd, $379,900, Detached, 3 BR, 2.5 Baths, 2016 sq. ft., 294 DOM
75 Hidalgo St, $659,999, Detached, 4 BR, 3.5 Baths, 4036 sq. ft., 60 DOM
14600 Pfeifer Way, $675,000, Detached, 4 BR, 2.5 Baths, 3462 sq. ft., 24 DOM
1872 Palisades Terrace Dr, $699,000, Detached, 5 BR, 4.5 Baths, 4744 sq. ft., 211DOM
14231 Dolph Ct, $725,000, Detached, 4 BR, 2 Baths, 2580 sq. ft., 23 DOM
620 9th St, $799,000, Detached, 3 BR, 3.5 Baths, 2780 sq. ft., 213 DOM
4679 Dogwood Dr, $799,900, Detached, 5 BR, 3.5+.5 Baths, 4351 sq. ft., 409 DOM
215 Chandler Pl, $925,000, Detached, 3 BR, 2.5 Baths, 3119 sq. ft., 250 DOM

SOLD (June 13-19, 2011)

16200 Pacific Hwy #5, Condo, Listed $204,900, Sold $150,000, 199 DOM
17401 Hill Way, Detached, Listed $264,900, Sold $230,000, 90 DOM
18690 Don Lee Way, Detached, Listed $259,900, Sold $236,000, 22 DOM
15119 Quarry Rd, Detached, Listed $264,900, Sold $275,000, 15 DOM
19026 Indian Springs Rd, Detached, Listed $497,000, Sold $330,000, 630 DOM
16266 Inverurie RD, Detached, Listed $399,900, Sold $380,000, 21 DOM
344 4th St, Attached, Listed $399,500, Sold $390,000, 0 DOM
14674 Rainbow Dr, Detached, Listed $499,950, Sold $409,000, 206 DOM
1831 Kilkenny Dr, Detached, Listed $425,000, Sold $411,000, 8 DOM
4683 Trillium Woods Lot 7, Attached, Listed $436,150, Sold $427,000, 0 DOM
5167 Woodcrest Ln 22E, Detached, Listed $547,500, Sold $547,500, 0 DOM
19200 Megly Ct, Detached, Listed $569,900, Sold $554,900, 73 DOM
5287 Langford Ln, Detached, Listed $750,000, Sold $570,000, 342 DOM
5320 Southwood Dr, Detached, Listed $795,000, Sold $670,000, 243 DOM
16818 Sylvan Ct, Detached, Listed $849,000, Sold $725,000, 33 DOM
2778 Glenmorrie Dr, Detached, Listed $1,199,000, Sold $1,150,000, 471 DOM
1115 Northshore Rd, Detached, Listed $1,379,000, Sold $1,175,000, 385 DOM
3648 Lakeview Blvd, Detached, Listed $2,295,000, Sold $1,494,000, 267 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 6/19/11

According to the RMLS there are 14 houses that will be held open this Sunday:

17737 Overlook Circle, detached, $359,900, 4 BR and 2.5 Baths, open 1 to 3

14372 Camden Lane, detached, $399,900, 3 BR and 2.5 Baths, open 12 to 2

17071 Rebecca Lane, detached, $399,900, 4 BR and 3 Baths, open 1 to 3

17095 Rebecca Lane, detached, $399,900, 4 BR and 3 Baths, open 1 to 3

1820 Kilkenny Dr, detached, $424,000, 4 BR and 2.5 Baths, open 2 to 4

14361 Sherbrook PL, detached, $449,900, 3 BR and 2.5 Baths, open 1 to 4

2376 Fernwood Circle, detached, $525,000, 4 BR and 2 Baths, open 1 to 3:30

5843 Ridgetop Ct, detached, $525,000, 4 BR and 3 Baths, open 1 to 3

19 Juarez St, detached, $550,000, 3 BR and 2.5 Baths, open 3 to 5

17997 Braeden Ct, detached, $629,900, 3 BR and 3 Baths, open 2 to 4

2300 Childs Rd, detached, $735,000, 3 BR and 2 Baths, open 1 to 3

620 9th St, detached, $799,000, 3 BR and 3.5 Baths, open 1 to 4

17503 Cherry Ct, detached, $875,000, 4 BR and 3.5 Baths, open 3 to 5

2650 Glen Eagles Rd, detached, $925,000, 3 BR and 4 Baths, open 12 to 3

Thanks for your patience with the “new” look of this report. My computer is in the shop. Things should be back to normal in a few days.
Dianne

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Values on the Lake

As a Realtor in Lake Oswego, one of the most common questions I hear is “How much does it cost to buy a house on the Lake?” Now that the lake is full, and the sun is coming out, it seems like a good time to do a little analysis and answer this question.

There are 3 distinct types of water front property: canals, bays, and the main lake. The values are specific for these 3 areas. The canals have more shallow water and houses that face one another from one side of the canal to the other. These properties typically have the lowest values. There are 2 bays, one at each end of the lake, and these bays are shallow, but wide enough for water skiing. The main lake is by far the most valuable. Spectacular is the word that comes to mind. If you can afford it, this is the most beautiful setting.

Canals
There are currently 3 houses for sale on canals. The least expensive is $649,000 and the most expensive is $949,000.

There are 4 canal properties that are pending sales. The least expensive is listed for $749,000 and the most expensive is listed for $1,499,000.

In the last 12 months, 4 canal properties have sold and closed. The least expensive was sold for $510,000 and the most expensive was sold for $845,000.

Bays

There are 5 houses for sale on either of the two bays. The least expensive is listed for $599,000 and the most expensive is listed for $2,300,000.

One house on a bay is a pending sale that was listed for $950,000.

2 houses located on either bay are closed sales from the last 12 months. The least expensive was sold for $625,000 and the most expensive sold for $800,000.

Main Lake

23 houses on the main lake are currently for sale. The least expensive is offered at $924,900 and the most expensive is offered at $15,000,000.

1 house on the main lake is in “bumpable buyer” position. This means that a buyer has made and had an offer accepted that is subject to the sale of their current home. The list price on this house is $1,595,000.

4 houses on the main lake are sale pending. The least expensive was offered at $879,000 and the most expensive was offered at $1,985,000.

11 main lake houses became closed sales in the last twelve months. The least expensvie was sold for $300,000. (Really, an incredible value, probably reflecting land value. It was a short sale that was on the market for nearly a year. I do not know the details of this sale, but logic tells me that there were likely extreme structural or condition issues.) The most expensive was sold for $1,900,000.

Analysis

So to answer the question “What does it cost to buy a home on the Lake?”, with this information I’d suggest it costs about $500,000 to $845,000 to buy a house on a canal; it costs about $625,000 to $800,000 to buy on a bay; and to get on the main lake, you might find a screaming deal for $300,000, but you can go as high as $1,900,000.

Notes

There has not been a closed sale over $2,000,000 in the last 12 months, yet of the 23 houses on the main lake currently for sale, 12 are listed for more than $2,000,000. This tells me that there are 12 home owners who are up against this economy in a very hard way.

The most expensive house for sale on the main lake is Jantzen Island, a 5 acre private estate. It has been in the news of late because the current owner, Jerry Stubblefield who founded Avia Shoes, and Chris Dudley, last year’s Republican candidate for Governor, are involved in a lawsuit over a 3.75 million dollar loan and ownership of Oregon’s most prestigious piece of real estate. The house was built in 1930, it has 13,500 square feet with 4 bedrooms, 6 full baths, and 2 half baths.

There is only one house for sale right now on the main lake that is priced at less than a million dollars. It’s a 1938 Tudor with 2889 square feet, 4 bedrooms, 3 full and 1 half baths, and it is neither a foreclosure or a short sale. If I were in the betting state of mind, I’d predict that this house will go pending long before the $2,300,000 house offered for sale on one of the bays.

I hope you find this information helpful. Give Linda or myself a call if you have any questions,
Dianne

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Market Activity for May 30 to June 5, 2011

There were 20 new listings in Lake Oswego last week, 23 houses that became pending sales, and 8 closed sales.
See below for further details (data derived from RMLS):

NEWLY LISTED (May 30-June 5, 2011)

Address Type Price Sq FT BR Baths
86 Kinsgate Rd C204 Condo $95,000 938 2 2
4000 Carman Dr #23 Condo $107,000 866 2 2
15360 Twin Fir Rd Detached $289,000 980 3 1
3077 Diane Dr Detached $299,000 2634 4 1.5
4675 Oakridge Rd Lot3 Attached $364,900 1738 3 2.5
4677 Oakridge Rd Lot 4 Attached $369,900 1738 3 2.5
652 D Detached $385,000 1486 3 2
4671 Lakeview Blvd Detached $429,950 2061 3 2
16925 Depot St Detached $499,950 2631 4 2.5
1931 Park Forest Ct Detached $649,900 3866 6 4.5
1708 Oak St Detached $699,000 3450 4 3
18014 Gimley Ct Detached $749,900 4355 5 3.5
3103 Wembley Park Rd Detached $825,000 3597 4 3.5
1427 Horseshoe Curve Detached $1,089,000 2142 2 2
13600 Goodall Rd Detached $1,195,000 3111 5 2.5
1007 Lake Front Rd Detached $1,195,000 1799 3 2
1780 Ridgecrest Dr Detached 1,200,000 2694 4 2.5
1596 View Lake Ct Detached $1,249,000 4814 5 4.5
2936 Lakeview Blvd Detached $2,100,000 4179 5 3.5
1617 Lake Front Rd Detached $2,999,000 4610 4 4.5

PENDING SALES (May 30 to June 5, 2011)

Address Type Price Sq Ft BR Baths CDOM
16250 Pacific Hwy #81 Condo $79,000 841 1 1 167
86 Kingsgate Rd D204 Condo $89,900 924 2 2 26
85 Oswego Summit #85 Condo $129,000 1212 2 2 2
45 Eagle Crest Dr #520 Condo $129,000 768 1 1 72
17950 Kelok Rd Detached $199,900 2376 3 2 153
8 Condolea Dr Condo $239,900 1312 2 2 121
540 Milburn Ct Detached $250,000 1560 3 2 10
17944 Tualata Ave Detached $388,950 2325 5 3 275
4101 Virginia Way Detached $389,000 2752 5 3.5 299
344 4th St Attached $399,500 1731 2 2.5 0
4727 Cambridge Ct Attached $399,900 2914 2 2.5 10
1051 Timberline Dr Detached $399,950 2422 4 3 21
4737 Lakeview Blvd Detached $439,000 2546 4 2.5 15
4869 Sage Hen Way Detached $519,900 2863 5 2.5 150
5155 Woodcrest Ln 21E Detached $565,000 3056 4 2.5 0
5035 Woodcrest Ln Lot19 Detached $585,300 3161 4 2.5 0
1100 Upper Devon Ln Detached $599,000 3672 4 3.5 205
19345 Riverwood Ln 5west Detached $605,900 3367 4 3.5 0
5231 Denton Dr Detached $669,000 3031 4 2.5 4
13254 Deerfield Ct Detached $699,900 3118 4 2.5 26
2811 Arrowhead Ct Detached $879,000 3740 4 3.5 419
11 Hillshire Dr 1/2 Detached $899,000 5163 5 4.5 65
667 Lake Bay Ct Detached $899,900 3361 4 4 422

SOLD (May 30 to June 5, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4425 Thunder Vista Ln $179,900 $147,000 Condo 1518 110
4263 Woodside Circle $244,900 $232,000 Attached 2026 64
19250 Maree Ct $319,000 $281,000 Detached 1519 81
510 5th St $399,000 $357,350 Attached 1524 53
1766 Fern Place $365,000 $360,000 Detached 1937 18
1930 Indian Trail $856,000 $644,000 Detached 3260 332
3931 Bass Lane $1,150,000 $645,000 Detached 3310 682
1956 Cheryl Ct $1,295,000 $1,300,000 Detached 5173 16

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 June 5th, 2011

This is going to be a seriously great weekend to get into some open houses. Not only is it the National Association of Realtor’s Nationwide open house weekend, but we are forecast to have 80 degrees and sunshine! Making the most of the opportunity are 41 open houses currently scheduled with the RMLS. Enjoy!

Address Type Price BR Baths Open
221 Cervantes Attached $128,000 2 1.5 12 to 2
1400 Bonnie Brae Dr Attached $141,500 2 1 1 to 3
5061 Foothills Dr G Condo $169,000 2 2 1 to 3
5064 Foothills Dr H Condo $199,900 3 2 1 to 3
8 Condolea Dr Condo $239,900 2 2 1 to 3
14402 Sherbrook Pl Detached $309,000 3 2.5 1 ro 3
62 Weatherstone Ct Attached $325,000 4 3.5 1 to 3
6367 Hiawatha Ct Detached $329,900 3 2 1 to 4
5324 Lower Dr Detached $330,000 3 2.5 2:30 to 4:30
29 Becket St Detached $399,900 3 2.5 1 to 3:30
2697 Lookout Ct Detached $415,000 3 2 11 to 1
3554 Tempest Detached $419,500 3 2.5 1 to 4
17360 Hunter Ct Detached $450,000 3 2.5 1:30 to 4
19443 Kokanee Ct Detached $474,000 4 2.5 12 to 4
1210 Wells St Detached $475,000 6 3.5 1 to 3
12 Scarborough Dr Detached $479,900 4 2.5 2 to 4
919 Cumberland Rd Detached $495,000 4 3.5 1 to 4
31 Touchstone Detached $499,900 5 3 1 to 3
5843 Ridgetop Ct Detached $525,000 4 3 12 to 2
17981 Meadowlark Ln Detached $529,900 3 2.5 11 to 2
3815 Southshore Blvd Detached $548,000 4 2 2 to 4
13554 Rogers Rd Detached $589,000 4 2.5 1 to 4
19 Juarez St Detached $599,000 3 2.5 11 to 4
5511 Fieldstone Ct Detached $638,950 4 2.5 2 to 4
5533 Fieldstone Ct Detached $648,950 4 2.5 2 to 4
19124 Megan Pl Detached $649,900 5 2.5 1 to 4
1931 Park Forest Ct Detached $649,900 6 4.5 12 to 3
17896 Kelok Rd Detached $650,000 5 5.5 12 to 2
17884 Kelok Rd Detached $650,000 5 3.5 12 to 2
5231 Denton Dr Detached $669,000 4 2.5 1 to 3
15622 Fieldstone Dr Detached $688,950 4 2.5 1 to 3
5625 Southwood Dr Detached $689,000 4 2.5 12 to 2
629 Iron Mountain Blvd Detached $699,900 3 2 2 to 4
4076 Orchard Dr Detached $700,000 4 3.5 11 to 1
14231 Dolph Ct Detached $725,000 4 2 1 to 4
4018 Coho Ln Detached $779,900 4 4.5 12 to 3
18977 Barton Rd Detached $879,000 4 3.5+.5 2 to 5
4160 Lakeview Blvd Detached $1,099,000 4 4.5 2 to 5
3149 Douglas Circle Detached $1,195,000 4 3.5+.5 12 to 2
1066 Northshore Rd Detached $1,393,000 4 5.5 2 to 4
2572 Glen Eagles Pl Detached $1,698,500 5 4.5+.5 2 to 4
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Opportunities and Attitudes

Please forgive me if I tend to be relentlessly optimistic. Believe me, if there is anyone who understands that the last several years have been a real estate horror story, it’s me. Having said that, we have to work with what we have to work with. Even in the most challenging times there remain ways to take advantage of the circumstances and use them to your benefit. It just might make you some money. It also just might make you a person who finds that today is a good day.

So it is with some pleasure that I found some great information in two recent editorials by Robert J. Samuelson. Mr. Samuelson is a contributing editor for Newsweek magazine and for The Washington Post. He has been writing about business and economic issues since 1977.

I’d like to share with you some of his recent commentary:

Young buyers to catch a break
Published on May 9, 2011, this editorial focused on the benefits that the recent housing market holds for young buyers. The benefits are two fold. First, prices have plummeted. “Up to a point, the lower home prices merely deflate the artificial ‘bubble.’ But there’s evidence that the declines transcend that. The National Association of Realtors routinely publishes a housing ‘affordability’ index, which judges the ability of median families to buy the median-priced home at prevailing interest rates. By this measure, existing homes are the most affordable since the index started in 1970.” This means that young buyers have a better opportunity to enter the housing market. Second, today’s new construction is coming down in size. “From 1973 to 2007, the size of the average new home grew by about 50 percent, from 1,660 square feet to 2,521 square feet. By 2009, that was 2,438 square feet, with more declines expected.” Being less expensive to heat, cool, and maintain, these smaller homes are also a boon to home buyers. Samuelson argues that the main beneficiaries of these changes are young buyers. “…crisis pass and have unintended consequences. The young just might catch a much-needed break from this one.” As a Mom with 2 kids about to have their first taste of home ownership, I hope this is true.

Greatest barrier to recovery could be pessimism”
This commentary was published on May 23, 2011. In it Mr. Samuelson states “It may be time to move beyond pessimism. Ever since the financial crisis, Americans have wallowed in fear and anxiety.” While acknowledging that there remains real hardship, he also points out that “the recovery seems increasingly self-propelled. Americans are shopping again, albeit with less fervor; exports are improving; companies are hiring. Massive government spending and the Federal Reserve’s low interest rates seem less crucial to growth. Although this is good news, the pervasive post-crisis gloom prevents us from acknowledging it.” Mr Samuelson sees 3 imbalances that abetted the recession: consumer overspending, the trade deficit, and the housing “bubble”. Consumer spending has dropped way down. Consumer debt service (repayment of principle and interest) has gone from 14% of personal income to 12%. At the same time the saving rate has gone from 1% to somewhere between 5 and 6%. “The difference exceeds $200 billion in potential annual purchasing power.” As for the trade deficit, “By 2010, the overall deficit had dropped by $496 billion.” Yep, billion. Finally, housing: “True, it’s still depressed. But the worst may be past. Mortgage delinquencies are falling. Meanwhile, pent-up demand is growing.” He concludes with this observation: “…the larger message is that the recovery is feeding on itself. Healthy economic growth doesn’t have to be supported by government and, ideally, is not frustrated by perverse policies. The greatest barrier to recovery now could be psychology–stubborn gloom–which conditions household and business spending decisions. There is a curious role reversal. Foolish optimism led to the financial crisis and recession by assuming things would work out for the best. Now, reflexive pessimism weakens growth by ignoring good news or believing it can’t last.”

I found both of these commentaries really informative. I have no idea how long this housing down turn will last, but I find it helpful that within the National media there is now a dialogue that is suggesting both an economic recovery and a silver lining that can be found in the current economic climate.

Thanks for reading,
Dianne

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Market Activity for May 16-22, 2011

Last week in Lake Oswego 21 new listings came onto the market, 19 houses became pending sales, and 15 sales closed. I always look for an interesting bit of information as I put together these reports. What stood out this week was the fact that of the 15 closed sales, 8 sold in less than 30 days, of which 2 sold in less than a week. So there are signs of life in this real estate market. A house that is well priced and in the right condition will sell quickly.
See below for further details (data derived from RMLS):

NEWLY LISTED (May 16-22, 2011)

Address Type Price Sq FT BR Baths
322 Cervantes Cir Condo $99,990 832 2 1
4057 Jefferson Pkwy Attached $157,000 1228 3 2.5
3878 Botticelli St Attached $199,000 1171 3 2
15471 Brianne Ct Attached $249,900 1204 2 2.5
6138 Kenny St Detached $289,900 1190 3 1.5
755 5th St Detached $349,000 927 2 1
17071 Rebecca Ln Detached $399,900 2020 4 3
4727 Cambridge Ct Attached $399,900 2914 2 2.5
4737 Lakeview Blvd Detached $439,000 2546 4 2.5
3811 Childs Rd Detached $450,000 2006 3 2.5
46 Touchstone Detached $465,000 2271 4 3
14 Northview Ct Detached $475,000 2863 4 3.5
18 Morningview Cir Detached $540,000 2931 3 2.5
14390 Pfeifer Dr Detached $639,900 3337 5 3
14600 Pfeifer Way Detached $675,000 3462 4 2.5
4076 Orchard Dr Detached $759,000 3991 4 3.5
16827 Scott Ct Detached 829,000 3952 4 3.5
2917 Westview Cir Detached $1,150,000 4470 5 4.5
590 Oak Meadows Dr Detached $1,190,000 4584 4 4.5
3149 Douglas Cir Detached $1,195,000 5237 5 3.5+.5
17618 Crestline Dr Detached $1,495,000 6317 4 3.5+.5

PENDING SALES (May 16-22, 2011)

Address Type Price Sq Ft BR Baths CDOM
16250 Pacific Hwy #71 Condo $114,900 1305 2 2 50
20 Cervantes Cir Condo $136,500 912 2 1.5 34
218 Cervantes Condo $149,000 1320 2 1.5 65
5110 Lakeview Blvd Detached $239,500 1340 3 2 455
3 Saint Helens Cir Detached $249,500 1472 2 2 82
17401 Hill Way Detached $249,900 1597 3 2 90
1740 Kilkenny Dr Detached $274,999 2000 4 2.5 45
4235 Harvey Way Detached $279,000 1384 3 2 556
9 Churchill Downs Detached $339,900 1914 3 2 13
1270 Hida A Way Ln Detached $350,000 1907 3 2.5 19
960 Lake Forest Dr Detached $419,900 2838 3 2 424
4398 Glacier Lily St Detached $425,000 2936 4 2.5 67
1831 Kilkenny Dr Detached $425,000 2597 5 3 8
14674 Rainbow Dr Detached $449,000 3108 4 3 206
5287 Langford Ln Detached $599,900 2972 4 2.5 342
12387 Clara Ln Detached $750,000 3547 4 3 19
17471 Cardinal Dr Detached $899,900 3181 4 3.5 178
1115 Northshore Rd Detached $1,250,000 4330 4 4.5 385
14001 Goodall Rd Detached $1,329,000 5397 4 3.5 48

SOLD (May 16-22, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
3930 Lake Grove Ave 4A $109,000 $103,500 Condo 952 11
200 Burnham Rd #203 $115,000 $105,000 Condo 1160 6
100 Leonard St #3 $249,000 $220,000 Condo 1364 23
4382 Woodside Cir $275,000 $254,900 Attached 1250 37
928 Lake Front Rd $345,000 $285,000 Detached 2300 127
1459 Greentree Cir $310,000 $307,000 Detached 1683 156
1925 Mapleleaf Ct $389,900 $405,000 Detached 2096 3
1416 Cherry Crest Dr $439,900 $412,000 Detached 2792 45
4978 Bilford Ln $449,000 $440,000 Detached 2456 19
19319 SW Dogwood Ct $519,900 $480,000 Detached 3105 307
3885 Upper Dr $729,000 $499,000 Detached 3122 342
1088 Westward Ho Rd $648,000 $550,000 Detached 1837 86
5 Cellini Ct $697,000 $629,000 Detached 4895 323
17301 Bergis Farm Dr $1,060,000 $990,000 Detached 4737 12
17960 Crestline Dr $1,375,000 $1,250,000 Detached 3251 16

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 May 22, 2011

There are 27 houses scheduled to be held open in Lake Oswego this weekend. Quite a few are new construction in brand new neighborhoods. Enjoy!

Address Type Price BR Baths Open
17944 Tualata Ave Detached $398,950 5 3 1 to 3
13455 Auburn Ct Attached $399,950 3 2.5 12 to 3
2697 Lookout Ct Detached $415,000 3 2 1 to 3
1991 Greentree Rd Detached $425,000 3 3 2:30 TO 5
19521 Dogwood Ct Detached $469,900 5 2.5 10 to 5
19443 Kokanee Ct Detached $474,000 4 2.5 12 to 4
17360 Hunter Ct Detached $478,500 3 2.5 11:30 to 1:30
19487 Dogwood Ct Detached $479,900 4 3 10 to 5
14361 Sherbrook Pl Detached $499,900 3 2.5 1 to 4
1021 Yates St Detached $499,900 3 2.5 11 to 3
19333 Dogwood Ct Detached $529,900 5 3 10 to 5
19285 Megly Ct Detached $539,900 5 3 10 to 5
3815 Southshore Blvd Detached $548,000 4 2 12 to 2
2063 Ridgewood Rd Detached $549,500 4 2.5 1 to 3
1033 Yates St Detached $549,900 4 3.5 11 to 3
13615 Knaus Rd Detached $575,000 2 2 1 to 3
19240 Megly Ct Detached $579,900 5 3.5 10 to 5
5515 Dunmire Dr Detached $629,900 4 3 10 to 5
5511 Fieldstone Ct Detached $638,950 4 2.5 2 to 4
5533 Fieldstone Ct Detached $648,950 4 2.5 2 to 4
14136 Heathrow Ln Detached $649,000 4 2.5 1 to 4
15622 Fieldstone Dr Detached $688,950 3 2.5 2 to 4
5115 Denton Dr Detached $699,000 3 2.5 12 to 3
16818 Sylvan Ct Detached $849,000 4 2.5 1:30 to 5
13048 Knaus Rd Detached $875,000 4 3.5 1 to 3
2917 Westview Circle Detached $1,150,000 5 4.5 1 to 3:30
1870 Crest Dr Detached $1,450,000 4 3.5 1 to 3
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Forbes Says LO has Best Schools for Real Estate Buck

It’s the schools. It’s the schools. It’s the schools. Why do the majority of people move to Lake Oswego? It’s the schools. That’s why I moved here. That’s why the majority of buyers I work with move here.

In a time when school districts face strong financial insecurity, Lake Oswego consistently strives to maintain a strong curriculum, to hire and retain outstanding teachers, to offer “extracurricular” programs like sports, music, the arts, and to provide buildings that are state-of-the-art and well maintained. This can not be said throughout many school districts in this country, much less in Oregon.

Recognition for the outstanding school district was recently published by Forbes Magazine, in conjunction with Greatschools. A study was done that combined data from statewide standardized tests and data from the most recent National Assessment for Education Progress.

To be eligible to be a part of the study, a city had to have a population of at least 10,000 people and a school district with at least 5 schools. Cities were further eliminated if they had an unemployment rate higher than the National average. Then the final scores were categorized by the median price of homes to see how economic affluence affected the quality of the schools and where the best real estate values could be found to get your kids into the best schools. Pretty interesting stuff.

Did living in a wealthier community equate to having better schools? No. Two of the most expensive communities in the United States, Manhattan Beach, California and New Canaan, Connecticut, with median house prices of $1,100,000, came in at 6th and 19th on the absolute scale. The sweet spot? Communities with median housing prices between $200,000 and $399,000, which dominated the top 10 list. In this catagory, Lake Oswego came in at number FIVE.

Both my husband and I graduated from Lake Oswego High Schools. My kids went through school in the Lake Oswego school district. I spent about 10 years as a Girl Scout troop leader in Lake Oswego. From my experience there is one more key to why kids do well in Lake Oswego. I think kids are valued in Lake Oswego. People who move here do so for their kids to get the best education possible and still be in public schools. There is a community attitude that values kids and that is why Lake Oswego has great schools. That is why the citizens of this town passed an $80,000,000 bond measure a few years ago that completely rebuilt both High Schools. That is why the Lake Oswego School District Foundation is able to privately raise millions of dollars each year that retains hundreds of teaching positions. People who live in Lake Oswego invest in the schools because they know that means that they are investing in their kids.

There is synergy between the great schools and the solid real estate values. I also think that the current economic conditions are creating opportunity for families who want to move to Lake Oswego to get into the school district. With house prices down, living in Lake Oswego is now more affordable than it has been in years. Have you considered moving to Lake Oswego to get your kids into the schools? You are not alone.

For Forbes complete article click here.

Thanks for reading,
Dianne