Last Week Lake Oswego saw 15 New properties enter the market, 6 move to Pending status, and 3 Closed sales.
See below for further details according to RMLS:
NEWLY LISTED (Feb 7-13, 2011)
Address
Type
Price
Sq FT
BR
Baths
88 Cervantes
Condo
$129,900
912
2
1.5
45 Eagle Crest Dr #308
Condo
$169,000
1124
2
2
16250 Pacific Hwy #44
Condo
$275,000
2
2
1305
14418 Orchard Springs Rd
Detached
$358,900
3
2.5
1710
14402 Orchard Springs Rd
Detached
$399,900
5
3
2175
29 Walking Woods Dr
Detached
$410,000
3
2
2311
785 5th St
Detached
$445,000
3
2
2112
12751 Sierra Vista Dr
Detached
$469,900
3
2
2097
17764 Kelok Rd
Detached
$542,000
4
3
2729
5088 Woodcrest Ln
Detached
$599,900
4
2.5
3056
5463 Denton Dr
Detached
$739,000
4
2.5
3553
5811 Stewart Glenn Ct
Detached
$749,000
4
2.5
3721
13090 Knaus Rd
Detached
$769,900
4
3.5
3504
17833 Marylcreek Dr
Detached
$775,000
5
4.5
5495
14066 Goodall Rd
Detached
$1,050,000
4
3.5
4220
PENDING SALES (Feb 7-13, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
103 3rd St
Condo
$259,000
1006
2
2
288
4821 Dawn Ave
Detached
$324,999
1955
3
2
50
4703 Cambridge Ct
Attached
$412,000
2914
3
2.5
438
5157 Denton Dr
Detached
$659,900
3087
4
2.5
174
17424 Bryant Rd
Detached
$699,000
3278
4
4
1701
1309 Horseshoe Curve
Detached
$849,000
3087
4
3
58
SOLD (Feb 7-13, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
790 Boca Ratan Dr
$269,900
$230,000
Detached
2112
284
691 G Ave
$620,000
$620,000
Detached
2789
24
15459 Village Dr
$695,000
$625,000
Detached
3059
88
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
There are 35 homes planned to be held open on February 13th, according to the RMLS. This is a large assortment of homes: large and small and in most every price range. What a nice Valentine’s Day it would be to find your beautiful new home.
When I am showing houses, there are a few specific items I watch for. I guess I think of them as red flags: things that create an immediate concern if I see them.
From the curb: The condition of the roof. Does the roof lay flat or are there waves of high and low areas? This is a sign that the roof is installed over additional layers of roofing material. When the the time comes to replace the roof, will it require a total tear off? What is the condition of the shingles? If they are wood, are they lifting and curling? On a wood roof, this might simply be a sign that the shingles need to be treated with preservative. More concerning on a wood roof is if the shingles are split and broken. On a composition roof, are there missing shingles? Is the material obviously deteriorating? What is the siding made of? Specifically I am looking for composite siding that was widely used in the 1990’s and manufactured by various companies but commonly referred to as LP siding. I am familiar with the specific knot pattern used in the pressing of the product to look like wood. The other siding I am looking for is EIFS. This is a pre-manufactured stucco product that was widely used about the same time as LP, and usually installed incorrectly. Either one of these siding products immediately tells me that if the house is a candidate, we need to inspect the siding carefully. Going inside, the electrical panel There are several brands of electrical panels with poor reputations. The most widely used one, and one that I see lots of, were manufactured by Federal Pacific. I have been told, in writing by a licensed electrician, that Federal Pacific panels have been unfairly targeted for failure by over testing and that if all brands of panels were scrutinized to such a degree they too would be found faulty. Having heard this, I have seen documentation that shows that Federal Pacific panels have a history of failure. This red flag, like the others, tells me we need to carefully inspect and investigate. Older Homes Is there now or has there ever been oil heat? This implies an oil storage tank. This must be addressed prior to purchase. Are there single-pane windows? What insulation has been added to the home? Both issues are going to affect the energy efficiency of the house. Some older homes have been completely updated making these concerns a non-issue. Others have not. It could be a cost consideration in the purchase and livability of the house. Drainage issues Especially in Oregon, at this time of year, it’s pretty easy to see if the yard has standing water or erosion on an embankment. Generally, drainage issues are highly correctable. It’s good to recognize them so that the right questions can be asked and inspections planned. Home Owner’s AssociationsWhen buying a property in a Home Owner’s Association (and this is more than just condos and townhouses, many newer subdivisions have HOAs) you are buying into the association and need to be clear about what that means and how it will affect you. Make sure to understand the rules and regulations as well as the costs/budget of the HOA. As part of the home inspection process, a property within an HOA will have inspection considerations that are specific to the HOA including review of the rules and regulations, review of the budget and reserves, as well as review of the Conditions, Covenants, and Restrictions. I also recommend getting a copy of the HOA meeting notes for the previous 12 months. If the HOA has problems, the members of the HOA will be talking about them at the regular meetings.
I am by no means an expert on the items on this list. But I do know enough that when I see an issue, I want to bring in an expert to give their opinion about problems or corrections. And really, the inspection process begins the first time you see a house. Having a few key items to quickly review as you look at houses should make the process easier.
So that’s it. My handy little list of red flags.
Dianne
Here is your market activity report for January 24 to 30, 2011. Last week brought us 16 new listings, 12 pending sales, and 9 closed sales.
See below for further details according to RMLS:
NEWLY LISTED (Jan 24-30, 2011)
Address
Type
Price
Sq FT
BR
Baths
12 Crestfield Ct #12
Condo
$54,900
552
1
1
668 McVey Ave #74
Condo
$110,000
626
1
1
57 Church St
Condo
$134,500
636
1
1
4043 Jefferson Pkwy
Condo
$143,000
1182
2
2.5
6 Condolea Dr
Condo
$198,000
1312
2
2
151 Kingsgate Rd
Detached
$275,000
1585
3
2
18715 Indian Creek Dr
Detached
$353,900
1976
3
2
1717 Woodland Ter
Detached
$388,426
2146
3
2.5
9 Condolea Dr
Condo
$395,000
2198
3
3
4750 Auburn Ln
Attached
$439,000
2679
3
3.5
6 Westridge Dr
Detached
$509,000
3169
4
2.5
16880 Maple Cir
Detached
$549,950
2080
3
3
3899 Daniel Way
Detached
$550,000
3112
4
2.5
13615 Knaus Rd
Detached
$575,000
1755
2
2
324 9th St
Detached
$824,500
2743
4
2.5
100 Giribaldi St
Detached
$899,000
4572
5
3.5+.5
PENDING SALES (Jan 24-30, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
15930 Waluga Dr
Detached
$225,000
1040
3
1.5
505
790 Boca Ratan Dr
Detached
$242,403
2112
3
2
42
18148 Belmore Ave
Detached
$245,000
1008
3
1
7
427 9th St
Detached
$284,900
2130
4
2
136
939 Sunnyhill Ct
Detached
$349,900
3250
4
2.5
236
521 2nd St #104
Condo
$399,000
1339
2
2
742
1189 Sunningdale Ct
Detached
$424,900
2072
3
2.5
114
22 Del Prado St
Detached
$559,900
4056
5
3.5
114
15459 Village Dr
Detached
$649,000
3059
4
3.5
88
610 Cabana Ln
Detached
$849,000
1729
3
2
171
735 Terrace Dr
Detached
$1,300,000
3090
3
2.5
221
18000 Eastridge Ln
Detached
$1,500,000
5554
4
5.5
562
SOLD (Jan 24-30, 2011)
table >
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
4093 Jefferson Pkwy
$199,000
$150,000
Attached
1359
175
4438 Thunder Vista
$199,900
$169,900
Condo
2040
73
464 5th St
$197,715
$197,800
Condo
1092
61
14101 Goodall Rd
$350,000
$286,000
Detached
1816
128
15824 Boones Way
$384,900
$350,000
Detached
1895
58
1931 Woodland Ter
$369,000
$350,000
Detached
2817
269
73 Tanglewood Dr
$437,450
$380,000
Detached
4278
613
611 Iron Mtn Blvd
$510,000
$445,000
Detached
1322
149
4464 Lakeview Blvd
$1,399,000
$1,295,000
Detached
3612
83
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
There are 35 scheduled open houses this Sunday, including Linda’s beautiful listing at 979 Devon Lane. I will be hosting this open from 11 am to 2pm. This is a tremendous house with panoramic views of Mt. Hood and Portland. Priced at $449,900, it has4 bedrooms and 3 1/2 baths. This is a contemporary home with a separate apartment for guests, in-laws, or working from home. It has nice upgrades such as SubZero, hardwood floors, and gas appliances. Please follow my bright-yellow signs in from Cornell. I’d love to meet you!
In the many years I have been working with buyers, I have only run into a few who would not consider buying a house on a corner lot. So this is not a heated controversery. It is, however, something to think about in your home search. Here is simple a comparison of the pros and the cons of buying a home on a corner lot:
The Pros
* Corner lots are often bigger because they not only include a yard, but the large side yard of the adjacent street.
* Corner lots are more private because they have one less neighbor immediately next door.
* Corner lots can allow unusual landscaping such as installing a circular driveway.
* Corner lots can allow easier access to the back yard for storing a RV or a trailer behind a fence.
* Corner lots can allow more sunshine into the house itself because there are fewer homes closeby that potentially can cast shadows.
* Corner lots allow you to have more on-street parking adjacent to your home.
Here are the Cons
* Corner lots mean more landscape maintenance that is visable from the street.
* Corner lots are potentially create a smaller back yard if the lot is mostly outfront and to the side of the house.
* Corner lots can deminish your privacy in your back yard if there is visability from the adjacent street or if the lot is small enough that people out on the sidewalk can hear you in your back yard.
* In the case of sewer improvements or sidewalk maintenance where local authorities assess repairs based upon the per foot of street frontage, corner lots can be more expensive to own.
* Corner lots can potential have move light exposure at night from street lights or head lights.
I think that for every buyer who dislikes a corner lot there is a buyer who prefers one. So don’t let the corner lot issue be your primary criteria when buying a home, unless you have exceptionally strong opions about the pros and cons above. I personally live on a corner lot and I LOVE it. My lot has large hedges on the two sides with a circular drive between the two streets. I pull into my driveway and I feel like I’ve come home to my own private park. Ray Hartshome, a partner with Chicago’s Hartshome Plunkard Architecture, calls a corner home “a rare home”. He says that a corner home is “a rare home that’s distinctive in a world that makes distinctive homes more valuable”. Perhaps that statement goes a bit overboard, but I do like the sentiment.
The market activity for Lake Oswego last week was really, really interesting. The last time I did this report, two weeks ago, it reflected the sales for the 2-week holiday period. What caught my eye at that time were that a pretty solid number of houses had sold in the midst of the holidays. Then this last we we had 14 houses go pending, but only 4 new listings come onto the market. That is a huge change from what we have been seeing for some time. Three times more houses went pending last week than came onto the market. If this continues it will shrink the inventory and stabilize prices. It us way too soon to call it any kind of a trend, but it makes me eager to see if it continues.
Along with 4 new listings and 14 pending sales, we had 4 closed transactions.
I also have several observations:
—At my open house on Sunday I had 9 showings. I am happy if I get 2 or 3. And these were not neighbors. I always chat with people to see what their situation is. 8 of the 9 were buyers currently in the market and looking for a home.
—Combine that with the fact that of the 14 pending sales in our report below, 11 are listed at $303,000 or less. What I sense is that the low end of the market is taking off. There has been lots of media chatter about the possibility that the National market has hit bottom. I think people are listening and feeling like the time to buy is now: certainly in the lower end houses.
—Condos are selling well as part of that lower-end inventory. The condos at Oswego Terraces that have been for sale since 2007, languishing in this economy, have had drastic price reductions and that is making them move. Of the 14 pending sales, 3 are in this complex. That has been true for a couple of weeks now. The condos are now priced at a point where buyers like what they see.
See below for further details according to RMLS:
NEWLY LISTED (Jan 10-16, 2011)
Address
Price
Type
BR
Bath
Sq Feet
200 Burnham Rd #102
$149,000
Condo
1
1
820
18523 Hallberg Ct
$234,900
Detached
3
1.5
1307
6025 Carmen Dr
$249,950
Detached
3
1.5
1346
18084 Westminster Dr
$769,900
Detached
5
3.5
5020
PENDING SALES (Jan 10-16, 2011)
Address
Price
Type
BR
Bath
Sq. Feet
CDOM
16250 Pacific Hwy #63
$99,000
Condo
2
2
1311
1206
16250 Pacific Hwy #77
$110,000
Condo
2
2
1327
1208
200 Burnham Rd #202
$119,000
Condo
2
2
1314
1205
12511 Boones Ferry Rd
$159,000
Detached
3
2
1625
137
3854 Botticelli St
$185,000
Condo
2
1.5
1132
151
5670 Kenny St
$189,000
Detached
3
2
936
139
44 Oriole Ln
$220,000
Detached
3
2.5
224
105
240 4th St
$269,150
Detached
2
1.5
1080
49
4281 Chapman Way
$285,000
Detached
3
2.5
2010
81
17614 Schalit Way
$303,900
Detached
3
2
1561
32
18006 Gimley Ct
$549,900
Detached
5
4
3225
201
1579 Bay View Ln
$639,000
Detached
4
3
4865
33
2607 Palisades Crest Dr
$760,000
Detached
4
4.5
5650
244
SOLD (Jan 10-16, 2011)
Address
Orig. Price
Sold Price
type
Sq. Feet
CDOM
74 Greenridge Ct
$289,900
$248,350
Attached
2868
92
16942 Cherry Crest Dr
$410,000
$400,000
Detached
2363
11
13888 Shireva Dr
$519,900
$430,000
Detached
3756
166
548 Ridgeway Rd
$650,000
$650,000
Detached
2830
443
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
Real Estate 101 says that you have four factors to consider when selling your home: price, condition, terms, and location. You have no control whatsoever over the location. You do have control over the price, the condition, and the terms. When getting a house ready to put it onto the market you do want to get it into top-notch condition, particularly in this economy. A shabby or dirty house is hard to sell because the investors have taken a beating and aren’t flipping homes in great numbers, and owner-occupied buyers rarely want to take on projects. Terms can attract a buyer and involve you paying closing costs or perhaps even offering a private contract. This can save a buyer thousands of dollars and will certainly make your home more marketable and perhaps even get you a higher price. Having said that, in my opinion the queen who wears the crown in this group is price. Price appeals at every level. It corrects flaws that you can not change if you are in an undesirable location, it makes a fixer house attractive because it is a bargain, it appeals to buyers who would otherwise want terms because it is an obvious value, and it gets your home attention across the entire market. It will make your home sell.
I am not advocating that you need to give your home away. I also realize that you can only sell within a range that you can afford. If your mortgage is greater than the current value, you need to do a shortsale to get it to be priced right to sell it. So, yes, price has its limitations. Do not get mixed up into this equation your need to pay off credit cards or take that luxury cruise you dream about. The value of your home has nothing to do with your credit card balances.
So how to price it?
First, don’t take it personally. The market sets the price and you don’t. Buyers are really, really smart. They shop and compare and figure out value. When you are priced right, they will see the value and they will make an offer. This is something you do have control over. You can work with your Realtor to do the same calculations in the current market to figure out your home’s value. Once you know that, please do not be offended.
Second, your home’s value is based upon closed sales and not active listings. When a home in your neighborhood is listed for sale you likely look it up on-line or pick up a flier from out front. You see the asking price and that tends to stick in your head. After the home sells there is not much advertising about what it actually closed for. You are not likely to know if the final price was less than the asking price or if the seller paid concessions such as closing costs. This means that when the Realtors you interview come to meet with you to discuss your home, you may have an inflated idea of what it is actually worth. Be prepared to learn what actual sales prices have been. It is these prices that you need to use to calculate the value of your home.
Third, avoid the temptation to tack on a few thousand dollars to “leave room for negotiating”. This is like tacking on 6 months to realize a lower final sales price. Seriously, in this market even a few thousand dollars extra will put buyers off. When your house seems like it is a higher price to other homes, why should buyers bother with it? And think about it: the houses that sold in your neighborhood also had to pay closing costs and do repairs to satisfy their buyers. No matter where you price it you will be negotiating. I do want to point out that a well priced home is more likely to sell quickly and at or near the asking price. When a buyer asks how long has it been on the market, and they hear just a week or so, they know that they can’t haggle you down because you aren’t ready for it. But when a house has been on the market in excess of 60-90 days, they know that they are going to go in low. So pricing it right will get you better offers, more quickly.
Last, pay attention to what the market tells you when you do list it. Are you getting showings? If you aren’t, you need to do something. I tell my sellers that it takes about 20 showings to get an offer. If you get only 1 showing in the first 30 days then you have got a long and slow road ahead. If you get 10 showings in the first month then you are going to get an offer in the next few weeks. That is how it works. It’s not rocket science. Don’t wait to make changes. Pay attention and be responsive. I also recommend that you be in communication with your Realtor to find out what they are hearing. They can get feed back after showings and also during the Realtor Broker’s Open House. They can then share with you what they are hearing. This can be helpful with correct pricing and also with finding flaws that you and your Realtor did not foresee, such as leaving a light on in a dark corner or re-arranging furniture.
There is a buyer for every house. Be smart. Be pro-active. Make the market work for you.
The sun is supposed to be peaking out & there are 22 houses scheduled to be held open this Sunday. One is my listing at 979 Devon Lane. Come see me from 1-3PM & enjoy a great tour of homes!
Happy New Year everyone! Linda and I are hoping you have had memorable holidays and are now getting into the swing of the New Year. This week’s activity report actually covers 2 weeks due to our own holiday break.
I find it really interesting to look at what happened during the holidays. The expectation is generally thought to be not much. Well, that was not the case. 25 houses went pending! I know that is for a 2 week period, but that is right in there with the better weeks during the summer. My advice holds true: buyers who are looking at the holidays are doing so because they are serious buyers. We also had 15 genuinely new listings and 11 closed sales.
New 12/20/10 to 1/2/11
Address
Price
Type
BR
Bath
Sq Feet
100 Kerr Pkwy #16
$80,325
Condo
2
1.5
823
15938 Quarry RD 8A
$99,500
Condo
2
1
991
4425 Thunder Vista Ln
$189,900
Condo
3
2.5
1980
17950 Kelok Rd
$319,000
Detached
3
2
2376
4821 Dawn Ave
$349,999
Detached
3
2
1955
3 Condolea Dr
$375,000
Attached
3
3
2198
30 Wilbur St
$412,900
Attached
2
2.5
2664
1651 Devon
$414,950
Detached
4
2.5
2453
762 Maple St
$449,000
Detached
3
2.5
2242
760 Timberline Dr
$459,000
Detached
5
3
3058
5714 Charles Cir
$460,000
Detached
4
3
2501
14232 Meadow Grass St
$629,900
Detached
4
3
2856
15805 Twin Fir Rd
$789,000
Detached
4
3.5
2797
568 9th St
$838,950
Detached
3
3.5
2825
3736 Eleanor Ct
$920,000
Detached
4
3.5
3080
Pending 12/20/10 to 1/2/11
Address
Price
Type
BR
Bath
Sq. Feet
57 Galen
$69,000
Condo
1
1
689
200 Burnham Rd #204
$114,900
Condo
2
2
1313
200 Burnham Rd #209
$135,000
Condo
2
2
1334
4085 Jefferson Pkwy
$148,900
Condo
2
2.5
1851
4093 Jefferson Pkwy
$159,900
Attached
2
2.5
1359
1751 Aspen Ct
$231,900
Detached
3
2
1550
1818 Country Club Rd
$249,900
Detached
4
2
1596
14101 Goodall Rd
$289,900
Detached
4
2
1816
65 Greenridge Ct
$295,000
Condo
2
2
1314
156 Greenwood Rd
$305,900
Detached
2
2
3722
1900 Greentree Rd
$319,900
Detached
4
3
3032
1866 Kilkenny Dr
$330,000
Detached
3
3
3600
2021 Cedar Ct
$350,000
Detached
4
3.5
4114
252 North Shore Rd
$369,000
Detached
3
1
2280
1931 Woodland Terr
$369,000
Detached
4
3
2817
675 10th St
$395,000
Detached
4
2
2280
73 Tanglewood Dr
$419,900
Detached
4
3.5
4278
762 Lake Forest Dr
$439,900
Detached
4
3
2400
775 Boca Ratan Dr
$439,990
Detached
4
3.5
2727
15543 Village Dr
$524,900
Detached
4
2.5
3081
567 2nd St #302
$535,000
Condo
2
2
1459
12211 Orchard Hill Rd
$639,900
Detached
4
3
3941
1643 Village Park Ln
$639,900
Detached
4
3.5
4505
1901 Cheryl Ct
$949,900
Detached
4
4.5
4863
444 Ridgeway Rd
$1,150,000
Detached
3
2
2099
Sold 12/20/10 to 1/2/11
Address
Orig. Price
Sold Price
type
CDOM
Sq Feet
3433 McNary Pkwy #204
$107,500
$99,900
Condo
39
1008
668 McVey Ave #32
$184,900
$198,450
Condo
6
985
17952 Cardinal Dr
$309,900
$288,000
Detached
72
1702
2000 Greentree Rd
$359,000
$335,000
Detached
135
2548
864 6th St
$399,000
$355,000
Detached
182
2403
17031 Crestview Dr
$499,900
$422,500
Detached
496
2403
230 4th St
$619,900
$469,000
Detached
123
2165
3103 Wembly Park Rd
$720,000
$600,000
Detached
401
3774
5371 Langford Ln
$694,950
$674,000
Detached
40
2950
15444 Boones Way
$998,500
$940,000
Attached
0
3364
333 Northshore Rd
$1,900,000
$1,900,000
Detached
233
5152
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
