I can really feel the change of seasons. With that it always seems like the market starts to slow. I am seeing a slow down of new listings with just 14, but 14 pending sales and 8 closed sales is on pace with what we have been seeing since the end of summer.
See below for further details:
NEWLY LISTED (Oct 18-24, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 20 CERVANTES CIR | $79,900 | 2 | 1.5 | 912 | CONDO | ||
| 5061 FOOTHILLS DR | $199,000 | 2 | 2 | 991 | CONDO | ||
| 18244 PILKINGTON RD | $254,900 | 3 | 1.5 | 1,200 | DETACHD | ||
| 5852 LAKEVIEW CT | $259,000 | 3 | 1 | 1,032 | DETACHD | ||
| 1 EAGLE CREST DR | $259,900 | 3 | 2 | 1,265 | DETACHD | ||
| 4141 COBB WAY | $279,900 | 3 | 2 | 1,236 | DETACHD | ||
| 3684 RED CEDAR WAY | $289,900 | 3 | 2.5 | 1,830 | DETACHD | ||
| 4281 CHAPMAN WAY | $301,907 | 3 | 2.5 | 2,010 | DETACHD | ||
| 4500 GALEWOOD ST | 420000 | 3 | 3 | 2,408 | DETACHD | ||
| 13819 PROVINCIAL HILL DR | 449000 | 4 | 2.5 | 2,096 | DETACHD | ||
| 875 PALISADES TERRACE DR | 499000 | 4 | 3 | 2,165 | DETACHD | ||
| 19019 BRYANT RD | 739900 | 4 | 3.5 | 3,326 | DETACHD | ||
| 16847 GREENBRIER RD | 1595000 | 3 | 2.5+.5 | 2,315 | DETACHD | ||
| 939 TERRACE DR | 1850000 | 4 | 3.5 | 4,780 | DETACHD |
PENDING SALES (Oct 18-24, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 16 MOUNTAIN CIR | $129,900 | 2 | 2 | 1,065 | ATTACHD | ||
| 200 BURNHAM RD | $139,000 | 2 | 2 | 1,325 | CONDO | ||
| 221 CERVANTES | $144,000 | 2 | 1.5 | 1,180 | CONDO | ||
| 1416 CHERRY CREST DR | $259,000 | 5 | 3 | 2,559 | DETACHD | ||
| 37 BLOCH TER | $300,000 | 3 | 2.5 | 1,972 | ATTACHD | ||
| 743 10th ST | $325,000 | 2 | 1 | 1,019 | DETACHD | ||
| 1899 WOODLAND TER | $369,000 | 5 | 3.5 | 3,031 | DETACHD | ||
| 72 CONDOLEA WAY | $375,000 | 2 | 2.5 | 2,958 | CONDO | ||
| 3885 UPPER DR | 469000 | 4 | 2.5 | 3,122 | DETACHD | ||
| 5758 CHARLES CIR | 479900 | 3 | 2 | 2,371 | DETACHD | ||
| 4709 Lakeview BLVD | 549900 | 4 | 2.5 | 2,725 | DETACHD | ||
| 4685 UPPER DR | 550000 | 3 | 2 | 3,341 | DETACHD | ||
| 563 2ND ST | 635000 | 2 | 2.5 | 1,748 | CONDO | ||
| 16990 ALDER CIR | 640000 | 3 | 2.5 | 1,926 | DETACHD |
SOLD (Oct 18-24, 2010)
| Address | Original Price | Close Price | CDOM | Sq Feet | Prop Type | BR | BTHS | ||
| 200 BURNHAM RD | $264,000 | $137,500 | 866 | 1,335 | CONDO | 2 | 2 | ||
| 1496 BOCA RATAN DR | $249,000 | $249,000 | 3 | 1,403 | ATTACHD | 3 | 1.5 | ||
| 2634 ORCHARD HILL PL | $449,500 | $423,500 | 13 | 2,573 | DETACHD | 3 | 2.5 | ||
| 5553 KILCHURN AVE | $679,900 | $640,000 | 25 | 3,274 | DETACHD | 4 | 2.5 | ||
| 5657 VICTORIA CT | $689,900 | $645,000 | 45 | 3,421 | DETACHD | 4 | 3 | ||
| 490 COUNTRY CLUB RD | $999,999 | $750,000 | 115 | 3,052 | DETACHD | 5 | 4 | ||
| 17537 CARDINAL DR | $895,000 | $800,000 | 407 | 5,282 | DETACHD | 5 | 4 | ||
| 2569 GLEN EAGLES PL | $1,349,000 | $1,115,000 | 114 | 4,591 | DETACHD | 5 | 4.5+.5 |
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
Open Houses for 10/24/10
The first storm of the season is supposed to blow through Portland this evening. You may need galoshes, but these 22 houses are worth seeing:
| Address | List Price | Bedrooms | Baths | Prop Type | Open | |||
| 221 CERVANTES | $144,000 | 2 | 1.5 | CONDO | 2:30 to 4:30 | |||
| 16250 PACIFIC HWY | $209,000 | 2 | 2 | CONDO | 2 to 4 | |||
| 29 GREENRIDGE CT | $239,000 | 3 | 2 | ATTACHD | 1 to4 | |||
| 6062 BURMA RD | $269,987 | 4 | 2 | DETACHD | 12 to 3 | |||
| 3684 RED CEDAR WAY | $289,900 | 3 | 2.5 | DETACHD | 1 to 4 | |||
| 1851 KILKENNY DR | $384,900 | 4 | 3 | DETACHD | 12 to 4 | |||
| 14 MONTICELLO DR | $399,950 | 3 | 2 | DETACHD | 1 to 3 | |||
| 151 DEL PRADO ST | $419,000 | 4 | 2.5 | DETACHD | 1 to3 | |||
| 12 SCARBOROUGH DR | 479900 | 4 | 2.5 | DETACHD | 1 to 4 | |||
| 19319 SW DOGWOOD CT | 499900 | 4 | 2.5 | DETACHD | 1 to 5 | |||
| 19415 SW DOGWOOD CT | 514900 | 5 | 3 | DETACHD | 1 to 5 | |||
| 19263 MEGLY CT | 559900 | 5 | 3 | DETACHD | 1 to 5 | |||
| 19245 SW MEGLY CT | 569900 | 5 | 3 | DETACHD | 1 to 5 | |||
| 17981 MEADOWLARK LN | 584900 | 3 | 3 | DETACHD | 10 to 4 | |||
| 9 ABELARD ST | 599000 | 5 | 2.5 | DETACHD | 2 to 4 | |||
| 3943 TEMPEST DR | 599000 | 4 | 3.5 | DETACHD | 12 to 2 | |||
| 17682 MARYLBROOK DR | 599900 | 4 | 2.5 | DETACHD | 1 to 4 | |||
| 5321 AMBERWOOD CT | 709000 | 4 | 3 | DETACHD | 2 to 4 | |||
| 19019 BRYANT RD | 739900 | 4 | 3.5 | DETACHD | 1 to 3 | |||
| 18209 SIENA DR | 1097000 | 5 | 3.5 | DETACHD | 2:30 to 4:30 | |||
| 1808 RIDGE POINTE DR | 1269000 | 5 | 4.5 | DETACHD | 2:30 to 4:30 | |||
| 1968 CHERYL CT | 1595000 | 4 | 4.5+.5+.5 | DETACHD | 1 to 4 |
Foreclosure Freeze/Shortsales/Market Conditions
The news has been full of headlines about the new crisis in the mortgage industry, this time affecting foreclosures. So it seems like an opportune time to look at not only foreclosures, but also shortsales and the latest market update from RMLS.
The Foreclosure Freeze
There is now discussion that the foreclosure process, which has pretty much swamped the big lenders like Bank of America and Wells Fargo, has been mishandled. The accusation is that the paperwork involved in the foreclosures was often reviewed and processed by unqualified people and by people who did not read what they were signing. I do not know if this is true or not, but I do know that I have counseled people who are in foreclosure who have not only felt powerless, but have felt that the bank was not answering their letters, returning their phone calls, or being responsive. Obviously there is going to be anger for a person in this position. That combined with the current media coverage does make me feel that we will see litigation.
Gregor Watson, a principal with McKinley Partners, recently gave a best to worst case assessment of what this means:
Best case: this is only a technical glitch. It will require some re-tooling of the process, but the process will get back on track and foreclosures will resume. This is needed to allow the glut of foreclosures to work their way through the market and then be out of the inventory.
Medium case: people will enter into significant litigation that could take years to sort out. This could slow and extend the downturn of the housing market.
Worst case: the housing market is brought to a halt because Title Companies refuse to insure mortgages involving foreclosed homes. (This would not bring the entire market to a halt: simply the foreclosures. Still, a big problem)
On the positive side the Philidelphia Inquirer reported yesterday that Bank of America intends to begin resuming foreclosure proceedings stating that they have a legal right to do so despite accusations that documents used in the process are flawed. This bodes well for the possibility that the better scenario may result. We shall see….
Shortsales
When the whole shortsale phenomenon began a few years ago I will admit that I was a skeptic. It reminded me of the buy-a-house-with-credit-cards schemes. Just too simple to be true. Really? You could just ask your bank to forgive part of your mortgage so that you could sell it for less? Really? As time has gone by I have come to see that not only are shortsales here to stay, they are a significant part of the market.
I think shortsales do present remarkable opportunity, as do foreclosures. It allows a house to be sold for market value and not have an asking price that is based upon a value/debt that is several years old. But shortsales are not for everyone. I want to make if very clear that if you are a homeowner considering a shortsale, you need professional and legal advice far beyond the scope of what I am discussing here. So I want to directly address buyers.
The buyer best suited to benefit from a shortsale is the investor. This is because the shortsale is so uncertain and the process takes months. A buyer who is shopping for a home may have the patience for this, but is usually not in a position to wait 3-5 months and then learn that they lost the house to another bid or that the shortsale was not approved. Whereas an investor is not waiting with a moving truck full of furniture. If it works, it works. If not, that’s OK too. For the investor able to be patient, it can present real opportunity. I have personally seen several homes here in Lake Oswego that sold for values that made my jaw drop in the shortsale scenario. Just know what you are getting into.
Keeping it Local
Here in Lake Oswego we currently have an active listing inventory of 626 listings (condos and houses). Of those 37 are Bank-owned Foreclosures and 70 are shortsales. And this means that about 82% of the market is neither a foreclosure nor a shortsale. It’s a home owned by someone who is not in it upside down and who has perhaps even taken loving care of it. So there is a house out there for you whether you are an investor, a home buyer looking for a personal residence, or even a home buyer looking for a personal residence with the patience of an investor.
Also keeping it local, the latest RMLS Market Action Report offers the following information about area 147, which is Lake Oswego and West Linn Combined
Total active listings = 1025
Total pending sales = 84, a decrease of 24.3% over the same time one year ago
Average sales price = $432,200
Average days on the market = 186
Change in values over the same time last year = -9.3%
Change is closed sales, year to date = -22.3%
I consider myself to be a very positive person. The thing to do in this economy is look for how it can work in your favor. That may mean waiting, but that may also mean pouncing on opportunity. The subject today is pretty complex. Please contact Linda or myself for more information, to ask questions, or to get property information. We are here to be of help.
Dianne
Market Activity 10/4-10/10
Market activity in Lake Oswego last week brought us 19 new listings, 7 pending sales, and 6 closed sales.
See below for further details:
NEWLY LISTED (Oct 4-Oct 10, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 668 MCVEY AVE | $129,900 | 2 | 1.5 | 992 | CONDO | ||
| 159 OSWEGO SMT | $175,000 | 2 | 2 | 1,506 | CONDO | ||
| 1416 CHERRY CREST DR | $259,000 | 5 | 3 | 2,559 | DETACHD | ||
| 14138 KNAUS RD | $296,573 | 4 | 2 | 2,001 | DETACHD | ||
| 53 ORIOLE LN | $304,900 | 3 | 2.5 | 2,072 | DETACHD | ||
| 17952 Cardinal DR | $309,900 | 3 | 2 | 1,702 | DETACHD | ||
| 743 10th ST | $325,000 | 2 | 1 | 1,019 | DETACHD | ||
| 5311 CHILDS RD | $349,000 | 4 | 2 | 1,764 | DETACHD | ||
| 28 PREAKNESS CT | 350000 | 5 | 4 | 2,871 | DETACHD | ||
| 72 CONDOLEA WAY | 375000 | 2 | 2.5 | 2,958 | CONDO | ||
| 880 BOCA RATAN DR | 399900 | 5 | 3 | 2,364 | DETACHD | ||
| 5916 SUNBROOK DR | 459900 | 3 | 2.5 | 2,617 | DETACHD | ||
| 1189 SUNNINGDALE CT | 484900 | 3 | 2.5 | 2,072 | DETACHD | ||
| 18064 JENIFERS WAY | 549950 | 3 | 2.5 | 2,639 | DETACHD | ||
| 22 SW DEL PRADO ST | 559900 | 5 | 3.5 | 4,056 | DETACHD | ||
| 5371 LANGFORD LN | 694950 | 4 | 2.5 | 2,950 | DETACHD | ||
| 18094 PILKINGTON RD | 739950 | 3 | 3.5 | 3,505 | DETACHD | ||
| 5087 LAKEVIEW BLVD | 749000 | 4 | 2.5 | 3,200 | DETACHD | ||
| 4256 LAKEVIEW BLVD | 1095000 | 4 | 3.5 | 3,117 | DETACHD |
PENDING SALES (Oct 4-Oct 10, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 44 CRESTFIELD CT | $75,000 | 2 | 1 | 923 | CONDO | ||
| 86 KINGSGATE RD | $94,900 | 2 | 2 | 924 | ATTACHD | ||
| 15139 QUARRY RD | $224,900 | 3 | 2 | 1,328 | DETACHD | ||
| 5160 TUALATA LN | $304,900 | 3 | 2 | 1,470 | DETACHD | ||
| 1740 YARMOUTH CIR | $510,000 | 2 | 2.5 | 1,960 | DETACHD | ||
| 13596 STREAMSIDE DR | $579,900 | 4 | 2.5 | 3,430 | DETACHD | ||
| 2811 ARROWHEAD CT | $1,000,000 | 4 | 3.5 | 3,740 | DETACHD | ||
SOLD (Oct 4-Oct 10, 2010)
| Address | Original Price | Closed Price | BD/BATH | Sq feet | Prop Type | CDOM | ||
| 6125 FERNBROOK ST | $264,999 | $230,000 | 3/1.5 | 1,271 | DETACHD | 180 | ||
| 1684 BOCA RATAN DR | $248,900 | $240,000 | 3/2.0 | 1,611 | ATTACHD | 531 | ||
| 17683 ARBOR LN | $339,900 | $305,000 | 3/2.0 | 1,946 | DETACHD | 70 | ||
| 875 LEE ST | $378,900 | $345,500 | 3/2.0 | 2,200 | DETACHD | 483 | ||
| 2329 STONEHURST CT | $539,900 | $530,000 | 4/3.0 | 3,275 | DETACHD | 12 | ||
| 5700 CHILDS RD | $749,900 | $749,900 | 4/2.5 | 2,865 | DETACHD | 98 | ||
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
Open Houses 10/10/10
There certainly is a feeling of devine moment when the date is 10/10/10. Not sure exactly how or in what way, but it has a nice ring to it. Perhaps it’s the day that you are meant to find a house?
The RMLS has 15 homes promoted as open houses tomorrow. Enjoy the day!
| Address | Open | Price | Bedrooms | Baths | |
| 1400 Bonniebrae Dr | 1 to 3 | $169,500 | 2 | 1 | |
| 5713 SW Kenny St | 10 to 1 | $279,900 | 3 | 2 | |
| 1899 Woodland Terrace | 1 to 3 | $369,000 | 3 | 3.5 | |
| 252 N. Shore | 1 to 3 | $369,000 | 3 | 1 | |
| 2697 Lookout Ct | 2 to 4 | $429,000 | 3 | 2 | |
| 14466 Holly Springs Rd | 2 to 4 | $449,900 | 5 | 3 | |
| 12 Scarborough Dr | 1 to 4 | $499,900 | 4 | 2.5 | |
| 17930 Meadowlark Ln | 1 to 3 | $539,900 | 4 | 4 | |
| 4120 Southshore Blvd | 1 to 3 | 596,500 | 3 | 2 | |
| 15915 Waluga Dr | 1:30 to 3:30 | 598,950 | 3 | 2.5 | |
| 1785 Palisades Terrace Dr | 1 to 3 | 749,900 | 5 | 4.5 | |
| 17884 Kelok Rd | 1:30 to 4 | 774,000 | 5 | 3.5 | |
| 17896 Kelok Rd | 1:30 to 4 | 774,000 | 5 | 5 | |
| 18209 Siena Dr | 2:30 to 5 | 1,097,000 | 5 | 3.5 | |
| 1808 Ridge Pointe Dr | 2:30 to 5 | 1,269,000 | 5 | 4.5 |
A Sight Rarely Seen
The water level draw down of the lake is nearly complete and the sight is really something interesting. This draw down has happened to allow access to the bottom of the lake for installing the new city sewer line. The lake should be refilled by the time school lets out next June: in plenty of time for summer fun. In the mean time, it is just really something to see.
A word of caution: don’t be tempted to go out and walk on the lake. The soil is pretty much loose silt. One person has already had to be rescued: a construction worker who sank up to his arms. Take care also with your pets.
Market Activity Sept. 20-26, 2010
Last week brought 19 new listings onto the market, 11 pending sales, and 11 closed sales.
There is a new listing worth getting excited about. It’s a condo right on the lake at the East end off of McVey. It was previously listed for $549,000, and is now a foreclosure listed for $140,000. Seriously, waterfront for $140,000. My guess is that the bank who now owns it knows that with the lake level lowered right now for the sewer replacement project, they know it will not show well. But if you are willing to look at a mud bog until next summer when the lake is refilled, you could get yourself one screaming deal. It’s just 992 square feet, with 3 bedrooms and 1 1/2 baths. Give Linda or myself a call if you want more info.
In the mean time, here is last week’s report.
See below for further details.
NEWLY LISTED (Sept 20-26, 2010)
| Address | List Price | Bedroom | Baths | Sq Feet | Prop Type | ||
| 44 EAGLE CREST DR | $100,000 | 2 | 1 | 908 | CONDO | ||
| 668 MCVEY AVE | $140,000 | 3 | 1.5 | 992 | CONDO | ||
| 4085 JEFFERSON PKWY | $168,900 | 2 | 2.5 | 1,851 | CONDO | ||
| 10 ORIOLE LN | $299,500 | 3 | 2 | 1,654 | DETACHD | ||
| 6173 WASHINGTON CT | $314,000 | 3 | 2 | 1,440 | DETACHD | ||
| 16026 PARKER RD | $330,000 | 3 | 1 | 1,620 | DETACHD | ||
| 4260 SOUTHSHORE BLVD | $349,000 | 2 | 2 | 1,268 | DETACHD | ||
| 106 KINGSGATE RD | $349,900 | 3 | 2.5 | 1,669 | DETACHD | ||
| 2602 ORCHARD HILL PL | 409900 | 3 | 2.5 | 2,568 | DETACHD | ||
| 17187 CARLSON CT | 435000 | 4 | 3 | 2,082 | DETACHD | ||
| 979 DEVON LN | 457000 | 4 | 3.5 | 2,162 | DETACHD | ||
| 2250 PARK RD | 499000 | 3 | 2 | 2,072 | DETACHD | ||
| 19263 MEGLY CT | 559900 | 5 | 3 | 3,213 | DETACHD | ||
| 17981 MEADOWLARK LN | 584900 | 3 | 2.5 | 3,250 | DETACHD | ||
| 5975 NEWCASTLE DR | 649000 | 4 | 2.5 | 3,339 | DETACHD | ||
| 1969 PALISADES TERRACE DR | 775000 | 4 | 2.5 | 3,930 | DETACHD | ||
| 312 9th ST | 782850 | 4 | 2.5 | 2,640 | DETACHD | ||
| 453 9th ST | 797950 | 4 | 3.5 | 2,859 | DETACHD | ||
| 3030 Childs RD | 999950 | 5 | 4.5 | 7,076 | DETACHD |
PENDING SALES (Sept 20-26, 2010)
| Address | List Price | Bedrooms | Baths | Sq Feet | Prop Type | ||
| 200 BURNHAM RD | $149,000 | 2 | 2 | 1,335 | CONDO | ||
| 18462 DON LEE WAY | $179,900 | 4 | 2 | 1,904 | DETACHD | ||
| 16200 PACIFIC HWY | $184,900 | 2 | 2 | 1,190 | CONDO | ||
| 1070 HALLINAN | $321,000 | 3 | 1.5 | 1,653 | DETACHD | ||
| 32 CHURCHILL DOWNS | $379,900 | 4 | 2.5 | 3,016 | DETACHD | ||
| 1000 ATWATER RD | $389,900 | 4 | 3 | 2,200 | DETACHD | ||
| 17491 BLUE HERON DR | $459,900 | 4 | 2 | 2,396 | DETACHD | ||
| 230 4TH ST | $475,000 | 3 | 3 | 2,165 | DETACHD | ||
| 13143 VERMEER DR | 499000 | 3 | 2.5 | 2,288 | DETACHD | ||
| 14246 KIMBERLY CIR | 615000 | 4 | 2.5 | 3,520 | DETACHD | ||
| 844 5TH ST | 829000 | 3 | 3 | 2,590 | DETACHD |
SOLD (Sept 20-26, 2010)
| Address | Orig. Price | Close Price | CDOM | Sq Feet | Prop Type | |||
| 6011 SHAKESPEARE ST | $195,000 | $196,000 | 1 | 1,318 | DETACHD | |||
| 5060 FOOTHILLS DR | $229,500 | $210,000 | 32 | 1,252 | CONDO | |||
| 18929 INDIAN SPRINGS RD | $324,900 | $324,900 | 7 | 3,380 | DETACHD | |||
| 595 6TH ST | $349,000 | $349,000 | 3 | 893 | DETACHD | |||
| 19 FALSTAFF ST | $500,000 | $405,000 | 169 | 3,207 | DETACHD | |||
| 19451 SW DOGWOOD CT | $559,900 | $527,900 | 104 | 3,547 | DETACHD | |||
| 577 2ND ST | $595,000 | $535,000 | 211 | 1,459 | CONDO | |||
| 3030 WESTVIEW CT | $859,000 | $727,500 | 677 | 3,415 | DETACHD | |||
| 5288 DENTON DR | $759,000 | $739,000 | 62 | 3,240 | DETACHD | |||
| 3540 RED CEDAR WAY | $919,000 | $740,000 | 177 | 4,100 | DETACHD | |||
| 1318 HORSESHOE CURV | $1,275,000 | $1,090,000 | 165 | 3,554 | DETACHD |
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
Open Houses for 9/26/2010
This first weekend of fall is supposed to be beautiful. A perfect time to go and explore these 27 open houses.
| Time | L/Price | Address | Bdrms | Total Bath | Total SF | ||||||||||||||||
| 01:00pm – 03:00pm | $169,500 | 1400 BONNIEBRAE DR | 2 | 1 | 864 | ||||||||||||||||
| 01:00pm – 03:00pm | $329,000 | 16090 SW KIMBALL AVE | 4 | 1.1 | 2276 | ||||||||||||||||
| 02:30pm – 04:30pm | $389,000 | 1899 WOODLAND TER | 3 | 3.1 | 3031 | ||||||||||||||||
| 01:00pm – 03:00pm | $389,900 | 1462 GREENTREE CIR | 4 | 2.1 | 2507 | ||||||||||||||||
| 02:00pm – 04:00pm | $399,900 | 6666 CHILDS RD | 3 | 1 | 2073 | ||||||||||||||||
| 01:00pm – 03:00pm | $409,900 | 2602 ORCHARD HILL PL | 3 | 2.1 | 2568 | ||||||||||||||||
| 12:00pm – 02:00pm | $429,000 | 2697 LOOKOUT CT | 3 | 2 | 2219 | ||||||||||||||||
| 01:00pm – 03:00pm | $469,900 | 17055 CRESTVIEW DR | 5 | 3 | 2575 | ||||||||||||||||
| 11:30am – 01:30pm | $474,900 | 326 LAKE BAY CT | 3 | 2 | 1400 | ||||||||||||||||
| 12:00pm – 02:00pm | $475,000 | 17944 TUALATA AVE | 5 | 3 | 2325 | ||||||||||||||||
| 01:00pm – 03:00pm | $475,000 | 273 EVERGREEN RD | 3 | 3.1 | 1789 | ||||||||||||||||
| 01:00pm – 05:00pm | $499,900 | 19319 SW DOGWOOD CT | 4 | 2.1 | 3105 | ||||||||||||||||
| 01:00pm – 03:00pm | $499,900 | 10 HILLSHIRE DR | 4 | 3 | 3152 | ||||||||||||||||
| 01:00pm – 03:00pm | $519,000 | 2 MORNINGVIEW CIR | 3 | 2.1 | 2954 | ||||||||||||||||
| 01:00pm – 05:00pm | $519,900 | 19415 SW DOGWOOD CT | 5 | 3 | 3517 | ||||||||||||||||
| 01:00pm – 05:00pm | $569,900 | 19245 SW MEGLY CT | 5 | 3 | 3490 | ||||||||||||||||
| 01:30pm – 03:30pm | $598,950 | 15915 WALUGA DR | 3 | 2.1 | 2939 | ||||||||||||||||
| 01:00pm – 03:00pm | $619,500 | 3943 TEMPEST DR | 4 | 2.1 | 3714 | ||||||||||||||||
| 02:00pm – 04:00pm | $629,000 | 133 FURNACE ST | 2 | 2.1 | 1927 | ||||||||||||||||
| 01:00pm – 03:00pm | $649,000 | 14370 PFEIFER DR | 4 | 2.1 | 3318 | ||||||||||||||||
| 12:00pm – 03:00pm | $749,900 | 2469 MARYLHAVEN PL | 4 | 3.2 | 5582 | ||||||||||||||||
| 02:30pm – 04:30pm | $799,000 | 4158 CASEY CT | 4 | 2.1 | 3385 | ||||||||||||||||
| 01:00pm – 03:00pm | $1,097,000 | 18209 SIENA DR | 5 | 3.1 | 3839 | ||||||||||||||||
| 01:00pm – 03:00pm | $1,194,000 | 18246 BELLA TERRA DR | 4 | 3.1 | 4196 | ||||||||||||||||
| 01:00pm – 03:00pm | $1,269,000 | 1808 RIDGE POINTE DR | 5 | 4.1 | 4155 | ||||||||||||||||
| 12:00pm – 03:00pm | $1,665,000 | 18024 SKYLAND CIR | 4 | 3.2 | 4131 | ||||||||||||||||
| 01:00pm – 03:00pm | $2,050,000 | 2572 GLEN EAGLES PL | 5 | 4.2 | 6490 |
Home Warranties
Home Warranties have become increasingly popular in real estate transactions. This is for several reasons. First, it gives home buyers some assurance that during the first year of ownership, after they have already financially spent so much money buying the house, they are not going to be caught by surprise with unexpected repair expenses. Second, for sellers it gives them some assurance that their buyer will be happy in the first year of ownership. Statistically homes sold with warranties have a much lower rate of post-sale litigation. And, third, Realtors like warranties pretty much for the same reason that sellers do. Happy buyers are the goal and home warranties help that to happen.
The Basics
The way a warranty works is that it is purchased at closing for between $250 and $400, depending on the plan. It can be paid for by any party to the transaction: buyer of seller. Once the warranty is in place it will be in effect for a full year. During that year if any mechanics in the house break down, the new owner calls an 800 number to order repair service. The warranty company contracts locally with approved workers who then come to the house and perform the needed repair. The buyer then pays the service charge (typically about $50-$80) for the visit and all other costs are covered by the warranty. It really is a great program. On average these policies are used at least twice in the year that they are in place.
Please notice that I am describing the policy as covering the mechanics in the house: the furnace, water heater, dishwasher, garbage disposal, electricals, etc. It does not cover the structure itself: the roof, walls, foundation, etc. Most basic policies do not cover refrigerators, washers and dryers, or air conditioning, but these can be added to the policy for additional costs. Be sure to read your policy. Some also have limitations. For instance, it may cover up to $1500 for a furnace, but not cover costs over that amount. So know the limitations and compare policies before you buy one.
There are quite a few companies that offer these policies. American Home Shield is probably the most widely known. There is also the First American Home Buyers Protection Plan, Choice Home Warranty, and Fidelity National Home Warranty. I’m sure there are others as well.
My Word of Advice
I do think a home warranty is money well spent. However, I also caution that these policies put a lot of emphasis on repair, and, in my opinion, are not quick to replace truly warn out items. Here is what happened to me:
When I bought my current home I opted for a home warranty because the dishwasher was obviously in really bad shape. The seals around the door were shot and the machine leaked when it was used. The technician who serviced it estimated that it could be repaired for $300. Why would I want to put $300 into a dishwasher that would then still be old? They offered me a credit in the same amount to apply to a new dishwasher, which I took advantage of and was happy to receive. Then I had trouble with my furnace that winter. Again, I called the warranty company and my furnace was repaired. The furnace went out a second time, again it was repaired under the benefits of my warranty. A year went by and my policy expired. The following winter, again my furnace went out. This time, with no warranty to use, I called a company of my choice. This time the technician said my furnace was so bad it was unsafe to use and he red tagged it. I then replaced my furnace. In hindsight I wish that when my furnace had gone out the second time, while it was under warranty, that I would have gotten another opinion. I think the warranty company did full fill the obligation of the policy because they were able to get the furnace to work, but I also think that I could have had the policy assist with the furnace replacement if I had taken the time to do my own inquiry.
I do think that if you are a buyer or a seller you should consider a home warranty when you are involved in your next real estate transaction. At least ask the question as to whether it would benefit you or not. And, as always, listen to the advice of your Realtor.
Market Activity September 6-12, 2010
Market activity last week brought us 10 new listings, 11 pending sales, and 3 closed sales.
See below for further details.
NEWLY LISTED (September 6-12, 2010)
| Address | List Price | Bedrooms | Baths | Sq. Feet | Prop Type | ||
| 2 MOUNTAIN CIR | $160,000 | 2 | 1.5 | 1,504 | ATTACHD | ||
| 5063 FOOTHILLS DR | $225,000 | 2 | 2 | 991 | CONDO | ||
| 17335 ASHLEY CT | $294,900 | 3 | 2.5 | 2,161 | ATTACHD | ||
| 532 2ND ST | $350,000 | 2 | 2.5 | 1,394 | CONDO | ||
| 1551 WOODLAND TER | $499,000 | 4 | 2 | 2,712 | DETACHD | ||
| 5188 MADRONA ST | $549,000 | 3 | 3 | 3,183 | DETACHD | ||
| 17682 MARYLBROOK DR | $649,900 | 4 | 2.5 | 3,799 | DETACHD | ||
| 3883 TAMARACK LN | $669,000 | 4 | 2.5 | 2,898 | DETACHD | ||
| 13978 Westcott CT | 675000 | 3 | 3 | 3,361 | DETACHD | ||
| 1088 WESTWARD HO RD | 725000 | 2 | 2 | 1,837 | DETACHD |
PENDING SALES (September 6-12, 2010)
| Address | List Price | Bedrooms | Baths | Sq Feet | Prop Type | ||
| 200 BURNHAM RD | $139,000 | 2 | 1 | 1,216 | CONDO | ||
| 16250 PACIFIC HWY | $139,000 | 2 | 2 | 1,327 | CONDO | ||
| 6125 FERNBROOK ST | $239,000 | 3 | 1.5 | 1,271 | DETACHD | ||
| 1496 BOCA RATAN DR | $249,900 | 3 | 1.5 | 1,403 | ATTACHD | ||
| 875 LEE ST | $349,900 | 3 | 2 | 2,200 | DETACHD | ||
| 2329 STONEHURST CT | $539,900 | 4 | 3 | 3,275 | DETACHD | ||
| 18263 ANDUIN TER | $575,000 | 4 | 3 | 3,100 | DETACHD | ||
| 550 MIDDLECREST RD | $584,900 | 3 | 2.5 | 2,240 | DETACHD | ||
| 13566 STREAMSIDE DR | 598000 | 3 | 2.5 | 3,123 | DETACHD | ||
| 5657 VICTORIA CT | 689900 | 4 | 3 | 3,421 | DETACHD | ||
| 1641 ENGLEWOOD DR | 695000 | 4 | 2.5 | 4,204 | DETACHD |
SOLD (September 6-12, 2010)
| Address | List Price | Closed Price | Bedrooms | Prop Type | Baths | Sq Feet | CDOM | |||
| 745 BERWICK CT | $549,000 | $520,000 | 3 | DETACHD | 2 | 1988 | 143 | |||
| 2125 RIDGE POINTE DR | $879,000 | $790,000 | 4 | DETACHD | 3.5 | 3489 | 171 | |||
| 13764 KNAUS RD | $1,375,000 | $1,200,000 | 4 | DETACHD | 4.5 | 4805 | 52 | |||
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