For the last 2 years the City of Lake Oswego has had a major infrastructure project going on: the replacement of the aging and inadequate sewer interceptor line that ran along the bottom of the lake. The line is about 9000 feet and was both too small, causing over-flow when it reached capacity in heavy rain, and prone to damage in the event of an earthquake. Replacement of the system has happened in stages with the second stage now winding down and the third stage about to begin. Completion of the third stage will complete the project.
Sometime in September the water level of the lake will be drawn down. Remember that the water level is controlled at a dam that is located at the East end. When the water is drawn down, the lake will look almost completely empty with the exception of the very deepest areas. Mostly, it will look empty. This will be the status of the lake until next March when the lake will be allowed to refill. The new water will come from rain runoff, the Tualatin River, and area streams and creeks. The goal is to have the lake re-filled in plenty of time for summer recreation.
I’ve lived in Lake Oswego long enough to recall the days when the lake level was lowered regularly. It was part of normal management of the lake to drain the water out for a few weeks every other winter. This allowed water-front property owners to do needed repairs on their sea walls and boat houses. Then, about 10 or so years ago, the decision was made to not drain the lake on any regular basis. Which means that it has now been quite a few years since it was drained and that means it is going to come as quite a shock to local residents who haven’t been paying attention.
It is my experience that following the draining of the lake not only does the lake look better (from all of the work that gets done around the lake when the water level is down), but the water quality also tends to be much improved. Swimming in the lake next summer will be great!
So don’t be surprised when the lake is drained in a month or so. The water level will be restored.
For further info, including an exact schedule and e-mail updates, you can visit the City of Lake Oswego’s website and get all of the details.
Market Activity in Lake Oswego last week brought 29 new listings onto the market, 15 pending sales (including our featured property from last Wednesday, which received an accepted offer in just 7 days), and 11 closed sales.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (July 12-18, 2010)
Address
List Price
Sq Feet
BR
BATHS
Prop Type
86 KINGSGATE RD
$94,900
924
2
2
ATTACHD
3952 CARMAN DR
$208,900
1146
2
2+.5
CONDO
16686 CARNEGIE AVE
$239,000
1734
4
2
DETACHD
859 F AVE
$239,900
1201
3
1+.5
DETACHD
16089 LAKE FOREST BLVD
$239,900
952
2
1
DETACHD
580 8TH ST
$255,000
852
2
1
DETACHD
17483 SCHALIT WAY
$285,000
1794
3
2+.5
DETACHD
1118 OAK ST
$319,900
1320
3
1+.5
DETACHD
15265 BOONES WAY
324500
1560
2
2+.5
ATTACHD
15245 BOONES WAY
325000
1600
3
2+.5
ATTACHD
17500 HILL WAY
329900
1663
4
2
DETACHD
1070 HALLINAN
379900
1653
3
1+.5
DETACHD
16 OTHELLO ST
432900
2820
4
3
DETACHD
1550 BEDFORD CT
460000
2250
3
2+.5
DETACHD
19 GROUSE TER
489000
3383
3
2+.5
DETACHD
475 COUNTRY CLUB CT
499000
1705
3
2+.5
DETACHD
17791 HILL WAY
500000
2500
4
2+.5
DETACHD
942 CLARA CT
549000
3123
4
2+.5
DETACHD
13595 KNAUS RD
599000
3339
4
2+.5
DETACHD
173 FURNACE ST
675000
2220
2
2+.5
CONDO
13223 DEERFIELD CT
825000
4008
5
3+.5+.5
DETACHD
838 8th ST
825000
2600
3
2+.5
ATTACHD
2351 PALISADES CREST DR
949000
4498
5
2+.5
DETACHD
931 LAKE FRONT RD
949900
2889
4
3+.5
DETACHD
18026 SKYLAND CIR
1249000
4134
5
3+.5
DETACHD
1640 COUNTRY COMMONS
1375000
5343
4
4+.5
DETACHD
1600 COUNTRY COMMONS
1425000
5389
4
3+.5
DETACHD
1104 FOREST MEADOWS WAY
1495000
5786
4
3+.5
DETACHD
1100 NORTHSHORE RD
2650000
5232
5
2+.5+.5
DETACHD
PENDING SALES (July 12-18, 2010)
Address
List Price
Sq Feet
BATHS
BR
Prop Type
CDOM
5713 SW KENNY ST
$203,910
1296
2
3
DETACHD
19
2405 DELLWOOD DR
$357,000
2336
3
5
DETACHD
392
5434 YORKSHIRE PL
$369,900
2335
3
3
DETACHD
5
1641 ASH ST
$399,990
2825
3
4
DETACHD
177
13909 MAJESTIC CT
$410,000
3003
3
4
DETACHD
126
17670 MARYLBROOK DR
$499,000
3067
3
4
DETACHD
261
1301 HORSESHOE CURVE
$500,000
2060
3
3
DETACHD
5
16884 SUMMER PL
$524,900
2911
2.5
4
DETACHD
7
4524 AUBURN LN
535000
2732
3.5
3
ATTACHD
169
2475 MARYLVIEW CT
599000
3049
2.5
4
DETACHD
74
5783 VICTORIA CT
599900
2500
2
3
DETACHD
21
18010 GIMLEY CT
615000
3652
2.5
4
DETACHD
116
5529 WESTFIELD CT
629000
2968
2.5
3
DETACHD
4
898 CORNELL ST
759000
3000
2.5
3
DETACHD
390
95 IRON MOUNTAIN BLVD
1595000
4818
4.5
5
DETACHD
411
SOLD (July 12-18, 2010)
Address
Orig.Price
Close Price
BATH
BR
Prop Type
CDOM
205 CERVANTES
$164,900
$120,000
1.5
2
CONDO
145
16200 PACIFIC HWY
$297,900
$221,500
2
2
CONDO
120
3388 EDGEMONT RD
$359,900
$250,000
2.5
3
DETACHD
283
15580 PARTRIDGE DR
$378,000
$350,000
2.5
3
DETACHD
267
1400 LEE ST
$475,500
$421,500
3
4
DETACHD
146
53 D AVE
$574,900
$425,000
3
3
DETACHD
518
5678 CHARLES CIR
$580,000
$520,000
4
3
DETACHD
495
14158 KIMBERLY CIR
$530,000
$530,000
3
5
DETACHD
40
1425 CHANDLER RD
$978,000
$750,000
3
4
DETACHD
43
4912 FIRWOOD RD
$999,900
$950,000
4
4
DETACHD
21
19000 BRYANT RD
$965,000
$965,000
3.5
5
DETACHD
3
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings
It is going to be another gorgeous summer weekend: a great time to see some beautiful houses. This Sunday there are 37 homes scheduled to be held open, according to the RMLS:
I am proud to introduce you to my new listing at 16884 Summer Place. Located in the Summer Woods neighborhood in Lake Grove, it was built in 1995. Summer Woods is an interesting area. It’s in Lake Grove, so surrounded by older homes with some in-fill new construction, but this neighborhood has about 75 houses all built at the same time. So the neighborhood itself has a much newer feel. It is also super convenient with quick access to I-5, Hwy 217, and all sorts of shopping and dining.
This house sits on a magnificent lot with greenspace on two sides. It’s on a dead-end lane, so there is very little traffic. If you want quiet, privacy and a decent yard, this is one of the few newer homes that can actually boast all of these characteristics.
The house itself has been nearly all remodeled in the last few years. I know, it’s only 15 years old to begin with. But in 15 years styles change quite a bit. So while the house is still relatively new, the decor, including counters, cabinets, sinks, and appliances, are all nearly brand new. There is 2911 square feet of finished living area that includes 4 bedrooms plus a bonus room. The kitchen has granite counters and stainless steel appliances. The woodwork and trim is lovely with crown moldings and attention to detail. The yard has been professionally landscaped with patio dining as well as an outdoor deck that is ideally suited for entertaining. There are sprinklers in the yard. And, yes, on these hot summer days there is brand new central air conditioning.
I know that Realtors sound pretty hokey when they say things like “Hurry, this one won’t last.” But I do mean that about this house. I follow the market and know that even in today’s economy the good ones sell quickly. The combination of size, age, condition, and setting for this house is truly special. And at $524,900 it is very well priced. I honestly think this house will sell quickly.
If you’d like to make arrangements to see this house, please give me a call at 503-803-6298, or e-mail me at jdgregoire@earthlink.net . And, as always, feel free to contact myself or Linda for any of your real estate needs.
Here in Lake Oswego last week the real estate market had 18 new listings, 15 pending sales, and 15 closed sales.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 28-July 4, 2010)
Address
List Price
BR
BATHS
SF
Prop Type
3930 LAKE GROVE AVE
$122,000
2
1
952
CONDO
4000 CARMAN DR
$122,500
1
1
836
CONDO
4000 CARMAN DR
$129,000
2
2
834
CONDO
86 KINGSGATE RD
$130,000
2
2
849
CONDO
15209 QUARRY RD
$174,900
2
1
1,210
DETACHD
668 MCVEY AVE
$185,000
1
1
636
CONDO
18305 FERNBROOK CT
$299,999
3
2
1,500
DETACHD
4201 COLLINS WAY
$307,500
3
2
1,230
DETACHD
1228 MAPLE ST
399000
3
2
1,894
DETACHD
17055 CRESTVIEW DR
479900
5
3
2,575
DETACHD
730 SW BRIERCLIFF LN
495000
5
3
3275
DETACHD
5580 KILCHURN AVE
549900
4
2 + .5
2,286
DETACHD
18006 GIMLEY CT
549900
5
4
3225
DETACHD
12 SCARBOROUGH DR
574900
4
2 + .5
2,892
DETACHD
611 IRON MOUNTAIN BLVD
575000
2
1
1,322
DETACHD
18212 WESTVIEW DR
598900
4
2 + .5
3464
DETACHD
17874 BLUE HERON WAY
599900
4
4
3,200
DETACHD
17618 CRESTLINE DR
1575000
4
3 + .5+.5
4,666
DETACHD
PENDING SALES (June 28-July 4, 2010)
Address
SPID
List Price
SQ feet
BR
BATHS
Prop Type
CDOM
47 EAGLE CREST DR
$74,100
1009
2
1
CONDO
104
222 RIDGEWAY RD
$125,000
756
1
1
CONDO
13
4372 WOODSIDE CIR
$219,000
1178
2
2
ATTACHD
165
16200 PACIFIC HWY
$230,000
1208
2
2
CONDO
120
1005 SOUTHSHORE BLVD
$249,900
2196
4
2
DETACHD
74
139 TOUCHSTONE CT
$279,900
1846
2
2 + .5
ATTACHD
11
4321 WOODSIDE CIR
$289,000
1532
3
2
ATTACHD
14
406 8th ST
$315,000
2437
3
1 + .5
DETACHD
323
595 6TH ST
349000
893
2
2
DETACHD
3
5 EL GRECO ST
479000
2455
4
2 + .5
DETACHD
7
444 6TH ST
899000
4541
4
4 + .5
DETACHD
213
245 CHANDLER PL
950000
3733
4
2 +.5+.5
DETACHD
6
1425 CHANDLER RD
978000
3384
4
3
DETACHD
43
18820 GREENBLUFF DR
1395000
5382
4
4 + .5
DETACHD
99
13777 Cameo CT
1550000
7300
4
5 + .5
DETACHD
570
SOLD (June 28-July 4, 2010)
Address
Orig/Price
Close/Price
CDOM
SQ FT
Prop Type
BR
BATHS
3433 SW MCNARY PKWY
$153,000
$120,000
98
1,008
CONDO
2
2
100 LEONARD ST
$184,900
$175,000
164
1,364
CONDO
2
2
13 ERASMUS ST
$214,500
$210,000
45
1,414
ATTACHD
2
2.5
4610 LAMONT WAY
$247,500
$232,500
17
1,750
DETACHD
3
2
17141 SW BRYANT RD
$364,900
$317,000
307
1,228
DETACHD
3
2
454 5TH ST
$350,000
$350,000
156
1,092
ATTACHD
2
1.5
15547 PARTRIDGE DR
$389,900
$390,000
214
2,266
DETACHD
3
2.5
12409 SHELBY CT
$449,900
$428,000
12
2,238
DETACHD
3
2
676 9TH ST
$525,000
435,000
327
1,850
DETACHD
2
1
15266 CANDLEWOOD CT
$464,988
455,000
88
2,569
DETACHD
4
2.5
13460 SNOWBERRY CT
$582,500
525,000
61
3,327
DETACHD
3
2.5
15422 BOONES WAY
$798,000
675,000
645
2,586
ATTACHD
4
2.5
17212 CHAPIN WAY
$850,000
725,000
314
2,541
DETACHD
3
2.5
1580 BONNIEBRAE DR
$849,000
840,000
50
3,800
DETACHD
4
3
1340 CHERRY LN
$1,348,000
1,200,000
5
5,922
DETACHD
4
4.2
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.
Along with a few open houses, this Sunday will bring us Lake Oswego’s annual 4th of July festivities:
7am to noon, Lake Oswego Lion’s Club Pancake Breakfast. George Roger’s Park. $6 for adults and $4 for children, in includes pancakes, sausage, coffee, orange juice and milk.
1pm, Star Spangled Parade, A Avenue to Millennium Plaza. Wear your patriotic colors, decorate your wagons, and march in the parade! Led by an authentic Fife and Drum Band, the parade includes antique cars, veterans, boy scouts, bikes, strollers, pets—you name it.
1pm, boat parade on Lakewood Bay
1:15 to 5pm, Centennial Star Spangled Celebration at Millennium Park, includes presentation of colors, a chicken barbeque (put on by Lake Grove Lions) face painting, Fife and Drum performance, and live music, including Huge Sally and Southern Nights.
9:45, The Annual fireworks Display will be held over Oswego Lake. Fireworks are shot off from a barge on the lake. Best viewing is from Lake Grove Swim Park on Lakeview Blvd between Southshore and Summit. Arrive early to get best viewing and to find parking. Remember that most roads around the lake are closed or have limited access during the fireworks display, so plan accordingly.
Here are Sunday’s Open Houses, according to the RMLS:
Every community looks to find it’s claim to fame and Lake Oswego’s, beside beautiful homes and top-notch schools, can be found in one of its most famous residents, William Stafford.
William Stafford, born in 1914, lived in Lake Oswego from 1957 until his death in 1993. He was a professor of English at Lewis and Clark College and was world renowned as a poet. In 50 years of writing poetry, which he didn’t begin doing until his 40’s, he is estimated to have written 22,000 poems of which 3,000 were published. In 1970 he was named Consultant in Poetry to the Library of Congress, a position that today would be the equivalent of being the U.S. Poet Laureate. In 1975 he was named the Poet Laureate for the State of Oregon.
You will find tributes to William Stafford throughout Lake Oswego. In the various parks around town you will find inscriptions of his poems, a walkway named after him, and lovely renderings that pay tribute to his creative genius. I am a huge fan of his work. Absolutely one of my favorite places is the William Stafford path in Foothills Park that culminates in the stone circle that bears his work.
Today I want to introduce you to William Stafford and share with you a few of his poems:
Why I Am Happy
Foothills Park, William Stafford Path
Now has come, an easy time. I let it
roll. There is a lake somewhere
so blue and far nobody owns it.
A wind comes by and a willow listens
gracefully.
I hear all this, every summer. I laugh
and cry for every turn of the world,
its terribly cold, innocent spin.
That lake stays blue and free; it goes
on and on.
And I know where it is.
Little Rooms
I rock high in the oak-secure, big branches-
at home while darkness comes. It gets lonely up here
as lights needle forth below, through airy space.
Tinkling dishwashing noises drift up, and a faint
smooth gush of air through leaves, cool evening
moving out over the earth. Our town leans farther
away, and I ride through the arch toward midnight,
holding on, listening, hearing deep roots grow.
There are rooms in a life, apart from others, rich
with whatever happens, a glimpse of moon, a breeze.
You who come years from now to this brief spell
of nothing that was mine: the open, slow passing
of time was a gift going by. I have put my hand out
on the mane of the wind,
William Stafford thoughts
to give it to you.
And, finally, my favorite: The Way It Is
There’s a thread you follow. It goes among
things that change. But it doesn’t change.
People wonder about what you are pursuing.
You have to explain about the thread.
But it is hard for others to see.
While you hold it you can’t get lost.
Tragedies happen; people get hurt
or die; and you suffer and get old.
Nothing you do can stop time’s unfolding.
You don’t ever let go of the thread.
Thanks for letting me share William Stafford with you. I hope you enjoy his work as much as I do.
Dianne
Last week brought 16 new listings, 14 pending sales, and 12 closed sales. I think what I find most interesting is the CDOM (cumulative days on the market). It does seem that things are selling either really fast or really slowly. Correct pricing is what makes the difference! And notice the house on Polonius: it not only sold in 8 days, but for $15,000 over the asking price. Yes, this may have reflected built in costs for closing costs or some other concession, but it is still a rare event in this economy. And it does mean that the seller had an eager buyer who was not haggling the price down.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 14—20, 2010)
Address
List Price
Total Br
Total BTHS
SQ FT
Prop Type
222 RIDGEWAY RD
$125,000
1
1
756
CONDO
139 TOUCHSTONE CT
$279,900
2
2 + .5
1,846
ATTACHD
4321 WOODSIDE CIR
$289,000
3
2
1,532
ATTACHD
17683 ARBOR LN
$339,900
3
2
1,946
DETACHD
1117 HEMLOCK ST
$349,900
3
2
1,680
DETACHD
18651 DON LEE WAY
$384,900
4
2
1,630
DETACHD
15012 TWIN FIR RD
$399,000
5
2
3,532
DETACHD
15008 TWIN FIR RD
$399,000
5
2
3,372
DETACHD
524 2ND ST
439000
2
2 + .5
1,547
CONDO
17681 LEAFY LN
449000
4
3
2,242
DETACHD
10 HILLSHIRE DR
549900
4
3
3,152
DETACHD
6 MORNINGVIEW LN
659000
4
3
3,998
DETACHD
116 3RD ST
675000
2
1
915
DETACHD
649 9TH ST
819000
3
2 + .5
2,852
DETACHD
1250 SUNNINGDALE RD
825000
5
3 + .5
4,073
DETACHD
245 CHANDLER PL
949850
4
2 + .5 + .5
3,733
DETACHD
PENDING SALES (June 14-20, 2010)
Address
List Price
Total BR
Total BTHS
SQ FT
Prop Type
CDOM
5225 JEAN RD
$155,000
2
2
1,400
CONDO
28
4224 HAVEN ST
$269,900
4
2
2,752
DETACHD
39
3388 EDGEMONT RD
$279,900
3
2 + .5
1,968
DETACHD
283
17518 REDFERN AVE
$355,000
3
2
1,831
DETACHD
715
540 2ND ST
$410,000
2
2 + .5
1,520
CONDO
870
17845 SARAH HILL LN
$417,000
4
2 + .5
2,970
DETACHD
9
53 D AVE
$435,000
3
3
2,211
DETACHD
518
17387 CANYON DR
$479,000
3
2 + .5
1,955
DETACHD
11
4089 MELISSA DR
524900
4
2 + .5
2,710
DETACHD
9
5678 CHARLES CIR
525000
3
4
3,455
DETACHD
495
18282 ANDUIN TER
625000
4
2 + .5
3,765
DETACHD
1
14370 PFEIFER DR
669000
4
2 + .5
3,318
DETACHD
12
11 HILLSHIRE DR
825000
4
2 + .5
3,415
DETACHD
33
18735 BRYANT RD
909900
5
3 + .5
5,323
DETACHD
149
SOLD (June 14-20, 2010)
Address
Original Price
Close Price
Prop Type
SQ FT
CDOM
109 OSWEGO SMT
$144,900
$141,900
CONDO
1212
47
12846 SW BOONES FERRY RD
$225,000
$199,000
CONDO
1136
532
3485 DEVONSHIRE DR
$264,900
$250,000
ATTACHD
1556
16
12 POLONIUS ST
$246,600
$261,000
DETACHD
3275
8
136 TOUCHSTONE TER
$350,000
$267,500
DETACHD
1996
243
15148 QUARRY RD
$279,000
$279,000
DETACHD
1618
11
3056 WEMBLEY PARK RD
$339,000
$285,000
DETACHD
2600
36
31 DA VINCI ST
$399,900
$352,000
DETACHD
2232
249
1545 CLOVERLEAF RD
579950
$535,000
DETACHD
2723
59
13090 KNAUS RD
995000
$600,000
DETACHD
5578
357
5218 WESTFIELD CT
$699,500
$607,000
DETACHD
3125
284
13081 KNAUS RD
1795000
$1,400,000
DETACHD
3269
58
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.
I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?” In my circle of friends, homeownership is the norm. And in today’s economy, everyone is hoping that their home is holding it’s value. For my clients, they are wanting me to give them insight into the buying/selling climate. So staying on top of trends is pretty critical. Today I am going to break down the Lake Oswego market and give you some specifics.
First, some good news: Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of ’09 to May of ’10. Values are down in Lake Oswego, year over year, 7.8%. The only part of the metro area that did better was North Portland with a loss of 6.3%. The worst faring area was Yamhill County, which is down 13%. Wow, did I really just call that good news? We are down 7.8%! Perhaps the better way to see it is that this is less bad news than it could have been.
The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500. The total days on the market is averaging 153 days.
I think it is important to do this analysis by price range. Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices. Here is a breakdown by price:
Price
Currently for Sale
Sold in Last 6 Months
# Per Month
Length of Inventory
$1,000,000 +
105
15
3
42 months
$900,000-$1,000,000
19
4
1
28 months
$800,000-$900,000
50
6
1
50 months
$700,000-$800,000
42
12
2
21 months
$600,000-$700,000
53
21
4
15 months
$500,000-$600,000
74
35
6
12 months
$400,000-$500,000
79
43
7
11 months
$300,000-$400,000
60
60
10
6 months
$200,000-$300,000
29
36
6
4 months
$100,000-$200,000
3
2
0
9 months
At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.
I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.
And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.
Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.
As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.
I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.
For the last 2 years the City of Lake Oswego has had a major infrastructure project going on: the replacement of the aging and inadequate sewer interceptor line that ran along the bottom of the lake. The line is about 9000 feet and was both too small, causing over-flow when it reached capacity in heavy rain, and prone to damage in the event of an earthquake. Replacement of the system has happened in stages with the second stage now winding down and the third stage about to begin. Completion of the third stage will complete the project.
