Author: Dianne Gregoire

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Lake Oswego Library Receives National Recognition

Kudos to the Lake Oswego Library which was ranked the best library in the state of Oregon by the American Library Association, and the 7th best library in the Nation amongst towns with populations of 25,000 to 49,999 people.

Considerations to receive this distinction included staffing, reference services, collections, and the number of items checked out by the public. Lake Oswego’s per capita circulation is 33.2: more than 4 times the national average.

Visit the LO Library website by clicking here.

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Worth the Drive

I want to make sure you know about a spectacular tree on the corner of 3rd and C Avenues.

It’s an ancient Sugar Maple (Acer saccharum) and at this time of year I always make sure that I drive over to look at it. It’s not quite at it’s peak. When it is in it’s greatest glory, in another week or two, it will be the most vibrant shade of orange that I have ever seen in a tree. It is also just huge. The trunk is gnarled and gorgeous.

It was designated a Heritage Tree by the City of Lake Oswego in 1998. Check it out. It is well worth the drive.

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Mortgage Options

While we may currently be in turbulent economic times, I want to make it known that solid and safe mortgage options still exist.

I must also state that the mortgage industry has changed. There are no longer no-income qualifying loans, and 100% financing is almost non-existent. What it reminds me of is the financial climate that existed when I first obtained my real estate license in 1987. Back then you pretty much had to have at least 3% down and you had to provide full documentation to show your ability to repay your loan. That is a good description of today’s mortgage market. But even in this tight climate, there are some interesting options.

First is FHA. FHA is a mortgage option that is backed by the Federal Government. It is intended to help people become homeowners, but it is not limited to first-time buyers. The necessary down payment is just 3%, although this is increasing to 3.5% in January. The purchase price can be as high as $362,790 in Clackamas, Multnomah or Washington Counties. There are no pre-payment penalties. It is fully assumable. The mortgage insurance premiums are typically lower than those available on conventional mortgages, and the interest rate offered is typically very competitive. As of 10/18/08, there are 34 houses for sale in Lake Oswego that are priced within the FHA loan limit.

If you are a veteran, you will enjoy your veteran’s benefits when you buy a home because you are one of the few borrows who can still get 100% financing. For a purchase of up to $417,000 you can finance 100% of the purchase price. If the purchase price is over $417,000, you can go as high as $1,500,000 if you have a 25% down payment for the amount that exceeds $417,000. There is no mortgage insurance and the interest rates are always on the low end of what is offered. As of 10/18/08, there are 69 houses for sale in Lake Oswego that are within the VA loan limit for 100% financing.

My resource for the information about FHA and VA loans is Robin Cusma, a senior loan officer at Northwest Mortgage Group. I think of Robin as my miracle worker. If you are looking for a good loan officer, I highly recommend her services. She can be reached at rcusma@nwmortgagegroup.com.

So what if you don’t have 3% down and you are not a veteran? Can you still get 100% financing? Yes, you have two options that I know of. First is the Guaranteed Rural Housing Program. This is a government sponsored loan to assist rural communities. The catch is that the town that the house exists in has to have a population of less than 25,000 people, so it won’t work in Lake Oswego. The other program is offered exclusively at Key Bank. It is the Key Community Mortgage Program and it’s pretty amazing. Not only is it 100% financing, but it has no mortgage insurance. In order to obtain this loan, one of two criteria must be met. The property must be located in a targeted area (and Lake Oswego is not in a targeted area, to see the targeted areas click here) or the household income of the borrower must be 80% or less of the medium income for the county. In Lake Oswego/Clackamas County, the medium income is $65,000 and 80% of that is $52,000. So could you buy a house in Lake Oswego using this program? Probably not. House prices in Lake Oswego remain substantially higher than the $162,000 sales prices that would be the top-end purchase price with the income restriction. However, I think it is a good program to be aware of and it may be something that a borrow would want to consider using in other parts of the metro area. My source for information about the Key Community Mortgage is Lori Randall, a mortgage advisor at KeyBank. For Lori’s website, click here. Or you can contact her at lori_e_randall@keybank.com .

Finally, not focusing on low-down payment options, there remains traditional conventional financing. With 5% or more down, conventional loans remain available to qualified buyers with good credit. Because of the high value of houses in Lake Oswego, a jumbo mortgage may be needed. Are those available? Yes.

A jumbo mortgage is a mortgage that is greater than $417,000. It typically has a slightly higher interest rate than a “conventional” mortgage (that is a mortgage amount of $417,000 or less). When the mortgage crisis first began a year ago, jumbo loans were the most drastically affected. There were a couple of weeks when they simply were unavailable. The jumbo market has since stabilized. A jumbo loan can now be obtained with as little as 10% down if the borrower has a credit score of at least 700 and for loan amounts up to $650,000. Remember that with less than 20% down, there will be mortgage insurance. The old habit, to avoid having to pay mortgage insurance, was to get a combined loan that was an 80% first mortgage and a 10% second mortgage. The borrower ended up with 90% financing, but didn’t have the additional monthly cost of mortgage insurance. There are rumors that these sort of combined loans may be coming back. We will have to wait and see.

The source of my information for jumbo loans is Naida Paris at Valley Mortgage. I have known and worked with Naida for over 20 years. There is no lender with greater integrity than Naida. I highly recommend her services. Naida can be reached at naidaparis@yahoo.com .

While the economic times may be troubling, the mortgage industry has not come to a total standstill. If you find yourself at a point in your life where you need to buy or to sell a home, there are good mortgage options available.

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Where did the Lake go?

Sewer CoverOne of the things that I always explain to anyone buying a home in Lake Oswego, and particularly a lakefront home, is that the lake has a history of routine maintenance that occasionally requires a draw down of the water level.

For years this was done every other winter. Remember that while there is a natural lake area that is fed by the Tualatin River, much of the lake was enlarged by man and the water level is controlled via the in-take gate at the Tualatin River and the dam along McVey Avenue.

In the past the reason for the draw down was to allow homeowners to repair seawalls and do maintenance on their boat houses. It was also used as a way to flush the lake of water that had grown stagnant and re-fill it with new water to help control the build up of algea.

Then a few years ago the Lake Corporatation installed aerators that added oxygen to the water and lessened the need for such frequent draw downs as a means of keeping the lake clean. So it has been awhile since there has been a draw down of the lake water.

That will be changing in the fall of 2010.

Beginning this fall, the City of Lake Oswego is in the preliminary stages of what is known as the Lake Oswego Interceptor Sewer Project. Basically, the sewer that now serves 2/3 of the city is submerged 14 to 21 feet under the lake. It was built in the 1960’s and is vulnerable to earthquake damage as well as being too small to accommodate the needs of the community. So a new interceptor will be constructed and that is going to have an impact on how the lake looks and how we are able to use it.

There will be 3 phases to the construction. Phase one is beginning now. It involves obtaining permits, securing funding, and obtaining bids. This is all the paper shuffling stuff, and while citizen input is encouraged, unless you make an effort to get involved, you won’t see anything different happening.

Phase two is in-lake construction that can be done from barges without drawing down the water. This phase is expected to begin in early 2009 and last about a year. During this phase you will see numerous barges on the lake and you will also see construction access points and large quantities of materials being stored at various locations. Access points are expected to be at the Alder Point and the Maple Circle easements.

The last phase is when the water draw down is to occur. This phase is expected to begin in September of 2010 and be completed by Spring of 2011. The idea is to have it completed by summer to allow the normal summer use of the lake. As with all construction projects, I’d advise being a bit flexible on that one. Construction access points will expand to also include the Lake Corporation Marina on McVey Avenue, the Allen Road Easement, and the Northshore Bridge Easement.

For full details on the Sewer Interceptor Project click here.

So don’t be surprised when there is an occasional draw down of the lake level. It has happened many times over the years, and it will certainly be happening in the near future.

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Electric cars in Lake Oswego? You bet!

Lake Oswego Electric Car Charging StationI was pleasantly surprised yesterday morning to find an article on the front page of the Clackamas County edition of the Oregonian featuring a story about the new electric-car, plug-in charging station that is now in Lake Oswego.

Located on A Avenue, it is right in the heart of the downtown shopping and dining district. If you own an electric car, you can park at the curb and charge your car for FREE.

The station is one of 5 that PGE has installed in the State of Oregon. Their hope is to have 12 stations established in anticipation of car manufacturers rolling out new lines of hybrid/plug-in vehicles by 2010. For the details from PGE, click here to link to their website.

The new station in Lake Oswego was paid for by the City of Lake Oswego at a cost of about $5000. The September 23rd Oregonian quotes Lake Oswego Mayor Judie Hammerstad as saying “This is a big step forward in sustainability and reducing carbon emissions.” The article goes on to explain that the electricity that will be used will be paid for in a partnership with the City of Lake Oswego and local businesses. The hope is that while drivers will frequent the area to charge up their cars, they will also stay in the area to shop, dine, and support local businesses.

I know that I am totally excited about the changes that the high cost of gas are creating in the auto manufacturing industry. I intend to stay in my 4-year old, 80,000 mile car for another year or two in anticipation of the better choices for hybrids and plug-in hybrids that will be offered to consumers in the next few years. I think this is something that should have happened years ago, and I am glad that consumer demand is pressing the changes.

If you’d like a little background on electric cars, I highly recommend the 2006 documentary Who Killed the Electric Car? Produced by Papercut Films, it won many awards at film festivals throughout 2006 and 2007. It tells a fascinating tale about a successful electric car that was built years ago and then pulled from the market. It will also show you how doable the electric car is. Not only does it have no emissions, it has no maintenance along the lines of oil changes or filter changes, and it makes no sound.

It is my understanding that the average trip in an auto is under 50 miles. I think the ideal car would be a plug-in hybrid. It would operate on electricity for the first 50 miles, for daily driving, and then convert to a hybrid that is supported by gas, for trips that are longer than 50 miles. So in a couple of years when I pony up and by that plug-in hybrid, I now have a place to charge it for free when I do business in downtown Lake Oswego. How cool is that?

For the full text of the September 23rd Oregonian article click here.

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Bridgeport Village

OK, technically Bridgeport Village is not in Lake Oswego. It is just across the city boundary line in Tigard. But it is one of the great features of living in Lake Oswego. Built in 2006, Bridgeport Village is a lifestyle mall. It is designed to be walked in and enjoyed like a small town. There is plentiful artwork, light displays at night, and a playground in the center.

You will love shopping at Bridgeport Village. There are 24 shops that sell women’s apparel and 13 that sell mens. Some of my favorites include Anthropology, Chico’s, and Coldwater Creek. There are 13 stores that sell home furnishings including Crate and Barrel’s first store in Oregon.

For entertainment there is the Regal Cinemas Bridgeport Village Stadium which has 18 screens plus IMAX. In addition there are 11 restaurants and 4 cafes, making dinner and a movie both convenient and fun. Some of the better known restaurants are California Pizza Kitchen, McCormick and Schmicks Grill, PF Changs, Pastini Pastaria, and Sinju.

The shopping and dining experience at Bridgeport Village is a treat to be enjoyed. From the fresh Italian Gilati on a hot summer’s day to the snow fall that is guaranteed to be happening at Christmas. And it is so close to Lake Oswego that, well, it had might as well be in Lake Oswego.

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Featured Home – 4447 Golden Lane

This week, we’re pleased to highlight a new listing in Lake Oswego’s Mountain Park neighborhood.

There are certainly great deals to be found in the current real estate inventory, and this new listing is one of them.

Located in Mt. Park, this townhouse is an end unit with expansive, South-facing windows.  The outlook is to trees and landscaping and it is surprisingly private.  The walls of windows flood the interior with light so that the entire house is bright and pleasant.

Recent updates include new granite counters, laminate floors and carpeting.

There are 2 large bedrooms with vaulted ceilings.  The master has a walk-in closet and a full bath.  The second bedroom has a loft that could be used as additional living area.  There is a 2-car garage, a large storage closet, and an indoor utility room.  You will have plenty of space for your hobbies and your collections.  The house also has central air to keep you cool on those hot summer days.  There are 2 1/2 bathrooms.  The main living area is a greatroom with a large dining area and kitchen that are all open to the living room.

Mt. Park is a fabulous planned community with 15 miles of walking paths, a large rec center with weight rooms and sauna, tennis courts, and great community activities.  It is conveniently located with easy access to both Interstate 5 and Highway 217.

The townhouse will be held open on September 7th, 2008 from 2pm to 5pm.  Please come by and see this great property.

4447 Golden Lane., Lake Oswego, OR 97035
ML# 8079838 | Map
2 bedrooms, 2-1/2 bathrooms, 1,616 sq. ft.
Listed at $284,900

For more information or to schedule a showing, please contact us with an email.

Listing courtesy of Dianne Gregoire at Advanced Real Estate Services.

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Least and Most Expensive

Back in March I wrote a post about affordable homes in Lake Oswego. My definition of affordable were homes priced under $350,000. At the time, March 28, 2008, there were 20 houses for sale in Lake Oswego priced at $350,000 or less. I compared that number to houses in Sellwood, a close-in neighborhood in Southeast Portlnad, where at the same time there were 18 houses priced $350,000 or less. What is going on today? How has the changing market affected the availability of affordable houses?

As of today, August 25, 2008, there are 28 houses in Lake Oswego priced at $350,000 or less. These are detached homes: not condos or attached townhouses. The least expensive house for sale right now in Lake Oswego is a 2 bedroom, 1 bath house with 1320 square feet in Lake Grove priced at $199,900. And how about Sellwood? As of today there are 32 houses for sale in Sellwood priced at $350,000 or less. The least expensive house for sale in Sellwood is a 1 bedroom, 1 bath house with 831 square feet for $175,000. So while there are more available in Sellwood, the difference in available, affordable housing is just 4 houses. This situation continues to reinforce my belief that Lake Oswego is a viable location for a buyer looking for affordable housing.

In the course of doing this research I found a couple of houses currently for sale in Lake Oswego that stand out as total bargains. There is a house in Rivergrove that backs up to the playground at Rivergrove Elementary School that has 1744 square feet, 5 bedrooms and 2.5 baths for $297,400. There is also a good deal up by Hallinan Elementary School that is 1500 square feet with 3 bedrooms and 2 baths for $289,000.

How about the other extreme? What is happening in the million dollar price range? There are currently 25 houses for sale in Lake Oswego that are priced at over $2,000,000. The most expensive is the same house that was the most expensive the last time I did this little comparison back in March. It’s on Oswego Lake with 5800 square feet, 4 bedrooms, 5.5 baths, and priced, still, at $7,500,000. Are these high-end homes selling? In the last 6 months just 3 homes have sold that were priced over $2,000,000. It makes me think that the other 25 that are currently for sale are going to be on the market for awhile.

Finally, there is a phenomenon I have been watching, and that is the spec homes that are currently for sale priced over $1,000,000. A spec home is a house that is built by a builder before there is a buyer. The builder is “speculating” on a future sale. Lots of money has been made by local builders in Lake Oswego in the last few years. As you drive through town you see lots and lots of new homes and homes under construction. How is the current market affecting these builders? As of today, August 25, 2008, there are 48 new homes for sale that are priced between $1,000,000 and $6, 300,000. And in the last 6 months there were 7 closed sales and 3 pending sales within this inventory. So it’s slow.

I find it all very interesting. With the slow market, I think there are some tremendous deals to be found. And I remain convinced that Lake Oswego is a viable option for a buyer looking for an affordable home.

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Ride, Run, Walk Around the Lake

Absolutely one of the best features of living in Lake Oswego is the ability to enjoy the lake. And one of my favorite ways to enjoy it is by riding a bike, or taking a walk or a jog around it. The first time I ran the lake was in 1980. I have done it many, many times since then. Although I have to admit that these days instead of running it, I bike or walk it. It’s just about 8 miles all the way around. Biking it, the challenge is to do it in one hour’s time. I know that does not seem very fast, but there are two substantial hills in the ride and if you can do it in an hour, you are kicking some serious #*%*. Walking it takes about 2.5 hours, and running it, back in my hey day, took just over an hour.

The route around the lake is not an obvious course. You need to have someone who has done it before show it to you. I suppose you could just journey out and figure it out, but there are a couple of spots where taking the right turn will not only make the route more enjoyable, but it will also make it more safe.

I am going to outline the basic route. **UPDATED: MAP AT BOTTOM OF THIS ARTICLE**

I will try to keep the directions easy to follow. I do the route in a clockwise circle. You can reverse it if you like, but I do it clockwise because with this route you warm up properly for the hills and then also cool down before you finish.

Start at the Lake Grove Swim Park, which is just North of the intersection of Southshore Blvd and Lakeview Blvd, along Lakeview Blvd. Proceed North on Lakeview. I suppose it is actually slightly Northeast, but for the sake of keeping it simple, head North along the shoulder of the road. There is a nice wide bike path and you’ll be enjoying the view of the lake and the stately mansions. You will go about half a mile before you come to the first right hand turn.

This is Summit. Yes, it’s called Summit because it’s a big hill. Summit will take you on a slightly winding route up to the top and then back down again. These are some of the best views of the lake because you are up so high and you really get to see the width and breadth of the water.

After you come down the hill, Summit will dead-end at Iron Mountain Blvd. Turn right which will have you heading East. This is a long, flat stretch of road through a heavily treed area with views of the Lilly Pond. Most of the length of this section does not have houses on it. As you come back into the housing area, in fact almost immediately as soon as the driving speed goes from 40 MPH to 25MPH, you want to watch for a sharp right turn just on the edge of the lower parking lot for Lake Oswego Country Club. This little street is called Milligan Lane. It is only a couple of hundred of feet long, and I don’t think it is well marked. So be watching and don’t miss it. If you miss it, you’ll add about a mile and a good deal of time lost in the surrounding neighborhoods trying to get back on course.

Milligan Lane will take you over a set of train tracks and drop you right on to Northshore Road. Turn left so that you are continuing to head East. This is just a spectacular stretch of scenery. You will be right down at the level of the lake meandering by fabulous homes and across quaint bridges with views of the lake and of Lakewood Bay. The road takes a couple of twists and turns, just follow the signs that identify Northshore. One of the homes you will pass, it will be on your right just before the humongous rock formation, is the house that was briefly occupied by Loren Bacall and Humphrey Bogart, or so local legend has it.

After you cross the bridge with the view to the left of Lakewood Bay you will come to a 3-way stop, turn left. Go about a block and take the first right. This is is Fairmont. You are only going to go about 100 feet before you turn left onto Middlecrest. Middlecrest is not a through street. It has a barrier erected to keep out auto traffic, but there is a pass through for bikes and pedestrians. Stay on Middlecrest a couple of blocks to the traffic light at State Street.

Turn right on State Street and go a long block to the bottom of the hill where there is another traffic light at McVey Avenue. Turn right and head up McVey. This is the big hill in this route. Pace yourself because when you think you’ve gotten to the top, you have not. You could stay on it up to the traffic light at Southshore, but I have found another route that I like that is more scenic and just more interesting.

Before you get to the traffic light at McVey there is a right hand turn at Oak. Take this right and follow the route as it levels out and gives you a bit of a breather before the climb starts again. You’ll cross a little bridge in an area that feels like a grotto. It is cool and moist and very refreshing on a hot day. Just after the little bridge you’ll turn right onto Palisades Terrace. This is another beautiful neighborhood where the houses will completely distract you from your saddle sores or your tired feet. You are now about 5 miles into the route with just a couple more to go. The uphill climb starts again while you are on Palisades Terrace. You’ll know you’re there, believe me. Palisades Terrace dead ends at Southshore Blvd.

Turn right at Southshore so that you are heading West. You’ll continue to climb for about half a mile. At the top, not only is there a bench where you can sit and look out at the lake, but there is also a drinking fountain. Yahoo! Continue down Southshore as you descend the hill and begin to cross the canals. Southshore will end at Lakeview Blvd, where when you turn right you will find yourself back at the beginning where you started.

Once upon a time this was a pretty treacherous route because you shared the road with cars. Today, pretty much the whole way is either on quiet neighborhood streets or has nice bike paths to separate you from the cars.

What I like about it is that it has a variety of terrain. There are a couple of hills to challenge, but not beat you up too badly, and there are so many great views of homes and the lake.

I do have a slight modification I do for the bike ride at the bottom of McVey that will put you onto a more gentle climb up the hill. For the sake of wearing out my welcome in your brain today, I am not including it here. But if you’d like to know it, drop me an e-mail and I”d be happy to share. (jdgregoire@earthlink.net) Or perhaps it will become a future posting.

If you do try my route around the lake I’d love to hear from you. I also apologize if somehow my directions are confusing or get you lost. As always, I think in this public venue I should remind you to observe the rules of the road, wear a helmet, and stay safe. I think you’ll find that it is an amazing way to get some exercise and to take advantage of this great town. Enjoy!


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Let’s Wipe Out Breast Cancer

Please forgive me for using this forum to promote a cause that is very near and dear to my heart. I wouldn’t do it if I didn’t think it was extremely important. And I want to give my thanks to Ron and Linda for allowing me to do this in this forum.

I want to encourage you, whether you are a man or a woman, to take good care of yourself and do all of the medical screenings that are recommended by your doctor. And, in particular, screenings for breast cancer. Breast cancer will strike 1 in 8 women in her lifetime. Early detection is the key. So to detect it, to perhaps save your own life, get regular mammograms and do your monthly self exam.

I feel strongly about this because breast cancer touched my life a year ago. I was fortunate that it was caught at a stage that is very treatable and I am feeling great. Every single day is a blessing to be treasured. What I would really like is that no one would ever have to go through it, ever. But that is not possible, at least not yet.

Trying to make people aware of doing breast self exams and getting mammograms is a bit of a passion for me. And in my efforts to be pro-active, I have been very involved with the Susan Komen Foundation. This year, for the second year in a row, I have formed a team to walk in the Race for the Cure on September 21, 2008 in downtown Portland. This event does a tremendous job of raising public awareness and it also raises lots of money. The money raised stays 75% in our local area to help women detect and fight this disease (and men too!). The remaining 25% is used on a National level to pay for research to find a cure. Please consider visiting my website to join me in the walk or to make a donation to my efforts. Here is the link: Let’s Wipe Out Breast Cancer!

On a personal note, fighting this disease was a great concern to me as a full-time Realtor who works 100% on commission. My family relies on my income to support our household. And, you know what? It was possible to do. I got so much support from friends and family and I have wonderful clients who make going to work a joy. I am now completely done with treatment and I am feeling great.

Thank you so much for your support!

Dianne