Author: Linda Rossi

Posted on

Say What?

SEERMKS

Recently, one of my clients voiced exasperation regarding abbreviations on the MLS. She wondered if I might change them so that others looking at her property online would not be as confused as she was. I explained that as much as I might like to do that for her, these abbreviations are mostly generated automatically by the system, and not under my control as a Realtor.

This got me to thinking… Those of us in “the business” get used to seeing these abbreviations, and though occasionally one comes up with which we are unfamiliar, we are acclimated to most of them. I am sure that many people searching for properties would benefit from a resource to assist in this regard. Until that time comes, I thought I’d offer a list of some of the more interesting ones. A few of these may only show up on Realtor-accessible information, but most can pop up for you when you’re searching and cause you to see stars… or question marks:

ACC-ACT According to Accountant

ACC-OWN According to Owner

ACT-SOL Active Solar Heat

ALY Alley

APOD Annual Property Operation Data

BI-DOVN Built-In Double Oven

BINLITE Built-In Lighting

CC&RS Conditions, Covenants & Restrictions

DEEDRES Deed Restrictions

ENG-RPT Engineering Structural Reports

EXTMANT Exterior Maintenance

FEASIBL Feasibility Study

FRM/FOR Farm/Forest

FRT-ELE Freight Elevator

GA+500’ Natural Gas over 500’ From Site

INVN Inventory Included

IRR-WAT Irrigation Water Available

I-STORG Inside Storage

JOINT-V Owner Would Consider Joint Venture

L Lower Level

LEGDESC Legal Description

LIM-ACC Limited Access

LSE-BAK Owner Occupied Will Lease Back

LSE-ESC Lease With Escalation

LSSECUR Leased Security System

M Main Level

MANTREC Maintenance Records Available

MINI-ST Mini Storage

MINRTRS Mineral Rights Reservations

MINSTEP Minimal Steps

MO HOA Dues Frequency Every Month

MRCHTIM Merchantable Timber

NATLITE Natural Lighting

NEGO Possession Negotiable

NONCONF Non-Conforming Use

NO-VALU Existing Structure of No Value

OPR-EXP Operating Expense Report

OWSECUR Owned Security System

PAS-SOL Passive Solar/Passive Solar Heat

PASTACC Past Accessibility

PDS Pressure Distribution System

PLB-ICE Plumbed For Ice

PW+500’ Power Over 500’ From Site

RDSPLIT Road Splits Property

REQFILL Requires Land Fill

ROD+1 Recording of Deed + 1 Day

ROLLSHR Roll in Shower

ROWCRP Row Crop

RPROTIM Reproduced Timber

SEERMKS See Remarks

SEPLVQT Apartment or Auxiliary Living Unit

SGI State GI Loan

SH-SEP Shared Septic

SOILRPT Soil Report Required

SPT-APP Septic Site Approved

SPT-CT Sport Court

SUB-INS Subject To Inspection

SUBJTEN Subject To Tenancy

SW+500’ Sewer Over 500’ From Site

SWR-AVL Sewer Available at Property Line

TAN-BDS Tanning Beds

TEST-AV Soil Test Available

TEST-RQ Soil Test Required

TIMB-CR Timber Cruise

U Upper Level

UG-UTIL Underground Utilities

W/D-HUP Washer/Dryer Hookup

WA+500’ Public Water Over 500’ From Site

WALKSHR Walk-In Shower

WD-DOOR Wide Door

WT-CERT Water Rights Certification

WT-RM Weight Room

WT-USEP Water Use Permit

XASTFAN Exhaust Fan

YR HOA Dues Frequency Every Year

Posted on

Summertime Groaners

Sorry, I couldn’t resist this collection of real estate jokes from www.realestatehumor.com

Forgive me! …& Enjoy:

All afternoon a real estate agent had been showing a young couple empty houses. The ones they loathed always seemed to be available, but others had already snapped up the ones that struck their fancy. Finally they came to a house at the very edge of town and fell in love with it.
“Please,” they begged, “tell us that this one we can have.”
“It’s yours,” beamed the agent. “It’s last …. but not leased!”

While showing a home to a young mother and her 4 year old daughter, the child kept insisting that we leave. We performed the obvious routine of exploring the bedrooms, the basement and opening closet doors. Finally the little girl looked at her mother and said, “Mommie, we better get out of here before they come home and find us!”

A client bought a new home and the broker wanted to send flowers for the occasion. They arrived at the home and the owner read the card; it said “Rest in Peace”. The owner was angry and called the florist to complain. After he had told the florist of the obvious mistake and how angry he was, the florist said. “Sir, I’m really sorry for the mistake, but rather than getting angry you should imagine this: somewhere there is a funeral taking place today, and they have flowers with a note saying, “Congratulations on your new home”.

If you want to know exactly where the property line is, just watch the neighbor cut the grass.

Houses today don’t have enough closet space. Sure they do. They’re just called guest bedrooms.

Realtor sign–We have “lots” to be thankful for.

The sellers said their house was near the water. It was in the basement.

A home buyer told me that he lived in the same house for 10 years. When I checked, I found out he’d still be there today if the Governor hadn’t pardoned him!

Trivia: The floors of buildings are called stories because early European builders used to paint picture stories on the sides of their houses. Each floor had a different story.

“A lot of homes have been spoiled by inferior desecrators.”–Frank Lloyd Wright

The house is only 5 minutes from shopping . . .if you’ve got an airplane.

House problem: The oven is self-cleaning, but the kids aren’t.

Our new house has one down payment and 240 darn payments!

Posted on

It’ Hot Out There! Stay Cool.

In Lake Oswego we are enjoying the warmth of summertime as much as any other Oregon residents, and maybe a little more in some ways! Here, we are very lucky to have some great summertime swimming options… you know, lake and all : ) It’s true, most of the lake is privately owned and not generally accessible to the public, but Lake Oswego has two public swim parks on the lake, and access on the Willamette River as well as a smattering of neighborhood pools that are membership-based, and a pool at Lake Oswego High School that is open to all.

Here is a breakdown of the main swimming options for Lake Oswego residents this summer:

• Lake Oswego Swim Park – 250 Ridgeway Road – Operated by L.O. Parks & Recreation – Open to Lake Oswego residents July through August, noon – 6PM daily (weather permitting) – Lifeguards on duty – No charge for admission.

• Lake Grove Swim Park – 3900 Lakeview Blvd – Operated by the Lake Oswego School District – Open June through Labor Day – For information on Entry Requirements call 503 635 0355, or 503 534 2000.

• Lake Oswego School District Swim Pool – 2400 Hazel Road (Lake Oswego High School Campus) – For complete schedule including information on Open Swim as well as lessons: lap swim, Red Cross programs, synchro swim, diving, aerobics, etc., call 503 534 2330.

If you just LOVE swimming, and you or your children want to get even more involved, check out the Lake Oswego Swim Club. It operates from the Lake Oswego School District Pool at Lake Oswego High School. You may contact Dan Gipe at gipes@earthlink.net or 503-244-7349 for more information. Visit: www.lakeoswegoswimclub.org for details.

The Charlie S. Brown Water Sports Center (WSC) is located on the scenic Willamette River in Roehr Park. It is owned by the City of Lake Oswego and operated by Lake Oswego Community Rowing. Rowing and sculling classes for both adults and youth are offered. Obtain more information about hours, fees, classes and requirements at: http://www.ci.oswego.or.us/parksrec/WSC.HTM

So… stay cool. Have fun. Investigate these options as you enjoy summertime in Lake Oswego!

Posted on

Musings on Pricing Your Home

Many wonder how to price their home in our current market.With the twists and turns the market has been making, many believe that special tactics are needed to secure the amount of money they desire from the sale of their home. Two stick out in my mind. Simply put, they are “over-pricing” and “under-pricing”.

I have seen everything from what seems like extreme overpricing ($100,000 or more above what seems like a reasonable asking price) to modest positioning above apparent market value.

The truth is that this can be a successful pricing method if used conservatively… that is: determine the reasonable asking price for your home, and then price slightly above in the expectation of creating negotiation room. I do have to say however, that in the current market climate, even moderate overpricing can be a tricky and dangerous route if you would like to sell, instead of watch your property sit. The longer a property stays on the market, the more you risk losing momentum and appeal. There is a quote from Tom Ferry, a well-known real estate authority that says it all- “The most important decision we’ll make is around price. We have two choices: The Seller price and the Sold price. Which one is higher? …The Seller price.” The dangers of overpricing include:

  • Attracts “lookers”, not legitimate Buyers,
  • Implies that you are not motivated to sell,
  • Reduces the number of showings,
  • Helps the competition, and
  • Invites potential appraisal problems.

The other method, under-pricing, is an effective technique in many cases. This technique does not need to be used extravagantly either… a little can do the trick. It can stimulate interest right off the bat. Instead of your property being one of many that are priced comparably with their property “kin”, yours creates excitement as in “Honey, look at this one… This looks like a really good deal!” When used effectively, this tactic can even trigger bidding wars. I’ve represented at least one Buyer recently where this technique was apparently being employed by two Sellers of properties my client wanted to pursue. We secured the home in the second offer (phew!) but negotiated through two competitive offer situations in one week to accomplish that! (Yes… in this market.)

Note that several factors affecting the appeal of your property are not in your Realtor’s control… Your Realtor cannot control: location, property condition, market conditions, timing… or price. Your Realtor can control marketing, exposure, and the advice they give you. I often remark to my clients that pricing is really not so mysterious, and more a matter of just looking at the facts- We survey comparable properties and what they have SOLD for… then make a decision as to how the subject property measures up, and price accordingly. Most importantly, remember that the ASKING price is your decision, whereas the SOLD price is ultimately the Buyer’s decision, and is what really determines ‘market value’. That said, though a Buyer may offer less than you wish (or they may not!) it is still your decision as to whether you will accept an offer, negotiate, or simply refuse. Listen to your Realtor and then make a decision based on the data presented by him or her. They want to help you sell!

As much as you would like them to, the following conditions do NOT affect your home’s market value/price:

  • The profit you wish to make from the sale,
  • The amount of money you’ve spent on improvements,
  • What friends and trusted associates have told you it is worth, and
  • What you originally paid for the home.

So, bottom line, the price you decide upon should be based on related SOLD data, and then tempered to your home’s specifics, and your desired timetable. Summer is here and homes are selling! Enjoy the ride, and accomplish those changes you want in your life through the sale of your home. Pricing appropriately can really help speed you to your goal.

Posted on

Call Before You Dig

Well, it pays to stay on top of rules and regulations… and often that means avoiding liability by understanding your obligations as a property owner. Did you know that digging in your own yard could be hazardous to your pocket book? If you should dig into a utility line (gas, electric, etc.) you will most likely be held financially responsible if you did not call to have utilities “marked” prior to doing so… not to mention the possibility of bodily injury.

“Call Before You Dig” is a mandate in Oregon and other states requiring that utilities be located by the utility company prior to digging in your yard, garden, etc. This, of course, includes digging to install a real estate “for sale” sign too, and so is something to be aware of if you are putting your home on the market. If your agent uses a sign and post company, arrangements may be made with them for utilities to be marked in the general area where your sign will be placed. As the responsible homeowner, it would be a good idea for you to check with your agent regarding whether you or the sign company will be making these arrangements. The utility company will visit your property and actually spray the ground where you’d like the sign placed indicating the “OK” (or not) for digging. This will take an extra couple of days, so be sure to allow time in addition to the notice the sign company or installer will need prior to post & sign placement. More information may be found at: http://www.callbeforeyoudig.org/

Recently the process has been streamlined, and a number to call has been activated to make things easier (and safer) for everyone. Before digging, simply call “811” and you will be connected with the Utility Notification Center which administers the “One Call” system. The Utility Notification Center is open 24 hours a day, everyday. Homeowners, contractors, and anyone planning to dig may call.

Currently there is no charge for this service in most locations. The only areas under the authority of the Utility Notification Center that do have fees are Spokane and Stevens counties in Washington state… so here in Lake Oswego, it’s free!

Enjoy your summer… relish working in your garden, or proceed full steam ahead with the marketing of your home… just do it safely, and protect your health as well as your pocketbook.

Posted on

Lake Oswego Flood Zone Changes

Lakefront property owners in Lake Oswego are pretty comfortable overall with the knowledge that the lake is managed and dammed, and so concerns regarding rising water during heavy rains etc are not prevalent. The lake is owned and managed by the Lake Oswego Corporation (LOC), a local entity to which lakefront residents establish membership and pay dues. Every few years the lake is drained for a few months to allow residents to clean and repair boat docks along the lake and canals, and generally speaking, it is understood that the lake is a controlled body of water. Even so, in the flood of 1996, water did spill over in some areas because it was not able to be released quickly enough at the dam to compensate for the heavy inflow.

FEMA recently completed a study of the Lake Oswego area and has determined that it will change the flood zone designation for properties on the lake, as well as properties surrounding the canals, Tualatin River, and Spring Creek. The maps for the 100-year flood zone have been altered, and are available for viewing at www.ci.oswego.or.us/plan. The city’s website states: “Text amendments are intended to comply with FEMA’s regulations so that the City can retain eligibility for participation in the National Flood Insurance Program.”

Lake Oswego must be compliant with FEMA’s requirements in order for Lake Oswego residents to be able to take advantage of their flood insurance policies in the event of a natural disaster. Lake Oswego property owners, especially those near the lake, would be well advised to double-check their property’s location on these new maps and its relation to the new flood zones, as they may be required to carry flood insurance now, even though that was not the case when the property was purchased.

According to Kelley Woodwick at Chicago Title, there is good news for sellers, in that flood insurance contracts may be transferred to new buyers at grandfathered rates and zones. Again, check the city’s new maps before June 18th to acquire information on the grandfathered areas… after the 18th, I am told that the information will most likely be removed from the website.

There are also new regulations resulting, including elevation requirements for remodeling and new construction. Significant remodeling jobs now require that the structure be at 104.5 ft elevation as compared to the old standard of 103.5 ft. New construction after June 18, 2008 will also be required to meet a 104.5 ft elevation requirement.

Checking with the City of Lake Oswego is always a good idea, and much information can be found at their website (above). Stay informed, stay protected, and stay dry!

Posted on

Green Lingo

earth_1.jpg

Most of us are aware that being “Green” is becoming more and more of a focus in nearly all areas of our life including: organic foods, local products (to avoid fuel for transportation), eco-conscious goods of all kinds, earth-friendly energy solutions, bio fuels, energy-efficiency, recycling, the paperless movement and on & on. The world of real estate is not exempt from this burgeoning awareness of all things green, and the demand for green buildings is creating a new language as well.

From “Carbon Footprint” to “Green-Washing”, you’d better come up to speed or you may be left wondering what in the world people are talking about around the water cooler, or at your next cocktail party. (Smile… pretend… maybe it will come to you!) Fortunately the city of Portland’s Office of Sustainable Development http://www.portlandonline.com/osd/ has come to the rescue with a glossary of terms to help even the most confused among us. Here are a few terms from this glossary that you may find useful to know:

Adaptive Reuse- Rehabilitation of a building or site for new uses.

Biodegradable- Capable of decomposing under natural conditions.

Brownfield- Abandoned, idled, or under-used industrial and commercial facility/site where expansion or redevelopment is complicated by environmental contamination.

Carbon Footprint- A measure of the impact human activities have on the environment in terms of the amount of greenhouse gases produced, measured in units of carbon dioxide.

Daylighting- The use of controlled natural lighting methods indoors through skylights, windows, and reflected light.

E-Waste- Waste materials generated from using or discarding electronic devices, such as computers, televisions, and mobile phones. E-waste tends to be highly toxic to humans, plants and animals, and has been known to contaminate water, air and dirt.

Graywater- Water that has been used for showering, clothes-washing, and faucet uses. Kitchen sink and toilet water is excluded. This water can be reused in subsurface irrigation for yards.

Green Building- An integrated framework of design, construction, and operational practices that encompasses the environmental, economic, and social impacts of the buildings.

Green Design- A design, usually architectural, conforming to environmentally sound principles of building, material and energy use. A green building might make use of solar panels, skylights and recycled building materials.

Green Development- A development approach that goes beyond conventional development practices by integrating environmental responsiveness, resource efficiency and efficient building operations.

Green Wash- To falsely claim a product is environmentally sound. Also known as “faux green”. Disinformation disseminated by an organization so as to present an environmentally responsible public image.

LEED (Leadership in Energy and Environmental Design)- Certification program created by the U.S. Green Building Council that sets standards for efficient and sustainable design.

Mixed-Use Development- A development in one or several buildings that combines several revenue-producing uses that are integrated into a comprehensive plan such as a project with elements of housing, retail and office space.

Negawatt- The saving of a megawatt of power by reducing consumption or increasing efficiency.

Pervious Paving- Paving material that allows water to penetrate to the soil below thus reducing the amount of water that needs to be treated by the water system, and increases the water in the aquifer.

Solar Access- Access to the sun’s rays by, for instance, restricting the location of shade trees or laying out of the building so as to maximize the usefulness of solar energy.

Triple Bottom Line- A business and development philosophy incorporating the three E’s: equity, environment, economics. Also referred to as the three P’s: people, planet, profit.

Waste Heat Recovery- The reclaiming of waste heat in a building to preheat cold water or air before it is fed into a water heater or heating system.

Xeriscape (registered)- Creative landscaping design for conserving water that uses drought-resistant or drought-tolerant plants. A registered trademark of Denver Water.

Posted on

Palisades

viewpoint_a.JPGThe Palisades neighborhood is located on the South side of Lake Oswego, and is roughly the area bounded by: Stafford/McVey along the south & southeast, Southshore Rd. (down to the lake) along the north, Blue Heron, and then north & east of the Westridge Elementary School area.

park_a.JPGIt is a lovely neighborhood with a mix of housing ranging in list price currently from $489,900. to $5,950,000.

With this kind of spread, Palisades is known not only for its beauty and liveability, but for the diversity of its neighbors.

These same neighbors will be seen showing up in numbers to the local neighborhood association meetings and volunteering in droves at Palisades Elementary School and Palisades’ own Lakeridge High School.

golf_a.jpgAmenities include the Municipal Golf Course, parks, a dog park, community swimming pool, and the new “boutique” senior living center, “The Stafford”, which is situated across the street from the high school, three athletic fields and yet another dog park. This location, we are told, was intentionally chosen in order to meld the young and the elderly in a real community atmosphere where all phases of life are acknowledged and celebrated.

copy-of-accessories_a.JPG

An especially delightful aspect of the Palisades neighborhood is the access to superior services just across the borderline streets of Stafford/McVey (therefore not technically in Palisades, but rather in the McVey-Southshore neighborhood).

Kids bike to Bellagio’s Pizza, shirts are picked up at the dry cleaners, dog-walkers congregate at Starbuck’s, lunches and dinners are wonderful at the Thai Curry-In-A-Hurry restaurant, birthdays and anniversaries are remembered with the help of three gift shops, and sunny days find everyone milling at the garden center.

All of it adds to the charm of this lush, green community by the lake with a distinctive ‘small town within a town’ feel.

coffee-nook_a.JPGOne of the best things about Palisades (in my humble opinion) is Palisades Market. This is a locally-owned market with some of the nicest people you’d ever want to meet making sure that you’ve found every little thing.

I shop there sometimes just to relax… I’m not kidding! I often joke to friends that the people who work at this wonderful place come from Planet Palisades, as they all seem to genuinely enjoy their work and treat customers like old friends. This is a kind of Neighborhood Central. You’ll find Lakeridge ‘Pacer’ apparel is displayed and sold proudly. Cans and bottles are donated in special receptacles by the crate-load with neighbors supporting the local school of their choice.

There is an adjoining post office annex & the Coffee Nook, a florist, a deli, wine shop, specialty meat shop, bakery and often dinner cooked & ready to be served for take-home by yet another friendly employee… a chef this time. The store is owned by Bob Lamb, Gale Casko, and Nick Goldsmith who is ever-present and always catering to customers’ needs.

palmkt_a.JPGOriginally a much smaller store it was located where the pizza parlor, restaurant and cleaners are now, moving in 1997 to its current location just up the block, and boasting 25,000 SF of friendly service.

Palisades Market had a rocky start, not owing to the fact that the site was originally a gravel pit, but rather to red tape that almost nixed the plans. True to form, neighbors rallied to support the new store, and Palisades, McVey-Southshore and Hallinan neighborhoods all now enjoy the fruits of that effort.

All in all, Palisades is a lovely place to live. Homes to suit any preference are to be found, and neighborhood character is in full bloom.

Posted on

Searching… Searching…

Magnifying GlassOn a recent Broker’s Tour in Lake Oswego, my cohorts and I were discussing how important it is to include accurate information in listings, and we noted how easy it is to inadvertently choose the wrong “field” when entering data etc. I thought it might help the prospective home seller or buyer to know a little about how agents search for houses, specifically in using the basic search fields provided to them on the MLS.

Agents are able to search on the MLS for properties on behalf of a client using several methods, including:

  1. Address Searches – Agents can search a specific area defined by their clients using street addresses and number ranges on specified streets, or a particular house using a specific address.
  2. Area Searches – The MLS now allows agents to search a geographic area by providing a map on which an agent can “draw” boundaries of a search range defined by a client.
    MLS# Searches- Agents can search MLS #’s provided by a client, and generate addresses for either drive-by viewing (prior to a client deciding to take a look inside), or for agent pre-viewing on behalf of a client.
  3. Advanced Searches – This is where I want to focus today, as this is the most common search method utilized in order to find properties that most specifically meet a client’s stated preferences. There are a large number of available search criteria that can be utilized by a listing agent when inputting data in order to present a home in the best light possible, which is of course a good thing… as long as it is accurate information.

When using an Advanced Search, available options include, of course, bedrooms, and the # of baths, but also whether a property has a fireplace (gas or wood?), what the map grid location is, total square footage of the home, approximate square footage of the lot, neighborhood, zip code, year built, style of home, levels, where master bedroom is located (on which level), and many, many more categories including garage description (attached? 2-car?), square footage of bedrooms, accessibility, exterior features, elementary school, etc. The more defined and narrow the search parameters, the fewer homes will appear as options… so, many times only the most important specifics to the client are used in order to provide a variety of choices.

“Property Type” is one important category- options are: Attached (meaning a townhome), Condo, Detached (meaning a separate residence/house), Houseboat, In-Park (meaning a manufactured home in a park), Part-owned, and Residence/Manufactured. A few months back these options were changed and made more detailed so that, for instance, a manufactured home would not appear in a search wherein the client had specified a separate residence/house was what they wanted.

A common example of a simple error is the mistake of referring to a home in the “Style” field as a “Tri-Level” as opposed to the actual appropriate category of “Split-Level”. A tri-level actually has three levels to the home… a split has an entry area, one level down, and one level up.

Bottom line, if you are the Seller, your agent is describing your home in the listing in ways that accentuate its great points while reflecting it accurately. If you are the Buyer, your agent is doing their best to provide you with choices that match your needs, and using the information provided by the listing agents in good faith.

So, if you show up at a property and it was described in the listing in a fashion that makes you feel as if you’ve just wasted your time… you may want to ask your agent to speak to the listing agent about any mistaken data about the home. They will most likely be grateful, and of course, other agents and buyers will benefit from any needed correction.

If you are the Seller, encourage your listing agent to be as creative as possible in selling your home (this is, of course, their job!), but do check for accuracy when reviewing the data to be provided to prospective buyers in your listing.

Happy buying and selling!