Category: Buying Advice

What to do when buying real estate in Lake Oswego, Oregon

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Market Activity~Apr 7-13, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 22 New properties enter the market, 19 move to Pending status, and 11 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Apr 7-13, 2014)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #15 $99,900 1 1 798 CONDO
5052 FOOTHILLS DR #E $249,900 2 2 1252 CONDO
23 BLOCH TER $269,000 2 2 1394 ATTACHD
39 GREENRIDGE CT $270,000 3 1.1 1664 ATTACHD
1878 MAPLELEAF RD $330,000 3 1.1 1347 DETACHD
1402 PARRISH ST $382,000 3 2.1 1863 ATTACHD
17151 CAMPUS WAY $419,000 4 2 2418 DETACHD
1551 WOODLAND TER $468,000 4 2 2712 DETACHD
32 NORTHVIEW CT $475,000 4 3.1 2903 ATTACHD
318 2ND ST $499,900 3 3.1 2098 ATTACHD
2401 GLEN HAVEN RD $535,000 4 3 2779 DETACHD
18893 INDIAN SPRINGS CIR $549,888 4 3 2841 DETACHD
15644 FIELDSTONE DR $575,000 3 2.1 2588 DETACHD
16126 INVERURIE RD $579,000 4 2.1 2492 DETACHD
14559 PFEIFER WAY $698,950 4 2.1 3356 DETACHD
697 LAKE BAY CT $699,900 2 2 2145 DETACHD
13300 FOX RUN $800,000 4 2.1 4484 DETACHD
18106 Pilkington RD $874,900 4 4.1 3575 DETACHD
16672 FIR LN $960,000 4 4.1 4179 DETACHD
1136 WESTWARD HO RD $1,190,000 3 2.1 3344 DETACHD
16645 Graef CIR $1,295,000 4 3.2 3076 DETACHD
1135 LAKE FRONT RD $2,395,000 4 4 4245 DETACHD

PENDING SALES (Apr 7-13, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR #41 $123,900 2 1 908 CONDO 252
1796 BONNIEBRAE DR $319,900 3 2.1 1782 ATTACHD 17
16227 KIMBALL ST $329,950 4 2.1 1572 DETACHD 80
16041 WALUGA DR $349,900 4 2 1982 DETACHD 5
19244 BENFIELD AVE $350,000 3 2 1202 DETACHD 2
2823 ORCHARD HILL PL $375,000 3 2.1 2288 DETACHD 19
1880 KILKENNY DR $400,000 4 3 2778 DETACHD 140
17200 WARREN CT $424,000 4 2.1 2241 DETACHD 54
1831 KILKENNY DR $449,500 5 3 2597 DETACHD 10
641 8TH ST $449,950 4 2 2319 DETACHD 15
5650 LANGFORD LN $469,000 3 3 1837 DETACHD 3
1571 WOODLAND TER $479,000 3 2 2400 DETACHD 164
4747 UPPER DR $500,000 3 1 2046 DETACHD 7
5300 SW DAWN AVE $524,500 4 3 2544 DETACHD 72
880 WOODWAY CT $525,000 4 3 3478 DETACHD 73
5608 GRAND OAKS DR $629,000 5 3 3147 DETACHD 3
18112 WESTMINSTER DR $700,000 5 4 4391 DETACHD 164
12967 ROGERS RD $775,000 5 3.1 3945 DETACHD 0
18025 Skyland CIR $1,199,000 4 4.2 5379 DETACHD 228

SOLD (Apr 7-13, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
3696 SPRING LN #3B $141,700 $135,000 2 2 1117 CONDO 53
200 BURNHAM RD #406 $214,500 $200,000 2 1 1199 CONDO 26
575 HEMLOCK ST $335,000 $340,000 3 2 1175 DETACHD 2
61 S CONDOLEA TER #Grnd $395,000 $380,000 3 2.1 2373 CONDO 23
18555 EDGEWOOD CT $419,000 $431,000 3 2.1 2380 DETACHD 2
13057 SIERRA VISTA DR $489,000 $469,000 4 2.1 2510 DETACHD 53
628 LAKE BAY CT $639,000 $539,000 3 2 1729 DETACHD 292
4038 BASS LN $559,900 $542,000 4 3 2816 DETACHD 132
19364 RIVER RUN DR $679,000 $605,000 5 3.1 3010 DETACHD 245
13310 ATWATER LN $1,450,000 $1,249,000 5 4 5697 DETACHD 300
1345 CHERRY LN $1,295,000 $1,295,000 5 3.1 5259 DETACHD 235

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

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Popcorn Ceilings

800px-Popcorn_ceiling_texture_close_upPopcorn ceilings were a common and widely used ceiling finish from the 1950’s to the early 1980’s. Builders loved the stuff. It sprayed on, so did not require a lot of skill to apply, it covered defects to create a nice, uniform appearance, and it was a bright white color that consumers liked. What was popular then is not at all popular today.

From an aesthetic perspective, buyers today just don’t like the look. It stamps the house as “dated”. But from a health perspective, these ceilings can be a health hazard because many of them contain asbestos.

Asbestos is a small fiber that if air born and breathed in, lodges itself into the lungs and can not be exhaled. Over time it causes inflammation, irritation, and can lead to lung cancer. So, yes, it’s nasty stuff.

In 1978 the use of asbestos in ceiling treatments was banned by the Clean Air Act. However, to minimize the economic impact, existing supplies were exempt and used until they were gone. So the product continued to be used until sometime in the 1980’s.

For Sellers
If you are selling a home with popcorn ceilings, consider having the ceilings tested. Buyers are going to be asking about the ceilings and having a professional lab report will answer that question right up front. It’s also entirely possible that your ceilings do not contain asbestos. Not all popcorn ceilings do. This same lab report could work to your benefit if this is the case.

I would also suggest that you may want to have the ceilings removed. This would be an instant update and enhance the desirability of your home for prospective buyers. Get professionals to address the ceiling removal. Asbestos must be handled by licensed professionals with all proper precautions taken. I actually represented a buyer on one occasion where we learned the home owners grandson had done the removal of asbestos. We left the house and never went back in considering the entire home to now be a health hazard.

For Buyers
Do not let the popcorn ceilings keep you from buying a house that you love. As part of the inspection process have the ceilings professionally tested and then negotiate a solution with the seller.

Remember too that asbestos, when contained and not in the air is not harmful. You have to breath it in to have it hurt you. So if the ceiling is in good condition and not touched, it is not dangerous. This would come down to your own personal feeling of what is and is not acceptable.

Many really beautiful homes have popcorn ceilings. In time I predict that nearly all of these ceilings will be removed. For both buyers and sellers, you need to be knowledgeable and go into the transaction with open eyes.

Now I am off to enjoy this gorgeous weather!
Dianne

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Market Activity ~ March 24-30, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 15 New properties enter the market, 22 move to Pending status, and 11 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Mar 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type
16250 PACIFIC HWY #45 $219,500 2 2 1311 CONDO
20 SUMMIT RIDGE CT $364,950 2 2.1 1704 ATTACHD
5644 WINDFIELD LOOP $389,000 3 3 1800 DETACHD
2823 ORCHARD HILL PL $425,000 3 2.1 2288 DETACHD
13364 AUBURN CT $459,900 3 2.1 2451 ATTACHD
641 8TH ST $459,950 4 2 2319 DETACHD
5559 ROYAL OAKS DR $468,950 4 2.1 2105 DETACHD
17488 MARDEE AVE $519,000 4 2.1 2168 DETACHD
6 HILLSHIRE DR $525,000 5 3 3254 DETACHD
2103 RIDGEWOOD RD $583,000 4 2 1650 DETACHD
17356 BRYANT RD $724,900 3 3 2913 DETACHD
5112 WOODCREST LN $799,900 4 4.1 3340 DETACHD
13327 ATWATER LN $979,000 3 2 3004 DETACHD
18325 CRESTLINE DR $1,240,000 5 4 4552 DETACHD
1968 CHERYL CT $1,549,900 4 4.3 6153 DETACHD

PENDING SALES (Mar 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4626 LOWER DR $99,000 2 2 1260 CONDO 15
116 OSWEGO SMT #116 $147,000 2 2 1140 CONDO 31
5225 Jean RD #404 $198,988 3 2 1500 CONDO 7
16150 KIMBALL ST $269,900 3 1 960 DETACHD 6
6397 MCEWAN RD $284,900 3 2 1008 DETACHD 199
635 1ST ST $289,900 2 2.1 1100 ATTACHD 7
4555 WILDWOOD ST $389,000 3 2 1565 DETACHD 23
2762 VALE CT $419,500 3 2.1 2709 DETACHD 2
2719 GREENTREE RD $429,950 5 3.1 3886 DETACHD 183
7 DEL PRADO ST $445,000 4 3 2232 DETACHD 4
2766 GREENTREE RD $459,500 5 2 2753 DETACHD 251
4908 HASTINGS DR $489,750 3 2.1 2096 DETACHD 4
5 ABELARD ST $529,000 5 3 4660 DETACHD 16
16311 INVERURIE RD $549,900 4 2 2047 DETACHD 127
2865 PARK RD $568,000 4 2.1 3031 DETACHD 7
13520 KNAUS RD $625,000 4 3 2641 DETACHD 180
17479 BROOKHURST DR $675,000 4 2.1 3552 DETACHD 64
13555 FIELDING RD $699,900 5 3.1 3656 DETACHD 112
14640 UPLANDS DR $779,000 4 3 2675 DETACHD 2
1475 SKYLAND DR $1,000,000 4 4.1 3695 DETACHD 2
13310 ATWATER LN $1,249,900 5 4 5697 DETACHD 300
17226 CHAPIN WAY $1,495,000 4 3.1 4917 DETACHD 353

SOLD (Mar 24-30, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
19071 LONGFELLOW AVE $279,900 $245,700 3 1 1080 DETACHD 7
6132 MINNEHAHA CT $259,900 $255,000 3 1.1 1232 DETACHD 11
26 BRIARWOOD RD $425,000 $365,000 4 2.2 2554 DETACHD 199
720 8TH ST $425,000 $415,000 3 2 1498 DETACHD 22
4216 ALBERT CIR $459,000 $446,500 3 2 2130 DETACHD 17
17366 CARDINAL DR $465,000 $475,000 4 2.1 2107 DETACHD 3
55 AQUINAS ST $574,900 $579,900 5 3 3720 DETACHD 19
1931 PARK FOREST CT $649,000 $600,000 5 4.1 3866 DETACHD 979
141 DEL PRADO ST $625,000 $617,700 4 2.1 2788 DETACHD 7
18042 JENIFERS WAY $639,950 $635,000 5 3 2946 DETACHD 6
3200 CHILDS RD $1,195,000 $1,068,000 4 3.1 5128 DETACHD 252

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

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

In the month of February 2014 the Portland area is still showing strength with, yet again, the highest Closed Sales since 2007.

According to the RMLS Market Action Report for the Portland Metro Area  February, 2014:

  • At 1,467, February Closed Sales ware up 5.1% from January’s 1.396, and 6.6% higher than February 2013.
  • There were 2,534 New Listings in February… 8.9% fewer than January’s 2.583, and down 4% from last February 2013.
  • The Average Sale Price in February  was $325,500, up $8,300. from January’s $317,200.
  • FebruaryPending Sales (accepted offers) were not as good; down 18.8% from January, and 13.2% from February 2013.

The combined areas of Lake Oswego and West Linn  for February reported:

    • 412 Active Listings
    • 168 New Listings
    • 101 Pending Sales
    • 79 Closed Sales
    • An average Sale Price of $546,900.
    • Average Time on the Market: 137 Days
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Market Activity ~ Feb 17-23, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 16 New properties enter the market, 11 move to Pending status, and 5 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Feb 17-23, 2014)

Address List Price # Beds # Baths Total SF Prop Type
200 BURNHAM RD #406 $214,500 2 1 1199 CONDO
16250 PACIFIC HWY #56 $285,000 2 2 1305 CONDO
18148 BELMORE AVE $285,500 3 1 1008 DETACHD
13 SAINT HELENS CIR $364,900 3 2.1 2022 DETACHD
639 2ND ST $365,000 2 2 1457 ATTACHD
2697 LOOKOUT CT $419,000 3 2 2219 DETACHD
6151 SUMMER WOODS $499,000 4 3 2520 DETACHD
4 CAMELOT CT $534,900 5 3 3344 DETACHD
5431 BONITA RD $569,000 4 3 2784 DETACHD
5101 SW DAWN AVE $574,000 5 3 2700 DETACHD
2302 OVERLOOK DR $579,000 4 2.1 3125 DETACHD
17838 MARYLCREEK DR $800,000 4 3.1 4317 DETACHD
12820 ALTO PARK RD $939,000 4 3.1 3478 DETACHD
ASH ST $980,000 4 3.1 3000 DETACHD
14005 GOODALL RD $1,249,000 4 3.1 4825 DETACHD
1780 RIDGECREST DR $3,895,000 4 5.1 5999 DETACHD

PENDING SALES (Feb 17-23, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
14 CRESTFIELD CT $64,900 1 1 550 CONDO 145
86 KINGSGATE RD #E-104 $127,000 2 2 938 CONDO 5
12743 ALTO PARK RD $247,000 2 2 1228 DETACHD 19
17653 MARDEE AVE $340,000 3 2 1742 DETACHD 18
915 BULLOCK ST $435,000 4 3 2986 DETACHD 182
1508 PINE ST $459,000 3 2.1 2300 DETACHD 219
4344 SNOWBRUSH CT $529,000 4 3.1 3422 DETACHD 639
1941 WOODLAND TER $625,000 4 3 3684 DETACHD 266
17632 WOODHURST PL $648,950 5 4.1 4423 DETACHD 200
4540 SW LAMONT WAY $849,950 5 2.1 3555 DETACHD
12840 ALTO PARK RD $979,000 4 3.2 3973 DETACHD 0

SOLD (Feb 17-23, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #123 $139,900 $139,900 3 2.1 1351 CONDO 4
50 CERVANTES CIR #3-B $109,900 $140,000 2 1.1 912 CONDO 10
16 CERVANTES CIR #6-E $149,900 $144,000 2 1.1 912 CONDO 43
4690 LOWER DR $339,900 $329,000 3 2.1 1596 DETACHD 6
5602 SOUTHWOOD DR $498,900 $480,000 4 2.1 2636 DETACHD 103

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

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

In the month of January 2014 the Portland area overall is doing rather well, showing the best numbers for New Listings, in particular, since 2007!

According to the RMLS Market Action Report for the Portland Metro Area  January, 2014:

  • At 1,396, January Closed Sales were down 21.7% from December, and/but 3.9% higher than January 2013.
  • There were 2,583 New Listings in January…nearly doubling over December’s 1,333, and 5.9% higher than January 2013.
  • The Average Sale Price in January was $317,200, up $8,500. from December’s $308,700.
  • January Pending Sales (accepted offers) were 36.6% higher than December, and 6.3% higher than January 2013.

The combined areas of Lake Oswego and West Linn  for January reported:

    • 382 Active Listings
    • 184 New Listings
    • 103 Pending Sales
    • 69 Closed Sales
    • An average Sale Price of $486,600.
    • Average Time on the Market: 106 Days
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Market Activity Report ~ Feb 3-9, 2014

Hello to all our Property Blotter Readers!  Apologies for taking a break during last week’s “Snowpocalypse”  : )  But as usual, we weathered it just fine, and got to enjoy some snow days & down time for a short spell.  Dianne and I were out with our winter tires  though, sloshing & sliding through the snow to keep Inspection Appointments etc.  With all that weather fun, real estate keeps rolling right along (though Open Houses were significantly affected : )

Here is your Latest Market Data: Last week in Lake Oswego we saw 12 New properties enter the market, 19 move to Pending status, and 3 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on MKT (Feb 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type
12743 ALTO PARK RD $299,500 2 2 1228 DETACHD
17653 MARDEE AVE $349,000 3 2 1742 DETACHD
4216 ALBERT CIR $459,000 3 2 2130 DETACHD
312 2ND ST $480,000 3 3.1 1938 ATTACHD
14113 AMBERWOOD CIR $684,000 4 2.1 3514 DETACHD
15519 VILLAGE DR $699,500 3 2 2274 DETACHD
18982 BRYANT RD $719,900 4 3.1 3438 DETACHD
1640 OAK ST $725,000 4 2.1 3301 DETACHD
630 8TH ST $995,000 4 2.1 2832 DETACHD
3727 UPPER DR $1,000,000 3 3.1 4731 DETACHD
163 IRON MOUNTAIN BLVD $1,429,000 4 3.1 4314 DETACHD
3690 LAKEVIEW BLVD $3,950,000 5 5.1 6366 DETACHD

PENDING SALES (Feb 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
10 CERVANTES CIR $118,000 2 1.1 912 CONDO 18
13060 Elk Rock RD #A $175,000 1 1 502 DETACHD 21
15491 BRIANNE CT $224,900 2 2.1 1208 ATTACHD 7
2286 SW Wembley Park RD $319,900 3 2 1300 DETACHD 8
4730 LAMONT CT $349,900 3 2 1676 DETACHD 0
26 BRIARWOOD RD $375,000 4 2.2 2554 DETACHD 199
231 LAUREL ST $430,000 3 3 2244 DETACHD 85
17366 CARDINAL DR $465,000 4 2.1 2107 DETACHD 3
6150 KENNY ST $465,000 3 1.1 1989 DETACHD 7
13060 ELK ROCK RD $474,900 4 3 3581 DETACHD 144
1 PREAKNESS CT $490,000 4 3 2373 DETACHD 146
623 ATWATER RD $549,000 3 2.1 2009 DETACHD 5
55 AQUINAS ST $574,900 5 3 3720 DETACHD 19
5831 SUNCREEK DR $615,000 4 2.1 2865 DETACHD 135
141 DEL PRADO ST $625,000 4 2.1 2788 DETACHD 7
1931 PARK FOREST CT $629,000 5 4.1 3866 DETACHD 979
5023 WOODCREST LN $630,900 4 2.1 3040 DETACHD 0
19333 RIVERWOOD LN #104 $630,900 4 2.1 3110 DETACHD 0
13310 ATWATER LN $1,249,900 5 4 5697 DETACHD 252

SOLD (Feb 3-9, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
13374 HIDDEN BAY CT $699,000 $665,000 4 2.1 3172 DETACHD 98
13080 THOMA RD $875,000 $700,000 3 2 2810 DETACHD 194
425 G AVE $1,400,000 $1,400,000 4 2.2 3890 DETACHD 91

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

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Market Activity Report ~ Jan 20-26, 2014

Last week in Lake Oswego we saw 17 New properties enter the market, 25 move to Pending status, and 35 “Closed”/Sold.

Here is the breakdown according to RMLS:

NEW on MKT (Jan 20-26, 2014)

Address List Price # Beds # Baths Total SF Prop Type
65 OSWEGO SMT $146,000 2 2 1140 CONDO
149 OSWEGO SMT #149 $159,900 2 2 1212 CONDO
155 OSWEGO SMT $199,900 2 2 1506 CONDO
16250 PACIFIC HWY #71 $254,900 2 2 1380 CONDO
17 GREENRIDGE CT $275,000 3 3 1900 ATTACHD
16227 KIMBALL ST $344,950 4 2.1 1572 DETACHD
2710 GREENTREE RD $417,500 4 3 3172 DETACHD
1638 PINE ST $494,000 5 2 3160 DETACHD
18360 SW TUALATA AVE $549,900 5 2.1 2703 DETACHD
1830 CLOVERLEAF RD $598,000 3 2.1 1857 DETACHD
214 GREENRIDGE DR $599,900 6 4 3714 ATTACHD
17632 WOODHURST PL $648,950 5 4.1 4423 DETACHD
17479 BROOKHURST DR $729,000 4 2.1 3552 DETACHD
96 GARIBALDI ST $789,000 3 3.1 4819 DETACHD
1273 WELLS ST $799,000 4 3 4091 DETACHD
755 6TH ST $995,000 4 3.1 4170 DETACHD
778 CABANA LN $2,295,000 3 3 3343 DETACHD

PENDING SALES (Jan 20-26, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 RIDGEWAY RD $175,000 2 1 988 CONDO 33
45 EAGLE CREST DR #501 $179,900 3 2 1647 CONDO 468
3894 BOTTICELLI ST $184,900 2 1.1 1132 CONDO 68
48 EAGLE CREST DR #1B $195,000 3 2 1623 CONDO 91
6321 ALYSSA TER $275,000 3 2.1 1546 ATTACHD 5
1733 Kilkenny RD $309,900 3 1.1 1654 DETACHD 219
5687 BONITA RD $310,000 3 2.1 2048 DETACHD 40
4256 COUNTRY WOODS CT $338,950 4 2.1 1560 DETACHD 1
6 PHEASANT RUN $339,900 3 2.1 1734 DETACHD 14
18341 FERNBROOK CT $369,999 4 2 1872 DETACHD 75
18385 WOOD THRUSH WAY $373,000 3 2 1832 DETACHD 5
1880 KILKENNY DR $400,000 4 3 2778 DETACHD 66
15481 TANAGER DR $405,000 3 2.1 2064 DETACHD 143
67 TANGLEWOOD DR $434,900 4 2.1 3068 DETACHD 163
17200 ROBB PL $439,000 3 2.1 2218 DETACHD 8
4741 CAMBRIDGE CT $467,000 2 2.1 2861 ATTACHD 5
4002 TEMPEST DR $539,900 4 3.1 4319 DETACHD 8
5616 GRAND OAKS DR $550,000 4 3 3096 DETACHD 65
885 LAKE FOREST DR $575,000 4 3 2186 DETACHD 80
5004 WOODCREST LN #16E $589,900 3 2.1 2523 DETACHD 73
15713 TARA PL $615,000 4 2.1 3442 DETACHD 19
18994 BRYANT RD $649,900 4 2.1 3146 DETACHD 454
420 RIDGEWAY RD $849,900 2 2 2190 DETACHD 316
2135 RIDGE POINTE DR $1,075,000 5 4.2 6755 DETACHD 216
17322 CEDAR RD $1,149,500 4 4.1 3370 DETACHD 14

SOLD (Jan 20-26, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #13 $85,900 $83,300 1 1 617 CONDO 89
18 WHEATHERSTONE $295,900 $295,900 3 2.1 1692 CONDO 138
4912 LOWER DR $339,000 $355,000 3 2 1539 DETACHD 4
13036 SIERRA CT $549,900 $485,000 3 2 2214 DETACHD 80
5522 ROYAL OAKS DR $683,500 $580,000 4 2.1 2471 DETACHD 177

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

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

For 2013 the overall Portland area saw 27,065 Accepted Offers, and 24,872 Closed Sales which is up 12.7% from 24,010 Accepted Offers (Pendings) and 14.3% from 23,438 Closed Sales during 2012. Though Closed Sales decreased from November 2013 by 2.1%, December had the most Closed Sales since 2006!

According to the RMLS Market Action Report for the Portland Metro Area  December, 2013:

  • At 1,782, December Closed Sales are 1.3% ahead of December 2012.
  • There were 1,333 New Listings in December. This was a decrease of 32.5% from this November, and an increase of 3.7% over December of 2012.
  • The Average Sale Price in December was $308,100, down from $318,100 in November 2013.
  • December Pending Sales (accepted offers) dropped by 18.8% compard to this November.

The combined areas of Lake Oswego and West Linn  for December reported:

    • 379 Active Listings
    • 58 New Listings
    • 76 Pending Sales
    • 83 Closed Sales
    • An average Sale Price of $463,500.
    • Average Time on the Market: 113 Days
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Important Changes in 2014

xstreetsignThe coming of the new year brings with it some changes that may affect you as you buy or sell a home. I am going to touch upon 2 of them.

The Dodd Frank Wall Street Reform and Consumer Protection Act

The intention of this legislation is to reign in predatory lending and safe guard our housing market from a collapse like we experienced in 2007. What it does is tighten up mortgage guidelines. This means verification of assets, having a strong credit score, and not making loans to people who can not realistically pay them back. The legislation went into affect on January 10, 2014, but lenders have been putting the guidelines into place for some time.

What this means to you is that you really do need to qualify for a mortgage. It also means that paperwork will be more extensive and processing your loan will take time.

I think it also means that it is more important than ever to get pre-approved BEFORE you make an offer on a house. Line up your financing in advance and you will have less stress while in escrow.

The Mortgage Debt Forgiveness Relief Act has Expired

In 2007, Congress passed this act to give tax relief to distressed home owners. Basically, the IRS considered any forgiveness of debt to be income upon which you were taxed. So if you sold your house with a shortsale (selling it for less than what you owed), did a deed in lieu of foreclosure, or restructured you debt, you could be required to pay taxes on any debt not repaid. The Mortgage Debt and Forgiveness Relief Act waived this taxation. This was a huge boon to helping distressed home owners. The act expired n 2012 but was extended for a year and now expired at the end of 2013.

Congress has not extended it. It is not looking promising that they will either.

This means that if you are facing the option of doing a shortsale, a loan modification, or a deed in lieu, you need to talk to a good tax accountant first. Do not get involved in any of these scenarios without good tax counsel. I also want to recommend good legal counsel.

Speaking of legal counsel, I was inspired to write this post after reading Kate Brooke’s newsletter. Kate is a local attorney with extensive real estate experience. To contact her, click here.

I hope you find this information useful.
Dianne