We at the Property Blotter wish you a Very Sweet Valentines Day!
If you’re looking for something fun to do today IN Lake Oswego, check this out: CLICK HERE
The 10 days of the Inspection Period
Inspections! Inspections! Inspections!
So as my learning experience continues to chug along like the little real estate choo choo train that it is; I have come to really value what is found during the home inspections process and I’d like to share some of my experience with you!
First of all I cannot stress how critical the inspection time period is: From the moment an offer is accepted (and all counters are considered) your inspection period starts.
In our contract it states:
”Buyer shall have ___ business days (ten [10] if not filled in), after the date Buyer and Seller have signed this Agreement (hereinafter the “Inspection Period”), which is to complete all inspections and negotiations with Seller regarding any matters disclosed in any inspection report.”
Now! I don’t want to get too preachy, as our contract has a WEALTH of information that protects both our buyers and sellers. But this portion is super important. Basically what it is saying is that once your offer (as a buyer) is accepted then you have 10 business days to fully inspect the home that you are about to buy. At the end of the 10 business days the inspection period closes and it will be assumed that as the buyer you are accepting the house as is!
How you should see this; is as your safety net for an investment and start your inspections ASAP once you enter those 10 days. The sooner you can collect further information on the house the better, as you will want to further negotiate with the seller about the things you have found.
Now I know that those out there who have the sale of their house in mind are thinking:
“Hey wait a minute! What about me? The sale of my home is my investment as well!”
And that is absolutely correct! During the inspection period it will be critical for you as the seller to allow the buyer to perform these inspections so that they may gather the necessary information on the house, and hopefully buy it from you. Whatever comes back to you as a critical or necessary change to the property (that the buyer wishes to express) becomes your knowledge as well, and as a seller you will want to know.
Now during these 10 business days of the Inspection Period, a buyer can at any time unconditionally disapprove of the house due to the found inspections and leave the contract. Say for instance the entire main bathroom floor is rotted and neither buyer nor seller can afford the costly repair at this time, the buyer can decide to politely take his leave as well as his earnest money.
So all in all I wish to communicate that getting your inspections done promptly once entering into a contract to buy a home is super important for everybody involved. 10 business days may seem like a fair amount of time, but by no means is it a time to put off. The inspection period time is your time in your investment.
Market Activity Jan 26- Feb 1, 2015
It is time to stay up-to-date with what is going on in Lake Oswego’s Real Estate scene! Looks like we have some beautiful new homes that have reached the market that are absolutely worth taking a look at. LOTS of pending properties (23 to be exact!), so we’ll all have some new neighbors soon! And 8 sold homes that will be all moved in hopefully by St. Valentines Day!
Following is the breakdown for you according to RMLS:
New on the Market (Jan 26- Feb 1, 2015)
| Address | Type | Price | Bedrooms | Bathrooms | Sqft |
| 86 KINGSGATE RD E102 | CONDO | 129,900 | 2 | 2 | 924 |
| 5225 JEAN RD #311 | CONDO | 170,000 | 2 | 2 | 1100 |
| 210 S STATE ST #7 | CONDO | 249,000 | 2 | 2 | 1284 |
| 1033 HALLINAN ST | DETACHED | 309,900 | 3 | 1 | 936 |
| 3190 DUNCAN DR | DETACHED | 400,000 | 3 | 2.5 | 2401 |
| 19 MONTECELLO DR | DETACHED | 479,900 | 6 | 3 | 3678 |
| 6 NORTHVIEW CT | ATTACHED | 532,500 | 4 | 3.5 | 3200 |
| 2518 WEMBLEY PARK RD | DETACHED | 1,395,000 – 1,495,000 | 5 | 4 | 4200 |
Pending Sales (Jan 26- Feb 1, 2015)
| Address | Type | Price | Bedroom | Bathrooms | Sqft | DOM |
| 1 SW CRESTFIELD CT | CONDO | 95,000 | 1 | 1 | 689 | 18 |
| 336 CERVANTES CIR | CONDO | 139,500 | 2 | 1.5 | 1112 | 87 |
| 28 CRESTFIELD CT | CONDO | 145,000 | 2 | 2 | 995 | 3 |
| 48 EAGLE CREST DR | CONDO | 184,900 | 3 | 2 | 1623 | 10 |
| 16351 PACIFIC HWY | DETACHED | 339,900 | 3 | 3 | 1754 | 18 |
| 5053 W SUNSET DR | ATTACHED | 375,000 | 2 | 2.5 | 1720 | 2 |
| 1327 CEDAR ST | DETACHED | 399,900 | 4 | 2 | 2350 | 26 |
| 14201 DOLPH CT | DETACHED | 449,000 | 3 | 2 | 1864 | 11 |
| 12460 BOONES FERRY RD | DETACHED | 449,950 | 5 | 3 | 3650 | 493 |
| 8 WALKING WOODS DR | DETACHED | 515,000 | 4 | 3 | 3105 | 25 |
| 4959 BILFORD LN | DETACHED | 549,900 | 3 | 2.5 | 2456 | 4 |
| 5590 KILCHURN AVE | DETACHED | 559,900 | 4 | 2.5 | 2472 | 68 |
| 4729 FIRWOOD RD | DETACHED | 569,900 | 3 | 2.5 | 2594 | 87 |
| 1625 BEDFORD CT | DETACHED | 595,000 | 2 | 2.5 | 2462 | 9 |
| 12511 SHELBY CT | DETACHED | 599,900 | 5 | 3.5 | 3641 | 80 |
| 17838 MARYLCREEK DR | DETACHED | 735,000 | 4 | 3.5 | 4317 | 35 |
| 15203 LILY BAY CT | DETACHED | 779,000 | 4 | 2.5 | 3219 | 1 |
| 5868 SUNCREEK DR | DETACHED | 795,000 | 4 | 2.5 | 3164 | 9 |
| 1034 CEDAR ST | DETACHED | 799,500 | 4 | 3.5 | 2895 | 13 |
| 2065 RIDGE POINTE DR | DETACHED | 849,900 | 5 | 4 | 4790 | 246 |
| 1136 WESTWARD HO DR | DETACHED | 895,000 | 3 | 2.5 | 3344 | 296 |
| 1057 BULLOCK ST | DETACHED | 945,000 | 4 | 3.5 | 4700 | 185 |
| 1854 OAK KNOLL CT | DETACHED | 1,075,000 | 3 | 3 | 3351 | 147 |
Sold/Closed (Jan 26- Feb 1, 2015)
| Address | Type | List Price | Close Price | Sqft | DOM |
| 40 OSWEGO SUMMIT | CONDO | 151,900 | 148,000 | 1140 | 224 |
| 4765 FIRWOOD RD | DETACHED | 325,000 | 355,000 | 1728 | 3 |
| 4940 CENTERWOOD ST | DETACHED | 425,000 | 435,000 | 2093 | 3 |
| 4630 WILDWOOD ST | DETACHED | 469,850 | 460,000 | 2067 | 83 |
| 4636 AUBURN LN | ATTACHED | 499,900 | 464,000 | 2732 | 118 |
| 401 ASH ST | DETACHED | 699,900 | 555,000 | 5048 | 414 |
| 18375 RIVER EDGE LN | DETACHED | 897,950 | 846,500 | 3400 | 27 |
| 5055 LAKEVIEW BLVD | DETACHED | 890,000 | 925,032 | 3498 | 28 |
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.
Historic Homes
Lake Oswego has many historic properties. Touring a home that is currently for sale, a 1920’s church that has been converted to a home, the subject came up and I got curious for details. What I learned is quite different from what my perception had been.
First of all, the requirement to allow the public into your home is long gone. It simply isn’t safe to allow strangers into your home. Second, there are not a lot of tax benefits to the designation. If you own or are buying a home with historic designation it really is about the love of the property and the desire to preserve it.
There are several designations.
The State of Oregon runs its own historic registry that is pretty much all of the Oregon properties that are on the National Historic Registry. The state does offer a tax incentive, but it is tied into the preservation of the property. Essentially you have to propose and get approved a plan that would take 10% of the current market value of the property and apply that same amount of money over the course of 10 years to do substantial rehabilitation projects on the property. Preference is given to projects that improve and maintain the exterior. When finished, you must place an approved plaque on the exterior. In return for doing this, your property taxes are frozen for the same 10 years. For more information about this program, click here.
The last historic designation is local. Lake Oswego has its own historic designation list. There are currently 72 properties on this list. The owners of these properties must retain the character of the exterior, but they can remodel the interior. Any exterior alterations must be consistent with the buildings historic character, and any changes made are subject to review and approval of the Development Review Commission. The City has also, in the past, made available grants of up to $2000 for restoration and preservation of these properties. For the list of Lake Oswego properties, click here.
The bottom line is that I really value and appreciate the efforts at all levels, local to National, that encourages the preservation of historic properties. Perhaps you do as well.
Dianne
News & Notes
The latest real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together) are in. It shouldn’t come as a surprise that numbers are up for 2014. December saw some customary slowing from November, but overall, the year’s totals look pretty darned good.
According to the RMLS Market Action Report for the Portland Metro Area, December, 2014:
- At 2,239, December Closed Sales rose 15.6% over the month prior, and were up a full 25.6% from December of 2013’s 1,782.
- December Pending Sales (accepted offers), at 1,667, were down quite a bit…20.3% from the month prior (which is somewhat understandable during the holidays). That said, the Pending sales are up a full 12.3% over December 2013‘s 1,484.
- There were 1,540 New Listings in December which was 19.9% down from November, but up 15.5% from December of 2013’s 1,333.
- The Average Sale Price in December of $331,600 was down $4,400 from the month prior. The year 2014 finished with an Average Sale Price of $333,000, which is up 7.2% over 2013‘s finishing number which was $310,600.
__________________________________________
The combined areas of Lake Oswego and West Linn for the month of December 2014 reported:
- 348 Active Listings
- 79 New Listings
- 81 Pending Sales (up 6.6% over December 2013)
- 117 Closed Sales
- An Average Sale Price for December of $512,500.
- Average Sale Price for Year to Date (so…2014) of $527,500. (up 9.5% over 12 month rolling average in 2013)
- Average Time on the Market: 105 Days
Merry Christmas ~ Happy Holidays from the Blotter!
No matter what holiday you celebrate at this time of year, we (Dianne, Linda & Whitney : ) wish you a home full of Peace, a heart full of Love, and those you hold dear to be near. 
First Time Home Buying and Financing Assistance Programs
Hey all! I’m posting a little out of order so bear with me!
So this time around I’d like to reach out to our readers who are first-time home buyers or are thinking of buying their first home (which is mostly my generation at this point!). I know many who read this blog know my mom and know Linda, and are on not their second home, but possibly even their third or fourth (or are buying houses as investment properties). I will need your help with this, but I will get to that a little later in my post!
So I had coffee a couple weeks back with my good friend Ginny Schider, who is a Mortgage Banker and who is helping me learn a little bit more about the ins and outs of financing for homes. One of my big concerns was that a grand majority of people my age are renters, who talk about one day finding the home of their dreams but who feel they are unable to afford costly down-payments.
”My generation has been really put through the ringer,” I said to Ginny over a warm spiced chai “especially for those of us who graduated during the economic fall around 2008. A lot of my friends work food service and have to deal with student debt. It kind of feels like owning a home is so far out of reach.”
Then Ginny smiled at me and said “You know there is down payment assistance for first time homebuyers as well as grants that they can receive to aid in the purchase of their first home.”
This immediately sparked my interest as I was fully aware that buying a home for the first time can be so overwhelming, and with most of my friends working at coffee shops, restaurants, and retail; going from an apartment to a house/condo can seem like a blind leap into the abyss of added debt. So I inquired further about these payment assistant programs that are geared toward helping people in the position of purchasing their first home. One of which works similar to a grant (and for those of us who have had to pay for college, grants are a pretty sweet deal!)
Ginny told me that about her own company offering a grant (The PRM Platinum Purchase Program) which can cover up to 5% of the loan on purchasing a property. This could help pay for down payments and even closing costs, which can come across as a little daunting at first. This particular grant is provided by her company; Pacific Residential Mortgage. After mentioning this, she and I spoke further on various tools available for new home buyers (though existing home owners are eligible for this grant as well). She also mentioned two programs that are geared toward offering assistance for anybody within Clackamas County: Clackamas Homebuyer Assistance Program (CHAP) and NCRA which is a program that works with licensed lenders to loan up to $14,000 to help pay for down payments and closing costs (though she later told me that these assistance programs are not grants, because you later pay them back when you sell the house). These assistance programs are provided via the community rather than that of her company and are only available for first-time home buyers.
Now I know that so far I have come across as a little gimmicky, and I’ll be completely honest about it: I’ve been writing about assistance programs and grants to help spark interest in making that push toward purchasing a home. But you know what? Buying your first home IS scary, it IS difficult, it can be overwhelming, and these assistance programs are meant to help cushion the blow so that more people can add home ownership to their assets. Being a homeowner is a very important boon to your own personal worth as that property is yours. Everybody wants the home of their dreams and financing it makes up the grand majority of achieving that goal, so it is really nice that there are tools out there to help.
So now I am going to wrap up my blog post by asking our experienced readers out there to share a little bit about their own first-time home buying experience! We may not get very many posts as some may feel shy, but that is alright! I think it is important to hear that we have all been in the same boat with taking on the pins and needles sensation of buying a first home, and I would like to share to help our new home buyers know that they are not alone!
For more information on home buying assistance please feel free to send me an e-mail!
WhitneyGregoire@OregonFirst.com
Where did the lake go?
If you’ve seen the lake in the last few weeks you would have noticed that the water level is dramatically lowered from it’s normal depth. This is done every three years to allow home owners along the lake to repair sea walls and boat houses. It also allows the many members of lake easements to do the same types of repairs on the easement property.
Dropping the water level was done by allowing water out on November 11th via the spill way at the East end of the lake. On January 2nd the lake will be allowed to naturally refill with rain and the water that feeds the lake at the Tualatin River. It will take about two months to refill to its normal level. So it will be back to normal in plenty of time for warm weather recreation.
I’ve seen this done many, many times over the years. The explanation is always that it allows repair of sea walls, etc. I also am of the opinion that it improves the water quality.
In any case, it is a bit of an unusual sight with a reasonable explanation.
Dianne
Giving
We’re all focusing on the holidays right now and all that goes along with that, so I thought it might be a good idea to take a look at things we might be wanting to include on our to-do lists & consider taking care of before the end of the year. Namely…Giving! This is the Celebrating & Giving time of year, and, many want to think ahead about tax time as well. If you’re going to give anyway…. this is definitely the time to do it!
Here are some worthy ideas for your consideration:
- In the community of Lake Oswego, there are many organizations doing fantastic work. Click Here for information on a variety of Lake Oswego-based non-profits that could use your help.
- Here’s a great resource site to help yopu evaluate the most worthy recipients of your donations based on their research: The Portland “Give Guide”
- One of the things that sets Lake Oswego apart is its committment to the arts, and the availability and visibility of art all through the year and on its very streets. If art is important to you, consider donating to the Arts Council.
- Speaking of giving, I know from my days in a Lake Oswego Schools Booster Club, that every community has needy families. Some of your kids’ friends may very well have parents who’ve lost a job, or are in some sort of upheaval and wondering how they’re going to be able to pay their bills let alone create a semi normal-feeling holiday for their household . Your favorite local school probably has names of families in need. Give a call to the school of your choice and think about donating a holiday roast or turkey, or just dropping off a few gifts. The school counselor usually knows just what to do with this kind of generosity, and you’ll know you really made a difference for some needy family in your own neighborhood.
- If animals are near and dear to your heart, there are lots of options for donating. The Oregon Humane Society is an obvious choice, and/but some smaller outfits that take up the slack and don’t have quite the visibility of the OHS would be heart-warmed to receive your donation. One that is recommended to me by someone in the know is the Family Dogs New Life Shelter. It is a no-kill shelter that does excellent work.
- Lake Oswego’s Tryon Creek is such a treasure to the community. If nature and its continued availability in communities, and specifically Lake Oswego, is important to you, consider donating to Friends of Tryon Creek.
There are so many great choices, I thought I’d highlight just a few and give you some links to resources that offer many options. Enjoy your holidays, and the Joys that come with the season!
Market Activity November 17th to the 23rd
Looks like things aren’t slowing down even in the late fall. We have twelve brand new listings here in Lake Oswego, fourteen pending properties, and seventeen sold homes! Looks like this is a very busy start to the holidays.
Following is the breakdown for you according to RMLS:
New on the Market (Nov 15-23, 2014)
| Address | Type | Price | Bedrooms | Bathrooms | Sqft | 47 EAGLE CREST DR #40 | CONDO | 89,500 | 1 | 1 | 696 | 4 TOUCHSTONE #78 | CONDO | 164,900 | 3 | 2.5 | 1351 | 1803 BOCA RATAN DR | ATTACHED | 297,000 | 2 | 2.5 | 1739 | 5048 TREE ST | DETACHED | 310,000 | 3 | 1.5 | 1232 | 16470 BRYANT RD | DETACHED | 324,900 | 3 | 2 | 2024 | 19211 TERRY AVE | DETACHED | 370,000 | 4 | 2 | 1872 |
| 6435 FROST ST | DETACHED | 529,000 | 4 | 2.5 | 2627 | 17850 PILKINGTON RD | DETACHED | 585,000 | 3 | 2.5 | 3222 | 197 FURNACE ST S 3s | CONDO | 699,000 | 2 | 2.5 | 2091 | 18375 RIVER EDGE LN | DETACHED | 897,950 | 4 | 2.5 | 3404 | 1874 GLENMORRIE TER | DETACHED | 939,000 | 3 | 3 | 3858 | 19320 LORNA LN | DETACHED | 1,100,000 | 4 | 3.5 | 4192 |
Pending Sales (Nov 17-23, 2014)
| Address | Type | Price | Bedroom | Bathrooms | Sqft | DOM | 4619 LAKEVIEW BLVD D-3 | CONDO | 92,000 | 1 | 1 | 753 | 28 | 43 CRESTFIELD CT | CONDO | 107,500 | 2 | 1 | 923 | 27 | 98 OSWEGO SMT | CONDO | 129,900 | 2 | 2 | 1140 | 152 | 7140 SW CHILDS RD | DETACHED | 275,000 | 3 | 1 | 2032 | 149 | 16442 SW KIMBALL ST | DETACHED | 350,000 | 3 | 1 | 1200 | 45 | 17520 REDFERN AVE | DETACHED | 350,000 | 3 | 2 | 1776 | 11 |
| 16998 GREENTREE AVE | DETACHED | 393,500 | 4 | 2.5 | 2392 | 161 | ||||||||||||||||||||||||||||||||||||||||||
| 17225 CHAPIN WAY | DETACHED | 395,000 | 3 | 2 | 2257 | 119 | ||||||||||||||||||||||||||||||||||||||||||
| 1318 LAUREL ST | DETACHED | 439,900 | 3 | 2.5 | 1649 | 2 | ||||||||||||||||||||||||||||||||||||||||||
| 47 DA VINCI ST | DETACHED | 475,000 | 3 | 2.5 | 2445 | 112 | ||||||||||||||||||||||||||||||||||||||||||
| 17821 HILLSIDE WAY | DETACHED | 589,000 | 4 | 3.5 | 3442 | 44 | ||||||||||||||||||||||||||||||||||||||||||
| 571 2ND ST | CONDO | 589,500 | 2 | |||||||||||||||||||||||||||||||||||||||||||||
| 2 | 1561 | 18 | 531 LAUREL ST | DETACHED | 649,900 | 4 | 3.5 | 2771 | 212 | 15444 BOONES WAY | ATTACHED | 850,000 | 3 | 2.5 | 3464 | 4 |
Sold/Closed (Nov 17-23, 2014)
| Address | Type | List Price | Close Price | Sqft | DOM | 44 EAGLE CREST DR #15 | CONDO | 89,900 | 85,000 | 798 | 197 | 272 CERVANTES | CONDO | 139,900 | 127,000 | 1209 | 234 | 45 EAGLE CREST DR #409 | CONDO | 155,000 | 153,000 | 1214 | 4 | 18543 DON LEE WAY | DETACHED | 260,000 | 250,000 | 924 | 49 | 5326 W SUNSET DR | DETACHED | 259,900 | 259,900 | 754 | 3 | 16200 PACIFIC HWY #35 | CONDO | 299,000 | 275,000 | 1208 | 268 |
| 92 GREENRIDGE CT #92 | ATTACHED | 348,000 | 335,000 | 1980 | 14 | ||||||||||||||||||||||||||||||||||||
| 475 8TH ST | DETACHED | 375,000 | 365,000 | 960 | 0 | ||||||||||||||||||||||||||||||||||||
| 20 AQUINAS ST | DETACHED | 410,000 | 385,000 | 1814 | 33 | ||||||||||||||||||||||||||||||||||||
| 1530 LARCH ST | DETACHED | 469,000 | 439,875 | 2384 | 22 | ||||||||||||||||||||||||||||||||||||
| 886 9TH ST | DETACHED | 465,000 | 450,000 | 860 | 3 | ||||||||||||||||||||||||||||||||||||
| 132 MIDDLECREST RD | DETACHED | 495,000 | 495,000 | 1617 | 0 | ||||||||||||||||||||||||||||||||||||
| 4125 WOLF BERRY CT | DETACHED | 529,900 | 529,000 | 2824 | 1 | ||||||||||||||||||||||||||||||||||||
| 13639 TWIN CREEK LN | DETACHED | 675,000 | 650,000 | 3202 | 87 | ||||||||||||||||||||||||||||||||||||
| 2335 OSWEGO GLEN CT | DETACHED | 995,000 | 850,000 | 3932 | 167 | ||||||||||||||||||||||||||||||||||||
| 14122 GOODALL RD | DETACHED | 969,000 | 930,000 | 4530 | 331 | ||||||||||||||||||||||||||||||||||||
| 678 8 ST | DETACHED | 1,050,000 | 1,050,000 | 2900 | 1 | ||||||||||||||||||||||||||||||||||||
| 16650 FIR LN | DETACHED | 1,279,000 | 1,200,000 | 3860 | 57 | ||||||||||||||||||||||||||||||||||||
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.