Category: General

All About Lake Oswego, Oregon real estate topics

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News & Notes

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

According to the RMLS Market Action Report for the Portland Metro Area  January, 2013. At 1,344, Closed Sales were less than December’s 1,760, BUT, amount to the most Closed Sales in any January since 2007!

  • There were 2,438 New Listings (an 89.6% increase over Dec. 2012).
  • The Average Sale Price in January was $287,700. Comparing the average price of $277,000 during the last 12 months ending on Jan. 31st 2013, with the same 12 month period ending Jan. 31, 2012 of $262,900, there has been an increase of 5.4%
  • December 2012 logged 1,384 Pending Sales, while January 2013 ratcheted that up to 1906!                                                                                                                                                           For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported:
    • 450 Active Listings
    • 187 New Listings
    • 130 Pending Sales
    • 79 Closed Sales
    • An average Sale Price of $480,600.
    • Average Time on the Market: 138 Days
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Lake Easements

easement_map

When buying a home in Lake Oswego, you’ll often see mention of easements as a feature of the property. Just what is an easement? Don’t all of the houses in Lake Oswego have easements?

The history of the lake easements go back many years. There was a time, in the early development of neighborhoods in Lake Oswego, when vacant lots were available for purchase on the lake. Developers of neighborhoods would buy a lot and deed it to the entire neighborhood. These “easements” are part of the recorded deeds for these homes and primarily consist of homes built between 1920 and 1970. By the time that the newer neighborhoods were being developed, houses from about 1970 and newer, there were no longer vacant lots on the lake and so easements were no longer being created. So, no, not all houses in Lake Oswego have easements. Having an easement is a special feature of the home that does enhance its desirability to buyers.

What I am discussing here are lake easements, and not the swim parks. Lake Oswego has two swim parks. One on Lakeview Blvd that is operated by the school district, and one on Ridgeway that is operated by Lake Oswego Parks and Recreation.

The lake easements have a variety of amenities. Most have a lawn area with tables for picnics. Some have boat slips and canoe racks. One has a huge enclosure in the middle of which is water trampoline. There is a good deal of variety.

There is usually a waiting list for a boat slip. Space on canoe racks is usually available at the start of the summer season.

Some homes have deeded easements privileges at more than one easement. If you are considering buying a house that has an easement, visit all of them that you may have access to and find the one you like best.

Each easement is managed by its own by laws and a volunteer board of directors. There is a designated person on the board who manages the access. If you have easement rights, contact the appropriate person on the board, pay the annual fee, and obtain a key to the entry of the easement.

If you would like to find out of a particular property has easement privileges, call the Lake Corporation at 503-636-1422.

For specific information about the easements and who to contact to activate use of an easement click here.

It may still be February, but sun and enjoyment of the lake is just around the corner.
Dianne

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News & Notes

thinkingA few tips from Linda:

* When pricing your home, please take all that your Realtor has shown you in the way of comps, and let yourself have some time to consider your options. There are various pricing strategies, but the most common one favored by Sellers is over-pricing. That is just a well-known fact to anyone in this business. It’s why, when a Realtor sells their own home, they usually ask for a reality-check from their peers : ) It’s natural, if you love your home, to believe it will fetch more than, perhaps, what your Realtor is telling you it will. It’s also natural, as the Seller, to be concerned about offers coming in below your “fair” price and therefore lowering that price… Much to your chagrin. I get it. I’ve sold my own homes too. BUT, I will tell you that, if you overprice your home, it will likely cost you money by:
– Sitting on the market too long, and giving the impression that “something must be wrong with this one”,
– Causing you to eventually have to lower the price anyway… probably lower than what you would have priced it at originally given these other factors, and the factor of time, and
– Keep Buyers away who are only searching in price ranges below your higher number.

* In a transaction where you are the Buyer, and “lender issues” are causing you to bump up uncomfortably close to your “on or before” closing date, your Realtor will most likely talk with you about writing up an addendum to “extend the closing date” to accommodate your lending timeline. You need to know though, that this is not a sure deal, and the Seller can say no. If your Seller says no, then you need to think seriously about terminating the transaction in writing before that date if you cannot “perform” (i.e., can’t get a loan).
– If your lending issues are related to you trying to get a better rate (as in… you qualified and would have closed on time, but you decided to try for a different loan package in the middle of the transaction), and your Seller does not agree to extend the date, you need to know that you may lose your Eanest Money. The contract states that you need to be able to secure a loan, so Buyers are generally protected if they can’t… BUT, not closing on time for this reason would not be related to that provision. You could secure a loan, but chose to try for a “better” one. Many Seller’s Agents will ask to see a statement from the Underwriter in these kinds of instances to check on just this kind of sticking point.
– If your loan problems are our of your hands, and you think you have good communication with the other parties, so decide not to bother creating an addendum extending the closing date (your lender could be slow, or you could really be having problems getting a loan), you could, again, potentially lose your Earnest Money, as the contract states “time is of the essence”, and in fact, that is a legal term that means that deadlines in the contract trump all other provisions. It has happened that a Buyer could not obtain a loan, had passed the closing date, and didn’t bother to get an extension addendum signed as they were still trying to make it happen & thought the Sellers were on the same page with them….. Later on, even though they really could not get funding, it was decided that the Sellers could keep the Earnest Money because there had been neither an addendum nor termination completed.

As always, Dianne and I are here for you, and would be happy to assist you in your home-buying or -selling adventure if you are not already working with another Realtor. We encourage you to listen to your Realtor. They are here to help you.
Enjoy the Oregon sunshine!

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Moving to Oregon

migration_map_2012

United Van Lines, the nation’s largest household goods mover, has just come out with their annual study of migration within the United States. This study is not based on total moves. It is based upon percentages. They have been doing this study since 1977.

So what happened in 2012? Oregon is the leading state for in-migration in the country. The only part of the country with a greater percentage of moves into their area was the District of Columbia. Oregon made this list with 61% of Oregon-involved moves being people moving into the state and just 39% of moves from people moving out of the state. Here are the top 5:

1. District of Columbia
2. Oregon
3. Nevada
4. North Carolina
5. South Carolina

Michael Stoll, an economics professor at UCLA, sights factors such as lower housing costs, temperate climate, diversified economies, and high-tech clusters as reasons that people choose to move to the leading states.

My opinion? I think it can be attributed to Microbreweries, Food Carts, easy access to snow boarding, hiking, camping, the beach, and Oregon wine country. And then there is the cult-hit, Portlandia. Portland, and the Portland food scene, have been written up several times in the New York Times with glowing reviews. This is a wonderful place to live, and it’s getting discovered.

In this past year I have personally helped two families make the move to Portland from out of the state. In both cases, they did some research and chose Lake Oswego because of the schools.

I think all of this is good news for our real estate market. It’s pretty basic economics of supply and demand. High demand supports high property values, and after the recent recession it feels good to hear some encouraging news.

If you are considering a move to Oregon, take a look at Lake Oswego. I think you’ll like what you learn. And if you need a great Realtor to help you with the move, please give Linda or myself a call. We would love to hear from you.

Best regards,
Dianne

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News & Notes

A few tips from Linda:

* Be cautious when looking into a “Lease Option” opportunity if one presents itself. For the Seller, it most always means that the bank can, at any time, call for all monies owing from you on the property per your mortgage’s “Due On Sale” clause, as you are technically transferring a form of ownership in an Option. I.e., you could be called upon to pay in full. Contrary to popular belief, setting up a Trust does not get you around the Due On Sale clause either. Best to consult with your Realtor, and/or attorney before embarking on an adventure like this : )
* Remember that all repairs agreed to in a transaction in the State of Oregon must be performed by a licensed, bonded contractor.
* Make sure to give your Lender plenty of time to “close” your transaction when writing your offer. Talk to your Realtor, and make sure to consult with your Lender to see about how long they need. Lately it is typically around 45 days, but each situation is different. Should you not meet your “on or before” closing date as per your Offer contract, the Seller could possibly accept another offer and keep your earnest money… just sayin’ : ) Now, most people will compromise and agree to an addendum extending the closing date, but you cannot guarantee that the Seller will agree to that… If they have, let’s say, received a better verbal offer than yours during the time it has taken to get from agreement to “not meeting” the closing date, they may just decide to opt to take that larger offer. Just a note of caution.

Let’s take a look at the recently released data on real estate for 2012.
Below is some information for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

According to the RMLS Market Action Report for the Portland Metro Area December, 2012. At 1,760, closed sales were 9.2% higher than December 2011 sales of 1,612. pending sales (or “Accepted Offers”) were down, however, with 1443 in December of 2011, and 1384 in December 2012… putting the market down by 4.1%.

  • 2012 racked up 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales.
  • Compared to 2011, new listings are down 5.2%, pending sales are up by 16.2% overall, and closed sales are up 19.1%.
  • The average sale price in 2012 was $275,000, which is 4.4% higher than 2011’s $263,300.
  • ***AND… Total time on the market has dropped by 21.5% from 143 to 112 days.
  • The overall economic improvement and increase in volume has positively affected the numbers for total dollar volume which rose to $6.45 billion in 2012 from 2011’s $5.2 billion.
  • For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported the following totals for 2012:
    • 2085 New Listings (68 in Dec’12)
    • 1389 Pending Sales (81 in Dec’12)
    • 1364 Closed Sales (108 in Dec’12)
    • An Average Sale Price of $434,800. ($512,100 in Dec’12!!)
    • Prices rose 1.5% in 2012 over 2011’s totals
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A New Year!

Oswego-LakeGreetings to all of our loyal and new Property Blotter readers!

As we enter our 5th year of publishing this insiders’ look at the Lake Oswego community and Real Estate scenes, we want to take a moment to thank you so much for your interest and patronage through the years! Dianne and I are as committed as ever to bringing you the micro-focused real estate information you count on, and also the perspective of Lake Oswego as part of the larger Portland Metro Area from time to time. Context is good… at least we think so : )

We both specialize in Lake Oswego property, considering the time we’ve spent living and working here, and we both also have been working all over the Greater Portland Area for many, many years, so please remember us if you know someone who needs a really experienced and reliable Realtor for any property “selling or buying adventure” in this larger geographic area!

Though our lives have changed through the years, the Property Blotter has remained constant, and we hope that you enjoy it as much as we do. Recently we have made one BIG change, and that is that we are now working with Oregon First Real Estate Company!  A change like this is the kind of thing that only occurs once in a very great while, and while we have been very pleased with our previous affiliation and will miss those with whom we’ve worked closely for some time, we are thrilled to be joining this vibrant, established local company with offices all over the Portland area and Vancouver!

Just for fun, I’ve pasted below our very first post from 2008, and after reading it, am feeling both nostalgic, and satisfied with the work we’ve committed ourselves to, and all we’ve accomplished with so many of you.

Happy New Year to each of you…. We toast YOU in 2013!

Welcome to the premier edition of the Property Blotter!

This blog is intended to be a fun and useful forum pertaining to real estate issues in the City of Lake Oswego. It will bring you information that directly reflects current market conditions.

It will also provide you with history of the area and insights into Lake Oswego’s vibrant community. You will find plenty of statistics and details about houses currently for sale and recently sold. You will also find neighborhood profiles and featured homes. And, yes, you’ll get commentary on local events and neighborhood happenings.

What you will not find is endless self-promotion and unneeded advertising. This is going to be a place to learn about Lake Oswego real estate and not a place that will waste your time. We don’t care for that sort of thing any more than you do.

And just who are we and why do we have any right to be doing this? We are Realtors who have each lived in Lake Oswego for some time and have been directly a part of this community. Between us we have 30 years of experience selling real estate in this fine community. Between us we have lived in Lake Oswego for 20 years. Our children have attended school here. We participated in sports here. We volunteered with local non-profits here. We know this town.

Lake Oswego is an amazing place to live. It is also seriously misunderstood. Yes, there are million-dollar homes in Lake Oswego. But more than money, Lake Oswego is a town that has people who care. It has always had great schools and so attracts families looking for excellent public schools. There are modest homes as well as lakeside estates.

If we are doing our job right, you’ll come away from this blog feeling like you know a bit more about what prices of homes are like, what is going on with local businesses, and what it is about LO that makes it a great place to live and to work. If you currently live here, you’ll know more about what your home may be worth. If you are thinking about moving here, you’ll know more about what to expect when you buy a home and what this community is like as a place to live.

So come along with us on this “blog-mobile”. It is going to be a great journey.

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News & Notes

Take a break from Holiday Merry-Making and check out what’s happening in the local real estate market!
Here is some recent data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

According to the RMLS Market Action Report for the Portland Metro Area November, 2012. At 1,733, closed sales were 13.9% higher than November 2011 sales of 1,521.

  • In the first 11 months of 2012, there were 30,964 new listings, 22,726 accepted offers, and 21,546 closed sales.
  • The average sale price year-to-date ($273,800) rose 3.9% over the same period last year,
  • ***AND… Total time on the market has dropped by 21.5% from 143 to 112 days.

    • For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported:

    • 520 Active Listings
    • 94 New Listings
    • 101 Pending Sales
    • 97 Closed Sales
    • An average Sale Price of $425,600.
    • Average Time on the Market: 128 Days
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    Our Thanksgiving Wishes

    Dianne and I want to take a moment to thank all of our loyal Property Blotter readers and clients for the confidence and support for our work that you’ve shown through the years. On a day like today, we are humbled and grateful for so many things, and YOU rank high on the list : )

    Sometimes I go on and get all sappy with you on Thanksgiving (that’s just me…. I get emotional when I think of all the things I have to be grateful for!), but this year I’m going to let someone else pull the heartstrings. I’m attachiing a photo and poem from my friend and poet, Sean Reynolds:

    I wish you all;
    Pale hills under a yellow moon
    amber leaves on dark green lawns
    a welcomed chill in the morning air
    cartoon balloons and sweet potatoes
    with little marshmallows and football
    …
    and family and children’s fingers adorned
    with olives and naps on the sofa after
    wine and pie and laughter—sr

    May each of you experience a day of Peace, Abundance, and Love.

    Happy Thanksgiving,
    Linda & Dianne

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    News & Notes

    September 2012
    Here are some Market Notes for You~

    According to the RMLS Market Action Report for the Portland Metro Area Sept 2012, “At 1,894, closed sales were 19.4% higher than September 2011 sales of 1,586, while declining 18.0% from the August 2,311 total.

    • “This was the best September since 2006 for closed sales.”:
    • The average sale price year-to-date ($272,200) rose 2.9% over the same period last year,
    • ***AND… Total time on the market has dropped by 20.7% from 145 to 115 days.

    For my Property Blotter readers, the combined area of Lake Oswego and West Linn reported:

    • 668 Active Listings
    • 163 New Listings
    • 134 Pending Sales
    • 95 Closed Sales
    • An average Sale Price of $453,500.
    • Average Time on the Market: 137 Days
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    Open Houses for Oct. 14th

    Get out your galoshes and go see some open houses! It’s supposed to be rainy, after 3 straight months of little or no rain, so be sure to also drive carefully.

    Address Type Price BR Baths Open
    16758 Graef Circle Detached $259,000 3 1 1 to 3
    16909 Tracy Ave Detached $325,000 4 2 1 to 3
    1454 Glenmorrie Dr Detached $425,000 4 2.5 1 to 3
    16439 Lexington Ct Detached $439,000 2 2 1 to 4
    18096 Pilkington Rd Detached $625,000 3 2.5 1 to 3
    2479 Palisades Crest Dr Detached $664,500 5 3.5 2 to 4
    1131 Devon Ln Detached $679,900 3 3.5 1 to 3
    16633 Woodsman Ct Detached $699,900 4 4 2 to 4
    1985 Country Club Rd Detached $699,999 5 4 2 to 5
    2300 Childs Rd Detached $750,000 4 2 1 ro 4
    655 7th St Detached $819,000 3 2.5 1 to 3
    112 Northshore Circle Detached $1,600,000 4 3.5 11 to 4