Category: General

All About Lake Oswego, Oregon real estate topics

Posted on

What’s in a Name?

When Linda and I were figuring out what to name this blog we did quite a bit of brain storming. We considered things like “Around the Lake” and “Lake Oswego Real Estate Blog”. They just seemed so generic. Linda was the one with the creative touch. She suggested naming our blog after the ever popular police blotter in the Lake Oswego Review.

Why? Well, if you know LO, you know that it is known for it’s low crime rate and that the police department has a 100% response policy. You will not get a form mailed to you to report a stolen wallet, you’ll get an officer in a patrol car: 100% of the time. And this means that when the police departments weekly reports are published in the LO Review, you read some pretty funny stuff.

Here is a sampling of recently published police reports from the Police Blotter in the Lake Oswego Review:

6/3/11 7:26 pm. A yellow lab wearing an Oregon Ducks collar and tag was easy to identify and was reunited with its owner.

6/4/11 9:04pm. A man thought to be bleeding had actually spilled ravioli all over himself.

6/6/11 2:58pm. A mama duck and her little duckies kept waddling into Highway 43. An officer shooed them into some bushes.

6/28/11 7:34am. In a case of run-by catsup throwing, an unknown suspect threw a catsup mixture on a car on Brookhurst Drive. Clues include catsup packages, a bottle, and a comb.

6/29/11 10:17am. A man drove down Bryant in a golf cart, accompanied by kids he just picked up from Westridge School.

7/3/11 1:10pm. A young child was interrupted in its rough treatment of some kittens, then was lectured by the father.

7/3/11 5:03pm. A swarm of bees got inside the church at Our Lady of the Lake.

7/5/11 6:12pm. A mysterious female beagle wearing a red collar was brought back to its owner by an alert neighbor. The beagle’s return was greeted with mixed feelings.

7/5/11 10:37pm. Four teenaged juveniles were getting out of a vehicle on Kilchurn Avenue and slamming their bodies against houses. Kicks just keep getting harder to find.

7/10/11 8:53pm. People were worried about their friend not answering her calls until she revealed she had dropped her phone into a pool.

Yep, that’s the sort of stuff the the police in Lake Oswego respond to. The blotter in the review is widely red and chuckled about. Linda and I feel it is truly unique to Lake Oswego and that those who live here would immediately recognize the reference in the name of our blog.

We’ve been writing this blog for a couple of years now. It brings us both a lot of satisfaction. Thank you for reading and following the real estate scene here in Lake Oswego with Linda and myself.
Dianne

Posted on

News & Notes

 

* Lake Oswego is alive with music and festival fun this summer. To get more info on the  Summer Splash Concerts, Moonlight and Music Concerts and Sounds of Summer Concerts, CLICK HERE.

* Friends of Tryon Creek are leading groups on free guided hikes through the park and forest on Wednesday evenings through August 31st.  Topics will include frogs, bats, owls and salamanders.  Learn more HERE.

* Lake Oswego is holding its 3rd Annual Photo Contest.  Send in your best photos for a chance to win $25., $50., and $100. gift cards!  For contest categories and details  CLICK HERE.

* Average Sales Price declined 7.8% in the Portland Metro area in June 2011 as compared to June 2010.

* Comparing month to month 2011 Sales Prices, the average went up 1/8% in Portland Metro from May to June 2011.

* In Lake Oswego and West Linn, the Average Sales Price in June 2011 was $458,200.  The Average Sales Price in the Portland Metro area was $267,100.

* In Lake Oswego and West Linn the average “time on the market” in June 2011 was 197 days,  whereas the average time on the market in Portland Metro was 134 days.

* Portland Metro saw 1,958 Closed Sales in June 2011, and of those, 104 of them were in Lake Oswego and West Linn.  ***This was a 12.4% increase from May 2011.

* Portland Metro generated 3,143 New Listings in June 2011, and of those, 861 were in Lake Oswego and West Linn.

(***Market data derived from RMLS Market Action Report, June 2011)

Posted on

Values on the Lake

As a Realtor in Lake Oswego, one of the most common questions I hear is “How much does it cost to buy a house on the Lake?” Now that the lake is full, and the sun is coming out, it seems like a good time to do a little analysis and answer this question.

There are 3 distinct types of water front property: canals, bays, and the main lake. The values are specific for these 3 areas. The canals have more shallow water and houses that face one another from one side of the canal to the other. These properties typically have the lowest values. There are 2 bays, one at each end of the lake, and these bays are shallow, but wide enough for water skiing. The main lake is by far the most valuable. Spectacular is the word that comes to mind. If you can afford it, this is the most beautiful setting.

Canals
There are currently 3 houses for sale on canals. The least expensive is $649,000 and the most expensive is $949,000.

There are 4 canal properties that are pending sales. The least expensive is listed for $749,000 and the most expensive is listed for $1,499,000.

In the last 12 months, 4 canal properties have sold and closed. The least expensive was sold for $510,000 and the most expensive was sold for $845,000.

Bays

There are 5 houses for sale on either of the two bays. The least expensive is listed for $599,000 and the most expensive is listed for $2,300,000.

One house on a bay is a pending sale that was listed for $950,000.

2 houses located on either bay are closed sales from the last 12 months. The least expensive was sold for $625,000 and the most expensive sold for $800,000.

Main Lake

23 houses on the main lake are currently for sale. The least expensive is offered at $924,900 and the most expensive is offered at $15,000,000.

1 house on the main lake is in “bumpable buyer” position. This means that a buyer has made and had an offer accepted that is subject to the sale of their current home. The list price on this house is $1,595,000.

4 houses on the main lake are sale pending. The least expensive was offered at $879,000 and the most expensive was offered at $1,985,000.

11 main lake houses became closed sales in the last twelve months. The least expensvie was sold for $300,000. (Really, an incredible value, probably reflecting land value. It was a short sale that was on the market for nearly a year. I do not know the details of this sale, but logic tells me that there were likely extreme structural or condition issues.) The most expensive was sold for $1,900,000.

Analysis

So to answer the question “What does it cost to buy a home on the Lake?”, with this information I’d suggest it costs about $500,000 to $845,000 to buy a house on a canal; it costs about $625,000 to $800,000 to buy on a bay; and to get on the main lake, you might find a screaming deal for $300,000, but you can go as high as $1,900,000.

Notes

There has not been a closed sale over $2,000,000 in the last 12 months, yet of the 23 houses on the main lake currently for sale, 12 are listed for more than $2,000,000. This tells me that there are 12 home owners who are up against this economy in a very hard way.

The most expensive house for sale on the main lake is Jantzen Island, a 5 acre private estate. It has been in the news of late because the current owner, Jerry Stubblefield who founded Avia Shoes, and Chris Dudley, last year’s Republican candidate for Governor, are involved in a lawsuit over a 3.75 million dollar loan and ownership of Oregon’s most prestigious piece of real estate. The house was built in 1930, it has 13,500 square feet with 4 bedrooms, 6 full baths, and 2 half baths.

There is only one house for sale right now on the main lake that is priced at less than a million dollars. It’s a 1938 Tudor with 2889 square feet, 4 bedrooms, 3 full and 1 half baths, and it is neither a foreclosure or a short sale. If I were in the betting state of mind, I’d predict that this house will go pending long before the $2,300,000 house offered for sale on one of the bays.

I hope you find this information helpful. Give Linda or myself a call if you have any questions,
Dianne

Posted on

Open Houses for June 5th, 2011

This is going to be a seriously great weekend to get into some open houses. Not only is it the National Association of Realtor’s Nationwide open house weekend, but we are forecast to have 80 degrees and sunshine! Making the most of the opportunity are 41 open houses currently scheduled with the RMLS. Enjoy!

Address Type Price BR Baths Open
221 Cervantes Attached $128,000 2 1.5 12 to 2
1400 Bonnie Brae Dr Attached $141,500 2 1 1 to 3
5061 Foothills Dr G Condo $169,000 2 2 1 to 3
5064 Foothills Dr H Condo $199,900 3 2 1 to 3
8 Condolea Dr Condo $239,900 2 2 1 to 3
14402 Sherbrook Pl Detached $309,000 3 2.5 1 ro 3
62 Weatherstone Ct Attached $325,000 4 3.5 1 to 3
6367 Hiawatha Ct Detached $329,900 3 2 1 to 4
5324 Lower Dr Detached $330,000 3 2.5 2:30 to 4:30
29 Becket St Detached $399,900 3 2.5 1 to 3:30
2697 Lookout Ct Detached $415,000 3 2 11 to 1
3554 Tempest Detached $419,500 3 2.5 1 to 4
17360 Hunter Ct Detached $450,000 3 2.5 1:30 to 4
19443 Kokanee Ct Detached $474,000 4 2.5 12 to 4
1210 Wells St Detached $475,000 6 3.5 1 to 3
12 Scarborough Dr Detached $479,900 4 2.5 2 to 4
919 Cumberland Rd Detached $495,000 4 3.5 1 to 4
31 Touchstone Detached $499,900 5 3 1 to 3
5843 Ridgetop Ct Detached $525,000 4 3 12 to 2
17981 Meadowlark Ln Detached $529,900 3 2.5 11 to 2
3815 Southshore Blvd Detached $548,000 4 2 2 to 4
13554 Rogers Rd Detached $589,000 4 2.5 1 to 4
19 Juarez St Detached $599,000 3 2.5 11 to 4
5511 Fieldstone Ct Detached $638,950 4 2.5 2 to 4
5533 Fieldstone Ct Detached $648,950 4 2.5 2 to 4
19124 Megan Pl Detached $649,900 5 2.5 1 to 4
1931 Park Forest Ct Detached $649,900 6 4.5 12 to 3
17896 Kelok Rd Detached $650,000 5 5.5 12 to 2
17884 Kelok Rd Detached $650,000 5 3.5 12 to 2
5231 Denton Dr Detached $669,000 4 2.5 1 to 3
15622 Fieldstone Dr Detached $688,950 4 2.5 1 to 3
5625 Southwood Dr Detached $689,000 4 2.5 12 to 2
629 Iron Mountain Blvd Detached $699,900 3 2 2 to 4
4076 Orchard Dr Detached $700,000 4 3.5 11 to 1
14231 Dolph Ct Detached $725,000 4 2 1 to 4
4018 Coho Ln Detached $779,900 4 4.5 12 to 3
18977 Barton Rd Detached $879,000 4 3.5+.5 2 to 5
4160 Lakeview Blvd Detached $1,099,000 4 4.5 2 to 5
3149 Douglas Circle Detached $1,195,000 4 3.5+.5 12 to 2
1066 Northshore Rd Detached $1,393,000 4 5.5 2 to 4
2572 Glen Eagles Pl Detached $1,698,500 5 4.5+.5 2 to 4
Posted on

Opportunities and Attitudes

Please forgive me if I tend to be relentlessly optimistic. Believe me, if there is anyone who understands that the last several years have been a real estate horror story, it’s me. Having said that, we have to work with what we have to work with. Even in the most challenging times there remain ways to take advantage of the circumstances and use them to your benefit. It just might make you some money. It also just might make you a person who finds that today is a good day.

So it is with some pleasure that I found some great information in two recent editorials by Robert J. Samuelson. Mr. Samuelson is a contributing editor for Newsweek magazine and for The Washington Post. He has been writing about business and economic issues since 1977.

I’d like to share with you some of his recent commentary:

Young buyers to catch a break
Published on May 9, 2011, this editorial focused on the benefits that the recent housing market holds for young buyers. The benefits are two fold. First, prices have plummeted. “Up to a point, the lower home prices merely deflate the artificial ‘bubble.’ But there’s evidence that the declines transcend that. The National Association of Realtors routinely publishes a housing ‘affordability’ index, which judges the ability of median families to buy the median-priced home at prevailing interest rates. By this measure, existing homes are the most affordable since the index started in 1970.” This means that young buyers have a better opportunity to enter the housing market. Second, today’s new construction is coming down in size. “From 1973 to 2007, the size of the average new home grew by about 50 percent, from 1,660 square feet to 2,521 square feet. By 2009, that was 2,438 square feet, with more declines expected.” Being less expensive to heat, cool, and maintain, these smaller homes are also a boon to home buyers. Samuelson argues that the main beneficiaries of these changes are young buyers. “…crisis pass and have unintended consequences. The young just might catch a much-needed break from this one.” As a Mom with 2 kids about to have their first taste of home ownership, I hope this is true.

Greatest barrier to recovery could be pessimism”
This commentary was published on May 23, 2011. In it Mr. Samuelson states “It may be time to move beyond pessimism. Ever since the financial crisis, Americans have wallowed in fear and anxiety.” While acknowledging that there remains real hardship, he also points out that “the recovery seems increasingly self-propelled. Americans are shopping again, albeit with less fervor; exports are improving; companies are hiring. Massive government spending and the Federal Reserve’s low interest rates seem less crucial to growth. Although this is good news, the pervasive post-crisis gloom prevents us from acknowledging it.” Mr Samuelson sees 3 imbalances that abetted the recession: consumer overspending, the trade deficit, and the housing “bubble”. Consumer spending has dropped way down. Consumer debt service (repayment of principle and interest) has gone from 14% of personal income to 12%. At the same time the saving rate has gone from 1% to somewhere between 5 and 6%. “The difference exceeds $200 billion in potential annual purchasing power.” As for the trade deficit, “By 2010, the overall deficit had dropped by $496 billion.” Yep, billion. Finally, housing: “True, it’s still depressed. But the worst may be past. Mortgage delinquencies are falling. Meanwhile, pent-up demand is growing.” He concludes with this observation: “…the larger message is that the recovery is feeding on itself. Healthy economic growth doesn’t have to be supported by government and, ideally, is not frustrated by perverse policies. The greatest barrier to recovery now could be psychology–stubborn gloom–which conditions household and business spending decisions. There is a curious role reversal. Foolish optimism led to the financial crisis and recession by assuming things would work out for the best. Now, reflexive pessimism weakens growth by ignoring good news or believing it can’t last.”

I found both of these commentaries really informative. I have no idea how long this housing down turn will last, but I find it helpful that within the National media there is now a dialogue that is suggesting both an economic recovery and a silver lining that can be found in the current economic climate.

Thanks for reading,
Dianne

Posted on

Tips & Tidbits

New Loan Program: Good news! According to my very reliable source, Pat Goodell of Academy Mortgage, now Lenders in Portland can do Conventional loans with 3% down which may make the Conventional loan an even better option than FHA! There are different variables, though- FHA requires 3.5% down for buyers with high credit scores. Conventional loans require 3% down, and/but it needs to be the buyers’ own savings and not a gift, whereas FHA allows the 3.5% down to be a gift.

Your Loan… Your Credit… During a Transaction: Just a reminder that it is VERY important to heed your lender’s advice NOT to do anything with regard to your credit during a transaction. Occasionally you hear of a Buyer who decides to buy a new car while involved in a transaction. More often Buyers just want to “help” and think they can improve their standing by removing money from a line of credit and depositing it in one of their accounts, or consolidating debt, or closing old accounts… Please listen when we say… Just Don’t! Leave the lending process to the lending professionals who are there to help you, and don’t do anything at all in this regard without first discussing it with your lender.

Lake Oswego Services Activity Guide: It is obvious to most that lake Oswego is a vibrant community with so much to offer its citizens in a myriad of different areas of interest and need. You can now click here to access the Services Activity Guide and/or call 503-635-0257 for more information. Summer’s upon us… time to find out more about what’s happening in LO!

Farmers Market: Lake Oswego’s acclaimed Farmers Market is in full swing. Join all the fun & sun-loving Lake Oswegans at Millenium Park Plaza on Saturdays from 8:30Am till 1:30 PM. You’ll find fresh flowers, produce, plants, poultry, chicken, eggs, cheeses, honey, salsa, lavender…. way too much to list here!

Posted on

News & Notes

Community Shred Day – Lake Oswego and EFI Secure Shredding holds another shred day geared toward helping citizens get rid of sensitive documents. This one will be held at the West End Building in the rear parking lot. Three boxes to a person will be allowed. Hours are 10AM – 1PM on April 30th.

Walk for Water – A 1-mile loop returning to Foothills Park seeks to bring awareness to the issue of a dire need for clean drinking water in developing countries… and strollers are welcome! You are invited to simulate the trek of villagers in Zambia who walk for their water twice every day. The walk will be held April 30th and begins at 9AM in Foothills Park.

Lake Run – Speaking of exercise… The much-anticipated annual “Lake Run” is coming up fast- May 7th starting at Millenium Plaza Park! Runners and walkers of all ages are welcome. There will be a 12k run, a 5k walk/run where strollers will be included, and a 1/2 mile kids-dash (11 and under). For registration Click Here. For more information including maps, approximate times runners will pass through various neighborhoods, and traffic changes click Here for 12k, and Here for 5k.

Tidbits from PMAR (Portland Metropolitan Association of Realtors) –

– Americans appear to be more confident about home-ownership and the stability of home prices than they were at the beginning of 2010. This is per Fannie Mae’s latest national housing survey. Nearly 80% of all respondents including homeowners and renters surveyed anticipated prices holding steady or increasing in the next 12 months- Up from 73 percent in January 2010.
Click Here for more detail.
– Portland is ranked among the top ten cities nationally where it is best to buy rather than rent according to Forbes.com. Click Here for more detail.

Remodeling Costs Recouped – Realtor Magazine and Remodeling Magazine came up with a list of the most cost-effective remodeling projects. You can click Here for info on the Portland metropolitan area and download the 12-page report.

Posted on

Market Activity April 18-24, 2011

Last week Lake Oswego had 16 new listings come onto the market, 18 houses go into pending status, and 12 closed sales. Of note: 3 of the pending sales were at $1,000,000+ and one was at $999,000.

NEWLY LISTED (April 18-24, 2011)

Address Type Price Sq FT BR Baths
15240 Boones Way Condo $164,900 1180 2 2
480 S State St Condo $235,000 1659 2 2
6016 Bonita Rd Detached $239,000 1978 4 2
5311 Tualata Ct Detached $249,000 1387 3 1.5
1637 Laurel St Detached $389,000 1792 6 1
4160 Chapman Way Detached $389,900 1800 3 2
2681 Greentree Rd Detached $395,000 2291 4 3
1580 Woodland Terr. Detached $549,900 2127 4 2.5
19240 Megly Ct Detached $579,900 3633 5 3.5
17658 Brookhurst Dr Detached $589,000 4198 3 3
5542 Dunmire Dr Detached $599,900 3204 4 2.5
5515 Dunmire Dr Detached $629,900 3287 4 3
1541 Maple St Detached $729,000 3215 4 4
16818 Sylvan Ct Detached $849,000 3209 4 2.5
13048 Knaus Rd Detached $875,000 3715 4 3.5
18143 Siena Dr Detached $898,950 3350 4 3.5

PENDING SALES (April 18-24)

Address Type Price Sq Ft BR Baths CDOM
200 Burnham Rd #203 Condo $129,000 1160 2 1 1302
4425 Thunder Vista Ln Condo $149,900 1518 2 2.5 110
4281 Cobb Way Detached $249,900 1626 3 2 7
7 Bloch Terr. Attached $285,000 2062 3 2.5 191
1 Hidalgo St Detached $349,900 2489 2 2.5 253
1766 Fern Pl Detached $365,000 1937 3 2 18
510 5th St Attached $375,000 1524 2 2.5 53
19 Grouse Terr. Detached $419,900 3383 3 2.5 283
6132 Summer Woods Detached $489,900 2778 4 2.5 10
1643 Village Park Ln Detached $639,900 4505 4 3.5 440
1088 Westward Ho Rd Detached $648,000 1837 2 2 226
1930 Indian Trail Detached $669,000 3260 3 3 332
5160 Woodcrest Ln Detached $691,488 3575 4 3.5 0
17614 Blue Heron Detached $797,500 3150 4 3 42
425 Northshore Rd Detached $999,000 3270 4 3 450
14066 Goodall Rd Detached $1,050,000 4220 4 3.5 66
2778 Glenmorrie Dr Detached `$1,150,000 6263 5 4.5+.5+.5 471
1956 Cheryl Ct Detached $1,295,000 5173 4 4.5+.5 16

SOLD (April 18-24, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
668 McVey Ave #82 $109,250 $120,000 Condo 992 46
4 Touchstone #136 $174,950 $159,500 Condo 1351 822
5530 Bonita Rd $295,000 $200,000 Detached 1200 64
103 3rd St $349,900 $242,500 Condo 1006 317
3165 Douglas Circle $325,000 $265,000 Detached 1764 3
4342 Woodside Circle $285,000 $285,000 Attached 1643 2
18929 Indian Springs $435,000 $405,000 Detached 3380 51
1692 Fircrest Ct $450,000 $450,000 Detached 2569 0
5434 Rosalia Way $559,000 $477,000 Detached 2600 245
17754 Treetop Ln $550,000 $535,000 Detached 3668 7
2757 Lakeview Blvd $725,000 $675,000 Detached 3321 540
444 Ridgeway Rd $850,000 $810,000 Detached 2099 541

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

Posted on

News & Notes

 

Streetcar – The Lake Oswego to Portland Transit Project’s steering committee is recommending proceeding with this project.  The City Council is considering their recommendation at their hearing on April 19th in council chambers.  Citizens are encouraged to provide written input prior to the meeting.  The meeting will be televised at TVCTV at 6 p.m. on Channel 23.

Art in Lake Oswego –  Lake Oswego is soliciting participants for its First Art Market to be held at Millenium Park Plaza on June 16, 23 & 30 from 4-8PM. Applications can be filled out here.

Services & Amenities – Lake Oswego has so much to offer…  culture, arts, historical resources, quality schools, vibrant business districts and activities galore.  To find out more about the new Services & Activities Guide click here.

Luscher Farm Updates – Attend a meeting April 21st designed to inform about three site plan alternatives for the Luscher Farm Master Plan.  The event is an open format.  Stop in and look over alternatives for this valued park, farm and natural area…. and give your input!  Click here to learn more.

 

 

Posted on

Spring is Poetry

Spring makes poets of all of us!  I thought you might enjoy some of the poetry I was able to find from the lofty among us… as well as the rest!   ~ Happy Spring ~

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here’s a classic from Rumi:

 

 

 

 

 

The Music We Are

Did you hear that winter’s over? The basil
and the carnations cannot control their

laughter. The nightingale, back from his
wandering, has been made singing master

over the birds. The trees reach out their
congratulations. The soul goes dancing

through the king’s doorway. Anemones blush
because they have seen the rose naked.

Spring, the only fair judge, walks in the
courtroom, and several December thieves steal

away, Last year’s miracles will soon be
forgotten. New creatures whirl in from non-

existence, galaxies scattered around their
feet. Have you met them? Do you hear the

bud of Jesus crooning in the cradle? A single
narcissus flower has been appointed Inspector

of Kingdoms. A feast is set. Listen: the
wind is pouring wine! Love used to hide

inside images: no more! The orchard hangs
out its lanterns. The dead come stumbling by

in shrouds. Nothing can stay bound or be
imprisoned. You say, “End this poem here,

and wait for what’s next.” I will. Poems
are rough notations for the music we are.