Category: General

All About Lake Oswego, Oregon real estate topics

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Realtor 101

One of the most basic components of being a good Realtor is understand just who I work for. As I work with a client I find myself going back to this concept again and again. Let’s face it, a real estate transaction requires a tremendous amount of negotiation. For both the buyer and the seller, the sale is likely one of the largest and most important financial endeavors that they will do. So it has to be done right, and to their satisfaction. What I want has pretty much nothing to do with it.

So think about that. A Realtor is in a job where what they want is not important.

Fiduciary Duty
Fiduciary duty is the relationship that exists when one person puts faith and trust into another person to act on their behalf. Realtors have fiduciary duty to their clients. This is such an important element in real estate.

In a transaction I find myself thinking about my clients and their needs constantly. Will this be good for them? Will this help? Is this what they want? Often it means telling them hard information that I know will likely make them not want a house. It can mean causing a transaction to fail so that we go out and begin again. That is not necessarily good for me, but it is certainly good for my client. It’s the right thing to do.

Real Estate Agency
In Oregon we have buyer’s agents, seller’s agents, and dual agents. This was not always the case. Prior to about 1994, all Realtors worked for the seller. So even when I worked with buyers showing them houses, writing up an offer, and negotiating repairs, I was really working for the seller. It was strange.

The advent of buyer’s agency allowed Realtors to work exclusively for the buyer. This means that the Realtor who is a buyer’s agent is committed to the best interests of the buyer. It also allowed seller’s agents to do the same for the seller.

We also have what is called dual agency. This happens when a Realtor is working with a buyer who wants to buy one of that Realtors listings. In this circumstance, the Realtor would be representing both the buyer and the seller. This can only happen if both the buyer and the seller give their approval. The Fiduciary duty does not change. A dual agent must still maintain confidences about things like price and work to see to the best interests of both clients. This does not happen very often. I think in my 24 years as a Realtor I’ve done it half a dozen times.

Dual agency can also happen when a buyer’s agent sells a house that is listed by another Realtor in their office. This is because most Realtors do work in offices with multiple agents who are supervised by a Principal Broker. That Principal Broker reviews all of the paperwork of every transaction and offers supervision and guidance to the Realtors in that office. So the buyer’s agent and the seller’s agent remain just that, but the Principal Broker becomes a dual agent.

Please forgive me if this is all pretty dry. It’s the sort of thing that is not particularly exciting. But I think it is incredibly important and one of the backbones of my career.

Have a great day and thanks for reading the blotter.
Dianne

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Market Activity ~ Sept. 5-11, 2011

There were 20 New properties entering the market, 19 in Pending status, and 7 marked as Sold during the last week according to RMLS.
See below for further details:

NEWLY LISTED (Sept. 5-11 2011)

Address List Price # Beds # Baths Total SF Prop Type
96 GALEN ST $53,900 1 1.1 552 CONDO
450 S STATE ST $119,000 2 1 800 CONDO
4 TOUCHSTONE 123 $129,950 3 2.1 1351 CONDO
200 BURNHAM RD $149,000 1 1 948 CONDO
5054 FOOTHILLS DR H $199,500 3 2 1252 CONDO
4752 REMBRANDT LN $288,900 3 2.1 1516 DETACHD
1764 CONIFER DR $319,900 3 1 1200 DETACHD
1639 WORTHINGTON ST $350,000 4 3 1920 DETACHD
2545 ORCHARD HILL LN $365,000 3 2 2160 DETACHD
17040 FERNWOOD DR $369,000 3 2 1919 DETACHD
1645 ASPEN ST $419,999 3 2.1 1916 DETACHD
4527 TRILLIUM WOODS Lot 15 $441,150 3 2.1 2211 ATTACHD
908 CUMBERLAND PL $474,900 4 3 2715 DETACHD
2 MORNINGVIEW CIR $485,000 3 2.1 2954 DETACHD
2834 GLENMORRIE DR $499,000 3 2.1 2459 DETACHD
15564 VILLAGE DR $749,000 3 2.1 3249 DETACHD
4011 WESTBAY RD $950,000 5 3.1 4518 DETACHD
13877 AMBERWOOD CIR $999,000 4 2.1 3949 DETACHD
13701 GOODALL RD $1,899,000 4 4.1 6028 DETACHD
1500 NORTHSHORE RD $11,600,000 5 6.2 13462 DETACHD

PENDING SALES (Sept 5-11, 2011)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3676 SPRING LN 2C $139,900 2 2.1 1762 CONDO 36
72 GREENRIDGE CT $150,000 3 3 1825 ATTACHD 288
4473 GOLDEN LN $155,000 2 2.1 1980 CONDO 320
16443 INVERURIE RD $180,000 4 2 1480 DETACHD 9
4760 LOWER DR $229,900 3 3 2324 DETACHD 21
55 NORTHSHORE RD $289,000 1 1 1554 CONDO 18
4677 OAKRIDGE RD Lot 04 $369,900 3 2.1 1738 ATTACHD 97
1736 PALISADES TERRACE DR $399,000 4 3.1 3079 DETACHD 70
14 HOTSPUR ST $399,000 4 2.1 2626 DETACHD 5
3601 WREN ST $399,900 3 2.1 2220 DETACHD 154
18207 WESTMINSTER DR $409,900 4 2.1 2258 DETACHD 24
5842 MEADOWCREEK CT $449,900 3 2.1 2309 DETACHD 7
5686 CHARLES CIR $499,900 4 3 3246 DETACHD 6
19285 MEGLY CT $509,900 5 3 3275 DETACHD 203
4184 Sunset DR $529,000 5 3 2932 DETACHD 164
19 JUAREZ ST $550,000 3 2.1 3584 DETACHD 190
5511 FIELDSTONE CT $623,950 4 2.1 3037 DETACHD 629
556 5TH ST $659,000 3 3.1 2166 ATTACHD 208
1633 MAPLE ST $799,000 3 3 3448 DETACHD 161

SOLD (Sept 5-11, 2011)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
15380 TWIN FIR RD $339,900 $315,000 3 3 1865 DETACHD 44
5795 LANGFORD LN $349,500 $334,000 2 2 1687 DETACHD 9
18927 KRISTI WAY $424,000 $424,000 4 2 2943 DETACHD 13
17267 KELOK RD $599,900 $560,000 3 2 2340 DETACHD 40
4158 CASEY CT $719,000 $689,500 4 2.1 3385 DETACHD 392
2811 ARROWHEAD CT $1,250,000 $880,000 4 3.1 3740 DETACHD 419
2735 GLEN EAGLES RD $1,098,000 $975,000 3 3.1 2950 DETACHD 85

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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Open Houses ~ Sunday, Sept. 11, 2011

What a lovely weekend!  Put some ice & lemonade in your water bottle & head out to enjoy some of these beautiful homes being held Open!

Here is what’s going on according to RMLS:

Address L/Price # Beds # Baths Total SF Style Open
7 BRITTEN CT $250,000 4 2 2046 TOWNHSE 1-3PM
55 NORTHSHORE RD #4 $289,000 1 1 1554 TOWNHSE 1-3PM
1050 SUNNINGDALE RD $375,000 3 1.2 1616 DETACHD 2-5PM
29 BECKET ST $384,900 3 2.1 2354 DETACHD 1-3PM
1991 GREENTREE RD $399,999 4 3 2655 DETACHD 1:30-4PM
1645 ASPEN ST $419,999 3 2.1 1916 DETACHD 1-3PM
14361 SHERBROOK PL $449,900 3 2.1 2100 DETACHD 2-4PM
12 SCARBOROUGH DR $464,900 4 2.1 2892 DETACHD 1-3PM
4 NANSEN SMT $479,900 4 2.1 3255 DETACHD 12-2PM
29 SPINOSA $525,000 3 2.2 3254 DETACHD 1-4PM
919 LAKE SHORE RD $569,000 3 2 1817 DETACHD 1-3PM
629 IRON MOUNTAIN BLVD $615,000 3 2 1988 DETACHD 1-4PM
17997 BRAEDEN CT $619,749 3 3 2984 DETACHD 1-4PM
5533 FIELDSTONE CT $633,950 4 2.1 3115 DETACHD 12-2PM
1931 PARK FOREST CT $649,900 6 4.1 3866 DETACHD 12-3PM
15622 FIELDSTONE DR $678,950 3 2.1 3113 DETACHD 12-2PM
14231 Dolph CT $685,000 4 2 2580 DETACHD 1-4PM
17090 CHAPIN WAY $839,500 3 3 3480 DETACHD 12-3:30PM
1104 FOREST MEADOWS WAY $1,495,000 4 3.1 5756 DETACHD 2-4PM
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News & Notes

  • September 11th Memorial – The city will be holding a Memorial at Millennium Plaza Park on Sunday, September 11th from 1 – 2PM.  Fire and police personnel will recite all the names of all the public safety people who perished that day.  Fire stations will all set off tones at the precise moment the towers fell 10 years ago as well.  This is a time of remembrance and respect as the city offers a way for citizens to join together and participate.
  • “Organically Grown in Oregon” Week – Luscher Farms will be holding an Open House on Saturday, September 17th from 10AM – 3PM.  There will be a Tilth plant sale, kids activities, tours, free demos and organic treats!  This is an opportunity to visit with farmers from the Community Supported Agriculture program and to hear from Tilth experts.  Check out the chickens, the tractor and the Children’s Garden!
  • The Mayor’s First Annual Community Bike Ride – The new Chief of Police, Don Johnson and Mayor Hoffman will take families on a 12-mile ride around Lake Oswego Sunday, September 18th.  They promise to show participants a new perspective on the city.  Sounds like fun!  Click HERE for more info.
  • Why Do You Attend the Lake Oswego Farmers Market? – How does the market impact your life?  Click HERE to join in the conversation and read others’ comments.

According to the RMLS Market Action Report for July 2011, the combined area of Lake Oswego and West Linn  reported:

  • 870 Active Listings
  • 173 New Listings
  • 109 Pending Sales
  • 94 Closed Sales
  • An average Sale Price of $494,000.
  • Average Time on the Market: 149 Days
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Enjoy These Last Days Of Summertime

The kids are getting ready for school, and even though Lake Oswego has such fantastic schools and we love them so much…. you can hear the sighs and see the minivans hitting the road packed to the gills, and last-minute weekend trips to the coast or elsewhere taking precedence over “normal life”.  Here in Lake Oswego, we are taking advantage of every last minute of precious summertime, and we hope that you are too!

Happy Summertime, and be safe in your travels!

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Open Houses ~ August 14, 2011

It should be a lovely day to tour Open Houses!

Here’s what is on the line-up according to RMLS.

Enjoy!

Address L/Price # Beds # Baths Total SF Style Open
18150 BRYANT RD $309,000 3 2 1468 DETACHD 12-3PM
1561 WOODLAND TER $350,000 3 2.1 2184 DETACHD 3-5PM
18538 DEERBRUSH AVE $429,900 4 3 2593 DETACHD 1-5PM
12 SCARBOROUGH DR $464,900 4 2.1 2892 DETACHD 1-3PM
17177 CHAPIN WAY $479,000 3 2 1764 DETACHD 1-3PM
4 NANSEN SMT $479,900 4 2.1 3255 DETACHD 12-2PM
3815 SOUTHSHORE BLVD $538,000 4 2 2638 DETACHD 2:30-4:30PM
919 LAKE SHORE RD $599,000 3 2 1817 DETACHD 1-3PM
2011 RIDGEWOOD LN $615,000 5 3.1 3012 DETACHD 12-2PM
5511 FIELDSTONE CT $623,950 4 2.1 3037 DETACHD 2:;30-4:;30PM
5533 FIELDSTONE CT $633,950 4 2.1 3115 DETACHD 2:30-4:30PM
15622 FIELDSTONE DR $678,950 3 2.1 3113 DETACHD 2:;30-4:30PM
5015 DENTON DR $699,900 4 2.1 3309 DETACHD 11AM-1PM
17426 BERGIS FARM DR $894,500 4 3.1 4444 DETACHD 12-2PM
18308 MEADOWLARK LN $1,425,000 4 3.3 7341 DETACHD 2-4PM
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News & Notes

*JOBS: Moving to Lake Oswego and looking for a job?

– The City of Lake Oswego has several openings.  Check them out HERE.

– Parks and Recreation job openings can be found HERE.

* BANK-OWNED PROPERTIES: Dianne and I work with a wide array of clients, and each client is different; looking for a solution to their own unique circumstance.  That said, one thing that everyone seems to ask about these days is “bank-owned” or REO properties.  Yes, these are available in Lake Oswego, and the appeal is that they are almost always under market value.  These properties have either gone through the short-sale phase unsuccessfully (they didn’t sell while listed as short-sale), or have just gone straight back to the bank and therefore appear as a new property on the market where the Seller is the Bank.

I usually talk with clients about the fact that they are really looking for a *home* that meets their needs… both monetary and otherwise (location/school/amenities/lot size/number of bedrooms & other criteria), and so I focus on the whole picture as there are so many good “deals” on the market right now whether they are bank-owned or not.  AND, bank-owned properties, if they fit your other needs, are a great resource when you’re looking at the financial side.

Below you’ll find the bank-owned properties on the market in Lake Oswego right now, as well as the ones that have Sold in the last 30 days.  I included some basic directions in case you wanted to drive by and see if any of these interest you. ***Of course, do not drive in the driveways or otherwise disturb the new owners of the ones in the “Sold” category : )

To answer a question that always seems to come up: If a house shows a lower List Price than Sold Price this can have multiple reasons including seller-paid concessions (closing costs etc), multiple offers & therefore “bidding up” on price, etc.

Hopefully this is a good reference-resource for you. Happy August!

Address List Price Sold Price # Beds # Baths Total SF Style Directions
ACTIVE BANK-OWNED:
13990 SHIREVA CT $245,000 3 2 1651 RANCH Country Club to Shrieva Loop to Shrieva Court.
6218 NOKOMIS CT $257,900 4 2 1512 RANCH Childs or McEwan to Longfellow to Nokomis Ct
5206 ROYAL OAKS DR $449,900 5 3.1 2801 TRAD Carman to Waluga Drive to Royal Oaks Drive
18014 GIMLEY CT $539,900 5 3.1 4355 TRAD Southshore to Royce Way to Westview Dr. to Gimley Ct.
4158 CASEY CT $719,000 4 2.1 3385 TRAD Bryant Rd right on Chad right on Melissa right on Casey Ct
17460 WREN CT $940,000 4 3.1 3305 TRAD South Shore, South on Cedar to Wren St, left on Wren Ct, to end
17860 CRESTLINE DR $1,400,000 4 5.2 6810 CAPECOD Bergis to Skylands, to Crestline
SOLD BANK-OWNED in LAST 30 DAYS:
17950 KELOK RD $199,900 $226,000 3 2 2376 DAYRNCH Bryant/Childs/Kelok-Hillside
785 3RD ST $248,000 $290,150 2 1 1856 COTTAGE A Avenue to 3rd
190 FURNACE ST $700,000 $686,700 5 4.1 4022 CRAFTSM State to Leonard to Furnace
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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

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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)

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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