Category: General

All About Lake Oswego, Oregon real estate topics

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Market Activity Report: 3/21-3/27

New listings were way down last week with just 12: probably due to Spring Break. Pending sales were strong at 16, and closed sales were also solid at 14. It’s nice to see more pendings and solds than new listings. Must be the sweet smell of spring.

See below for further details according to RMLS:

NEWLY LISTED (Mar 21-27, 2011)

Address Type Price Sq FT BR Baths
45 Eagle Crest Dr #520 Condo $135,000 768 1 1
5322 Charleton Ct Detached $274,900 1633 3 2.5
7 Britten Ct Attached $280,000 2046 4 2
5978 Fernbrook Circle Detached $309,000 1612 3 2.5
1820 Kilkenny Dr Detached $379,000 3040 4 3
2360 Greentree Rd Detached $429,000 2207 3 2.5
17360 Hunter Ct Detached $478,500 3322 4 2.5
1454 Glenmorrie Dr Detached $505,000 3372 3 2.5
557 2nd St Condo $625,000 1833 2 2.5
1700 Village Park Ln Detached $769,900 4945 4 4
12439 SW 22nd Ave Detached $849,900 4118 4 3.5
340 Ridgeway Rd Detached $1,495,000 3796 4 3

PENDING SALES (Mar 21-27, 2011)

Address Type Price Sq Ft BR Baths CDOM
79 Galen St Condo $69,900 995 2 2 208
668 McVey Ave #82 Condo $109,250 992 2 1.5 46
54 Galen St Condo $119,485 995 2 2 346
5064 Foothills Dr H Condo $209,900 1252 3 2 14
10 Polonius St Detached $264,900 2028 4 3 3
1571 Woodland Terr. Detached $299,900 2400 3 2 106
44 Da Vinci St Detached $339,900 2005 4 2 14
151 Del Prado St Detached $399,000 2447 4 2.5 191
18929 Indian Springs Rd Detached $410,000 3380 4 3 51
6 Churchill Downs Detached $439,950 2922 5 3.5 320
920 Evergreen Rd Detached $475,000 1622 2 2 413
17645 Oak Meadow Ln Detached $510,000 3510 4 2.5 392
5 Cellini Ct Detached $649,900 4895 5 3.5 300
691 Carrera Ln Detached $699,000 3704 5 3.5 255
17833 Marylcreek Dr Detached $749,000 5495 5 4.5 45
18260 River Edge Ct Detached $789,000 4711 4 3.5 160

SOLD (Mar 21-27, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4631 Lakeview Blvd $93,000 $51,000 Condo 753 177
49 Oswego Summit $75,000 $67,500 Condo 720 127
18021 Tualata Ave Auction $176,400 Detached 1410 338
575 Hemlock St $289,000 $285,000 Detached 1175 289
5204 Rosewood St $344,900 $337,000 Detached 1683 11
30 Wilbur St $412,900 $355,000 Detached 2664 79
326 Lake Bay Ct $439,500 $390,000 Detached 1400 159
13595 Knaus Rd $489,000 $469,000 Detached 3339 226
547 2nd St #202 $559,000 $535,000 Condo 1529 388
2607 Palisades Crest Dr $760,000 $750,000 Detached 5650 244
1309 Horseshoe Curve $849,000 $800,000 Detached 3087 58
585 2nd St #404 $999,000 $835,000 Detached 2147 396
744 9th St $1,075,000 $950,000 Detached 4255 465
13795 Cameo Ct $1,400,000 $1,100,000 Detached 7190 706

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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Mortgage and Market Tidbits

  • Local Area Trends- According to the latest RMLS Market Action Report, comparing November 2010 with December 2010, a few interesting facts emerge-  Average Sales Price increased in the Portland Metro area by 2.2%, and Closed Sales increased by 14.3% which is the highest monthly level since June.
  • Rates- There is some indication that this increase was due to interest rate swings which may have persuaded uncertain buyers to take action. After remaining for weeks at historic lows, rates jumped for a short time to over 5%. They have since gone back down again to about 4.75% but the temporary increase may  have  convinced  buyers that low rates won’t be around forever.  According to MBS  Quoteline, the volatility of rates which has surfaced in the first weeks of the new year is of course due to shifting economic factors. Prior to Friday’s Employment report, nearly all the economic data was stronger than expected which impacted mortgage rates negatively.  Rates improved after the employment data though, and ended the week nearly unchanged.
  • Pat Goodell of Academy Mortgage says:

    • The Monthly Inflation reports and Retail Sales reports  were not as strong as hoped so rates have stabilized below 5%.  But all indications are that there will be stronger economic data coming out in the next few months which will impact rates negatively again.  There is no reason to expect that rates will continue to be as low as they currently are and most expectations are that by the 2nd half of the year, they will have increased to over 5% again.

  • Portland Metro’s “Grade” To Improve?- The mortgage insurance companies identify cities according to their “risk” of declining values. One mortgage insurance company just upgraded 18  cities nationwide (and downgraded 3). They made no change to Portland yet but it’s a positive sign that they are seeing stronger values in 18 cities nationwide and one mortgage insurance rep did say he expects to see Portland upgraded in the near future.
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Open Houses ~ January 16, 2011

It is January…  ready, set go!  29 houses open on Sunday in Lake Oswego.  Bring your umbrella and have a ball!

My listing on Lamont Way is Open from 1-3. Dianne will be there and would LOVE to meet some of our Property Blotter readers in person! It’s a truly unique house that is private, has an artistic edge (with space for a studio), and perfect for someone looking for a house that is not “cookie cutter”.  The property on Kilkenny Drive in Palisades is a great one to see also- lots of space w/ gorgeous landscape features, updates and a great view. It is Open from 12-3.

Lots and lots of great houses on tour!

Here is what is being held Open according to RMLS:

Address L/Price # Beds # Baths Total SF Style Time
5054 FOOTHILLS DR #69E $205,000 3 2 1252 CONDO 1-3PM
3535 UPPER DR $275,000 3 2 1373 DETACHD 1-3PM
1228 MAPLE ST $325,000 3 2 1894 DETACHD 1-3PM
4840 LAMONT WAY $325,000 3 2 1793 DETACHD 12-3PM
1459 GREENTREE CIR $335,000 3 2 1683 DETACHD 1-4PM
1851 KILKENNY DR $369,000 4 3 2716 DETACHD 12-3PM
1830 CLOVERLEAF RD $389,000 5 2 1795 DETACHD 1-3PM
151 DEL PRADO ST $399,000 4 2.1 2447 DETACHD 12:30-2:30PM
17802 HILLSIDE WAY $424,900 4 2.1 2965 DETACHD 1-3PM
326 LAKE BAY CT $449,500 3 2 1400 DETACHD 1-3PM
19415 SW DOGWOOD CT $499,900 5 3 3517 DETACHD 12-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 12-4PM
5705 SOUTHWOOD DR $549,000 4 2.1 3360 DETACHD 1-3PM
19263 MEGLY CT $549,900 5 3 3213 DETACHD 12-4PM
19245 SW MEGLY CT $559,900 5 3 3490 DETACHD 12-4PM
17997 Braeden CT $644,860 3 2.1 2984 DETACHD 12-2PM
5511 FIELDSTONE CT $678,950 4 2.1 3037 DETACHD 1-3PM
5533 FIELDSTONE CT $688,950 4 2.1 3115 DETACHD 1-3PM
15459 VILLAGE DR $695,000 4 3.1 3059 DETACHD 1-3:30PM
17884 KELOK RD $695,000 5 3.1 4124 DETACHD 2-4PM
17896 KELOK RD $695,000 6 5.1 4323 DETACHD 2-4PM
1930 INDIAN TRL $699,000 3 3 3260 DETACHD 12:30-3PM
15622 FIELDSTONE DR $718,950 3 2.1 3113 DETACHD 1-3PM
13223 DEERFIELD CT $725,000 5 3.2 4008 DETACHD 1-4PM
17301 CANAL CIR $749,000 3 2.1 1812 DETACHD 3-5PM
4158 CASEY CT $759,900 4 2.1 3385 DETACHD 1-4PM
533 Weidman CT $924,900 4 3.1 4108 DETACHD 2-4PM
3118 DOUGLAS CIR $1,100,000 3 2.1 3562 DETACHD 1-3PM
18222 SIENA DR $1,189,000 4 3.1 3998 DETACHD 1-3PM
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Mortgage Assistance

There has been talk on the news lately that many people who might qualify for the government program to potentially help pay a year’s worth of mortgage payments do not seem to be taking advantage it.  Speculation has been that either 1) People believe it sounds too good to be true, or 2) People don’t know about it.

The following is basic information about the program for you to pass on to someone you love who may qualify (thanks to Naida Paris of The Valley Mortgage Group):

* Have you had a 25% drop in income from 2008 or 2009 and need help with your mortgage payment?

* Please go to www.oregonhomeownerhelp.org .  If you are chosen for the program your mortgage payments may be made for 12 months or up to $20,000.

* You do not need to be behind in payments.

* There is no credit report pulled to qualify you.

* There is no debt ratios requirement.

This program is statewide, funded by stimulus funds.  You can apply until January 14, 2011.  Each County is given an allotment of funds based on their economic need.  After you apply online, you will then bring income and asset documentation to your local housing authority to verify the loss of income.

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Happy Holidays to You!!!

As Christmas weekend approaches, Dianne and I wanted to take a moment and wish you a very peaceful and joyous holiday with your friends and family.  It is such a pleasure for us to write this blog and to serve your needs through the year, and we appreciate each of you so much.

We will be taking a little holiday ourselves, and will be back with our weekly Activity Report on Monday, January 3rd, 2011.  Till then…. stay safe, warm and happy.

Merry Christmas & Happy Holidays!!!

Dianne and Linda

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Gratitude

Greetings to all of our loyal Property Blotter readers this Thanksgiving Day!!!
In between taking care of my clients and getting the turkey into the oven & the side dishes prepared, I wanted to take a moment to let you into my life a little, and say how grateful I am for so many things.

First of all, I am grateful for those I love; family and friends who continually show up in my life in a way that amazes and humbles me.  I am grateful to my clients (usually friends or friends of friends who have been referred to me : ) for their confidence and faith in me as I help them through a very big transition in their lives.  Here are two of my listings that are in Lake Oswego… two homes you should check out belonging to two awesome people! Click Links: Devon Lane and Lamont Way.   And yes, I am grateful to you, our readers, who grace us with your time, support, encouragement, and sometimes your business!

I am so grateful for my home, my health, my community, my warm fireplace, the view out my windows, the food in my refrigerator.  I am thankful to those who “play” with me…  my music program at PCSL…  the Friends Gospel Chorus who sing so clear and bright with hearts so open, and the band who supports everyone so skillfully every week.  I am grateful for my networking buddies who show up every month for fun & SpeedNetworking, For my Wheels and Ears cohorts and their work, for my car with the little paper crowns sitting in the back window that my son made for me when in grade school (you might spot me around town now!  … the Queen of a little boy’s heart… who is now much older : ).  I am grateful for all those little things that make life do-able nowadays… my cellphone, my trusty computer, my fancy indoor/outdoor temperature sensor, my bread-maker (should come in handy today!), my hot/cold water dispenser (tea is so fast!), and of course my lockbox key!  On that note, I’d like to say how grateful I am to our Real Estate Firm and our Principal Broker, who is such a rock to all of us who make up this company, to all of our clients, and to anyone who knows her.  Additionally, I am so grateful for Dianne Gregoire, with whom I produce this real estate blog, who is not only one of my best buddies, but an amazing and powerful “thriver” in her business, health and personal life… I am so grateful to know her and to call her my friend.

OK….  too sappy?  It’s just once a year (though it could be much more often…  : )  Try it yourself….  start listing all those things for which you are grateful ~ especially the little things~  then get out there and enjoy this day!   I think a nap in front of the fireplace is in order later…  Have a very, very very…

Happy Thanksgiving!

Linda

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Preparing for Winter Weather

In this month’s Hello LO (the monthly newsletter mailed to the residents of this fine city) there is an excellent Winter Preparedness Guide. In the interest of helping you to protect your real estate investment, I thought I’d share with you some of the important suggestions.

The City is asking you
* To be sure your address is clearly visible and not covered with snow or ice
* To keep a path clear from your street to your front door
* To have an emergency supply kit
* To use flashlights instead of candles to help prevent fires
* To be aware of carbon monoxide hazards from outdoor heating devices used indoors

Make sure your smoke alarm is in good working order
Now is the time of year to check the batteries in your alarm and be certain that they are working. Current Oregon law requires that homes that are bought or sold have smoke alarms with a hush button feature, and either a 10-year lithium battery or be hard-wired with a back-up battery. There should be a working smoke detector on every level of the house with special attention paid to areas with bedrooms.

Food Safety
In a power outage, if your freezer is full, food will stay frozen for about 2 days. If it is less than half full food will stay frozen for about 1 day. Cover the freezer with blankets or sleeping bags to help food stay frozen longer. When the power comes back on, examine all of the food for spoilage and if in doubt, throw it out.

For food in the refrigerator, be especially careful of meat, fish, milk, mayo, and eggs. Again, if in doubt, throw it out.

Gas Shutoff
If you need to have your gas shut off, contact NW Natural at 503-226-4211 and they will send a technician to assist you. If, however, an emergency arises where you need to shut the gas off immediately, follow this simple procedure:
1) Locate the shutoff valve on the riser pipe (the pipe running from the ground or through the foundation wall to your meter). To turn the valve you will need a crescent or pipe wrench. A wonderful home inspector I use suggests every home owner buy a simple wrench that fits this valve and hang it on a nail behind the riser pipe. This way in a true emergency you aren’t fumbling around in the garage looking for the right tool. When the valve head is parallel to the riser pipe, it is in the OPEN position.
2) Turn the valve head crosswise (perpendicular) to the pipe and it will be in the CLOSED position. There are also natural gas shutoff valves on the lines fueling individual gas fireplaces. Once the gas is off, LEAVE IT OFF.
3) Call NW Natural, 503-226-4211, when you are ready to have the gas restarted.

Storm Clean Up and the Tree Code
A permit is not required to remove downed trees. However, pictures are encouraged for documentation.

An Emergency Tree Permit or a Hazard Tree Permit needs to be issued for trees that present an immediate danger of collapse or present a danger to either people or property. Again, be sure to take pictures. Both permits are obtained thru the City and may require a Hazard Evaluation Form completed by a Certified Arborist, along with photos. For more information, call the Community Development Department at 503-635-0290 or click here.

Photo courtesy of Cornell University
Don’t Forget Your Pet
OK, I know this isn’t about your real estate investment, but it is about an entirely important emotional investment.
* Consider inviting your outdoor dog or cat inside when the temperatures dip to freezing.
* More dogs are lost in the winter than any other time of year. In snow or ice dogs loose their scent and more easily become lost. Keep them on a leash or in their fenced yard, and be sure that they are wearing an ID tag and/or an ID chip.
* Cats will seek warmth and have been known to crawl under the hoods of cars. Get in the habit of banging on your car hood before starting your engine to give a cat the chance to escape.
* Thoroughly wipe your pet’s legs and stomach when you bring them inside out of the snow. They can ingest anti-freeze and other chemicals when licking their paws and grooming after they come indoors.
* Don’t leave your cat or dog alone in a car. They can freeze to death in January just as easily as they can die of heat exposure in July.
* Don’t let your dog run loose on a pond or lake where ice could break and they could drown. And this year, with the lake drawn down, keep them out of the murky mud in which they could become stuck.

It is really hard to know what to expect from Old Man Winter. Some years we get next to no snow or ice. Other years we get hammered. But in any case, we need to be prepared. I hope you have found this guide useful.

Dianne

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Dianne’s Junk Drawer

Winding down the summer, gearing up for the fall, there are a few fun and quick topics I wanted to cover.

Lake Oswego’s Famous Flower Baskets
Remember that flower basket I planted last May? I wanted to share with you how it turned out. This basket is amazing. It hangs about 5′ long and is easily 2-3 feet wide. It is so heavy that I had to move it from it’s original hook, which it was bending. I got a lot of enjoyment out of planting it and watching it grow. I will plan to do it again next year. I also have to confess that I wasn’t as good about fertilizing it as I should have been. Early on, I did fertilize it once a week like I was supposed to. But as the summer progressed, well, I slipped up on that component. That didn’t keep the basket from getting huge. So even an imperfect gardener can grow one of these amazing baskets.

Planning Vacations for Next Year
One of the wonderful benefits of living in the Pacific Northwest is that taking a quick vacation, at not a lot of expense, is really easy. I thought I would list some of the destination spots that my husband and I have been to in the last few years. All trips were 3-5 days long with amazing scenery.
San Juan Islands WA
Joseph, Hells Canyon, and the Wallawas, OR
Coeur d’Alene, ID
Ashland Shakespeare Festival and Jacksonville, OR
Skamania Lodge, WA
Leavenworth, WA
Wenthrop, WA
Bend and Sisters, OR
The Olympic Peninsuala, WA
And, of course, anywhere on the Oregon Coast
And yes, that is me in the photo. My husband and I do our trips on his Yamaha. No, it’s not what I ever imagined doing. Yes, we have fun and my husband loves the adventure. I’ve been riding on the back of his motorcycle since I was 18 years old. I trust him to keep me safe. And that feeling of the wind and the open road really is pretty amazing.

My Personal Commitment
I am once again fundraising for the Portland Race for the Cure, which is being held September 19, 2010 in downtown Portland. Every dollar raised supports awareness, assistance, and research that benefits women right here in Oregon and Southwest Washington. Over 10,000 women received mammograms last year that would not have without assistance from the Susan Komen Foundation and Race for the Cure. As a breast cancer survivor, this effort helps me to make something good come from something very bad. If you are inclined to make a donation, you can do so by clicking here. Thank you!

Thank you for letting me clean out my junk drawer. Let me know if you have any ideas of your own for a great get-a-way in the Pacific Northwest. I’d also love to hear from any of you who planted hanging baskets of your own.
Dianne

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Where did the Lake go?

For the last 2 years the City of Lake Oswego has had a major infrastructure project going on:  the replacement of the aging and inadequate sewer interceptor line that ran along the bottom of the lake.  The line is about 9000 feet and was both too small, causing over-flow when it reached capacity in heavy rain, and prone to damage in the event of an earthquake.  Replacement of the system has happened in stages with the second stage now winding down and the third stage about to begin.  Completion of the third stage will complete the project.

Sometime in September the water level of the lake will be drawn down.  Remember that the water level is controlled at a dam that is located at the East end.  When the water is drawn down, the lake will look almost completely empty with the exception of the very deepest areas.  Mostly, it will look empty.  This will be the status of the lake until next March when the lake will be allowed to refill.  The new water will come from rain runoff, the Tualatin River, and area streams and creeks.  The goal is to have the lake re-filled in plenty of time for summer recreation.

I’ve lived in Lake Oswego long enough to recall the days when the lake level was lowered regularly.  It was part of normal management of the lake to drain the water out for a few weeks every other winter.  This allowed water-front property owners to do needed repairs on their sea walls and boat houses.  Then, about 10 or so years ago, the decision was made to not drain the lake on any regular basis.  Which means that it has now been quite a few years since it was drained and that means it is going to come as quite a shock to local residents who haven’t been paying attention.

It is my experience that following the draining of the lake not only does the lake look better (from all of the work that gets done around the lake when the water level is down), but the water quality also tends to be much improved.  Swimming in the lake next summer will be great!

So don’t be surprised when the lake is drained in a month or so.  The water level will be restored.

For further info, including an exact schedule and e-mail updates, you can visit the City of Lake Oswego’s website and get all of the details.

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News & Notes

~News & Notes~

  • Mortgage Rates fell further last week from the already-lowest level in decades.  Rates for a 30-year conventional loan are now hovering at between 4.5% & 4.75%, even with an increase today of .25 basis points according to Pat Goodell of Academy Mortgage.  Slower economic growth last week was good for mortgage rates and negative for the stock market.  This is actually an interesting point to note- When you see the stock market take a dip, check in on mortgage rates… they will almost always be improving during such periods.
  • The deadline for closing on those transactions taking advantage of the tax credits was finally extended to September 30th. So, that’s very good news for all those who were pushing up against the June 30th closing deadline & not quite making it.  I love second-chances… they’re so American!
  • Woodstove Reminder – Have a wood stove?  Planning to buy or sell a home with one? Note that beginning August 1st, 2010, in an effort to control emissions from smoke, when selling a home you will be required to remove the wood stove if it is “uncertified” by the DEQ.  Here is a link for more information: Woodstoves in Oregon
  • Lake Oswego Pricing Snapshot– Today there are 74 Detached Residences for sale in Lake Oswego priced at $350,000 or under.  There are 144 priced between $350,000 and $550,000.  Between $550,000 and 1 million there are 206 properties.  And at 1 million and over there are 105 to choose from.