Tax Credit Extension Update: Well, most expected HR 4213 to pass the Senate, but it was rejected in a test vote on Monday 52 – 45. This bill would have extended the mandatory closing deadline for real estate closings to September, thereby cutting some slack to the many Buyers, Escrow officers and Lenders who are working their way through the morass… all with the same deadline. There is a real concern that as next Wednesday approaches, the bottleneck will strangle many of these deals due to sheer volume and limited capacity and resources to finish on time.
As of today, June 24th, the Senate will “continue considering” the bill, and a number of amendments. This bill also includes other considerations including extending unemployment benefits, and will reportedly add 80 billion to the deficit. This is the reason being given for it’s defeat in the test vote on Monday in it’s then-current form.
Community News:
Community-Wide Garage Sale! Get ready to say goodbye to those items you no longer need in your home. To someone else they will be a “find”! Register your sale and your location will be mapped with your sale items listed. Free to Lake Oswego citizens, and Free publicity to boot! The event is July 10th from 8AM till 3PM. You have until June 28th to register. Click Here
The Sensitive Lands debate has been quite high profile for some time now, with citizens very concerned on all sides of the issue… concerned with how properties will be affected; concerned about how the natural landscape will be affected; concerned about how local government is handling an issue so important to citizens and the environment alike. The Second Look Task Force is completing their review of the environmental and regulatory purposes, and providing recommendations for changes that increase flexibility & clarity, and maintain the community’;s committment to the natural environment. If you’d like to know how you can provide input, Click Here. (All meetings except for July 10th will be televised live beginning at 6:30 PM on TVCTV Channel 23 or 28.)
Herbicides on Lake Front: From July 21 – 25 aquatic herbicides will be applied to shorelines along the main lake and Blue Heron Canal. For more information call Casey Deck at 503 636 1422.
Take A Free Tour! Have you been wanting to learn more about all of those sculptures & works of art you see around town? You can enjoy a walk with a Docent who will show you many of them in Lake Oswego’s “Gallery Without Walls”. Learn what the artist was thinking and how the piece was crafted. Tours are scheduled for June 25, 26, and 27 from 11AM till noon and 3PM till 4PM. No reservations are required. Proceed to the front of St. Honore Bakery at 315 1st St. next to Millenium Park Plaza. For more information call 503 675 3738.
I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?” In my circle of friends, homeownership is the norm. And in today’s economy, everyone is hoping that their home is holding it’s value. For my clients, they are wanting me to give them insight into the buying/selling climate. So staying on top of trends is pretty critical. Today I am going to break down the Lake Oswego market and give you some specifics.
First, some good news: Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of ’09 to May of ’10. Values are down in Lake Oswego, year over year, 7.8%. The only part of the metro area that did better was North Portland with a loss of 6.3%. The worst faring area was Yamhill County, which is down 13%. Wow, did I really just call that good news? We are down 7.8%! Perhaps the better way to see it is that this is less bad news than it could have been.
The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500. The total days on the market is averaging 153 days.
I think it is important to do this analysis by price range. Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices. Here is a breakdown by price:
Price
Currently for Sale
Sold in Last 6 Months
# Per Month
Length of Inventory
$1,000,000 +
105
15
3
42 months
$900,000-$1,000,000
19
4
1
28 months
$800,000-$900,000
50
6
1
50 months
$700,000-$800,000
42
12
2
21 months
$600,000-$700,000
53
21
4
15 months
$500,000-$600,000
74
35
6
12 months
$400,000-$500,000
79
43
7
11 months
$300,000-$400,000
60
60
10
6 months
$200,000-$300,000
29
36
6
4 months
$100,000-$200,000
3
2
0
9 months
At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.
I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.
And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.
Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.
As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.
I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.
Technically, Marylhurst University is located in Marylhurst, Oregon: until a few minutes ago I had never heard of such a town! Actually, Marylhurst University is sandwiched exactly between Lake Oswego and West Linn on the banks of the Willamette River. Founded in 1893 by the Sisters of Holy Names of Jesus and Mary, it is one of the oldest liberal arts colleges in the West. Originally a school for girls, it became co-ed in 1974 and was officially incorporated as an entity separate from the Sisters of Holy Names in 1959. As a school, it has continued to grow and to gain respect. In 2003 it was ranked by US News and World Report as a “Best Value”
Today the University offers a traditional classroom curriculum as well as on-line education. Bachelor of Arts and Science degrees are offered in Art, Interior Design, Business, Communications, English and Writing, Religious Studies, Music, Real Estate, and Science. Master’s Degrees are offered in Education, Business, Sustainable Business, and Interdisciplinary Studies. So right here, in the backyard of our town, you can pursue higher education and on-going education. I see this as a real asset to our community. It makes education easier to obtain when it is nearby, and for our town, it adds many benefits.
Mary’s Woods
Along with the University, there is a retirement community known as Mary’s Woods. Offering all levels of assistance from independent living to extensive care, this retirement community is well regarded. And being attached to the University, it offers many opportunities for retired folks who want to take classes and to remain active.
The Christie School The Christie School was founded in 1953 and is Oregon’s oldest and largest residential treatment center for emotionally disturbed children. The program serves the needs of about 80 kids at any given time. It helps children 8-18 years of age who are coping with any number of needs from depression issues to over-coming abuse. It’s roots go back to the original school, St. Mary’s Home for Girls, which was founded to house and to educate orphaned and abandoned girls.
And then there was the battle with the KKK
One of the more interesting bits of trivia surrounding Maryhurst was the landmark court case known as “Pierce v. Society of Sisters” from 1925. Back in the 1920’s the KKK was pretty strong in Oregon and had a good deal of influence in Oregon politics, including with the Governor of the State, Walter Pierce. The KKK, in concert with the Oregon Scottish Rite Masons, wanted to make public education mandatory, thereby ending access to private education. The Sisters boycotted businesses that supported the KKK and challenged the KKK in court. The 1925 case, decided unanimously by the United States Supreme Court, ruled in favor of the Sisters. The court case ruled that while states may compel attendance at some school, the parents have the constitutional right to choose between public and private schools. The ruling was a legal precedent for our country that has effected court rulings across the United States ever since.
Marylhurst is just one more reason I like living in Lake Oswego. It is a wonderful resource, on so many levels.
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
Greece and Mortgage Rates – MBS Quoteline reports: ” Despite stronger than expected economic data, the financial situation in Greece held the greatest influence on mortgage rates this week. A flight to quality and prospects of slower economic growth in Europe were favorable for mortgage markets and negative for the stock market, and mortgage rates ended the week lower.”
Current Mortgage Rates and Mortgage Insurance Updates – According to Pat Goodell of Academy Mortgage:
“Some of the Mortgage Insurance companies have gone to tiered pricing based on credit scores which is good news to those with good credit scores. Mortgage insurance companies also will now allow “up front mortgage insurance” (in lieu of monthly mortgage insurance) to be paid by the seller. The potential advantage of this is that the seller can pay the up front mortgage insurance as part of any allowable closing costs that a buyer might negotiate for a seller to pay. Then the buyer has no mortgage insurance premium to pay as part of their mortgage – this may or may not be an advantage to the buyer depending on their situation; but it does help for qualifying by reducing their monthly mortgage payment. There are qualifying parameters for this option and the lender also has to approve this option as well.”
“Interest rates are holding steady now with the 30-yr fixed still hovering around 5% — 30-yr fixed today is actually available at 4.875% with 0 pts, depending on the buyer’s qualifications.”
Community Notes ~
Farmers Market opens this Saturday, May 15th in Lake Oswego. (yay!) This is the 10th Anniversary Celebration. You can find the food & fun at Millennium Plaza Park from 8:30AM – 1:30PM on Saturdays through October 9th. Local musical group, Southern Nights, will perform from 10:30AM till 12:30PM at the kickoff, and the Bike Gallery will be there to check your kids’ helmets!
May is Sustainability Action Month. Take advantage of these local events:
Free screening of the film Deep Green with local film-maker Matt Briggs. This is an insightful look at “uncovering the best people with the best solutions for “de-carbonizing energy and restoring the natural world.” It will be held Saturday evening, May 15th at 7:30Pm at the Lake Grove Presbyterian Church, 4040 Sunset Drive. Bring your family and friends!
Get a good look at Lake Oswego’s Century Trees on the Century Tree Bike Ride, May 22nd. The bike ride is hosted by the Planning Dept.’s Green Team, and more information can be had by contacting Laura Weigel at Lweigel@ci.oswego.or.us .
Lake Oswego’s city council created the Sustainability Action Board (SAB) in 2008. For more information on sustainability, visit: The Sustainability Resource Page
To Move or Not To Move / Lifestyle Options for Older Adults , an educational program for seniors and their families is designed to give information on housing options and resources in Lake Oswego. You are invited to attend on May 16th, from 2:00PM to 5:00Pm at the Lake Oswego Adult Community Center, 505 G Avenue.
There are several things that Lake Oswego is famous for: the Lake, beautiful homes, great schools, and the glorious flower baskets. The baskets have been hung annually on the main streets of town for many years. They are spectacular with both great size and great color. As someone who loves flowers and working in my garden, I’ve wondered how they do it. What are the secrets that make the LO baskets thrive? They start out pretty and of good size, but by summer’s end they hang about 6 feet down and are a profusion of color that is just amazing. Last Saturday I attended a class put on by the City Park’s and Recreation Department where I learned how they do it. So here it is: the secrets of Lake Oswego’s famous flower baskets.
Start with a 12 inch hanging pot that is nearly as deep as it is wide. The city uses 16 inch pots, but those are much too large for the scale of most homes. 10 inch pots can also be used, but they require watering twice daily, whereas the 12 inch pot can get by on once daily watering. Also recommended is a pot with a straight side. This allows as much soil and water as possible for root development. These instructions are for a 12 inch pot. If you use one that is either larger or smaller, please make your own adjustments.
Fill the pot about half full of soil. The recommended soil is NW Best Soil Potting Mix. This is what is used by the City. It is the choice because it contains “Sirfactin” which allows the walls of soil to expand so water doesn’t run around the planting mix and out the bottom of the container. To this soil, mix in about 1/4 cup of Plant-Tone, a fertilizer to get the plants off to a good start.
Before adding any more soil, remember the planter is only about half full, place 7, 4-inch plant starts. If they are in plastic containers, pull them out. If they are in the kind that are made of compost you can just set them into the planter in the container and the container will decompose as the roots develop. Think about putting a plant that will grow tall in the center such as a geranium. Then place the other 6 plants around the perimeter that will hang as they spread and grow. Think about having a variety of colors and textures. The planters made for the city are designed to be hung in full sun. You can design your own flowers based upon where you intend to hang your planter. Using a 12 inch planter and 4 inch plants you will find that this really packs the pot completely full of plants. The 7th one has to be pretty much squeezed into the planter. This will leave just a few areas between the edges of the plants that need to be filled with dirt. Find those spots and gently fill dirt in around the plants. When you are done the level of the top of the dirt should be about one inch below the rim of the pot. (It’s a good idea when testing the first plant you put into the container to eye-ball the level and see if you need to fill your planter more than half full when you add the initial soil).
Water immediately and really let the water run. The planter needs to be watered DAILY, even on days that have rain. Rain will not be enough to thoroughly saturate the soil. It is not possible to over-water this planter. Yes, you really have to water it every single day. When you water, let the water gently run and then keep the water going. Count to 50, sing a short song, whatever you can do to force yourself to stand at the planter and thoroughly water the planter. Do it every single day and on those days with really extreme heat, do it TWICE.
Once a week fertilize with Proven Winners. This is a fertilizer that is widely sold in the area. You mix it into a big gallon watering can with water and poor it into the planter. It has a balance of fertilizers that is 24-12-17. It contains 15 nutrients, not just nitrogen, phosphorus and potassium, but trace elements as well.
When you hang your planter remember a couple of things. This planter is going to get very large. This means that it will be very heavy so make certain that it is on a hook that will hold the growing weight. Also hang it where it has room to grow. By the end of the season it will hang 4 to 6 feet long. It will be a total show piece in your garden.
If you have questions or need help, or want to buy any and all of the materials listed above, the place to go is The Garden Corner in Tualatin. Located at 21550 SW 108th Ave in Tualatin, this garden center has been the birthplace of the LO hanging baskets for many years. They are proud of their participation in the LO hanging basket program and are happy to be of help to you when you grow a basket of your very own.
I’ve got my basket hanging at my home. I am eager to see just how big it is going to get. Let me know if you do one too. Maybe we can share some photos in September!
Remember, gardening is great therapy for your soul.
Dianne
House Set to Extend Rural Home Loan Guarantee Program – A unanimous vote by the House Financial Services Committee will send the Rural Housing and Stabilization Act of 2010 to the full House of Representatives where it is said that it has been fast tracked for a vote as early as next week. Passing HR5017 will continue the availability of government guaranteed mortgages for rural home-buyers. If passed it will correct section 502 of the Single family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists home-buyers living in rural areas to obtain affordable mortgages guaranteed by USDA. There has been great concern of late at announcements that there were no more funds for this program, so this is a welcome announcement for many. You must qualify credit-wise of course, and have reliable and adequate income. The average guarantee in 2009 was for $112,000.
Lock Box Activity – According to RMLS, when comparing the week of April 5th through April 11th with the week prior, the number of times a lock box was opened increased 33% in Washington and 26.6% in Oregon. Spring is in the air!
Community ~
Shred Day! Bring your shred-able items in to the West End Building on May 1st & protect your identity while you recycle. Credit Cards, staples, paper clips and rubber bands are all said to be acceptable. Up to three boxes per person will be accepted, and all are encouraged to bring cans of food to support the Oregon Food Bank. 10:00 AM till 1:00 PM or until the truck is full!
I LOVE LOPR Video Challenge – Lake Oswego Parks & Recreation is asking all those who love our parks to grab a camera and illustrate why! Take a photo of your favorite event, your favorite park, your favorite park activity… the list is endless. Details can be found HERE The list of prizes and sponsors is growing. Sign up for the challenge, OR sign up to be a sponsor.
Child Safety Seat Clinic – Come & make sure you know how to install your child’s safety seat property. This clinic will take place May 1st from 10:00 AM till 2:00 PM at 300 B Avenue/The Main Fire Station. Each seat takes about 30 minutes to check. Come and spend some time building peace of mind.
I have had an idea swirling around in my head for a few weeks now. It comes from my personal experience with clients as they interact with the current economy and the housing market. This idea really jelled in my thinking when I read Ted Leonsis’ article in the April 12th issue of Newsweek.
My observation with clients, both buyers and sellers, is that there is a tremendous amount of attention and focus put onto the dollars involved in buying and selling. This is nothing new. Real estate is, for most people, the largest financial investment they will make in their entire lifetime. So what is different is that the weight being put onto the investment is in many cases causing people to forget that real estate is also about a home. Yes, I am addressing this to houses that people live in and not to rentals or portfolio properties. What I am seeing is that people are so driven to get the right deal, that they are passing up properties that are far superior in amenities.
Ted Leonsis is a former vice chairman of AOL and the author of a book, The Business of Happiness. His theory is that a company who wants financial success needs to not only think in terms of making money, but also in terms of doing what is often difficult but what is ultimately the right thing to do. This in turn keeps the company on a path of happiness that will ultimately also bring greater financial success. In other words, there is a link between pursuing happiness and also finding financial success. His case in point is the recent move by Google to route Web users from China to an unrestricted search page based out of Hong Kong. While this move may, in the short term, stifle the financial growth of Google in the biggest Internet market in the world, Leonsis believes that in the long term it will have greater financial success by placing its core values to do the right thing for humanity ahead of it’s short-term interest in its bottom line.
“Google aims to make money, of course, but it also has a motto (“Don’t be evil”) and a higher calling: to organize the world’s information and make it universally accessible. By refusing to participate in Chinese censorship, the company imperiled billions of dollars in future profit. More important, it protected its status as a happy company at peace with its values—and happy companies are more, not less, likely to continue being successful.”
Ted Leonsis goes on to call this way of looking at business double-bottom-line thinking. In other words, success should be measured by the financial growth of the investment, but also by the positive out come for the happiness of human beings.
It is probably my liberal arts education coming out here, but I find this to be really important. As a Realtor, when I represent buyers my job it to get them the best possible deal. When I represent sellers, by job is to get them the highest possible sales price. I never loose focus on that. But it is hard when I have a buyer who is saying to me “show me foreclosures and short sales because I’ve heard that they are the best deal”. Or when a seller passes up a lower offer that is all cash for a higher offer with a buyer who is only putting down 5%. Focusing strictly on money may cause you to pass up the house that was lovingly cared for and is priced $10,000 higher than the beaten up foreclosure down the street. And in this lending environment, cash buyers are a real blessing.
I guess I think that there is value that needs to be also given to things like timing (short sales take months to close, if they happen at all), good will (they buyer will take the house with the big pile of yard debris in the yard because it doesn’t bother them to have to clean it up), and livability (the big kitchen is ideally designed with loads of cabinets and counter space). For some reason this economy and this real estate market has got both buyers and sellers fixated on money, money, money. And that has them acting blindly to happiness. I thinking buying the right house, where you will live and grow, is just as important as buying the right deal.
The perfect sale does both: the house will be bought or sold at the right deal and it will also be more than a house, it will be a home. That is double-bottom-line thinking and that is a good way to approach both a property purchase and a property sale.
Have We Hit Bottom? The experts agree that generally speaking, the country has “hit bottom”, with various areas lagging behind a bit. CNN.Money.com predicts that the Portland area will hit bottom in Q3 of this year. Our latest RMLS Market Action Report for the Portland area indicates that Portland metro area closed sales increased 18.4% when comparing 2009 vs 2010. Pending sales rose 45% and new listings rose 12.4%. The average sales price declined 8.5%.
(Money Magazine) — The drama is nearly over. After a decade of extremes — the ebullient highs of the real estate boom, then the devastating lows of the bust — calmer forces are beginning to prevail in the housing market.
Local Lake Oswego Data The RMLS Market Action Report lumps West Linn and Lake Oswego together, but here is some interesting data:
* In February 2010 the average sales price was $457,700.
* The average time on the market was 153 days.
* Pending Sales rose 52.7% in Feb 2010 as compared to Feb 2009.
* The average sales price has declined 9.7% in a rolling 12-month equation (i.e. 3/1/08 – 2/28/09 compared with 3/1/09 – 2/28/10)
Rates are Rising I have clients asking “Is this the right time to buy or should we wait?” One thing we know is that rates are rising. Right now they are still in the 5% range… actually they are up a bit today at 5.125% but overall they’ve been fluctuating between 4.875% and 5.125% for 30-yr fixed. As for more foreclosures to come, and prices lowering… interest rates are rising, some say 7% is possible NY Times… so if you ARE planning to finance, all the experts agree that this is the time to be buying, because even if prices go lower, the fact that the interest rates go up effectively nullifies your benefits.
Portland Area Rating Improves “Mortgage insurance companies have upgraded Portland’s property value housing trends, meaning that they predict values to be stabilizing in the Portland market.” Pat Goodell, Academy Mortgage
Tax Credits For first-time home-buyers and “moving-up” buyers, there is still time to find a property you love & get a mutually-agreed deal in place before April 30th. So…. hang in there if you are still looking for that “right” one. Work with your Realtor to narrow the field, or give Dianne or me a call if you are not working with a Realtor. (I love working with Buyers…. it is actually the reason I originally got into real estate.)
USDA Loans USDA anticipates running out of funds to lend by end-April 2010. If you are thinking about rural properties and considering a USDA loan, now would be the time to ink an offer.
FHA Mortgage Insurance Premiums Rising FHA’s upfront (financed) mortgage insurance premium increased to 2.25% effective April 5. And/but, if you are anticipating taking advantage of an FHA loan, don’t fret too much. You WILL now have the higher premium, however, it’s not anything that should get you in a tizzy, as it will make very little difference in your mortgage payment. For example, on a $300,000 loan amount, your payment will only increase by approximately $8./month adding in that higher mortgage insurance premium. (This according to Pat Goodell of Academy Mortgage 503 380 0953.)
“The Deal” One thing I am noticing is that many people are becoming so enamored with “the deal” these days, that some are missing the point of why they decided to purchase to begin with, so I am simultaneously always trying to meet my clients needs & desires in a *property* (i.e. what they are trying to accomplish for themselves in their lives w/the purchase… what they truly like), while at the same time being cognizant of the “deal factor” for them. Keep in mind these things regarding “deals”… there are basically three kinds:
People who are pricing their homes to sell. They have their own circumstances (down-sizing/relocation/up-sizing/on & on & on), and they are wanting to move on in some fashion. There are plenty of these out there these days, especially as home owners look around and face the fact that they are now competing with so many homes in or approaching foreclosure. There are some very real advantages to buying your home from these folks. Some include: Often these homes are in tip-top shape / You are dealing directly with the owner of the home and as long as the agreed-upon sales price does not dip below what they owe on the property, you are in “Pending” status when you reach mutual acceptance, and /You are negotiating only with the Seller. / You proceed through a normal closing process if you are taking out a loan, and notwithstanding any negotiations or hoops you need to jump through for the underwriter, you will most likely close in 30-45 days.
Short Sales. These homes’ owners owe more to the bank than what the property is worth in today’s market. The bank is agreeing to take less than what is owed from the Seller. There are many, many banks in existence and each has its own methods and processes, so there is no uniformity of what to expect, with a few exceptions that I will get into in a moment. There may be more than one bank involved if there is a second mortgage or more. There are a few things that you can expect, and they are: * Even if the Seller accepts your offer, the bank is the one (or ones) to give final approval considering that what they will receive is less than what was contracted with the Seller. ***The bank (s) will usually have paperwork that you must sign if you want to be in the running that will change how the property proceeds through the sale process including: Notifying you that they will only accept an earnest money check & no promissory notes/ They will keep your money and wait to see how many other offers they receive / They will not give you a time line on when they will respond to your offer / You are usually on your own with regard to any repairs / It is usually several months before you find out if your offer was the one accepted & get to proceed to close / During this process the property very often stays in “Active” position on RMLS / Very often the paperwork you must sign includes a provision wherein the bank retains the right to accept another offer right up to closing. ***For these reasons, I counsel clients that they must REALLY be in love with a property to proceed through this process. Also, depending on the property, you may be entering territory wherein you know that you will be competing with other offers, so the best advice, if this is the case, is to make this your best offer… especially if you plan to sit out the long process and want to have a happy ending. Don’t try to “wing it”… these are complicated times & even the professionals involved are still feeling out the landscape. There are all kinds of people calling themselves “experts”. Make sure you know what you are doing and ask for licenses if you think people on the periphery are operating outside of their scope of expertise. Talk to your Realtor as to what your options are, and rely on that trusted professional relationship for guidance.
Bank-owned properties. These homes have usually been through the short sale phase unsuccessfully. The property has either been on the market & not sold, or the owners opted not to try a short sale and have simply stayed in the property until they had to move on as the bank proceeded through their legal remedies to regain the property due to non-payment. These properties are sometimes in sad condition due to hardship (i.e. deferred maintenance), but many times these days, they are in very good condition… a sign of the times & the large numbers of otherwise responsible homeowners who simply found themselves in an untenable position through job loss or other factors. The thing to remember about these properties is that the price is ALWAYS lower than either short-sales or standard “good deals”. The bank wants to move on and prices the home low. The bank is now the Seller and usually acts just like a normal Seller, i.e. Negotiating (tho usually not for repairs)/ accepting or rejecting an offer/Moving on to close with the property going to “Pending” status once it’s mutually agreed-upon/Proceeding through a normal closing process for the Buyer. For this reason: Investors and others are waiting in the wings to pounce on these very often with cash offers, so you have to be quick, and you want to be very careful about low offers, though this can sometimes still be a viable option. Talk to your Realtor about options as they will vary from property to property.
There is some buzz in River Grove lately as word spreads that the property off of Childs Rd., east of Pilkington between there & Bryant Rd. has been designed for 34 lots by Renaissance Custom Homes. The area is a sought-after intersection of sleepy River Grove residential living and nearby shops, freeway access and so much more. Neighbors have been anticipating the future of this land for quite some time as it has languished undeveloped and left many surrounding residents wondering at its fate.
I spoke with Jack Hall of Renaissance who confirmed that they are taking lot reservations for a fully refundable cost of $2500. per lot. The plats are not recorded as yet, but I’m told that all has been approved, with lots ranging from 7400SF – 11,000SF. Homes range from 2100SF to 3600SF with prices from $559,900 to $659,900. Excavation with roads and utilities will begin the first week in July. Assuming recording of the plat in October, you would be in your new home by Spring 2011!
The big kick-off party was held at Renaissance this past Monday evening where I’m told floor plans, prices and a fit list were released. The result was that three of the 34 lots are now reserved. More information may be obtained by contacting Jack Hall at 503 545 3982. You may also wish to visit Renaissance Woods online at: http://www.renaissance-homes.com/futureDev.htmlAs always, feel free to give Dianne or me a call as we’d be happy to assist you if you are not already working with a Realtor.
You’d have to be hiding under a rock somewhere not to have heard all the buzz about “chickens in the city”. I haven’t witnessed such passionate discourse on anything other than elections, health insurance reform, or bank bailouts in quite a long time…on both sides of the issue. I do have to admit that chicken lovers seem to be most invested in the subject though, and therefore they are winning their battles all across the country. Believe me, it’s not pretty when people who want chickens are told they cannot have them on their own property. Here’s an article from MSNBC in Sept ’09 entitled ” In Portland, Ore., urban chickens rule the roost” . They even get into the fact that Portland’s Mayor Sam Adams owns two hens (I didn’t know that!). Hmmm… Chickens in Portland on the national stage…
Chickens are said to make great pets, produce eggs, and eat table scraps like a dog but bark less. Actually they are said to make less noise (chickens don’t bark, silly!). I have friends with chickens, and witness much Facebooking and Twittering about these feathery pets. Recipes are exchanged online, and of course the fact that the eggs used came from the family pet always features prominently. My friend Pamela (who is a fabulous cook) feeds Adele, Fatima, Georgina, Hera and Irene fruit, vegetable, and bread leftovers. (That’s Hera at the top of the page.) Just as there are “victory gardens” springing up everywhere these days that fit in nicely with the welcome & spreading focus on organic foods, home-grown eggs are also food you can count on for your family in times both lean and luxurious.
Chicken coops are appearing over backyard fences in every metropolitan area. Some of them are downright “designer”. Now, whether cities allow chickens or not is another matter. Many do not. Portland does… Beaverton does not. Salem does not. Tigard and Gresham only allow them on unusually large lots (must be 100 feet from neighbors). Almost all prohibit roosters (eggs do not require a rooster… unless you want baby chicks). According to The City Chicken, Lake Oswego does allow them, does not prohibit roosters, and does not place a limit on how many you may have. That said, roosters in particular may end up in violation of city noise ordinances, so Lake Oswego is not about to give up on quality of life for neighbors of chickens. Here is a resource for basic info about whether or not they are allowed in your location: Chicken Laws
Remember, if you decide to take on the delightful adventure of keeping chickens at your home, they are pets, and do require care and attention. (These are “The Irene’s” to the right… little Irene named after Pamela’s best friend.) Give some thought to care, feeding, lodging and protection. Cats are attracted to them, and one cat doing what is natural can end up breaking your heart.
Below, you’ll find some links to sites with all kinds of information regarding: chickens, raising them in urban environments, organizing to change your city’s ordinances, educating yourself on avian flu, general upkeep, and lots more:
Feel free to use this forum to discuss your own experiences of “chickens in the city”. We’d love to hear from you! (Many thanks to my friend Pamela for the photos of her beauties!)
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