Category: General

All About Lake Oswego, Oregon real estate topics

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Local Flavor + Holiday Wishes For You!

Wow! A newscaster said yesterday that we are experiencing the biggest snow event since 1964!  For those of you who tune in to the Blotter from out of state, I am attaching a few photos so that you can see what we are talking about. Dianne has posted some for your amusement as well. We usually focus on real estate pretty much exclusively in our Blog, but with this kind of excitement, we can’t resist giving you a little local flavor.

Real estate is happening in Lake Oswego however, as you can see from Monday’s Activity Report.  I experienced an inspection last week in a foot of snow… before it REALLY got going : )  But that is another story. For now… here’s what life in Lake Oswego has been like-

Main roads are kept pretty passable with mostly packed snow, and are sanded regularly (Oregon does not use salt), but side streets, especially hilly ones, are let’s say…  invigorating! Kids who have been out of school an extra week this Winter Break are sledding everywhere. Lots of folks have bagged their aspirations of mobility as evidenced by the feet of snow burying their cars on the sides of many roads.  Others who are able and so inclined have headed for Mt. Hood where skiing is incredible, and road crews are always ahead of the curve. Trees laden with snow and ice have released some of their burden in the form of limbs in yards and on roadsides. But hey… it’s pretty!

Christmas has taken on a completely different tone this year.  Instead of filling the malls, people gather in kitchens around batches of cookies. Fireplaces are the center of many homes where friends, family and a variety of hot beverages and toddies complete the picture.  The uptick in Internet shopping in the area has kept UPS busy all over! This year is definitely one we will never forget.

Dianne and I would like to take a moment to wish you the very best of the Holiday Season. Whether your beliefs are Christian, Jewish, Hindu, Muslim, Buddhist,+++ or you simply harbor a fondness for Santa, this is a season of hope and love which we all can share. We also want to say thank you to our clients who’ve trusted us with their real estate needs this past year. We are grateful for your business, your loyalty, and your faith in us. We look forward to the New Year ahead, and want to wish you and yours every happiness. Thank you for reading the PropertyBlotter!

Merry Christmas & Happy Holidays.

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Snowapalooza 2008

I wrote a post about the rainy season in Oregon not too long ago, so I was trying to avoid writing something about the past ten day’s snowfall. I mean, don’t we have anything more significant to talk about than the weather? But this has gotten to be too big of a deal not to mention it.

Snowfall in the Portland area happens, but it is light and some years, rare. We get so little snow that it only takes and inch or two to shut down schools. Most years it is comical how easily people in the Portland area will use a dusting of snow to create a good excuse to take the day off and go sledding with the kids. And snow at Christmas, well that is nearly always wishful thinking. Be careful what you wish for….

In the past 10 days we have had about a foot of snow and half an inch of ice. It is amazing. The temperatures have been below freezing for days in a row. It feels more like North Dakota than Lake Oswego. Well, maybe 12 inches is baby stuff for someone from North Dakota, but for us, it’s truly an event. It’s Snowapalooza 2008.

I am posting several photos that were taken in my yard. I am also posting a photo of my 20 year-old son’s friends who showed up at my house early in the event for some midnight barbequing. Oh to be twenty and so enthusiastic!

Temperatures are supposed to get up into the 40’s and 50’s over the weekend. So this will all soon be just a memory. In the mean time we are living in a winter wonderland.

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Market Activity for November 30th thru December 7th

Once again, thank you for your patience with our posting of the weekly activity report. We are still tweaking the set up for this posting. We know that there are quite a few people who look forward to seeing this and value your on-going patronage of the propertyblotter.

NEWLY LISTED (November 30 —December 7, 2008)

Address List Price # Bedrooms Total Baths Total SF Prop Type List Date
668 MCVEY AVE $144,000 1 1 627 CONDO 12/4/2008
3433 MCNARY PKWY $249,900 2 2.1 1,136 CONDO 12/4/2008
14431 SHERBROOK PL $349,950 4 3 2,605 DETACHD 12/2/2008
221 HIDALGO ST $399,000 3 2.1 2,628 DETACHD 12/3/2008
29 BECKET ST $399,950 3 2.1 2,288 DETACHD 12/4/2008
562 2ND ST $419,000 2 2.1 1,406 CONDO 12/7/2008
16913 Canal CIR $449,000 3 1.1 2,525 DETACHD 12/1/2008
1830 CLOVERLEAF RD $470,000 3 2 1,795 DETACHD 12/5/2008
101 3RD ST $474,900 3 2 1,447 CONDO 12/6/2008
11 BECKET ST $550,000 4 2.1 4,030 DETACHD 12/4/2008
7 CONDOLEA DR $599,900 3 3 2,388 CONDO 12/1/2008
13254 Twin Creek CT $689,000 4 2.1 3,470 DETACHD 12/1/2008
524 WEIDMAN CT $739,000 4 2.1 3,450 DETACHD 12/5/2008
426 7TH ST $778,950 4 2.1 2,902 DETACHD 12/5/2008
705 10TH ST $1,686,000 4 3.1 4,818 DETACHD 12/3/2008
13795 CAMEO CT $2,395,000 4 5.2 7,190 DETACHD 12/1/2008
13777 CAMEO CT $2,595,000 4 5.1 8,080 DETACHD 12/1/2008

PENDING SALES (November 30 —December 7, 2008)

ADDRESS LIST PRICE # BEDS # BATHS TOT. SQ FT PROP TYPE DOM
16250 PACIFIC HWY $228,850 2 2 1,324 CONDO 433
4211 WOODSIDE CIR $325,000 3 2 1,688 CONDO 439
1685 CLOVERLEAF RD $349,900 3 2.1 1,722 DETACHD 50
7050 CHILDS RD $398,000 2 2 1,693 DETACHD 552
5051 TUALATA LN $409,900 4 2 1,591 DETACHD 114
16750 PHANTOM BLUFF CT $485,000 3 3 2,267 DETACHD 288
13217 FOX RUN $550,000 4 3 2,706 DETACHD 160
1141 TROON RD $648,850 4 3 2,522 DETACHD 155
13581 GOODALL RD $650,000 3 2 1,220 DETACHD 455
3723 ELEANOR CT $724,950 4 2.1 2,736 DETACHD 145

SOLD (November 30—December 7, 2008)

Address O/Price Close Price # BR # Baths Total SF CDOM
68 WHEATHERSTONE CT $399,000 $312,500 4 3.1 2,465 299
1130 LAUREL ST $524,000 $420,000 4 2 2,800 86
4076 COLTSFOOT LN $680,000 $555,000 4 3.1 3,882 126
5384 Washington CT $769,900 $670,000 4 3.1 3,246 415
4378 ALBERT CIR $1,225,000 $805,000 3 3 3,735 263
104 3RD ST $1,050,000 $975,000 2 2 1,151 15
301 IRON MOUNTAIN BLVD $1,329,000 $1,150,000 4 3.2 3,004 136

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.

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An Amazing Market for Buyers…

What a market. Some of what CNN reports applies here locally and some does not, but no matter how you look at it, this is the time to buy if you’re so inclined. I am told by mortgage and financial planning experts that rates are not likely to go down, but only up (generally speaking) from here on out.

A professional I trust, Pat Goodell, with Prospect Mortgage, says:

“Aggressive measures to keep mortgage financing available for potential homeowners have been established now. This will help to stabilize housing prices and continue to make home ownership an affordable reality. HUD has created new programs to complement existing FHA options, and interest rates remain at very comfortable levels, fluctuating right now around 6% for 30-year fixed loans.

Appraisers in the Portland area are reporting values have leveled off – they are no longer seeing the significant drops in value we have seen in the last year.

Though there are still challenges in the economy and housing market, there are very clear steps being established to ensure that the consumer is able to purchase a home at affordable rates, while providing that the loan does not put them at risk in the future. The Four C’s of mortgage lending are important- Credit, Cash, Collateral (property), and Capacity (ability to make the payment), but there are still great programs available to allow the responsible person to get into a home with as little as 3% down, and even 0 down under the right circumstances.”

We here at the Blotter recommend that you talk to your real estate broker about the market, and assess your options if you have been thinking about buying but have been waiting for the “right moment”. We also welcome a call or an email to us too if you’re not working with anyone & want to talk about what buying would look like for you at this amazing time in real estate history.

Stay informed. Decide what is best for you. Knowledge + Discernment is the winning formula.

…….What a ride!

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Rainfall in Lake Oswego

I think it is fair to say that the rainy season has begun. A Russian immigrant, who has become a good friend of my family, once commented to me that Oregon only has two seasons: wet and dry. If you are following the blotter from out of the area, and perhaps even considering moving here, I think it is only fair to be completely honest with you about our weather.

As you have read in several recent posts, we have a glorious fall with the trees turning colors and sunshine that is bright. It is also in the fall that the transition happens from mostly sunny days to mostly rainy days. The rain will dominate the forecast until about April. Then the transition will happen back to mostly sunny days.

Our rainfall is unique in that it seems to fall in a steady mist. While we do have days that the rain falls heavily, for the most part it is a soft and steady drizzle. I have heard it compared to the rainfall in Ireland. Because it is usually a gentle rain, you might be surprised to learn that umbrellas are used infrequently. Oregonians generally just put on a good coat and go out in it. It is really quite lovely, once you get used to it and quit seeing it as an inconvenience. It is also really good for maintaining lovely skin.

The information below gives high and low temperatures, as well as average rainfall, for Lake Oswego. The information is courtesy of www.countrystudies.us. Temperatures are listed in Fahrenheit.

Lake Oswego Weather

US Geography / US Weather / Oregon Weather / Lake Oswego

January:

Average High 46, Average Low 32, Mean 38, Average Precipitation 6.0 inches

February:

Average High 51, Average Low 34, Mean 44, Average Precipitation 4.6 inches

March:

Average High 55, Average Low 36, Mean 46, Average Precipitation 4.1 inches

April:

Average High 58, Average Low 38, Mean 50, Average Precipitation 2.8 inches

May:

Average High 66, Average Low 44, Mean 55, Average Precipitation 2.3 inches

June:

Average High 74, Average Low 48, Mean 62, Average Precipitation 1.7 inches

July:

Average High 78, Average Low 52, Mean 66, Average Precipitation 0.7 inches

August:

Average High 80, Average Low 52, Mean 66, Average Precipitation 1.0 inches

September:

Average High 74, Average Low 48, Mean 62, Average Precipitation 1.8 inches

October:

Average High 64, Average Low 41, Mean 54, Average Precipitation 3.3 inches

November:

Average High 52, Average Low 37, Mean 45, Average Precipitation 6.3 inches

December:

Average High 46, Average Low 34, Mean 40, Average Precipitation 6.9 inches

So we get very little rainfall in the summer and quite a lot of rainfall in the winter. However, in my experience, there are always surprises. The summer after Mt. St. Helens erupted never happened. It was cold and gray with very little sunshine. And it also seems to me that February tends to have many sunny days. Perhaps that is because after November, December, and January, the decreasing rain is so noticeable. I will also tell you that when the sunny weather starts again in the spring, people really make the most of it. On that first nice day everyone spends the day outside: walking, gardening, going to the coast, and just generally taking advantage of the nice conditions.

I have learned to love the rain. The sound of it makes me sleep better at night and I credit it with giving us our lush landscaping. When I visit other states that don’t get this kind of rainfall, I can’t help but feel like they just don’t have the beauty that Oregon does. I’m a fifth generation Oregonian. I guess it is just in my blood.

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Lake Oswego Library Receives National Recognition

Kudos to the Lake Oswego Library which was ranked the best library in the state of Oregon by the American Library Association, and the 7th best library in the Nation amongst towns with populations of 25,000 to 49,999 people.

Considerations to receive this distinction included staffing, reference services, collections, and the number of items checked out by the public. Lake Oswego’s per capita circulation is 33.2: more than 4 times the national average.

Visit the LO Library website by clicking here.

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Worth the Drive

I want to make sure you know about a spectacular tree on the corner of 3rd and C Avenues.

It’s an ancient Sugar Maple (Acer saccharum) and at this time of year I always make sure that I drive over to look at it. It’s not quite at it’s peak. When it is in it’s greatest glory, in another week or two, it will be the most vibrant shade of orange that I have ever seen in a tree. It is also just huge. The trunk is gnarled and gorgeous.

It was designated a Heritage Tree by the City of Lake Oswego in 1998. Check it out. It is well worth the drive.

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Cost vs. Value for Your Remodeling Dollar

You may have noticed that the market has been changing for awhile now. Many buyers are out this fall scouting for great deals (they are not hard to find!), and many sellers who are pricing and marketing appropriately are benefiting from the uptick in activity in Lake Oswego (see Ron’s blog post of Monday 9/29). It is also true that some decided in the spring and summer to spruce up their homes in anticipation of changing market conditions, and the expectation of reaping some profit from their efforts when the time comes to sell.

I thought you might find it interesting to note some of the trends in the 2007 “cost vs. value” report for the Portland area according to www.costvsvalue.com. The data for Portland is “Pacific” data as compared to national averages. Here are some tidbits to hopefully give you an idea of what you might expect as a return for your remodeling investment according to this report:

Midrange Projects: Pacific / National Average

Deck Addition/Wood / 108% / 85.4%

Minor Kitchen Remodel / 103.5% / 83%

Window Replacement/Wood / 102.9% / 81.2%

Window Replacement/Vinyl / 98.5% / 79.3%

Basement Remodel / 96.8% / 75.1%

Bathroom Remodel / 96.6% / 78.3%

Major Kitchen Remodel / 96.6% / 78.1%

Two-Story Addition / 90.9% / 73.9%

Garage Addition / 88% / 69.5%

Master Suite Addition / 87.2% / 69%

Roofing Replacement / 85.1% / 67.4%

Family Room Addition / 84.8% / 68.6%

Bathroom Addition / 83.5% / 66%

Upscale Projects:

Window Replacement/Wood / 103.4% / 79.3%

Window Replacement/Vinyl / 100.7% / 81%

Deck Addition/Composite / 98.4% / 77.6%

Major Kitchen Remodel / 88.9% / 74.1%

Bathroom Remodel / 84.7% / 68.4%

Bathroom Addition / 84.1% / 69%

Roofing Replacement (Steel) / 79.9% / 65.7%

Garage Addition / 78.1% / 64.6%

Master Suite Addition / 77.3% / 64.1%

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Electric cars in Lake Oswego? You bet!

Lake Oswego Electric Car Charging StationI was pleasantly surprised yesterday morning to find an article on the front page of the Clackamas County edition of the Oregonian featuring a story about the new electric-car, plug-in charging station that is now in Lake Oswego.

Located on A Avenue, it is right in the heart of the downtown shopping and dining district. If you own an electric car, you can park at the curb and charge your car for FREE.

The station is one of 5 that PGE has installed in the State of Oregon. Their hope is to have 12 stations established in anticipation of car manufacturers rolling out new lines of hybrid/plug-in vehicles by 2010. For the details from PGE, click here to link to their website.

The new station in Lake Oswego was paid for by the City of Lake Oswego at a cost of about $5000. The September 23rd Oregonian quotes Lake Oswego Mayor Judie Hammerstad as saying “This is a big step forward in sustainability and reducing carbon emissions.” The article goes on to explain that the electricity that will be used will be paid for in a partnership with the City of Lake Oswego and local businesses. The hope is that while drivers will frequent the area to charge up their cars, they will also stay in the area to shop, dine, and support local businesses.

I know that I am totally excited about the changes that the high cost of gas are creating in the auto manufacturing industry. I intend to stay in my 4-year old, 80,000 mile car for another year or two in anticipation of the better choices for hybrids and plug-in hybrids that will be offered to consumers in the next few years. I think this is something that should have happened years ago, and I am glad that consumer demand is pressing the changes.

If you’d like a little background on electric cars, I highly recommend the 2006 documentary Who Killed the Electric Car? Produced by Papercut Films, it won many awards at film festivals throughout 2006 and 2007. It tells a fascinating tale about a successful electric car that was built years ago and then pulled from the market. It will also show you how doable the electric car is. Not only does it have no emissions, it has no maintenance along the lines of oil changes or filter changes, and it makes no sound.

It is my understanding that the average trip in an auto is under 50 miles. I think the ideal car would be a plug-in hybrid. It would operate on electricity for the first 50 miles, for daily driving, and then convert to a hybrid that is supported by gas, for trips that are longer than 50 miles. So in a couple of years when I pony up and by that plug-in hybrid, I now have a place to charge it for free when I do business in downtown Lake Oswego. How cool is that?

For the full text of the September 23rd Oregonian article click here.

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Say What?

SEERMKS

Recently, one of my clients voiced exasperation regarding abbreviations on the MLS. She wondered if I might change them so that others looking at her property online would not be as confused as she was. I explained that as much as I might like to do that for her, these abbreviations are mostly generated automatically by the system, and not under my control as a Realtor.

This got me to thinking… Those of us in “the business” get used to seeing these abbreviations, and though occasionally one comes up with which we are unfamiliar, we are acclimated to most of them. I am sure that many people searching for properties would benefit from a resource to assist in this regard. Until that time comes, I thought I’d offer a list of some of the more interesting ones. A few of these may only show up on Realtor-accessible information, but most can pop up for you when you’re searching and cause you to see stars… or question marks:

ACC-ACT According to Accountant

ACC-OWN According to Owner

ACT-SOL Active Solar Heat

ALY Alley

APOD Annual Property Operation Data

BI-DOVN Built-In Double Oven

BINLITE Built-In Lighting

CC&RS Conditions, Covenants & Restrictions

DEEDRES Deed Restrictions

ENG-RPT Engineering Structural Reports

EXTMANT Exterior Maintenance

FEASIBL Feasibility Study

FRM/FOR Farm/Forest

FRT-ELE Freight Elevator

GA+500’ Natural Gas over 500’ From Site

INVN Inventory Included

IRR-WAT Irrigation Water Available

I-STORG Inside Storage

JOINT-V Owner Would Consider Joint Venture

L Lower Level

LEGDESC Legal Description

LIM-ACC Limited Access

LSE-BAK Owner Occupied Will Lease Back

LSE-ESC Lease With Escalation

LSSECUR Leased Security System

M Main Level

MANTREC Maintenance Records Available

MINI-ST Mini Storage

MINRTRS Mineral Rights Reservations

MINSTEP Minimal Steps

MO HOA Dues Frequency Every Month

MRCHTIM Merchantable Timber

NATLITE Natural Lighting

NEGO Possession Negotiable

NONCONF Non-Conforming Use

NO-VALU Existing Structure of No Value

OPR-EXP Operating Expense Report

OWSECUR Owned Security System

PAS-SOL Passive Solar/Passive Solar Heat

PASTACC Past Accessibility

PDS Pressure Distribution System

PLB-ICE Plumbed For Ice

PW+500’ Power Over 500’ From Site

RDSPLIT Road Splits Property

REQFILL Requires Land Fill

ROD+1 Recording of Deed + 1 Day

ROLLSHR Roll in Shower

ROWCRP Row Crop

RPROTIM Reproduced Timber

SEERMKS See Remarks

SEPLVQT Apartment or Auxiliary Living Unit

SGI State GI Loan

SH-SEP Shared Septic

SOILRPT Soil Report Required

SPT-APP Septic Site Approved

SPT-CT Sport Court

SUB-INS Subject To Inspection

SUBJTEN Subject To Tenancy

SW+500’ Sewer Over 500’ From Site

SWR-AVL Sewer Available at Property Line

TAN-BDS Tanning Beds

TEST-AV Soil Test Available

TEST-RQ Soil Test Required

TIMB-CR Timber Cruise

U Upper Level

UG-UTIL Underground Utilities

W/D-HUP Washer/Dryer Hookup

WA+500’ Public Water Over 500’ From Site

WALKSHR Walk-In Shower

WD-DOOR Wide Door

WT-CERT Water Rights Certification

WT-RM Weight Room

WT-USEP Water Use Permit

XASTFAN Exhaust Fan

YR HOA Dues Frequency Every Year