News & Notes

Take a break from Holiday Merry-Making and check out what’s happening in the local real estate market!
Here is some recent data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

According to the RMLS Market Action Report for the Portland Metro Area November, 2012. At 1,733, closed sales were 13.9% higher than November 2011 sales of 1,521.

  • In the first 11 months of 2012, there were 30,964 new listings, 22,726 accepted offers, and 21,546 closed sales.
  • The average sale price year-to-date ($273,800) rose 3.9% over the same period last year,
  • ***AND… Total time on the market has dropped by 21.5% from 143 to 112 days.
  • For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported:

    • 520 Active Listings
    • 94 New Listings
    • 101 Pending Sales
    • 97 Closed Sales
    • An average Sale Price of $425,600.
    • Average Time on the Market: 128 Days

    Market Activity Dec 10-16, 2012

    It’s beginning to feel a lot like the holidays with a dusting of snow on the ground this morning and just 6 new listing coming on the market last week. There are buyers out there though with 10 houses that received accepted offers last week, and 12 closed sales. I would expect an increase in closed sales this week as people try to move in with time to hang the tinsel and to put up the tree.

    See below for further details on last week’s Market Activity:

    NEWLY LISTED (Dec 10-16, 2012)

    Address Type Price BR Bths SF
    44 Eagle Crest Dr #18 Condo $128,000 3 2 1085
    342 Livingood Ln Detached $439,000 4 2.5 2384
    539 2nd ST #108 Condo $469,000 2 2 1339
    4052 Orchard Dr Detached $688,500 4 3.5 4081
    1759 Bay View Ln Detached $735,000 4 3 4665
    17468 Kelok Rd Detached $975,000 3 2.5 2675

    PENDING SALES (Dec 10-16,2012 2012)

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    Address Type Price BR Baths SF DOM
    4620 Lower Dr Condo $75,000 2 1.5 1160 10
    4 Touchstone #116 Condo $150,000 3 2.5 1351 67
    3980 Carman Dr Condo $159,900 3 2.5 1107 50
    3101 McNary Pdwy #10 Attached $199,500 3 2.5 1986 53
    5499 Royal Oaks Dr Detached $392,500 3 2 1780 110
    300 Brookside Rd Detached $598,000 3 2.5 1600 179
    543 2nd ST #204 Condo $699,000 2 2 1816 111
    454 9th St Detached $879,000 3 4 2978 73
    1560 Country Commons Detached $949,000 4 3.5 4379 91
    18402 Old River Landing Detached $1,695,000 4 4.5 4547 504

    SOLD (Dec 10-16,2012)

    Address Type List Price Closed Price Sq Ft CDOM
    13150 Riverside Dr Detached $375,000 $392,200 2242 4
    4 Icarus Loop Detached $409,900 $395,000 2743 111
    14361 Sherbrook Pl Detached $419,900 $419,900 2100 152
    17764 Kelok Rd Detached $488,900 $465,000 2742 152
    17357 Oak Meadow Ln Detached $535,000 $479,000 3247 160
    9 Preakness Ct Detached $588,500 $547,500 3,750 $91
    13366 Boones Ferry Ln Detached $649,950 $550,000 3564 183
    17087 Tualatin St Detached $564,950 $564,950 2622 11
    16791 Sylvan Ct Detached $699,000 $635,000 4315 7
    16655 Woodsman Ct Detached $674,900 $635,000 4131 99
    569 6th St Detached $798,335 $798,335 2595 0
    1644 Lake Front Rd Detached $999,900 $927,500 3840 301

    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

    Open Houses fo rDec 16, 2012

    Sunday is going to be a great day to get out and see some houses. There are currently 13 homes scheduled to be held open.

    Address Type Price BR Baths Open
    6450 Frost St Detached $347,500 3 2.5 12 to 5
    6474 Frost St Detached $347,500 3 2.5 12 to 5
    1429 Greentree Circle Detached $459,500 4 2.5 1 to 3
    17702 Overlook Circle Detached $465,900 5 2.5 1 to 3
    539 2nd St #108 Condo $469,000 2 2 1 to 3
    15655 Fieldstone Dr Detached $589,500 4 2.5 2 to 4
    5533 Fieldstone Ct Detached $599,500 4 2.5 2 to 4
    18096 Pilkington Rd Detached $599,900 3 2.5 1 to 3
    1579 Bay View Ln Detached $735,000 4 3 1 to 3
    1255 Andrews Rd Detached $799,000 6 4 1 to 3
    831 Northshore Rd Detached $800,000 3 2.5 12 to 3
    17469 Kelok Rd Detached $975,000 3 2.5 1 to 3
    18137 Meadowlark Ln Detached $1,350,000 4 4.5 11:30 to 1:30

    A Season of Giving

    SantaYou can help to make the season a little brighter for those who are less fortunate by participating in a couple of different programs being offered here in Lake Oswego.

    270,000 people per month eat meals from emergency food boxes provided by the Oregon Food Bank. Of those, 92,000 are children. Your donations are important, and needed. The City of Lake Oswego is accepting non-perishable food now through December 28th at City Hall, 380 A Avenue.

    In addition, the Lake Oswego Fire Department and Library are conducting a Christmas Toy Drive. Drop off new, unwrapped toys at the Main Fire Station (300 B Avenue) or the Lake Oswego Library (706 4th Street) between now and 12pm on December 21st.

    With a little effort, we can all make the season brighter.

    NEWLY LISTED (Dec 3-9, 2012)

    Address List Price # Beds # Baths Total SF Prop Type
    4620 LOWER DR $75,000 2 1.1 1160 CONDO
    50 GREENRIDGE CT $280,000 3 2.1 2000 CONDO
    19176 BENFIELD AVE $299,000 4 2 1538 DETACHD
    1659 OAK ST $399,900 3 2.1 1764 DETACHD
    17702 OVERLOOK CIR $465,900 5 2.1 3490 DETACHD
    13517 SNOWBERRY CT $659,000 4 2.1 3300 DETACHD
    642 8TH ST $975,000 4 2.2 3653 DETACHD
    16655 MAPLE CIR $999,000 3 2 2030 DETACHD
    3690 LAKEVIEW BLVD $3,950,000 5 5.1 6366 DETACHD

    PENDING SALES (Dec 3-9,2012 2012)

    Address List Price # Beds # Baths Total SF Prop Type CDOM
    4000 CARMAN DR #21 $94,500 2 2 885 CONDO 42
    34 CERVANTES CIR #4F $119,500 2 1.1 912 CONDO 21
    4310 BOTTICELLI ST $164,900 2 2.1 2098 CONDO 62
    1237 HALLINAN CIR $269,900 4 2 1284 DETACHD 4
    18892 INDIAN SPRINGS CIR $305,000 3 2 1611 DETACHD 127
    1610 ASH ST $375,000 3 2 2181 DETACHD 48
    17121 WALL ST $419,900 3 2.1 2187 DETACHD 102
    530 BOCA RATAN DR $429,900 4 3 3368 DETACHD 90
    15225 CANDLEWOOD CT $449,900 4 2.1 2758 DETACHD 239
    444 10TH ST $549,000 4 2 1876 DETACHD 88
    567 2nd ST #302 $555,000 2 2 1459 CONDO 20
    2420 PALISADES CREST DR $599,000 4 2.1 3471 DETACHD 188
    837 6TH ST $735,000 4 2.1 2420 DETACHD 7
    1655 EDGECLIFF TER $1,175,000 4 3.1 3416 DETACHD 182

    SOLD (Dec 3-9,2012)

    Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
    18409 BENFIELD AVE $262,500 $224,000 3 1.1 1400 DETACHD 56
    5134 TREE ST $250,000 $250,000 3 1.1 1405 DETACHD 44
    17423 OAK MEADOW LN $499,900 $400,000 3 2.1 3125 DETACHD 141
    6 DA VINCI ST $479,900 $408,000 4 2.1 3378 DETACHD 42
    17561 SHEPHERDS CT $600,000 $525,000 4 2.1 3011 DETACHD 135
    2888 VALE CT $545,888 $535,000 5 3 4396 DETACHD 124
    13548 STREAMSIDE DR $599,900 $570,000 5 3 3336 DETACHD 57
    13554 SOUTHWOOD CT $609,900 $611,000 3 2.1 2891 DETACHD 3
    852 B AVE $649,000 $620,000 4 2 2368 DETACHD 22
    2092 SUMMIT DR $1,295,000 $1,295,000 4 4.1 4441 DETACHD 289

    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

    Open Houses ~ Dec. 9, 2012

    There are 13 great homes on “Sunday Tour” for your enjoyment according to RMLS.
    Get in the holiday spirit and have an adventure!

    Address L/Price # Beds # Baths Total SF Style Time
    4231 WOODSIDE CIR $274,500 3 2 1943 TOWNHSE 1-3PM
    16909 TRACY AVE $279,950 4 2 1499 DETACHD 11-3PM
    3190 DUNCAN DR $324,900 3 2.1 2401 DETACHD 1-3PM
    17002 CRESTVIEW DR $395,000 3 2.1 2163 DETACHD 1-3PM
    979 DEVON LN $397,000 4 3.1 2162 DETACHD 1-4PM
    1670 FIRCREST DR $425,000 4 3 2000 DETACHD 1-3PM
    15495 TANAGER DR $429,000 4 2.1 2255 DETACHD 1-3PM
    1429 GREENTREE CIR $459,500 4 2.1 2599 DETACHD 1-3PM
    15655 FIELDSTONE DR $589,500 4 2.1 2750 DETACHD 1-3PM
    18096 Pilkington RD $599,900 3 2.1 3182 DETACHD 1-3PM
    720 MAPLE ST $689,000 3 2.1 3966 DETACHD 1-3PM
    4767 DOGWOOD DR $699,999 4 2.1 3964 DETACHD 2-4PM
    329 10TH ST $950,000 4 2.1 3647 DETACHD 1-3PM

    News & Notes

    October 2012
    Here are some Market Notes for You~

    You’ve probably heard that market activity all around Portland is picking up, and Dianne and I are certainly experiencing it. Here is some recent data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

    According to the RMLS Market Action Report for the Portland Metro Area October, 2012. “At 2,103, closed sales were 42.7% higher than October 2011 sales of 1,474, and 11% higher than closed sales in Sept. 2012.

    • “This was the best October since 2006 for Pending and Closed sales.”
    • The average sale price year-to-date ($273,400) rose 3.7% over the same period last year,
    • ***AND… Total time on the market has dropped by 21% from 144 to 102 days.

    For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported:

    • 604 Active Listings
    • 167 New Listings
    • 120 Pending Sales
    • 135 Closed Sales
    • An average Sale Price of $475,600.
    • Average Time on the Market: 108 Days

    Market Activity 11/26-12/2/12

    Last week there were 9 New on the market, 11 Pending and 19 Sold:

    See below for further details on last week’s Market Activity:

    NEWLY LISTED (Nov 26-Dec 2, 2012)

    Address Type Price BR Bths SF
    5059 Foothills Dr F Condo $165,000 2 2 997
    1237 Hallinan Circle Detached $269,900 4 2 1284
    1288 Rockinghorse Ln Detached $382,500 3 2 1742
    17002 Crestview Dr Detached $395,000 3 2.5 2163
    4102 Chad Dr Detached $672,000 4 2.5 3054
    837 6th St Detached $735,000 4 2.5 2420
    13070 Fielding Rd Detached $1,295,000 2 1 828
    18137 Meadowlark Ln Detached $1,350,000 4 4.5 5935
    17900 Crestline Dr Detached $1,699,000 5 3.5 4738

    PENDING SALES (Nov 26- Dec 2,2012 2012)

    Address Type Price BR Baths SF DOM
    4450 Thunder Vista Ln Condo $145,000 2 2.5 2040 148
    3787 Lanewood St Detached $245,000 3 2 1300 214
    4270 Oakridge Rd Detached $275,000 2 1 978 143
    36 Nova Ct Detached $360,000 4 2.5 2256 20
    2550 Greentree Rd Detached $404,900 4 3 2852 50
    3838 Rivers Edge Dr Detached $498,900 4 2.5 2806 57
    5193 Denton Dr Detached $635,000 4 2.5 3076 114
    1 Dover Way Detached $799,000 4 3 3559 32
    8 Dover Way Detached $975,000 6 4.5+.5 6244 89
    18202 Bella Terra Dr Detached $994,900 4 3.5 3863 454
    2092 Summit Dr Detached $1,295,000 4 4.5 4441 289

    SOLD (Nov 26- Dec 2,2012)

    Address Type List Price Closed Price Sq Ft CDOM
    350 Cervantes Circle 1-E Condo $114,500 $105,000 912 24
    4000 Carman Dr #107 Condo $159,900 $110,000 1032 229
    167 Oswego Summit Condo $147,000 $147,000 1506 $15
    5225 Jean Rd #313 Condo $159,900 $153,500 1200 10
    213 Oswego Summit #213 Condo $185,000 $160,000 1383 105
    18350 Tualata Ave Detached $234,900 $200,000 996 70
    18055 Central Ave Detached $191,565 $248,100 1202 10
    4765 Firwood Rd Detached $300,000 $283,000 1728 51
    12510 SW 27th Pl Detached $349,900 $325,000 2484 168
    1690 Fircrest Ct Detached $429,900 $405,000 2718 48
    18140 Pioneer Ct Detached $430,000 $415,000 2537 167
    29 Spinosa Detached $549,999 $475,000 3254 789
    5677 Bonita Rd Detached $600,000 $500,000 3603 265
    19313 Riverwood Ln 2west Detached $620,201 $620,201 3367 0
    1918 Indian Trail Detached $695,000 $650,000 3090 215
    1799 Atherton Dr Detached $699,900 $725,000 6280 18
    17680 Blue Heron Dr Detached $800,000 $725,000 3070 85
    750 Terrace Dr Detached $899,000 $850,000 3569 106
    2805 Southshore Blvd Detached $899,000 $855,000 2619 106

    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

    LO Open Houses for 12/2/12

    Eleven houses are currently scheduled to be held open this Sunday. Enjoy!

    Address Type Price BR Baths Open
    668 McVey Ave #44 Attached $104,900 1 1 2 to 4
    4231 Woodside Circle Attached $274,500 3 2 1 to 3
    16909 Tracy Ave Detached $279,950 4 2 1 to 3
    5324 Lower Dr Detached $345,000 3 2.5 2 to 4
    17970 Saint Clair Dr Detached $449,000 4 3 1 to 4
    1429 Greentree Circle Detached $459,500 4 2.5 1 to 3
    4890 Sage Hen Circle Detached $499,900 4 2.5 1 to 3
    17802 Treetop Ln Detached $529,000 4 3.5 2 to 4
    18096 Pilkington Rd Detached $625,000 3 2.5 1 to 3
    1015 Southshore Blvd Detached $638,500 4 3 2 to 4
    135 Middlecrest Rd Detached $699,900 3 2.5 1 to 3

    Formaldehyde

    Over the years the ability of a buyer to do a thorough home inspection has vastly improved. Today I regularly recommend that along with a full house inspection, buyers also pay for a sewer scope (sending a camera down the sewer line to inspect for breaks and tree roots) and radon testing (we find it about 30% of the time). Now a new issue has come onto my radar: formaldehyde.

    To be honest with you, before writing this post, I did not have a clue what it is. And, also being honest with you, I’m not sure that I completely understand it now. But I do know that it feels like the sort of issue that will become something that I need to have knowledge about so that I can discuss it with the buyers that I represent. So I am working to learn what I can. It’s pretty interesting stuff.

    Formaldehyde exists naturally in our environment. It is made up of carbon, hydrogen, and oxygen. So, just like radon, we are all breathing it as we go through our day.

    It is also man made. It is widely used in the manufacturing of so many products that to try to list them here would be unrealistic. To get a grasp of the magnitude of how much of it is used, consider that in 2003 it accounted for $145 billion in our economy, or 1.2% of our GDP. It is widely used in the products that are commonly used in the construction of houses. It is found in glues that are used to install carpets. It’s found in paint. It is a primary component of plywood, particle board, and fiber board.

    It is measured in ppm (parts per million). Apparently it has a distinct odor that can begin to be smelled at .05 ppm. At .10 ppm it will begin to irritate your eyes and throat. While I did not find anyone making the firm claim that it is a carcinogen, I did find several sources, including the EPA dating back to 1987, calling it a “probable” carcinogen. It seems pretty clear that it’s not a good thing to be breathing this stuff for long periods of time or in heavy doses.

    So what can you do?

    First, an interesting tidbit. The products in construction of a home give off more Formaldehyde when the home is brand new. An EPA study found that a brand new house gives off .076 ppm on day one. But by day 30 that amount drops to .045 ppm. Also, heat and humidity contribute to the “off gassing” of formaldehyde. For every 10 degrees of temperature increase, the formaldehyde “off gassing” doubles. So perhaps moving into a new home after 30 days, and then keeping the house cool in the summer and not too overly heated in the winter, would be something to take into consideration.

    You can also find a builder who uses “exterior grade” pressed wood products that are made with phenol instead of urea resin. It would also make sense, if you can afford it, to splurge on cabinets and flooring made with real wood.

    Some good news is that our Federal government passed a law July 7, 2010 that requires that the use of formaldehyde in plywood, particle board and fiberboard not have emissions greater than .09 ppm. This law goes into affect January 1, 2013.

    So how do you know if formaldehyde is a problem? Like I said, this issue isn’t really on people’s radar just yet. None of the well-known environmental companies in the area are offering formaldehyde testing. I did find one company, a company I have never used so will not promote, that is offering this test for about $200. I also found several websites that sell test kits for about $100. I’ll let you do your own google search to find them.

    In some ways it bothers me that we have now found something else to worry about. But you are going to spend hundreds of thousands of dollars on a house, and then spend years of your time inside of it, it just seems like it’s smart to figure out what is good and not good about it. Because testing is not yet easy to obtain, it likely isn’t going to be commonly done at this point. But I predict it will come into common use as people’s awareness grows.

    How do you fix it if you find it? That can be expensive if you are talking about replacing plywood and particle board. I imagine there may be products that can be painted onto surfaces to seal them. Again, this is a new area for me. If the demand is there on behalf of consumers, there is bound to be an industry that rises to meet the demand. I’d be interested in learning of any solutions that you may know of.

    In the interest of full disclosure, here are my sources for this information:
    www.en.wikipedia.org/wiki/Formaldehyde
    www.prohousedr.com/formfact.com
    www.epa.gov/oppt/chemtest/formaldehyde/index.html

    Thanks for reading,
    Dianne