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Mortgage Options

While we may currently be in turbulent economic times, I want to make it known that solid and safe mortgage options still exist.

I must also state that the mortgage industry has changed. There are no longer no-income qualifying loans, and 100% financing is almost non-existent. What it reminds me of is the financial climate that existed when I first obtained my real estate license in 1987. Back then you pretty much had to have at least 3% down and you had to provide full documentation to show your ability to repay your loan. That is a good description of today’s mortgage market. But even in this tight climate, there are some interesting options.

First is FHA. FHA is a mortgage option that is backed by the Federal Government. It is intended to help people become homeowners, but it is not limited to first-time buyers. The necessary down payment is just 3%, although this is increasing to 3.5% in January. The purchase price can be as high as $362,790 in Clackamas, Multnomah or Washington Counties. There are no pre-payment penalties. It is fully assumable. The mortgage insurance premiums are typically lower than those available on conventional mortgages, and the interest rate offered is typically very competitive. As of 10/18/08, there are 34 houses for sale in Lake Oswego that are priced within the FHA loan limit.

If you are a veteran, you will enjoy your veteran’s benefits when you buy a home because you are one of the few borrows who can still get 100% financing. For a purchase of up to $417,000 you can finance 100% of the purchase price. If the purchase price is over $417,000, you can go as high as $1,500,000 if you have a 25% down payment for the amount that exceeds $417,000. There is no mortgage insurance and the interest rates are always on the low end of what is offered. As of 10/18/08, there are 69 houses for sale in Lake Oswego that are within the VA loan limit for 100% financing.

My resource for the information about FHA and VA loans is Robin Cusma, a senior loan officer at Northwest Mortgage Group. I think of Robin as my miracle worker. If you are looking for a good loan officer, I highly recommend her services. She can be reached at rcusma@nwmortgagegroup.com.

So what if you don’t have 3% down and you are not a veteran? Can you still get 100% financing? Yes, you have two options that I know of. First is the Guaranteed Rural Housing Program. This is a government sponsored loan to assist rural communities. The catch is that the town that the house exists in has to have a population of less than 25,000 people, so it won’t work in Lake Oswego. The other program is offered exclusively at Key Bank. It is the Key Community Mortgage Program and it’s pretty amazing. Not only is it 100% financing, but it has no mortgage insurance. In order to obtain this loan, one of two criteria must be met. The property must be located in a targeted area (and Lake Oswego is not in a targeted area, to see the targeted areas click here) or the household income of the borrower must be 80% or less of the medium income for the county. In Lake Oswego/Clackamas County, the medium income is $65,000 and 80% of that is $52,000. So could you buy a house in Lake Oswego using this program? Probably not. House prices in Lake Oswego remain substantially higher than the $162,000 sales prices that would be the top-end purchase price with the income restriction. However, I think it is a good program to be aware of and it may be something that a borrow would want to consider using in other parts of the metro area. My source for information about the Key Community Mortgage is Lori Randall, a mortgage advisor at KeyBank. For Lori’s website, click here. Or you can contact her at lori_e_randall@keybank.com .

Finally, not focusing on low-down payment options, there remains traditional conventional financing. With 5% or more down, conventional loans remain available to qualified buyers with good credit. Because of the high value of houses in Lake Oswego, a jumbo mortgage may be needed. Are those available? Yes.

A jumbo mortgage is a mortgage that is greater than $417,000. It typically has a slightly higher interest rate than a “conventional” mortgage (that is a mortgage amount of $417,000 or less). When the mortgage crisis first began a year ago, jumbo loans were the most drastically affected. There were a couple of weeks when they simply were unavailable. The jumbo market has since stabilized. A jumbo loan can now be obtained with as little as 10% down if the borrower has a credit score of at least 700 and for loan amounts up to $650,000. Remember that with less than 20% down, there will be mortgage insurance. The old habit, to avoid having to pay mortgage insurance, was to get a combined loan that was an 80% first mortgage and a 10% second mortgage. The borrower ended up with 90% financing, but didn’t have the additional monthly cost of mortgage insurance. There are rumors that these sort of combined loans may be coming back. We will have to wait and see.

The source of my information for jumbo loans is Naida Paris at Valley Mortgage. I have known and worked with Naida for over 20 years. There is no lender with greater integrity than Naida. I highly recommend her services. Naida can be reached at naidaparis@yahoo.com .

While the economic times may be troubling, the mortgage industry has not come to a total standstill. If you find yourself at a point in your life where you need to buy or to sell a home, there are good mortgage options available.

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Lake Oswego Real Estate Activity – October 13-19, 2008

More properties opened or closed escrow last week than entered the market as new listings. Here is your weekly fix of Lake Oswego real estate market activity (see below the tables for additional notes):

NEWLY LISTED (October 13—October 19, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
47 EAGLE CREST DR
$105,000
1
1
672
CONDO
10/17
4000 CARMAN DR
$149,900
2
2
870
CONDO
10/15
36 CERVANTES CIR
$189,000
2
1.1
912
CONDO
10/14
3433 MCNARY PARKWAY
$189,900
2
2.1
1,208
CONDO
10/12
195 OSWEGO SMT
$279,900
2
2
1,506
CONDO
10/16
4320 SUNSET DR
$310,000
3
1.1
1,399
DETACHD
10/15
18728 KRISTI WAY
$315,000
3
1
1,095
DETACHD
10/14
4211 WOODSIDE CIR
$325,000
3
2
1,688
CONDO
10/13
4861 LAMONT WAY
$339,900
3
2
1,440
DETACHD
10/14
1685 MAPLELEAF RD
$365,000
3
2
1,433
DETACHD
10/12
1685 CLOVERLEAF RD
$369,000
3
2.1
1,722
DETACHD
10/14
16006 KIMBALL AVE
$465,000
3
2
1,800
RES-MFG
10/12
684 2ND ST
$574,056
3
2.1
1,406
ATTACHD
10/12
696 2ND ST
$588,336
3
2.1
1,473
ATTACHD
10/12
3254 DUNCAN DR
$624,900
5
3.1
3,997
DETACHD
10/14
4691 CHELSEA LN
$629,900
4
2.1
3,102
DETACHD
10/15
672 2ND ST
$714,000
3
2.1
1,779
ATTACHD
10/12
401 ASH ST
$825,000
5
4
5,320
DETACHD
10/12
17177 OLD RIVER DR
$1,050,000
3
3.1
3,129
DETACHD
10/16
1913 CHERYL CT
$1,499,900
4
4.1
5,791
DETACHD
10/18

PENDING SALES (October 13—October 19, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
595 6TH ST
$314,800
3
1
1,520
DETACHD
24
2870 PARK RD
$379,900
4
2.1
2,380
DETACHD
4
5562 ROYAL OAKS DR.
$494,500
4
2.1
2,342
DETACHD
229
13340 AUBURN CT
$495,000
3
2.1
2,451
ATTACHD
222
16 NORTHVIEW CT
$550,000
4
3.1
2,962
ATTACHD
419
1837 CEDAR CT
$599,900
5
3
2,625
DETACHD
250
5698 LA MESA CT
$619,900
4
2.1
2,652
DETACHD
114
4076 COLTSFOOT LN
$622,000
4
3.1
3,882
DETACHD
126
4064 ORCHARD DR
$699,900
4
2.1
3,600
DETACHD
362
5384 Washington CT
$769,900
4
3.1
3,246
DETACHD
415
2680 GLEN EAGLES RD
$999,000
3
3
3,000
DETACHD
405
13701 SW KNAUS RD
$1,199,000
5
4.1
5,730
DETACHD
219

SOLD (October 6—October 13, 2008)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
86 KINGSGATE RD
$185,000
$155,000
2
2
938
CONDO
127
86 KINGSGATE RD
$179,900
$171,500
2
2
924
CONDO
60
5225 JEAN RD
$239,900
$232,000
3
2
1,500
CONDO
6
8 BRITTEN CT
$265,000
$240,000
2
2
1,175
ATTACHD
86
28 GREENRIDGE CT
$294,499
$267,000
2
1.1
1,900
ATTACHD
122
2751 SUMMIT DR
$565,900
$389,900
3
2
2,278
DETACHD
396
1123 ERICKSON ST
$620,000
$460,000
4
3
2,893
DETACHD
166
107 3RD ST
$495,000
$470,000
3
2
1,204
CONDO
29
10 GROUSE TER
$528,900
$520,000
4
3.1
3,462
DETACHD
46
17577 BLUE HERON CT
$549,000
$522,438
5
3
2,980
DETACHD
132
858 10TH ST
$639,000
$623,000
3
2.1
2,205
DETACHD
95
5853 SOUTHWOOD DR
$789,900
$630,000
5
2.1
3,707
DETACHD
314
5647 BAY CREEK DR
$665,000
$640,000
5
2.1
3,000
DETACHD
15
14027 CHELSEA DR
$799,000
$660,000
4
2.1
3,092
DETACHD
301
5287 LANGFORD LN
$799,500
$715,000
3
2.1
2,951
DETACHD
452

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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Lake Oswego Open Houses – October 18-19, 2008

If you’re in the market for a townhome in Lake Oswego, stop by Dianne Gregoire’s open house on 4447 Golden Lane in Mountain Park between 2 to 5 pm.

Here’s the list of other Lake Oswego open houses for Saturday and Sunday:

Date Time MLS # Address
List Price
Bdrms
Baths
Total SF
10/19/08 1:00-4:00 8069719 210 S STATE ST
$254,800
2
1
1,284
10/19/08 2-5pm 8079838 4447 GOLDEN LN
$284,900
2
2.1
1,616
10/19/08 1-4pm 8099343 1685 MAPLELEAF RD
$365,000
3
2
1,433
10/19/08 1-3pm 8068876 1265 ROCKINGHORSE LN
$459,000
4
3
2,402
10/19/08 1-3pm 8083631 17445 LAKE HAVEN DR
$579,900
4
3
2,949
10/19/08 1-3pm 8098947 1921 PARK FOREST CT
$624,900
4
2.1
2,531
10/19/08 1-3PM 8060820 400 LAKE BAY CT
$699,000
3
2.1
1,680
10/19/08 12:30-2 8061786 17960 RIDGE LAKE DR
$699,900
4
2.1
3,124
10/19/08 1-3pm 8096115 615 LAKE BAY CT
$739,900
3
3
2,542
10/19/08 1-4pm 8098614 15939 TWIN FIR RD
$799,000
3
2
2,480
10/19/08 1-3pm 8099084 401 ASH ST
$825,000
5
4
5,320
10/19/08 1 – 4 PM 8083109 17878 HILLSIDE DR
$995,000
5
3
3,462
10/19/08 1-3PM 8075581 400 D AVE
$1,099,000
5
3.1
4,000
10/19/08 1-3pm 8035828 18253 Siena DR
$1,274,500
5
4
4,281
10/19/08 1-3pm 8003164 17464 RIDGEVIEW LN
$1,298,950
4
3.1
4,407
10/19/08 1-3pm 8037111 622 OAK MEADOW DR
$1,325,000
4
3.1
4,171
10/19/08 1-3pm 8056075 664 OAK MEADOW DR
$1,355,000
4
3.1
4,198
10/19/08 1-3pm 8097960 657 OAK MEADOW DR.
$1,395,000
4
3.1
4,371
10/19/08 1-3pm 8035967 18224 Bella Terra DR
$1,395,000
4
4
4,050
10/19/08 1-3pm 8035973 18231 Siena DR
$1,425,000
4
3.2
4,064
10/19/08 1-3pm 8011074 17433 RIDGEVIEW LN
$1,495,000
4
4.1
4,704
10/19/08 12-2:30 8061212 14070 Goodall RD
$1,499,000
4
3.2
4,460
10/19/08 1-3pm 8035974 18209 Siena DR
$1,525,000
5
4.1
4,400
10/19/08 12-2:30 8061188 14062 Goodall RD
$1,595,000
4
3.1
4,220
10/19/08 1-3pm 8035813 18110 Siena DR
$1,650,000
4
3.1
4,311
10/19/08 3-5PM 8070926 1115 NORTHSHORE RD
$1,949,000
4
4.1
4,330
10/18/08 11:30-1:30 8027694 12901 SW GOODALL RD
$2,195,000
4
4.1
5,333

Please note, dates and times are subject to change without notice. This list may not contain ALL open houses in the city, but represent those that agents have publicized in the multiple listing service as of Friday afternoon. Listings courtesy of RMLS.

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Dogs and Dugouts at Hazelia Field

Well, Hazelia Field at Luscher Farm has withstood the test of two seasons and is now receiving not only raves, but awards as well!

Construction was completed on the new multi-use field near Lakeridge High School in the spring, the first sporting events being soccer and lacrosse. The field also accommodates football and baseball. It boasts a playing field made of plastic fibers and ground-up rubber which has excellent lasting capacity and drainage according to Gary Evans, assistant director at Lake Oswego Parks & Recreation. Neighbors’ concerns were addressed with state-of-the-art, computer-controlled, “green” lighting that uses a minimum number of fixtures and reduces energy-wasting light “spill”. The park is open until 10:00PM, but lights may be turned off by teams if they’re finished early by calling a toll-free number and entering a password. Most local leagues may use the field for free once a seasonal fee is paid.

Amenities of the 12-acre site include walking paths and access to trailheads, a beautiful 1.5 acre wetland, playground, parking lot, restroom facility and two luxurious off-leash dog parks- one is 1.6 acres and intended for larger gregarious dogs (though it is open to all dogs), whereas the other is 1.1 acres and reserved for smaller and/or timid dogs. Both dog parks include incredible fencing that is seemingly jump-, dig-, and escape-proof with double-entry gates. There are also benches and picnic tables for dog owners to relax and/or socialize, covered/shady areas for rainy or too-sunny days, water-stations, garbage cans, you-scoop-bags, and open areas for playing fetch or just letting the dogs play.

All this has caught the attention of Oregon Parks and Recreation, who awarded Hazelia Field its “2008 Design Award”. The Design Award recognizes the most well-designed public recreation area, park, athletic field, urban mall or recreation building. Criteria includes maintenance design, cost-effectiveness, visibility and appearance, energy efficiency, price, size, special challenges, innovative design and/or equipment, and most efficient use.

In addition to all Hazelia Field’s offerings, it strives to maintain the rural feel of the neighborhood and the “farm feel” of the site itself. It also implemented an impressive storm water management system wherein open rainwater gardens in the middle of the parking lot collect water and convey it into the wetlands where sediments are settled and water is purified. This is also the case for water collected from the artificial turf field.

So… take a coffee break and give your dog a treat! Head on over and support your local team! But do enjoy this local treasure this fall season, and in all seasons.

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Lake Oswego Real Estate Activity – October 6-12, 2008

Sellers beware. This week’s SOLD properties averaged nearly 20% price discounts from their original list price and 160 days on market.

Some of them appear to have had hugely inflated seller expectations initially. To be sure, every situation has its own story, but a strong pricing strategy makes a huge difference in buyer perception and ultimately, market time.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (October 5—October 12, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
65 GALEN ST
$135,000
1
1
689
CONDO
10/7
47 EAGLE CREST DR
$149,900
2
1
932
CONDO
10/7
44 EAGLE CREST DR
$154,900
3
2
1,085
CONDO
10/7
86 KINGSGATE RD
$164,900
2
2
849
CONDO
10/10
12868 BOONES FERRY RD
$349,900
2
2.1
1,136
ATTACHD
10/6
6 SUMMIT RIDGE CT
$375,000
2
2.1
1,750
ATTACHD
10/5
12251 ORCHARD HILL RD
$389,500
3
2
1,868
DETACHD
10/5
4051 VIRGINIA WAY
$445,000
4
2.1
1,658
DETACHD
10/7
5869 RIDGETOP CT
$580,000
3
2.1
3,080
DETACHD
10/10
1921 PARK FOREST CT
$624,900
4
2.1
2,531
DETACHD
10/11
13581 GOODALL RD
$650,000
3
2
1,220
DETACHD
10/9
5441 DENTON DR
$650,000
4
2.1
3,335
DETACHD
10/5
3886 TAMARACK LN
$699,900
4
3.1
4,010
DETACHD
10/5
15939 TWIN FIR RD
$799,000
3
2
2,480
DETACHD
10/9
840 Evergreen RD
$875,000
4
2.1
2,765
DETACHD
10/5
17644 WOODHURST PL
$880,000
4
2.1
4,539
DETACHD
10/8
15847 SPRINGBROOK CT
$938,000
3
3
2,705
DETACHD
10/5
610 9TH ST
$1,225,000
4
3.1
3,690
DETACHD
10/6
657 OAK MEADOW DR.
$1,395,000
4
3.1
4,371
DETACHD
10/7

PENDING SALES (October 6—October 12, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
4644 LOWER DR
$129,900
2
1.1
1,170
CONDO
30
44 EAGLE CREST DR
$150,000
2
1
908
CONDO
266
3836 BOTTICELLI ST
$175,000
2
2
1,055
CONDO
344
4087 JEFFERSON PKWY
$225,000
2
2.1
1,851
ATTACHD
176
18951 ARROWWOOD AVE
$339,000
3
1.1
1,384
DETACHD
3
5456 Willow Court
$429,000
3
2.1
2,400
ATTACHD
17845 HILLSIDE WAY
$579,500
5
3
2,820
DETACHD
263
801 NORTHSHORE RD
$879,900
4
3
2,144
DETACHD
6

SOLD (September 29—October 5, 2008)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
6882 MONTAUK CIR
$157,000
$157,000
2
1
924
CONDO
23
200 BURNHAM RD
$369,850
$250,000
2
2
1,334
CONDO
28
5829 SW BENFIELD CT
$347,800
$289,750
5
2.1
1,744
DETACHD
115
820 BOCA RATAN DR
$464,900
$321,000
3
3.1
2,220
DETACHD
10
5207 ROSEWOOD ST
$399,900
$347,000
3
2
1,438
DETACHD
119
17239 REBECCA LN
$414,900
$389,100
4
2.1
1,970
DETACHD
292
1790 YARMOUTH CIR
$499,000
$400,000
2
2
1,551
DETACHD
135
18281 WOOD THRUSH CIR
$448,500
$439,900
4
2.1
2,296
DETACHD
102
4729 CAMBRIDGE CT
$648,000
$500,000
2
2.1
3,056
ATTACHD
140
13300 FOX RUN
$700,000
$665,000
4
2.1
2,954
DETACHD
38
5413 LANGFORD LN
$879,000
$715,000
3
2.1
2,891
DETACHD
520
17257 BRYANT RD
$1,550,000
$1,125,000
5
3.2
4,789
DETACHD
381

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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Lake Oswego Open Houses – October 11 – 12, 2008

A beautiful weekend awaits home shoppers hoping to get a peek at Lake Oswego real estate.

Here’s the list of Lake Oswego open houses for Saturday and Sunday:

Date Time MLS # Address
List Price
Bdrms
Baths
Total SF
10/12/08 1-3pm 8097832 12868 BOONES FERRY RD
$349,900
2
2.1
1,136
10/12/08 1-3pm 8061257 18963 SW LONGFELLOW AVE
$369,900
3
1.1
1,232
10/12/08 2-4pm 8097203 6 SUMMIT RIDGE CT
$375,000
2
2.1
1,750
10/12/08 12 – 2pm 8097330 12251 ORCHARD HILL RD
$389,500
3
2
1,868
10/11/08 12pm-2pm 8070627 2256 GLENMORRIE DR
$415,000
3
2
1,798
10/12/08 1-4pm 8091009 1130 LAUREL ST
$479,000
4
2
2,800
10/12/08 2:30 – 4 8053800 455 10TH ST
$498,850
2
2
2,284
10/12/08 1-3pm 8095301 3355 UPPER DR
$539,000
4
2
3,205
10/12/08 12-2pm 8097235 21 CONDOLEA DR
$624,900
3
2.1
2,750
10/12/08 1-3pm 8041635 17083 FERNWOOD DR
$645,000
5
3
2,868
10/12/08 12-2pm 8066402 1141 TROON RD
$677,950
4
3
2,522
10/11/08 1-3pm 8097584 3886 TAMARACK LN
$699,900
4
3.1
4,010
10/12/08 1-3pm 8097584 3886 TAMARACK LN
$699,900
4
3.1
4,010
10/12/08 1-3pm 8096115 615 LAKE BAY CT
$739,900
3
3
2,542
10/12/08 1-3pm 8097301 840 Evergreen RD
$875,000
4
2.1
2,765
10/12/08 1:00-3:00 8057344 3030 SW WESTVIEW CT
$959,000
4
2.1
3,400
10/12/08 1-4pm 8083109 17878 HILLSIDE DR
$995,000
5
3
3,462
10/12/08 1-3pm 8003164 17464 RIDGEVIEW LN
$1,298,950
4
3.1
4,407
10/12/08 1-3pm 8037111 622 OAK MEADOW DR
$1,325,000
4
3.1
4,171
10/12/08 1-3pm 8056075 664 OAK MEADOW DR
$1,355,000
4
3.1
4,198
10/12/08 1-3pm 8097960 657 OAK MEADOW DR.
$1,395,000
4
3.1
4,371
10/12/08 1-3pm 8035967 18224 Bella Terra DR
$1,395,000
4
4
4,050
10/12/08 1-3pm 8011074 17433 RIDGEVIEW LN
$1,495,000
4
4.1
4,704
10/12/08 1-3pm 8035813 18110 Siena DR
$1,650,000
4
3.1
4,311
10/12/08 11-1 PM 8087043 13200 THOMA RD
$2,395,000
5
5.2
7,648

Please note, dates and times are subject to change without notice. This list may not contain ALL open houses in the city, but represent those that agents have publicized in the multiple listing service as of Friday afternoon. Listings courtesy of RMLS.

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Where did the Lake go?

Sewer CoverOne of the things that I always explain to anyone buying a home in Lake Oswego, and particularly a lakefront home, is that the lake has a history of routine maintenance that occasionally requires a draw down of the water level.

For years this was done every other winter. Remember that while there is a natural lake area that is fed by the Tualatin River, much of the lake was enlarged by man and the water level is controlled via the in-take gate at the Tualatin River and the dam along McVey Avenue.

In the past the reason for the draw down was to allow homeowners to repair seawalls and do maintenance on their boat houses. It was also used as a way to flush the lake of water that had grown stagnant and re-fill it with new water to help control the build up of algea.

Then a few years ago the Lake Corporatation installed aerators that added oxygen to the water and lessened the need for such frequent draw downs as a means of keeping the lake clean. So it has been awhile since there has been a draw down of the lake water.

That will be changing in the fall of 2010.

Beginning this fall, the City of Lake Oswego is in the preliminary stages of what is known as the Lake Oswego Interceptor Sewer Project. Basically, the sewer that now serves 2/3 of the city is submerged 14 to 21 feet under the lake. It was built in the 1960’s and is vulnerable to earthquake damage as well as being too small to accommodate the needs of the community. So a new interceptor will be constructed and that is going to have an impact on how the lake looks and how we are able to use it.

There will be 3 phases to the construction. Phase one is beginning now. It involves obtaining permits, securing funding, and obtaining bids. This is all the paper shuffling stuff, and while citizen input is encouraged, unless you make an effort to get involved, you won’t see anything different happening.

Phase two is in-lake construction that can be done from barges without drawing down the water. This phase is expected to begin in early 2009 and last about a year. During this phase you will see numerous barges on the lake and you will also see construction access points and large quantities of materials being stored at various locations. Access points are expected to be at the Alder Point and the Maple Circle easements.

The last phase is when the water draw down is to occur. This phase is expected to begin in September of 2010 and be completed by Spring of 2011. The idea is to have it completed by summer to allow the normal summer use of the lake. As with all construction projects, I’d advise being a bit flexible on that one. Construction access points will expand to also include the Lake Corporation Marina on McVey Avenue, the Allen Road Easement, and the Northshore Bridge Easement.

For full details on the Sewer Interceptor Project click here.

So don’t be surprised when there is an occasional draw down of the lake level. It has happened many times over the years, and it will certainly be happening in the near future.

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Lake Oswego Real Estate Activity – September 29-October 5, 2008

Eighteen properties gained new owners or went under contract over the past week in the Lake Oswego real estate market.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (September 29-October 5, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
4 TOUCHSTONE
$119,900
2
2
984
CONDO
9/30
45 EAGLE CREST DR
$142,500
1
1
600
CONDO
10/5
4000 CARMAN DR
$144,000
1
1
767
CONDO
9/30
47 SW EAGLE CREST DR
$144,500
2
1
932
CONDO
10/3
86 KINGSGATE RD
$159,900
2
2
849
CONDO
10/3
5857 CARMAN DR
$278,900
2
1
972
DETACHD
10/2
5555 SW BONITA RD
$289,000
3
2
2,364
DETACHD
9/29
15450 SW KIMBALL CT
$299,000
4
1.1
1,104
DETACHD
10/4
18951 ARROWWOOD AVE
$339,000
3
1.1
1,384
DETACHD
10/3
4980 GALEN ST
$369,900
2
2.1
1,552
ATTACHD
9/30
4411 LAKEVIEW BLVD
$379,000
4
2
1,828
DETACHD
9/30
1260 LARCH ST
$429,000
3
2.1
2,320
DETACHD
10/1
5051 TUALATA LN
$429,900
4
2
1,591
DETACHD
10/3
4672 WINTHROP CT
$439,900
3
2
1,680
DETACHD
9/30
3355 UPPER DR
$539,000
4
2
3,205
DETACHD
9/29
20 WALKING WOODS DR
$549,900
5
3
3,144
DETACHD
9/29
17845 HILLSIDE WAY
$579,500
5
3
2,820
DETACHD
10/4
3211 ALBER SPRING CT
$679,000
4
2.1
3,002
DETACHD
9/30
13222 DEERFIELD CT
$689,500
4
2.1
3,022
DETACHD
9/29
1189 SUNNINGDALE CT
$724,000
3
2.1
2,056
DETACHD
10/1
615 LAKE BAY CT
$739,900
3
3
2,542
DETACHD
9/30
524 WEIDMAN CT
$799,000
4
2.1
3,450
DETACHD
10/3
14270 EDENBERRY DR
$845,000
4
2.1
2,935
DETACHD
10/3
801 NORTHSHORE RD
$879,900
4
3
2,144
DETACHD
10/2
4378 ALBERT CIR
$899,000
3
3
3,735
DETACHD
10/3
13915 SUNDELEAF DR
$998,000
4
3.1
4,090
DETACHD
10/1
695 5TH ST
$1,185,000
4
3.1
3,789
DETACHD
9/29
610 9th ST
$1,225,000
4
3.1
3,690
DETACHD
10/1
3515 UPPER DR
$1,395,000
4
3.1
4,061
DETACHD
10/3
2250 SOUTHSHORE BLVD
$1,640,000
4
4.1
4,392
DETACHD
9/29
2572 GLEN EAGLES PL
$2,395,000
5
4.2
6,490
DETACHD
10/3

PENDING SALES (September 29-October 5, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
4 TOUCHSTONE
$99,900
2
2
984
CONDO
135
28 GREENRIDGE CT
$287,500
2
1.1
1,900
ATTACHD
122
15200 TWIN FIR RD
$424,900
3
2.1
2,329
DETACHD
139
14588 WILMOT WAY
$429,900
4
3
2,238
DETACHD
34
2600 BREE CT
$435,000
4
2.1
2,895
DETACHD
193
107 3RD ST
$495,000
3
2
1,204
CONDO
29
17162 WARREN CT
$519,900
4
2.1
2,231
DETACHD
126
5624 SOUTHWOOD DR
$599,900
4
3
3,120
DETACHD
390
13984 CHELSEA DR
$698,000
4
2.1
3,187
DETACHD
16
353 D AVE
$825,000
4
2
3,228
DETACHD
385
16737 MAPLE CIR
$1,325,000
3
3
1,683
DETACHD
155

SOLD (September 22-28, 2008)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
96 OSWEGO SMT
$152,500
$134,470
1
1
764
CONDO
220
48 EAGLE CREST DR
$269,000
$225,300
2
2
1,545
CONDO
236
5400 SW DAWN AVE
$367,000
$340,000
3
1
1,216
DETACHD
81
17650 ARBOR LN
$439,900
$375,000
3
3
2,043
DETACHD
345
17944 RIDGE LAKE DR
$525,000
$520,000
4
2.1
2,525
DETACHD
55
13234 DEERFIELD CT
$779,000
$690,000
4
3
3,366
DETACHD
118
1606 BAY VIEW LN
$1,169,000
$994,000
5
3.1
4,288
DETACHD
103

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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Lake Oswego Open Houses – October 4-5, 2008

Whoa…a copious number of open houses this weekend in Lake Oswego. If you’re in the $1M+ price range, this list ought to keep you busy.

Here’s the list of Lake Oswego open houses for Saturday and Sunday:

Date Time MLS # Address
List Price
Bdrms
Baths
Total SF
10/5/08 1 to 4pm 8071442 5487 SW TUALATA CT
$285,000
3
3
1,500
10/5/08 12:-30-3:30 8060647 4458 THUNDER VISTA LN
$334,500
3
2.1
2,200
10/5/08 1-3pm 8095056 57 GREENRIDGE CT
$349,900
2
2
1,314
10/5/08 1-4pm 8089458 918 LAKE FRONT RD
$399,999
2
1
921
10/4/08 12pm-2pm 8070627 2256 GLENMORRIE DR
$415,000
3
2
1,798
10/5/08 2:30-4:30 8093016 75 CONDOLEA WAY
$449,000
3
3
2,131
10/5/08 12 to 3 8082573 668 4TH ST
$449,900
2
2
1,502
10/5/08 2-4pm 8068876 1265 ROCKINGHORSE LN
$459,000
4
3
2,402
10/5/08 1-3pm 8095301 3355 UPPER DR
$539,000
4
2
3,205
10/5/08 1:00-3:00 8083631 17445 LAKE HAVEN DR
$579,900
4
3
2,949
10/5/08 2-4pm 8066402 1141 TROON RD
$677,950
4
3
2,522
10/5/08 1-4PM 8096025 3211 ALBER SPRING CT
$679,000
4
2.1
3,002
10/5/08 1-3pm 8048262 17561 SHEPHERDS CT
$699,950
4
2.1
3,011
10/5/08 1-3pm 8078098 5960 CLAIRMONT CT
$749,000
4
2.1
3,000
10/4/08 Noon – 2 8090484 3885 UPPER DR
$799,900
4
2.1
3,122
10/5/08 1-4 PM 8084663 426 7TH ST
$875,000
4
2.1
2,902
10/5/08 2:00-4:00 8057344 3030 SW WESTVIEW CT
$959,000
4
2.1
3,400
10/5/08 12-3pm 8075613 15540 VILLAGE DR
$988,000
5
2.1
3,780
10/5/08 1-4pm 8083109 17878 HILLSIDE DR
$995,000
5
3
3,462
10/5/08 2:00-4:00 8062673 3407 LAKE GROVE AVE
$1,138,000
4
3.2
4,475
10/5/08 3-5pm 8027815 14067 GOODALL RD
$1,149,000
4
3.1
3,784
10/5/08 1-3pm 8035828 18253 Siena DR
$1,274,500
5
4
4,281
10/5/08 1-3pm 8003164 17464 RIDGEVIEW LN
$1,298,950
4
3.1
4,407
10/5/08 1-3pm 8037111 622 OAK MEADOW DR
$1,325,000
4
3.1
4,171
10/5/08 1-3pm 8056075 664 OAK MEADOW DR
$1,355,000
4
3.1
4,198
10/5/08 1-3pm 8035967 18224 Bella Terra DR
$1,395,000
4
4
4,050
10/5/08 1-3pm 8035973 18231 Siena DR
$1,425,000
4
3.2
4,064
10/5/08 3-5pm 8079793 943 SW ATWATER RD
$1,435,000
4
2.1
3,874
10/5/08 1-3pm 8011074 17433 RIDGEVIEW LN
$1,495,000
4
4.1
4,704
10/5/08 1-3pm 8035974 18209 Siena DR
$1,525,000
5
4.1
4,400
10/5/08 1-3pm 8035813 18110 Siena DR
$1,650,000
4
3.1
4,311
10/5/08 11am-1pm 8087043 13200 THOMA RD
$2,395,000
5
5.2
7,648

Please note, dates and times are subject to change without notice. This list may not contain ALL open houses in the city, but represent those that agents have publicized in the multiple listing service as of Friday afternoon. Listings courtesy of RMLS.

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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%