Tag: 97034

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Open Houses for Sunday, March 29th

According to the RMLS, there will be 13 homes being held open in Lake Oswego this Sunday:

4316 Botticelli St, $274,900, 2098 sq. ft., 3 BR, 2.5 BTHS, open 1-3

56 Greenridge Ct, $315,000, 1996 sq. ft., 3 BR, 2.5 BTHS, open 12:30-3:30

4458 Thunder Vista Ln, $319,000, 2200 sq. ft., 3 BR, 2.5 BTHS, open 12-3

41 Hillshire Dr, $499,000, 2670 sq. ft., 4 BR, 3 BTHS, open 1:30-3:30

3254 Duncan Dr, $575,000, 3997 sq. ft., 4 BR, 3.5 BTHS, open 2-4

340 8th ST, $575,000, 1992 sq. ft., 3 BR, 2 BTHS, open 1-3

5868 Suncreek Dr, $725,000, 3174 sq. ft., 4 BR, 2.5 BTHS, open 1-3

2688 Rivendell Rd, $835,000, 3720 sq. ft., 4 BR, 3 BTHS, open 1-3

2941 Westview Circle, $849,000, 3075 sq. ft., 4 BR, 2.5 BTHS, open 1-3

17878 Hillside Dr, $970,000, 3462 sq. ft., 5 BR, 3 BTHS, open 12-2

13237 Knaus Rd, $999,000, 4909 sq. ft., 3 BR, 3.5 BTHS, open 1-3

943 Atwater Rd, $999,599, 3874 sq. ft., 4 BR, 2.5 BTHS, open 1-3

2300 Childs Rd, $1,099,900, 3183 sq. ft., 4 BR, 2 BTHS, open 1-4

Enjoy the weekend.

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Tryon Creek State Park

tryon-sign1Located along Lake Oswego’s Northern boundary is Tryon Creek State Park.  It consists of over 600 acres of natural areas.  There are trails for hiking, biking, horseback riding and a paved trail that is designed to be user friendly for people with disabilities.  It is a gem in the metro area and it is at our back door.

I have been hiking in the park for years.  The trails are varied enough that you can do a short excursion of under a mile or stretch it out to be several miles long.  While hiking in the park last Sunday, I was impressed with the condition of the trails.  Oregon lottery money has been infused into the maintenance of the park and is easily evident in the well maintained paths and bridges.

tryon-creekBridges are necessary because the park is layed out around a canyon that contains a natural watershed.  The creek at the bottom is one of the few remaining creeks in the area with an active run of steelhead trout.

The history of the park goes back to an early pioneer, Socrates Hotchkiss Tryon (gotta love that name!).  He established the first land claim which was sold in the late 19th Century to the Oregon Iron company for $7000.  The Oregon Iron Company logged the canyon to provide fuel for the iron foundry in Lake Oswego.  Logging continued off and on until 1961.

tryon-pathPeople locally began to appreciate the value of the natural area and the Friends of Tryon Creek was formed in 1969 to work toward preserving the area in its natural state.

In 1970 a land developer obtained an option on the property to develop it into homesites.  This set off a firestorm of volunteer support.  In just 3 weeks time 325 volunteers raised $27,000 as the first step in saving the park.  Efforts continued throughout the year and on October 26th of that same year, Governor Tom McCall announced the formation of Tryon Creek Park.  The state then purchased 600+ acres for nearly $3,000,000.  The park was dedicated in 1975.

Today visitors come to the park to enjoy the trails and the nature center.  There are classes for children as well as for adults.  There is an annual art display called Natural Cycles:  Art in the Forest.  And then there is the Trillium Festival.

tryon-trilliumA discussion about Tryon Creek State Park would not be complete without the subject of the native trillium.  Trillium Ovatum are a wildflower that grow in the undisturbed shadows of the forest.  They are a member of the lily family and bloom in March.  They start out white and turn pink as they age.  They are a very delicate plant.  As a child I recall my grandmother telling me “don’t pick the trillium”.  This is because if you pick a the flower, it takes the plant 7 years to recover and to bloom again.

The Trillium Festival is held annually when the forest is in full bloom.  It includes a plant sale where you can purchase trillium to put into your own garden.  This year’s festival is April 4-6.

Admission to the park is free.

This park is so close to Lake Oswego that it is easily enjoyed.  There are trails directly into the park from both the First Addition and Forest Highlands neighborhoods.

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Market Activity Update – March 16 – 22, 2009

Lake Oswego saw 15 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days).  We had 8 go pending, and 9 that closed.

This is a great time to buy! (no smoke here : )  Rates are great, new & intriguing loan programs are popping up all over the place, and houses appear to be finally jiving with the “reality meter” for Buyers. 

Feel free to call or email anytime.  We love hearing from our local and out-of-state readers, and enjoy meeting you and getting you settled in Lake Oswego!

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

NEWLY LISTED (March 16—March 22, 2009)

Address List Price # Beds # Baths Tot. SF Prop Type List Date
100 KERR PKWY $132,500 2 1.1 823 CONDO 3/16/2009
15868 PARKER RD $187,500 2 1 780 DETACHD 3/17/2009
11 OSWEGO SMT $194,900 2 2 1,212 CONDO 3/16/2009
45 EAGLE CREST DR $210,000 2 2 1,046 CONDO 3/21/2009
12844 BOONES FERRY RD $257,000 2 2.1 1,398 CONDO 3/16/2009
2 SUMMIT RIDGE CT $354,900 2 2.1 1,750 ATTACHD 3/18/2009
5214 LOWER DR $459,900 4 2.1 2,904 DETACHD 3/19/2009
12735 Alto Park RD $495,000 3 2 1,685 DETACHD 3/20/2009
17860 Sundown CT $499,900 4 3.1 3,480 DETACHD 3/20/2009
1866 KILKENNY DR $511,100 4 3.1 3,600 DETACHD 3/19/2009
15535 VILLAGE DR $799,000 5 3 3,421 DETACHD 3/21/2009
17212 CHAPIN WAY $850,000 3 2.1 2,541 DETACHD 3/17/2009
2 GROUSE TER $989,000 4 3 4,446 DETACHD 3/17/2009
1149 LAKESHORE RD $1,295,000 4 2.1 2,606 DETACHD 3/20/2009
1005 COUNTRY CLUB RD $1,999,000 5 4 5,000 DETACHD 3/18/2009

PENDING SALES (March 16—March 22, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
 PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
4 TOUCHSTONE DR $137,500 3 2.1 1,351 CONDO 1/26/2009 52
15570 WALUGA DR $325,000 3 3 1,577 DETACHD 3/21/2009 265
16 PARTRIDGE LN $398,000 3 2.1 2,304 DETACHD 1/30/2009 48
1043 HALLINAN ST $399,900 4 2.1 2,484 DETACHD 9/3/2008 196
13222 DEERFIELD CT $649,000 4 2.1 3,022 DETACHD 1/22/2009 331
14133 AMBERWOOD CIR 750000 – 800000 4 2.1 3,200 DETACHD 6/12/2008 278
1667 VILLAGE PARK LN $899,900 6 3.1 4,743 DETACHD 2/18/2009 279
1961 SUMMIT DR $915,000 3 2.1 3,218 DETACHD 6/21/2008 268

SOLD (March 2—March 8, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
Address Orig Price Sale Price # Beds # Baths Tot. SF Prop Type List Date CDOM
6291 HARRINGTON AVE $249,900 $239,900 3 2 1,472 DETACHD 1/6/2009 10
4070 WESTBAY RD $350,000 $279,000 1 1 1,828 DETACHD 7/15/2008 0
17304 MARJORIE AVE $333,000 $317,125 3 1.1 1,340 DETACHD 2/3/2009 16
4 OTHELLO ST $434,900 $390,000 4 3 2,184 DETACHD 11/5/2008 111
1480 HEMLOCK ST $488,850 $410,000 4 3 2,246 DETACHD 3/24/2008 305
221 HIDALGO ST $419,500 $420,000 3 2.1 2,628 DETACHD 2/16/2009 13
178 PINE VALLEY RD $475,000 $455,000 5 3.1 2,999 DETACHD 2/12/2009 6
17454 CANAL (boat esmnt) CIR $789,900 $545,900 4 3 2,275 DETACHD 4/19/2008 261
1670 PINE ST $679,987 $579,900 4 3.1 3,286 DETACHD 11/5/2008 110

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.

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Market Activity for March 9-15, 2009

Last week in Lake Oswego there were 16 new listings, 8 houses that went pending, and 2 closed sales.  A trend I have been watching appears to be continuing.  When I look at Days on the Market, it seems like houses are either selling very quickly or very slowly.  3 of the 7 pending sales went into escrow in a week or less of market time. 3 more sold within about 2 months.  The last two had extended market time of 236 and 426 days.  Of the closed sales, one sold in 4 days and one sold in 243 days.  I think this is reflective of changing attitudes of sellers.  People who listed their homes in late 2007 and early 2008 are being stubborn about accepting the decline in values that has occured and are either sitting on high prices or dropping prices in such away that they are behind the market trends.  Whereas sellers listing today, who are listening to their Realtor and pricing their homes at values that will meet market conditions, are realizing quick sales at or near their asking prices.   Buyers are smart.  They are watching the market and recognizing value when they see it.  Correct pricing is King.

NEWLY LISTED (March 9—March 15, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
Address List Price # BR # BTHS Total SF Prop Type List Date
4 TOUCHSTONE $159,900 3 2.1 1,350 ATTACHD 3/11/2009
4000 CARMAN DR $184,500 2 2 1,100 CONDO 3/9/2009
166 OSWEGO SMT $229,900 2 2 1,506 CONDO 3/13/2009
668 MCVEY AVE $260,000 3 1.1 985 CONDO 3/12/2009
140 TOUCHSTONE CT $339,900 3 2.1 1,964 ATTACHD 3/12/2009
4366 WOODSIDE CIR $349,000 3 2 1,762 ATTACHD 3/12/2009
16890 CORTEZ CT $349,000 4 3 2,016 DETACHD 3/13/2009
4420 GOLDEN LN $349,000 3 3.1 2,165 ATTACHD 3/10/2009
5402 CARMAN DR 369900 3 1 1,720 DETACHD 3/9/2009
45 TANGLEWOOD DR 399999 5 3.1 3,166 DETACHD 3/12/2009
1462 Worthington ST 424000 4 3 1,800 DETACHD 3/9/2009
2961 DELLWOOD DR 525000 3 3 2,476 DETACHD 3/14/2009
2550 SOUTHSHORE BLVD 550000 4 3.1 3,472 DETACHD 3/11/2009
1699 VILLAGE PARK LN 675000 3 2.2 2,936 DETACHD 3/9/2009
115 BERWICK RD 998000 4 3.1 4,000 DETACHD 3/13/2009
356 9TH ST 1199000 3 3.1 3,647 DETACHD 3/10/2009

PENDING SALES (March 9—March 15, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
 PROP TYPE
DOM
Address List Price # BR # BTHS Total SF Prop Type CDOM
4 TOUCHSTONE $76,500 3 2.1 1,351 CONDO 7
127 OSWEGO SMT $184,900 2 2 1,212 CONDO 0
5487 TUALATA CT $259,000 3 2 1,200 DETACHD 236
790 BOCA RATAN DR $259,900 3 2 2,112 DETACHD 35
1140 HALLINAN CT $339,895 3 2 1,875 DETACHD 3
845 LAKE FOREST DR $399,000 3 1.1 1,359 DETACHD 68
662 9 th ST $975,000 5 3.1 4,108 DETACHD 63
14066 Goodall RD $1,629,000 4 3.1 4,220 DETACHD 426

SOLD (March 9—March 15, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM

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Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
16978 CANAL CIR $350,000 $350,000 3 2 1,962 DETACHD 4
22 HOTSPUR ST $799,000 $627,325 6 3.1 4,259 DETACHD 243

Criteria: Statistics given above are obtained from the Realtor’s Multiple Listing Service by searching condos, attached homes, manufactured homes and detached homes in the 97034 and the 97035 zip codes. DOM means Days on the Market and CDOM means Cumulative Days on the Market.

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Open Houses for Sunday, March 15th

According to the RMLS, there will be 21 houses held open in Lake Oswego this Sunday, including my listing at 4447 Golden Lane in Mt. Park.  It’s a very nice1600 square foot townhouse with 2 bedrooms and 2.5 baths.  I’ll be there from 2 to 5 pm.  I’d love to have you come by.

44 Eagle Crest Dr, $129,900, 798 sq. ft., 1 BR, 1 BTH, open 1-3

4447 Golden Ln, $264,900, 1600 sq. ft., 2 BR, 2.5 BTHS, open 2-5

5054 Foothills Dr, $278,500, 1312 sq. ft., 2 BR, 2 BTHS, open 1-3

1685 Mapleleaf Rd, $365,000, 1433 sq. ft., 3 BR, 2 BTHS, open 1-4

15 Masaryk St., $375,000-$399,000, 3680 sq. ft., 4 BR, 3 BTHS, open noon-3

5675 Childs Rd, $419,000, 1644 sq. ft., 2 BR, 2.5 BTHS, open 1-4

2838 Greentree Rd, $429,950, 1781 sq. ft., 4 BR, 2.5 BTHS, open 1-3

14431 Orchard Springs Rd, $439,900, 1960 sq. ft., 4 BR, 2.5 BTHS, open 2-4

41 Hillshire Dr, $499,000, 2670 sq. ft., 4 BR, 3 BTHS, open 1:30-3:30

8 Walking Woods Dr, $499,900, 3402 sq. ft., 4 BR, 3 BTHS, open 1-4

5807 Ridgetop Ct, $519,900, 2660 sq. ft., 5 BR, 2.5 BTHS, open 1-4

624 Livingood Ln, $559,000, 2596 sq. ft., 4 BR, 3 BTHS, open 1-3

3254 Duncan Dr, $575,000, 3997 sq. ft., 4 BR, 3.5 BTHS, open 2-4

550 Middlecrest Rd, $749,900, 2240 sq. ft., 3 BR, 2.5 BTHS, open noon-2

15422 Boones Way, $879,000, 2586 sq. ft., 4 BR, 2.5 BTHS, open 1-5

18051 Kelok Rd, $899,000, 3670 sq. ft., 5 BR, 3.5 BTHS, open 11-1

3030 Westview Ct, $948,000, 3415 sq. ft., 4 BR, 2.5 BTHS, open 2:30-4

18106 Pilkington Rd, $1,095,000, 3575 sq. ft., 4 BR, 4.5 BTHS, open 11-1

17600 Upper Cherry Ln, $1,163,000, 3867 sq. ft., 4 BR, 3.5 BTHS, open 2-4

100 Girabaldi St, $1,199,000, 4669 sq. ft., 5 BR, 3 full + 2 half BTHS, open 1-4

785 7th St, $1, 290,000, 4043 sq. ft., 4 BR, 3.5 BTHS, open 1-4

Have a great weekend!

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3.875% Fixed Rate Mortgages

banner-bankThere is currently in Lake Oswego a very large volume of new construction, “spec” homes that are for sale.  A spec house is a house built by a builder who does not yet have a buyer at the time it is built.  The idea is that they will be able to sell the house while it is being built or as soon after it is constructed as possible.  In a good real estate market it is pretty low risk and allows builders to make a good living.  But when the market is slow, like it is right now, it is extremely high risk and forces builders into bankruptcy and the unsold homes into foreclosure.    There is a local lender, Banner Bank, that is trying to do something about this problem.

What they are doing is offering 30-year, fixed-rate mortgages, at 3.875% (APR is 3.973%) to buyers who purchase one of the spec houses on which they are holding the construction loan.  They have over 250 houses that this applies to in Oregon and Southwest Washington, 46 of which are here in Lake Oswego.

These loans are made possible because Banner Bank has borrowed money from the US Government that is available as a result of the TARP (Troubled Asset Relief Program) money.  While I hate the fact that our country is in the mess that it is currently in, I am pleased to see that the government stimulus is finally trickling down to a tangible level.

The properties upon which these loans can be made here in Lake Oswego inlcude some very nice condominiums in First Addition, a great new neighborhood in Palisades, and quite a few luxury homes.  It really is an opportunity that will benefit people who are ready and able to buy right now.   While standard interest rates are currently hovering at right around 5%, getting an interest rate at 3.875% would have a direct impact on how much house you can afford to buy.  Here’s an example:  buying a $600,000 house, putting 20% down, and getting a standard loan at 5%, would give you a house payment of $2576 (principle and interest).  Using the same scenario, but using the 3.875% interest rate, that same home would now have a payment of $2,257.  The savings in over $300 per month.

This program is available in amounts up to $1,000,000 with no increase in rate for a jumbo mortgage.  A jumbo mortgage in standard lending is a loan amount that is greater than $417,000 and can have interest rates that are substantially higher than rates for homes that are under $417,000.  So the savings becomes even greater if the loan is in the jumbo category.

Buyers do need to qualify for these mortgages with verifiable income and sound credit.  If a buyer has less than 20% to put down, there are additional options for them that involve a slightly higher interest rate of 4.875%.

It is also important to know that this program is currently being offered with a deadline of March 22nd.  The program exists because Banner Bank wants to get these houses sold and they want them sold now.

If you would like additional information about this program, please visit the Banner Bank website by clicking here.  If you would like addtional information about the homes that are for sale and that are offering this financing, please contact either Linda or myself, and we would be happy to send you a list of properties.

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Market Activity Update – March 2nd – 8th, 2009

Lake Oswego saw 13 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days). There were actually 27 properties showing “new” on RMLS in Lake Oswego and as you can see, only 13 of them were truly new listings. We had 3 go pending, and 4 that closed.

There are all told, 300 residential properties for sale in Lake Owego on RMLS right now ranging from $76,500. to $19,500,000.

Now that we are into Daylight Savings Time, and are seeing the first hints that Spring is on the way, market activity typically begins to increase.  There are many reasons for this, but the beautiful flowering of trees and gardens we’ll see shortly, teasers of sunny stretches (that make us think it is Summer already!), and of course the perception of longer days are not to be underestimated… I call these “human factors”.  But then, all home buying and selling is based on human factors. Speaking of which…  Is there a change you have been wanting to make in your life through buying and/or selling a home?  If so, we would of course be happy to serve you in making your dreams a reality.  Feel free to call or email anytime…  We love hearing from our local and out-of-state readers, and enjoy meeting you and getting you settled in Lake Oswego!

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

NEWLY LISTED (March 2—March 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
Address List Price # Beds # Baths Tot. SF Prop Type List Date
44 EAGLE CREST DR $124,950 1 1 798 CONDO 3/4/2009
86 KINGSGATE RD $161,000 2 2 840 CONDO 3/2/2009
48 EAGLE CREST DR $208,000 2 2 1,489 CONDO 3/8/2009
197 OSWEGO SMT $264,197 2 2 1,383 CONDO 3/3/2009
605 Ash ST $279,900 3 2 1,528 DETACHD 3/4/2009
2001 BONNIEBRAE DR $299,000 3 2.1 1,819 ATTACHD 3/2/2009
1140 HALLINAN CT $339,895 3 2 1,875 DETACHD 3/8/2009
5785 SW CARMAN DR $364,800 3 1.1 1,934 DETACHD 3/4/2009
907 BULLOCK ST $369,950 4 2 2,020 DETACHD 3/4/2009
5675 CHILDS RD $419,000 2 2.1 1,644 DETACHD 3/5/2009
2838 GREENTREE RD $429,950 4 2.1 1,781 DETACHD 3/3/2009
550 MIDDLECREST RD $749,900 3 2.1 2,240 DETACHD 3/4/2009
100 3RD ST $2,495,000 3 3.1 3,600 DETACHD 3/2/2009

PENDING SALES (March 2—March 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
 PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type CDOM
5063 FOOTHILLS DR $230,000 2 2 991 CONDO 8
3190 DUNCAN DR $289,900 3 2.1 2,401 DETACHD 80
1265 ROCKINGHORSE LN $444,000 4 3 2,402 DETACHD 237

SOLD (March 2—March 8, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
Address O/Price Close Price # Beds # Baths Tot. SF Prop Type CDOM
136 OSWEGO SMT $142,000 $140,000 1 1 764 CONDO 10
3433 MCNARY PARKWAY $189,900 $167,000 2 2.1 1,208 CONDO 105
95 KINGSGATE RD $325,000 $314,500 3 2.1 1,669 DETACHD 51
353 ASH ST $409,900 $409,000 3 3.1 2,765 DETACHD 96

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.

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Market Activity for February 23-March 1, 2009

Linda and I work very hard to have our weekly market activity reports posted on Mondays. Yesterday was full of computer challenges and created a delay. So you are getting the report on Tuesday. Thanks for your patience.

Lake Oswego had 16 New Listings, 9 Pending Sales, and 9 Closed Sales:

NEWLY LISTED (February 23—March 1, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
LIST DATE
Address List Price #BR # BTHS Total SF Prop Type List Date
5063 FOOTHILLS DR $230,000 2 2 991 CONDO 2/23/2009
15010 TWIN FIR RD $294,900 8 4 3,526 DETACHD 2/25/2009
13805 REGENCY CT $419,000 4 2.1 2,045 DETACHD 2/27/2009
16026 PARKER RD $425,000 3 1 1,670 DETACHD 3/1/2009
3311 FIR RIDGE RD $459,000 3 2.1 2,112 DETACHD 2/25/2009
20 NORTHVIEW CT $499,999 3 3.1 2,827 ATTACHD 2/26/2009
2084 RIDGEWOOD RD $519,900 3 2.1 2,117 DETACHD 2/28/2009
12836 SIERRA VISTA DR $529,000 3 2.1 2,166 DETACHD 2/26/2009
3140 ROSEMARY LN 619000 4 2.1 3,000 DETACHD 2/27/2009
17675 CARDINAL DR 699000 3 3 3,458 DETACHD 2/23/2009
17751 MARYLCREEK DR 719000 4 3 3,505 DETACHD 2/23/2009
5868 SUNCREEK DR 749900 4 2.1 3,174 DETACHD 2/23/2009
4114 CASEY CT 949000 4 2.1 3,405 DETACHD 2/27/2009
1176 TROON RD 985000 3 2 3,022 DETACHD 2/23/2009
3203 Southshore BLVD 1299900 4 3.1 3,773 DETACHD 2/23/2009
17147 OLD RIVER DR 2795000 5 4.2 5,961 DETACHD 2/25/2009

PENDING SALES (February 23—March 1, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
Address List Price #BR #BTHS Total SF Prop Type CDOM
4640 LOWER DR $115,000 2 1.1 1,170 CONDO 572
4 TOUCHSTONE DR $159,500 3 2.1 1,351 CONDO 45
2800 WEMBLEY PARK RD $374,500 3 2 1,575 DETACHD 10
1228 HALLINAN CIR $389,000 4 2 1,932 DETACHD 7
4 OTHELLO ST $399,900 4 3 2,184 DETACHD 111
221 HIDALGO ST $419,500 3 2.1 2,628 DETACHD 54
16919 LAKERIDGE DR $449,900 5 3 2,710 DETACHD 189
762 3RD ST $650,000 3 2.1 2,710 DETACHD 198
1670 PINE ST 679987 4 3.1 3,286 DETACHD 565

SOLD (February 23—March 1, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
 PROP TYPE
DOM
Address O/Price Close Price #BR #BTHS Total SF Prop Type CDOM
44 EAGLE CREST DR $114,950 $114,950 1 1 798 CONDO 7
86 KINGSGATE RD $145,000 $145,000 2 2 938 CONDO 31
15848 PARKER RD $187,500 $177,000 3 2 1,318 DETACHD 17
1400 PARRISH ST $299,999 $290,000 3 2.1 1,880 CONDO 143
6067 CLAIRMONT CT $529,000 $510,000 4 2.1 2,344 DETACHD 11
5624 SOUTHWOOD DR $740,000 $525,000 4 3 3,120 DETACHD 514
5299 WESTFIELD CT $799,900 $555,000 3 2.1 2,865 DETACHD 156
17561 SHEPHERDS CT $765,900 $589,000 4 2.1 3,011 DETACHD 347
5406 LANGFORD LN 795000 795000 3 2.1 3,341 DETACHD 0

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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Open Houses for Sunday, March 1st

There are 15 houses being promoted on the RMLS as open houses for this Sunday:

 

5487 Tualata Ct., $264,900-$279,876, 1200 SF, 3 BR, 2 BTHS, open 1-4

4458 Thunder Vista Ln., $319,000, 2200 SF, 3 BR, 2 1/2 BTHS, open 1-4

16 Partridge Ln., $418,900, 2304 SF, 3 BR, 2 1/2 BTHS, open 1-3

14431 Orchard Springs Rd., $439,900, 1960 SF, 4 BR, 2 1/2 BTHS, open 1-4

624 Livingood Ln., $559,000, 2596, 4 BR, 3 BTHS, open 1:30-3:30

3254 Duncan Dr., $575,000, 3997 SF, 4 BR, 3 1/2 BTHS, open 2-4

340 8th St., $575,000, 1992 SF, 3 BR, 2 BTHS, open 1-3

13222 Deerfield Ct., $649,000, 3022 SF, 4 BR, 2 1/2 BTHS, open 1-3

17751 Marylcreek Dr., $719,000, 3505 SF, 4 BR, 3 BTHS, open 2-4

2688 Rivendell Rd., $835,000, 3720 SF, 4 BR, 3 BTHS, open 1-4

15422 Boones Way, $879,000, 2586 SF, 4 BR, 2 1/2 BTHS, open 1-4

2400 Dellwood Dr., $899,000, 3180 SF, 4 BR, 3 BTHS, open 1-3

3030 Westview Ct., $948,000, 3415 SF, 4 BR, 2 1/2 BTHS, open 2:20-4

5677 Bonita Rd., $968,400, 3603 SF, 4 BR, 3 1/2 BTHS, open 2-4

943 Atwater Rd., $1,150,000, 3874 SF, 4 BR, 2 1/2 BTHS, open 1-4

 

I am going to mention the property at the top of the list, on Tualata Ct.  You’ll notice that the pricing is $264,900-$279,876.  This is what is called “value-range pricing”.  The representation is that the sellers will consider offers within that range.  This is a method of marketing that is occassionally used.  I believe it is based upon the theory that the range of pricing will bring in more offers and more quickly.  I don’t know that I buy into that school of thought, but it is why it is done.

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Foreclosures vs. Shortsales

   

With the state of the current economy, there is a lot of attention being paid to the volume of foreclosures as well as shortsales.  These are two different situations that are often confused.  I thought it would be helpful to clarify what they are.

 

A foreclosure is a bank-owned property (also referred to as an REO property).  The process of foreclosing on a delinquent home owner has been completed and the bank has the full title to the property and the right to sell that property.  A quick look at foreclosures.com shows the very sobering statistic that in Lake Oswego right now there are 90 bank-owned properties, there are 17 properties in pre-foreclosure (behind in their house payments) and 587 properties scheduled for auction.  When a home owner falls behind in his or her house payments, there is a multi-month process where the homeowner is notified of the delinquency.  The final step of the forclosure is public auction where the mortgage holder takes the property back for the amount of money that is owed on it.  Bear in mind that the process takes about nine months.  Many of the people currently delinquent or scheduled for auction will find a way to either bring their payments up to date, renegoiate the terms of their loan, or sell the property.  So not all of the homes currently delinquent will become bank owned.  I’d also like to put these numbers in perspective.  Lake Oswego has a population of about 35,000 people.  With an average of 2.3 people per household, that is about 15,000 households.  And with 694 households either in pre-foreclosure or already bank owned, that is about 5% of the households.  Yep, that is sobering.

 

A shortsale is a house that has a market value of less than what is owed on it and the home owner is attempting to negotiate with their mortgage holder to take a discounted amount so that the property can be sold at current market value.  In this instance, the sale of the home will require a third-party approval (the bank), and may or may not happen.  The process to get this third party approval can take months (I worked with one that took 6 months), so if you are wanting a home that is a shortsale, be prepared to be patient and realize that the approval may or may not occur.

 

I am often asked how a buyer can find foreclosure and shortsale properties.  The reality is that 99% of them are listed with Realtors and made available on the RMLS.  People who are in distress and trying to sell their home as a shortsale hire Realtors.  And banks with bank-owned properties hire Realtors to sell their inventory of foreclosures.  You don’t need to buy a secret publication or pay for a special list.  These properties are available to the public on the RMLS and any Realtor can gather information on them to help assist you with finding that great deal.

 

Having said that, I have two areas of caution.  First, a foreclosure is a much better prospect for purchase if you have a time-line you are trying to accomplish.  A foreclosed property that is listed for sale can be purchased within a normal transaction period of 30 to 60 days.  Whereas a shortsale can take months and then may not occur at all.  Second, when you buy a foreclosure it really is buyer beware.  Banks make no representations about the condition of the property and often have their own sale agreements with extensive waivers to protect them from any future liablity.  In both circumstances you should be able to make your offer subject to a home inspection.

 

OK, I have a third thought.  Be aware that people who loose their homes are people in financial distress.  They go through an extended period where they have no resources to make their house payment much less fix the leaky roof or remodel the ancient kitchen.  So be prepared to see houses that are dirty and in need of repair.  In addiiton, it is not uncommon for these houses to be stripped of appliances and fixtures.  Not all foresclosures and shortsales are project properties, but many are.

 

So you are looking for the great deal?  Sure, check out the foreclosures and the short sales, but don’t close your mind to the good old homeowner who needs to move and is motivated.  These people will also often sell at great prices, close in a reasonable time frame, and maybe even vaccume the carpet and polish the granite on their way out.  To make the most of the market, look at the entire market.