Tag: buying real estate

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This Week in Lake Oswego ~ Apr 1-7, 2019

Spring is sprung in Lake Oswego~

Here are my picks for things happening this week!

Mon, Apr 1 2019– 1:00-1:00PM –  American Mah Jongg Practice ~ -Every Monday you’re invited to join the program playing Mah Jongg in groups of 4. This is a game of skill, strategy and calculation and involves a certain degree of chance. ~ Adult Community Center –  Info:  CLICK HERE

Tue, Apr 2, 2019 –  7:00-8:30PM – First Tuesday Music, Featuring: Ronnie Robins/ RR2 Duo ~ Brazilian flavored originals and standards! ~ Lake Oswego Public Library  Info:  CLICK HERE  

Wed, Apr 3, 2019 – 1:00-2:30PM – Supervised Computer lab ~ Every Wednesday you’re invited to Practice, Learn, Get Questions Answered, Download Programs You May Need etc in a fun, helpful environment. –Info:  CLICK HERE     

Thu, Apr 4, 2019 9:00AM-12:00PM – Sculpy Sculpture Camp! ~ Ages 8-12/Repeats every Thurs & Fri and involves building wire and tin foil armatures and covering them with sculpy! ~  CCP, 1060 Chandler Rd: Info & Registration  CLICK HERE

Fri, Apr 5, 2019 1:00-2:00PM – Jottings from 5th and G ~Enthusiastic Writers and Inspired Authors are invited to join and create weekly articles submitted to the Lake Oswego Review! (Monthly 1st Fridays except the month of May)~ Adult Community Center  Info: CLICK HERE

Sat, Apr 6, 2019 – 10:00AM – 4:00PM ~ 39th Annual Trillium Festival & Native Plant Sale! ~ Nature & Plant Lovers rejoice!This is the annual gala for learning and indulging in native species for wildlife habitat and more. Tryon Creek Naturak Area, 11321 SW Terwilliger Blvd.  Learn more about Friends of Tryon Creek HERE. Info on the Festival: CLICK HERE

Sun, Apr 7, 2019 – 1:00PM-3:00PM ~ Iron Mt Park – Stewardship Work Party ~ Time for Spring Cleanup to remove invasive species… and enjoy wandering around in the breathtaking beauty   ; ) Info: CLICK HERE

 

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Market Activity ~ March 18-24, 2019

There are a total of 214 homes for sale in Lake Oswego right now. Last week 21 New properties entered the market, 25 moved to Pending status, and 18 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type
48 EAGLE CREST DR #3B $309,000 2 2 1550 CONDO
5944 BURMA RD $350,000 3 1 1378 DETACHD
34 WHEATHERSTONE $430,000 3 2.1 1692 CONDO
14352 SHERBROOK PL $475,000 3 2.1 1806 DETACHD
125 CONDOLEA DR $475,000 3 3 2186 CONDO
71 KINGSGATE RD $489,900 3 2.1 1727 DETACHD
5371 GREYSTOKE DR $569,000 3 2 1782 DETACHD
1901 MAPLELEAF CT $584,900 4 3 2800 DETACHD
14 NORTHVIEW CT $695,000 4 3.1 3279 ATTACHD
185 FURNACE ST $810,000 2 2.1 1927 CONDO
74 TOUCHSTONE $849,000 6 3.1 4584 DETACHD
55 NORTHSHORE RD #1 $879,000 3 2 2352 CONDO
1961 SUMMIT DR $896,000 3 2.1 3137 DETACHD
5327 CARMAN GROVE LN $949,500 4 3 3125 DETACHD
18409 OLD RIVER DR $969,000 4 3.1 3681 DETACHD
3250 FIR RIDGE RD $1,300,000 4 3.1 3541 DETACHD
3270 FIR RIDGE RD $1,395,000 4 3.1 3872 DETACHD
18320 MEADOWLARK LN $1,799,900 4 4.2 6053 DETACHD
4011 WESTBAY RD $1,895,000 4 3 4518 DETACHD
1976 HIGHLANDS LOOP $1,975,000 4 3.2 4881 DETACHD
19025 HILL TOP RD $2,279,000 5 4.1 5366 DETACHD

PENDING SALES (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #303 $230,000 2 1 1199 CONDO 54
526 S STATE ST #5a $279,900 2 1 914 CONDO 8
5225 JEAN RD #104 $288,000 2 2 1400 CONDO 59
192 CERVANTES $289,000 2 1.1 1275 CONDO 10
5053 FOOTHILLS DR #B $329,000 3 2 1252 CONDO 164
19 CONDOLEA DR $514,000 2 2.1 2157 CONDO 4
17620 SYDNI CT $525,000 3 2.1 2182 TOWNHSE 1
15865 BOONES WAY $560,000 3 2 1708 DETACHD 0
1651 LARCH ST $565,000 4 3 2225 DETACHD 14
116 GREENRIDGE CT $575,000 3 3.1 2832 ATTACHD 1
4582 TRILLIUM WOODS $579,900 3 2.1 1927 ATTACHD 131
16835 FERNWOOD DR $580,000 4 2 1952 DETACHD 39
18667 PILKINGTON RD $590,000 4 2.1 2512 DETACHD 19
24 BECKET ST $608,000 4 2.1 2527 DETACHD 16
1038 OAK ST $609,900 4 2 2594 DETACHD 252
737 ASH ST $649,990 4 2 2428 DETACHD 6
5015 PARKHILL ST $775,000 3 3 2628 DETACHD 50
5200 WESTFIELD CT $775,000 4 2.1 3132 DETACHD 4
15 NANSEN SMT $775,000 3 2.1 3098 DETACHD 3
3335 CEDAR CT $975,000 4 3 3800 DETACHD 6
805 Evergreen $1,199,000 5 4 2893 DETACHD 349
951 LAKE FRONT RD $1,498,000 3 2.1 1713 DETACHD 166
1973 CHERYL CT $1,675,000 5 4.1 6436 DETACHD 582
1277 CHANDLER RD $1,998,000 4 3.1 4500 DETACHD 471
420 RIDGEWAY RD $2,695,000 4 4 3505 DETACHD 17

SOLD (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #303 $230,000 2 1 1199 CONDO 54
526 S STATE ST #5a $279,900 2 1 914 CONDO 8
5225 JEAN RD #104 $288,000 2 2 1400 CONDO 59
192 CERVANTES $289,000 2 1.1 1275 CONDO 10
5053 FOOTHILLS DR #B $329,000 3 2 1252 CONDO 164
19 CONDOLEA DR $514,000 2 2.1 2157 CONDO 4
17620 SYDNI CT $525,000 3 2.1 2182 TOWNHSE 1
15865 BOONES WAY $560,000 3 2 1708 DETACHD 0
1651 LARCH ST $565,000 4 3 2225 DETACHD 14
116 GREENRIDGE CT $575,000 3 3.1 2832 ATTACHD 1
4582 TRILLIUM WOODS $579,900 3 2.1 1927 ATTACHD 131
16835 FERNWOOD DR $580,000 4 2 1952 DETACHD 39
18667 PILKINGTON RD $590,000 4 2.1 2512 DETACHD 19
24 BECKET ST $608,000 4 2.1 2527 DETACHD 16
1038 OAK ST $609,900 4 2 2594 DETACHD 252
737 ASH ST $649,990 4 2 2428 DETACHD 6
5015 PARKHILL ST $775,000 3 3 2628 DETACHD 50
5200 WESTFIELD CT $775,000 4 2.1 3132 DETACHD 4
15 NANSEN SMT $775,000 3 2.1 3098 DETACHD 3
3335 CEDAR CT $975,000 4 3 3800 DETACHD 6
805 Evergreen $1,199,000 5 4 2893 DETACHD 349
951 LAKE FRONT RD $1,498,000 3 2.1 1713 DETACHD 166
1973 CHERYL CT $1,675,000 5 4.1 6436 DETACHD 582
1277 CHANDLER RD $1,998,000 4 3.1 4500 DETACHD 471
420 RIDGEWAY RD $2,695,000 4 4 3505 DETACHD 17

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.

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Rental Investing

I often tell first-time buyers that an excellent goal is to be able to keep that first house as a rental as opposed to selling it. Interest rates on owner-occupied mortgages are generally lower and a house can be purchased with a smaller down payment if you are buying it as your primary residence. If all of us could keep every home we have ever purchased, we could, over our lifetimes, gradually build quite a portfolio of rental properties. Of course life has a way of occurring differently than planned, but the general concept is a good one.

Linda and I both work quite a lot with investors who purchase and sell rental properties. It is a different experience than when you are buying a home to live in. Considerations have to be made about whether or not the property can be rented. This is especially true with condominiums. Many Home Owner’s Associations have restrictions on renting. It’s also important to know that within the city limits of Lake Oswego short-term rentals, considered to be for less than 30 days, are not allowed. This means no airbnb or vacation rentals are allowed.

Now comes an entirely new twist. The State of Oregon has just enacted rental restrictions related to rent increases and evictions. I am not going to claim to be an expert, but I do have a general idea of what is going on. More importantly, I can direct you to a great resource with someone who is an expert.

First, what’s going on. Rental increases are now restricted to not more than 7% plus the rate of inflation in any one year. This is actually quite a lot. But if you are working with a property that is grossly under rented, it will take time to bring the rent in line with market value. It also means that if you own rentals that you will eventually be selling, you should be doing rent increases while you own the property so that when you go to sell it, the rents will be in line with the market.

Second, no cause evictions are now pretty much non existent. During the first twelve months of a tenancy a tenant can still be evicted without cause. Without cause means you can give notice that the tenant has to move out and not state why. You are simply demanding that they move. That’s it. But on day 366 of the tenancy the no cause eviction is no longer allowed. This means that evicting a tenant will require that you give a reason that falls within the allowed parameters. With cause can include non-payment of rent, damage that they’ve done to the property, if a government agency has determined that the property is not safe to live in, etc. One reason that you can not use as cause for eviction? That you plan to sell the house. So if you have a rental property that you plan to sell, it has to be put onto the market with the tenant in place. A tenant can choose to move when they learn the house is going to be sold. The restriction is on the landlord, not the tenant. If you get an offer from someone who intends to move into the property as their primary residence, then you can evict them. But if your buyer intends to also hold the property as a rental, then the tenant can not be evicted and the tenant will continue to live in the property after it is sold.

As you can see, it’s pretty complicated. I am not an attorney and with landlord tenant law that you have questions about, you really should consult an attorney. This brings me to a wonderful resource that I have been given permission to pass along. I met an attorney this past week whose entire practice is built on representing landlords. He does not represent tenants. He also only gives advice to his clients, so he won’t do a consultation for free. He does however have a great website that has lots of information that is available at no charge. He is Tim Murphy of Murphy Law Group P.C., and his website is www.oregonlandlord.net. On his website he has summation material about the new Oregon law as well as the new laws that are in effect in the City of Portland.

I hope you have found this helpful. As always, thanks for reading.
Dianne

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Market Activity March 11-17, 2019

Last week in Lake Oswego 18 new listings came onto the market, 24 properties accepted offers and went into pending status, and 10 properties became sold/closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (March 11-17, 2019)

Address Type Price BR Baths Sq Ft
45 Eagle Crest Dr #218 Condo $179,900 1 1 768
512 S State St Condo $229,989 1 1 829
3814 Botticelli St Condo $279,000 2 2 1055
526 S State St 5a Condo $279,900 2 1 914
5054 Foothills Dr D Condo $345,000 2 2 1252
17606 Sydni Ct Townhouse $575,000 3 2.5 2442
336 Livingood Ln Detached $575,000 4 2.5 2392
737 Ash St Detached $649,990 4 2 2428
15 Nansen Summit Detached $775,000 3 2.5 3098
14183 Taylors Crest Ln Detached $799,000 4 2.5 3551
554 Luce Ln Detached $799,900 4 3 3269
171 C Ave Attached $879,000 3 3 2308
335 Cedar Ct Detached $975,000 4 3 3800
1385 Morning Sky Ct Detached $1,240,000 3 2.5 3690
2013 Ridgewood Rd Detached $1,248,000 5 3.5 4327
1835 Cedar Ct Detached $1,249,000 3 3.5 3165
1949 Cedar Ct Detached $1,745,000 5 5.5 6330
2260 Summit Ct Detached $2,158,000 5 4.5 3797

Pending Sales (March 11-17, 2019)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #37 Condo $115,000 1 1 672 68
86 Kingsgate Rd I-102 Condo $219,900 2 2 849 4
3972 Carman Dr Condo $299,900 2 2.5 1146 223
4434 Thunder Vista Ln Condo $339,900 2 2.5 2040 3
1589 Boca Ratan Dr Townhouse $378,500 3 2 1611 37
4433 Thunder Vista Ln Condo $379,000 3 2.5 2002 177
12884 Boones Ferry Rd Condo $395,000 2 2.5 1182 11
16200 Pacific Hwy #6 Condo $395,000 2 2 1190 115
18430 Terry Ave Detached $460,000 3 2 1568 5
17297 Bryant Rd Detached $529,000 3 2 1428 51
13371 Peters Rd Detached $549,900 3 2.5 2340 25
5835 Langford Ln Detached $560,000 2 2 1850 11
515 Atwater Rd Detached $637,625 3 2.5 2746 37
5725 Southwood Dr Detached $687,000 4 2.5 2406 3
332 Lakewood Rd Detached $700,000 3 1.5+.5 2242 0
981 Cumberland Pl Detached $725,000 4 2 3339 292
2025 Glenmorrie Ln Detached $780,000 3 2 2652 25
17479 Brookhurst Dr Detached $810,000 4 2.5 3711 2
6048 Lakeview Blvd Detached $849,000 4 2.5 2640 128
6044 Clairmont Ct Detached $880,000 4 2.5 3430 177
17494 Lake Haven Dr Detached $950,000 2 2 2121 279
892 8th St Detached $1,250,000 4 3.5 2747 242
407 G Ave Detached $1,980,000 4 3.5 4635 12
320 Chandler Pl Detached $2,395,000 5 3.5 4675 288

Sold/Closed (March 11-17, 2019)

Address Type List Price Sold Price Sq Ft CDOM
63 Oswego Summit Condo $179,900 $185,000 1058 3
218 Ridgeway Rd Condo $284,000 $279,700 914 18
293 Cervantes Townhouse $350,000 $330,000 1384 77
17156 Rebecca Ln Detached $545,000 $534,000 2026 43
1010 Upper Devon Ln Detached $699,000 $630,000 3068 144
5474 Bay Creek Dr Detached $649,900 $640,000 2322 15
18048 Eastridge Ln Detached $1,375,000 $974,903 4336 426
1451 Horseshoe Curve Detached $1,198,000 $1,163,000 2062 13
1122 Bayberry Rd Detached $1,498,000 $1,425,000 3259 19
3130 Douglas Circle Detached $1,595,000 $1,500,000 4063 189

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.

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News & Notes ~ February 2019 Numbers

Here is your look at the most recent data for the entire Portland area (Feb 2019) and how Lake Oswego fits in to this picture just below.

According to the RMLS Market Action Report for the Portland Metro Area, February, 2019:

  • There were 2,444 New Listings in February 2019 which was down 3.4%  from February of 2018’s 2,530, and also down  a whopping 19.8% from the previous month/January’s total of 3,048.  ***This was the coolest February since 2014 when the New Listings in Feb were 2,354.
  • At 1,726 February 2019’s Closed Sales were mixed. They cooled  4.4% from February 2018’s 1,806, BUT, rose a substantial 19.0 % from the previous month/Jan 2019’s total of 1,451.
  • February 2019’s Pending Sales (accepted offers), at 2,208 were also mixed: Down 5.5% down from February of 2018’s 2,337, AND, ahead 8.0% from the previous month/Jan 2019’s total of  2,045.
  • The Average Sale Price in February 2019 of $441,100 was basically unchanged/down just slightly ($800.00!) from last year/February 2018’s $441,900, and up from the previous month/Jan 2019’s $435,600 by $5,500.  
  • The “Median” Sale Price (so…the price smack dab in the middle of all sales) in February 2019 of $399,900 was up $14,900.00 from last year/February 2018’s $385,000, and also up about the same, $15,000, from the previous month/Jan 2019’s $384,900.   

Neighborhoods: February’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $427,800              2.5%   (Jan 403,900)
    •                                                     YTD Median: $395,500
  • NE Portland:  $462,400                   3.2%   (Jan 439,500)
    •                                                     YTD Median: $393,300
  • SE Portland:  $404,600                   4.5%   (Jan 390,000)
    •                                                     YTD Median: $359,900
  • Gresham/Troutdale:   $348,400     5.7%   (Jan 349,300)
    •                                                     YTD Median: $349,900
  • Milwaukie/Clackamas:  $413,800  3.0%   (Jan 410,500)
    •                                                     YTD Median: $395,600
  • Oregon City/Canby:   $424,700      7.0%   (Jan 397,100 )
    •                                                     YTD Median: $393,000
  • Lake Oswego/West Linn:$677,000 1.9%   (Jan 664,200)
    •                                                      YTD Median: $547,000
  • West Portland:    $551,000             1.7%   (Jan 589,800)
    •                                                     YTD Median: $525,000
  • NW Wash County:  $504,300          1.3%   (Jan 559,600)
    •                                                      YTD Median: $510,000
  • Beaverton/Aloha:     $413,800       8.6%   (Jan 393,900)
    •                                                     YTD Median: $380,000
  • Tigard/Wilsonville:   $469,400       6.5%   (Jan 440,100)
    •                                                      YTD Median: $435,000
  • Hillsboro/Forest Grove: $379,600  5.0%   (Jan 391,500 )
    •                                                      YTD Median: $369,900

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of February 2019 reported:

    •  317 Active Listings   (Jan 299 )
    •  156 New Listings     (Jan 185)
    •  103 Pending Sales   (Jan 94)
    •   81 Closed Sales      (Jan 82)
    • Average Sale Price for February: $677,000  (Jan $664,200)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    • 108 Average Days on the Market   (Jan 76)

 

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Market Activity ~ March 4-10, 2019

There are a total of 205 homes for sale in Lake Oswego right now. Last week 20 New properties entered the market, 24 moved to Pending status, and 9 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (March 4-10, 2019)

Address List Price # Beds # Baths Total SF Prop Type
45 EAGLE CREST DR #204 $205,000 1 1 768 CONDO
192 CERVANTES $299,000 2 1.1 1275 CONDO
12884 BOONES FERRY RD $395,000 2 2.1 1182 CONDO
13786 REGENCY CT $560,000 3 2 2045 DETACHD
1651 LARCH ST $565,000 4 3 2225 DETACHD
5301 CHILDS RD $574,900 3 2.1 1783 DETACHD
18667 PILKINGTON RD $600,000 4 2.1 2512 DETACHD
17615 SYDNI CT $625,000 4 2.1 2651 TOWNHSE
18790 BRYANT RD $649,000 3 2.1 2489 DETACHD
24 BECKET ST $649,900 4 2.1 2527 DETACHD
1816 PALISADES LAKE CT $860,000 3 2.1 4598 DETACHD
15780 TWIN FIR RD $899,900 4 2.1 3107 DETACHD
3906 BASS LN $1,349,000 4 3.1 4311 DETACHD
3197 ALBER SPRING CT $1,489,000 4 4.1 4852 DETACHD
2130 WEMBLEY PL $1,498,000 3 3.1 3651 DETACHD
448 COUNTRY CLUB RD $1,549,000 4 3.1 4873 DETACHD
611 RIDGEWAY RD $1,650,000 4 5.1 4463 DETACHD
157 6TH ST $1,695,000 4 3.1 3614 DETACHD
353 G AVE $2,198,000 4 3.1 5399 DETACHD
1120 CRESTLINE CT $2,800,000 5 5.1 6440 DETACHD

PENDING SALES (March 4-10, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
233 CERVANTES / Grnd $199,900 2 1.1 1216 CONDO 107
1349 BONNIEBRAE DR $329,500 3 1.1 1311 TOWNHSE 30
4386 THUNDER VISTA LN $379,900 2 2.1 1980 CONDO 51
12802 BOONES FERRY RD $399,500 3 2.1 1182 CONDO 3
5318 RED LEAF ST $475,000 3 2 1428 DETACHD 5
210 S STATE ST #8 $499,000 3 2.1 1614 CONDO 4
2440 GREENTREE RD $509,900 3 1.1 1850 DETACHD 3
17000 GASSNER LN $519,000 3 2 1832 DETACHD 161
19 WALKING WOODS DR $545,000 3 2 2513 DETACHD 4
14425 HOLLY SPRINGS RD $559,000 4 3 2238 CONDO 61
1508 PINE ST $569,900 4 3 2300 DETACHD 1
6474 FROST ST $599,900 4 2.1 2216 DETACHD 173
4954 MULHOLLAND DR $599,900 3 2.1 2498 ATTACHD 4
4749 BLACK FOREST CT $639,900 4 2.1 2255 DETACHD 3
4 GERSHWIN CT $674,900 4 4 3016 DETACHD 101
17323 LAKE HAVEN DR $725,000 3 2.1 1900 DETACHD 185
11 CELLINI CT $729,000 5 3 3557 DETACHD 5
17890 KELOK RD $769,000 4 2.1 3095 DETACHD 48
30 HILLSHIRE DR $899,500 4 2.1 3887 DETACHD 263
903 ASH ST $999,000 3 2.1 2765 DETACHD 231
3730 RIVERS EDGE DR $1,039,000 4 2.1 3427 DETACHD 21
143 FURNACE ST / Upper $1,150,000 2 2.1 2245 CONDO 245
3101 WESTVIEW CT $1,299,000 4 3.1 4290 DETACHD 359
407 G AVE $1,980,000 4 3.1 4635 DETACHD 1

SOLD (March 4-10, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #103 $233,000 $214,000 1 1 800 CONDO 35
163 OSWEGO SMT #163 $251,000 $250,000 2 2 1506 CONDO 14
16790 LAKE FOREST BLVD $349,900 $329,999 2 1 780 DETACHD 128
48 EAGLE CREST DR #5B $349,000 $335,000 3 2 1550 CONDO 17
16880 CORTEZ CT $455,000 $451,000 3 2.1 2313 DETACHD 21
5228 BONITA RD $479,999 $469,000 3 2 1310 DETACHD 166
1654 FIRCREST DR $519,000 $519,000 4 2.1 2346 DETACHD 1
5262 ROSEWOOD ST $650,000 $600,000 3 2 2275 DETACHD 100
3943 TEMPEST DR $749,900 $775,000 4 2.1 3714 DETACHD 4

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.

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The Importance of Building Permits

Do I need a permit? That is the magic question that home owners get to contemplate when they take on a remodeling project. I am not going to tell you what needs or doesn’t need to be permitted. For the answer to that question you need to contact the city or county planning departments in the area that you live. What I will tell you is that permits are not something that you should avoid.

Think about it. Permits allow the oversight of an expert to be certain that the work you are doing is being done correctly.

I think home owners occasionally try to avoid getting permits for two reasons and both pertain to money. The first is the cost of the permit. It simply adds to the cost of the project. The second is the potential for increased property taxes. Depending on the scope of the remodeling, the increased value of your home comes to the attention of the tax assessor and that can increase your annual property taxes. Even so, please don’t avoid getting permits to save money.

The issue of permitted remodeling is a big factor when you go to sell a home. It is one of the questions that sellers are asked to answer on the seller’s property disclosure statement. Even if the work is beautifully done to the highest standards possible, if it wasn’t permitted, it is going to become an issue when you sell the property. Buyers have easy access to public records to see if the remodeling was permitted, as do appraisers. At a class I took in Wednesday I was told by an appraiser that if remodeling wasn’t permitted then it will not be included in the valuation of the property. So that master bedroom and bathroom addition will not be included as part of the house. Or worse, if the work was done badly, the appraiser will make a note of it and then the underwriter of the buyer’s new mortgage can call for after-the-fact permitting before the mortgage company will approve the loan. It is the job of the underwriter to approve the condition of the property as collateral for the loan.

It simply makes no sense to avoid spending money in the short run simply to have it shoot you in the foot in the long run. Make certain when you do remodeling that you are getting all necessary permits. It’s the right thing to do.
Dianne

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Market Activity Feb 25-March 3, 2019

Last week in Lake Oswego 8 new listings came onto the market, 18 properties accepted offers and went into pending status, and 9 properties became sold/closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Feb 25-March 3, 2019)

Address Type Price BR Baths Sq Ft
12866 Boones Ferry Rd Condo $385,000 2 2.5 1182
19 Walking Woods Dr Detached $545,000 3 2 2513
5835 Langford Ln Detached $575,000 2 2 1850
18049 Skyland Circle Detached $1,125,000 3 3 3717
1023 Bayberry Rd Detached $1,399,900 3 2.5 2958
3101 Douglas Circle Detached $1,438,950 5 4.5 4430
407 G Ave Detached $1,980,000 4 3.5 4635
420 Ridgeway Rd Detached $2,695,000 4 4 3505

Pending Sales (Feb 25-March 3, 2019)

Address Type Price BR Baths Sq Ft CDOM
100 Kerr Pkwy #6 Condo $159,900 1 1 617 259
94 Oswego Summit Condo $245,000 2 2 1140 5
343 5th St #2 Condo $250,000 2 1 910 20
2071 Bonniebrae Dr Townhouse $379,900 3 2 1611 7
1410 Spruce St Detached $525,000 3 2 1242 15
5079 W Sunset Dr Attached $529,900 2 2.5 1734 81
5807 Ridgetop Ct Detached $660,000 5 2.5 2610 149
29 Spinosa Detached $664,900 3 2.5+.5 3262 3
45 Da Vinci St Detached $729,900 4 3.5 3122 4
4120 Southshore Blvd Detached $795,000 3 3 2079 2
4028 Orchard Dr Detached $825,000 4 2.5 3343 30
641 3rd St Condo $849,900 3 2.5 3343 134
5364 Langford Ln Detached $849,999 3 2.5 3022 32
17596 Greenbluff Dr Detached $934,900 4 2.5 3150 42
179 Iron Mountain Blvd Detached $1,175,000 5 4.5 5245 95
725 5th St Detached $1,199,900 4 3 2748 3
13750 Knaus Rd Detached $1,199,999 5 4 4773 354
939 Lake Front Rd Detached $1,699,900 5 4 4106 574

Sold/Closed (Feb 25-March 3, 2019)

Address Type List Price Sold Price Sq Ft CDOM
100 Kerr Pdwy #16 Condo $205,000 $208,000 823 2
4000 Carman Dr #40 Condo $269,000 $259,000 906 115
5225 Jean Rd #513 Condo $315,000 $292,000 1400 156
16061 Waluga Dr Detached $500,000 $439,000 676 88
5123 Jean Rd Detached $570,000 $547,000 2400 276
4451 Bernard St Detached $550,000 $550,000 1806 5
5326 Westfield Ct Detached $775,000 $752,500 3259 110
1813 Palisades Lake Ct Detached $1,015,000 $995,000 4119 302
1160 Northshore Rd Detached $1,898,000 $1,750,000 2794 302

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.

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News & Notes ~ January 2019 Numbers

Here is your look at the most recent data for the entire Portland area (Jan 2019) and how Lake Oswego fits in to this picture just below.

According to the RMLS Market Action Report for the Portland Metro Area, January, 2019:

  • There were 3,048 New Listings in January 2019 which was up 22.0% from January of 2018’s 2,486, and more than double the previous month/Dec of 2018’s total of 1,255 .
  • At 1,451 January 2019’s Closed Sales cooled  10.9% from January 2018’s 2,311, and also 21.4 % from the previous month/Dec 2018’s total of 1,846.
  • January 2019’s Pending Sales (accepted offers), at 2,045 are down 11.5% down from January of 2018’s 2,311, and surged ahead 27.9% from the previous month/Dec 2018’s total of  1,599.
  • The Average Sale Price in January 2019 of $435,600 was down slightly/$800.00 from last year/January 2018’s $436,400, and also down a little from the previous month/Dec 2018’s $438,600 by $3,000.  
  • The Median Sale Price in January 2019 of $384,900 was down $5,100.00 from last year/January 2018’s $390,000, and also down the same from the previous month/Dec 2018’s $390,000.   

Neighborhoods: January’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $403,900              2.8%   (Dec 388,700)
    •                                                     YTD Median: $379,500
  • NE Portland:  $439,500                   3.5%   (Dec 450,600)
    •                                                     YTD Median: $370,000
  • SE Portland:  $390,000                   5.5%   (Dec 425,900)
    •                                                     YTD Median: $357,000
  • Gresham/Troutdale:   $349,300     6.5%   (Dec 338,500)
    •                                                     YTD Median: $346,300
  • Milwaukie/Clackamas:  $410,500  3.6%   (Dec 427,500)
    •                                                     YTD Median: $389,900
  • Oregon City/Canby:   $397,100      6.4%   (Dec 428,600 )
    •                                                     YTD Median: $366,500
  • Lake Oswego/West Linn:$664,200 2.3%   (Dec 636,300)
    •                                                      YTD Median: $532,500
  • West Portland:    $589,800             3.1%   (Dec 588,800)
    •                                                     YTD Median: $525,000
  • NW Wash County:  $559,600          1.8%   (Dec 483,400)
    •                                                      YTD Median: $572,500
  • Beaverton/Aloha:     $393,900       8.8%   (Dec 381,600 )
    •                                                     YTD Median: $365,000
  • Tigard/Wilsonville:   $440,100       6.3%   (Dec 459,600 )
    •                                                      YTD Median: $410,000
  • Hillsboro/Forest Grove: $391,500  5.5%   (Dec 382,100 )
    •                                                      YTD Median: $372,500

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of January 2019 reported:

    •  299 Active Listings   (Dec 296 )
    •  185 New Listings     (Dec 115)
    •   94 Pending Sales  (Dec 91)
    •   82 Closed Sales      (Dec 75)
    • Average Sale Price for January: $664,200  (Dec $636,300)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  76 Average Days on the Market   (Dec 76)

 

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Market Activity ~ Feb 18-24, 2019

There are a total of 202 homes for sale in Lake Oswego right now. Last week 12 New properties entered the market, 21 moved to Pending status, and 12 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Feb 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type
172 OSWEGO SMT, Main FLr $254,900 2 2 1383 CONDO
4643 LAKEVIEW BLVD/Upper $289,900 2 2 1178 CONDO
12714 BOONES FERRY RD $359,000 3 1 996 DETACHD
2071 BONNIEBRAE DR $379,900 3 2 1611 TOWNHSE
31 LADD ST $450,000 3 1 867 DETACHD
21 LADD ST $495,000 3 1.1 2436 DETACHD
45 DA VINCI ST $729,900 4 3.1 3122 DETACHD
2025 GLENMORRIE LN $780,000 3 2 2652 DETACHD
128 NORTHSHORE RD $897,500 4 3 2695 DETACHD
15672 QUARRY RD $999,000 3 1 1480 DETACHD
29 HILLSHIRE DR $1,150,000 4 2.1 4690 DETACHD
2912 WEMBLEY PARK RD $1,475,000 4 3.2 4389 DETACHD

PENDING SALES (Feb 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
104 OSWEGO SMT Lower $170,000 1 1 764 CONDO 22
63 OSWEGO SMT #63 $179,900 1 1 1058 CONDO 3
48 EAGLE CREST DR #5C $279,000 2 0.2 1443 CONDO 104
218 RIDGEWAY RD Main $284,000 2 1 914 CONDO 18
210 S STATE ST #2 $395,000 2 1.1 1715 CONDO 10
4514 LOWER DR Lower $409,000 3 2.1 1644 CONDO 12
2745 GREENTREE RD $450,000 2 2 1219 DETACHD 3
732 ELLIS AVE $489,000 3 2 1632 DETACHD 8
13371 PETERS RD $549,900 3 2.1 2340 DETACHD 5
13369 PETERS RD $580,000 4 2.1 2474 DETACHD 131
1359 LARCH ST $650,000 6 3 3168 DETACHD 88
17 WESTRIDGE DR $698,900 4 3.2 3533 DETACHD 34
18034 WESTVIEW DR $699,900 4 2.1 3544 DETACHD 23
1080 UPPER DEVON LN $775,000 3 2.1 2512 DETACHD 5
15545 VILLAGE PARK CT $779,950 4 2.1 2735 DETACHD 24
17644 TREE TOP LN $820,000 4 3.1 4240 DETACHD 17
5328 LOWER DR $824,900 4 2.1 2600 DETACHD 1
1628 LAKE FRONT RD $1,080,000 4 3 2470 DETACHD 35
13236 AMBER PL $1,499,950 4 3.1 3966 DETACHD 283

SOLD (Feb 18-24, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
13 OSWEGO SMT $169,900 $145,686 1 1 764 CONDO 441
750 1ST ST E31 $199,900 $175,725 1 1 986 CONDO 332
106 OSWEGO SMT #106 $235,000 $237,000 2 2 1140 CONDO 7
6015 FERNBROOK CIR $379,000 $410,800 3 1.1 1250 DETACHD 2
4546 DOGWOOD DR $500,000 $486,940 2 1 1010 DETACHD 20
5695 BURMA RD $479,900 $487,000 4 2.1 1934 DETACHD 4
3306 EDGEMONT RD $535,500 $510,000 4 2 1733 DETACHD 128
1 PREAKNESS CT $585,000 $568,000 4 3 2373 DETACHD 4
5515 LANGFORD LN $600,000 $584,000 2 2 1830 DETACHD 2
14293 AMBERWOOD CIR $679,000 $684,000 4 3 2576 DETACHD 3
905 LAUREL ST $939,000 $936,971 3 3.1 2906 DETACHD 5
310 CHANDLER PL $2,150,000 $1,825,000 4 3.1 3867 DETACHD 168

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.