Tag: home

Posted on

Oregon Wine Country and Thanksgiving

I know that when you think of wine tasting, if you are like me, you think of summer breezes and lazy afternoons.  But, believe it or not, the premier time to tour Oregon vineyards is the weekend following Thanksgiving.  This is because the fall harvest is complete and there is a sense of celebration.  Many vineyards that are normally not open to the public will hold open houses over Thanksgiving weekend.  And nearly every vineyard is decorated for the holidays.  It is a wonderful time in Oregon Wine Country.

Living in Lake Oswego, we are only about a half an hour’s drive from Yamhill County, and about an hour’s drive from the start of the vineyards up along the Columbia River.  There are literally hundreds of vineyards.  Some are quite large and some are very small.  Some are run on a corporate level with huge mechanized operations, and others are truly hand crafted.

If you intend to take a wine country tour, you need to do a little prior planning.  First of all, there needs to be a designated driver.  Those little sips can add up.  I also highly recommend trying one of the many companies that put together wine tours.  I personally spent a fantastic Friday following Thanksgiving with a company called Grape Escapes.   You can arrange a private tour, a group tour, or asked to be a part of a group tour.  They also have full day and half day options.  On the occasion that I attended a friend and I organized a group tour.  We had about 10 people and were picked up here in Lake Oswego.  We then spent the day being driven in a 15 passenger van with a wine guide.  Each stop was a different vineyard.  We were treated to not only a tasting of wine, but a tour of the vineyard and a small meal.  It worked like a progressive luncheon that lasted all day.  The total cost?  About $100 per person plus gratuity.  But considering that the wine tastings were included, as well as our meal and the gas, it was a total bargain.

If you do go after the big turkey dinner, my recommendation is to head out Hwy 99 towards Yamhill County.  The various vineyards are pretty well marked along the highway. You can also find a map by clicking here.  And to help with your planning, here are a few tips:

  • Don’t squeeze too many wineries into one day.  They’ll still be there when you go back later.
  • If you aren’t on a tour that offers food, pack snacks or plan to stop for lunch.
  • Don’t bother washing your car before you go.  Most drives into the vineyards are not paved.
  • There are maps available on-line at the link above to help you avoid the main roads.  Traffic can get thick and you may want to favor side roads.
  • Wear comfortable shoes and bring warm layers and a rain coat.
  • Don’t wear cologne or perfume, as they will inhibit your ability to smell and taste.
  • If you bring children, bring activities to keep them occupied.
  • Be polite.  Remember that you are a guest of the winery.  Don’t complain about tasting fees as that is what it costs to be able to allow you the sample.  And many wineries will reimburse the tasting fee when wine is purchased.

I will personally recommend a stop in McMinville at Stonewolf Vineyards.  They have been known to not only have award winning Pinot Gris (in 2008 named a brand favorite by Rachael Ray), but in year’s past have served a spectacular salmon meal with country fiddle players.

Most vineyards charge a tasting fee of about $10.  Wine is also for sale by the bottle and by the case.

Celebrating the harvest.  Celebrating Thanksgiving and the holidays.  Celebrating Oregon.  We are so blessed and in so many ways.

Happy Thanksgiving, Dianne

Posted on

Market Activity Report – Nov 8-14, 2010

It seems to be slowing down a bit as we inch closer to Thanksgiving.
Last week Lake Oswego had 10 New listings, 8 Pending sales, and 2 Closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Nov 8-14, 2010)

Address List Price # Beds # Baths Total SF Prop Type
47 EAGLE CREST DR 4 $65,000 2 1 932 CONDO
99 OSWEGO SMT 99 $109,900 2 1.1 1116 CONDO
5057 FOOTHILLS DR C $189,900 3 2 1252 CONDO
19431 SW TUALAMERE AVE $255,900 3 1.1 1308 DETACHD
928 LAKE FRONT RD $345,000 4 3 2300 DETACHD
5682 LANGFORD LN $349,500 2 2 1559 DETACHD
17121 WALL ST $424,900 3 2.1 2187 DETACHD
1677 LAUREL ST $450,000 4 3.1 2481 DETACHD
13960 SHIREVA CT $489,900 5 3 2864 DETACHD
1872 PALISADES TERRACE DR $821,500 6 5 5083 DETACHD

PENDING SALES (Nov 8-14, 2010)

Address List Price # Beds #Baths Total SF Prop Type CDOM
668 MCVEY AVE 81 $129,900 2 1.1 992 CONDO 32
668 MCVEY AVE 32 $184,900 3 1.1 985 CONDO 6
5060 FOOTHILLS DR E $275,000 2 2 1252 CONDO 111
32 CHURCHILL DOWNS $379,900 4 2.1 3016 DETACHD 272
4208 ALBERT CIR $400,950 4 3 2777 DETACHD 15
942 CLARA CT $405,000 4 2.1 3123 DETACHD 122
17555 REDFERN AVE $599,000 4 3.1 3007 DETACHD 256
3140 DOUGLAS CIR $861,000 4 3.1 3489 DETACHD 10

SOLD (Nov 8-14, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
72 CONDOLEA WAY $375,000 375000 2 2.1 2958 CONDO 13
1740 YARMOUTH CIR $550,000 485000 2 2.1 1960 DETACHD 127

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

Posted on

Getting You Where You Want To Go

For some reason people love this tag line that I use. I think it’s because we all can relate. You are not selling and/or buying a home on a lark, you have something to accomplish. My approach in all things wherein I am giving professional advice is to discover what it is you want to accomplish (where you want to go), and then to assess the best way to get there given your own particular parameters (the journey).

Today I’m thinking about pricing and all the comparative things taken into consideration when looking at the market and deciding how to proceed.

We Realtors look at many aspects of the most current data available to help you accomplish your goals, and often the type of data or the methods used to assess them have acronyms or nicknames.  Here are a few of those & some things to keep in mind on your journey:

“Comping” – it is said that a Comparative Market Analysis is a product of both art and science. The reason this is said is that, depending on any given property and it’s unique features, there is rarely (except perhaps in a new development) an apples to apples comparison available. Therefore there is a lot of give and take in the assessment of any “comp” when compared to the subject property. Let me give you an example:
~ Let’s say we have a property with great location and large lot size that is also remodeled, but is not on a public sewer line. Let’s also say that no properties right close in to it with similar square footage and bedrooms etc have sold in the last 6 months. What will your agent do to comp it? Well, there are several ways to go:

  • One might go back farther in time to see if there are close-in comps. (This CAN be problematic given the volatile nature of today’s market… but might be necessary if no other options are available.)
  • One might look at other properties with different ranges of square footage. (This CAN skew your comparison of price per SF as a smaller home typically will sell for more per SF than a larger one.)
  • And/or one might go farther out from the subject property’s neighborhood while also looking at smaller lot sizes. (This can work if other neighborhoods with similar aspects are used to produce those farther-out comps. The Realtor really needs to understand the intricacies of the neighborhoods involved, and if moving into other neighborhoods, factors such as the desirability of being on a public sewer line may come into play, and additionally affect the picture.)
  • Another thing that might need to happen is looking at properties built in a different time-range (i.e. if no comps can be found built in 1920, then you might need to use some built in the 50’s or 70’s with hopefully similar updating etc)

None of these is ideal, but depending on what comps are available, you may see your Realtor incorporating some of these techniques.

I bring all this up to point out that, while your Realtor will use the best method available to your particular situation in order to give the most accurate look at what your property will likely sell for on the open market, a lot of judgment is called into play while coming to this assessment.  If a home has a completely remodeled kitchen and a comp does not, but has more bedrooms or a better location, or a much larger lot, then these might still be directly comparable depending on the other particulars involved, and how many of them are good matches to the subject property. Suffice it to say that your Realtor has the experience and discernment needed to weed through these brambles while bringing together the best information possible to help you determine market value, especially if they have expertise in your particular community.  So, trust their advice, and know that it is a lot more complicated in most instances than most believe it to be.

***Another note on “Comping” before I step off my soapbox- ‘Active’ comps (in my opinion) are interesting to note in order to gauge where you will fit in competition. However, the only real ‘Comp’ is one that has Sold. You really only ultimately care what someone actually was Paid for that comparative property.

DOM / “Days on Market” – It is really interesting to note how long a property was on the market before it sold. Many want to know what this means, particularly in the context of a Comparative Market Analysis. Basically speaking, when a house has been on the market for an inordinate length of time, it means one of the following:

  • It may have been priced too high to start. Most of the real excitement happens when a property is fresh on the market.  When it sits for awhile, it usually loses a little luster to those who have already become aware of it and therefore if the price is too high, it often eventually comes down in increments before getting to ‘Sold’. ‘Sold’ is what someone is willing to pay for the property.
  • It may be competing with properties that have more updates or better amenities.  In this market there are so many properties to choose from, that when putting your home on the market, these things really need to be considered when pricing.  This reason for a property sitting on the market still, again, boils down to price.
  • It may have onerous viewing instructions. By this I mean that, while a Seller’s needs and desires absolutely need to be accommodated, a property is most likely to be shown the most often if it is easy to show.  If a home has instructions that read “Call 1st”, then a call is made and an appointment time set fairly easily, and often for that same day while someone is, for instance, at work.  If a property reads “Appointment Only”, then it is possible, and in my experience likely, that it will be shown less often than one that is more accessible, and often stay on the market longer.  That said, when there are pets involved that need to be removed, or day-sleeping Sellers, or children whose nap times need to be taken into consideration, then your Realtor will do their very best to make the showing instructions as friendly as possible and assist in whatever way they can in order to make it as easy as possible for you. Just something to be aware of.
  • It may have mitigating circumstances like location problems, or curb appeal issues, or any number of things,
  • and/but the core reason can almost always be tied to price.

3rd party/REO’s – When looking at other properties and bemoaning the fact that there are so many that seem to be priced unfairly low (that is if you are a Seller wanting to list your own property), it is tempting to price your property differently than the ones in these categories if yours is not.  What you need to know is that even though your property is not in one of these categories, it is still competing with them, and the comparable data is still valid.  I know this is harsh, but the true value of your home is   determined by the Buyer, so the market is just what it is.   If a Buyer can get a comparable home down the street for a lower price because it is an REO (bank-owned) property or a Short Sale (3rd party), then those are just the facts, and you need to consider pricing accordingly.

Posted on

Market Activity Report November 1-7, 2010

Last week Lake Oswego had 14 New listings, 14 Pending sales, and 10 Closed sales, according to RMLS.

See below for further details:

NEWLY LISTED (Nov. 1-7, 2010)

Address Price Sq Feet BR Baths Type
57 Galen St $77,000 689 1 1 Condo
16250 Pacific Hwy #47 $109,900 1305 2 1 Condo
194 Ridgeway Rd 11B $205,000 1659 2 1 Condo
5056 Foothills Dr G $225,000 1252 2 2 Condo
4314 Botticelli St $229,000 2098 2 2.5 Condo
18530 Pilkington Rd $244,900 1925 3 2 Detached
1818 Country Club Rd $269,000 1596 4 2 Detached
18700 Wood Duck Way $429,900 2158 4 2 Detached
4705 Lakeview Blvd $539,990 2700 3 2.5 Detached
5836 Suncreek Dr $599,000 2500 4 2 Detached
17157 Blue Heron Rd $689,000 2749 5 3 Detached
3056 Wembly Park Rd $695,000 2611 4 2.1 Detached
2990 Glen Eagles $795,000 3650 4 2.5 Detached
12512 Shelby Ct $799,999 4975 4 4.5 Detached

PENDING SALES (Nov. 1-7, 2010)

Address Price Type BR Baths Sq Feet
37 Crestfield Ct $69,900 Condo 2 1 923
45 Eagle Crest #320 $109,900 Condo 1 1 768
3433 McNary Pkwy #408 $119,900 Condo 2 2 1008
464 5th St $197,715 Condo 2 2 1092
692 2nd St $259,000 Detached 3 1 1700
2602 Orchard Hill Pl $399,000 Detached 3 3 2568
17187 Carlson Ct $405,000 Detached 4 3 2082
17640 Treetop Way $447,000 Detached 4 3 2718
14370 Pfeiffer Dr $629,000 Detached 4 3 3318
1225 Lake Garden Ct $699,995 Detached 4 3.5+.5 3558
15578 Village Dr $799,000 Detached 3 3 3630
3155 Douglas Circle $925,000 Detached 5 3.5+.5 4517
2111 Hazel Rd $1,089,000 Detached 4 5 4894
670 Iron Mt. Blvd $1,250,000 Detached 4 3.5+.5 5208

SOLD (Nov. 1-7, 2010)

Address Original Price Closed Price Type Sq Feet CDOM
668 McVey #54 $140,000 $140,000 Condo 992 5
3508 Red Cedar Way $249,000 $220,000 Detached 1386 3
1462 Greentree $435,000 $362,500 Detached 2507 123
17670 Marylbrook Dr $499,000 $500,000 Detached 3067 77
550 Middlecrest Rd $624,900 $550,000 Detached 2240 187
571 2nd St #307 $739,500 $559,000 Condo 1561 626
18263 Anduin Terrace $625,000 $565,000 Detached 3100 92
17467 Westview Dr $727,900 $695,000 Detached 3774 4
844 5th St $829,000 $795,000 Detached 2590 32
16772 Alder Circle $1,995,000 $1,799,000 Detached 3151 154

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

Posted on

Open Houses for November 7, 2010

Before you go to bed tonight, be sure to set your clocks back one hour. Then when you get up tomorrow morning, head on out to check out these 24 open houses in Lake Oswego.

BR BTHS Sq Ft Open
4057 JEFFERSON PKWY $179,900 3 2.1 1460 1 to 3
3854 BOTTICELLI ST $185,000 2 1.1 1132 12 to 2
4473 GOLDEN LN $249,000 2 2.1 1980 1 to 4
12802 BOONES FERRY RD $287,500 3 2.1 1454 1 to 5
53 ORIOLE LN $304,900 3 2.1 2072 12 to 3
14251 CAMDEN LN $385,000 3 2.1 2179 11 to 3
4859 SAGE HEN WAY $415,000 4 3 2417 1 to 3
17802 HILLSIDE WAY $424,900 4 2.1 2965 12 to 2
17791 HILL WAY $459,000 4 2.1 2506 1 to 3
326 LAKE BAY CT $464,900 3 2 1400 1 to 3
725 10TH ST $489,900 4 2 2016 2 to 4
19319 SW DOGWOOD CT $499,900 4 2.1 3105 1 to 4
19443 KOKANEE CT $499,900 4 2.1 2812 1 to 4
19415 SW DOGWOOD CT $519,900 5 3 3517 1 to 4
19263 MEGLY CT $559,900 5 3 3213 1 to 4
1277 HIDE A WAY LN $559,900 5 3 3120 12 to 3
12448 ORCHARD HILL RD $649,000 4 3 3302 11 to 2
5511 FIELDSTONE CT $685,000 4 2.1 3037 12 to 2
5371 LANGFORD LN $694,950 4 2.1 2950 12 to 2
15459 VILLAGE DR $695,000 4 3.1 3059 1 to 3
14480 KRUSE OAKS BLVD $725,000 3 3.1 4661 1 to 3:30
18209 SIENA DR $1,058,000 5 3.1 3839 2:30 to 4:30
1808 RIDGE POINTE DR $1,269,000 5 4.1 4155 2:30 to 4:30
1104 FOREST MEADOWS WAY $1,495,000 4 3.1 5756 2 to 4
Posted on

Preparing for Winter Weather

In this month’s Hello LO (the monthly newsletter mailed to the residents of this fine city) there is an excellent Winter Preparedness Guide. In the interest of helping you to protect your real estate investment, I thought I’d share with you some of the important suggestions.

The City is asking you
* To be sure your address is clearly visible and not covered with snow or ice
* To keep a path clear from your street to your front door
* To have an emergency supply kit
* To use flashlights instead of candles to help prevent fires
* To be aware of carbon monoxide hazards from outdoor heating devices used indoors

Make sure your smoke alarm is in good working order
Now is the time of year to check the batteries in your alarm and be certain that they are working. Current Oregon law requires that homes that are bought or sold have smoke alarms with a hush button feature, and either a 10-year lithium battery or be hard-wired with a back-up battery. There should be a working smoke detector on every level of the house with special attention paid to areas with bedrooms.

Food Safety
In a power outage, if your freezer is full, food will stay frozen for about 2 days. If it is less than half full food will stay frozen for about 1 day. Cover the freezer with blankets or sleeping bags to help food stay frozen longer. When the power comes back on, examine all of the food for spoilage and if in doubt, throw it out.

For food in the refrigerator, be especially careful of meat, fish, milk, mayo, and eggs. Again, if in doubt, throw it out.

Gas Shutoff
If you need to have your gas shut off, contact NW Natural at 503-226-4211 and they will send a technician to assist you. If, however, an emergency arises where you need to shut the gas off immediately, follow this simple procedure:
1) Locate the shutoff valve on the riser pipe (the pipe running from the ground or through the foundation wall to your meter). To turn the valve you will need a crescent or pipe wrench. A wonderful home inspector I use suggests every home owner buy a simple wrench that fits this valve and hang it on a nail behind the riser pipe. This way in a true emergency you aren’t fumbling around in the garage looking for the right tool. When the valve head is parallel to the riser pipe, it is in the OPEN position.
2) Turn the valve head crosswise (perpendicular) to the pipe and it will be in the CLOSED position. There are also natural gas shutoff valves on the lines fueling individual gas fireplaces. Once the gas is off, LEAVE IT OFF.
3) Call NW Natural, 503-226-4211, when you are ready to have the gas restarted.

Storm Clean Up and the Tree Code
A permit is not required to remove downed trees. However, pictures are encouraged for documentation.

An Emergency Tree Permit or a Hazard Tree Permit needs to be issued for trees that present an immediate danger of collapse or present a danger to either people or property. Again, be sure to take pictures. Both permits are obtained thru the City and may require a Hazard Evaluation Form completed by a Certified Arborist, along with photos. For more information, call the Community Development Department at 503-635-0290 or click here.

Photo courtesy of Cornell University
Don’t Forget Your Pet
OK, I know this isn’t about your real estate investment, but it is about an entirely important emotional investment.
* Consider inviting your outdoor dog or cat inside when the temperatures dip to freezing.
* More dogs are lost in the winter than any other time of year. In snow or ice dogs loose their scent and more easily become lost. Keep them on a leash or in their fenced yard, and be sure that they are wearing an ID tag and/or an ID chip.
* Cats will seek warmth and have been known to crawl under the hoods of cars. Get in the habit of banging on your car hood before starting your engine to give a cat the chance to escape.
* Thoroughly wipe your pet’s legs and stomach when you bring them inside out of the snow. They can ingest anti-freeze and other chemicals when licking their paws and grooming after they come indoors.
* Don’t leave your cat or dog alone in a car. They can freeze to death in January just as easily as they can die of heat exposure in July.
* Don’t let your dog run loose on a pond or lake where ice could break and they could drown. And this year, with the lake drawn down, keep them out of the murky mud in which they could become stuck.

It is really hard to know what to expect from Old Man Winter. Some years we get next to no snow or ice. Other years we get hammered. But in any case, we need to be prepared. I hope you have found this guide useful.

Dianne

Posted on

Market Activity Report Oct 25-31, 2010

Last week Lake Oswego had 17 New listings, 11 Pending sales, and 15 Closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Oct 25-31, 2010)

Address List Price # Beds # Baths Total SF Prop Type
4000 CARMAN DR 102 $119,950 2 2 866 CONDO
1547 BOCA RATAN DR $198,000 2 1.1 1008 CONDO
186 OSWEGO SMT 186 $212,000 2 2 1506 CONDO
1659 OAK ST $299,900 3 2.1 2224 DETACHD
18407 DEER OAK CIR $319,000 4 2 1812 DETACHD
16990 LOWER MEADOWS DR $379,000 3 2.1 2000 DETACHD
1960 MAPLELEAF RD $379,900 3 2 1426 DETACHD
4208 ALBERT CIR $400,950 4 3 2777 DETACHD
36 NORTHVIEW CT $449,000 3 3.1 2573 ATTACHD
1711 HIGHLAND DR $459,000 3 2.1 1926 DETACHD
775 BOCA RATAN DR $469,000 4 3.1 2727 DETACHD
19443 KOKANEE CT $499,900 4 2.1 2812 DETACHD
5035 ROSEWOOD ST $549,900 4 3.1 3206 DETACHD
14674 RAINBOW DR $618,000 4 3 3058 DETACHD
15459 VILLAGE DR $695,000 4 3.1 3059 DETACHD
19575 35TH CT $1,195,000 4 3 4181 DETACHD
163 IRON MOUNTAIN BLVD $1,200,000 4 3.1 4314 DETACHD

PENDING SALES (Oct 25-31, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
33 CRESTFIELD CT 33 $64,900 1 1 689 CONDO 282
20 CERVANTES CIR $79,900 2 1.1 912 CONDO 8
6120 SHAKESPEARE ST $185,000 3 1.1 999 DETACHD 177
4717 FIRWOOD RD $229,000 8 3 2502 DETACHD 277
4948 MEADOWS RD $259,900 3 2 2491 DETACHD 72
1520 LABURNUM WAY $299,000 4 2 1724 DETACHD 464
28 PREAKNESS CT $349,000 5 4 2871 DETACHD 452
17712 CARDINAL CT $368,000 4 3 2146 DETACHD 203
17890 KELOK RD $417,900 4 2.1 3095 DETACHD 753
3943 TEMPEST DR $599,000 4 2.1 3714 DETACHD 119
5001 DENTON DR $759,000 4 2.1 3303 DETACHD 2

SOLD (Oct 25-31, 2010)

Address Orig Price Closed Price # Beds # Baths Total SF Prop Type CDOM
2 MOUNTAIN CIR $160,000 $110,000 2 1.1 1504 ATTACHD 21
200 BURNHAM RD 103 $174,900 $115,000 1 1 752 CONDO 162
5225 JEAN RD 104 $155,000 $136,000 2 2 1400 CONDO 118
34 CONDOLEA DR $228,000 $187,500 2 2 1420 CONDO 174
848 6th ST $425,000 $250,000 2 1 1648 DETACHD 413
743 10th ST $325,000 $290,000 2 1 1019 DETACHD 16
1070 HALLINAN $379,900 $314,000 3 1.1 1653 DETACHD 65
19242 TERRY AVE $395,000 $325,000 4 2 1872 DETACHD 185
5376 ROSEWOOD ST $394,900 $339,498 3 2.1 2457 ATTACHD 150
1000 ATWATER RD $389,900 $378,000 4 3 2200 DETACHD 3
5747 VICTORIA CT $489,950 $460,000 4 2.1 2432 DETACHD 0
14246 KIMBERLY CIR $615,000 $605,000 4 2.1 3520 DETACHD 52
1641 ENGLEWOOD DR $775,000 $665,000 4 2.1 4204 DETACHD 59
4123 CHAD DR $769,950 $675,000 4 3.1 3836 DETACHD 155
16461 CHAPIN WAY $779,900 $708,000 4 2.1 4271 DETACHD 488

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

Posted on

Open Houses for 10/24/10

The first storm of the season is supposed to blow through Portland this evening. You may need galoshes, but these 22 houses are worth seeing:

Address List Price Bedrooms Baths Prop Type Open
221 CERVANTES $144,000 2 1.5 CONDO 2:30 to 4:30
16250 PACIFIC HWY $209,000 2 2 CONDO 2 to 4
29 GREENRIDGE CT $239,000 3 2 ATTACHD 1 to4
6062 BURMA RD $269,987 4 2 DETACHD 12 to 3
3684 RED CEDAR WAY $289,900 3 2.5 DETACHD 1 to 4
1851 KILKENNY DR $384,900 4 3 DETACHD 12 to 4
14 MONTICELLO DR $399,950 3 2 DETACHD 1 to 3
151 DEL PRADO ST $419,000 4 2.5 DETACHD 1 to3
12 SCARBOROUGH DR 479900 4 2.5 DETACHD 1 to 4
19319 SW DOGWOOD CT 499900 4 2.5 DETACHD 1 to 5
19415 SW DOGWOOD CT 514900 5 3 DETACHD 1 to 5
19263 MEGLY CT 559900 5 3 DETACHD 1 to 5
19245 SW MEGLY CT 569900 5 3 DETACHD 1 to 5
17981 MEADOWLARK LN 584900 3 3 DETACHD 10 to 4
9 ABELARD ST 599000 5 2.5 DETACHD 2 to 4
3943 TEMPEST DR 599000 4 3.5 DETACHD 12 to 2
17682 MARYLBROOK DR 599900 4 2.5 DETACHD 1 to 4
5321 AMBERWOOD CT 709000 4 3 DETACHD 2 to 4
19019 BRYANT RD 739900 4 3.5 DETACHD 1 to 3
18209 SIENA DR 1097000 5 3.5 DETACHD 2:30 to 4:30
1808 RIDGE POINTE DR 1269000 5 4.5 DETACHD 2:30 to 4:30
1968 CHERYL CT 1595000 4 4.5+.5+.5 DETACHD 1 to 4
Posted on

Foreclosure Freeze/Shortsales/Market Conditions

The news has been full of headlines about the new crisis in the mortgage industry, this time affecting foreclosures. So it seems like an opportune time to look at not only foreclosures, but also shortsales and the latest market update from RMLS.

The Foreclosure Freeze
There is now discussion that the foreclosure process, which has pretty much swamped the big lenders like Bank of America and Wells Fargo, has been mishandled. The accusation is that the paperwork involved in the foreclosures was often reviewed and processed by unqualified people and by people who did not read what they were signing. I do not know if this is true or not, but I do know that I have counseled people who are in foreclosure who have not only felt powerless, but have felt that the bank was not answering their letters, returning their phone calls, or being responsive. Obviously there is going to be anger for a person in this position. That combined with the current media coverage does make me feel that we will see litigation.

Gregor Watson, a principal with McKinley Partners, recently gave a best to worst case assessment of what this means:
Best case: this is only a technical glitch. It will require some re-tooling of the process, but the process will get back on track and foreclosures will resume. This is needed to allow the glut of foreclosures to work their way through the market and then be out of the inventory.
Medium case: people will enter into significant litigation that could take years to sort out. This could slow and extend the downturn of the housing market.
Worst case: the housing market is brought to a halt because Title Companies refuse to insure mortgages involving foreclosed homes. (This would not bring the entire market to a halt: simply the foreclosures. Still, a big problem)

On the positive side the Philidelphia Inquirer reported yesterday that Bank of America intends to begin resuming foreclosure proceedings stating that they have a legal right to do so despite accusations that documents used in the process are flawed. This bodes well for the possibility that the better scenario may result. We shall see….

Shortsales
When the whole shortsale phenomenon began a few years ago I will admit that I was a skeptic. It reminded me of the buy-a-house-with-credit-cards schemes. Just too simple to be true. Really? You could just ask your bank to forgive part of your mortgage so that you could sell it for less? Really? As time has gone by I have come to see that not only are shortsales here to stay, they are a significant part of the market.

I think shortsales do present remarkable opportunity, as do foreclosures. It allows a house to be sold for market value and not have an asking price that is based upon a value/debt that is several years old. But shortsales are not for everyone. I want to make if very clear that if you are a homeowner considering a shortsale, you need professional and legal advice far beyond the scope of what I am discussing here. So I want to directly address buyers.

The buyer best suited to benefit from a shortsale is the investor. This is because the shortsale is so uncertain and the process takes months. A buyer who is shopping for a home may have the patience for this, but is usually not in a position to wait 3-5 months and then learn that they lost the house to another bid or that the shortsale was not approved. Whereas an investor is not waiting with a moving truck full of furniture. If it works, it works. If not, that’s OK too. For the investor able to be patient, it can present real opportunity. I have personally seen several homes here in Lake Oswego that sold for values that made my jaw drop in the shortsale scenario. Just know what you are getting into.

Keeping it Local
Here in Lake Oswego we currently have an active listing inventory of 626 listings (condos and houses). Of those 37 are Bank-owned Foreclosures and 70 are shortsales. And this means that about 82% of the market is neither a foreclosure nor a shortsale. It’s a home owned by someone who is not in it upside down and who has perhaps even taken loving care of it. So there is a house out there for you whether you are an investor, a home buyer looking for a personal residence, or even a home buyer looking for a personal residence with the patience of an investor.

Also keeping it local, the latest RMLS Market Action Report offers the following information about area 147, which is Lake Oswego and West Linn Combined
Total active listings = 1025
Total pending sales = 84, a decrease of 24.3% over the same time one year ago
Average sales price = $432,200
Average days on the market = 186
Change in values over the same time last year = -9.3%
Change is closed sales, year to date = -22.3%

I consider myself to be a very positive person. The thing to do in this economy is look for how it can work in your favor. That may mean waiting, but that may also mean pouncing on opportunity. The subject today is pretty complex. Please contact Linda or myself for more information, to ask questions, or to get property information. We are here to be of help.
Dianne

Posted on

Lake Oswego Market Activity ~ Oct 11-17, 2010

Pretty robust activity last week.  Lake Oswego saw 17 New listings, 19 Pending sales, and 8 Closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Oct 11-17, 2010)

Address List Price # Beds # Baths Total SF Prop Type
3433 MCNARY PKWY #204 $107,500 2 2 1008 CONDO
73 GALEN ST #73 $115,950 2 2 995 CONDO
4000 CARMAN DR #3 $119,900 1 1 836 CONDO
221 CERVANTES $144,000 2 1.1 1180 CONDO
6120 SHAKESPEARE ST $185,000 3 1.1 999 DETACHD
12802 BOONES FERRY RD $287,500 3 2.1 1548 DETACHD
7 BLOCH TER $292,000 3 2.1 2062 ATTACHD
17350 KELOK RD $379,000 3 1.2 1415 DETACHD
15824 BOONES WAY $384,900 3 2 1895 DETACHD
5490 ROYAL OAKS DR $425,000 3 2 1761 DETACHD
1094 ERICKSON ST 424900 – 474876 4 3 2769 DETACHD
3210 FIR RIDGE RD $499,000 4 3.2 2832 DETACHD
1132 TROON RD $569,000 3 2.1 1585 DETACHD
13711 FIELDING RD $719,000 3 4 4649 DETACHD
754 5TH ST $775,000 3 2 2186 DETACHD
18260 RIVER EDGE CT $835,000 3 3.1 4711 DETACHD
199 FURNACE ST (Upper) $2,590,000 3 3.1 5772 CONDO

PENDING SALES (Oct 11-17, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #77 $139,000 2 2 1327 CONDO 1115
200 BURNHAM RD #204 $149,000 2 2 1313 CONDO 890
85 OSWEGO SMT #85 $159,000 2 2 1212 CONDO 290
212 RIDGEWAY RD $169,900 1 1 778 CONDO 483
18462 DON LEE WAY $179,900 4 2 1904 DETACHD 369
848 6th ST $262,000 2 1 1648 DETACHD 413
5713 SW KENNY ST $279,900 3 2 1384 DETACHD 42
427 9TH ST $299,900 4 2 2130 DETACHD 30
1073 HALLINAN ST $349,000 3 2.1 1828 DETACHD 124
2021 CEDAR CT $350,000 4 3.1 4114 DETACHD 205
32 CHURCHILL DOWNS $379,900 4 2.1 3016 DETACHD 247
3541 RED CEDAR WAY $404,900 3 3 1963 DETACHD 14
5916 SUNBROOK DR $459,900 3 2.1 2617 DETACHD 9
17930 MEADOWLARK LN $539,900 4 4 3300 DETACHD 282
5188 MADRONA ST $549,000 3 3 3183 DETACHD 36
17455 BLUE HERON RD $575,000 3 2 2572 DETACHD 519
15915 WALUGA DR $598,950 3 2.1 2939 DETACHD 261
444 6TH ST $899,000 4 4.1 4541 DETACHD 314
15444 Boones WAY $998,500 3 2.1 3364 ATTACHD 0

SOLD (Oct 11-17, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #59 $105,000 $76,500 3 1 1024 CONDO 203
200 BURNHAM RD #200 $229,000 $90,000 1 1 897 CONDO 1362
4000 CARMAN DR #A5 $117,500 $102,000 2 2 973 CONDO 202
2245 GLEN HAVEN RD $328,500 $270,000 3 1.1 1276 DETACHD 346
16149 PEARCY ST $329,000 $305,000 3 2 1250 DETACHD 35
13045 PRINCETON CT $429,000 $417,000 3 2.1 2900 DETACHD 5
3188 S GLENMORRIE DR $519,750 $495,000 3 3 3066 DETACHD 133
3114 DOUGLAS CIR $1,350,000 $1,145,000 4 4 5542 DETACHD 700

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