There are 14 truly NEW properties in Lake Oswego this last week, 6 that went to PENDING status, and 9 that SOLD. Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Nov. 16—Nov.22, 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
8 OSWEGO SMT
$135,000
2
2
1,140
CONDO
11/17/2009
668 MCVEY AVE
$143,550
3
1.1
992
CONDO
11/16/2009
16250 PACIFIC HWY
$179,900
1
1
841
CONDO
11/17/2009
323 CERVANTES
$183,000
2
2
1,265
CONDO
11/20/2009
852 5TH ST
$199,000
2
1
738
DETACHD
11/21/2009
1950 BONNIEBRAE DR
$200,000
2
1.1
1,056
ATTACHD
11/21/2009
65 GREENRIDGE CT
$215,000
2
2
1,314
CONDO
11/22/2009
14580 WILMOT WAY
$374,900
3
2.1
1,699
DETACHD
11/19/2009
19 BECKET ST
$399,995
4
3.1
3,818
DETACHD
11/16/2009
3075 ROYCE WAY
$450,000
4
3.1
3,667
DETACHD
11/16/2009
15085 GLEN EAGLES PL
$529,000
3
2
2,996
DETACHD
11/17/2009
4605 CHELSEA LN
$689,000
4
2.1
3,411
DETACHD
11/22/2009
3103 WEMBLEY PARK RD
$720,000
3
1.1
3,774
DETACHD
11/20/2009
18955 BRYANT RD
$859,000
4
2.1
3,610
DETACHD
11/17/2009
PENDING SALES (Nov. 16 -Nov. 22, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
1581 BONNIEBRAE DR
$255,000
3
2
1,393
ATTACHD
253
1284 HIDE A WAY LN
$349,900
4
3
1,931
DETACHD
46
3521 LANEWOOD ST
$399,500
3
1.1
1,675
DETACHD
5
875 LEE ST
$439,000
3
2
2,200
DETACHD
192
12430 ORCHARD HILL RD
$599,950
3
2.1
2,985
DETACHD
201
4304 WESTBAY RD
$629,900
4
3.1
2,914
DETACHD
153
SOLD (Nov. 16-Nov. 22, 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
4000 CARMAN DR
$128,900
$120,000
1
1
767
CONDO
38
210 S STATE ST
$199,900
$196,000
2
1
1,284
CONDO
456
17752 SCHALIT WAY
$329,900
$295,000
3
2
1,463
DETACHD
62
805 SW COUNTRY CLUB RD
$279,900
$297,128
3
2
1,981
DETACHD
10
3 MASARYK ST
$499,900
$440,000
4
3
4,283
DETACHD
214
4691 HERITAGE LN
$539,000
$496,000
4
2.1
2,716
DETACHD
324
577 MIDDLECREST RD
$999,900
$872,500
4
2.1
2,000
DETACHD
504
17225 KELOK RD
$1,350,000
$1,350,000
4
3.1
4,161
DETACHD
0
1075 CHANDLER RD
1850000
1712500
5
4.1
5,946
DETACHD
8
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.
There are 15 truly NEW properties in Lake Oswego this last week, 11 that went to PENDING status, and 10 that SOLD. Here is the latest market activity for Lake Oswego (see below the tables for additional notes): NEWLY LISTED (Nov. 09—Nov.15, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
73 GALEN ST
$159,900
2
2
995
CONDO
11/10/2009
235 Cervantes
$180,000
2
2
1,100
CONDO
11/14/2009
5225 Jean RD
$189,500
2
2
1,100
CONDO
11/9/2009
244 RIDGEWAY RD
$214,500
2
1
753
CONDO
11/14/2009
17659 DEEMAR WAY
$249,000
3
2
1,382
DETACHD
11/11/2009
4141 COBB WAY
$299,900
3
2
1,236
DETACHD
11/11/2009
4288 SUNSET DR
$359,000
3
2
1,550
DETACHD
11/9/2009
4235 HARVEY WAY
$395,000
3
2
1,384
DETACHD
11/10/2009
3521 LANEWOOD ST
$399,500
3
1.1
1,675
DETACHD
11/15/2009
16150 LAKE FOREST BLVD
$495,000
2
2
2,302
DETACHD
11/12/2009
32 SPINOSA
$499,900
4
2.2
2,542
DETACHD
11/13/2009
2025 WEMBLEY PARK RD
$499,900
4
2
2,288
DETACHD
11/15/2009
136 D AVE
$550,000
2
2.1
1,741
ATTACHD
11/14/2009
3612 TEMPEST DR
$599,900
4
3
2,819
DETACHD
11/9/2009
14435 UPLANDS DR
$825,000
4
3.1
4,822
DETACHD
11/14/2009
PENDING SALES (Nov. 09 -Nov. 15, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
72 CERVANTES CIR
$125,000
2
1.1
912
CONDO
12
668 MCVEY AVE
$179,900
3
1.1
985
CONDO
1092
14431 SHERBROOK PL
$299,900
4
3
3,284
DETACHD
330
17752 SCHALIT WAY
$329,900
3
2
1,463
DETACHD
62
953 A AVE
$375,000
2
2.1
2,908
DETACHD
134
17088 REBECCA LN
$429,000
4
3
2,554
DETACHD
923
566 5TH ST
$448,000
3
2
2,177
DETACHD
114
17332 Lake Haven DR
$749,000
4
2
2,484
DETACHD
125
17384 BERGIS FARM DR
$1,295,000
5
4.1
5,012
DETACHD
8
1924 CHERYL CT
$1,299,000
4
4.2
5,204
DETACHD
785
616 CABANA LN
$2,250,000
5
4
3,800
DETACHD
220
SOLD (Nov. 09-Nov. 15, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
44 EAGLE CREST DR
$154,900
$158,900
3
2
1,085
CONDO
123
4330 COUNTRY WOODS CT
$239,900
$280,000
3
1
1,200
DETACHD
86
4662 CARMAN DR
$289,900
$340,000
5
2
1,754
DETACHD
13
161 C AVE
$499,900
$411,000
2
2.1
1,719
ATTACHD
215
2925 ORCHARD HILL PL
$549,000
$460,000
3
2.1
2,418
DETACHD
148
4018 COHO LN
$539,000
$470,000
3
2
2,489
DETACHD
61
353 D AVE
$825,000
$555,000
4
2
3,228
DETACHD
749
540 NORTHSHORE RD
$619,000
$583,900
4
3
2,746
DETACHD
153
17211 KELOK RD
1399000
1230000
3
3.1
5,384
DETACHD
112
397 FURNACE ST
1850000
1400000
3
2.1
2,864
DETACHD
100
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.
I had a client once who told me about Trick or Treat houses. These were the houses he would take his kids out of the way to Trick or Treat at on Halloween so that he could get a peek inside. There are a couple of houses that are on this week’s list of open houses that may very well be due the honor of being a Trick or Treat house. Obviously the one on Glen Eagles Place. A gorgeous, high-end home that is spectacular. The other one is the one on Childs Road. Linda and I went through it on tour last Tuesday and it is just very unique. It’s an older home so has some features that are not so great if you don’t like the floorplans and limitations of an older house. But what is great about it is that it sits on this lovely lot on the Tualatin River. The main room is huge (it might even be appropriate to call it grand) and has this very large picture window that looks out onto the river. The house is extensively remodeled to today’s standards and is impeccably decorated. And look at the price. $489,900 for all of that on waterfront. Amazing.
Wow. This is some kind of a record for the Blotter. There were 14 New properties that came on the market, and nearly all of them were truly fresh listings. The only one that would not necessarily be something I would categorize as “New”, being as it was not off the market for at minimum 30 days, is the Sherbrook property, but I included it as it went to bank-owned status and that is a significant change. There were 6 that went to Pending status, and a whopping 22 that Sold in Lake Oswego last week according to RMLS.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 26—Nov.1, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
72 CERVANTES CIR
$125,000
2
1.1
912
CONDO
10/29/2009
172 OSWEGO SUMMIT
$179,950
2
2
1,383
CONDO
10/29/2009
210 Durham ST
$199,900
3
1.1
1,318
CONDO
10/29/2009
28 WHEATHERSTONE
$230,000
3
2.1
1,692
CONDO
10/27/2009
5686 WASHINGTON CT
$275,000
2
2
1,160
DETACHD
10/30/2009
14431 SHERBROOK PL
$299,900
4
3
3,284
DETACHD
10/30/2009
1601 GREENTREE RD
$340,100
3
2.1
2,444
DETACHD
10/28/2009
2697 LOOKOUT CT
$450,000
3
2
2,419
DETACHD
10/31/2009
252 NORTHSHORE RD
$459,000
3
1
2,280
DETACHD
10/28/2009
5 GARIBALDI ST
$574,800
4
3.1
3,250
DETACHD
10/26/2009
4703 CAMBRIDGE CT
$579,000
2
2.1
2,914
ATTACHD
11/1/2009
17879 HILLSIDE DR
$599,900
3
3
3,049
DETACHD
10/26/2009
4688 CHELSEA LN
$649,900
4
2.1
3,493
DETACHD
10/26/2009
744 9TH ST
$1,275,000
4
3.1
4,255
DETACHD
10/27/2009
PENDING SALES (Oct. 26 -Nov. 1, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
5958 KENNYCROFT WAY
$224,900
3
2.1
1,450
DETACHD
63
16018 WALUGA DR
$415,000
4
2
2,200
DETACHD
9
6 BECKET ST
$425,000
3
2.1
2,767
DETACHD
380
135 FURNACE ST
$709,900
2
2.1
1,927
CONDO
97
19422 LORNA LN
$805,000
5
3.1
4,011
DETACHD
14
18414 Old River Landing
$2,588,000
4
4.2
6,498
DETACHD
499
SOLD (Oct. 26-Nov. 1, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
32 OSWEGO SMT
$149,900
$123,670
1
1
752
CONDO
497
86 KINGSGATE RD
$125,900
$130,900
2
2
849
CONDO
38
578 S STATE
$160,000
$145,000
2
1
914
CONDO
343
3814 BOTTICELLI ST
$154,000
$151,000
2
2
1,055
ATTACHD
35
48 EAGLE CREST DR
$175,000
$160,000
2
2
1,443
CONDO
108
16651 LAKE FOREST BLVD
$239,900
$226,500
3
1
1,230
DETACHD
34
4105 DOUGLAS WAY
$384,900
$255,000
7
2.1
2,856
DETACHD
501
2961 DELLWOOD DR
$350,000
$350,000
3
3
2,476
DETACHD
192
1625 CLOVERLEAF RD
$364,900
$359,900
3
2
1,996
DETACHD
15
534 D AVE
$379,900
$379,900
3
2
1,400
DETACHD
62
2161 CREST DR
$417,500
$381,500
4
2.1
2,648
DETACHD
73
2851 PARK RD
$429,950
$385,000
4
2.1
2,674
DETACHD
137
41 HILLSHIRE DR
$427,000
$400,000
4
3
2,670
DETACHD
437
3 CELLINI CT
$465,000
$405,000
4
2.1
2,531
DETACHD
240
14666 UPLANDS DR
$595,000
$470,530
3
2.1
2,568
DETACHD
114
2330 DELLWOOD DR
$495,000
$478,500
5
3.1
3,468
DETACHD
4
400 LAKE BAY CT
$579,900
$502,000
3
2.1
1,680
DETACHD
198
13175 THOMA RD
$579,900
$559,000
3
2
1,920
DETACHD
8
570 7TH ST
$675,000
$625,000
3
2.1
2,528
DETACHD
265
13531 FIELDING RD
$849,000
$645,000
4
3.1
4,629
DETACHD
463
2600 DELLWOOD DR
$875,000
$699,000
4
3
3,690
DETACHD
486
243 10TH ST
$2,495,000
$1,860,000
5
4.2
5,644
DETACHD
434
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.
Geez… It’s November already! You know what that means… Halloween’s over, Thanksgiving is only a few weeks away, and then the Holidays, gift-giving… OK, I’ll stop : ) Right now it’s Fall, and Sunday is supposed to be a nice one w/sunshine and some decent temperatures. Also, the announcement that we are pretty darned close to an extension of the First-Time-Home-Buyer Tax Credit (which additionally applies, by the way, to those who have not owned a home for three years now) and the proposal of an additional $6500. Tax Credit for those “Buying Up” if you meet income guidelines (under $125,000. for an individual or $225,000. for couple filing jointly) and purchase a house for $800,000. or less. And you thought your dreams were going to have to wait!
Dianne and I are, as always, here for you.
There are 26 properties on tour in Lake Oswego Sunday according to RMLS (including the Luxury Townhomes at 363 Sixth St in First Addition) :
It isn’t often that we shine the spotlight on any particular property, but when we heard that the new luxury town homes on Sixth St in sought-after First Addition had just lowered their prices by $100,000 each to $599,900., Dianne and I just had to run over there and take a look.
There are six of these little gems with four of them left & available for purchase. The address is 363 Sixth St., and the ML# if you want to get a preview is 9057549. Each has 2258 SF, 3 bedrooms, 3 & 1/2 baths, 2 levels with additional full finished basements, and probably just everything you’ve been looking for.
First of all, they really are gorgeous. The finishes in these are superior. The first feature you notice inside are the beautiful plank maple hardwood floors. A sleek yet spacious slab granite kitchen with long island, pantry & light beech cabinets also boasts additional built-ins and smart features like a pull-down bar. The dark french doors to the front porch area off the dining room are a rich contrast, and the white wainscoting throughout adds that crisp old-world cottage feel. The 2-car detached garage out back with private courtyard to the house is an added bonus in First Addition, and from there you enter the great room compete with gas fireplace and more built-ins.
Downstairs you find another gas fireplace and generous media room as well as another bedroom & bathroom w/an additional laundry area for guests or your reclusive teenager. Upstairs is the master bedroom & bath showing off glorious travertine w/onyx, a clawfoot tub & separate shower as well as an additional bathroom w/soaker tub & yet another bedroom. Walk-in closets of course, and the main laundry near the upstairs bedrooms check those final “must-haves” off the list.
Overall, these are just so unique & have that easy-living feel that goes hand in hand with the First Addition lifestyle… you know, walking to all the services, trendy shops and restaurants, not to mention Millenium Park Plaza for a view of the lake & all the festive local activities like Farmer’s Market, open air Movie Nights, Holiday Tree-Lighting festivities and on & on. First Addition is just a strolling kinda place; a small-town feel with all the amenities. Cottage Living magazine named First Addition as one of the ten best cottage communities in the country. American Planning Association name it one of the top 10 neighborhoods in America. The accolades go on & on.
Yes, these are nice indeed. But you know, on the practical side, in addition to the location & amazing price when comparing features & finishes to other offerings, there are also NO HOA fees. Compare that with other HOA’s nearby at anywhere from $136./month to $455./mo.
Come on down & take a look. Bring a Realtor as there has been a lot of interest. They will be held open both Saturday & Sunday from 1 – 4.
Last week brought 19 new listings onto the market, 13 pending sales, and 9 closed sales. This week I noticed four really interesting new listings. As you know, Linda and I weed out the “new” listings that are simply old listings with new listing numbers. So each week we research the market history to report on properties that really are new on the market. This week there are several new listings that were pulled off the market months ago and are now being re-listed at drastically reduced prices. I’m not talking about a minor price reduction, I’m talking about slashing the price. In two cases the houses are now on the market as bank foreclosures, and in two cases it looks to me like home owners who are saying “What’s it going to take to get my house sold?” Here are the reductions: 18064 Jenifers Way, reduced $150,000; 2000 Wembly Park, reduced $325,000; 702 Terrace, reduced $420,000; and 830 Cabana, reduced $727,000. These are incredible price reductions and represent real investment opportunities.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 19—Oct.25, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
Close Price
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
47 EAGLE CREST DR
$148,000
3
1
1,024
CONDO
10/19/2009
16790 LAKE FOREST BLVD
$179,000
2
1
780
DETACHD
10/25/2009
16535 ROOSEVELT AVE
$259,000
3
2
1,495
DETACHD
10/19/2009
5225 JEAN RD
$259,900
2
2
1,400
CONDO
10/23/2009
16546 BONAIRE AVE
$274,900
3
1
1,064
DETACHD
10/19/2009
14300 SHERBROOK PL
$354,500
3
2.1
1,924
DETACHD
10/22/2009
17755 HILL WAY
$364,900
4
3
1,831
DETACHD
10/22/2009
16018 WALUGA DR
$415,000
4
2
2,200
DETACHD
10/20/2009
3402 LAKE GROVE AVE
442000
3
2
1,686
DETACHD
10/25/2009
702 TERRACE DR
475000
3
3
3,429
DETACHD
10/23/2009
209 HIDALGO ST
498000
4
2.1
2,620
DETACHD
10/21/2009
17670 MARYLBROOK DR
499000
3
2.1
3,067
DETACHD
10/22/2009
2000 WEMBLEY PARK RD
540000
4
3
2,660
DETACHD
10/21/2009
18064 JENIFERS WAY
599000
3
2.1
2,859
DETACHD
10/23/2009
830 CABANA LN
668250
4
3.1
3,029
DETACHD
10/20/2009
13278 ROGERS RD
695000
3
2.1
2,964
DETACHD
10/19/2009
13315 HIDDEN BAY CT
729000
5
2.1
3,671
DETACHD
10/23/2009
548 RIDGEWAY RD
1195000
4
3
2,830
DETACHD
10/19/2009
1626 ENGLEWOOD DR
1750000
4
2.2
5,690
DETACHD
10/19/2009
PENDING SALES (Oct. 19 -Oct. 25, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE
$119,900
2
2
984
CONDO
43
3930 LAKE GROVE AVE
$144,900
2
1
952
CONDO
28
73 OSWEGO SMT
$159,900
2
2
1,212
CONDO
440
4948 SW MEADOWS AVE
$229,000
3
2
2,491
DETACHD
122
3497 DEVONSHIRE DR
$259,900
3
2
1,556
ATTACHD
145
5347 RED LEAF ST
$329,000
3
2
1,456
DETACHD
14
5096 SW TREE ST
$334,900
3
1.1
1,410
DETACHD
462
17366 CARDINAL DR
$425,000
4
2.1
2,107
DETACHD
56
13584 TWIN CREEK LN
$449,900
4
2.1
2,615
DETACHD
2
410 LAUREL ST
$464,500
4
2.1
2,064
DETACHD
138
13175 THOMA RD
$579,900
3
2
1,920
DETACHD
8
19463 LORNA LN
$805,000
4
3.1
4,024
DETACHD
6
13083 SW KNAUS RD
$2,295,000
5
4.1
4,900
DETACHD
598
SOLD (Oct. 19-Oct. 25, 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
340 CERVANTES CIR
$120,000
$105,000
2
1.1
912
CONDO
122
15230 BOONES WAY
$164,900
$158,500
2
2
1,185
CONDO
77
195 OSWEGO SMT
$279,900
$183,700
2
2
1,506
CONDO
343
5 PEACOCK PL
$330,000
$289,500
4
2.1
1,760
DETACHD
169
17860 Sundown CT
$499,900
$320,000
4
3.1
3,480
DETACHD
136
14141 GOODALL RD
$359,900
$375,000
3
2.1
1,754
DETACHD
91
19 TOUCHSTONE
$415,000
$390,000
4
3
2,789
DETACHD
107
5329 Langford LN
$725,000
$719,000
3
2.1
2,962
DETACHD
302
1708 VILLAGE PARK LN
899000
889000
4
2.1
3,211
DETACHD
13
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.
Along with the gorgeous fall color, October brings property tax statements. If you live in Oregon, you will be receiving your statement in the mail in the next week or so. Property taxes are pretty misunderstood, and not because people are dumb. The simple fact is that they are confusing. I am going to take a shot at explaining them and clearing up some basic issues.
The tax year runs from July 1st to June 30th, but you receive your tax statement in October for payment on November 15th. No wonder people are confused! Not only does the tax year not correspond with the calendar year, but you get your statement at a completely odd time as well. (Is this some sort of a conspiracy?) So when you pay your taxes in November you are paying in arrears back to July 1 and ahead to June 30. You can pay your taxes in one lump sum and receive a discount, or you can pay it in thirds with the final third due in May.
Don’t fall behind in your property taxes. The tax assessor is the only entity that can step ahead of your mortgage lender in lien position. This means that if you fall behind, the county can actually foreclosure on your home even if you are current on your mortgage. This is why mortgage companies pay attention to whether or not your property taxes are paid and will be all over you if you let them slide. I recommend to all first-time buyers, and to buyers who are not yet financially seasoned homeowners, that they arrange for their taxes to be paid as a part of their house payment. This builds a reserve account that is built up all year so that when November rolls around the full year’s tax bill is on hand, and the taxes are paid on your behalf by your mortgage company. It makes paying your taxes quite automatic.
Yes, your property taxes will probably go up this year even though your house value has likely gone down. Right now, this is the most confusing issue about property taxes and is getting a lot of play in the media. This is happening because of the restriction that was placed onto annual tax increases in the mid-1990’s. At that time house values were going up quickly and property taxes were going up at the same pace. This was creating financial hardship because people’s incomes were not keeping pace. A ballot measure was passed that restricted annual tax increases to not more than 3% per year plus any bond measures passed through public vote. Bond measures are those ballot measures that supply funding to build libraries, schools, zoos, etc. Lots of bond measures have been passed in the last 15 years, including an $80,000,000 bond measure that re-built the two High Schools here in Lake Oswego.
When you receive your tax bill you will see two values: tax assessed and market. The tax assessed value has increased under restrictions for the last 15 years. These restrictions have kept the increase to about 3-6% per year. At the same time the real market value has increased at the rate of the actual market and there were many years with 10-15% appreciation. You will not see any decrease in property taxes until or unless the market value falls below the tax assessed value. And because the market value so far out-paced the tax assessed value, they are still pretty wide apart. And that is why your property taxes will likely be going up this year.
It’s good to know that buying or selling a home does not trigger a tax increase. The tax assessed value goes with the house to the new home owner. So the new sale at a value that is much higher than the tax assessed value will not have an impact on the annual property taxes. (Other than becoming a part of general statistics used in the tax assessor’s office to track valuations). There are, however, two things that can trigger higher taxes. I have already mentioned publicly voted bond measures that pass. These have no dollar limitations. It is completely at the discretion of the voters. The second is major remodeling. This is not the sort of remodeling where you re-do the kitchen or put up a fence in the yard. (I am providing general information here. What the tax assessor uses to trigger a tax increase because of remodeling is at his/her discretion, and not mine ) This is the sort of remodeling where you add square footage to the house, or gut a house and re-build it from the studs out. This will bring in lots of building permits and the tax assessor will be right in there to see how it affects the value. A total remodel can trigger tax assessments that make the home virtually a new house.
The taxation process is political. And that means it was built from problems that needed to be solved and a solution that was from compromises. So it’s not perfect. The biggest area that I see as imbalanced is that the basis for the 3% annual increase happened in the mid-1990’s. Older homes that had lower market values 15 years ago continue to benefit from those values. And homes that were newer or in expensive neighborhoods continue to have taxes that are higher in comparison. Having said that, it is my experience that on average taxes in Lake Oswego/Clackamas County still remain lower than taxes in Multnomah County (Portland), and there is no transfer tax like you find in Washington County (Beaverton/Tigard).
Without going on and on on this topic (because that would be pretty easy to do), I hope this explanation is helpful to you as you receive your tax statement in the coming weeks. And if you are re-locating to the area, I hope it helps you to understand what to expect.
There were 17 New properties that came on the market, 13 that went to Pending status, and 4 that Sold in Lake Oswego last week according to RMLS.
We hope that our weekly real estate status updates regarding activity in Lake Oswego are helpful to you.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 12—Oct.18, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
5957 SEVILLE AVE
$184,900
1
1
1,199
DETACHD
10/12/2009
450 S STATE ST
$185,000
2
1
800
CONDO
10/12/2009
24 WHEATHERSTONE
$199,950
3
2.1
1,692
CONDO
10/12/2009
668 MCVEY AVE
$219,500
1
1
636
CONDO
10/12/2009
13680 SHIREVA DR
$289,900
3
2
1,504
DETACHD
10/13/2009
5219 DAWN AVE
$289,900
3
1
910
DETACHD
10/13/2009
16000 PACIFIC HWY
$319,000
2
2
1,200
CONDO
10/12/2009
5957 SEVILLE AVE
$339,900
1
1
1,199
DETACHD
10/12/2009
3068 DUNCAN DR
$473,900
4
4
3,281
DETACHD
10/12/2009
13175 THOMA RD
$579,900
3
2
1,920
DETACHD
10/12/2009
5678 SW CHARLES CIR
$625,000
4
4
3,455
DETACHD
10/16/2009
5767 SUNCREEK DR
$769,000
3
3
3,363
DETACHD
10/18/2009
567 6th ST
$769,000
4
3.1
2,558
DETACHD
10/14/2009
19463 LORNA LN
$805,000
4
3.1
4,024
DETACHD
10/14/2009
19422 LORNA LN
$805,000
5
3.1
4,011
DETACHD
10/14/2009
18209 SIENA DR
$1,178,950
4
3.1
3,617
DETACHD
10/12/2009
1075 CHANDLER RD
$1,850,000
5
5
5,946
DETACHD
10/16/2009
PENDING SALES (Oct. 12 -Oct. 18, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
44 EAGLE CREST DR
$158,900
3
2
1,085
CONDO
123
36 CERVANTES CIR
$159,900
2
1.1
912
CONDO
337
16600 BRYANT RD
$249,900
3
2
1,877
DETACHD
106
5424 WASHINGTON CT
$299,900
2
1
1,296
DETACHD
68
1991 MAPLELEAF RD
$309,900
3
2
1,456
DETACHD
14
26 BRIARWOOD RD
$344,900
4
2.2
2,554
DETACHD
133
315 LAKE BAY CT
$389,900
2
2
1,277
DETACHD
8
905 COUNTRY CLUB RD
$409,900
4
2.1
2,817
DETACHD
238
18410 DEERBRUSH AVE
$475,000
4
2.1
2,217
DETACHD
78
4691 HERITAGE LN
$499,000
4
2.1
2,716
DETACHD
324
400 LAKE BAY CT
$529,000
3
2.1
1,680
DETACHD
198
540 NORTHSHORE RD
$599,000
4
3
2,746
DETACHD
153
17225 KELOK RD
$1,350,000
4
3.1
4,161
DETACHD
0
SOLD (Oct. 12-Oct. 18, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
10 CONDOLEA DR
$250,000
$220,000
2
2
1,312
ATTACHD
398
5044 GREENSBOROUGH CT
$449,000
$411,100
3
2.1
2,124
DETACHD
49
95 D AVE
$608,500
$576,500
4
2
1,809
DETACHD
83
17960 SARAH HILL LN
$1,179,000
$910,000
5
3.1
4,800
DETACHD
163
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.
Sunday is supposed to be our best day of the week… i.e., Sunshine! Get out and enjoy touring some Open Houses in Lake Oswego, and give Dianne or me a call if you are not working with a Realtor and end up finding the house of your dreams! We’d be happy to represent you, and always have time for you.
There are 26 properties on tour in Lake Oswego tomorrow according to RMLS:
It isn’t often that we shine the spotlight on any particular property, but when we heard that the new luxury town homes on Sixth St in sought-after First Addition had just lowered their prices by $100,000 each to $599,900., Dianne and I just had to run over there and take a look.
ML# if you want to get a preview is 9057549. Each has 2258 SF, 3 bedrooms, 3 & 1/2 baths, 2 levels with additional full finished basements, and probably just everything you’ve been looking for.
cabinets also boasts additional built-ins and smart features like a pull-down bar. The dark french doors to the front porch area off the dining room are a rich contrast, and the white wainscoting throughout adds that crisp old-world cottage feel. The 2-car detached garage out back with private courtyard to the house is an added bonus in First Addition, and from there you enter the great room compete with gas fireplace and more built-ins.
Downstairs you find another gas fireplace and generous media room as well as another bedroom & bathroom w/an additional laundry area for guests or your reclusive teenager. Upstairs is the master bedroom & bath showing off glorious travertine w/onyx, a clawfoot tub & separate shower as well as an additional bathroom w/soaker tub & yet another bedroom. Walk-in closets of course, and the main laundry near the upstairs bedrooms check those final “must-haves” off the list.
Overall, these are just so unique & have that easy-living feel that goes hand in hand with the First Addition lifestyle… you know, walking to all the services, trendy shops and restaurants, not to mention Millenium Park Plaza for a view of the lake & all the festive local activities like Farmer’s Market, open air Movie Nights, Holiday Tree-Lighting festivities and on & on. First Addition is just a strolling kinda place; a small-town feel with all the amenities. Cottage Living 
magazine named First Addition as one of the ten best cottage communities in the country. American Planning Association name it one of the top 10 neighborhoods in America. The accolades go on & on.
Come on down & take a look. Bring a Realtor as there has been a lot of interest. They will be held open both Saturday & Sunday from 1 – 4.
The tax year runs from July 1st to June 30th, but you receive your tax statement in October for payment on November 15th. No wonder people are confused! Not only does the tax year not correspond with the calendar year, but you get your statement at a completely odd time as well. (Is this some sort of a conspiracy?) So when you pay your taxes in November you are paying in arrears back to July 1 and ahead to June 30. You can pay your taxes in one lump sum and receive a discount, or you can pay it in thirds with the final third due in May.
Yes, your property taxes will probably go up this year even though your house value has likely gone down. Right now, this is the most confusing issue about property taxes and is getting a lot of play in the media. This is happening because of the restriction that was placed onto annual tax increases in the mid-1990’s. At that time house values were going up quickly and property taxes were going up at the same pace. This was creating financial hardship because people’s incomes were not keeping pace. A ballot measure was passed that restricted annual tax increases to not more than 3% per year plus any bond measures passed through public vote. Bond measures are those ballot measures that supply funding to build libraries, schools, zoos, etc. Lots of bond measures have been passed in the last 15 years, including an $80,000,000 bond measure that re-built the two High Schools here in Lake Oswego.