Due to RMLS technical web work, we will not be able to retrieve the data for our usual report, and will resume after this weekend. We apologize for the inconvenience.
Happy Holidays!
News & Notes
Here are some Market Notes for You~
According to the just-released RMLS Market Action Report for November 2011, the combined area of Lake Oswego and West Linn reported:
- 651 Active Listings
- 106 New Listings
- 100 Pending Sales
- 98 Closed Sales
- An average Sale Price of $385,700.
- Average Time on the Market: 179 Days
What’s Happening in Lake Oswego? ~
* Christmas Ship Parade – Dec 17th at 6PM ~ Join us for the 57th year of enjoying a parade of bright Christmas Ships gliding from Riverplace Marina to Lake Oswego! You can enjoy the colorful flotilla from the shores of Foothills Park where a warming fire and shelter will make the evening more than merry! For more information on this annual extravaganza CLICK HERE.
* Annual Gingerbread Competition! – Dec. 13th – Dec. 25th ~ One-of-a Kind Gingerbread creations are on display at participating local businesses in celebration of “Holiday Houses of Lake Oswego” which is in its second delightful year. To learn more about this competition CLICK HERE.
*LOPedia is Now Available! – This great resource provides information on city programs and services, as well as how it delivers those services and how much they cost. It can be checked out at the Lake Osweego Library, and also is available online by CLICKING HERE.
Market Activity Dec. 5-11, 2011
Our Market Activity has been strong, considering that we are in the full throws of the Holidays. Last week there were 14 New Listings, 11 Pending Sales, and 11 Closed Sales. Also of note, of the 11 Closed Sales 5 were either condos or attached townhouses, and 3 were sold for over $1,000,000. Of the over $1,000,000, 1 sold in zero days (Listing Realtor brought together buyer and seller without RMLS assistance) and 1 sold in 39 days. That is very strong market activity in areas that have otherwise been slow.
See below for further details:
NEWLY LISTED (Dec. 5-11, 2011)
| Address | Type | Price | Sq FT | BR | Baths |
| 234 Ridgeway Rd 16D | Condo | $154,950 | 914 | 2 | 1 |
| 3652 Spring Lane 4F | Condo | $159,900 | 1117 | 2 | 2 |
| 1531 Cedar St | Detached | $249,950 | 832 | 2 | 1 |
| 18630 Kristi Way | Detached | $314,900 | 1609 | 3 | 2 |
| 17860 Pilkington Rd | Detached | $319,000 | 2550 | 4 | 2 |
| 12511 SW Boones Ferry Rd | Detached | $349,000 | 1890 | 3 | 2 |
| 769 2nd St | Detached | $350,000 | 1200 | 3 | 1 |
| 6126 Frost Ln | Detached | $429,500 | 2400 | 5 | 3 |
| 545 Evergreen Rd | Detached | $549,900 | 2182 | 3 | 2.5 |
| 1255 Bayberry Rd | Detached | $734,900 | 2240 | 3 | 2 |
| 4180 Casey Ct | Detached | $739,950 | 3730 | 4 | 3.5 |
| 17878 Hillside Dr | Detached | $762,500 | 3594 | 5 | 3 |
| 752 8th St | Detached | $1,049,000 | 4215 | 4 | 3.5 |
| 4375 Southshore Blvd | Detached | $2,595,000 | 3716 | 4 | 3.5 |
PENDING SALES (Dec. 5-11, 2011)
| Address | Type | Price | Sq Ft | BR | Baths | CDOM |
| 450 S State St | Condo | $119,000 | 800 | 2 | 1 | 86 |
| 18411 Longfellow Ave | Detached | $155,000 | 1150 | 3 | 1 | 139 |
| 5054 Foothills Dr H | Condo | $187,000 | 1252 | 3 | 2 | 93 |
| 13120 Thoma Rd | Detached | $345,000 | 3116 | 3 | 2 | 32 |
| 13828 Regency Ct | Detached | $349,000 | 2165 | 3 | 2.5 | 4 |
| 312 4th St | Attached | $395,000 | 1731 | 2 | 2.5 | 206 |
| 1877 Woodland Terrace | Detached | $399,000 | 2776 | 4 | 2 | 4 |
| 19333 Dogwood Ct | Detached | $479,900 | 3234 | 5 | 3 | 220 |
| 5515 Dunmire Dr | Detached | $536,900 | 3287 | 4 | 3 | 226 |
| 16491 Chapin Way | Detached | $799,000 | 3648 | 4 | 3 | 248 |
| 307 Northshore Rd | Detached | $1,295,000 | 2673 | 3 | 2 | 719 |
SOLD (Dec. 5-11, 2011)
| Address | Orig. Price | Sold Price | Type | Sq Ft | CDOM |
| 668 McVey Ave #56 | $150,800 | $135,000 | Condo | 636 | 22 |
| 159 Oswego Summit | $175,000 | $150,000 | Condo | 1506 | 385 |
| 3300 Wembly Park Rd | $229,000 | $200,000 | Detached | 2094 | 15 |
| 2125 Wembly Place | $349,000 | $307,500 | Detached | 2193 | 114 |
| 755 5th St | $349,000 | $312,500 | Detached | 927 | 163 |
| 4405 Oakridge Rd Lot20 | $410,160 | $411,330 | Attached | 2004 | 0 |
| 40 Condolea Ct | $485,000 | $440,000 | Condo | 2958 | 227 |
| 193 Furnace St | $769,950 | $510,000 | Condo | 2169 | 394 |
| 667 Iron Mountain Blvd | $1,399,000 | $1,200,000 | Detached | 4679 | 319 |
| 13392 Fielding Rd | $1,400,000 | $1,400,000 | Detached | 2246 | 0 |
| 13701 Goodall Rd | $1,899,000 | $1,750,000 | Detached | 6028 | 39 |
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
Open Houses for 12/11/11
Amongst the hussle and bussle of Holiday preparations, perhaps you’ll find the time to visit one of these ten open houses:
| Address | Price | Bedrooms | Baths | Type | Open |
| 5055 Foothills Dr | $187,000 | 2 | 2 | Attached | 1 to 3 |
| 5054 Foothills Dr H | $187,000 | 3 | 2 | Attached | 1 to 3 |
| 5220 Firwood Rd | $234,900 | 3 | 3 | Detached | 1 to 4 |
| 6380 Washington Ct | $239,500 | 3 | 2 | Detached | 12:30 to 2:30 |
| 4251 Woodside Circle | $304,900 | 3 | 2 | Attached | 1 to 3 |
| 21 Britten Ct | $310,000 | 3 | 2.5 | Attached | 1 to 3 |
| 765 Maple St | $349,900 | 3 | 2 | Detached | 1 to 3 |
| 15633 Fieldstone Dr | $618,950 | 4 | 2.5 | Detached | 12 to 2 |
| 5533 Fieldstone Ct | $628,950 | 4 | 2.5 | Detached | 12 to 2 |
| 17601 Woodhurst Pl | $649,000 | 3 | 2.5+.5 | Detached | 2 to 4 |
The Repair Addendum
There are two major points of negotiations when you are buying or selling a house. The first happens when the offer is made. At this point things like price, closing date, disclosure of financing, and other items are worked out. The second happens about a week later when the buyer has completed any home inspections they wanted and are asking for repairs.
The preferred method by most buyers and sellers is to agree upon a monetary credit at closing from the seller to the buyer for the buyer to do the repairs themselves after closing. This is preferred because it’s super easy for the seller, and for the buyer they then have control over the quality of the work. However, banks don’t like to see money credited to do repairs after closing. What if the buyer never does the repair? So the method to create the credit is to have the credit be applied to the buyer’s closing costs. This allows the repair issue to stay out of the transaction and accomplishes the exact same thing as it leaves money in the buyer’s possession that they otherwise would have spent in the purchase. The buyer can then do whatever they want to with that money after closing. This then creates the limitation that the amount of the credit can not exceed the buyer’s closing costs. So what if the seller has already agreed to pay the buyer’s closing costs? If this is the case, or if the buyer just simply won’t take a credit for the repairs, then the seller is left with the responsibility to do the repairs before closing.
Now comes the part that most buyers and sellers are not aware of. Any repair done in the sale of a home must be done by a licensed and bonded contractor. The seller can not do the repairs themselves. This law went into effect several years ago and applies to all real estate transactions throughout the state of Oregon. The reason makes sense when you think about it. Work done by a properly licensed contractor comes with an automatic 1-year warranty. And the bond that contractors are required to carry guarantees money is available to repair shoddy work if a problem develops and the contractor does not correct it. So buyers, sellers, and Realtors are all protected by using licensed contractors. I can, however, see that this law can become impractical if the work is super minor like replacing a cracked light switch cover, or re-nailing a fence board. I think it makes sense, in light of this law, that these sorts of minor repairs really must be done as normal maintenance on a home long before it is listed for sale. Taking good care of your home while owning it will also get you a higher price when the time comes to sell it.
This law also applies to rental properties. So if you are a landlord, you are not supposed to do the work on your rentals unless you have a contractor’s license.
The home inspection contingency is written in our standardized forms to be an easy out for the buyer. A buyer does not even have to give a reason for disapproving of the property as a result of the home inspection. They can “unconditionally” disapprove. And that’s it. The deal is dead and the buyer gets their earnest money back. So for sellers it’s a pretty anxious time. They know the buyer can back out of the purchase and they also know that they can be asked to do repairs or pay for closing costs. It’s important that this part of the sale be handled properly so that buyers buy a solid home and also so that repairs are done correctly.
Not a very seasonal topic, I know. But important. And probably another good reason to use a Realtor when you buy or sell a house.
Cheers!
Dianne
Market Activity Nov. 28 – Dec. 4, 2011
In Lake Oswego there were 11 New properties entering the market, 11 in Pending status, and a whopping 19 marked as Sold during the last week according to RMLS.
See below for further details:
NEWLY LISTED (Nov 28-Dec 4, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 4650 LOWER DR | $119,900 | 2 | 1.1 | 1260 | ATTACHD |
| 18 GREENRIDGE CT | $199,800 | 3 | 1.1 | 1888 | ATTACHD |
| 908 LAKE FRONT RD | $224,900 | 2 | 1 | 1398 | DETACHD |
| 17683 NICOLE LN | $249,000 | 3 | 2 | 1200 | DETACHD |
| 532 2ND ST | $269,900 | 2 | 2.1 | 1394 | CONDO |
| 21 BRITTEN CT | $310,000 | 3 | 2.1 | 1972 | ATTACHD |
| 700 BRIERCLIFF LN | $365,000 | 3 | 3 | 2125 | DETACHD |
| 19010 BRYANT RD | $659,900 | 4 | 3.1 | 4878 | DETACHD |
| 1285 Wells ST | $699,900 | 4 | 2.1 | 3718 | DETACHD |
| 18132 SIENA DR | $1,125,000 | 4 | 3.1 | 3565 | DETACHD |
| 1500 NORTHSHORE RD | $11,600,000 | 5 | 6.2 | 13462 | DETACHD |
PENDING SALES (Nov 28-Dec 4, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 16443 INVERURIE RD | $170,000 | 4 | 2 | 1480 | DETACHD | 95 |
| 5733 FERNBROOK WAY | $235,000 | 4 | 1.1 | 1250 | DETACHD | 76 |
| 18523 Hallberg CT | $263,000 | 3 | 1.1 | 1307 | DETACHD | 101 |
| 1728 ASPEN CT | $295,000 | 3 | 3 | 1852 | DETACHD | 422 |
| 17350 KELOK RD | $325,000 | 3 | 1.1 | 1415 | DETACHD | 417 |
| 2376 FERNWOOD CIR | $425,000 | 4 | 2 | 2574 | DETACHD | 165 |
| 17606 WOODHURST PL | $572,000 | 5 | 3.1 | 4488 | DETACHD | 424 |
| 14785 UPLANDS DR | $599,000 | 4 | 3 | 3325 | DETACHD | 316 |
| 4502 LAMONT WAY | $650,000 | 4 | 4 | 3838 | DETACHD | 14 |
| 17512 Greenbluff DR | $849,000 | 4 | 4 | 3777 | DETACHD | 417 |
| 17475 CANAL CIR | $895,000 | 3 | 3 | 2290 | DETACHD | 22 |
SOLD (Nov 28-Dec 4, 2011)
| Address | O/Price | Close Price | # Beds | Total Baths | Total SF | Prop Type | CDOM |
| 47 EAGLE CREST DR 3 | $110,000 | $50,500 | 2 | 1 | 932 | CONDO | 546 |
| 572 S STATE ST | $114,900 | $104,400 | 2 | 1 | 914 | CONDO | 67 |
| 6062 BURMA RD | $256,487 | $197,000 | 3 | 2 | 1875 | DETACHD | 441 |
| 72 GREENRIDGE CT | $224,900 | $200,000 | 3 | 3 | 1825 | ATTACHD | 288 |
| 14402 SHERBROOK PL | $289,000 | $269,000 | 3 | 2.1 | 2039 | DETACHD | 299 |
| 140 TOUCHSTONE CT | $284,900 | $274,945 | 3 | 2.1 | 1964 | ATTACHD | 8 |
| 1193 TROON RD | $415,000 | $325,000 | 3 | 2.1 | 2558 | DETACHD | 72 |
| 18715 INDIAN CREEK DR | $339,900 | $336,000 | 3 | 2 | 1976 | DETACHD | 244 |
| 5192 COVENTRY CT | $365,000 | $366,135 | 4 | 2.1 | 2259 | DETACHD | 2 |
| 12 YORICK ST | $416,000 | $385,000 | 4 | 3.1 | 2428 | DETACHD | 21 |
| 4673 Lakeview BLVD | $429,950 | $422,000 | 3 | 2 | 2061 | DETACHD | |
| 4729 FIRWOOD RD | $489,500 | $465,000 | 3 | 2.1 | 2594 | DETACHD | 127 |
| 5428 SOUTHWOOD DR | $619,000 | $528,000 | 4 | 3 | 3302 | DETACHD | 172 |
| 17997 BRAEDEN CT | $644,800 | $600,000 | 4 | 3 | 2984 | DETACHD | 907 |
| 19375 EASTSIDE RD | $799,000 | $725,000 | 4 | 3.1 | 4100 | DETACHD | 35 |
| 13877 AMBERWOOD CIR | $999,000 | $895,000 | 4 | 2.1 | 3949 | DETACHD | 53 |
| 17655 KELOK RD | $979,000 | $930,000 | 3 | 2 | 1820 | DETACHD | 66 |
| 18284 MEADOWLARK LN | $1,595,000 | $1,100,000 | 5 | 5.1 | 5833 | DETACHD | 468 |
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
Open Houses ~ December 4, 2011
Enjoy the crisp air and beautiful homes being held Open in Lake Oswego Sunday!
Here is what’s on tour according to RMLS:
| Address | L/Price | # Beds | # Baths | Total SF | Style | Time |
| 5063 FOOTHILLS DR C | $159,900 | 2 | 2 | 991 | CONDO | 1-4PM |
| 7 BRITTEN CT | $235,000 | 4 | 2 | 2046 | TOWNHSE | 1-3PM |
| 16212 LAKE FOREST BLVD | $244,000 | 3 | 2 | 1267 | DETACHD | 1-3PM |
| 15275 BOONES WAY | $269,000 | 2 | 2 | 1321 | TOWNHSE | 12-3PM |
| 17040 FERNWOOD DR | $299,000 | 3 | 2 | 1919 | DETACHD | 2-4PM |
| 4251 WOODSIDE CIR | $304,900 | 3 | 2 | 2032 | TOWNHSE | 1-3PM |
| 10 WALKING WOODS DR | $333,000 | 3 | 2.1 | 2194 | DETACHD | 1-3PM |
| 14361 SHERBROOK PL | $409,900 | 3 | 2.1 | 2100 | DETACHD | 1:30-5PM |
| 1584 PARRISH ST | $598,900 | 3 | 2.1 | 3208 | DETACHD | 1-3PM |
| 15633 FIELDSTONE DR | $618,950 | 4 | 2.1 | 3047 | DETACHD | 12-2PM |
| 5533 FIELDSTONE CT | $628,950 | 4 | 2.1 | 3115 | DETACHD | 12-2PM |
Wintertime in Oregon…Get Ready!
Winter in Oregon some do lament
Is fraught with grey skies… and money gets spent!
The lights are on scaffold and song fills the air
Groupons a-plenty and devil-may-care
The way-of-the-world and Portland’s delight
Is the bane of onlookers preferring a fight
For Oswego and Portland and Bridgeport and Yon
Are prepared for the winter and the show it puts on
The grey skies don’t daunt and the season invigorates
Even home-buyers are dealing to celebrate
The gloom you’d expect and accompanying sadness
Are not to be found, but instead settle gladness!
For Oregon is nothing if not Beauty and Bliss
Even in winter it’s just no better than this.
Happy Wintertime!
Market Activity for Nov. 21-27, 2011
With the Thanksgiving holiday last week, activity was mixed. Just 4 new listings came onto the market, but 14 homes went pending, and 8 sales closed.
See below for further details:
NEWLY LISTED (Nov 21-27, 2011
| Address | Type | Price | Sq FT | BR | Baths |
| 45 Eagle Crest Dr | Condo | $144,900 | 1046 | 2 | 2 |
| 5063 Foothills Dr C | Condo | $159,900 | 991 | 2 | 2 |
| 3433 McNary Parkway #703 | Condo | $159,900 | 1008 | 2 | 2 |
| 13795 Cameo Ct | Detached | $1,760,000 | 7190 | 4 | 5.5+.5 |
PENDING SALES (Nov 21-27, 2011)
| Address | Type | Price | Sq Ft | BR | Baths | CDOM |
| 34 Oswego Summit #34 | Condo | $55,900 | 764 | 1 | 1 | 35 |
| 86 Kingsgate Rd F103 | Condo | $79,900 | 849 | 2 | 2 | 101 |
| 6929 Montauk Circle | Condo | $134,900 | 968 | 2 | 1 | 60 |
| 6 Condolea Dr | Condo | $195,000 | 1312 | 2 | 2 | 299 |
| 480 S State St | Condo | $199,900 | 1659 | 3 | 2 | 46 |
| 6218 Nokomis Ct | Detached | $199,900 | 1512 | 3 | 2 | 159 |
| 828 Maple St | Detached | $230,000 | 1287 | 3 | 2.5 | 119 |
| 18150 Bryant Rd | Detached | $289,000 | 1468 | 3 | 2 | 138 |
| 655 7th St | Detached | $340,000 | 1558 | 3 | 1.5 | 109 |
| 13120 Thoma Rd | Detached | $345,000 | 3116 | 3 | 2 | 14 |
| 227 4th St | Detached | $347,500 | 2352 | 4 | 2 | 8 |
| 919 Lake Shore Rd | Detached | $539,000 | 1817 | 3 | 2 | 145 |
| 13020 Knaus Rd | Detached | $599,000 | 2545 | 3 | 2.5 | 179 |
| 1020 Skyland Dr | Detached | $1,399,500 | 6653 | 5 | 4.5+.5 | 4 |
SOLD (Nov 21-27, 2011)
| Address | Orig. Price | Sold Price | Type | Sq Ft | CDOM |
| 4000 Carman Dr #100 | $125,000 | $110,000 | Condo | 935 | 144 |
| 45 Eagle Crest Dr #508 | $189,000 | $154,000 | Condo | 1046 | 206 |
| 5225 Jean Rd #308 | $179,900 | $175,000 | Condo | 1400 | 5 |
| 4752 Rembrandt Ln | $288,900 | $272,000 | Detached | 1516 | 26 |
| 647 Sunny Hill Dr | $299,500 | $303,000 | Detached | 2298 | 4 |
| 4 Nansen Summit | $545,000 | $412,000 | Detached | 3255 | 218 |
| 4725 Firwood Rd | $479,500 | $455,000 | Detached | 2557 | 133 |
| 17896 Kelok Rd | $729,000 | $600,000 | Detached | 4323 | 1211 |
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
Open Houses 11/26/11
There are just two scheduled open houses this Sunday, November 26, 2011.
4050 Virginia Way will be open from 1:30 to 5:00pm. A 1984 built house, it has 3 bedrooms and 2 full baths. It’s a one-level home with beautifully updated kitchen that includes slab granite and stainless steel appliances. The asking price is $325,000
4102 Chad Dr will be open from 1:00 to 4:00. Priced at $739,000, it has 4 bedrooms and 2 and 1 half baths. The house was built in 2004. With brazilian cherry hardwood floors and a fireplace in the master, this house is worth the look.