- Predictions – Both Fiserv and Moody Analytics are reporting that home prices have already leveled out in one of every four metro areas. Both are also saying that they estimate price stability will characterize 3/4 of US markets by the end of 2011, and they are even saying that they are expecting 100% to stabilize by the end of 2012.
Fiserv in particular is saying that markets already stabilized include San Diego, Washington DC & San Francisco. They expect markets to stabilize by the end of 2011 in: Minneapolis, New York City, and Portland Oregon (!!!). Then comes the bad news as their predictions of the markets in Miami, Phoenix & Las Vegas, they say, will not stabilize till 2012. - Help from Uncle Sam “Getting Green” – You may or may not know about the FHA’s new/upcoming “Power-Saver Loan”. This loan is part of the government’s “Recovery Through Retrofit” program promoting energy efficiency and creating green jobs. Stay tuned for more details as this program is in the final stages of development and a select group of lenders will be qualified to help Buyers take advantage of a rare opportunity to be patriotic while simultaneously obtaining funding to get the green home of their dreams!
- Home-Buyer FAQ’s Answered – So many questions so little time… But the NAR and HUD have recently released three free videos covering the basics of buying a home. Shopping for a Home, Shopping for Your Loan, Closing the Deal. All three take a total of approx. 30 minutes to view, and hey, your questions will be answered!! Visit youtube.com/HUDchannel
Market Activity Report for January 24-30, 2011
Here is your market activity report for January 24 to 30, 2011. Last week brought us 16 new listings, 12 pending sales, and 9 closed sales.
See below for further details according to RMLS:
NEWLY LISTED (Jan 24-30, 2011)
| Address | Type | Price | Sq FT | BR | Baths |
| 12 Crestfield Ct #12 | Condo | $54,900 | 552 | 1 | 1 |
| 668 McVey Ave #74 | Condo | $110,000 | 626 | 1 | 1 |
| 57 Church St | Condo | $134,500 | 636 | 1 | 1 |
| 4043 Jefferson Pkwy | Condo | $143,000 | 1182 | 2 | 2.5 |
| 6 Condolea Dr | Condo | $198,000 | 1312 | 2 | 2 |
| 151 Kingsgate Rd | Detached | $275,000 | 1585 | 3 | 2 |
| 18715 Indian Creek Dr | Detached | $353,900 | 1976 | 3 | 2 |
| 1717 Woodland Ter | Detached | $388,426 | 2146 | 3 | 2.5 |
| 9 Condolea Dr | Condo | $395,000 | 2198 | 3 | 3 |
| 4750 Auburn Ln | Attached | $439,000 | 2679 | 3 | 3.5 |
| 6 Westridge Dr | Detached | $509,000 | 3169 | 4 | 2.5 |
| 16880 Maple Cir | Detached | $549,950 | 2080 | 3 | 3 |
| 3899 Daniel Way | Detached | $550,000 | 3112 | 4 | 2.5 |
| 13615 Knaus Rd | Detached | $575,000 | 1755 | 2 | 2 |
| 324 9th St | Detached | $824,500 | 2743 | 4 | 2.5 |
| 100 Giribaldi St | Detached | $899,000 | 4572 | 5 | 3.5+.5 |
PENDING SALES (Jan 24-30, 2011)
| Address | Type | Price | Sq Ft | BR | Baths | CDOM |
| 15930 Waluga Dr | Detached | $225,000 | 1040 | 3 | 1.5 | 505 |
| 790 Boca Ratan Dr | Detached | $242,403 | 2112 | 3 | 2 | 42 |
| 18148 Belmore Ave | Detached | $245,000 | 1008 | 3 | 1 | 7 |
| 427 9th St | Detached | $284,900 | 2130 | 4 | 2 | 136 |
| 939 Sunnyhill Ct | Detached | $349,900 | 3250 | 4 | 2.5 | 236 |
| 521 2nd St #104 | Condo | $399,000 | 1339 | 2 | 2 | 742 |
| 1189 Sunningdale Ct | Detached | $424,900 | 2072 | 3 | 2.5 | 114 |
| 22 Del Prado St | Detached | $559,900 | 4056 | 5 | 3.5 | 114 |
| 15459 Village Dr | Detached | $649,000 | 3059 | 4 | 3.5 | 88 |
| 610 Cabana Ln | Detached | $849,000 | 1729 | 3 | 2 | 171 |
| 735 Terrace Dr | Detached | $1,300,000 | 3090 | 3 | 2.5 | 221 |
| 18000 Eastridge Ln | Detached | $1,500,000 | 5554 | 4 | 5.5 | 562 |
SOLD (Jan 24-30, 2011)
| Address | Orig. Price | Sold Price | Type | Sq Ft | CDOM |
| 4093 Jefferson Pkwy | $199,000 | $150,000 | Attached | 1359 | 175 |
| 4438 Thunder Vista | $199,900 | $169,900 | Condo | 2040 | 73 |
| 464 5th St | $197,715 | $197,800 | Condo | 1092 | 61 |
| 14101 Goodall Rd | $350,000 | $286,000 | Detached | 1816 | 128 |
| 15824 Boones Way | $384,900 | $350,000 | Detached | 1895 | 58 |
| 1931 Woodland Ter | $369,000 | $350,000 | Detached | 2817 | 269 |
| 73 Tanglewood Dr | $437,450 | $380,000 | Detached | 4278 | 613 |
| 611 Iron Mtn Blvd | $510,000 | $445,000 | Detached | 1322 | 149 |
| 4464 Lakeview Blvd | $1,399,000 | $1,295,000 | Detached | 3612 | 83 |
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 Sunday, 1/30/11
There are 35 scheduled open houses this Sunday, including Linda’s beautiful listing at 979 Devon Lane. I will be hosting this open from 11 am to 2pm. This is a tremendous house with panoramic views of Mt. Hood and Portland. Priced at $449,900, it has4 bedrooms and 3 1/2 baths. This is a contemporary home with a separate apartment for guests, in-laws, or working from home. It has nice upgrades such as SubZero, hardwood floors, and gas appliances. Please follow my bright-yellow signs in from Cornell. I’d love to meet you!
| Address | Type | Price | BR | Baths | Open |
| 1400 Bonniebrae Dr | Attached | $169,500 | 2 | 1 | 1 to 3 |
| 5061 Foothills Dr G | Condo | $180,000 | 2 | 2 | 1 to 3 |
| 5055 Foothills Dr C | Condo | $239,000 | 2 | 2 | 1 to 4 |
| 5530 Bonita Rd | Detached | $279,900 | 3 | 1.5 | 1 to 3 |
| 446 5th St | Attached | $295,000 | 2 | 1.5 | 1 to 3 |
| 14402 Sherbrook Pl | Detached | $349,000 | 3 | 2.5 | 1 to 3 |
| 18715 Indian Creek Dr | Detached | $353,900 | 3 | 2 | 1 to 3 |
| 14 Hillshire Dr | Detached | $375,000 | 3 | 1.5 | 1 to 3 |
| 1677 Laurel St | Detached | $425,000 | 4 | 3.5 | 12 to 3 |
| 775 Boca Ratan Dr | Detached | $439,990 | 4 | 3.5 | 1 to 3 |
| 17791 Hill Way | Detached | $449,000 | 4 | 2.5 | 12 to 2 |
| 979 Devon Ln | Detached | $449,900 | 4 | 3.5 | 11 to 2 |
| 12 Scarborough Dr | Detached | $479,900 | 4 | 2.5 | 12 to 2 |
| 17645 Oak Meadow Ln | Detached | $510,000 | 4 | 2.5 | 1 to 4 |
| 2626 Park Rd | Detached | $519,000 | 4 | 3 | 1 to 3 |
| 17981 Meadowlark Ln | Detached | $558,377 | 3 | 2.5 | 11 to 4 |
| 4869 Sage Hen Way | Detached | $594,900 | 5 | 2.5 | 1 to 3 |
| 1217 Tyndall Ct | Detached | $599,000 | 4 | 4 | 1 to 4 |
| 133 Furnace St #20 | Attached | $629,000 | 2 | 2.5 | 1 to 3 |
| 13265 Fox Run | Detached | $639,000 | 4 | 2.5+.5 | 1 to 3 |
| 2469 Marylhaven Pl | Detached | $649,000 | 4 | 3.5+.5 | 12 to 3 |
| 5511 Fieldstone Ct | Detached | $687,950 | 4 | 2.5 | 2:30 to 4:30 |
| 5533 Fieldstone Ct | Detached | $688,950 | 4 | 2.5 | 2:30 to 4:30 |
| 17884 Kelok Rd | Detached | $695,000 | 5 | 3.5 | 2 to 4 |
| 17896 Kelok Rd | Detached | $695,000 | 6 | 5.5 | 2 to 4 |
| 1930 Indian Trail | Detached | $699,000 | 3 | 3 | 1 to 3 |
| 15622 Fieldstone Dr | Detached | $718,950 | 2.5 | 2.5 | 2:30 to 4:30 |
| 5320 Southwood Dr | Detached | $748,000 | 4 | 3 | 12:30 to 2:30 |
| 17301 Canal Circle | Detached | $749,000 | 3 | 2.5 | 3 to 5 |
| 16686 Maple Circle | Detached | $819,000 | 4 | 3.5+.5 | 1 to 3 |
| 2358 Summit Dr | Detached | $879,950 | 3 | 2.5 | 1 to 4 |
| 18209 Siena Dr | Detached | $1,058,000 | 5 | 3.5 | 12 to 2 |
| 18222 Siena Dr | Detached | $1,189,000 | 4 | 3.5 | 12 to 2 |
| 17282 Lake Haven Dr | Detached | $1,299,000 | 4 | 2.5 | 1 to 4 |
| 1104 Forest Meadows Way | Detached | $1,495,000 | 4 | 3.5 | 1 to 4 |
The Pros and Cons of Corner Properties
In the many years I have been working with buyers, I have only run into a few who would not consider buying a house on a corner lot. So this is not a heated controversery. It is, however, something to think about in your home search. Here is simple a comparison of the pros and the cons of buying a home on a corner lot:
The Pros
* Corner lots are often bigger because they not only include a yard, but the large side yard of the adjacent street.
* Corner lots are more private because they have one less neighbor immediately next door.
* Corner lots can allow unusual landscaping such as installing a circular driveway.
* Corner lots can allow easier access to the back yard for storing a RV or a trailer behind a fence.
* Corner lots can allow more sunshine into the house itself because there are fewer homes closeby that potentially can cast shadows.
* Corner lots allow you to have more on-street parking adjacent to your home.
Here are the Cons
* Corner lots mean more landscape maintenance that is visable from the street.
* Corner lots are potentially create a smaller back yard if the lot is mostly outfront and to the side of the house.
* Corner lots can deminish your privacy in your back yard if there is visability from the adjacent street or if the lot is small enough that people out on the sidewalk can hear you in your back yard.
* In the case of sewer improvements or sidewalk maintenance where local authorities assess repairs based upon the per foot of street frontage, corner lots can be more expensive to own.
* Corner lots can potential have move light exposure at night from street lights or head lights.
I think that for every buyer who dislikes a corner lot there is a buyer who prefers one. So don’t let the corner lot issue be your primary criteria when buying a home, unless you have exceptionally strong opions about the pros and cons above. I personally live on a corner lot and I LOVE it. My lot has large hedges on the two sides with a circular drive between the two streets. I pull into my driveway and I feel like I’ve come home to my own private park. Ray Hartshome, a partner with Chicago’s Hartshome Plunkard Architecture, calls a corner home “a rare home”. He says that a corner home is “a rare home that’s distinctive in a world that makes distinctive homes more valuable”. Perhaps that statement goes a bit overboard, but I do like the sentiment.
Dianne
Market Activity Report ~ Jan 17-23, 2011
There was an amazing amount of “freshening” of listings done last week. Out of 33 properties listed as “new” on the market, only 11 were truly New listings. Last Week Lake Oswego also saw 16 Pending sales, and 10 Closed sales according to RMLS.
See below for further details according to RMLS:
NEWLY LISTED (Jan 17-23, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 16200 PACIFIC HWY #11 | $155,700 | 2 | 2 | 1190 | CONDO |
| 5225 JEAN RD 307 | $165,000 | 2 | 2 | 1100 | CONDO |
| 3101 MCNARY PKWY 12 | $190,000 | 2 | 2.1 | 1363 | CONDO |
| 5215 MADRONA ST | $250,000 | 3 | 2 | 1325 | DETACHD |
| 2755 GLEN HAVEN RD | $325,000 | 3 | 2 | 2088 | DETACHD |
| 13332 VERMEER DR | $409,900 | 4 | 3 | 2382 | DETACHD |
| 9 SPINOSA | $459,750 | 2 | 2.1 | 2250 | DETACHD |
| 1231 BAYBERRY RD | $475,000 | 3 | 2 | 1980 | DETACHD |
| 2626 PARK RD | $519,000 | 4 | 3 | 2475 | DETACHD |
| 14785 UPLANDS DR | $675,000 | 4 | 3 | 3325 | DETACHD |
| 2311 OSWEGO GLEN CT | $989,000 | 4 | 4 | 4529 | DETACHD |
PENDING SALES (Jan 17-23, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 49 OSWEGO SMT | $67,500 | 1 | 1 | 720 | CONDO | 127 |
| 44 EAGLE CREST DR 8 | $87,000 | 2 | 1 | 908 | CONDO | 42 |
| 4000 CARMAN DR 46 | $99,900 | 2 | 2 | 999 | CONDO | 14 |
| 200 BURNHAM RD 406 | $114,000 | 2 | 1 | 1216 | CONDO | 990 |
| 18148 BELMORE AVE | $245,000 | 3 | 1 | 1008 | DETACHD | 3 |
| 3535 UPPER DR | $275,000 | 3 | 2 | 1373 | DETACHD | 11 |
| 14138 KNAUS RD | $275,000 | 4 | 2 | 2001 | DETACHD | 106 |
| 2240 SOUTHSHORE BLVD | $309,000 | 3 | 1 | 1120 | DETACHD | 147 |
| 18667 PILKINGTON RD | $339,999 | 4 | 2.1 | 2512 | DETACHD | 241 |
| 942 CLARA CT | $349,000 | 4 | 2.1 | 3123 | DETACHD | 194 |
| 16 OTHELLO ST | $394,000 | 4 | 3 | 2820 | DETACHD | 189 |
| 17187 CARLSON CT | $395,000 | 4 | 3 | 2082 | DETACHD | 118 |
| 19415 SW DOGWOOD CT | $499,900 | 5 | 3 | 3517 | DETACHD | 381 |
| 1060 UPPER DEVON LN | $524,000 | 3 | 2.1 | 2400 | DETACHD | 464 |
| 5705 SOUTHWOOD DR | $549,000 | 4 | 2.1 | 3360 | DETACHD | 314 |
| 691 G AVE | $620,000 | 4 | 2.1 | 2789 | DETACHD | 24 |
SOLD (Jan 17-23, 2011)
| Address | O/Price | Close Price | # Beds | # Baths | Total SF | CDOM |
| 322 CERVANTES CIR 12-A | $85,000 | $47,250 | 2 | 1 | 832 | 205 |
| 1751 ASPEN CT | $294,500 | $224,000 | 3 | 2 | 1550 | 113 |
| 19167 LONGFELLOW AVE | $310,000 | $255,890 | 3 | 2.1 | 1782 | 386 |
| 252 N SHORE RD | $369,000 | $320,000 | 3 | 1 | 2280 | 428 |
| 156 Greenwood RD | $309,900 | $329,900 | 2 | 2 | 3722 | 896 |
| 762 LAKE FOREST DR | $439,900 | $425,000 | 4 | 3 | 2400 | 168 |
| 4303 SUNDEW CT | $519,995 | $506,250 | 4 | 2.1 | 3355 | 35 |
| 567 2ND ST 302 | $693,025 | $535,000 | 2 | 2 | 1459 | |
| 17080 FERNWOOD DR | $699,900 | $590,000 | 5 | 3.1 | 3681 | 261 |
| 15578 VILLAGE DR | $799,000 | $749,000 | 3 | 2.1 | 3630 | 35 |
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 ~ January 23, 2011
There are 28 beautiful homes being held Open Sunday in Lake Oswego according to RMLS.
Enjoy!
| Address | L/Price | # Beds | # Baths | Total SF | Style | Open | ||
| 86 KINGSGATE RD C-102 | $139,500 | 2 | 2 | 924 | CONDO | 2-4PM | ||
| 5055 FOOTHILLS DR C | $239,000 | 2 | 2 | 1252 | CONDO | 1-4PM | ||
| 18148 BELMORE AVE | $245,000 | 3 | 1 | 1008 | DETACHD | 2-3PM | ||
| 5530 BONITA RD | $279,999 | 3 | 1.1 | 1200 | DETACHD | 1-3PM | ||
| 53 ORIOLE LN | $280,000 | 3 | 2.1 | 2072 | DETACHD | 12-3PM | ||
| 7 BLOCH TER | $285,000 | 3 | 2.1 | 2062 | TWNHSE | 2-4PM | ||
| 15245 BOONES WAY | $289,900 | 3 | 2.1 | 1600 | TWNHSE | 1-2:30PM | ||
| 446 5TH ST | $295,000 | 2 | 1.1 | 1092 | TWNHSE | 1-3PM | ||
| 18231 TERRY AVE | $325,000 | 3 | 2 | 1764 | DETACHD | 1-3:30PM | ||
| 16990 LOWER MEADOWS DR | $340,000 | 3 | 2.1 | 2000 | DETACHD | 1-3PM | ||
| 1830 CLOVERLEAF RD | $373,000 | 5 | 2 | 1795 | DETACHD | 1:30-3:30PM | ||
| 4500 GALEWOOD ST | $420,000 | 3 | 3 | 2408 | DETACHD | 1-4PM | ||
| 18700 WOOD DUCK WAY | $429,900 | 4 | 2 | 2158 | DETACHD | 2:30-4:30PM | ||
| 762 MAPLE ST | $449,000 | 3 | 2.1 | 2417 | DETACHD | 12-3PM | ||
| 19319 SW DOGWOOD CT | $499,900 | 4 | 2.1 | 3105 | DETACHD | 12-4PM | ||
| 19263 MEGLY CT | $549,900 | 5 | 3 | 3213 | DETACHD | 12-4PM | ||
| 19245 SW MEGLY CT | $559,900 | 5 | 3 | 3490 | DETACHD | 12-4PM | ||
| 14361 SHERBROOK PL | $569,000 | 3 | 2.1 | 2100 | DETACHD | 1-3PM | ||
| 13615 KNAUS RD | $625,000 | 2 | 2 | 1755 | DETACHD | 1-3PM | ||
| 2469 MARYLHAVEN PL | $649,000 | 4 | 3.2 | 5582 | DETACHD | 12-3PM | ||
| 17884 KELOK RD | $695,000 | 5 | 3.1 | 4124 | DETACHD | 1:30-3:30PM | ||
| 17896 KELOK RD | $695,000 | 6 | 5.1 | 4323 | DETACHD | 1:30-3:30PM | ||
| 5320 SOUTHWOOD DR | $748,000 | 4 | 3 | 3646 | DETACHD | 3-5PM | ||
| 1809 HEADLEE LN | $850,000 | 3 | 2.1 | 3836 | DETACHD | 1-3PM | ||
| 533 Weidman CT | $924,900 | 4 | 3.1 | 4108 | DETACHD | 2-4PM | ||
| 3136 DOUGLAS CIR | $968,950 | 4 | 3.1 | 4132 | DETACHD | 1-4PM | ||
| 17010 Chapin WAY | $1,099,900 | 4 | 3.1 | 4032 | DETACHD | 2-4PM | ||
| 3515 UPPER DR | $1,150,000 | 4 | 3.1 | 4061 | DETACHD | 1-3PM |
Mortgage and Market Tidbits
- Local Area Trends- According to the latest RMLS Market Action Report, comparing November 2010 with December 2010, a few interesting facts emerge- Average Sales Price increased in the Portland Metro area by 2.2%, and Closed Sales increased by 14.3% which is the highest monthly level since June.
- Rates- There is some indication that this increase was due to interest rate swings which may have persuaded uncertain buyers to take action. After remaining for weeks at historic lows, rates jumped for a short time to over 5%. They have since gone back down again to about 4.75% but the temporary increase may have convinced buyers that low rates won’t be around forever. According to MBS Quoteline, the volatility of rates which has surfaced in the first weeks of the new year is of course due to shifting economic factors. Prior to Friday’s Employment report, nearly all the economic data was stronger than expected which impacted mortgage rates negatively. Rates improved after the employment data though, and ended the week nearly unchanged.
- Pat Goodell of Academy Mortgage says:
The Monthly Inflation reports and Retail Sales reports were not as strong as hoped so rates have stabilized below 5%. But all indications are that there will be stronger economic data coming out in the next few months which will impact rates negatively again. There is no reason to expect that rates will continue to be as low as they currently are and most expectations are that by the 2nd half of the year, they will have increased to over 5% again.
- Portland Metro’s “Grade” To Improve?- The mortgage insurance companies identify cities according to their “risk” of declining values. One mortgage insurance company just upgraded 18 cities nationwide (and downgraded 3). They made no change to Portland yet but it’s a positive sign that they are seeing stronger values in 18 cities nationwide and one mortgage insurance rep did say he expects to see Portland upgraded in the near future.
Market Activity for January 10-16, 2011
The market activity for Lake Oswego last week was really, really interesting. The last time I did this report, two weeks ago, it reflected the sales for the 2-week holiday period. What caught my eye at that time were that a pretty solid number of houses had sold in the midst of the holidays. Then this last we we had 14 houses go pending, but only 4 new listings come onto the market. That is a huge change from what we have been seeing for some time. Three times more houses went pending last week than came onto the market. If this continues it will shrink the inventory and stabilize prices. It us way too soon to call it any kind of a trend, but it makes me eager to see if it continues.
Along with 4 new listings and 14 pending sales, we had 4 closed transactions.
I also have several observations:
—At my open house on Sunday I had 9 showings. I am happy if I get 2 or 3. And these were not neighbors. I always chat with people to see what their situation is. 8 of the 9 were buyers currently in the market and looking for a home.
—Combine that with the fact that of the 14 pending sales in our report below, 11 are listed at $303,000 or less. What I sense is that the low end of the market is taking off. There has been lots of media chatter about the possibility that the National market has hit bottom. I think people are listening and feeling like the time to buy is now: certainly in the lower end houses.
—Condos are selling well as part of that lower-end inventory. The condos at Oswego Terraces that have been for sale since 2007, languishing in this economy, have had drastic price reductions and that is making them move. Of the 14 pending sales, 3 are in this complex. That has been true for a couple of weeks now. The condos are now priced at a point where buyers like what they see.
See below for further details according to RMLS:
NEWLY LISTED (Jan 10-16, 2011)
| Address | Price | Type | BR | Bath | Sq Feet |
| 200 Burnham Rd #102 | $149,000 | Condo | 1 | 1 | 820 |
| 18523 Hallberg Ct | $234,900 | Detached | 3 | 1.5 | 1307 |
| 6025 Carmen Dr | $249,950 | Detached | 3 | 1.5 | 1346 |
| 18084 Westminster Dr | $769,900 | Detached | 5 | 3.5 | 5020 |
PENDING SALES (Jan 10-16, 2011)
| Address | Price | Type | BR | Bath | Sq. Feet | CDOM |
| 16250 Pacific Hwy #63 | $99,000 | Condo | 2 | 2 | 1311 | 1206 |
| 16250 Pacific Hwy #77 | $110,000 | Condo | 2 | 2 | 1327 | 1208 |
| 200 Burnham Rd #202 | $119,000 | Condo | 2 | 2 | 1314 | 1205 |
| 12511 Boones Ferry Rd | $159,000 | Detached | 3 | 2 | 1625 | 137 |
| 3854 Botticelli St | $185,000 | Condo | 2 | 1.5 | 1132 | 151 |
| 5670 Kenny St | $189,000 | Detached | 3 | 2 | 936 | 139 |
| 44 Oriole Ln | $220,000 | Detached | 3 | 2.5 | 224 | 105 |
| 240 4th St | $269,150 | Detached | 2 | 1.5 | 1080 | 49 |
| 4281 Chapman Way | $285,000 | Detached | 3 | 2.5 | 2010 | 81 |
| 17614 Schalit Way | $303,900 | Detached | 3 | 2 | 1561 | 32 |
| 18006 Gimley Ct | $549,900 | Detached | 5 | 4 | 3225 | 201 |
| 1579 Bay View Ln | $639,000 | Detached | 4 | 3 | 4865 | 33 |
| 2607 Palisades Crest Dr | $760,000 | Detached | 4 | 4.5 | 5650 | 244 |
SOLD (Jan 10-16, 2011)
| Address | Orig. Price | Sold Price | type | Sq. Feet | CDOM |
| 74 Greenridge Ct | $289,900 | $248,350 | Attached | 2868 | 92 |
| 16942 Cherry Crest Dr | $410,000 | $400,000 | Detached | 2363 | 11 |
| 13888 Shireva Dr | $519,900 | $430,000 | Detached | 3756 | 166 |
| 548 Ridgeway Rd | $650,000 | $650,000 | Detached | 2830 | 443 |
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 ~ January 16, 2011
It is January… ready, set go! 29 houses open on Sunday in Lake Oswego. Bring your umbrella and have a ball!
My listing on Lamont Way is Open from 1-3. Dianne will be there and would LOVE to meet some of our Property Blotter readers in person! It’s a truly unique house that is private, has an artistic edge (with space for a studio), and perfect for someone looking for a house that is not “cookie cutter”. The property on Kilkenny Drive in Palisades is a great one to see also- lots of space w/ gorgeous landscape features, updates and a great view. It is Open from 12-3.
Lots and lots of great houses on tour!
Here is what is being held Open according to RMLS:
| Address | L/Price | # Beds | # Baths | Total SF | Style | Time |
| 5054 FOOTHILLS DR #69E | $205,000 | 3 | 2 | 1252 | CONDO | 1-3PM |
| 3535 UPPER DR | $275,000 | 3 | 2 | 1373 | DETACHD | 1-3PM |
| 1228 MAPLE ST | $325,000 | 3 | 2 | 1894 | DETACHD | 1-3PM |
| 4840 LAMONT WAY | $325,000 | 3 | 2 | 1793 | DETACHD | 12-3PM |
| 1459 GREENTREE CIR | $335,000 | 3 | 2 | 1683 | DETACHD | 1-4PM |
| 1851 KILKENNY DR | $369,000 | 4 | 3 | 2716 | DETACHD | 12-3PM |
| 1830 CLOVERLEAF RD | $389,000 | 5 | 2 | 1795 | DETACHD | 1-3PM |
| 151 DEL PRADO ST | $399,000 | 4 | 2.1 | 2447 | DETACHD | 12:30-2:30PM |
| 17802 HILLSIDE WAY | $424,900 | 4 | 2.1 | 2965 | DETACHD | 1-3PM |
| 326 LAKE BAY CT | $449,500 | 3 | 2 | 1400 | DETACHD | 1-3PM |
| 19415 SW DOGWOOD CT | $499,900 | 5 | 3 | 3517 | DETACHD | 12-4PM |
| 19319 SW DOGWOOD CT | $499,900 | 4 | 2.1 | 3105 | DETACHD | 12-4PM |
| 5705 SOUTHWOOD DR | $549,000 | 4 | 2.1 | 3360 | DETACHD | 1-3PM |
| 19263 MEGLY CT | $549,900 | 5 | 3 | 3213 | DETACHD | 12-4PM |
| 19245 SW MEGLY CT | $559,900 | 5 | 3 | 3490 | DETACHD | 12-4PM |
| 17997 Braeden CT | $644,860 | 3 | 2.1 | 2984 | DETACHD | 12-2PM |
| 5511 FIELDSTONE CT | $678,950 | 4 | 2.1 | 3037 | DETACHD | 1-3PM |
| 5533 FIELDSTONE CT | $688,950 | 4 | 2.1 | 3115 | DETACHD | 1-3PM |
| 15459 VILLAGE DR | $695,000 | 4 | 3.1 | 3059 | DETACHD | 1-3:30PM |
| 17884 KELOK RD | $695,000 | 5 | 3.1 | 4124 | DETACHD | 2-4PM |
| 17896 KELOK RD | $695,000 | 6 | 5.1 | 4323 | DETACHD | 2-4PM |
| 1930 INDIAN TRL | $699,000 | 3 | 3 | 3260 | DETACHD | 12:30-3PM |
| 15622 FIELDSTONE DR | $718,950 | 3 | 2.1 | 3113 | DETACHD | 1-3PM |
| 13223 DEERFIELD CT | $725,000 | 5 | 3.2 | 4008 | DETACHD | 1-4PM |
| 17301 CANAL CIR | $749,000 | 3 | 2.1 | 1812 | DETACHD | 3-5PM |
| 4158 CASEY CT | $759,900 | 4 | 2.1 | 3385 | DETACHD | 1-4PM |
| 533 Weidman CT | $924,900 | 4 | 3.1 | 4108 | DETACHD | 2-4PM |
| 3118 DOUGLAS CIR | $1,100,000 | 3 | 2.1 | 3562 | DETACHD | 1-3PM |
| 18222 SIENA DR | $1,189,000 | 4 | 3.1 | 3998 | DETACHD | 1-3PM |
Price it Right!
Real Estate 101 says that you have four factors to consider when selling your home: price, condition, terms, and location. You have no control whatsoever over the location. You do have control over the price, the condition, and the terms. When getting a house ready to put it onto the market you do want to get it into top-notch condition, particularly in this economy. A shabby or dirty house is hard to sell because the investors have taken a beating and aren’t flipping homes in great numbers, and owner-occupied buyers rarely want to take on projects. Terms can attract a buyer and involve you paying closing costs or perhaps even offering a private contract. This can save a buyer thousands of dollars and will certainly make your home more marketable and perhaps even get you a higher price. Having said that, in my opinion the queen who wears the crown in this group is price. Price appeals at every level. It corrects flaws that you can not change if you are in an undesirable location, it makes a fixer house attractive because it is a bargain, it appeals to buyers who would otherwise want terms because it is an obvious value, and it gets your home attention across the entire market. It will make your home sell.
I am not advocating that you need to give your home away. I also realize that you can only sell within a range that you can afford. If your mortgage is greater than the current value, you need to do a shortsale to get it to be priced right to sell it. So, yes, price has its limitations. Do not get mixed up into this equation your need to pay off credit cards or take that luxury cruise you dream about. The value of your home has nothing to do with your credit card balances.
So how to price it?
First, don’t take it personally. The market sets the price and you don’t. Buyers are really, really smart. They shop and compare and figure out value. When you are priced right, they will see the value and they will make an offer. This is something you do have control over. You can work with your Realtor to do the same calculations in the current market to figure out your home’s value. Once you know that, please do not be offended.
Second, your home’s value is based upon closed sales and not active listings. When a home in your neighborhood is listed for sale you likely look it up on-line or pick up a flier from out front. You see the asking price and that tends to stick in your head. After the home sells there is not much advertising about what it actually closed for. You are not likely to know if the final price was less than the asking price or if the seller paid concessions such as closing costs. This means that when the Realtors you interview come to meet with you to discuss your home, you may have an inflated idea of what it is actually worth. Be prepared to learn what actual sales prices have been. It is these prices that you need to use to calculate the value of your home.
Third, avoid the temptation to tack on a few thousand dollars to “leave room for negotiating”. This is like tacking on 6 months to realize a lower final sales price. Seriously, in this market even a few thousand dollars extra will put buyers off. When your house seems like it is a higher price to other homes, why should buyers bother with it? And think about it: the houses that sold in your neighborhood also had to pay closing costs and do repairs to satisfy their buyers. No matter where you price it you will be negotiating. I do want to point out that a well priced home is more likely to sell quickly and at or near the asking price. When a buyer asks how long has it been on the market, and they hear just a week or so, they know that they can’t haggle you down because you aren’t ready for it. But when a house has been on the market in excess of 60-90 days, they know that they are going to go in low. So pricing it right will get you better offers, more quickly.
Last, pay attention to what the market tells you when you do list it. Are you getting showings? If you aren’t, you need to do something. I tell my sellers that it takes about 20 showings to get an offer. If you get only 1 showing in the first 30 days then you have got a long and slow road ahead. If you get 10 showings in the first month then you are going to get an offer in the next few weeks. That is how it works. It’s not rocket science. Don’t wait to make changes. Pay attention and be responsive. I also recommend that you be in communication with your Realtor to find out what they are hearing. They can get feed back after showings and also during the Realtor Broker’s Open House. They can then share with you what they are hearing. This can be helpful with correct pricing and also with finding flaws that you and your Realtor did not foresee, such as leaving a light on in a dark corner or re-arranging furniture.
There is a buyer for every house. Be smart. Be pro-active. Make the market work for you.