Tag: Lake Oswego Oregon

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Market Activity August 4-10, 2014

Summer continues to bring us a very strong real estate market here in Lake Oswego. Last week there were 18 new listings brought onto the market, 25 properties moved to pending status, and 23 closed/sold homes.

Following is the breakdown according to RMLS:

New on the Market (August 4-10, 2014)

Address Type Price BR Bths SF
18660 Don Lee Way Detached $279,900 3 1 946
7210 Childs Rd Detached $295,000 3 2 1542
1795 Fernwood Dr Detached $334,900 3 1 1220
1305 Cornell St Detached $369,900 3 2 2692
3061 Doris Ct Detached $449,000 5 2 2684
1023 Gans St Detached $495,000 3 2.5 2770
18840 Rivendell Ct Detached $499,000 4 3 3060
18211 Moria Ct Detached $519,000 4 2.5 2538
7190 Childs Rd Detached $525,000 3 3 2316
17601 Woodhurst PL Detached $675,000 3 2.5 3179
4258 Albert Circle Detached $689,000 4 2.5 2745
16342 Ivy Ln Detached $699,900 5 3.5 4645
13639 Twin Creek Ln Detached $699,950 4 2.5 3202
2612 Rivendell Rd Detached $799,000 4 3 3168
18977 Barton Rd Detached $825,000 4 3.5+.5 5076
3894 Tamarack Ln Detached $825,000 4 3.5 4035
3600 Southshore Blvd Detached $849,900 3 2.5 2177
16342 Ivy Ln Detached $1,175,000 5 3.5 4645

Pending Sales (August 4-10, 2014)

Address Type Price BR Baths SF DOM
4 Touchstone #110 Condo $149,000 2 2 1000 10
16250 Pacific Hwy #47 Condo $189,900 2 1 1305 79
16200 Pacific Hwy #15 Condo $279,900 2 2 1200 6
4271 Woodside Circle Attached $350,000 3 2 2126 360
17617 Arbor Ln Detached $390,000 3 2 1745 11
50 Condolea Ct Condo $398,000 2 3 2760 85
1380 Bonniebrae Dr Detached $415,000 5 3 2940 37
17225 Chapin Way Detached $425,000 3 2 2257 17
18929 Longfellow Ave Detached $446,000 3 2 1800 7
32 Northview Ct Attached $459,900 4 3.5 3063 117
811 Sunny Hill Dr Detached $489,900 4 3 2964 53
6810 Childs Rd Detached $496,010 4 2 3282 20
2610 Glen Haven Rd Detached $524,995 4 3 3187 90
1282 Hide A Way Ln Detached $525,000 5 3 3300 65
32 Del Prado St Detached $529,900 3 3.5 2602 53
4105 Wood Hill Ct Detached $625,000 4 3 3154 75
2858 Tolkien Ln Detached $658,000 4 3.5 3742 139
2630 Rivendell Rd Detached $710,000 4 3.5 4611 413
5626 Grand Oaks Dr Detached $715,000 3 3.5 3387 73
14183 Taylors Crest Ln Detached $749,999 4 2.5 3624 92
17814 Marylcreek Dr Detached $799,900 5 3.5 3397 8
4063 Canal Woods Ct Detached $999,900 4 3.5 4563 126
1777 Atherton Dr Detached $1,595,000 6 4.5+.5+.5 6237 56
13777 Cameo Ct Detached $1,700,000 4 5.5 7300 28

Sold/Closed (August 4-10, 2014)

Address Type List Price Closed Price Sq Ft CDOM
100 Kerr Pkwy #57 Condo $115,000 $115,000 822 7
44 Eagle Crest Dr #37 Condo $131,900 $131,900 908 57
174 Oswego Summit Condo $179,900 $179,900 1506 24
45 Eagle Crest Dr #100 Condo $215,000 $200,000 1,537 21
4405 Thunder Vista Ln Condo $225,000 $219,000 2002 49
2130 Wembley Park Rd Detached $399,900 $399,900 1544 1
1710 Meadows Dr Detached $399,900 $408,000 1677 66
13053 Sierra Ct Detached $479,900 $452,500 2215 107
17088 Rebecca Ln Detached $499,950 $464,000 2554 301
18343 Anduin Terrace Detached $649,900 $530,000 3000 375
4736 Lakeview Blvd Detached $584,900 $584,900 2838 18
17033 Chapin Way Detached $660,000 $625,000 3,163 113
5027 Rosewood St Detached $659,900 $645,900 3156 85
13268 Deerfield Ct Detached $649,900 $651,900 2895 2
1168 Andrews Rd Detached $725,000 $668,000 1851 13
3766 Rivers Edge Dr Detached $729,900 $719,900 3404 13
4076 Orchard Dr Detached $759,000 $732,000 3991 45
3900 Canal Rd Detached $938,950 $883,500 3759 40
730 Kenola Ct Detached $937,500 $919,200 4319 8
1224 Tyndall Ct Detached $950,000 $925,000 4157 38
16809 Quail Ct Detached $1,000,000 $949,900 4425 40
2120 Glenmorrie Dr Detached $1,275,000 $1,190,000 4293 124
4101 Southshore Blvd Detached $2,850,000 $2,900,000 3707 2

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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The Haps in Lake Oswego

sunDianne and I hope you are enjoying your summertime! If you are one of our many Lake Oswego readers, or working on moving to Lake Oswego (call us if you need help : ), here are some of the fun August activities you may want to sample:

* Annual Photo Contest! – Entries must be submitted by 5 p.m Sep. 4th – Photo Submission Categories include Life, Places, People, Positive Aging, Youth and Pets in Lake Oswego – Click HERE for more info.

* Collector Car & Classic Boat Pre- Show and Show – Sat & Sun/Aug 16th  & 17th – Foothills Dock / & George Rogers Park  – Click HERE for more details.

* Lake Oswego Farmers Market – Every Saturday, 8:30 – 1:30PM – Millennium Plaza Park -Click HERE for more details.

* Moonlight & Music Concerts – Every Sun – 6:00-7:30PM – Millennium Plaza Park  (Aaron Meyer Aug 10th)  – All are Welcome.  Click HERE for more info.

* Movies in the Park –  Every Thursday –  8:00-10:00PM – Millenium Plaza Park – Click HERE for more info.

* Master the Art of Poetry – Every Saturday – 10 – 11:15AM  – Lake Oswego West End Building  Click HERE for more info.

Very Best,

Linda

 

 

 

 

 Note: This is not intended to solicit existing business relationships from other Realtors.

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Market Activity ~ July 28-Aug 3, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 19 New properties enter the market, 20 move to Pending status, and 19 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on Mkt (July 28-Aug 3, 2014)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #110 $149,000 2 2 1000 CONDO
5225 JEAN RD #605 $199,900 2 2 1400 CONDO
16200 PACIFIC HWY #15 $279,900 2 2 1200 CONDO
466 5TH ST #14 $310,000 2 1.1 1092 CONDO
6243 SW DAWN ST $314,000 3 1.1 1254 DETACHD
1310 OAK TER $379,000 3 1 900 DETACHD
17226 TUALATIN ST $435,000 4 2.1 1942 DETACHD
18929 LONGFELLOW AVE $446,000 3 2 1800 DETACHD
47 DA VINCI ST $489,900 3 2.1 2445 DETACHD
17187 CARLSON CT $495,000 4 3 2082 DETACHD
2802 GREENTREE RD $499,500 3 2 2548 DETACHD
435 7TH ST $649,000 2 2 2010 DETACHD
1766 PALISADES TERRACE DR $799,000 4 2.1 2792 DETACHD
1057 BULLOCK ST $950,000 4 3.1 4700 DETACHD
718 MAPLE ST $1,385,000 3 2.1 4023 DETACHD
16525 MAPLE CIR $1,450,000 3 3.1 3443 DETACHD
17515 BLUE HERON RD $2,595,000 5 5.2 6314 DETACHD
2490 SUMMIT DR $2,595,000 4 2 3000 DETACHD
3796 LAKEVIEW BLVD $2,995,000 3 2.1 4150 DETACHD

PENDING SALES (July 28-Aug 3, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
510 S STATE ST $150,000 1 1 829 CONDO 4
750 1ST ST D25 $224,900 2 2 1350 CONDO 34
73 CONDOLEA WAY #73 $279,000 2 2 2131 CONDO 87
1720 BONNIEBRAE DR $287,500 2 2 1611 ATTACHD 66
139 DEL PRADO ST $399,000 4 2 2967 DETACHD 68
15 TOUCHSTONE $425,000 4 2.1 2276 DETACHD 34
17441 CARDINAL DR $449,500 3 2.1 1836 DETACHD 2
523 2ND ST #105 $465,000 2 2 1274 CONDO 12
7 WINDSOR CT $479,900 5 2.1 2728 DETACHD 62
54 AQUINAS ST $499,900 4 2.1 2632 DETACHD 90
876 SUNNY HILL DR $519,000 4 2.1 2164 DETACHD 52
11 MASARYK ST $549,900 5 4 4823 DETACHD 375
555 COUNTRY CLUB RD $639,900 3 2.5 2133 DETACHD 22
2751 SUMMIT DR $648,950 3 2 2418 DETACHD 2
18322 ANDUIN TER $670,000 4 2.1 3771 DETACHD 106
4096 COLTSFOOT LN $699,000 4 2.1 3316 DETACHD 4
5347 DENTON DR $785,000 4 2.1 3240 DETACHD 1
4591 DOGWOOD DR $889,000 4 3.1 4177 DETACHD 2
50 BRIARWOOD RD $989,000 6 6 7773 DETACHD 185
16775 GRAEF CIR $1,450,000 3 2.1 2448 DETACHD 52

SOLD  (July 28-Aug 3, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5225 JEAN RD #506 $159,900 $157,000 2 2 1100 CONDO 7
3834 BOTTICELLI ST $190,000 $175,755 2 2 1055 CONDO 137
4711 REMBRANDT LN $399,900 $399,900 3 2.1 2050 DETACHD 36
342 5TH ST $399,000 $402,800 2 1 872 DETACHD 5
14584 WILMOT WAY $439,000 $414,000 4 2.1 1939 DETACHD 57
708 SUNNY HILL DR $495,000 $465,000 3 2 1977 DETACHD 33
1950 GREEN ACRES LN $525,000 $465,000 4 2.1 2659 DETACHD 485
14318 MEADOW GRASS ST $495,000 $473,142 3 2.1 2326 DETACHD 26
16943 GREENTREE AVE $499,000 $475,000 4 3.1 2433 DETACHD 29
4581 TRILLIUM WOODS $567,890 $570,000 3 2.1 2211 ATTACHD 2
577 LAUREL ST $629,900 $647,400 4 3.1 2747 DETACHD 45
17879 SUNDOWN CT $635,000 $657,000 4 2.1 4172 DETACHD 3
14167 EDENBERRY DR $659,000 $659,000 4 2.1 2851 DETACHD 9
4393 SUNDEW CT $784,900 $660,000 4 2.1 4881 DETACHD 72
654 RIDGEWAY RD $825,000 $700,000 4 2 1795 DETACHD 27
14480 KRUSE OAKS BLVD $999,800 $975,000 4 3.1 4661 DETACHD 12
17521 RIDGEVIEW LN $1,379,900 $1,290,000 4 3.1 4813 DETACHD 80
17353 CANAL CIR $1,395,000 $1,400,000 5 4 3329 DETACHD 336
13648 Goodall RD Lot 1 $1,499,000 $1,425,000 4 4.2 5206 DETACHD 513

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Bring on the Home Inspection

You’ve hired a great Realtor and accepted an offer to sell your home. You know your house. You’ve taken care of it, but it’s not perfect. What is going to turn up in the home inspection? This has got to be one of the most agonizing parts of the selling process. Here are some tips and pointers to help know what to expect.

ladderGet your house ready
The inspector is going to be going on the roof, opening and closing every door and window, and thoroughly investigating the entire house. You need to make his job possible by creating easy access to the attic hatch and the crawl space entrance. These are often in closets that are full of coats, luggage, and assorted personal items. Find these entries and clear out the path to the opening. You can just set things in the adjoining room and then put it all back when the inspection is over. Likewise, the inspector needs to get to the electrical panel. If it’s behind stacked boxes in the garage, it’s a problem. Move those boxes, shelves and toys so that the inspector does not have to.

radonIf there is going to be a radon test, you need to maintain “closed house” conditions for 12 hours prior to the test starting. You can come and go, just don’t leave doors or windows standing open. These conditions must be maintained during the duration of the test (usually 48 hours). This can be hard in the summer, but you must abide by the guidelines or the test will be defective.

Stay Away
Home inspections will last anywhere from 2-5 hours depending upon the inspector and the inspections being done. It’s not uncommon for multiple inspections to be done including sewer scopes and air samples. So be patient. Please don’t be circling the block. This creates pressure upon the buyer and the buyer’s Realtor to hurry to conclusion. This is not fair to the buyer who has an agreement that allows him the opportunity to do his own investigation.

There are two problems that occur if you are present at your buyer’s home inspection. First, the buyer feels awkward. The inspection will specifically be searching for defects. Finding them creates conversation that the buyer simply prefers you not hear. Second, you will put yourself in a position of being asked questions. A person selling a home wants the inspection to go well. While trying to be helpful, you may actually dig your self into a hole by suggesting you’ll take care of issues when you haven’t seen the full list of demands, or worse, representing knowledge you don’t really have. Your roof may not have ever leaked, but do you really know if it’s been flashed correctly? Stay away and stay out of trouble.

crawlspaceBe Reasonable
A successful sale needs both the buyer and the seller treating one another fairly and reasonably. Everything is negotiable and that is why Realtors are there to represent you. A Realtor will know if the items on the repair list are necessary for financing, are within the scope of normal requests, and if the sales price reflects the condition of the property.

So don’t panic, all will be well. Just know what to expect and do your part to get your house ready and accessible.

Thanks for reading,
Dianne

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Market Activity July 21-27, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 16 new properties enter the market, 26 move to pending status, and 16 closed/sold.

Following is the breakdown according to RMLS:

New on the Market (July 21-27, 2014)

Address Type Price BR Bths SF
18852 Longfellow Ave Detached $314,900 3 1.5 1232
16875 Tracy Ave Detached $320,000 4 2 1825
200 Burnham Rd Condo $385,000 3 2 1862
17617 Arbor Ln Detached $390,000 3 2 1745
69 Condolea Terrace Condo $395,000 2 2.5 2157
4208 Harvey Way Detached $419,000 2 2 2132
17225 Chapin Way Detached $425,000 3 2 2257
2105 Greentree Rd Detached $459,950 3 2.5 1864
960 9th St Detached $475,000 2 1 1509
32 Del Prado St Detached $529,900 5 3 3696
251 D Ave Detached $825,000 3 2.5+.5 2635
17288 Lowenberg Terrace Detached $875,000 4 3.5 3467
744 9th St Detached $1,295,000 4 3.5 4255
915 Skyland Dr + Lot Detached $1,350,000 6 4.5 7072
1199 Fairway Rd Detached $2,995,000 4 4.5+.5 5527
16835 Greenbrier Rd Detached $6,950,000 6 5.5+.5+.5 8852

Pending Sales (July 21-27, 2014)

Address Type Price BR Baths SF DOM
14344 Holly Springs Rd Detached $399,000 3 2.5 1699 0
25 Monticello Dr Detached $409,000 3 2.5 2606 3
28 Westridge Dr Detached $429,900 3 2.5 2580 49
1440 Cherry Crest Ave Detached $435,000 4 2.5 1938 41
4908 Mulholland Dr Attached $439,000 3 2.5 2498 8
37 Churchill Downs Detached $460,000 3 2.5 2372 8
5300 Dawn Ave Detached $479,500 4 3 2544 180
13753 Provincial Hill Dr Detached $479,900 3 2.5 1935 4
17573 Blue Heron Ct Detached $540,000 4 3 2401 142
1611 Highland Dr Detached $549,000 4 2.5 2675 14
5747 Victoria Ct Detached $569,000 4 2.5 2432 7
16158 Inverurie Rd Detached $619,900 4 2.5 2744 3
17641 Brookhurst Dr Detached $659,000 4 2.5 3386 2
14150 Amberwood Circle Detached $665,000 3 2.5 2500 14
543 2nd St Condo $686,000 2 2.5 1816 69
658 1st St Detached $699,000 5 3.5 3359 3
14183 Taylors Crest Ln Detached $749,999 4 2.5 3624 74
2479 Marylview Ct Detached $769,000 4 3.5 3832 18
1603 Bay View Ln Detached $824,000 4 2.5 3650 57
17230 Fernwood Dr Detached $899,900 4 2.5 2780 56
755 6th St Detached $909,000 4 3.5 4170 181
17643 Kelok Rd Detached $1,074,000 4 2.5 2390 63
16359 Chapin Way Detached $1,250,000 4 3.5 4158 59
1045 Skyland Dr Detached $1,250,000 4 3 3942 2
13710 Knaus Rd Detached $1,995,000 4 4.5+.5 5780 64

Sold (July 21-27, 2014)

Address Type List Price Closed Price Sq Ft CDOM
3101 McNary Pkwy Attached $239,000 $215,000 1894 604
3902 Carman DR Attached $204,900 $242,500 13334 3
60 Greenridge Ct Attached $312,000 $295,000 2296 17
77 Greenridge Ct Attached $300,000 $300,000 2,102 0
5073 West Sunset Dr Attached $364,900 $371,500 1720 5
628 1st St Attached $450,000 $445,000 1776 8
2388 Overlook Dr Detached $525,000 $480,000 2765 65
2103 Ridgewood Rd Detached $583,000 $499,000 1650 88
3033 Westview Circle Detached $900,000 $536,000 5013 254
14412 Meadow Grass St Detached $584,000 $560,000 3259 260
2251 Hillside Dr Detached $598,000 $588,000 3467 34
16673 Ford Pl Detached $709,000 $705,000 3,100 81
630 8th St Detached $995,000 $979,000 2832 132
4333 Haven St Detached $999,900 $979,900 3652 56
4515 West Rd Detached $1,350,000 $1,285,000 5262 4
17471 Cardinal Dr Detached $1,369,000 $1,325,000 3181 10

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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The Big Picture ~ Buying a Home

hurdleLet me just start by saying… I LOVE working with Buyers. My experience is that most Realtors will not venture to say this as the perception is that there is much more labor involved for the Realtor in driving folks to look at properties, working through the inspection, lending and other processes, etc. But me? My background is in Marketing… so I find it easy to list, advertise and sell someone’s home, but I have the most FUN when working with Buyers. It’s something about the adventure of helping someone find a home they Love. It’s researching, finding, and then walking with them into “the one” and watching the looks on their faces. It’s a lot of things for me. It’s the feeling I got into real estate for… and I’m all about Quality of Life- mine and yours. In fact, helping people improve theirs is another reason I got into real estate!

Ok, on that note. I thought I’d talk a little about the “Big Picture” perspective as you move through a transaction. What does the whole thing mean? …For you to spell out what you’re looking for, finally make a decision on one home that is so right for you, and then negotiate through all that follows to get to the finish line. I find that many Buyers don’t know what they’re in for when they start the process, and can potentially lose the Big Picture half-way through. Explaining that is something I incorporate into information at the start of our relationship, and/but…there’s nothing like getting into the middle of it to really throw a Buyer for a loop sometimes. Don’t let a surmountable obstacle become so large that the Big Picture is obscured. There are hurdles in all transactions…and your Realtor will help you jump them.

Hurdle #1– When you find the home of your dreams, it will have a price tag. The first order of business is to assess the lay of the land in that regard with your Realtor, and make a decision on what to offer. (Is it a competitive situation? Has the property been on the market for many months? Is it way overpriced?) Then the offer is made. The Seller will either accept your offer, counter it with their own idea of what they want to see as the sale price or in some instances reject your offer. In most cases the two parties land somewhere price-wise that they can both live with. Ok. That was hurdle number one.

Hurdle #2– You will generally (unless otherwise agreed-to) have ten busines days in which to conduct inspections and be “all negotiated” at midnight on the last of those days. Your Realtor will help you through this process, and most people these days will have a general inspection, a sewer scope and a radon test. You may opt otherwise, but those are generally called for. The inspector(s) WILL find all kinds of things wrong with your dream home. It’s their job to do so. Unless you’re buying new construction (and even then) there will be issues that maybe are 1) “FYI’s” for future maintenance, and 2) issues that need attention (like clogged gutters maybe, venting needed for bathrooms or kitchen, perhaps vapor barrier needed under the home, a tune-up on the furnace sometimes, etc) and possibly 3) issues that present safety concerns (improper wiring, structural concerns, code violations, etc). In the state of Oregon the Seller is selling the home “as-is”. That means they are not obligated to fix anything for you, and/but most people are reasonable, and a good discussion with your Realtor will help you decide which things on your pared-down list make the most sense to ask for, if any. Then a discussion via “addendums” begins with the Seller. Most people end up landing somewhere where all parties feel comfortable.

Hurdle #3– Once you’ve accomplished negotiating through all of that, and you now know you are moving forward, the Appraisal is usually ordered. This tells you and the bank that the price you’ve all agreed on is reasonable on planet earth ; ) The bank wants to make absolutely sure they don’t lend over “appraised value” and you are not obligated (unless you’ve specifically agreed to it) to pay more than appraised value for the home. If the home appraises lower than your agreed-upon sale price, you have choices that you can discuss with your Realtor.

Hurdle #4– Assuming you make it to this last hurdle, the Lender and your Realtor will be working closely with you to help you make sure that you comply with anything that the Lender’s “Underwriter” requests of you. This could involve bank statements, pay stubs, and any number of things that the Underwriter deems necessary to move the file out of their department and make it possible for the Lender to “draw documents”.

The last part of the process is you, your Realtor, your Escrow Officer, and sometimes your Lender sitting at the “Closing Table”…with you signing papers! This occurs at least one or two days prior to your contract’s “Closing Date”. The Closing Date is when the sale is recorded with the county, and funds are released, and the house is yours!

Ok… I had to say all that to get to this: You are going to jump all these hurdles unless you become so upset by any one of them that you derail the process, thereby making the end-goal of furniture-arrangement off-limits : ) Are there ever insurmountable issues that arise? Yes. But those are few and far between. Most everything can be worked through if you stay with it. So… keep perspective as you move through the process, remember your end goal, trust your Realtor, and trust yourself. If the Big Picture dominates your thinking, you’ll make great decisions all the way through : )

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Market Activity ~ July 14-20, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 18 New properties enter the market, 24 move to Pending status, and 28 “Closed”/Sold.

Following is the breakdown according to RMLS:

NEW on Mkt (July 14-July 20, 2014)

Address List Price # Beds # Baths Total SF Prop Type
174 OSWEGO SMT $179,900 2 2 1506 CONDO
1 PEACOCK PL $309,000 3 2.1 1248 DETACHD
875 LAKE FOREST DR $385,000 2 1 979 DETACHD
4908 MULHOLLAND DR $439,000 3 2.1 2498 ATTACHD
37 Churchill Downs $460,000 3 2.1 2372 DETACHD
523 2ND ST #105 $465,000 2 2 1274 CONDO
15365 TWIN FIR RD $468,500 3 1 1235 DETACHD
6810 SW CHILDS RD $496,010 4 2.1 3282 DETACHD
937 COUNTRY CLUB RD $509,500 3 1 1990 DETACHD
5115 SW FIRWOOD RD $519,000 3 2.1 1657 DETACHD
16919 LAKERIDGE DR $525,000 6 3 2710 DETACHD
5440 BAY CREEK DR $545,000 3 2.1 2442 DETACHD
12402 SHELBY CT $599,000 4 3 3120 DETACHD
2 Walking Woods DR $615,000 5 3 4291 DETACHD
5043 ROSEWOOD ST $639,900 3 2.1 2963 DETACHD
975 SCHUKART LN $929,000 4 2.1 4449 DETACHD
17335 KELOK RD $1,100,000 4 3.1 2491 DETACHD
199 FURNACE ST $1,950,000 3 3.1 5772 CONDO

PENDING SALES (July 14-July 20, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
45 EAGLE CREST DR #216 $104,999 1 1 600 CONDO 125
370 CERVANTES CIR $119,500 2 1 832 CONDO 83
15938 QUARRY RD #B5 $140,000 2 1 996 CONDO 45
16250 PACIFIC HWY #61 $209,900 2 2 1305 CONDO 136
6360 MCEWAN RD $275,500 3 1.1 1450 DETACHD 41
5950 HARRINGTON AVE $288,000 3 1 960 DETACHD 43
1210 PINE ST $289,950 3 1.1 1720 DETACHD 95
6136 FERNBROOK CIR $293,455 3 1 1250 DETACHD 1
77 CONDOLEA WAY $320,000 3 3 2143 CONDO 47
1285 OAK TER $325,000 3 1.1 1150 DETACHD 11
1400 PARRISH ST $335,000 3 2.1 1880 CONDO 4
135 KINGSGATE RD $357,000 3 2.1 1720 DETACHD 17
164 KINGSGATE RD $359,000 3 2 1757 DETACHD 3
14074 SUNDELEAF DR $369,900 4 2.1 1760 DETACHD 77
15422 PARTRIDGE DR $415,000 4 2.1 1841 DETACHD 30
3065 ROYCE WAY $429,000 4 2.1 2726 DETACHD 223
5 FALSTAFF ST $495,000 4 2.1 2417 DETACHD 12
363 6TH ST $559,900 3 3.1 2258 ATTACHD 253
5807 RIDGETOP CT $599,000 5 2.1 2650 DETACHD 23
5415 BAY CREEK DR $600,000 3 2.1 3105 DETACHD 3
5027 ROSEWOOD ST $659,900 4 3.1 3156 DETACHD 83
146 DEL PRADO ST $699,900 3 3 3263 DETACHD 7
1224 TYNDALL CT $950,000 4 3.1 4157 DETACHD 38
3730 MARQUIS CT $1,899,000 4 5.1 6039 DETACHD 489

SOLD  (July 14-July 20, 2014)

Address Open Price Closed Price # Beds # Baths Total SF Prop Type CDOM
5225 JEAN RD #201 $174,900 $164,900 3 2 1500 CONDO 59
26 WHEATHERSTONE $249,900 $228,500 3 2.1 1692 ATTACHD 8
5487 TUALATA CT $250,000 $250,000 3 2 1191 DETACHD 0
111 TOUCHSTONE TER $249,900 $256,750 2 2 1341 ATTACHD 3
53 GREENRIDGE CT $260,000 $260,000 3 2 1646 ATTACHD 24
4261 COLLINS WAY $280,000 $325,000 3 2 1476 DETACHD 3
11 ABELARD ST $369,000 $360,000 3 2.1 1985 DETACHD 2
5365 LAKEVIEW BLVD $395,000 $395,000 4 2.1 1754 DETACHD 1
4956 GALEN ST $399,999 $395,000 4 2.1 2431 DETACHD 45
524 2ND ST $420,000 $417,000 2 2.1 1547 CONDO 0
5284 RED LEAF ST $455,000 $455,000 3 2.1 2142 DETACHD 6
17095 REBECCA LN $515,000 $469,000 4 3 2379 DETACHD 82
4 CHURCHILL DOWNS $509,500 $512,000 4 3.1 3188 DETACHD 1
4582 HASTINGS PL $599,900 $582,000 4 2.1 2640 DETACHD 5
2478 MARYLVIEW CT $619,000 $612,000 4 3 3526 DETACHD 2
6457 MCDUFF CT $675,000 $643,000 4 3.1 3120 DETACHD 266
13437 PROVINCIAL HILL WAY $675,000 $685,000 4 2.1 2864 DETACHD 8
1775 PALISADES TERRACE DR $625,000 $685,000 3 2.1 2112 DETACHD 7
16757 FORD PL $725,000 $702,000 4 3 3150 DETACHD 62
2560 BREE CT $738,000 $713,000 5 3.1 3788 DETACHD 23
13529 STREAMSIDE DR $799,000 $799,000 6 4.1 5415 DETACHD 2
5152 LAKEVIEW BLVD $795,000 $809,699 4 2.1 3414 DETACHD 166
15578 VILLAGE DR $889,000 $870,000 3 2.1 3630 DETACHD 19
18000 SARAH HILL LN $999,999 $979,000 4 2.1 3280 DETACHD 31
616 ATWATER RD $1,050,000 $990,000 4 4 5558 DETACHD 140
18325 CRESTLINE DR $1,240,000 $1,060,000 5 4 5418 DETACHD 74
263 NORTHSHORE RD $1,598,000 $1,545,000 5 3 3684 DETACHD 88
2926 LAKEVIEW BLVD $2,395,000 $2,000,000 4 4.1 4902 DETACHD 290

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Lease Options

ArtAt least once every year I have someone who wants to look into doing a lease option. It is usually a buyer I am working with, but it can also be a seller.

There are quite a few reasons a person would want to do an lease option. Usually it is because financially their situation will be different a year from now. Perhaps they want to save money for a down payment or they expect to be receiving money that could become a down payment. They need to move now and would really like to just move once: rent today and buy tomorrow.

I am currently working on a property that I represented the seller on who accepted a lease option. It is a very unique situation. Aging parents noticed the house for sale across the street from their daughter and son-in-law. Parents were not certain how their health and their personal situation would look a year ago. They entered into a lease option with my seller to “test the waters” with the house. It has worked out very well for them and they are now buying the house.

For my client, the seller, he appreciated the sound financial standing the buyer was able to demonstrate. In addition, he negotiated a good sales price by being willing to work with the option. He was not living in the house, having already moved. So his circumstances fit the situation as well.

Here is how the option worked. The buyers put down a very large, non-refundable option fee. This fee was paid directly to the seller. So the seller got a nice sum right up front. That option fee is being applied to the price of the house now that the option is being exercised. The buyers moved in and began paying rent. 10% of the rent they have paid for the last year is also being applied to the purchase price now that the option is being exercised. So the seller got money up front and got steady rent for a year. The buyer has already paid a portion of the purchase price through the rent and the option fee. It is coming together pretty smoothly.

However, there is risk. A seller needs legal council before entering into a lease option. That council needs to review his loan documents to see if the “Due on Sale” Clause usually contained in a mortgage can be triggered by a lease option. If it can, and the lender finds out about the option, the lender can call the loan due in full. This could create a bit of a crisis for both the seller who now has to cash out a mortgage,Oswego-Lake and for the buyer who may or may not want to buy the house.

I also think that most of the folks I council about lease options really are not in a position to do one. This is because if the reason for the option is lack of funds today, then they don’t have the means to pay an option fee up front.

My last comment is that a buyer wanting a lease option is probably better off simply finding a rental until they are ready to buy. There are very few sellers willing to do lease options. So finding a home you love, that is also available with a lease option, really narrows your house selection.

Real estate has so many things going on and, yes, lease options are one of them. It may even be something that would fit your current circumstances. Do not hesitate to give me a call if you have any questions.
Dianne, 503-803-6298

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Market Activity July 7-13, 2014

Here is your Latest Market Data: Last week in Lake Oswego we saw 23 New properties enter the market, 22 move to Pending status, and 15 “Closed”/Sold.

Following is the breakdown according to RMLS:

New on Market (July 7-13, 2014)

Address Type Price BR Bths SF
45 Eagle Crest DR #516 Condo $155,000 1 1 600
16250 Pacific Hwy #55 Condo $269,000 2 2 1305
1400 Parrish St Condo $335,000 3 2.5 1880
16250 Pacific Hwy #76 Condo $345,000 3 2 1761
205 Hidalgo St Detached $499,900 3 3.5 3032
1611 Highland Dr Detached $549,000 4 2.5 2675
1161 Upper Devon Ln Detached $549,000 3 2.5 2265
577 2nd ST #306 Condo $570,000 2 2 1459
4252 Albert Circle Detached $599,000 4 2.5 2842
8 Hidalgo St Detached $599,900 4 3.5 3123
5415 Bay Creek Dr Detached $600,000 3 2.5 3105
18910 Terry Ave Detached $638,800 4 4.5 4290
555 Country Club Rd Detached $639,900 3 2.5 2133
14150 Amberwood Circle Detached $665,000 3 2.5 2500
1116 C Ave Detached $679,000 4 2.5 3611
15001 Twin Fir Rd Detached $679,900 4 3 2664
146 Del Prado St Detached $699,900 3 3 3263
71 Nansen Summit Detached $749,900 4 2.5 3523
2479 Marylhurst Pl Detached $839,000 4 2.5 4281
1525 Maple St Detached $899,000 3 3.5 2815
18224 Bella Terra Dr Detached $1,225,000 4 3.5 4050
13777 Cameo Ct Detached $1,700,000 4 5.5 7300

Pending Sales (July 7-13, 2014)

Address Type Price BR Baths SF DOM
44 Eagle Crest DR #15 Condo $100,000 1 1 798 94
4 Touchstone #62 Condo $158,500 3 2.5 1351 6
45 Eagle Crest DR #100 Condo $215,000 3 2 1537 21
1368 Boca Ratan Dr Attached $257,500 2 2 1611 55
13 Saint Helens Circle Detached $310,880 3 2.5 2022 143
19200 Indian Creek Ave Detached $338,000 3 2 1443 14
3009 Wembley Park Rd Detached $375,000 3 1.5 1763 3
15465 Tanager Dr Detached $379,000 2 2 1535 6
43 Aquinas St Detached $449,000 3 2.5 2138 31
529 2nd ST Condo $450,000 2 2 1339 25
1950 Green Acres Ln Detached $479,000 4 2.5 2659 485
18343 Anduin Terrace Detached $550,000 4 2.5 3000 375
828 5th St Detached $550,000 2 2 1884 10
4581 Trillium Woods Attached $567,890 3 2.5 2211 2
15254 Candlewood Ct Detached $599,000 5 3 2968 126
17033 Chapin Way Detached $639,000 5 2.5 3163 113
13268 Deerfield Ct Detached $649,900 4 2.5 2895 2
17303 Grandview Ct Detached $675,000 4 3.5 3580 49
827 5th St Detached $689,000 3 2 2124 50
654 Ridgeway Rd Detached $825,000 4 2 1795 27
2105 Ridge Pointe Dr Detached $850,000 5 3.5 5513 110
2120 Glenmorrie Dr Detached $1,200,000 4 3.5 4293 124

Sold (July 7-13, 2014)

Address Type List Price Closed Price Sq Ft CDOM
86 Kingsgate Rd B103 Condo $136,500 $129,000 924 55
3956 Carman Dr Attached $199,950 $207,000 1107 10
4296 Sunset Dr Detached $359,000 $369,000 1680 2
1044 Obrien St Detached $387,500 $378,980 1,902 9
2660 Lookout Ct Detached $469,000 $445,000 2565 90
5189 Coventry Ct Detached $514,900 $450,000 1936 104
1858 Southshore Blvd Detached $484,000 $455,000 2068 45
4639 Black Forest Ct Detached $499,000 $499,000 2197 21
1012 Andrews Rd Detached $574,900 $510,000 2143 109
15644 Fieldstone Dr Detached $575,000 $575,000 2588 56
18283 Lothlorien Way Detached $639,500 $610,000 3015 16
4311 Upper Dr Detached $995,000 $940,000 5,051 87
17342 Ridgeview Ct Detached $1,250,000 $1,236,878 4240 294
688 Iron Mountain Blvd Detached $1,299,000 $1,260,000 4143 4
3214 Lakeview Blvd Detached $7,500,000 $3,475,000 5800 1119

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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News & Notes

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest numbers show robust activity in Portland and the Lake Oswego/West Linn areas for June.

According to the RMLS Market Action Report for the Portland Metro Area  June, 2014:

  • At 2,617, June Closed Sales rose 4.2% over last June’s  2,511, and was the strongest June for closed sales in the region since 2007!
  • There were 4,078 New Listings in June... 8.7% higherer than June 2013, but down 2.7% from May when there were 4,192.
  • The Average Sale Price in June was $334,800, down just $500. from May’s $335,300.
  • June Pending Sales (accepted offers) were down slightly at 0.8% from May to 2,965, and/but rose 5.7% from June 2013.

The combined areas of Lake Oswego and West Linn  for June reported:

    • 539 Active Listings
    • 252 New Listings
    • 162 Pending Sales
    • 156 Closed Sales
    • An average Sale Price of $527,300.
    • Average Time on the Market: 74 Days