Tag: Lake Oswego Oregon

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Remodeling for Resale

RMS_Uptown-Foursquare_kitchen-remodel-backsplash-after_s3x4_lgIt’s spring and we are heading into the season when home owners are taking on home projects. This is a great time of year to clean up the yard, touch up the paint, and perhaps consider doing some remodeling. I thought I’d share some of my thoughts so that not only will your remodeling bring you additional pleasure as you live in your home, but it may also help you when it comes time to sell.

Best bang for the buck
Without question the best return on the investment in remodeling is the front door. Time and again when the National Association of Realtors puts out their annual rate of return on investment, the front door holds the top position. In fact, it is the only area of the home where you can gain more than the cost of the remodel.

Consider a new door if the door you currently have is beat up or out of character to the house. If it’s a nice door that needs new life, consider paint and new hardware. Also, pay attention to the weather stripping and the threshold. Clean it, paint it, repair it.

As a real estate agent, I know the front door makes the first impression. As I take the time to open the lockbox and unlock the door, my client is looking about and deciding what they think. If they like what they see, they enter the house looking to re-enforce that good impression. If they don’t like what they see, they enter the house ready to criticize.

Kitchen and Baths are the King and the Queen
Buyers today want large, functional kitchens and baths, particularly master baths, that meet contemporary needs. Especially when you get up into higher-end homes, buyers have expectations that the kitchen will have plenty of cabinets, lots of counter tops, and perhaps a pantry. The master bath should have a walk-in shower, a bathtub, double sinks, and perhaps a separate water closet for the toilet.

When showing property in the $600,000+ range, if it does not have the sort of kitchen and baths that I am describing, the house just is not going to sell at top value. Buyers are going to look at the cost to purchase and then calculate the cost to remodel. They will base their offer on that total sum. There is an exception to this broad opinion. Houses with unique features such as waterfront, views, or lush lots are exempt from this. However, it is my opinion that for your standard house on your standard lot, there is a $100,000 difference in value when a house has been properly updated.

Keep the remodeling in character to the house
While it is tempting to gut the house and put in 2013 everything, it may just shoot you in the foot. What is in fashion today will be out of fashion tomorrow. If you intend to sell soon, this year or next, you are probably OK going with 2013 everything because it is shiney and new and popular today. But if you are doing remodeling and not intending to sell immediately, please consult a designer and get advice on sticking with classic elements that will not be be based on fads.

There is nothing worse than a 1940’s house with a 1980s update. There is a fine line between remodeling and destroying. If your house has classic elements such as built-ins, moldings, brick, flagstones and fine touches from it’s original construction, those elements will retain value over time. Perhaps those elements can be salvaged and re-used? Be creative. Get good professional advice from designers and architects.

Most bang for the buck #2
Paint and clean, there is nothing cheaper that goes so far. Declutter, sort out closets, have a garage sale or donate that clutter to a good charity. You will find enjoyment in living in your house when it is fresh and clean, and you will have taken a big step towards having it re-sale ready.

This particular post is based upon my personal experience and opinion. I hope you find it helpful. I hope you can get yourself going and enjoy the rewards of taking good care of your home.
Dianne

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Market Activity ~ May 6-12, 2013

FamilyI think Dianne said it best last week…. real estate has become fun again! People are pursuing their dreams… upsizing, downsizing, moving closer to work, getting that backyard gardening space or that basement they’ve always wanted… and getting that interest rate they’ve always wanted too! : ) It’s really fun for us to be a part of helping those things to happen. Not that there aren’t challenges, and people still fighting through those (we like helping these people too), but the general market “feeling” is on the upswing.

Last week there were 20 New properties going on the market in Lake Oswego, 27 that went to Pending status, and 16 that Sold/Closed.

Here are further details regarding last week’s Market Activity according to RMLS:

NEW SALES (May 6-12, 2013):

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE DR #146 $108,000 2 2 979 CONDO
11 Oswego Summit #11 $149,000 2 2 1212 CONDO
88 KINGSGATE RD $299,500 3 2.1 1675 DETACHD
18410 INDIAN CREEK DR $324,000 4 2 1739 DETACHD
85 LAUREL ST $360,000 4 3 2820 DETACHD
5745 SW WINDFIELD LOOP $369,900 3 2.1 1885 DETACHD
31 NOVA CT $423,000 4 2.1 2106 DETACHD
42 SPINOSA $439,900 3 2.1 2056 DETACHD
16147 LAKE FOREST BLVD $459,500 4 3 2889 DETACHD
15 SPINOSA $459,900 3 3 2300 DETACHD
18207 WESTMINSTER DR $489,000 4 2.1 2258 DETACHD
2250 PARK RD $554,000 3 2 2041 DETACHD
15988 WHITE OAKS DR $575,000 4 2.1 2854 DETACHD
6 JUAREZ ST $579,000 4 3.1 3865 DETACHD
5880 MEADOWCREEK CT $625,000 3 2.1 2905 DETACHD
18255 TAMAWAY DR $649,000 4 2.1 3457 DETACHD
1941 WOODLAND TER $699,000 4 3 3684 DETACHD
19233 INDIAN SPRINGS RD $769,900 4 4.1 3423 DETACHD
1505 LAKE FRONT RD $2,250,000 4 3.1 4927 DETACHD
13599 Knaus RD $2,699,000 5 7 6874 DETACHD

PENDING SALES (May 6-12, 2013)

Address List Price # Beds # Baths Total SF Prop Type CDOM
668 MCVEY AVE #44 $104,900 1 1 636 CONDO 230
4000 CARMAN DR #71 $120,000 2 2 834 CONDO 1
750 1ST ST D24 $165,000 2 2 1350 CONDO 335
1755 KILKENNY RD $275,000 3 1 1725 DETACHD 10
1330 HEMLOCK ST $285,000 3 1 2730 DETACHD 49
1425 GREENTREE CIR $339,000 3 2 1809 DETACHD 8
4664 FIRWOOD RD $349,900 3 2 1665 DETACHD 2
6109 SW BURMA RD $349,900 3 2 1318 DETACHD 187
536 2ND ST $379,000 2 2.1 1394 CONDO 13
1257 HALLINAN CIR $385,000 4 2.1 2548 DETACHD 9
17866 LAKE HAVEN DR $410,000 4 2.1 2078 DETACHD 3
15540 PARTRIDGE DR $419,900 4 3 2203 DETACHD 14
1407 GREENTREE CIR $439,000 4 2.1 2201 DETACHD 8
1952 PARK FOREST AVE $444,900 5 3 2856 DETACHD 28
14520 RAINBOW DR $445,500 4 2 2405 DETACHD 49
3600 UPPER DR $469,900 4 2 2755 DETACHD 1
1525 MAPLE ST $489,000 4 3 2800 DETACHD 5
13276 DEERFIELD CT $499,000 4 2.1 3066 DETACHD 60
2464 MARYLHAVEN PL $529,900 4 2.1 2898 DETACHD 99
12723 ADRIAN CT $559,950 4 3 3219 DETACHD 35
32 HILLSHIRE DR $589,900 4 2.1 3605 DETACHD 68
135 MIDDLECREST RD $599,000 3 2.1 2882 DETACHD 302
14120 REDWOOD CT $619,000 4 2.1 2755 DETACHD 88
2002 CEDAR CT $659,000 3 2 2945 DETACHD 20
2643 SW RIVENDELL RD $727,000 5 3.1 3466 DETACHD 4
17625 WOODHURST PL $949,000 4 4.1 4197 DETACHD 206
17152 CEDAR RD $1,197,500 4 2.1 3034 DETACHD 35

SOLD (May 6-12, 2013)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5813 SW KENNYCROFT WAY $222,000 $208,000 3 1 1182 DETACHD 3
21 GREENRIDGE CT $260,000 $250,000 3 1.1 1815 CONDO 141
16232 BONAIRE AVE $279,900 $280,000 4 2.1 1792 DETACHD 17
821 EVERGREEN RD $394,900 $401,972 2 1 920 DETACHD 10
14221 DOLPH CT $465,000 $463,000 3 2.1 2100 DETACHD 2
13437 PROVINCIAL HILL WAY $579,900 $565,000 4 2.1 2833 DETACHD 38
318 NORTHSHORE RD $575,000 $575,000 3 2.1 2735 DETACHD 1
2960 WEMBLEY PARK RD $695,000 $660,000 4 2.1 2000 DETACHD 252
3315 CEDAR CT $744,000 $730,000 4 3.1 3712 DETACHD 46
4190 CHAD DR $749,500 $749,500 4 3.1 3756 DETACHD 18
1301 HORSESHOE CURV $795,000 $825,000 3 3 2060 DETACHD 3
3115 Wembley Park RD $895,000 $870,000 4 3.1 3600 DETACHD 523
17642 UPPER CHERRY LN $1,085,000 $949,000 4 3.1 3806 DETACHD 561
17225 KELOK RD $1,195,000 $1,195,000 4 3.1 4357 DETACHD 474
13060 KNAUS RD $1,299,000 $1,200,000 4 3.1 4353 DETACHD 264
1677 LESLIE LN $1,840,000 $1,750,000 4 6.1 7534 DETACHD 364

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 ~ Happenings & Market Data

  • Oswego-LakeDuring the period of May 15th and August 31st, Lake Oswego Police will be conducting undercover operations using decoys to determine whether establishments are serving alcohol to underage individuals.  Lake Oswego is being proactive in implementing this program to circumvent alcohol-related incidents involving minors in Lake Oswego.  According to the Dept of Health & Human Services and the Center for Disease Control and Prevention: Underage alcohol use is a major public health problem. Alcohol is the most commonly used drug in the United States, more than tobacco and illicit drugs, and is responsible for 4,700 deaths of underage persons annually.
  • The 37th Annual “Lake Run” will be held in Lake Oswego on Saturday, May 11th. There will be a kids dash, a 5k for walkers or runners, and a 10k challenge with an “improved new route”.  This event draws thousands every year.  Come enjoy the fun in Millenium Plaza Park with entertainment, lots of great food, and exposition booths.  For more information CLICK HERE.
  • The 2013 Community Survey results show, among other things, that:

* Overall, residents rate the city 8.6 on a 10-point scale, so satisfaction is high as “a place to live”.

* Residents let their “grade” for satisfaction with local government slip to 3.3 on a 5-point scale.  (This is down .1 since 2010, and .5 since 2005)

* 52%, a majority, agree that the city makes efficient use of tax dollars.

* As for the most popular sources of information, 63% of Lake Oswego residents get their information from the Lake Oswego Review and 58% from the Hello LO newsletter among other publications.

* For the detailed report CLICK HERE.

  • Here is a bit of data illustrating how Lake Oswego compares in context with the larger Portland market (you may want to zoom… sorry for the small-ish image…. interesting though, eh?):

Portland May 2013

***Note that Appreciation is based on a comparison of the rolling average sale price for the last 12 months (4/1/12-3/31/13) with the 12 months prior (4/1/11-3/31/12). Days on Market is the number of days from when a property is listed to when an offer is accepted on that same property. If a property is re-listed within 31 days, DOM continues to accrue; however, it does not include the time that it was off the market

 

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Market Activity April 29-May 5, 2013

I’ve got to say that real estate has become fun again. It is so nice to have happy people to work with and all of this gorgeous spring weather. Buyers are happy because prices are good and interest rates are low. Sellers are happy because their homes are selling quickly at and above the list price. All the way around it’s a win/win.

Last week in Lake Oswego there were 19 new listings, 34 pending sales, and 21 closed sales.

Here are further details regarding last week’s Market Activity, according to RMLS:

NEW SALES (Apr 29-May 5, 2013):

Address Type Price BR Bths SF
5225 Jean Rd #401 Condo $169,900 2 2 1080
16250 Pacific Hwy #45 Condo $195,000 2 2 1311
13 Erasmus St Attached $234,900 2 2.5 1256
4260 Southshore Blvd Detached $319,000 2 2 1268
1425 Greentree Circle Detached $339,000 3 2 1809
1407 Greentree Circle Detached $459,000 4 2.5 2201
14360 Uplands Dr Detached $468,000 4 2.5 2943
805 Hemlock St Detached $474,900 4 3 2491
303 Lake Bay Ct Detached $485,000 3 2.5 1560
2188 Overlook Dr Detached $499,900 4 2.5 2618
15964 Parker Rd Detached $549,900 3 2.5 2936
4846 Lower Dr Detached $589,900 5 4 2650
4311 Orchard Way Detached $614,000 3 2.5 2804
4850 Lower Dr Detached $624,900 4 3 2611
17151 Wall St Detached $675,000 5 4 4141
13680 Knaus Rd Detached $799,000 3 2.5 3006
4540 Lamont Way Detached $949,950 4 2.5 3555
2240 Summit Ct Detached $2,595,000 3 3.5 5036
1719 Lake Front Rd Detached $3,399,000 4 5.5 5251

PENDING SALES (Apr 29-May 5, 2013)

Address Type Price BR Baths SF DOM
4 Touchstone #68 Condo $112,500 2 2 984 6
45 Eagle Crest #305 Condo $124,700 2 1.5 1056 44
1127 Cedar St Detached $219,000 1 1 1070 37
16164 Parker Rd Detached $219,900 3 1 1080 282
5333 Tree St Detached $259,500 3 1 1114 2
14854 Twin Fir Rd Detached $297,500 3 2 1287 13
102 Kingsgate Rd Detached $305,000 3 2.5 1727 3
14 Polonius Detached $329,900 4 4 2828 10
13901 Sundeleaf Dr Detached $359,900 4 3 1900 103
1297 Hide A Way Detached $367,500 3 2.5 1832 3
1651 Larch ST Detached $369,900 4 3 2225 3
1257 Hallinan Circle Detached $375,000 4 2.5 2548 2
2510 Park Rd Detached $395,000 3 2.5 1960 0
3554 Tempest Dr Detached $399,000 3 2.5 2279 3
18962 Terry Ave Detached $412,500 4 2 1860 6
17438 Cardinal Dr Detached $420,000 4 2.5 2286 29
22 Othello St Detached $429,900 3 2.5 2168 3
4914 Mulholland Dr Attached $439,900 3 2.5 2500 2
6132 Summer Woods Detached $515,000 4 2.5 2811 3
4007 Bass Ln Detached $517,900 4 3 2701 46
13658 Shireva Dr Detached $549,900 3 3 3502 31
720 Maple St Detached $619,000 3 2.5 3966 483
108 3rd St Detached $625,000 1 1 1017 363
320 Berwick Rd Detached $649,000 3 2 2780 2
17363 Grandview Ct Detached $649,900 3 3.5 4218 89
1579 Bay View Ln Detached $659,698 4 3 4685 133
13554 Peters Rd Detached $709,000 3 3 3036 90
2860 Upper Dr Detached $748,500 4 3.5 3938 101
940 Cumberland Rd Detached $799,000 4 3 3062 71
2371 Palisades Crest Dr Detached $849,000 4 3 4182 2
4245 Westbay Rd Detached $949,000 3 2 1966 9
13728 Knaus Rd Detached $1,025,000 4 3.5+.5 4041 2
1075 Chandler Rd Detached $1,495,000 5 4.5 5710 21
907 Terrace Dr Detached $1,795,000 4 4.5+.5+.5 6919 572

SOLD (Apr 29-May 5, 2013)

Address Type List Price Closed Price Sq Ft CDOM
5831 Seville Ave Detached $185,000 $170,000 1320 126
5053 Foothills Dr H Condo $200,000 $191,200 1252 8
5020 Lakeview Blvd Detached $239,900 $242,900 1192 1
1287 Boca Ratan Dr Condo $275,000 $275,000 1,611 63
12439 Orchard Hill Rd Detached $345,000 $345,000 1513 2
2593 Greentree Rd Detached $359,900 $359,900 2215 7
1621 Larch St Detached $395,000 $362,000 3040 138
29 Partridge Ln Detached $419,000 $397,300 3109 228
5099 Galen St Detached $429,500 $429,500 2246 3
16621 Graef Circle Detached $499,500 $437,500 2170 21
18895 Indian Springs Rd Detached $439,000 $444,000 2860 20
17125 Warren Ct Detached $489,900 $482,750 2705 5
5450 Bay Creek Dr Detached $525,000 $520,000 2386 5
16792 Quail Ct Detached $562,950 $535,500 3050 163
1492 Glenmorrie Dr Detached $569,000 $549,000 4096 174
4767 Dogwood Dr Detached $769,900 $660,000 3964 495
2088 Lilli Ln Detached $675,000 $665,000 4101 16
3300 River Woods Pl Detached $759,000 $755,000 3642 2
4311 Haven St Detached $864,000 $868,000 3816 16
1000 Upper Devon Ln Detached $995,000 $870,000 3535 472
2057 Summit Dr Detached $995,000 $975,000 4589 170

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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Open Houses 5/5/13

There are 19 open houses scheduled this Sunday. It’s supposed to be a gorgeous, sunny day, so perfect for seeing homes. Enjoy!

Address Price Type Beds Baths Open
750 1st ST D24 $165,000 condo 2 2 2 to 4
13 Erasmus $234,900 Attached 2 2.5 2 to 4
19060 Indian Springs Circle $349,900 Detached 3 2 2 to 4
825 Oak St $359,000 Detached 3 2 1 to 3
1297 Hida A Way Ln $367,500 Detached 3 2.5 3 to 5
1651 Larch St $369,900 Detached 4 3 11 to 1
14414 Orchard Springs Rd $379,900 Detached 4 2.5 1 to 4
3554 Tempest Dr $399,000 Detached 3 2.5 1 to 3
18962 Terry Ave $412,500 Detached 4 2 1 to 3
8 Hotspur St $450,000 Detached 3 2.5 1 to 4
805 Hemlock St $474,900 Detached 4 3 12 to 3
6192 Harrington Ave $499,000 Detached 5 3 1 to 3
5555 Fieldstone Ct $589,500 Detached 3 2.5 1 to 3
14350 Meadow Grass St $674,900 Detached 4 3 12 to 3
17450 Brookhurst Dr $749,500 Detached 4 3.5 1 to 3
17600 Upper Cherry Ln $1,190,000 Detached 4 3.5 1 to 3
17152 Cedar Rd $1,197,500 Detached 4 2.5 1 to 3
17458 Cardinal Dr $1,325,000 Detached 4 3.5 1 to 4
112 Northshore Circle $1,600,000 Detached 3 3.5 11 to 4
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Secrets of Lake Oswego’s Famous Flower Baskets

Ever wonder how it’s done? How those baskets get so huge and gorgeous? I am honored to share with you a re-run of a column I wrote 3 years ago. It seems like the perfect week to post this information.

There are several things that Lake Oswego is famous for: the Lake, beautiful homes, great schools, and the glorious flower baskets. The baskets have been hung annually on the main streets of town for many years. They are spectacular with both great size and great color. As someone who loves flowers and working in my garden, I’ve wondered how they do it. What are the secrets that make the LO baskets thrive? They start out pretty and of good size, but by summer’s end they hang about 6 feet down and are a profusion of color that is just amazing. Last Saturday I attended a class put on by the City Park’s and Recreation Department where I learned how they do it. So here it is: the secrets of Lake Oswego’s famous flower baskets.

Start with a 12 inch hanging pot that is nearly as deep as it is wide. The city uses 16 inch pots, but those are much too large for the scale of most homes. 10 inch pots can also be used, but they require watering twice daily, whereas the 12 inch pot can get by on once daily watering. Also recommended is a pot with a straight side. This allows as much soil and water as possible for root development. These instructions are for a 12 inch pot. If you use one that is either larger or smaller, please make your own adjustments.

Fill the pot about half full of soil. The recommended soil is NW Best Soil Potting Mix. This is what is used by the City. It is the choice because it contains “Sirfactin” which allows the walls of soil to expand so water doesn’t run around the planting mix and out the bottom of the container. To this soil, mix in about 1/4 cup of Plant-Tone, a fertilizer to get the plants off to a good start.

Before adding any more soil, remember the planter is only about half full, place 7, 4-inch plant starts. If they are in plastic containers, pull them out. If they are in the kind that are made of compost you can just set them into the planter in the container and the container will decompose as the roots develop. Think about putting a plant that will grow tall in the center such as a geranium. Then place the other 6 plants around the perimeter that will hang as they spread and grow. Think about having a variety of colors and textures. The planters made for the city are designed to be hung in full sun. You can design your own flowers based upon where you intend to hang your planter. Using a 12 inch planter and 4 inch plants you will find that this really packs the pot completely full of plants. The 7th one has to be pretty much squeezed into the planter. This will leave just a few areas between the edges of the plants that need to be filled with dirt. Find those spots and gently fill dirt in around the plants. When you are done the level of the top of the dirt should be about one inch below the rim of the pot. (It’s a good idea when testing the first plant you put into the container to eye-ball the level and see if you need to fill your planter more than half full when you add the initial soil).

Water immediately and really let the water run. The planter needs to be watered DAILY, even on days that have rain. Rain will not be enough to thoroughly saturate the soil. It is not possible to over-water this planter. Yes, you really have to water it every single day. When you water, let the water gently run and then keep the water going. Count to 50, sing a short song, whatever you can do to force yourself to stand at the planter and thoroughly water the planter. Do it every single day and on those days with really extreme heat, do it TWICE.

Once a week fertilize with Proven Winners. This is a fertilizer that is widely sold in the area. You mix it into a big gallon watering can with water and poor it into the planter. It has a balance of fertilizers that is 24-12-17. It contains 15 nutrients, not just nitrogen, phosphorus and potassium, but trace elements as well.

When you hang your planter remember a couple of things. This planter is going to get very large. This means that it will be very heavy so make certain that it is on a hook that will hold the growing weight. Also hang it where it has room to grow. By the end of the season it will hang 4 to 6 feet long. It will be a total show piece in your garden.

If you have questions or need help, or want to buy any and all of the materials listed above, the place to go is The Garden Corner in Tualatin. Located at 21550 SW 108th Ave in Tualatin, this garden center has been the birthplace of the LO hanging baskets for many years. They are proud of their participation in the LO hanging basket program and are happy to be of help to you when you grow a basket of your very own.

I’ve got my basket hanging at my home. I am eager to see just how big it is going to get. Let me know if you do one too. Maybe we can share some photos in September!

Remember, gardening is great therapy for your soul.
Dianne

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Market Activity ~ Apr 22-28, 2013

Lots of steady activity during the last 7 days in Lake Oswego with 20 New properties listed, 23 going to Pending status, and 11 Sold.

Here are further details regarding last week’s Market Activity according to RMLS:

NEW SALES (Apr 22-28, 2013):

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #68 $112,500 2 2 984 CONDO
4043 JEFFERSON PKWY $165,000 2 2.1 1182 CONDO
5225 JEAN RD #306 $170,000 2 2 1400 ATTACHD
482 S STATE ST #3B $195,900 2 1 1659 CONDO
1755 KILKENNY RD $275,000 3 1 1725 DETACHD
5895 BURMA RD $334,900 4 2.1 1781 DETACHD
1685 MAPLELEAF RD $349,900 3 2 1426 DETACHD
536 2ND ST $379,000 2 2.1 1394 CONDO
15540 PARTRIDGE DR $419,900 4 3 2203 DETACHD
4914 MULHOLLAND DR $439,900 3 2.1 2500 ATTACHD
4956 GALEN ST $474,045 4 2.1 2391 DETACHD
20 WALKING WOODS DR $475,000 5 3 3144 DETACHD
6132 SUMMER WOODS $515,000 4 2.1 2811 DETACHD
18183 WESTMINSTER DR $558,000 3 2.1 3066 DETACHD
13005 ROGERS RD $569,900 3 2.2 2917 DETACHD
5555 FIELDSTONE CT $589,500 3 2.1 2664 DETACHD
14146 EDENBERRY DR $725,000 4 2.1 3100 DETACHD
4245 WESTBAY RD $949,000 3 2 1966 DETACHD
2965 TOLKIEN LN $949,800 4 3 4337 DETACHD
16818 ALDER CIR $1,295,000 3 2 1674 DETACHD

PENDING SALES (Apr 22-28, 2013)

Address List Price # Beds # Baths Total SF Prop Type CDOM
208 RIDGEWAY RD $135,500 1 1 778 CONDO 48
4075 JEFFERSON PKWY #18 $172,500 2 2.1 1182 CONDO 4
3 PHEASANT RUN $224,900 3 2.1 1360 DETACHD 2
16250 PACIFIC HWY #64 $225,000 2 2 1305 CONDO 3
5881 FERNBROOK CIR $254,900 4 1 1416 DETACHD 11
52 GREENRIDGE CT $275,000 3 2.1 2524 ATTACHD 7
5686 WASHINGTON CT $310,000 2 2 1342 DETACHD 9
18917 REDWING WAY $324,900 3 1.1 1440 DETACHD 3
5753 WINDFIELD LOOP $330,000 3 2 1503 DETACHD 3
3192 DUNCAN DR $362,900 5 2.1 3139 DETACHD 406
821 EVERGREEN RD $394,900 2 1 920 DETACHD 10
4241 CHAPMAN WAY $399,000 4 2.1 2440 DETACHD 277
14466 HOLLY SPRINGS RD $425,000 5 3 2238 DETACHD 9
731 SUNNY HILL DR $439,698 3 2 2396 DETACHD 16
5498 ROYAL OAKS DR $550,000 4 2.1 2646 DETACHD 13
5711 VICTORIA CT $550,000 4 2.1 2768 DETACHD 61
828 ELLIS AVE $599,000 3 2 2145 DETACHD 1
5570 KILCHURN AVE $649,900 4 2.1 2931 DETACHD 5
2002 CEDAR CT $659,000 3 2 2945 DETACHD 4
5218 WESTFIELD CT $665,900 4 2.1 3107 DETACHD 22
13430 ATWATER LN $695,000 4 3 3557 DETACHD 6
1541 MAPLE ST $699,900 4 4 3215 DETACHD 4
3933 EDENS EDGE DR $995,000 4 3.1 4210 DETACHD 0

SOLD (Apr 22-28, 2013)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
67 N CONDOLEA TER $300,000 $275,000 3 3 2373 CONDO 35
2550 GREENTREE RD $404,900 $330,000 4 3 2852 DETACHD 160
1674 FIRCREST DR $339,900 $349,900 4 2 1998 DETACHD 54
979 DEVON LN $385,000 $380,000 3 3.1 2162 DETACHD 243
2010 GREENTREE RD $420,000 $442,000 4 2.1 2330 DETACHD 4
14336 CAMDEN LN $432,500 $450,000 4 2.1 2398 DETACHD 2
17702 OVERLOOK CIR $465,900 $460,900 5 2.1 3490 DETACHD 32
17560 WESTVIEW DR $469,900 $469,900 3 2.1 2561 DETACHD 0
13282 BOONES FERRY RD $585,000 $568,000 4 2.1 3267 DETACHD 262
2415 PARK RD $609,000 $570,000 4 2.2 2581 DETACHD 285
1465 MORNING SKY CT $815,000 $805,000 5 3.1 4678 DETACHD 160

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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Open Houses ~ April 28, 2013

There are 15 beautiful homes for you to tour this gorgeous, Lake Oswego Sunday according to RMLS.

Enjoy!

Address L/Price # Beds # Baths Total SF Prop Type Open
825 OAK ST $359,000 3 2 1350 DETACHD 1-3PM
14414 ORCHARD SPRINGS RD $379,900 3 2.1 1890 DETACHD 1-4PM
15540 PARTRIDGE DR $419,900 4 3 2203 DETACHD 1-3PM
8 HOTSPUR ST $450,000 3 2.1 1954 DETACHD 1-4PM
13658 SHIREVA DR $549,900 3 3 3502 DETACHD 12-3PM
5555 FIELDSTONE CT $589,500 3 2.1 2664 DETACHD 1-3PM
4137 ORCHARD WAY $599,900 5 2.1 3329 DETACHD 1-3PM
3130 WESTVIEW CT $649,000 4 3.1 3900 DETACHD 1-4PM
18460 RAY RIDGE DR $650,000 3 2.1 3241 DETACHD 1-3 PM
14350 MEADOW GRASS ST $674,900 4 3 3329 DETACHD 1-4PM
13430 ATWATER LN $695,000 4 3 3557 DETACHD 2-4PM
4912 FIRWOOD RD $949,888 4 4 7640 DETACHD 1-3PM
5320 CHILDS RD $989,400 5 3 4539 DETACHD 1-3PM
448 COUNTRY CLUB RD $1,595,000 4 3.1 4873 DETACHD 2-4PM
112 NORTHSHORE CIR $1,600,000 3 3.1 3632 DETACHD 11AM-4PM
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News & Notes – HUD Properties

HUD HomeWe’ve talked with you in the past about distressed property sales, and given you some tips on buying these unique homes; the  difference between short sales and  foreclosures, what to look out for etc.  Today I want to talk with you a bit about HUD properties.

HUD stands for “Housing and Urban Development”, as most of you know. You will sometimes see a foreclosure referred to as a “HUD Property”.  What this means is that, unlike a run-of-the-mill REO (bank-owned) property, in this instance, the home had an FHA loan that was defaulted upon. When this happens, a bank carrying the loan would file a claim with HUD.  Then HUD ends up with the property.

When you decide that you want to make an offer on a HUD property, it is wise to go in armed with some basic information.

  • First of all, your Realtor will want to check to see how long the property has been on the market.  If it has just gone on the market, you should know that the first 30 days of “bidding” are limited to Buyers who plan to live in the home, i.e. “Owner-Occupied”.  After that time elapses, if it is still on the market, it will open up for bids from “Investors” (anyone besides someone who plans to live in it falls into this category).
  • The second thing you want to do is decide whether you really want the property. If you do, then some number-crunching is in order, especially if the property has just recently gone on the market. Basically, HUD will start looking at “bids” after day 10, and these days, with the market getting more competitive, Buyers are often offering above asking price in order to compete.  Considering that the price on a HUD home is always determined by an FHA Appraisal that HUD has completed prior to listing, it might be wise to offer at least this price if the house is newly on the market, and more if you suspect there will be multiple offers. As always, discuss your options with your Realtor.
  • Speaking of this FHA Appraisal, there are significant benefits to a Buyer who secures FHA financing.  One being that the appraisal already paid for by HUD can be used, saving a Buyer $450.-$500. or more.
  • HUD homes are sold “As-Is”. Really. BUT, If you are getting an FHA loan, there are some interesting options here. If there are basic repairs they are typically noted in the FHA Appraisal, and the appraiser has already assigned a dollar-amount to each item (i.e., “needs stove”, “strap-in water heater” etc).  Taking a cap of $5,000. into consideration, these repairs can be added on to the sale price and rolled into the financing by the lender, for repairs to be completed after sale.
  • If a HUD home was built prior to 1978, and potentially has lead-based-paint, FHA will pay for a “Lead-Based Paint Stabilization Report”.  If  it is determined to have lead-based paint, however, my understanding is that the Buyer will need to do a “203-k” or “rehab”  loan in order to have the condition remediated.  Additionally, the transaction cannot “close” until the remediation paint job is approved by HUD. Discuss these potentialities with your lender rep prior to embarking down the path, so that you are prepared with “Plan B” should you end up in this situation.
  • When you have your Realtor check on status/how long the home has been on the market, etc., also make sure to ask about whether the subject property is designated as eligible for the “Good Neighbor Next Door” program. If you are employed as a teacher, EMT, police officer or fire fighter AND the HUD home is one that is eligible, you may be able to end up purchasing it for 50% of what you offer.
  • Escrow rules have changed as of January 2013.  The Buyer now selects the Escrow office/company that will be handling he transaction. This is good if you or your Realtor have an escrow officer or company that you prefer, however, please note that the Buyer also has to pay ALL escrow fees, even those traditionally paid by the Seller. Talk to your Realtor about the possibility of asking for your closing costs to be paid, and whether or not this might be a good solution for you.

As always, you’ll want to choose a Realtor who understands the ins & outs, helps you determine if a HUD property is right for you, and if so, helps you navigate gracefully around potential pitfalls.

I hope that this information has been helpful.  Granted, I just touched on an overview of things you might want to take into consideration. For more information on HUD Properties, visit: www.HudHomeStore.com . There is an FAQ section there that will answer many of your questions.

 

Very Best to you!

Linda

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Market Activity April 15-21, 2013

There were some interesting things about last week’s market activity that popped out at me. First, condominium sales are picking up pretty aggressively. Several complexes that I have been following have had recent sales SIGNIFICANTLY higher in value than just a year ago. I attribute this to the fact that the foreclosures are sold and actual market value is taking over. The other trend I am noticing is houses that sat on the market, did not sell, were taken off the market a year or two ago, are now being re-listed and selling quickly.

Lake Oswego had 34 new listings last week, 26 pending sales, and 9 closed transactions.

Here are further details regarding last week’s Market Activity, according to RMLS:

NEW SALES (Apr 15-21, 2013):

Address Type Price BR Bths SF
4000 Carman Dr #60 Condo $165,000 2 2 866
4075 Jefferson Pkwy #18 Condo $172,500 2 2.5 1182
16250 Pacific Hwy #64 Condo $225,000 2 2 1305
15472 Brianne Ct Attached $239,000 2 2.5 1208
52 Greenridge Ct Attached $275,000 3 2.5 2524
14854 Twin Fir Rd Detached $297,500 3 2 1287
5686 Washington Ct Detached $310,000 2 2 1342
14 Polonius St Detached $329,900 4 4 2828
5753 Windfield Loop Detached $330,000 3 2 1503
825 Oak St Detached $359,000 3 2 1350
6173 Washington Ct Detached $370,000 2 2 1440
17521 Hill Way Detached $375,000 3 2 2283
821 Evergreen Rd Detached $394,900 2 1 920
1467 Greentree Circle Detached $420,000 3 2 1896
8 Hotspur St Detached $450,000 3 2.5 1954
5570 Kilchurn Ave Detached $649,900 4 2.5 2931
816 9th St Detached $650,000 4 3 3033
2002 Cedar Ct Detached $659,000 3 2 2945
14350 Meadow Grass St Detached $674,900 4 3 3329
13210 Deerfield Detached $679,900 4 2.5 3341
1876 Palisades Lake Ct Detached $694,900 3 2.5 3178
17450 Treetop Way Detached $695,000 4 3 3752
13100 Boones Ferry Rd Detached $695,000 3 2 2370
19201 Maree Ct Detached $749,000 5 2.5 4070
17485 Brookhurst Dr Detached $749,500 4 3.5 4550
13836 Amberwood Circle Detached $769,000 3 2.5 3985
3600 Southshore Blvd Detached $824,900 3 2.5 2117
3012 Rivendell Rd Detached $900,000 5 4.5 4607
760 7th St Detached $969,000 4 4.5 4536
SW Ash St Detached $1,200,000 4 3.5 3600
18325 Crestline Dr Detached $1,275,000 5 4 5784
17485 Cardinal Dr Detached $1,325,000 4 3.5 3406
705 Terrace Dr Detached $1,795,000 4 3.5 3686
2500 Glen Eagles Rd Detached $2,295,000 5 4.5 5565

PENDING SALES (Apr 15-21, 2013)

Address Type Price BR Baths SF DOM
4 Touchstone #152 Condo $135,000 3 2.5 1351 35
206 Oswego Summit Condo $175,000 2 2 1506 71
4417 Thunder Vista Ln Condo $179,000 2 2.5 1455 49
51 Greenridge Ct Attached $205,000 2 2 1348 10
5813 SW Kennycroft Way Detached $222,000 3 1 1182 3
5056 Foothills Dr D Condo $259,000 2 2 1252 47
72 Greenridge Ct Attached $269,000 3 3 1824 7
63 Greenridge Ct Attached $270,000 3 2 1788 1
2256 Glenmorrie Dr Detached $299,500 3 2 1628 87
769 2nd St Detached $310,000 3 1 1200 497
18903 Terry Ave Detached $339,000 3 2 1236 65
1720 Mapleleaf Rd Detached $369,000 3 2 1584 2
497 Livingood Ln Detached $375,000 3 2.5 2144 87
13242 Vermeer Dr Detached $408,000 3 2.5 2100 8
618 5th St Detached $425,000 4 2.5 2320 201
16168 Lake Forest Blvd Detached $449,900 4 3 2276 34
7 Westminster Dr Detached $499,950 5 3 2974 7
1131 Devon Ln Detached $599,900 3 3.5 3179 230
16723 Bonaire Ave Detached $619,500 4 3 2847 6
1921 Glenmorrie Ln Detached $624,000 3 3 2375 116
1579 Bay View Ln Detached $659,698 4 3 4685 117
1222 Glenmorrie Dr Detached $699,999 4 3 2875 49
19371 SW Riverwood Ln Detached $875,600 4 4.5 5048 244
1000 Upper Devon Ln Detached $895,000 4 3.5 3535 472
752 8th St Detached $969,000 4 3.5 4550 495
1075 Chandler Rd Detached $1,495,000 5 4.5 5710 5

SOLD (Apr 15-21, 2013)

Address Type List Price Closed Price Sq Ft CDOM
100 Kerr Pkwy #26 Condo $69,900 $67,000 617 32
18959 Kristi Way Detached $350,000 $350,000 1778 33
2 Sherwood Ct Detached $509,995 $405,000 3306 305
19226 Megan Pl Detached $549,500 $500,000 3,392 264
2830 Park Rd Detached $524,900 $510,000 3115 7
831 Northshore Rd Detached $800,000 $785,000 2113 348
1291 Lake Garden Ct Detached $897,500 $897,500 3254 268
661 6th St Detached $795,000 $927,738 2741 232
399 Furnace St Attached $2,150,000 $1,585,000 3664 379

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