Home Owner’s Associations are extremely common. They occur in condominium developments, townhouse developments, and even neighborhoods of single family homes. Basicly they are a set of rules that are recorded with the title to the property and that transfer when the property is sold. So when you buy a property that has a Home Owners Association, you are not just buying the property, you are also buying membership in the HOA.
Being of a positive nature, I want to start with the good aspects of belong to a HOA (Home Owner’s Associaiotn).
HOAs are ideal for the person who wants someone else to do exterior yardwork and maintenance, who likes the ammenities that often come with the HOA, and also someone who likes the idea that they can close the door, lock it, and go away knowing that the property will be cared for while he or she is gone.
My Mother is a perfect example. She’s in her 80’s and can not physically maintain a house. But she’s still capable and independent, so not ready for assisted living. She lives in a condominium complex here in Lake Oswego. I like the idea that she has neighbors close by who know and care about her. The lady across the hall happens to also be a nurse and she has a key to my Mom’s front door. It is a great comfort to me to know that my Mom has help 6 feet across the hall.
Now the downside to HOAs.
When you buy a property that has an HOA, your home inspection should not just be for the physical dwelling, it should also include the fitness of the HOA. Condition your purchase on reveiw of the Conditions, Covenants and Restrictions, reading the last 2 years notes from HOA meetings, a copy of the financil status of the HOA including review of the long-term reserve studies, a copy of the rules and regualtions, and any and all pertinent information.
The normal thought process when buying into an HOA is that you want to keep the cost down and so tend to be attracted to HOAs that have low monthly fees. This may be incorrect thinking. The HOA is likely responsible for long-term maintenance of some very expensive items such as roofs, decks, and swimming pools. If they are not collecting money to build up a savings account for these expensive items, then the HOA will have to cover these expenses with a special assessment. This is all too common!
In addition, HOAs often have expenses that a single family residence does not. Think about the parking lot through a normal condominium development. It will need to be re-paved, re-striped, and get annual snow and leaf removal.
You want to belong to an HOA with solid financial management that has performed a full study that projects for these future expenses and then collects money in the monthly HOA fees to build up the necessary reserves to meet these expenses.
If a large expense arrises that the HOA does not have money to do, those famous special assessments happen. I am aware of an HOA here in Lake Oswego that had a special assessment about 15 years ago that average $10,000 per unit. That same HOA, just last week, had a meeting of the unit owners and announced that a similar special assessment will be happening this year as well.
Be aware that there are actually insurance policies you can purchase to protect you from special assessments. I have a personal friend who owns such a policy. It costs her $10 per month for coverage up to $10,000. Seems like a good investment that is pretty cheap.
The other concern with HOAs is the possibility of lawsuit. There is a condominium complex here in Lake Oswego that was a 1950’s apartment building that was converted to condos in 2006. Since the conversion the complex has experienced extensive water problems. The HOA is now suing the developer who did the condo conversion. Banks will not lend on units in the complex until the lawsuit is settled. This means that condos can only be sold on private contract or with all cash. This severely limits the pool of capable buyers and is consequently suppressing the re-sale value for those trying to sell now.
The bottom line is that you need to know what you are doing if you want to buy a property that has an HOA. It really is the reason you should be working with a good Realtor.
It’s “Nothing but up”, as far as market trends in Lake Oswego and the greater Portland area go.
Last week Lake Oswego saw 24 New properties enter the market, 26 go to Pending status, and 13 properties Sold.
Here are further details regarding last week’s Market Activity according to RMLS:
NEW SALES (Apr 8-14, 2013):
Address
List Price
# Beds
# Baths
Total SF
Prop Type
200 BURNHAM RD #104
$115,000
1
1
858
CONDO
15938 QUARRY RD B-4
$149,000
2
1
991
CONDO
5881 FERNBROOK CIR
$254,900
4
1
1416
DETACHD
6024 FERNBROOK CIR
$349,900
3
2
1470
DETACHD
13242 VERMEER DR
$408,000
3
2.1
2100
DETACHD
14466 HOLLY SPRINGS RD
$425,000
5
3
2238
DETACHD
1952 PARK FOREST AVE
$444,900
5
3
2856
DETACHD
14371 SHERBROOK PL
$467,500
3
2.1
2550
DETACHD
6192 HARRINGTON AVE
$499,000
5
3
2817
DETACHD
7 WESTMINSTER DR
$499,950
5
3
2974
DETACHD
5498 ROYAL OAKS DR
$550,000
4
2.1
2646
DETACHD
2360 GREENTREE RD
$559,000
3
2.5
2271
DETACHD
4137 ORCHARD WAY
$599,900
5
2.1
3329
DETACHD
16723 BONAIRE AVE
$619,500
4
3
2847
DETACHD
18673 WESTVIEW DR
$649,000
3
3
3355
DETACHD
5384 WASHINGTON CT
$699,900
4
3.1
3228
DETACHD
400 IRON MOUNTAIN BLVD
$765,968
4
2.1
3416
DETACHD
13677 FIELDING RD
$950,000
4
3.1
4070
DETACHD
3729 ELEANOR CT
$978,500
4
4.1
4061
DETACHD
455 FURNACE ST
$1,170,000
4
3.1
4000
DETACHD
17600 UPPER CHERRY LN
$1,190,000
4
3.1
3867
DETACHD
17226 CHAPIN WAY
$1,395,000
4
3.1
4917
DETACHD
1115 LAKE FRONT RD
$1,839,000
4
4
3900
DETACHD
890 Lake Shore RD
$2,450,000
3
3.1
3555
DETACHD
PENDING SALES (Apr 8-14, 2013)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
41 OSWEGO SMT
$95,000
1
1
764
CONDO
27
3433 MCNARY PKWY #106
$114,900
2
2
1008
CONDO
30
235 CERVANTES
$119,900
2
2
1100
CONDO
44
1127 CEDAR ST
$219,000
1
1
1070
DETACHD
8
12 WHEATHERSTONE
$229,900
3
2.1
1692
ATTACHD
2
5860 LAKEVIEW BLVD
$232,000
3
1
1435
DETACHD
33
92 WHEATHERSTONE
$250,000
3
3.1
2436
CONDO
25
18816 LONGFELLOW AVE
$289,900
3
1
1033
DETACHD
6
1659 OAK ST
$349,900
3
2.1
1885
DETACHD
109
4241 CHAPMAN WAY
$399,000
4
2.1
2440
DETACHD
264
1941 PARK FOREST CT
$400,000
4
3
2800
DETACHD
291
4995 OAKRIDGE RD
$450,000
4
3
2232
DETACHD
5
7 HILLSHIRE DR
$499,500
5
3
2978
DETACHD
3
13437 PROVINCIAL HILL WAY
$579,900
4
2.1
2833
DETACHD
38
19310 RIVERWOOD LN Lt 9W
$649,900
5
4
3110
DETACHD
99
2479 PALISADES CREST DR
$664,500
5
3.1
6640
DETACHD
510
5148 WOODCREST LN
$665,000
5
3
3110
DETACHD
8
5218 WESTFIELD CT
$665,900
4
2.1
3107
DETACHD
8
868 7TH ST
$699,750
4
3
2690
DETACHD
26
1985 COUNTRY CLUB RD
$699,999
5
4
3630
DETACHD
336
3315 CEDAR CT
$744,000
4
3.1
3712
DETACHD
46
4190 CHAD DR
$749,500
4
3.1
3756
DETACHD
18
1301 HORSESHOE CURV
$795,000
3
3
2060
DETACHD
3
14393 SW AMBERWOOD CIR
$820,000
5
3.1
3692
DETACHD
23
3115 Wembley Park RD
$899,950
4
3.1
3600
DETACHD
523
399 Furnace ST
$1,695,000
3
3.1
3664
ATTACHD
379
SOLD (Apr 8-14, 2013)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
12623 SW BOONES FERRY RD
$204,000
$242,077
2
2
1652
DETACHD
13
56 SW GREENRIDGE CT
$259,000
$257,000
3
2.1
1996
CONDO
47
3190 DUNCAN DR
$324,900
$308,000
3
2.1
2401
DETACHD
101
1670 FIRCREST DR
$425,000
$395,000
4
3
2000
DETACHD
121
2 MOZARTEUM CT
$417,000
$420,000
3
2.1
2254
DETACHD
4
600 MAPLE ST
$445,500
$425,000
3
2.1
2416
DETACHD
121
3110 ROYCE WAY
$460,000
$465,000
4
2.1
2732
DETACHD
9
686 SUNNY HILL DR
$499,900
$480,000
4
2.1
2392
DETACHD
64
3763 TEMPEST DR
$497,500
$484,000
5
2.1
2805
DETACHD
39
2227 HILLSIDE DR
$495,000
$510,000
4
3
3003
DETACHD
5
18345 HEATHER ANN CT
$665,000
$580,675
4
2.1
3336
DETACHD
253
13536 STREAMSIDE DR
$649,000
$642,500
4
3.1
2857
DETACHD
22
3174 DOUGLAS CIR
$999,000
$960,000
5
4.1
4600
DETACHD
23
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
Here is the “just-released” data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:
Well, Folks… The market is definitely picking up. Just take a look at how the numbers break out below. According to the RMLS Market Action Report for the Portland Metro Area March, 2013.
At 1,935, Closed Sales were the best since 2007, and a 40.6% increase over Feb. 2013!
There were 3,002 New Listings, which is an increase of 22.4% over Feb. 2013!
The Average Sale Price in March was $299,000, up from $282,000 in Feb. 2013.
Pending Sales increased from Feb. 2013 by 23.4% to 2,628.
For our Property Blotter readers, the combined area of Lake Oswego and West Linn also reported every sales aspect improving compared to last month:
Last week we saw 25 New properties entering the market, 12 go to Pending status, and 10 Selling in Lake Oswego.
Here are further details regarding last week’s Market Activity:
NEW SALES (April 1-7, 2013):
Address
Type
Price
BR
Bths
SF
3930 Lake Grove Ave 3B
Condo
$136,000
2
1
952
45 Eagle Crest Dr #119
Condo
$199,900
3
2
1348
51 Greenridge Ct
Attached
$205,000
2
2
1348
1127 Cedar St
Detached
$219,000
1
1
1070
18357 Heather Ann Ct
Detached
$409,000
3
2
1832
1402 Parrish St
Attached
$425,000
3
2.5
1862
219 Hidalgo St
Detached
$439,000
4
3
2980
14221 Dolph Ct
Detached
$465,000
3
2.5
2100
732 Clara Ct
Detached
$499,900
4
3.5
2935
4910 Lower Dr
Detached
$529,900
3
2.5
2151
12723 Adrian Ct
Detached
$569,950
4
3
3219
13658 Shireva Dr
Detached
$570,000
3
3
3502
3601 Red Cedar Way
Detached
$629,000
4
2
2250
5148 Woodcrest Ln
Detached
$665,000
5
3
3110
471 Country Club Ct
Detached
$779,000
4
3
2962
1301 Horseshoe Curve
Detached
$795,000
3
3
2060
5676 Suncreek Dr
Detached
$819,900
4
3.5
3312
18383 Old River Dr
Detached
$850,000
4
4.5
4548
878 7th St
Detached
$889,000
4
3.5
2858
3720 Marquis Ct
Detached
$919,000
4
2.5+.5
4795
72 Nansen Summit
Detached
$1,100,000
4
3
4770
2671 Glen Eagles Rd
Detached
$1,130,000
3
3
2851
17282 Lake Haven Dr
Detached
$1,195,000
4
2.5
3664
17152 Cedar Rd
Detached
$1,295,000
4
2.5
3175
13764 Knaus Rd
Detached
$1,395,000
4
4.5
4805
PENDING SALES (April 1-7, 2013)
Address
Type
Price
BR
Baths
SF
DOM
3906 Carman Dr
Condo
$176,300
3
2.5
1354
11
1132 Cedar St
Detached
$199,500
3
1.5
1276
0
5053 Foothills Dr H
Condo
$200,000
3
2
1252
8
1240 Cedar St
Detached
$244,900
3
1
1044
2
17438 Cardinal Dr
Detached
$420,000
4
2.5
2286
5
17433 Schalit Way
Detached
$436,000
4
2.5
2350
2
1429 Greentree Circle
Detached
$445,000
4
2.5
2599
298
5624 Southwood Dr
Detached
$575,000
4
3
3120
6
3480 Upper Dr
Detached
$749,000
3
2.5
2571
17
3101 Douglas Circle
Detached
$1,025,000
5
4.5
4430
309
18132 Siena Dr
Detached
$1,089,000
4
3.5
3565
489
17225 Kelok Rd
Detached
$1,195,000
4
3.5
4161
474
SOLD (April 1-7, 2013)
Address
Type
List Price
Closed Price
Sq Ft
CDOM
47 Eagle Crest Dr #13
Condo
$89,950
$89,000
932
5
245 Cervantes
Condo
$110,000
$125,110
1265
10
1547 Boca Ratan Dr
Attached
$188,950
$175,000
1008
28
10 Summit Ridge
Attached
$325,000
$325,000
1642
3
4263 Harvey Way
Detached
$355,000
$339,000
1640
180
12 Abelard St
Detached
$339,000
$352,000
2344
6
13005 Princeton Ct
Detached
$413,000
$398,000
2294
141
2618 Palisades Crest
Detached
$795,000
$733,000
5169
220
786 7th St
Detached
$859,000
$873,895
2825
84
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
In 1978 the State of Oregon mandated that individual communities develop and maintain a comprehensive plan. This plan becomes a road map for the future. How does the community support growing populations, economic development, and prioritize resources? The last time Lake Oswego updated its comprehensive plan was in 1994. With 16 years since being updated, in 2010 the State of Oregon told the City of Lake Oswego to update the comprehensive plan and gave the City 3 years to do so.
In the last 3 years over 2000 citizens of the community have participated in a lengthy process of meeting, discussing, and giving in-put as to what the vision of Lake Oswego should look like in 2035. This was a very involved process that included the school district, neighborhood associations, business associations, and open public forums. In fact, the City received the National Planning Excellence Award for Communications Initiative from the American Planning Association for this effort.
• Healthy Ecosystems
• Community Health and Public Safety
• Connected Community
• Inspiring Places and Spaces
• Economic Vitality
• Complete Neighborhoods and Housing
• Community Culture
These action areas support a wide variety of goals. Much emphasis is placed on livability and there was a strong consensus that walking, biking, and public transportation should be encouraged. Value is placed on high-quality schools, library, and recreational opportunities. Economic diversity is encouraged and the support of local businesses is a goal.
Think about it, the gallery without walls didn’t just happen. It is something we treasure and enjoy because in the past the arts were encouraged and supported in this community.
The final step in the adaption of the comprehensive plan is now occurring. Our mayor and city council will be voting on the adaption of the final version of the comprehensive plan at the City Council meeting on April 16th. I want to encourage you to learn about the plan. The easiest way to do this is by watching this short video.
Next I want to encourage you to contact our Mayor and City Council members to support adaption of the current comprehensive plan as it has been developed by the citizens of our community. To contact our Mayor and members of the City Council click here.
There is always a bit of controversy in public planning. That is true in this instance. There are several members of our city council who are not in favor of the comprehensive plan as it has been developed. I guess it could be attributed to a general dislike of planning in general: the idea that government should be smaller and less involved. There certainly are times when I agree with that perspective. But this plan is a good one. It is a vision for the future of our City that was developed by the citizens of this City. Please encourage the adaptation of the plan as the citizens have designed it over the course of the last 3 years.
We do love our City! This vision for the next 20 years is wonderful! Get involved and please encourage the adaptation of the Comprehensive Plan.
Dianne
Last week we saw 5 New properties entering the market, 19 go to Pending status, and 21 Selling in Lake Oswego.
Here are further details regarding last week’s Market Activity:
NEW SALES (Mar 25-31, 2013):
Address
List Price
# Beds
# Baths
Total SF
Prop Type
22 OSWEGO SMT
$109,900
1
1
764
CONDO
3906 CARMAN DR
$176,300
3
2.1
1354
CONDO
5053 FOOTHILLS DR # H
$200,000
3
2
1252
CONDO
32 WESTRIDGE DR
$579,900
4
2.2
3653
DETACHD
5320 CHILDS RD
$989,500
5
3
3700
DETACHD
PENDING SALES (Mar 25-31, 2013)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
100 KERR PKWY #26
$69,900
1
1
617
CONDO
32
56 SW GREENRIDGE CT
$259,000
3
2.1
1996
CONDO
47
1287 BOCA RATAN DR
$275,000
3
2
1611
CONDO
63
1118 OAK ST
$275,000
3
1.1
1320
DETACHD
23
12439 ORCHARD HILL RD
$345,000
3
2
1513
DETACHD
2
5910 SHAKESPEARE ST
$355,000
4
2.1
1663
DETACHD
253
14423 ORCHARD SPRINGS RD
$379,900
3
2.5
1710
DETACHD
4
23 DA VINCI ST
$396,000
3
2.1
2024
DETACHD
2
15495 TANAGER DR
$410,000
4
2.1
2255
DETACHD
140
18895 INDIAN SPRINGS RD
$439,000
5
3
2860
DETACHD
20
4986 MULHOLLAND DR
$469,900
3
2.1
2503
DETACHD
3
17560 WESTVIEW DR
$469,900
3
2.1
2561
DETACHD
0
17125 WARREN CT
$489,900
4
2.1
2705
DETACHD
5
4572 UPPER DR
$492,488
2
2
1454
DETACHD
12
1492 GLENMORRIE DR
$545,000
3
4
4096
DETACHD
174
3300 RIVER WOODS PL
$759,000
3
3
3642
DETACHD
2
4311 HAVEN ST
$875,000
5
4
3816
DETACHD
16
329 10TH ST
$894,000
4
2.1
3647
DETACHD
175
511 6TH ST
$998,000
5
3.1
4052
DETACHD
151
SOLD (Mar 25-31, 2013)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
4 TOUCHSTONE
$115,800
$115,800
3
2.1
1351
ATTACHD
226
4394 THUNDER VISTA LN #4394
$170,000
$173,000
2
2.1
1980
CONDO
253
885 MCVEY AVE
$219,900
$200,000
3
1
1292
DETACHD
45
2367 GLENMORRIE DR
$275,000
$252,500
2
2
2132
DETACHD
273
15721 BOONES WAY
$329,000
$322,000
3
2
1920
DETACHD
0
959 LEE ST
$329,000
$329,900
3
2
2340
DETACHD
28
5324 LOWER DR
$345,000
$330,000
3
2.1
2034
DETACHD
84
3269 PHYLLIS CT
$339,900
$338,700
3
1.2
1711
DETACHD
4
6414 Frost ST
$344,900
$339,900
3
2.1
2205
DETACHD
125
332 4th ST
$399,900
$400,000
2
2.1
1731
ATTACHD
16
57 TOUCHSTONE
$420,000
$420,000
4
3
2465
DETACHD
57
4909 MULHOLLAND DR
$428,000
$428,000
2
2.1
2403
ATTACHD
5
13366 AUBURN CT
$434,000
$433,000
3
2.1
2492
ATTACHD
82
15585 PARTRIDGE DR
$449,950
$445,000
4
2.1
2604
DETACHD
274
0 SW Kenny ST
$480,000
$489,000
4
3
2700
DETACHD
19592 PERCH CT
$529,950
$529,950
4
2.1
2800
DETACHD
6
12926 ROGERS RD
$565,000
$530,000
4
3
2776
DETACHD
13
2065 LILLI LN
$695,000
$664,000
5
3.2
4112
DETACHD
116
13315 HIDDEN BAY CT
$700,000
$679,138
5
2.1
3671
DETACHD
5
1255 ANDREWS RD
$785,000
$770,000
6
4
4408
DETACHD
162
4033 WESTBAY RD
$1,195,000
$1,115,000
4
3.1
3691
DETACHD
30
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings
There is one house Open for Easter Sunday in Lake Oswego according to RMLS… and what a beautiful house it is!
Enjoy your Easter, no matter what you do!!!
As Realtors, we always encourage our Buyer clients to get information “direct from the horse’s mouth”, or more accurately, to call or visit the city where one is purchasing, and talk directly to the Planning or other related department about records for the home. You can ask any number of questions and talk directly to those “in the know”. We do conduct our own research, and do get involved and assist, but I still believe the best practice is for the Buyer to get their information “direct”. That way there’s no translating involved, and nothing that gets left “un-asked” that a client might wish they had asked their Realtor to find out later on. The people at the City are really nice folks, and are there to help. If you’re looking for a home in Lake Oswego, give them a call or pay them a visit! Here’s the link: City of Lake Oswego/Planning.
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Similarly, the Internet is a fantastic source for much of the information you want to find out regarding a home’s background, development potential, easements, past permits, lot lines, etc etc etc. There is a site called Portland Maps that can be accessed for information on Lake Oswego properties as well. This link is easy to use. Just type in the address, and voila, the aforementioned, along with demographics, crime statistics, and more is at your fingertips. Here’s the link to Portland Maps.
