Tag: Lake Oswego real estate

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A Bit About Basements

Most homes built before 1930 have basements. For Realtors and Appraisers, the existence of basements square footage is a bit of a conundrum. Should it be included in the square footage of the house? How valuable is it? Well, that depends…

First, some history on basements. I learned this from my favorite home inspector. A century ago when building was really booming in Oregon, the builders were primarily folks who had learned their trade back East, or from someone who had come from back East. The East coast has much colder winters than the Pacific Northwest. A house constructed in a location with really cold winters has to have a foundation that is deep enough that it is below the freezing depth of the soil. If it isn’t deep enough, the soil will expand when it freezes which can lift and damage the house. So in the East basements serve the purpose of getting the footing of the foundation deep enough. Then in about 1940 or so, builders in Oregon realized that our more mild winters meant that the foundations did not have to be that deep. Thus construction practices changed and builders quit building houses with basements.

It’s important to note that basements were not built with the intention of being water tight. They were built to protect the house from harsh, cold winters.

Now fast forward to today. When a house has a basement it is an asset to the property in that, even if leaky and unfinished, it is useful space. In a really bad basement storage can be elevated and it is a bit like a garage where you can put holiday decorations, paint, tools, stuff that you don’t need every day but want to keep around. Most basements are more than just a little bit useful and not all basements leak. Drainage systems can be installed and basements can be finished to be really great living areas.

So how do you value a basement. It truly depends on how well it is finished. If completely unfinished, I calculate the value of the house itself, above the basement. Once I know the value per square foot of that space, I give the square footage in the basement half the value per square foot of what is above it. If it is really beautifully finished, I will give it just about the same value as what is above it. But to get that kind of value it truly has to be well done with appropriate finish work, lighting, and an egress (a way out other than the interior stairs to get out in the event of a fire).

When I first got my real estate license I did not include unfinished basement square footage in the advertised size of the house. But over the years I came to realize that other properties with unfinished basements were including that space. To not include it made my listings sound small. So I now include it but I also clearly state whether the basement is finished or not and that it is included in the square footage.

There you have it, a bit about basements. Thanks for reading,
Dianne

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Market Activity June 1-7, 2020

Market Activity in Lake Oswego last week looked completely like it should in June. Seriously, everything has really picked up. We had 28 new listings, 26 properties go into pending status, and 17 sold/closed properties. The housing market is really strong, and right now, suffering no adverse trends due to Covid 19. Good news!

Following is the breakdown for you according to RMLS:

New on the Market (June 1-7, 2020)

Address Type Price BR Baths Sq Ft
47 Eagle Crest Dr #11 Condo $199,999 2 1 932
16250 Pacific Hwy #68 Condo $210,000 1 1 900
3868 Botticelli Condo $265,000 3 2 1260
5225 Jean Rd #304 Condo $329,500 3 2 1400
16200 Pacific Hwy #7 Condo $495,000 2 2 1190
1778 Fern PL Detached $499,900 2 2 1146
71 Greenridge Ct Attached $585,000 3 2.5 2004
2388 Overlook Dr Detached $678,000 4 3 2765
17520 Redfern Ave Detached $692,000 2 2 1776
1338 Timberline Dr Detached $874,900 3 3 3754
19263 Megly Ct Detached $899,900 5 3 3242
19242 Indian Springs Rd Detached $995,000 4 2.5 3365
14144 Goodall Rd Detached $998,000 4 3 3701
18125 Pilkington Rd Detached $1,099,000 4 3 3229
19230 Bryant Rd Attached $1,295,000 8 4.5 3440
18260 River Edge Ct Detached $1,350,000 4 3.5 4711
17455 Blue Heron Rd Detached $1,425,000 3 2 2572
18965 Pilkington Rd Detached $1,439,000 4 3 3926
743 6th St Detached $1,675,000 5 3.5 3922
4245 West Bay Rd Detached $2,350,000 4 3.5 2958
17147 Old River Dr Detached $2,350,000 4 4.5+.5 6936
16723 Maple Circle Detached $2,450,000 3 2.5 3887
15591 Village Dr Detached $2,495,000 5 4.5 6040
2025 Cedar Ct Detached $2,795,000 5 3 3887
18414 Old River Landing Detached $2,980,000 4 4.5+.5 7022
2950 Lakeview Blvd Detached $3,100,000 4 3.5 4299

Pending Sales (June 1-7, 2020)

Address Type Price BR Baths Sq Ft CDOM
4 Touchstone #94 Condo $145,900 3 2.5 1351 243
4000 Carman Dr B27 Condo $229,000 2 2 869 70
4000 Carman Dr F90 Condo $229,900 2 2 834 4
668 McVey Ave #82 Condo $235,000 2 1.5 992 8
209 Oswego Summit Condo $250,000 2 2 1383 2
200 Burnham Rd #205 Condo $320,000 2 2 1305 10
6025 Kenny St Detached $489,900 3 1.5 1254 2
120 Kingsgate Rd Detached $519,800 3 2.5 1699 15
22 Morningview Circle Detached $615,000 4 2.5 2942 152
1032 Laurel St Detached $599,000 4 2 2426 109
34 Morningview Circle Detached $615,000 4 2.5 2942 152
17410 Wren Ct Detached $749,900 3 2.5 2550 4
461 Country Club Rd Detached $750,000 2 1.5 1500 57
4089 Melissa Dr Detached $799,000 4 2.5 2762 22
4680 Upper Dr Detached $825,000 3 2 1656 2
6351 Burma Rd Detached $829,000 4 4 3500 196
4360 Upper Dr Detached $915,000 3 2.5 2613 13
18483 Ray Ridge Dr Detached $925,000 3 2.5 3245 9
18803 Riven Dell Ct Detached $1,050,000 4 4.5 4538 310
2575 Palisades Crest Dr Detached $1,050,000 4 4.5 5251 82
1225 Lake Garden Ct Detached $1,195,000 3 3.5+.5 3558 38
814 Lake Shore Rd Detached $1,249,000 3 2.5 2385 79
671 5th St Detached $1,285,000 4 2.5 2781 20
3040 Stonebridge Way Detached $1,490,000 4 4.5 5829 100
1592 View Lake Ct Detached $1,649,000 3 3 3114 313
17281 Kelok Rd Detached $1,649,000 3 3 3114 313
17227 Canal Circle Detached $2,795,000 5 4.5 4720 79
961 Terrace Dr Detached $3,095,000 5 4.5+.5 5542 25

Sold/Closed (June 1-7, 2020)

Address Type List Price Sold Price Sq Ft CDOM
86 Kingsgate Rd H104 Condo $224,900 $222,000 840 59
3956 Carman Dr Condo $299,990 $299,990 1,107 63
15 Summit Ridge Ct Attached $438,888 $415,000 1750 42
1 El Greco St Detached $499,900 $425,000 2296 69
1042 Yates ST Detached $469,900 $454,000 1100 4
1010 Hallinan Detached $497,900 $497,900 1225 6
13395 Vermeer Dr Detached $599,980 $560,000 2461 75
16885 Denny Ct Detached $625,000 $575,000 1712 26
1485 Greentree Circle Detached $565,000 $577,500 2440 3
1639 Worthington St Detached $649,900 $649,900 1920 16
92 Garibaldi St Detached $769,000 $745,000 3172 37
10 Buckingham Terr Detached $759,900 $750,000 3763 19
960 Bullock St Detached $849,900 $835,000 3062 11
1666 Lake Front Rd Detached $1,375,000 $1,375,000 3312 54
18404 Old River Landing Detached $2,098,000 $2,000,000 4295 17
3015 Wembley Park Rd Detached $2,469,900 $2,340,000 5211 249
937 Atwater Rd Detached $3,680,000 $3,450,000 5123 56

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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Market Activity ~ May 25-31, 2020

Last week in Lake Oswego, 11 New properties entered the market, 19 moved to Pending status, and 11 were “Closed”/Sold. We also have 225 homes for sale here, right now.

Following is the breakdown for you according to RMLS:

NEW on Mkt (May 25-31, 2020)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #70 $279,950 3 2.1 1351 CONDO
200 BURNHAM RD #304 $329,000 2 2 1305 CONDO
4851 MADRONA ST $585,000 4 2 1500 DETACHD
1601 ASH ST $629,999 3 2 2045 DETACHD
13366 AUBURN CT $689,000 3 2.1 2432 ATTACHD
5950 HARRINGTON AVE $795,000 4 3.1 2867 DETACHD
15119 QUARRY RD $795,000 3 2 2086 DETACHD
1985 COUNTRY CLUB RD $1,050,000 4 4 3630 DETACHD
3131 WEMBLEY PARK RD $1,395,000 4 3.1 3597 DETACHD
4423 WEST BAY RD $2,399,900 4 3.1 2975 DETACHD
1730 NORTHSHORE RD $4,500,000 4 3.1 4173 DETACHD

PENDING SALES (May 25-31, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
35 OSWEGO SMT / Main $235,000 2 2 1212 CONDO 3
4626 LOWER DR / Main $245,000 2 1.1 1260 CONDO 12
3918 CARMAN DR $299,900 2 2.1 1107 CONDO 77
59 TOUCHSTONE $450,000 4 3 2924 DETACHD 4
16229 Lake Forest BLVD $544,900 4 3 2094 DETACHD 26
19232 PILKINGTON RD $599,900 3 2.1 1735 CONDO 250
19200 REDWING CT $599,900 4 3 2128 DETACHD 2
5474 BAY CREEK DR $674,900 4 2.1 2322 DETACHD 3
16251 REESE RD $745,000 3 2.1 2555 DETACHD 21
3778 RIVERS EDGE DR $799,000 4 3.1 3012 DETACHD 4
19681 PERCH CT $849,900 4 3 3307 DETACHD 82
14003 CHELSEA DR $895,000 4 2.1 3270 DETACHD 2
950 CEDAR ST $1,079,900 4 3.1 3266 DETACHD 79
16495 GLENWOOD CT $1,195,000 5 3.1 4533 DETACHD 23
4190 CHAPMAN WAY $1,249,000 3 3.1 3624 DETACHD 67
815 E AVE $1,379,000 3 2.1 2796 DETACHD 3
2260 SUMMIT CT $1,798,000 4 4.1 3797 DETACHD 436
931 ATWATER RD $2,695,000 4 4.1 5059 DETACHD 58
1633 LESLIE LN $2,725,000 5 4.2 5921 DETACHD 15

SOLD (May 25-31, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
1731 ASPEN CT $489,000 $489,000 3 2 1440 DETACHD 6
77 kingsgate RD $529,900 $542,000 3 2.1 1739 DETACHD 3
4900 INDIAN CREEK CT $624,900 $595,000 4 3 2124 DETACHD 33
4257 LORDS LN $600,000 $600,000 4 2 2097 DETACHD 0
1448 CEDAR ST $649,000 $605,000 4 3 2544 DETACHD 244
4007 BASS LN $699,000 $655,000 4 3 2648 DETACHD 14
15569 VILLAGE PARK CT $729,000 $729,000 3 2.1 2850 DETACHD 4
620 1ST ST $750,000 $745,000 3 3.1 1916 ATTACHD 34
259 PINE VALLEY RD $850,000 $775,000 3 2 2010 DETACHD 16
4500 WEST RD $899,000 $899,000 3 2.1 2479 DETACHD 17
1251 FOREST MEADOWS WAY $2,125,000 $1,930,000 3 3.1 5000 DETACHD 0

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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Featured Property: 26075 SW Mountain Rd

I am pretty excited to tell you about a new listing. Located just South of Lake Oswego in a rural area known as Stafford, this house sits on 30+ acres. 26075 SW Mountain Rd was built in 1977 and this is the first time it has ever been offered for sale. It says a lot about a house when it is enjoyed by the same family for 43 years.

The house has 6297 square feet that includes 5 bedrooms and 3.5 baths. A great room addition was ut on about 15 years ago that features a 21’x20′ gourmet kitchen. This kitchen has 2 ovens, 2 dishwashers, and 3 sinks. It’s the sort of kitchen that avid cooks dream of. There are expansive windows that let in Southern light and look out across the land.

The land has 2 lots. 6.46 acres contains the house and a 90’x35′ barn. The second lot is 24.7 acres and it is approved for 2 building sights. There are extensive raised beds, a fruit orchard, and gorgeous landscaping. The 24.7 acres was used for many years as a deciduous tree nursery. It has a well that has not been tapped as well as drainage tiles.

The asking price for this gorgeous property is $3,500,000. If you have questions or would like to see this property, please give Dianne a call at 503-803-6298.

AS always, thanks for reading the blotter!

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Market Activity May 18-24, 2020

The market is holding steady. Lake week in Lake Oswego there were 15 new listings, 25 properties that went into pending status, and 8 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (May 18-24, 2020)

Address Type Price BR Baths Sq Ft
44 Eagle Crest Dr #41 Condo $228,900 2 1 908
16250 Pacific Hwy #81 Condo $249,000 1 1 841
47 Eagle Crest Dr #60 Condo $269,000 3 2 1026
16250 Pacific Hwy #47 Condo $295,000 2 1 1305
200 Burnham Rd #205 Condo $320,000 2 2 1305
885 McVey Ave Detached $469,000 3 1 1292
120 Kingsgate Rd Detached $519,800 3 2.5 1699
1611 Lindsay Ct Detached $565,000 3 2.5 1840
5465 Childs Rd Detached $589,900 4 2 1487
4746 Amherst Ct Attached $675,000 3 2.5 2985
4360 Upper Dr Detached $915,000 3 2.5 2613
18229 River Edge Ct Detached $1,050,000 4 3 3432
3180 Douglas Circle Detached $1,475,000 5 2.5+.5 4768
881 C Ave Detached $1,600,000 4 2.5 3267
2860 Glen Eagles Rd Detached $2,748,000 5 4.5 6800

Pending Sales (May 18-24, 2020)

Address Type Price BR Baths Sq Ft CDOM
5225 Jean Rd #208 Condo $255,000 2 2 1100 56
200 Oswego Summit Condo $260,000 2 2 1383 2
4646 Lower Dr Condo $275,000 2 2 1260 8
4270 Woodside Circle Condo $357,500 3 2 1944 3
27 Greenridge Ct Attached $420,000 3 2.5 2140 5
16870 Cortez Ct Detached $479,900 3 2 1800 80
5215 Madrona St Detached $479,900 3 2 1325 4
77 Condolea Way Condo $520,000 3 3 2143 66
3 Garibaldi St Detached $720,000 3 3 3137 153
55 Aquinas St Detached $759,900 5 3 3720 43
1590 Country Club Rd Detached $799,000 4 3.5 3799 251
1500 Eastview Ct Detached $799,999 4 2.5 3872 40
173 Furnace St Condo $819,900 2 2.5 2090 18
14146 Edenberry Dr Detached $865,000 4 2.5 3100 4
5364 Langford Ln Detached $869,000 4 2.5 3022 25
16368 Lake Forest Blvd Detached $899,000 4 2.5 2750 101
727 Laurel St Detached $900,000 3 3.5 3365 80
16720 Quail Ct Detached $900,000 4 2.5 3222 91
17390 Grand View Ct Detached $975,000 4 4.5+.5 4502 71
1 Dover Way Detached $975,000 4 3 3559 1
1061 Chandler Rd Detached $990,000 4 3 2879 82
2445 Glenmorrie Dr Detached $1,299,000 5 5 5168 98
1901 Cheryl Ct Detached $1,325,000 4 4.5 5068
749 7th St Detached $1,385,000 4 3.5 4651 28
4720 Firwood Rd Detached $1,395,000 4 3 3605 59

Sold/Closed (May 18-24, 2020)

Address Type List Price Sold Price Sq Ft CDOM
4268 Woodside Circle Attached $375,000 $335,000 1944 351
12888 Boones Ferry Rd Condo $419,900 $408,000 1,182 44
16943 Greentree Ave Detached $625,000 $606,206 2344 4
4188 Cobb Way Detached $649,900 $699,000 2586 4
15780 Twin Fir Rd Detached $819,000 $770,000 3107 439
14564 Kruse Oaks Blvd Detached $879,500 $870,000 3001 5
718 3rd St Detached $1,590,000 $1,547,650 3759 1
852 Northshore Rd Detached $1,898,000 $1,630,000 4211 343

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 ~ April 2020 Numbers

On this Memorial Day weekend, here is your look at the most recent data for the entire Portland area (April 2020) and how Lake Oswego fits in to this picture just below.

Inventory is up a bit in April, so we’ll see how that plays out in May numbers. As for April overall, this is the first month we’re really seeing the market take a bit of a hit since COVID19. Prices are still holding their own & rising while volume in all aspects of real estate dropped in April: Fewer New Listings, Pending Sales & SOLD’s than both the previous month & last year.  All areas are appreciating, however, save West Portland, and/but those prices have risen a bit in April (by $61,000 over March), so things seem likely to be leveling out there. Lake Oswego also saw an $85,000 Average Sale Price increase, and/but that can happen in an environment with such a wide span of prices from low/mid to upper end.

My trusted Mortgage Advisors tell me: Mortgage Rates are in the low 3’s for good borrowers on Conventional loans as of this writing, and Government loans (VA & FHA) have recently gone as low as 2.875% on good days.

According to the RMLS Market Action Report for the Portland Metro Area, April 2020:

  • There were 2,847  New Listings in April 2020 which decreased 32.4%  from April of 2019’s 4,210, and also dropped 17.9% from the previous month/March’s 3,468.
  • At 2,015, April 2020’s Closed Sales are down 16.4% from April 2019’s 2,409, and also down 14.5% from the previous month/March 2020’s total of 2,536
  • At 2,041, April 2020’s Pending Sales are down 34.2% from April 2019’s 3,102, and also fell 13.0% from the previous month/March 2020’s total of 2,347.
  • The Average Sale Price in April 2020 of $477,400 is up $25,300 from last year/April 2019’s $452,100, and is also up $11,900 from the previous month/March 2020’s $465,500.   YTD increase of 4.3%.
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2020 of $424,000 rose from last year/April 2019’s $405,000 by $19,000, and is almost the same/down by $1,000 from the previous month/March 2020’s $425,000.   YTD increase of 3.9%.

Neighborhoods: April’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $448,500              1.9%   (Mar $441,300)
    •                                                     YTD Median: $410,000
  • NE Portland:  $491,200                   4.8%   (Mar $470,500)
    •                                                     YTD Median: $425,000
  • SE Portland:  $449,200                   1.8%   (Mar $442,600)
    •                                                     YTD Median: $385,000
  • Gresham/Troutdale:   $371,900     3.5%   (Mar $355,000)
    •                                                     YTD Median: $358,000
  • Milwaukie/Clackamas:  $457,600  4.3%   (Mar $466,100 )
    •                                                     YTD Median: $430,200
  • Oregon City/Canby:   $445,200      3.7%   (Mar $447,000)
    •                                                     YTD Median: $430,000
  • Lake Oswego/West Linn:$772,500  3.4%  (Mar $687,400)
    •                                                      YTD Median: $599,900
  • West Portland:    $642,000             -0.4%  (Mar $580,400 )
    •                                                     YTD Median: $527,300
  • NW Wash County:  $587,400          0.4%   (Mar $544,200 )
    •                                                      YTD Median: $492,300
  • Beaverton/Aloha:     $431,100       3.8%   (Mar $445,100)
    •                                                     YTD Median: $412,000
  • Tigard/Wilsonville:   $474,600        2.3%   (Mar $487,200 )
    •                                                      YTD Median: $459,500
  • Hillsboro/Forest Grove: $422,100  6.4%   (Mar $406,900)
    •                                                      YTD Median: $391,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of April 2020 reported:

    •  340 Active Listings (Mar 305)
    •  149 New Listings     (Mar 183)
    •   81 Pending Sales    (Mar  87)
    •   89 Closed Sales      (Mar 103)
    • Average Sale Price for April: $772,500  (Mar $687,400)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  76 Average Days on the Market   (Mar 106)

 

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Market Activity ~ May 11-17, 2020

Last week in Lake Oswego, 23 New properties entered the market, 16 moved to Pending status, and 13 were “Closed”/Sold. We also have 219 homes for sale here, right now.

Following is the breakdown for you according to RMLS:

NEW on Mkt (May 11-17, 2020)

Address List Price # Beds # Baths Total SF Prop Type
59 OSWEGO SMT $244,900 2 2 1140 CONDO
4626 LOWER DR / Main $245,000 2 1.1 1260 CONDO
4646 LOWER DR / Grnd $275,000 2 2 1260 CONDO
16250 PACIFIC HWY #50 $339,500 2 2 1305 CONDO
4386 THUNDER VISTA LN $399,900 2 2.1 1980 CONDO
27 GREENRIDGE CT $420,000 3 2.1 2140 ATTACHD
12806 SW BOONES FERRY RD $425,000 3 2.1 1174 CONDO
5215 MADRONA ST $479,900 3 2 1325 DETACHD
22 MORNINGVIEW CIR $562,500 3 2.1 3438 DETACHD
2941 SW ORCHARD HILL PL $750,000 5 3.1 3446 DETACHD
4089 MELISSA DR $815,000 4 2.1 2762 DETACHD
553 2ND ST $890,000 2 2.1 1816 CONDO
1766 PALISADES TERRACE DR $930,000 4 2.1 2805 DETACHD
19125 35TH PL $1,175,000 4 4.1 5153 DETACHD
671 5TH ST $1,285,000 4 2.1 2781 DETACHD
16206 REESE RD $1,625,000 4 3.1 3631 DETACHD
3920 UPPER DR $1,690,000 4 3.1 3800 DETACHD
18099 GREEN BLUFF DR $1,695,000 4 3.1 5343 DETACHD
129 FURNACE ST / Upper $1,995,000 4 4.1 4911 CONDO
19491 Lorna LN $2,195,000 4 4.1 4343 DETACHD
19494 SW LORNA LN $2,499,000 5 3.1 4830 DETACHD
1633 LESLIE LN $2,725,000 5 4.2 5921 DETACHD
13490 FIELDING RD $3,398,000 5 6.1 8286 DETACHD

PENDING SALES (May 11-17, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
9 OSWEGO SMT $175,000 1 1 764 CONDO 181
47 OSWEGO SMT $249,900 2 2 1212 CONDO 28
4455 THUNDER VISTA LN $330,000 2 2.1 2002 CONDO 5
19 BLOCH TER $420,000 2 2 1527 ATTACHD 73
16675 BONAIRE AVE $439,000 3 1 1020 DETACHD 40
1042 YATES ST $469,900 3 1.1 1100 DETACHD 4
100 KINGSGATE RD $515,000 3 2.1 1960 DETACHD 5
16824 SW Inverurie RD $565,000 3 3 1945 DETACHD 1
3721 TEMPEST DR $600,000 4 2.1 2572 DETACHD 46
6438 Frost ST $625,000 4 2.1 2269 DETACHD 39
184 D AVE $647,000 3 2.1 1636 ATTACHD 37
2535 GLENMORRIE DR $899,900 4 4 3134 DETACHD 87
5680 LA MESA CT $975,000 5 3.1 3405 DETACHD 3
475 IRON MOUNTAIN BLVD $1,379,000 4 2.2 3254 DETACHD 2
16895 CHAPIN WAY $1,439,000 4 3.2 5182 DETACHD 304
12822 ALTO PARK RD $1,495,000 4 4.1 3426 DETACHD 91

SOLD (May 11-17, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
5053 FOOTHILLS DR #A $329,900 $299,000 3 2 1252 CONDO 78
18540 SW KRISTI WAY $424,900 $424,000 3 1.1 1277 DETACHD 26
16910 TRACY AVE $450,000 $450,000 3 2 1176 DETACHD 2
19230 SW REDWING CT $455,000 $474,000 4 2.1 1842 DETACHD 62
1001 HALLINAN ST $569,000 $508,000 4 2 2580 DETACHD 30
100 LEONARD ST $569,000 $530,000 3 2 1736 CONDO 188
5511 ROYAL OAKS DR $575,000 $603,189 3 2 1898 DETACHD 6
16212 SW KIMBALL ST $599,000 $616,000 4 2.1 1844 DETACHD 4
2103 RIDGEWOOD RD $664,900 $656,000 4 2 1650 DETACHD 83
18679 INDIAN CREEK DR $659,428 $659,428 4 2.1 2292 DETACHD 2
4092 COLTSFOOT LN $750,000 $721,500 4 3 2405 DETACHD 3
4799 LAMONT WAY $925,000 $925,000 3 2.1 3142 DETACHD 1
5745 Washington CT $1,149,000 $1,035,000 4 3.1 2841 DETACHD

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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To Stage or Not To Stage

Twenty years ago staging a home prior to putting it on the market was not very common. Cleaning the house and hiding the litter box was enough. That has really changed. I think the biggest difference for this change is the Internet. 99% of buyers shop for their new home on line. Not only does staging your home dramatically improve the look of the house when people come to see it, but it makes the photos of the house really pop.

The National Association of Realtors did a study in which they surveyed Realtors who work with buyers and Realtors who work with sellers. 58% of Realtors think that a house will sell for more if it is staged. How much more varies. 29% believed a house would sell for 1-5% more. 21% believed a house would sell for 6-10% more. 3% felt it could sell for as much as 20% more.

Bear in mind that this still means that 42% did not give an opinion that it would sell for more.

My opinion is that the house still needs to be priced at market value. When you combine this with the staging the house will get lots of interest because the value will be so obvious. This can generate multiple offers and that is what will drive the price up. How far up? Easily 1-5%. More than that? Maybe.

What you don’t want to do is stage the house and expect to get more for it, and then price it above market value. Buyer’s are smart. They shop, they have aps, they are not likely to pay more than the property is worth, even if the staging makes the house look great. So when it comes to pricing, proceed with caution.

How much does it cost? According to themortgagereports.com, the initial consultation costs an average of $675. If you can do the staging with stuff you already own, then that would be it. Pretty cheap. If you are also needing furnishings the cost averages about $500-$600 a month for as long as it is needed in the house.

You don’t need to stage every room. The most important room is the living room, the family room, the kitchen/dining area, and the master bedroom. Beyond that, see what your budget can handle.

Last, staging is not a requirement. I still think decluttering and deep cleaning take the prize for the must do preparation for selling.

Please let Linda or I know if you need a reference for a staging company. We have our favorites and are happy to provide you with a list that will give you a good start.

As always, thanks for reading The Blotter,
Dianne

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Market Activity May 4-10, 2020

Market activity picked up in Lake Oswego last week. There were 15 new listings, 25 houses that went into pending status with accepted offers, and 14 closed sales. Buyers are making offers at really nice rate.

Following is the breakdown for you according to RMLS:

New on the Market (May 4-10, 2020)

Address Type Price BR Baths Sq Ft
4 Touchstone #71 Condo $199,000 2 2 984
4 Touchstone #146 Condo $244,900 2 2 979
65 Church St Condo $299,950 2 2 1040
1042 Yates St Detached $469,900 3 1.5 1100
16251 Reese Rd Detached $745,000 3 2.5 2555
5675 Victoria Ct Detached $800,000 3 2.5 2546
173 Furnace St Condo $819,000 2 2.5 2090
5820 Stewart Glen Ct Detached $849,000 5 2.5 3262
2944 Vale Ct Detached $984,000 4 2.5 3718
13592 Goodall Rd Detached $1,345,000 5 3.5 3735
15444 Boones Way Attached $1,380,000 3 2.5 3488
1471 Woodland Terr Detached $1,399,000 5 4.5 5724
792 5th St Detached $1,550,000 4 4.5 4379
13337 Leslie Ct Detached $2,250,000 4 4.5 4638
961 Terrace Dr Detached $3,095,000 5 4.5+.5 5542

Pending Sales (May 4-10, 2020)

Address Type Price BR Baths Sq Ft CDOM
8 Cervantes Circle Condo $209,900 2 1.5 912 17
86 Kingsgate Rd H104 Condo $224,900 2 2 840 59
5225 Jean Rd #208 Condo $255,000 2 2 1100 43
16200 Pacific Hwy #15 Condo $395,000 2 2 1190 56
5237 Dawn St Detached $479,000 3 1.5 1412 42
668 McVey Ave #72 Detached $495,000 3 2 1184 221
1010 Hallinan St Detached $479,900 3 1.5 1225 6
1 El Greco St Detached $499,900 4 2.5 2296 69
2091 Country Club Rd Detached $550,000 5 2 2112 109
100 Leonard St 3-4 Condo $569,000 3 2 1736 188
383 Ash St Detached $639,000 3 2.5 1825 1
905 York Rd Detached $649,000 3 2 1657 10
15773 Springbrook Ct Detached $649,900 3 2 1616 200
1639 Worthington St Detached $649,900 4 3 1920 16
8 Partridge Ln Detached $659,000 4 2.5 3583 5
1771 Campus Way Detached $668,000 3 3 3247 3
10 Buckingham Terr Detached $759,900 4 3 3763 19
14564 Kruse Oaks Blvd Detached $879,500 5 2.5 3001 5
4904 Lower Dr Detached $939,000 4 3 2803 3
4121 Childs Rd Detached $956,000 4 3.5 3396 76
1267 Maple St Detached $1,098,000 4 2.5 3388 56
16 Bernini Ct Detached $1,150,000 6 5 4786 53
4484 West Bay Rd Detached $1,250,000 5 2.5 4417 53
852 Northshore Rd Detached $1,898,000 4 5 4211 343
3015 Wembley Park Rd Detached $2,499,900 4 4.5 5211 249

Sold/Closed (May 4-10, 2020)

Address Type List Price Sold Price Sq Ft CDOM
668 McVey Ave #45 Condo $249,000 $225,000 852 208
5053 Foothills Dr D Condo $325,000 $305,000 1,252 124
1664 Bonniebrae Dr Condo $359,000 $359,000 1303 1
6313 Alyssa Terr Attached $389,000 $389,500 1546 1
5936 Dove Ct Detached $575,000 $564,850 1980 0
17835 Hillside Dr Detached $535,000 $575,000 2924 1
324 4th St Attached $625,000 $625,000 1731 3
1285 Oak Terr Detached $600,000 $635,000 1421 23
4036 Melissa Dr Detached $849,000 $855,000 3118 2
8 Dover Way Detached $1,299,000 $1,160,000 6093 130
17506 Hill Way Detached $1,125,000 $1,189,900 3163 300
1455 Timberline Dr Detached $1,200,000 $1,200,000 3554 1
1190 Fairway Rd Detached $2,599,000 $2,495,000 5855 90
16470 Phantom Bluff Ct Detached $2,699,900 $2,507,000 4975 303

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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Why You Buy a House

There are lots of great reasons to buy a home.

The reasons you’ll usually hear are practical and financial ones like:

  • Appreciation (grow your nest egg/investment)
  • Mortgage Interest and Property Tax Deductions (especially where it makes sense on a higher-end/jumbo loan home)
  • Exclusion from Capital Gains
  • Prices are Attractive/Bending toward Buyer’s benefit
  • Mortgage Rates are Low

These are all very good reasons!  But, as I read recently, if financial considerations were the only motivator, we’d all “Buy Low/Sell High” every single time.  We don’t do that.  I mean, sometimes the circumstances are just right for us to do that & that’s fabulous! But mostly people buy homes for the following reasons:

  • Family is growing/need more space
  • Just want a nicer house
  • Renting now & tired of contributing to landlord’s equity w/no personal gain
  • Be closer to work, work location changed, etc
  • Get child into a desired school or district
  • Move out of a condo to have more control over property
  • Move into a condo to have less responsibility for maintenance
  • Downsizing
  • Want to be closer to shops/restaurants/services
  • Want to be farther away from the hubbub of activity and traffic

So… all of these reasons revolve around making your Life better. That’s why I always say I help people change their lives through buying or selling real estate. Its just what its all about ; )