Tag: Lake Oswego

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News & Notes

This Time of Year: Winter is widely viewed as a great time to buy a home. Sellers typically perceive demand at this time of year to be slow, and therefore Buyers can secure deals that may not be available during other times of the year. I spoke with the owner of a local moving company today, and she was breathless. She told me that they are so busy right now they are having a hard time keeping up…. What she is seeing in her business is an uptick in home purchases… and no wonder! Low interest rates/low prices/a few years of pent-up demand… tis the season!

If you want to take advantage of the annual winter-slowdown as a Buyer, here are some things you will want to do:

– Secure the cash for your down-payment.
– Check your credit score and correct any mistakes.
-Get to know your chosen neighborhood; have your Realtor assemble data on recent sales… in short, be prepared with the facts.
– Walk or drive around your chosen neighborhood. Talk to residents if possible…. Get an idea of what it’s like to live there.
– Be prepared to negotiate. While you can expect to secure a great deal in this market and season, listen to your Realtor regarding how far to go & not go… you want the home you fall in love with, and stepping over a certain line could alienate you from it’s current owners.

While rates are at near-historic lows, they are expected to rise. According to Pat Goodell and Academy Mortgage, rates are expected to rise before prices bottom… and rates affect your financial picture more than price. Here is a scenario that should interest you:

Say a couple wants a P & I mortgage payment today of approximately $1025. At 4.5% they could get a $202,000 loan today.

Here is what that same payment will get them at higher interest rates:

4.5% $202,000
7.5% $146,500
9.5% $102,000
12.5% $ 96,000

So… the point is that a 3% increase in rates can reduce our subject couple’s purchasing power by 25%.

I hope this information has been helpful.
As always, please feel free to call or email with questions, or to ask for help.
Happy house-hunting!

Very Best,
Linda

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Market Activity for March 7-13, 2011

Last Week Lake Oswego saw 17 New properties enter the market, 18 move to Pending status, and 8 Closed sales. This is virtually identical to last week which had 17 new, 17 pending, and 8 closed.

I also want to point out the attached homes on Oakridge and Trillium Woods. That’s the property at Oakridge and Quarry that has been sitting waiting for development for so many years. Three of the new listing are in this development and one pending sale, which you will see sold with no market exposure. It was likely a pre-sale. I am glad to see that land getting not only developed, but apparently offering a product with appeal.

See below for further details according to RMLS:

NEWLY LISTED (March 7-13, 2011)

Address Type Price Sq FT BR Baths
5064 Foothills Dr H Condo $209,900 1252 3 2
4263 Woodside Circle Attached $244,900 2026 3 2
19420 Marlin Ave Detached $264,800 1166 3 1
16964 Maple Circle Detached $295,900 744 2 1
44 Da Vinci St Detached $339,900 2005 4 2
1053 Hallinan St Detached $349,900 1944 3 2.5
4697 Oakridge Rd LT5 Attached $362,920 1738 3 2.5
4699 Oakridge Rd LT6 Attached $376,380 1738 3 2.5
5365 Lakeview Blvd Detached $419,000 1754 4 2.5
4681 Trillium Woods LT8 Attached $433,200 2135 3 2.5
4 Icarus Loop Detached $449,900 2743 4 2.5
4398 Glacier Lily St Detached $450,000 2936 4 2.5
4927 Hastings Dr Detached $532,000 2418 4 2.5
14867 Twin Fir Ct Detached $559,000 3641 7 3.5
17614 Blue Heron Detached $818,950 3150 4 3
17151 Wall St Detached $865,000 4141 7 4
1 Dover Way Detached $899,000 3731 4 3

PENDING SALES (March 7-13, 2011)

Address Type Price Sq Ft BR Baths CDOM
33 Crestfield Ct #33 Condo $44,900 689 1 1 418
5530 Bonita Rd Detached $239,000 1200 3 1.5 64
5031 Tualata Ln Detached $249,900 1492 3 2 300
19211 Marlin Ct Detached $258,500 2091 2 3 9
4382 Woodside Circle Attached $275,000 1250 2 2 37
837 Oak St Detached $295,000 2006 3 2 3
30 Wilbur St Attached $349,900 2664 2 2.5 79
535 B Ave Attached $399,000 1691 2 2.5 592
1677 Laurel St Detached $415,000 2445 4 3.5 117
17491 Blue Heron Dr Detached $419,900 2429 4 2 404
4683 Trillium Woods LT7 Attached $436,150 2135 3 2.5 0
12751 Sierra Vista Dr Detached $469,900 2097 3 2 31
5434 Rosalia Way Detached $497,900 2600 4 2.5 245
3885 Upper Dr Detached $529,000 3122 4 2.5 342
19019 Bryant Rd Detached $625,000 3326 4 3.5 130
553 2nd St #208 Condo $635,000 1816 2 2.5 786
17301 Canal Circle Detached $749,000 1812 3 2.5 342
2990 Glen Eagles Rd Detached $795,000 3650 4 2.5 125

SOLD (March 7-13, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
44 Eagle Crest Dr #9 $74,900 $74,000 Condo 908 5
12511 SW Boones Ferry Rd $204,900 $150,000 Detached 1625 187
186 Oswego Summit #186 $212,000 $192,500 Condo 1506 94
5827 Bonita Rd $399,900 $299,900 Detached 1771 245
18667 Pilkington Rd $399,900 $315,000 Detached 2512 241
942 Clara Ct $549,000 $349,000 Detached 3123 194
18212 Westview Dr $589,900 $550,000 Detached 3464 195
163 Iron Mountain Blvd $1,200,000 $900,000 Detached 4314 102

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 for Sunday Feb 13th

There are 35 open houses planned in Lake Oswego for this Sunday. Lots to see! And I am also excited to say that the daffodils have started to bloom. Yeah spring!

Address Type Price BR Baths Open
1400 Bonniebrae Dr Attached $169,500 2 1 1 to 3
8 Condolea Dr Attached $259,900 2 2 1 to 3
446 5th St Attached $275,000 2 1.5 1 to 3
2061 Bonniebrae Dr Attached $275,000 3 2.5 1 to 3
19250 Maree Ct Detached $299,000 3 2.5 1 to 3
14251 Camden Ln Detached $349,000 3 2.5 1 to 3
1830 Cloverleaf Rd Detached $373,000 5 2 12 to 2
2 Bartok Pl Detached $375,000 4 2.5 1 to 4
5365 Lakeview Blvd Detached $419,000 4 2.5 1 to 3
1416 Cherry Crest Dr Detached $439,900 4 3 1 to 4
19487 SW Dogwood Ct Detached $469,900 4 3 10 to 4
19443 Kokanee Ct Detached $475,000 4 2.5 12 to 4
12 Scarborough Dr Detached $479,900 4 2.5 2 to 4
19319 SW Dogwood Ct Detached $499,900 4 2.5 10 to 4
5124 Rosewood St Detached $519,900 5 3.5 1 to 4
17973 Saint Clair Dr Detached $524,900 4 3 1 to 3
19263 Megly Ct Detached $544,900 5 3 10 to 4
17754 Treetop Ln Detached $550,000 5 3.5 12 to 3
14867 Twin Fir Ct Detached $559,000 7 3.5 1 to 3
1217 Tyndall Ct Detached $599,000 4 4 2 to 4
17997 Braeden Ct Detached $644,800 3 2.5 1 to 3
5 Cellini Ct Detached $649,900 5 3.5 1 to 3
5511 Fieldstone Ct Detached $658,950 4 2.5 1 to 3
5533 Fieldstone Ct Detached $668,950 4 2.5 1 to 3
15622 Fieldstone Dr Detached $698,950 3 2.5 1 to 3
6 Sherwood Ct Detached $699,950 4 3 1 to 3
17110 Lowenberg Terr. Detached $759,900 4 2.5 2 to 4
17288 Lowenberg Terr Detached $769,900 4 3.5 2 to 4
100 Garibaldi St Detached $899,000 5 3.5+.5 1 to 3
215 Chandler Pl Detached $995,000 3 2.5 1 to 4
17460 Wren Ct Detached $995,900 4 3.5 2 to 4
18209 Siena Dr Detached $1,058,000 5 3.5 1 to 3
18222 Siena Dr Detached $1,189,000 4 3.5 1 to 3
1626 Englewood Dr Detached $1,499,000 3 2.5+.5 1 to 3
2572 Glen Eagles Pl Detached $1,895,000 5 4.5+.5 1 to 3
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Featured Neighborhood: Uplands

Lake Oswego has 24 distinct neighborhoods, each with its own characteristics and features. Today I am going to focus on Uplands.

Uplands is centrally located and very close to Lake Oswego High School and Lake Oswego Junior High School. It is South of Country Club Rd, North of Iron Mt. Blvd., West of Lake Oswego Country Club, and East of Boones Ferry Rd.

I think its most distinguishing characteristic is that it is quiet and wooded. There really are no busy streets in this area with traffic consisting primarily of people who live in the area. There are two nature parks: Springbrook and the Iron Mt. Natural area. There is also a little park, probably the smallest in the city: Prestwick Park. Springbrook Park has a wonderful trail system that is enjoyed regularly by locals. It is 52 acres and full of Big Leaf Maples.

The housing is diverse. It is an established area with many homes dating from the 1950’s and 1960’s. The location and the large lots really appeal to buyers and over the years many of the small homes have been enlarged or torn down and had new homes built. This creates a mixture of old and new, large and small.

There are currently 11 homes for sale in the neighborhood. The least expensive is 2039 square feet, built in 1995 on a very small lot (unusual for the area). It has 3 bedrooms, 2.5 baths, a 2-car garage, and is priced at $339,000. The most expensive home for sale was built in 2009. It is on nearly half an acre and has 6490 square feet with 5 bedrooms, 4 full baths and 2 half baths. There is a 3-car garage and it is priced at $1,895,000.

Also located in Uplands is the City’s Indoor Tennis Center. With our cold and wet winters, this is a real feature. There are 4 indoor courts that can each be rented for $16 an hour. The center has a wide variety of competitive and social events that include a City Tennis League, USTA League, group mixers, Tiny Tot Tennis, and more.

This neighborhood, while it feels like it is isolated, is actually very close to pretty much any part of town you want to go to. From Uplands you are just minutes to both downtown Lake Oswego and to Lake Grove. It has quick access to Hwy 217 and I 5. It also is pretty close to the lake and many of the homes have boating easements.

So when looking for a home in Lake Oswego, be sure to consider the Uplands neighborhood. And please let Linda or I know if you would like more information.

Dianne

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Market Activity ~ Feb 28 – March 6, 2011

Last Week Lake Oswego saw 17 New properties enter the market, 16 move to Pending status, and 8 Closed sales.

See below for further details according to RMLS:

NEWLY LISTED (Feb 28-March 6, 2011)

Address List Price # Beds # Baths Prop Type Total SF
4 TOUCHSTONE # 79 $127,000 2 2 CONDO 984
5225 JEAN RD $155,000 2 2 CONDO 1100
4454 THUNDER VISTA LN $170,000 3 2.1 ATTACHD 2060
19211 MARLIN CT $258,500 2 3 DETACHD 2091
17635 DEEMAR WAY $259,900 3 2 DETACHD 1488
19200 MAREE CT $315,000 3 2 DETACHD 1563
510 5TH ST $399,000 2 2.1 ATTACHD 1524
1970 GREENTREE RD $399,900 4 3 DETACHD 2428
1416 CHERRY CREST DR $439,900 4 3 DETACHD 2792
1837 CEDAR CT $499,900 5 3 DETACHD 2840
5124 ROSEWOOD ST $519,900 5 3.1 DETACHD 3510
17704 TREETOP LN $639,000 5 3.1 DETACHD 3843
18034 WESTVIEW DR $647,950 4 2.1 DETACHD 3619
19 JUAREZ ST $660,000 3 2.1 DETACHD 3584
45 AQUINAS ST $775,000 3 2.1 DETACHD 2981
17554 Greenbluff DR $1,195,000 4 4.2 DETACHD 5042
1626 ENGLEWOOD DR $1,499,000 3 2.2 DETACHD 5690

PENDING SALES (Feb 28- March 6, 2011)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR $74,900 2 1 908 CONDO 5
86 KINGSGATE RD a-203 $84,900 2 2 849 CONDO 54
48 EAGLE CREST DR 4e $128,000 2 2 1489 CONDO 723
3952 CARMAN DR $149,800 2 2.1 1146 ATTACHD 225
12511 SW BOONES FERRY RD $159,000 3 2 1625 DETACHD 187
19431 TUALAMERE AVE $219,900 3 1.1 1200 DETACHD 249
4342 WOODSIDE CIR $285,000 3 2 1643 ATTACHD 2
928 LAKE FRONT RD $285,000 4 3 2300 DETACHD 110
18591 WAXWING WAY $324,999 3 2.1 2145 DETACHD 303
2705 ORCHARD HILL LN $410,000 3 2.1 2841 DETACHD 408
6 MORNINGVIEW LN $549,000 4 3 3998 DETACHD 262
1088 WESTWARD HO RD $648,000 2 2 1837 DETACHD 177
3056 WEMBLEY PARK RD $695,000 4 2.1 2611 DETACHD 120
444 RIDGEWAY RD $850,000 3 2 2099 DETACHD 541
587 2ND ST 403 $899,000 2 2.1 2360 CONDO 396
585 2ND ST 404 $949,000 2 2.1 2147 CONDO 396

SOLD (Feb 28-March 6, 2011)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD 202 $264,000 $111,500 2 2 1314 CONDO 1205
5051 FOOTHILLS DR E $208,000 $189,130 2 2 991 CONDO 23
5973 KENNYCROFT WAY $329,500 $282,950 3 1.1 1202 DETACHD 254
386 LIVINGOOD LN $300,000 $300,000 4 3 2480 DETACHD 563
662 CLARA CT $399,900 $325,000 3 3 2740 DETACHD 384
521 2ND ST 104 $489,600 $399,000 2 2 1339 CONDO 742
1060 UPPER DEVON LN $524,000 $475,000 3 2.1 2400 DETACHD 464
19415 SW DOGWOOD CT $529,900 $489,900 5 3 3517 DETACHD 381

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 ~ Sunday, March 6th, 2011

There are 31 homes being held Open this Sunday in Lake Oswego according to RMLS

Enjoy!

Address L/Price # Beds # Baths Total SF Prop Type Time
3 SAINT HELENS CIR $257,250 2 2 1472 DETACHD 1-3PM
8 CONDOLEA DR $259,900 2 2 1312 CONDO 1-3PM
17401 HILL WAY $264,900 3 2 1597 DETACHD 1-3PM
2061 BONNIEBRAE DR $275,000 3 2.1 1687 TWNHSE 1-3PM
4342 WOODSIDE CIR $285,000 3 2 1643 DETACHD 1-3PM
446 5TH ST $285,000 2 1.1 1092 TWNHSE 11AM-1PM
19250 MAREE CT $299,000 3 2.1 1519 DETACHD 1-3PM
1830 CLOVERLEAF RD $373,000 5 2 1795 DETACHD 2-4PM
4500 GALEWOOD ST $420,000 3 3 2408 DETACHD 1-4PM
775 BOCA RATAN DR $424,990 4 3.1 2727 DETACHD 1-3PM
1416 CHERRY CREST DR $439,900 4 3 2792 DETACHD 1-4PM
785 5TH ST $445,000 3 2 2112 DETACHD 1-4PM
19487 SW DOGWOOD CT $469,900 4 3 3105 DETACHD 10AM-4PM
19443 KOKANEE CT $475,000 4 2.1 2807 DETACHD 12-5PM
1119 OAK ST $499,500 4 2.1 2123 DETACHD 2-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 10AM-4PM
19285 MEGLY CT $539,900 5 3 3275 DETACHD 10AM-4PM
19263 MEGLY CT $544,900 5 3 3213 DETACHD 10AM-4PM
17981 MEADOWLARK LN $558,377 3 2.1 3250 DETACHD 11AM-4PM
19200 MEGLY CT $569,900 6 3 3490 DETACHD 1-AM-4PM
1217 TYNDALL CT $599,000 4 4 5181 DETACHD 2-4PM
17997 Braeden CT $644,859 3 2.1 2984 DETACHD 1-3PM
5511 FIELDSTONE CT $658,950 4 2.1 3037 DETACHD 2:30-4:30PM
5533 FIELDSTONE CT $668,950 4 2.1 3115 DETACHD 2:30-4:30PM
1015 SOUTHSHORE BLVD $695,000 4 3 3522 DETACHD 12-2PM
15622 FIELDSTONE DR $698,950 3 2.1 3113 DETACHD 2:30-4:30PM
5320 SOUTHWOOD DR $728,000 4 3 3646 DETACHD 12:30-2:30PM
18955 BRYANT RD $749,900 4 2.1 3660 DETACHD 1-3PM
721 7TH ST $929,000 4 3.1 4228 DETACHD 1-4PM
17010 Chapin WAY $1,049,900 4 3.1 4032 DETACHD 2-4PM
18209 SIENA DR $1,058,000 5 3.1 3839 DETACHD 12-2PM
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Showing Tips

So you’ve put your house on the market and are planning to jump on the spring bandwagon and take advantage of the thawing market. Let’s talk about how best to show your home & what your options are.

You’ll be talking with your agent about the listing’s “Showing Instructions”. You have several options including “Call 1st”, “Call Agent”, “Call Owner” and “Appointment Only” among others. My recommendation to my clients is to veer toward the “Call 1st” option if at all possible. My reason for this is that you want to remove as many barriers as possible to getting a potential Buyer into your home. While there is often very reasonable rationale for choosing others of those options, the one that makes it easiest for your potential Buyer is “Call 1st”. This Showing Instruction lets the Buyer’s agent know that he or she may call your number, and if no one answers, leave a message with the approximate time of the desired showing and the request for a call back that if that time will NOT work for you. This makes it very easy for the Buyer’s agent and the Buyer…. and that’s what you want! It also gives you the opportunity to say “No… 2PM this afternoon would work better for me.”

Now let’s talk about how you leave your home when you have a showing. Obviously you want your home to he “the one” for the Buyers looking it over. I know you’ve heard all the admonitions before about making things neutral so that Buyers can picture themselves and their “stuff” there; taking down family photos/neutral wall colors/cleared counter-tops etc. I also want you to consider those things that are probably invisible to you as a homeowner… Pretend you have never been in your home before, and walk in the front door. Is the entry open with a clear view to the rest of the home? Is the porch littered with shoes or other “normal” things like miscellaneous gardening objects (trowels, gloves…), dead potted plants, etc? Are your toothbrushes in cups on the counter for visitors to admire? Dentures in a glass? Are your medications out on the counter in the bathroom or your vitamins out on the kitchen counter?? Is there a stinky kitchen sponge decorating your sink? Are those pesky box beetles trying valiantly to get in under your back door & warm up a little? (PLEASE call Orkin…) How about your mud room… is it muddy? If so… transform it into a showplace for cleanliness w/ hooks for clothing & bench-seats for cleaning up…. but leave the mud for peoples’ imaginations. The whole thing is about creating ambiance. I’ll say it: “The way you live in a house is not the way you ‘sell” a house.” Just do a little “I’ve never been here before” exploring around your home… it will probably amaze you!

How to make it all easier?
There are professional organizers who can come in and help you with streamlining your home. I’ve used this method with clients, especially busy ones. It lifts a huge weight off a Seller’s shoulders during the process of sorting and deciding what is staying and what is going into storage during the sale period or to Goodwill.

Once that phase of preparation is complete, I suggest hiring a professional cleaning company to come in and do a once-over on your home. It is more of what we discussed above; things you don’t tend to notice as you live in the house. After this, attempt to keep things the way they are… hopefully streamlined and clean. Then just keep a bottle of window cleaner handy and go through the house lightly touching all the sinks’ hardware so it shines before you leave. Once the initial work is done in preparing your home for sale, maintenance is key, and not as hard as you think.

My main message here? You’ve heard all of the obvious advice on staging, colors etc. Remember to look at the little things. They make a big difference!

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Market Activity for Feb 21-27, 2011

Last Week Lake Oswego saw 11 New properties enter the market, 13 move to Pending status, and 6 Closed sales.

See below for further details according to RMLS:

NEWLY LISTED (Feb 21-27, 2011)

Address Type Price Sq FT BR Baths
47 Eagle Crest Dr #41 Condo $69,900 932 2 1
100 Leonard St #3 Condo $249,000 1364 2 2
3 Saint Helens Circle Detached $257,250 1472 2 2
6243 Dawn Ave Detached $294,000 1254 3 1.5
18220 Bickel Ct Detached $419,000 2600 4 2.5
2375 Dellwood Dr Detached $487,500 3317 4 3
1210 Wells St Detached $525,000 4494 6 3.5
2310 Stonehurst Ct Detached $559,000 3365 4 2.5
4036 Melissa Dr Detached $579,900 3204 4 3.5
4081 Pfeifer Ct Detached $709,000 4070 5 3.5
14100 Goodall Rd Detached $854,950 2513 4 2.5

PENDING SALES (Feb 21-27, 2011)

Address Type Price Sq Ft BR Baths CDOM
18021 Tualata Ave Detached Auction 1410 3 1 721
33 Crestfield Ct #33 Condo $49,500 689 1 1 404
668 McVey Ave #12 Condo $129,360 992 3 1.5 0
4 Touchstone #136 Condo $159,900 1351 3 2.5 822
6319 Washington Ct Detached $219,900 1274 3 1.5 98
575 Hemlock St Detached $289,000 1175 3 2 20
14418 Orchard Springs Rd Detached $358,900 1710 3 2.5 13
16909 Crestview Dr Detached $425,000 2553 4 3 414
13595 Knaus Rd Detached $489,000 3339 4 3 226
17560 Westview Dr Detached $519,000 2561 3 2.5 196
547 2nd St #202 Condo $535,000 1529 2 2 388
13991 Chelsea Dr Detached $544,500 3354 3 2.5 294
6435 McDuff Ct Detached $759,950 3206 4 3.5 23

SOLD (Feb 21-27, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
243 Cervantes Circle $139,900 $95,500 Condo 1292 319
240 4th St $289,000 $258,000 Detached 1080 49
14138 Knaus Rd $275,000 $269,565 Detached 2001 106
1900 Greentree Rd $449,000 $315,000 Detached 3032 111
1579 Bay View Ln $639,000 $565,000 Detached 4865 33
610 Cabana Ln $895,000 $800,000 Detached 1729 171

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 for Feb. 26, 2011

It’s going to be a great day tomorrow to go and see some open houses. RMLS is showing that 29 homes will be held open on February 26th. Enjoy.

Address Price BR Baths Open
5061 Foothills Dr G $180,000 2 2 1 to 3
5055 Foothills Dr C $239,000 2 2 1 to 4
53 Oriole Ln $269,000 3 2.5 1 to 3
12847 SW 61st Ave $272,000 3 2 1 to 4
4382 Woodside Circle $275,000 2 2 2 to 4
15245 Boones Way $289,900 3 2.5 1:30 to 3:30
18715 Boones Indian Creek Dr $353,800 3 2 1 to 3
1830 Cloverleaf Rd $373,000 5 2 1:30 to 3:30
18978 Indian Springs Circle $375,000 3 2 1 to 3
19 Grouse Terrace $419,900 3 2.5 1 to 4
775 Boca Ratan Dr $424,990 4 3.5 12:30 to 2:30
19443 Koknee Ct $475,000 4 2.5 12 to 4
12 Scarborough Dr $479,900 4 2.5 12 to 4
17790 Westview Dr $495,000 4 3 2 to 4
3899 Daniel Way $550,000 4 2.5 1 to 4
17981 Meadowlark Ln $558,377 3 2.5 11 to 4
9 Abelard St $599,000 5 3.5 1 to 4
1217 Tyndall Ct $599,000 4 4 2 to 4
1930 Indian Trail $669,000 3 3 2 to 4
17884 Kelok Rd $695,000 5 3.5 2 to 4
17896 Kelok Rd $695,000 6 5.5 2 to 4
4081 Pfeifer Ct $709,000 5 3.5 1 to 3
649 9th St $739,900 3 2.5 1 to 3
533 Weidman Ct $879,000 4 3.5 2 to 4
100 Garibaldi St $899,000 5 3.5+.5 1 to 3
18209 Siena Dr $1,058,000 5 3.5 1 to 3
18222 Siena Dr $1,189,000 4 3.5 1 to 3
1104 Forest Meadows Way $1,495,000 4 3.5 2 to 4
2572 Glen Eagles Pl $1,895,000 5 4.5+.5 1 to 3
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Affordable Homes

Lake Oswego has a reputation for being a community of expensive, luxury homes. And, yes, those homes are abundant in Lake Oswego. But for the buyer looking for an affordable home, Lake Oswego should still be a consideration.

The RMLS has recently begun tracking affordability. What they are comparing is the median income of the metro area (currently $71,200) to the median sales price of the metro area (currently $215,000) and determining the percentage of the median income to make the house payment on the median house. In other words, if a buyer making the median income goes to qualify for a loan, he or she makes enough money to qualify for a house payment that is currently 166% of what the house payment would be if they purchased a home at the current median price. An index of 166 means that current median income can easily support the current median home price. Before the market turned, that purchasing percentage was just 88% (June of 2007). It’s pretty clear that our housing market in 2007 was extremely unaffordable for the average buyer. Today, it is much more affordable.

Affordablity Affordability
Index Index
Dec. 2010 166 Mar. 2007 95
Sept. 2010 155 Dec. 2006 105
June. 2010 148 Sept. 2006 101
Mar. 2010 145 June. 2006 97
Dec. 2009 141 Mar. 2006 107
Sept. 2009 140 Dec. 2005 113
June. 2009 30 Sept. 2005 121
Mar. 2009 138 June. 2005 129
Dec. 2008 125 Mar. 2005 133
Sept. 2008 109 Dec. 2004 144
June. 2008 98 Sept. 2004 149
Mar. 2008 103 June. 2004 140
Dec. 2007 99 Mar. 2004 162
Sept. 2007 94 Dec. 2003 152
June. 2007 88 Sept. 2003 149

How does Lake Oswego fit into this, with it’s million dollar mansions? Actually, pretty well. There are currently 71 properties for sale in Lake Oswego that are priced at $215,000 or less. The bulk of those are condominiums, but it is very possible to buy into Lake Oswego within the median household pricing.

Since beginning this blog I have on ocassion compared affordable housing in Lake Oswego to affordable housing in Sellwood, a popular neighborhood in Southeast Portland where I once lived. I have done this because the average consumer assumes Southeast Portland is affordable, just as they assume that Lake Oswego is not. The cost threshold I have used is $350,000. So, by my definition affordable is a home that costs $350,000 or less. I have not included condominiums or attached homes. Today in Lake Oswego there are 74 houses for sale priced at $350,000 or less. Sellwood has just 20.

The least expensive detached house currently for sale in Lake Oswego is priced at $159,000. It is a bank foreclosure. With 3 bedrooms, 2 baths, and a single car garage, it has 1625 square feet.

The least expensive detached house currently for sale in Sellwood is priced at $145,000. It is offered as a short sale. It has 2 bedrooms, 1 bathroom, no garage. It has 1078 square feet, 340 of which are in an unfinished basement.

Have a great week. If you’re in the local area, stay warm and enjoy the snow.
Dianne