Last week brought 16 new listings, 14 pending sales, and 12 closed sales. I think what I find most interesting is the CDOM (cumulative days on the market). It does seem that things are selling either really fast or really slowly. Correct pricing is what makes the difference! And notice the house on Polonius: it not only sold in 8 days, but for $15,000 over the asking price. Yes, this may have reflected built in costs for closing costs or some other concession, but it is still a rare event in this economy. And it does mean that the seller had an eager buyer who was not haggling the price down.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 14—20, 2010)
| Address | List Price | Total Br | Total BTHS | SQ FT | Prop Type | ||
| 222 RIDGEWAY RD | $125,000 | 1 | 1 | 756 | CONDO | ||
| 139 TOUCHSTONE CT | $279,900 | 2 | 2 + .5 | 1,846 | ATTACHD | ||
| 4321 WOODSIDE CIR | $289,000 | 3 | 2 | 1,532 | ATTACHD | ||
| 17683 ARBOR LN | $339,900 | 3 | 2 | 1,946 | DETACHD | ||
| 1117 HEMLOCK ST | $349,900 | 3 | 2 | 1,680 | DETACHD | ||
| 18651 DON LEE WAY | $384,900 | 4 | 2 | 1,630 | DETACHD | ||
| 15012 TWIN FIR RD | $399,000 | 5 | 2 | 3,532 | DETACHD | ||
| 15008 TWIN FIR RD | $399,000 | 5 | 2 | 3,372 | DETACHD | ||
| 524 2ND ST | 439000 | 2 | 2 + .5 | 1,547 | CONDO | ||
| 17681 LEAFY LN | 449000 | 4 | 3 | 2,242 | DETACHD | ||
| 10 HILLSHIRE DR | 549900 | 4 | 3 | 3,152 | DETACHD | ||
| 6 MORNINGVIEW LN | 659000 | 4 | 3 | 3,998 | DETACHD | ||
| 116 3RD ST | 675000 | 2 | 1 | 915 | DETACHD | ||
| 649 9TH ST | 819000 | 3 | 2 + .5 | 2,852 | DETACHD | ||
| 1250 SUNNINGDALE RD | 825000 | 5 | 3 + .5 | 4,073 | DETACHD | ||
| 245 CHANDLER PL | 949850 | 4 | 2 + .5 + .5 | 3,733 | DETACHD |
PENDING SALES (June 14-20, 2010)
| Address | List Price | Total BR | Total BTHS | SQ FT | Prop Type | CDOM | ||
| 5225 JEAN RD | $155,000 | 2 | 2 | 1,400 | CONDO | 28 | ||
| 4224 HAVEN ST | $269,900 | 4 | 2 | 2,752 | DETACHD | 39 | ||
| 3388 EDGEMONT RD | $279,900 | 3 | 2 + .5 | 1,968 | DETACHD | 283 | ||
| 17518 REDFERN AVE | $355,000 | 3 | 2 | 1,831 | DETACHD | 715 | ||
| 540 2ND ST | $410,000 | 2 | 2 + .5 | 1,520 | CONDO | 870 | ||
| 17845 SARAH HILL LN | $417,000 | 4 | 2 + .5 | 2,970 | DETACHD | 9 | ||
| 53 D AVE | $435,000 | 3 | 3 | 2,211 | DETACHD | 518 | ||
| 17387 CANYON DR | $479,000 | 3 | 2 + .5 | 1,955 | DETACHD | 11 | ||
| 4089 MELISSA DR | 524900 | 4 | 2 + .5 | 2,710 | DETACHD | 9 | ||
| 5678 CHARLES CIR | 525000 | 3 | 4 | 3,455 | DETACHD | 495 | ||
| 18282 ANDUIN TER | 625000 | 4 | 2 + .5 | 3,765 | DETACHD | 1 | ||
| 14370 PFEIFER DR | 669000 | 4 | 2 + .5 | 3,318 | DETACHD | 12 | ||
| 11 HILLSHIRE DR | 825000 | 4 | 2 + .5 | 3,415 | DETACHD | 33 | ||
| 18735 BRYANT RD | 909900 | 5 | 3 + .5 | 5,323 | DETACHD | 149 |
SOLD (June 14-20, 2010)
| Address | Original Price | Close Price | Prop Type | SQ FT | CDOM | ||
| 109 OSWEGO SMT | $144,900 | $141,900 | CONDO | 1212 | 47 | ||
| 12846 SW BOONES FERRY RD | $225,000 | $199,000 | CONDO | 1136 | 532 | ||
| 3485 DEVONSHIRE DR | $264,900 | $250,000 | ATTACHD | 1556 | 16 | ||
| 12 POLONIUS ST | $246,600 | $261,000 | DETACHD | 3275 | 8 | ||
| 136 TOUCHSTONE TER | $350,000 | $267,500 | DETACHD | 1996 | 243 | ||
| 15148 QUARRY RD | $279,000 | $279,000 | DETACHD | 1618 | 11 | ||
| 3056 WEMBLEY PARK RD | $339,000 | $285,000 | DETACHD | 2600 | 36 | ||
| 31 DA VINCI ST | $399,900 | $352,000 | DETACHD | 2232 | 249 | ||
| 1545 CLOVERLEAF RD | 579950 | $535,000 | DETACHD | 2723 | 59 | ||
| 13090 KNAUS RD | 995000 | $600,000 | DETACHD | 5578 | 357 | ||
| 5218 WESTFIELD CT | $699,500 | $607,000 | DETACHD | 3125 | 284 | ||
| 13081 KNAUS RD | 1795000 | $1,400,000 | DETACHD | 3269 | 58 |
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.
Analyzing Market Trends
I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?” In my circle of friends, homeownership is the norm. And in today’s economy, everyone is hoping that their home is holding it’s value. For my clients, they are wanting me to give them insight into the buying/selling climate. So staying on top of trends is pretty critical. Today I am going to break down the Lake Oswego market and give you some specifics.
First, some good news: Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of ’09 to May of ’10. Values are down in Lake Oswego, year over year, 7.8%. The only part of the metro area that did better was North Portland with a loss of 6.3%. The worst faring area was Yamhill County, which is down 13%. Wow, did I really just call that good news? We are down 7.8%! Perhaps the better way to see it is that this is less bad news than it could have been.
The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500. The total days on the market is averaging 153 days.
I think it is important to do this analysis by price range. Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices. Here is a breakdown by price:
| Price | Currently for Sale | Sold in Last 6 Months | # Per Month | Length of Inventory | ||||
| $1,000,000 + | 105 | 15 | 3 | 42 months | ||||
| $900,000-$1,000,000 | 19 | 4 | 1 | 28 months | ||||
| $800,000-$900,000 | 50 | 6 | 1 | 50 months | ||||
| $700,000-$800,000 | 42 | 12 | 2 | 21 months | ||||
| $600,000-$700,000 | 53 | 21 | 4 | 15 months | ||||
| $500,000-$600,000 | 74 | 35 | 6 | 12 months | ||||
| $400,000-$500,000 | 79 | 43 | 7 | 11 months | ||||
| $300,000-$400,000 | 60 | 60 | 10 | 6 months | ||||
| $200,000-$300,000 | 29 | 36 | 6 | 4 months | ||||
| $100,000-$200,000 | 3 | 2 | 0 | 9 months | ||||
At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.
I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.
And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.
Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.
As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.
I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.
Yours, Dianne
Market Activity Report ~ June 7 – 13, 2010
There were a whopping 22 New properties entering the market, 14 going to Pending status, and 16 Sold during last week’s Monday – Sunday period according to RMLS.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 7—13, 2010)
| Address | List Price | Prop Type | # Beds | # Baths | Total SF | List Date |
| 6447 MCEWAN RD | $209,900 | DETACHD | 2 | 1 | 912 | 6/7/2010 |
| 65 GREENRIDGE CT | $319,000 | CONDO | 2 | 2 | 1314 | 6/10/2010 |
| 17845 SARAH HILL LN | $417,000 | DETACHD | 4 | 2.1 | 2970 | 6/9/2010 |
| 1646 DEVON LN | $424,500 | DETACHD | 4 | 2.1 | 2130 | 6/11/2010 |
| 95 TANGLEWOOD DR | $429,900 | DETACHD | 4 | 3 | 2285 | 6/10/2010 |
| 17778 MARYLCREEK DR | $459,900 | DETACHD | 3 | 2.1 | 2741 | 6/11/2010 |
| 1899 WOODLAND TER | $500,000 | DETACHD | 5 | 3.1 | 3031 | 6/10/2010 |
| 19319 SW DOGWOOD CT | $519,900 | DETACHD | 5 | 2.1 | 3105 | 6/8/2010 |
| 4089 MELISSA DR | $524,900 | DETACHD | 4 | 2.1 | 2710 | 6/8/2010 |
| 1885 CREST DR | $549,000 | DETACHD | 4 | 2 | 2120 | 6/10/2010 |
| 2 MORNINGVIEW CIR | $549,000 | DETACHD | 3 | 2.1 | 2954 | 6/9/2010 |
| 5758 CHARLES CIR | $549,900 | DETACHD | 3 | 2 | 2371 | 6/10/2010 |
| 10 SCARBOROUGH DR | $575,000 | DETACHD | 4 | 3 | 3537 | 6/7/2010 |
| 18263 ANDUIN TER | $625,000 | DETACHD | 4 | 3 | 3100 | 6/8/2010 |
| 2415 PARK RD | $749,900 | ATTACHD | 4 | 2.2 | 2581 | 6/13/2010 |
| 5287 LANGFORD LN | $750,000 | DETACHD | 3 | 2.1 | 2972 | 6/8/2010 |
| 658 1ST ST | $795,000 | DETACHD | 4 | 2.1 | 3359 | 6/7/2010 |
| 17884 KELOK RD | $898,500 | DETACHD | 4 | 3.1 | 4124 | 6/7/2010 |
| 3155 DOUGLAS CIR | $985,000 | DETACHD | 5 | 3.2 | 4517 | 6/9/2010 |
| 19460 EASTSIDE RD | $995,000 | DETACHD | 4 | 3.2 | 4521 | 6/10/2010 |
| 1715 EDGECLIFF TER | $1,730,000 | DETACHD | 4 | 4.1 | 4929 | 6/11/2010 |
| 3328 LAKEVIEW BLVD | $3,750,000 | DETACHD | 5 | 5.2 | 6675 | 6/7/2010 |
PENDING SALES (June 7-13, 2010)
| Address | List Price | Prop Type | # Beds | # Baths | Total SF | CDOM |
| 100 KERR PKWY | $59,900 | CONDO | 1 | 1 | 617 | 131 |
| 3433 MCNARY PKWY | $125,000 | CONDO | 2 | 2.1 | 1136 | 25 |
| 1018 HEMLOCK ST | $349,900 | DETACHD | 4 | 2 | 1950 | 8 |
| 5275 ROSEWOOD ST | $359,000 | DETACHD | 4 | 2.1 | 2096 | 36 |
| 2104 WEMBLEY PARK RD | $429,900 | DETACHD | 4 | 3 | 2052 | 102 |
| 18238 TAMAWAY DR | $479,000 | DETACHD | 5 | 3 | 5504 | 110 |
| 13 WINDSOR CT | $495,000 | DETACHD | 3 | 2 | 2212 | 19 |
| 3188 S GLENMORRIE DR | $519,750 | DETACHD | 3 | 3 | 3066 | 35 |
| 14158 KIMBERLY CIR | $530,000 | DETACHD | 5 | 3 | 3648 | 40 |
| 15422 BOONES WAY | $698,900 | ATTACHD | 4 | 2.1 | 2586 | 645 |
| 17281 LOWENBERG TER | $839,900 | DETACHD | 4 | 3.1 | 3709 | 494 |
| 1592 BAY VIEW LN | $859,000 | DETACHD | 4 | 4.1 | 4087 | 87 |
| 17281 KELOK RD | $1,195,000 | DETACHD | 3 | 3 | 2682 | 265 |
| 3114 DOUGLAS CIR | $1,350,000 | DETACHD | 4 | 4 | 55420 | 577 |
SOLD (June 7-13, 2010)
| Address | List Price | Prop Type | # Beds | Total Baths | Total SF | CDOM |
| 100 KERR PKWY | $77,500 | CONDO | 2 | 1.1 | 823 | 66 |
| 38 CERVANTES CIR | $99,900 | CONDO | 2 | 1.1 | 912 | 230 |
| 287 CERVANTES | $195,000 | CONDO | 3 | 1.1 | 1144 | 67 |
| 18420 DON LEE WAY | $210,000 | DETACHD | 3 | 1 | 924 | 25 |
| 2320 GLEN HAVEN RD | $279,900 | DETACHD | 3 | 1.1 | 1346 | 54 |
| 1559 WORTHINGTON ST | $349,900 | DETACHD | 4 | 2 | 2016 | 43 |
| 18640 TUALATA AVE | $349,900 | DETACHD | 4 | 3 | 2076 | 77 |
| 25 CHURCHILL DOWNS | $385,000 | DETACHD | 4 | 3 | 2195 | 0 |
| 827 5TH ST | $425,000 | DETACHD | 3 | 2 | 2124 | 86 |
| 1025 C AVE | $408,950 | DETACHD | 3 | 2 | 2261 | 371 |
| 1436 GREENTREE CIR | $474,000 | DETACHD | 4 | 2 | 3072 | 10 |
| 1055 COUNTRY CLUB RD | $449,000 | DETACHD | 2 | 2 | 2528 | 8 |
| 17622 BROOKHURST DR | $493,000 | DETACHD | 3 | 2.1 | 2909 | 42 |
| 561 2ND ST | $589,000 | CONDO | 2 | 2 | 1561 | 67 |
| 13278 ROGERS RD | $695,000 | DETACHD | 3 | 2.1 | 2964 | 177 |
| 2557 SOUTHSHORE BLVD | $1,690,000 | DETACHD | 3 | 3.2 | 3604 | 299 |
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.
Lake Oswego Open Houses ~ Sunday, June 13, 2010
Enjoy this gorgeous Rose Festival Weekend, and add Home Shopping to your agenda with 33 properties open for your viewing pleasure on Sunday.
Here are the Open Houses according to RMLS:
| Address | L/Price | # Beds | # Baths | Total SF | Prop Type | Time | ||
| 1684 BOCA RATAN DR | $248,900 | 3 | 2 | 1611 | TWNHSE | 1-3PM | ||
| 19167 LONGFELLOW AVE | $269,000 | 3 | 2.1 | 1782 | DETACHD | 1-6PM | ||
| 16711 MELLON AVE | $309,900 | 3 | 2 | 1346 | DETACHD | 1-3PM | ||
| 18238 TERRY AVE | $350,000 | 3 | 2.1 | 1604 | DETACHD | 12-2PM | ||
| 5160 TUALATA LN | $354,900 | 3 | 2 | 1470 | DETACHD | 1:30-4PM | ||
| 5160 TUALATA LN | $354,900 | 3 | 2 | 1470 | DETACHD | 1:30-4PM | ||
| 5324 LOWER DR | $370,000 | 3 | 2.1 | 2034 | DETACHD | 12-2PM | ||
| 19026 INDIAN SPRINGS RD | $385,000 | 5 | 3 | 2471 | DETACHD | 10AM-2PM | ||
| 5827 BONITA RD | $399,900 | 3 | 2 | 1771 | DETACHD | 2-4PM | ||
| 5364 ROSEWOOD ST | $401,500 | 4 | 2.1 | 1980 | DETACHD | 1-3PM | ||
| 17460 SCHALIT WAY | $418,900 | 4 | 3 | 2197 | DETACHD | 1-4PM | ||
| 2697 LOOKOUT CT | $429,000 | 3 | 2 | 2219 | DETACHD | 10-11:30AM | ||
| 662 CLARA CT | $429,900 | 3 | 3 | 2740 | DETACHD | 4-6PM | ||
| 1462 GREENTREE CIR | $435,000 | 4 | 2.1 | 2507 | DETACHD | 1-4PM | ||
| 1970 GREENTREE RD | $450,000 | 4 | 3 | 2428 | DETACHD | 1-4PM | ||
| 2705 ORCHARD HILL LN | $469,900 | 4 | 2.1 | 2841 | DETACHD | 1-4PM | ||
| 17640 TREETOP WAY | $498,900 | 4 | 3 | 2718 | DETACHD | 2:30-4PM | ||
| 5008 HAMPTON CT | $529,000 | 3 | 2.1 | 2346 | DETACHD | 12-2PM | ||
| 19415 SW DOGWOOD CT | $539,900 | 5 | 3 | 3517 | DETACHD | 12-5PM | ||
| 19451 SW DOGWOOD CT | $559,900 | 6 | 3 | 3547 | DETACHD | 12-5PM | ||
| 33 MORNINGVIEW CIR | $574,900 | 3 | 2.1 | 2737 | DETACHD | 2-4PM | ||
| 4070 VIRGINIA WAY | $725,000 | 3 | 2.1 | 3510 | DETACHD | 1-3PM | ||
| 5 CELLINI CT | $735,000 | 5 | 3.1 | 4895 | DETACHD | 1-3PM | ||
| 1930 INDIAN TRL | $829,500 | 3 | 3 | 3260 | DETACHD | 1-3PM | ||
| 3030 WESTVIEW CT | $844,500 | 4 | 2.1 | 3415 | DETACHD | 11-1PM | ||
| 18209 SIENA DR | $1,178,950 | 5 | 3.1 | 3839 | DETACHD | 12-2PM | ||
| 18143 SIENA DR | $1,197,000 | 5 | 4.1 | 4152 | DETACHD | 21-2PM | ||
| 1808 RIDGE POINTE DR | $1,269,000 | 5 | 4.1 | 4155 | DETACHD | 21-2PM | ||
| 2569 GLEN EAGLES PL | $1,349,000 | 5 | 4.2 | 4591 | DETACHD | 1-4PM | ||
| 4700 SW DOGWOOD DR | $1,499,900 | 5 | 3.1 | 5401 | DETACHD | 2:30-4PM | ||
| 1790 Skyland DR | $1,599,000 | 5 | 4.1 | 6033 | DETACHD | 1-3PM | ||
| 14242 BRIDGE CT | $1,999,950 | 5 | 4.2 | 6139 | DETACHD | 2-4PM | ||
| 2572 GLEN EAGLES PL | $2,285,000 | 5 | 4.2 | 6490 | DETACHD | 1-3PM |
News & Notes ~ All About Loans ~ (well.. maybe not ALL : )
- How Long Will It Take to Close? This is an important question and factor in structuring your Offer and making plans around the Purchase of a new residence. You are lining up dominoes, and you want to know! Well, if you are selling your home to purchase the new one, then you are timing your own Sale’s closing date with the move-in/close of your Purchase. It used to be fairly standard to achieve a closing in around 30 days. What you need to know is that when you write this into the Offer, it becomes a “Time Is Of The Essence” feature of your contract (An accepted Offer is a contract… and that’s a legal term for: “You must meet this date.”). That means you need to be pretty sure you are going to be able to meet that time line, as it is contractual.The lender requires time to gather information, order & analyze your appraisal, successfully navigate underwriting, and draw up your documents. Are closing dates often extended? Yes. Does the Seller have to agree to extend you additional time beyond the “on or before” closing date set in your Offer? No. Now, most parties want the transaction to go forward, and so often agreement to do this is reached, but it is very important for you to know that your Earnest Money is in play… and should, let’s say, the Seller have another Buyer who has approached them during your transaction and, perhaps said “Hey, it’s too bad you sold your house to those Buyers because I really want it and I’d give you more money for it!” Hmmm… Would there be incentive for the Seller to perhaps be awarded your Earnest Money because you failed to “perform” per the stipulations of the contract? I’ll leave that for you to answer. Just remember- With the new RESPA guidelines that lenders must follow, there is potentially more time that needs to be built into the process, so instead of 30 days, it is prudent to allow around 45 days.
- Rates: They are under 5% now for a 30-year fixed. We all know prices are down… Good combination eh? – More Detail: “Recent Employment data which fell short of Wall Street forecasts and uncertainty about the pace of the economic recovery caused investors to shift to relatively safer assets, including government insured mortgage-backed securities. This plus economic data indicating extremely low inflation resulted in declining mortgage rates over the last few weeks.” (Thanks to Pat Goodell from Academy Mortgage for this update.)
- USDA Loans: Though these are back in the running now with funds having been declared available for Rural Home Loans, most investors haven’t given the “go ahead” to lenders to begin issuing commitments and closing those loans yet. We are told the details should be worked out shortly though, so get ready for this 100% financing option to re-enter the scene!
- Do you know how many people are involved in a real estate transaction (minimum)? The answer is 13+ . Here’s the Breakdown (thanks to Naida Paris of Valley Mortgage for this!): Listing Agent, Selling Agent, Seller (s), Buyer (s), Loan Officer, Loan Processor, Underwriter, Document Drawer/Funder, Escrow Officer, Title Officer, Inspector (s), Insurance Agent, and Appraiser.
- FHA is going to be dropping the amount a Seller can pay toward a Buyer’s closing costs, but the outlook for that to take effect is 2011. So, for now you can still take advantage of the current rule which is that a Seller can contribute 6% toward a Buyer’s closing costs. You’ll want to talk w/your Realtor & Lender about how much the closing costs will come to prior to writing this into the offer, however.
Market Activity for May 31 to June 6, 2010
Last week found 16 new listings, 13 pending sales, and 7 closed sales. I would have to say that it was a bit of a celebration week for many of the sellers who closed transactions. This group of homes included quite a few that had been on the market for an extremely long time. It is good that they were sold, finally. And the closed selling prices were certainly reflective of the new reality with values. I feel that is further reflected in the pricing with the new listings, many of which look to be really good values.
Here is last week’s report: (see below the tables for additional notes):
NEWLY LISTED (May 32-June 6, 2010)
| Address | List Price | Year Built | Total SF | Prop Type | BR & BTH | |||
| 37 CRESTFIELD CT | $94,900 | 1980 | 923 | CONDO | 2 & 1 | |||
| 200 BURNHAM RD | $219,000 | 1966 | 1,173 | CONDO | 2 & 2 | |||
| 74 GREENRIDGE CT | $289,900 | 1973 | 2,868 | ATTACHD | 3 & 2.5 | |||
| 37 BLOCH TER | $314,500 | 1972 | 1,972 | ATTACHD | 3 & 2.5 | |||
| 19431 TUALAMERE AVE | $334,000 | 1964 | 1,308 | DETACHD | 3 & 1.5 | |||
| 16725 CARNEGIE AVE | $335,000 | 1968 | 2,134 | DETACHD | 3 & 2 | |||
| 1018 HEMLOCK ST | $349,900 | 1965 | 1,950 | DETACHD | 4 & 2 | |||
| 1621 LARCH ST | $399,900 | 1971 | 3,040 | DETACHD | 3 & 2.5 | |||
| 17387 CANYON DR | 479000 | 1966 | 1,955 | DETACHD | 3 & 2.5 | |||
| 1740 YARMOUTH CIR | 550000 | 1985 | 1,960 | DETACHD | 2 & 2.5 | |||
| 4 INDEPENDENCE AVE | 564900 | 1969 | 3,482 | DETACHD | 4 & 3.5 | |||
| 13596 STREAMSIDE DR | 649999 | 1989 | 3,430 | DETACHD | 3 & 2.5 | |||
| 712 LAKE FOREST DR | 665000 | 1949 | 1,640 | DETACHD | 2 & 2 | |||
| 15725 TARA PL | 665000 | 2006 | 3,372 | DETACHD | 4 & 2.5 | |||
| 14370 PFEIFER DR | 669000 | 1993 | 3,318 | DETACHD | 3 & 2.5 | |||
| 144 LEONARD ST | 799000 | 2004 | 3,451 | DETACHD | 3 & 1.5+.5 |
PENDING SALES (May 31-June 6, 2010)
| Address | List Price | Year Built | Total SF | Prop Type | BR & BTH | |||
| 34 CONDOLEA DR | $219,000 | 1978 | 1,420 | CONDO | 2 & 2 | |||
| 12 POLONIUS ST | $246,600 | 1971 | 3,275 | DETACHD | 4 & 2.5 | |||
| 4236 HARVEY WAY | $359,000 | 1979 | 1,870 | DETACHD | 3 & 2.5 | |||
| 15580 PARTRIDGE DR | $360,000 | 1989 | 2,245 | DETACHD | 3 & 2.5 | |||
| 2031 LILLI LN | $499,000 | 1968 | 3,262 | DETACHD | 3 & 3.5 | |||
| 17471 CARDINAL DR | $545,000 | 1973 | 3,056 | DETACHD | 4 & 2.5 | |||
| 13460 SNOWBERRY CT | $564,000 | 1989 | 3,327 | DETACHD | 3 & 2.5 | |||
| 731 F AVE | $699,900 | 1998 | 2,668 | DETACHD | 4 & 2.5 | |||
| 331 CHANDLER PL | 810000 | 1962 | 2,428 | DETACHD | 4 & 2.5 | |||
| 1580 BONNIEBRAE DR | 849000 | 1972 | 3,800 | DETACHD | 4 & 3 | |||
| 3820 SOUTHSHORE BLVD | 925000 | 2008 | 4,855 | DETACHD | 5 & 4 | |||
| 3140 DOUGLAS CIR | 950000 | 2004 | 4,310 | DETACHD | 4& 3.5 | |||
| 1340 CHERRY LN | 1348888 | 2007 | 5,922 | DETACHD | 4 &4.5+.5 |
SOLD (May 31-June 6, 2010)
| Address | Closed Price | Original Price | Year Built | Total SF | Prop Type | CDOM | ||
| 775 BOCA RATAN DR | $155,000 | $204,750 | 1975 | 2,401 | DETACHD | 249 | ||
| 200 BURNHAM RD | $168,000 | $298,850 | 1962 | 1,328 | CONDO | 942 | ||
| 1597 BONNIEBRAE DR | $180,000 | $230,000 | 1969 | 998 | ATTACHD | 261 | ||
| 1640 WORTHINGTON ST | $338,900 | $515,000 | 1961 | 2,394 | DETACHD | 473 | ||
| 3075 ROYCE WAY | $392,000 | $699,850 | 1975 | 3,667 | DETACHD | 577 | ||
| 2109 WEMBLEY PARK RD | $640,000 | $649,900 | 1955 | 3,129 | DETACHD | 2 | ||
| 17540 RIDGEVIEW LN | $1,025,000 | $1,350,000 | 2006 | 4,345 | DETACHD | 316 | ||
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.
Open Houses in LO for Sunday June 6th, 2010
There will be 27 open houses in Lake Oswego this Sunday (according to the RMLS). We are actually getting a break in the rain this weekend, so it should be a nice afternoon for touring the town and seeing some beautiful homes.
| Address | List Price | Year Built | BR | BTH | Prop Type | Open | ||
| 1400 BONNIEBRAE DR | $183,500 | 1969 | 2 | 1 | ATTACHD | 1 to 4 | ||
| 4490 LAKEVIEW BLVD | $325,000 | 1955 | 3 | 2 | DETACHD | 12 to 2 | ||
| 14433 HOLLY SPRINGS RD | $364,950 | 1998 | 4 | 2 + .5 | DETACHD | 1 to 3 | ||
| 4971 SUNTREE LN | $378,000 | 1988 | 3 | 2 + .5 | DETACHD | 1 to 4 | ||
| 2697 LOOKOUT CT | $429,000 | 1972 | 3 | 2 | DETACHD | 10 to 11:30 | ||
| 950 LAKE FRONT RD | $439,000 | 1975 | 3 | 2 + .5 | DETACHD | 12 to 2 | ||
| 13340 AUBURN CT | $450,000 | 2005 | 3 | 2 + .5 | ATTACHD | 2 to 4 | ||
| 5475 WILLOW CT | $474,900 | 2008 | 3 | 2 + .5 | ATTACHD | 1 to 3 | ||
| 17802 HILLSIDE WAY | 475000 | 1974 | 4 | 2 + .5 | DETACHD | 1 to 4 | ||
| 975 SOUTHSHORE BLVD | 479900 | 1990 | 3 | 2 + .5 | DETACHD | 1 to 3 | ||
| 9 WESTMINSTER DR | 519000 | 1976 | 5 | 2 + .5 | DETACHD | 1 to 3 | ||
| 5678 CHARLES CIR | 525000 | 1985 | 3 | 4 | DETACHD | 1 to 4 | ||
| 19415 SW DOGWOOD CT | 539900 | 2010 | 5 | 3 | DETACHD | 1 to 5 | ||
| 363 6TH ST | 549900 | 2009 | 2 | 3 + .5 | ATTACHD | 1 to 4 | ||
| 4 INDEPENDENCE AVE | 564900 | 1969 | 4 | 3 + .5 | DETACHD | 1 to 3 | ||
| 17769 OVERLOOK CIR | 579900 | 1966 | 5 | 3 + .5 | DETACHD | 1 to 3 | ||
| 4184 SUNSET DR | 589000 | 1965 | 6 | 3 | DETACHD | 1 to 3 | ||
| 13265 FOX RUN | 680000 | 1984 | 3 | 2 + .5 + .5 | DETACHD | 1 to 3 | ||
| 12439 SW 22ND AVE | 899900 | 2004 | 4 | 3 + .5 | DETACHD | 2 to 4 | ||
| 18222 SIENA DR | 1088000 | 2010 | 6 | 4 + .5 | DETACHD | 12 to 2 | ||
| 18020 SKYLAND CIR | 1098000 | 1972 | 4 | 3 + .5 | DETACHD | 1 to 4 | ||
| 18209 SIENA DR | 1178950 | 2009 | 5 | 3 + .5 | DETACHD | 12 to 2 | ||
| 18143 SIENA DR | 1197000 | 2009 | 5 | 4 + .5 | DETACHD | 12 to 2 | ||
| 1808 RIDGE POINTE DR | 1269000 | 2010 | 5 | 4 + .5 | DETACHD | 12 to 2 | ||
| 18246 BELLA TERRA DR | 1294000 | 2009 | 4 | 3 + .5 | DETACHD | 12 to 2 | ||
| 3118 DOUGLAS CIR | 1440000 | 2007 | 3 | 2 + .5 | DETACHD | 12:30 to 3 | ||
| 4700 SW DOGWOOD DR | 1499900 | 2005 | 5 | 3 + .5 | DETACHD | 2:20 to 4 |
Our Own University: Marylhurst
Technically, Marylhurst University is located in Marylhurst, Oregon: until a few minutes ago I had never heard of such a town! Actually, Marylhurst University is sandwiched exactly between Lake Oswego and West Linn on the banks of the Willamette River. Founded in 1893 by the Sisters of Holy Names of Jesus and Mary, it is one of the oldest liberal arts colleges in the West. Originally a school for girls, it became co-ed in 1974 and was officially incorporated as an entity separate from the Sisters of Holy Names in 1959. As a school, it has continued to grow and to gain respect. In 2003 it was ranked by US News and World Report as a “Best Value”
Today the University offers a traditional classroom curriculum as well as on-line education. Bachelor of Arts and Science degrees are offered in Art, Interior Design, Business, Communications, English and Writing, Religious Studies, Music, Real Estate, and Science. Master’s Degrees are offered in Education, Business, Sustainable Business, and Interdisciplinary Studies. So right here, in the backyard of our town, you can pursue higher education and on-going education. I see this as a real asset to our community. It makes education easier to obtain when it is nearby, and for our town, it adds many benefits.
Mary’s Woods
Along with the University, there is a retirement community known as Mary’s Woods. Offering all levels of assistance from independent living to extensive care, this retirement community is well regarded. And being attached to the University, it offers many opportunities for retired folks who want to take classes and to remain active.
The Christie School
The Christie School was founded in 1953 and is Oregon’s oldest and largest residential treatment center for emotionally disturbed children. The program serves the needs of about 80 kids at any given time. It helps children 8-18 years of age who are coping with any number of needs from depression issues to over-coming abuse. It’s roots go back to the original school, St. Mary’s Home for Girls, which was founded to house and to educate orphaned and abandoned girls.
And then there was the battle with the KKK
One of the more interesting bits of trivia surrounding Maryhurst was the landmark court case known as “Pierce v. Society of Sisters” from 1925. Back in the 1920’s the KKK was pretty strong in Oregon and had a good deal of influence in Oregon politics, including with the Governor of the State, Walter Pierce. The KKK, in concert with the Oregon Scottish Rite Masons, wanted to make public education mandatory, thereby ending access to private education. The Sisters boycotted businesses that supported the KKK and challenged the KKK in court. The 1925 case, decided unanimously by the United States Supreme Court, ruled in favor of the Sisters. The court case ruled that while states may compel attendance at some school, the parents have the constitutional right to choose between public and private schools. The ruling was a legal precedent for our country that has effected court rulings across the United States ever since.
Marylhurst is just one more reason I like living in Lake Oswego. It is a wonderful resource, on so many levels.
Yours,
Dianne
Market Activity Report ~ May 24-30, 2010
Happy June to all of our Property Blotter readers! I hope that you enjoyed your holiday weekend, and that a moment was spent in remembering those who have given so much for each of us. Many of us were out enjoying the sunshine & exploring the properties on the market with our clients. I waited till today to post this report so as to hopefully make sure that all transactions have been updated after the long weekend. Lockbox activity appears to still be high. It will be interesting to see the statistics once they’re available for this holiday period.
There were 16 New properties entering the market, 14 going to Pending status, and 12 Sold during last week’s Monday – Sunday period according to RMLS.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 24—30, 2010)
| Address | List Price | Prop Type | # Beds | Total Baths | Total SF | List Date |
| 6927 MONTAUK CIR | $139,000 | CONDO | 2 | 1 | 968 | 5/27/2010 |
| 54 CERVANTES CIR | $159,000 | CONDO | 2 | 1.1 | 912 | 5/29/2010 |
| 1400 BONNIEBRAE DR | $183,500 | ATTACHD | 2 | 1 | 864 | 5/25/2010 |
| 750 1ST ST | $185,000 | ATTACHD | 1 | 1 | 986 | 5/25/2010 |
| 12 POLONIUS ST | $246,600 | DETACHD | 4 | 2.1 | 3275 | 5/25/2010 |
| 4902 CHILDS RD | $315,000 | DETACHD | 3 | 1.1 | 1370 | 5/27/2010 |
| 4664 FIRWOOD RD | $379,900 | DETACHD | 3 | 2 | 1640 | 5/27/2010 |
| 864 6TH ST | $399,000 | DETACHD | 5 | 2.1 | 2403 | 5/24/2010 |
| 18667 PILKINGTON RD | $399,999 | DETACHD | 4 | 2.1 | 2512 | 5/25/2010 |
| 17460 SCHALIT WAY | $418,900 | DETACHD | 4 | 3 | 2197 | 5/28/2010 |
| 12 ABELARD ST | $420,000 | DETACHD | 4 | 2.5 | 2344 | 5/27/2010 |
| 4500 GALEWOOD ST | $475,000 | DETACHD | 2 | 3 | 2408 | 5/24/2010 |
| 975 SOUTHSHORE BLVD | $479,900 | DETACHD | 3 | 2.1 | 2118 | 5/24/2010 |
| 5 CELLINI CT | $735,000 | DETACHD | 5 | 3.1 | 4895 | 5/28/2010 |
| 1340 CHERRY LN | $1,348,888 | DETACHD | 4 | 4.2 | 5922 | 5/27/2010 |
| 3151 DOUGLAS CIR | $1,349,000 | DETACHD | 5 | 4.2 | 4400 | 5/28/2010 |
PENDING SALES (May 24-30, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Style | CDOM | |
| 4000 CARMAN DR | $99,900 | 2 | 2 | 836 | CONDO | 77 | |
| 4610 LAMONT WAY | $247,500 | 3 | 2 | 1750 | DETACHD | 17 | |
| 3485 DEVONSHIRE DR | $264,900 | 3 | 2.1 | 1556 | ATTACHD | 16 | |
| 18620 INDIAN CREEK DR | $379,900 | 3 | 2 | 2022 | DETACHD | 30 | |
| 12748 SW 22ND AVE | $425,000 | 4 | 2.1 | 2584 | DETACHD | 310 | |
| 1642 HIGHLAND DR | $429,000 | 4 | 3 | 2234 | DETACHD | 44 | |
| 18893 INDIAN SPRINGS CIR | $439,000 | 4 | 3 | 2841 | DETACHD | 3 | |
| 12 DA VINCI ST | $444,900 | 4 | 3 | 3078 | DETACHD | 64 | |
| 15266 CANDLEWOOD CT | $464,988 | 4 | 2.1 | 2569 | DETACHD | 88 | |
| 19288 SW Megly CT | $579,900 | 5 | 3 | 3594 | DETACHD | 149 | |
| 14158 EDENBERRY DR | $729,000 | 3 | 2.1 | 3205 | DETACHD | 2 | |
| 19000 BRYANT RD | $965,000 | 5 | 3.1 | 5874 | DETACHD | 3 | |
| 670 IRON MOUNTAIN BLVD | $1,057,000 | 4 | 3.2 | 5208 | DETACHD | 555 | |
| 13081 KNAUS RD | $1,795,000 | 5 | 2.1 | 3269 | DETACHD | 58 |
SOLD (May 24-30, 2010)
| Address | O/Price | Close Price | # Beds | # Baths | Total SF | Style | CDOM |
| 200 BURNHAM RD | $268,000 | $159,000 | 2 | 2 | 1313 | CONDO | 674 |
| 5341 CHINOOK CT | $274,900 | $240,000 | 3 | 2 | 1120 | DETACHD | 598 |
| 5055 Foothills DR | $274,900 | $245,000 | 3 | 2 | 1279 | CONDO | 73 |
| 15 BRITTEN CT | $274,999 | $250,000 | 3 | 2.1 | 1973 | ATTACHD | 13 |
| 5354 LOWER DR | $260,500 | $250,000 | 2 | 1 | 1201 | DETACHD | 96 |
| 666 3RD ST | $299,900 | $299,900 | 3 | 1.1 | 1759 | DETACHD | 7 |
| 1921 Park Forest CT | $485,000 | $415,000 | 3 | 2.1 | 2554 | DETACHD | 564 |
| 14377 CAMDEN LN | $499,900 | $492,500 | 4 | 2.1 | 2530 | DETACHD | 2 |
| 15837 ALLISON PL | $529,000 | $510,000 | 4 | 2.1 | 3534 | DETACHD | 1216 |
| 17879 HILLSIDE DR | $589,900 | $560,000 | 3 | 3 | 3049 | DETACHD | 187 |
| 17443 CANAL CIR | $875,000 | $750,000 | 4 | 3.1 | 2344 | DETACHD | 45 |
| 19175 EASTSIDE RD | $900,000 | $764,000 | 5 | 4.1 | 5263 | DETACHD | 86 |
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.
News & Notes
The City of Lake Oswego is mourning the unexpected passing of it’s beloved Police Chief, Dan Duncan. There will be a memorial service June 4th, 1:00PM at the Rolling Hills Community Church. Flags in the city will be at half-mast from now until that date. His family has set up a Memorial Site with photos and information. Well-wishers may leave messages there for them.
The Willamette Shore Trolley is up & running! This has been one of my favorite things to do with visitors to Lake Oswego for many, many years. I have photos of beloved family members and I enjoying the ride to & from Portland that I will always cherish. Make your own memories as the train winds along the waterfront & through the trees & neighborhoods that line this historic passage between the two cities. This route is also the one being considered for a possible streetcar! For a schedule of times & fares call 503 697 7436, or visit the Website.
The latest Market Activity Report for Portland Metro produced by RMLS shows the following data:
- Comparing April 2010 with April 2009: Closed Sales increased 49.1%, and Pending Sales rose 60.8% with New Listings going up by 23.8%
- When comparing April 2010 with March 2010, the average sale price rose just 0.6%
- Comparing January – April 2010 with the same period in 2009, Closed Sales increased 41.4%, with Pending Sales rising by 46.3% and New Listings by 15.4%
- April’s Total Market Time for Portland Metro was: 127 days
- Lake Oswego and West Linn’s Total Market Time was: 147 days
- Lake Oswego and West Linn’s Average Sales Price (RMLS lumps the two areas together) was $502,800.
- Lake Oswego and West Linn posted 101 Closed Sales in April with 1066 Active Listings
- Lake Oswego and West Linn saw a 113.8% increase in Pending Sales April 2010 compared to April 2009