There are 15 homes being promoted in the RMLS as Open Houses this Sunday. I will be holding open my condominium listing in Mt. Park: 4447 Golden Lane. I’ll be there from 1 to 4. I’d love to have you stop by.
Both in my personal experience, as I see transactions through escrow to closing, and in the continuing education classes I have lately been taking, I am seeing some very strong changes in lending guidelines. These changes are coming from the Federal Government as part of addressing the mortgage crisis that our country has recently endured. I think that it is important, no matter where you fit into the real estate picture, to understand these changes and adapt your expectations and behavior to accommodate them. The days of having a credit score and a pulse to get a mortgage are over. The days of a 30 day escrow are going to be rare, and here is why:
The first big change in lending practices happened June 1 of 2009 with the implementation of MIDA, the Mortgage Improvement Disclosure Act. This Federal law requires that every time a borrower receives a Good Faith Estimate (the paperwork that lays out estimated costs to obtain a mortgage) the borrower must be given a 7-day disclosure period in which to become knowledgeable of the terms of the mortgage and either accept those terms or shop for a better deal. It makes sense. Buyers are faced with a very large and important financial decision. They need to understand what they are doing and approve of the loan product that they will be obtaining. It gives a borrower some breathing room in the process so that they are not pressured into a loan that they will later on regret. Where it gets dicey is if any changes happen to the loan while it’s in escrow. Every time a change occurs that affects the APR by more than 1/8th, a new Good Faith Estimate must be issued and a new 7 day disclosure period must pass. So let’s say that a buyer does not lock their interest rate until just prior to closing and the rate changes. The lender can not allow closing of the sale until that 7-day disclosure period has passed. A more common variable would be if the buyer has a home inspection and chooses to have the seller pay some of his closing costs in lieu of repairs. When the seller pays the buyers closing costs it changes the buyers Good Faith Estimate and a new 7-day disclosure period must pass. This is not going to be a big deal if all parties go into the escrow period understanding how important it is to allow time for disclosure periods and being aware of what can trigger them. I think it is more important than ever to lock in your interest rate early in the escrow period so that you don’t get thrown for a loop at the last minute.
The other changes that are occurring are a result of the Real Estate Settlement Procedures Act, which goes into effect on January 1, 2010.
The Federal Government has now defined what constitutes a pre-approval on a loan application. In the past a buyer would make a loan application prior to making an offer on a house. That buyer could then provide a letter of pre-approval from a lender showing that they are approved as a borrower but subject to finding a house. The Federal Government is now saying that no loan approvals can be given without an address attached to the approval. So a borrower can get pre-qualified for a loan (credit report pulled and debt to income factored to estimate that they can be approved in the future) but they can not get pre-approved.
The next big change is the change to required Federal forms for both the Good Faith Estimates and for final HUD Settlement Statements. I have seen the new Good Faith Estimate forms and I like them. They look more like a worksheet. And they have very clear sections where the lender must put in total sum numbers for “all other settlement charges”. So many lenders call their fees by different names. So a borrower, when comparing loan programs, would have to compare a variety of charges that, because they had different names, were confusing. By requiring a lump sum figure it doesn’t matter the names of the charges or even the quantity. What matters is the bottom line and this new form makes it easy for a borrower to see the sum total and compare sum totals between lenders. Once the Good Faith Estimate is given the lender is required to allow the borrower 10 days to shop other loan programs. The Good Faith Estimate has blank columns that line up next to the estimate given that allows a borrower to write in the fees they find with other lenders. The finished form will clearly show the borrower the various costs for various programs. I think it is an improvement.
Another change is that there is a 3-day disclosure program for the appraisal. This means that the borrower must be given a copy of the completed appraisal at least 3 days prior to closing so that they can look it over and understand it. The days of the appraisal being given to the borrower when they sign the loan papers, or perhaps even having to request that it be mailed to them, are over. Again, I think this is an improvement. Not only do buyers deserve to see the documentation of value, it just seems like professional courtesy to take this extra step.
Finally, there is what is called the 10% Tolerance. At closing the numbers given in the Good Faith Estimate are lined up against the actual settlement charges on the HUD Settlement Statement. If there is a difference in the charges of 10% or greater, the lender must absorb the difference. This can be done by reducing the lender charges at closing or by reimbursing the borrower within 30 days of closing. Seriously, this is a big IMPROVEMENT for borrowers.
All of these changes are going to mean that if there is a mortgage involved, it will take a little longer to close a transaction. Realistically, you should expect escrow to last about 45 days. And as much as the buyer and seller might be willing to close sooner, the process can not be rushed. These are Federal guidelines that preclude the terms of the written contract.
I have got to share one more word of advice. If you are buying a home and you have made an offer that has been accepted, do not purchase ANYTHING using credit. Lenders are now pulling credit reports just prior to funding the loan. If your credit score has changed or your credit card balances have increased, it can kick your new mortgage right back into underwriting. This recently happened to a buyer of one of my listings. Not only did he have to pay off the new credit card charges, but we had to wait an entire week for the lower credit card balances to be reflected on a new credit report from one of the National credit reporting bureaus. It delayed closing on the purchase for 2 weeks. So much for moving in by Thanksgiving……
So be aware, be patient, and be realistic about what to expect. There is a new lending environment, but for the most part it does benefit the borrower. Change can be a good thing.
If you would like a pdf of the Real Estate Settlement Procedures Act, click here.
This week we get to take a step back from our daily routine… usually we take a few days to kick back & enjoy family, friends, and good food… and at the very minimum, we enjoy a few extra moments or hours to reflect on all we have to be grateful for.
This has been quite a year. I don’t think there are many who have not been affected, or had a loved one affected by the roller coaster ride that has been our economy. Now that things are starting to turn, and we hear “the recession is over”, we may or may not be seeing big changes in our own lives yet, but we can look around, and take stock. Do we have shelter? A roof over our heads, warmth and food? Do we have family? And if so, do we remember to tell them each and every day that we love them? Do we have friends… real friends? If so, do we remember to let them know that they make our lives richer just by being themselves? Do we have a job? & If so, do we think about all the ways that job enriches our lives, providing goods and/or services to others and supporting our family? Do we have beauty in our lives? Do we remember to actually look at those hanging baskets in downtown Lake Oswego, or the beautiful lights and holiday dressing the town takes on this time of year? Do we see the beautiful little things that cross our paths everyday… often escaping our notice? Ok, I’ll stop, but hopefully this gets you thinking a bit. Maybe this year would be the year to start a Gratitude Journal. I have a friend who records everything that happened that day for which he is grateful every night before bed. He swears that it has turned his life around! Maybe this year we might start a new tradition with our children, and have them fill out two lists… one being everything for which they are thankful, and the other being, well, you know… the one that goes to the North Pole (make sure to address it to City Hall/North Pole this year though : )
I am grateful for so many things, and I know I speak for Dianne and I both when I say we are so thankful for our Property Blotter readers & clients. You make it all worthwhile.
I’ll leave you with a few quotes to start your holiday season off just right:
“Stand up, on this Thanksgiving Day, stand upon your feet. Believe in man. Soberly and with clear eyes, believe in your own time and place. There is not, and there never has been a better time, or a better place to live in.” –Phillips Brooks
“Gratitude makes sense of our past, brings peace for today, and creates a vision for tomorrow.”
—Melody Beattie
“A thankful heart is not only the greatest virtue, but the parent of all the other virtues.” –Cicero
“Not what we say about our blessings, but how we use them, is the true measure of our thanksgiving.” –W.T. Purkiser
“Serenely full, the epicure would say, Fate cannot harm me, I have dined today.”
–Sydney Smith
There are 14 truly NEW properties in Lake Oswego this last week, 6 that went to PENDING status, and 9 that SOLD. Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Nov. 16—Nov.22, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
8 OSWEGO SMT
$135,000
2
2
1,140
CONDO
11/17/2009
668 MCVEY AVE
$143,550
3
1.1
992
CONDO
11/16/2009
16250 PACIFIC HWY
$179,900
1
1
841
CONDO
11/17/2009
323 CERVANTES
$183,000
2
2
1,265
CONDO
11/20/2009
852 5TH ST
$199,000
2
1
738
DETACHD
11/21/2009
1950 BONNIEBRAE DR
$200,000
2
1.1
1,056
ATTACHD
11/21/2009
65 GREENRIDGE CT
$215,000
2
2
1,314
CONDO
11/22/2009
14580 WILMOT WAY
$374,900
3
2.1
1,699
DETACHD
11/19/2009
19 BECKET ST
$399,995
4
3.1
3,818
DETACHD
11/16/2009
3075 ROYCE WAY
$450,000
4
3.1
3,667
DETACHD
11/16/2009
15085 GLEN EAGLES PL
$529,000
3
2
2,996
DETACHD
11/17/2009
4605 CHELSEA LN
$689,000
4
2.1
3,411
DETACHD
11/22/2009
3103 WEMBLEY PARK RD
$720,000
3
1.1
3,774
DETACHD
11/20/2009
18955 BRYANT RD
$859,000
4
2.1
3,610
DETACHD
11/17/2009
PENDING SALES (Nov. 16 -Nov. 22, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
1581 BONNIEBRAE DR
$255,000
3
2
1,393
ATTACHD
253
1284 HIDE A WAY LN
$349,900
4
3
1,931
DETACHD
46
3521 LANEWOOD ST
$399,500
3
1.1
1,675
DETACHD
5
875 LEE ST
$439,000
3
2
2,200
DETACHD
192
12430 ORCHARD HILL RD
$599,950
3
2.1
2,985
DETACHD
201
4304 WESTBAY RD
$629,900
4
3.1
2,914
DETACHD
153
SOLD (Nov. 16-Nov. 22, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4000 CARMAN DR
$128,900
$120,000
1
1
767
CONDO
38
210 S STATE ST
$199,900
$196,000
2
1
1,284
CONDO
456
17752 SCHALIT WAY
$329,900
$295,000
3
2
1,463
DETACHD
62
805 SW COUNTRY CLUB RD
$279,900
$297,128
3
2
1,981
DETACHD
10
3 MASARYK ST
$499,900
$440,000
4
3
4,283
DETACHD
214
4691 HERITAGE LN
$539,000
$496,000
4
2.1
2,716
DETACHD
324
577 MIDDLECREST RD
$999,900
$872,500
4
2.1
2,000
DETACHD
504
17225 KELOK RD
$1,350,000
$1,350,000
4
3.1
4,161
DETACHD
0
1075 CHANDLER RD
1850000
1712500
5
4.1
5,946
DETACHD
8
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
There is a wonderful assortment of Holiday Events coming up here in Lake Oswego. It is a great time of year and the community comes together to celebrate Thanksgiving, Christmas, and New Year’s.
Adult Community Center Thanksgiving Luncheon
November 25, 11:30am, at the Adult Community Center. Enjoy a holiday feast with friends. Call 503-635-3758, to make a reservation.
Holiday Tree Lighting
November 27, 5pm. Kick off the holiday season with the lighting of the giant sequoia tree at Fifth Street and A Avenue. Enjoy free coffee and cocoa and listen to choir members from local high schools. Then, walk to Millennium Plaza Park to enjoy more caroling, refreshments, live music, and several characters to entertain the kids. Donations of non-perishable, canned food for the Oregon Food Bank and unwrapped toys are encouraged.
Gingerbread House Building
November 30, 6:30 to 8:30pm. West End Building, 4101 Kruse Way. Everything you need to build a beautiful gingerbread house is included. Ages 18 and older. $47 per family/house. Register at www.lakeoswegoparks.org (#4327200)
5th Annual Lake Oswego Holiday Market
December 5th & 6th, 9am to 4pm, Millennium Plaza Park. A traditional European Holiday Market where you can shop for unique treasures: crafts, greenery, eats and treats. Local musicians will provide a background of Holiday music. A family-friendly shopping experience.
Holiday Gift Workshop
December 12, 10am to 12pm, West End Building. Spend a morning making holiday gifts for family and friends, snack on treats, and enjoy a special guest/entertainer. For children ages 6 to 12. Cost is $22. Register at www.lakeoswegoparks.org (#4267100)
Carriage Rides
December 6, 12, & 19, 11am to 3pm, Millennium Plaza Park. Get into the holiday spirit and enjoy a memorable carriage ride through the streets of beautiful downtown Lake Oswego. The horse drawn carriage will pick you up at the entrance to Millennium Plaza Park. Adults $3 and children under the age of 10, $1.
Christmas Ship Parade Viewing
December 19th, 6pm, Foothills Park. Experience the sparkle of the ships and their reflections from the shore of the Willamette River at Foothills Park while enjoying hot chocolate and a warm fire. For more information, go to www.christmasships.org.
Adult Community Center Holiday Luncheon
December 23rd, 11:30am, at the Adult Community Center. Celebrate the season with food and music. Call 503-635-3758 to make a lunch reservation.
Adult Community Center New Year’s Luncheon
December 30th, 11:30am, at the Adult Community Center. Honor the last of 2009 and welcome 2010 with friends. Call 503-635-3758 to make a reservation.
The above information is brought to us courtesy of Hello L.O., the official newsletter of the City of Lake Oswego. Happy Holidays!
Hmmmmmm…. Not to bum you California readers out, but this is a pretty dreary week in Lake Oswego! I so often hear from family and friends in California though, that they really LOVE rain, and I can relate. Nothing better than to curl up with a book (or a laptop) by a fire near a window with a nice view & hear the rain on the roof. Lots of coffee shops prosper here for the same reason.
We have yet to see what the weather is going to look like this winter. I hear that at the recent “weather conference” held here in Lake Oswego, experts were torn over whether we would be having a relatively dry season, or even MORE snow than we had last year…. quite a gap in understanding among experts… (any readers who attended this conference or who would like to chime in are welcome!).
Lake Oswego turns 100!
Well, we are only 99 right now, but Lake Oswego is turning 100 in 2010. Already planning is underway for a “year-long celebration” that will kick off in January with a film at the Lakewood Center giving an overview of the city’s history and unveiling the “Lake Oswego Building Blocks” display; a visual history of 20 of the city’s neighborhoods which will remain on display throughout the year.
There will also be a scavenger hunt that will begin after the kick-off and last thru March (!!!) with clues given each week via he Lake Oswego Review and the city’s official website.
For more info or to get involved, contact Kern-Schilling at 503-675-3983, attend a community meeting at 5:30 p.m. Nov. 5 at the West End Building or visit the Web site www.lakeoswego100.com later this month.
City Revisits “Affordable Housing”
There was an interesting article in the Lake Oswego Review about a week ago that highlighted some citizens’ work toward ensuring that in particular seniors, but also lower income families and individuals, have access to affordable housing. Paul Lyons, along with Ralph Tahran have been meeting with City Counselor Roger Hennigan and other interested parties. Mr. Lyons led a discussion at a recent city council meeting. He pointed out that the planning department is undergoing a periodic review of the Comprehensive Plan, and is hopeful that this is a good time to reintroduce this discussion which was sidelined in 2005. Here is a link to the article for anyone interested: Affordable Housing The article has generated lively debate in Lake Oswego.
Market Action Report
It is almost time for the October Market Action Report to be released by RMLS. I think it is interesting to note that there has been a new column added to the Residential Market Highlights and the Area Report called “Total Market Time”. This is an average of the cumulative number of days a property has been truly on the market. This time does not reset unless a property has been off the market for more than 30 days, and this statistic is evidently calculated for listings that sell in the month and year-to-date time periods that apply to any issue of Market Action. You know that Dianne and I have often mentioned the confusion that sometimes results from how “Days on Market” are shown when a property relists but is really not a new listing, and so I am glad to see this change in the Market Action Report which will more accurately reflect a property’s actual time on the market before sale.
The last time I posted our market activity report we had a comment that the numbers seemed pretty balanced, and for the last couple of months I think that has been true. I think that for the most part when houses come onto the market, home sellers are fully aware that they need to be priced right. That has lead to fairly strong sales. Again this week, we had 11 houses come onto the market and 11 houses go pending. The closed sales were just 5, so that is not as strong. But my sense is that the market is moving pretty well as long as prices reflect what a buyer considers to be a good value.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Nov 2—Nov.8, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
4000 CARMAN DR
$145,000
2
2
869
CONDO
11/6/2009
15200 BOONES WAY
$175,000
2
1.1
1,248
CONDO
11/4/2009
3365 UPPER DR
$329,900
2
2
1,378
DETACHD
11/6/2009
505 8TH ST
$389,000
3
1
1,050
DETACHD
11/6/2009
1720 MAPLELEAF RD
$449,000
3
2
1,529
DETACHD
11/5/2009
13448 AUBURN CT
$474,900
3
2.1
2,535
ATTACHD
11/3/2009
4040 VIRGINIA WAY
$524,900
3
2.1
2,623
DETACHD
11/6/2009
33 MORNINGVIEW CIR
$574,900
3
2.1
2,737
DETACHD
11/2/2009
5322 ROSALIA WAY
799999
4
2.1
3,500
DETACHD
11/3/2009
17370 CANYON DR
849900
4
3.1
3,408
DETACHD
11/5/2009
17384 BERGIS FARM DR
1295000
5
4.1
5,012
DETACHD
11/4/2009
PENDING SALES (Nov 2 -Nov. 8, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE CT
$109,900
3
2.1
1,350
CONDO
371
14 POLONIUS ST
$300,000
4
3
2,754
DETACHD
254
161 C AVE
$449,900
2
2.1
1,719
ATTACHD
215
4311 ORCHARD WAY
$544,900
4
2.1
3,082
DETACHD
54
5 GARIBALDI ST
$574,800
4
3.1
3,250
DETACHD
8
4688 CHELSEA LN
$649,900
4
2.1
3,493
DETACHD
9
279 EVERGREEN RD
$674,500
3
3.1
2,136
ATTACHD
129
19463 LORNA LN
$805,000
4
3.1
4,024
DETACHD
21
827 8TH ST
$898,000
5
3.1
3,852
DETACHD
38
577 MIDDLECREST RD
$999,900
4
2.1
2,000
DETACHD
504
753 LAKESHORE RD
$1,385,000
3
3.1
2,562
DETACHD
51
SOLD (Nov 2-Nov. 8, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE
$119,900
$115,000
2
2
984
CONDO
43
15450 SW KIMBALL CT
$299,000
$233,000
4
1.1
1,104
DETACHD
344
5554 ROYAL OAKS DR
$399,885
$385,000
3
2
1,861
DETACHD
2
1531 WOODLAND TER
$414,000
$408,500
3
2.1
1,895
DETACHD
139
4691 CHELSEA LN
$629,900
$530,000
4
2.1
3,102
DETACHD
585
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.
I had a client once who told me about Trick or Treat houses. These were the houses he would take his kids out of the way to Trick or Treat at on Halloween so that he could get a peek inside. There are a couple of houses that are on this week’s list of open houses that may very well be due the honor of being a Trick or Treat house. Obviously the one on Glen Eagles Place. A gorgeous, high-end home that is spectacular. The other one is the one on Childs Road. Linda and I went through it on tour last Tuesday and it is just very unique. It’s an older home so has some features that are not so great if you don’t like the floorplans and limitations of an older house. But what is great about it is that it sits on this lovely lot on the Tualatin River. The main room is huge (it might even be appropriate to call it grand) and has this very large picture window that looks out onto the river. The house is extensively remodeled to today’s standards and is impeccably decorated. And look at the price. $489,900 for all of that on waterfront. Amazing.
I have two things on my mind today: Thanksgiving and how much Linda and I are loving writing the PropertyBblotter. I am thinking about Thanksgiving because it is my favorite holiday and because it has been so incredibly gorgeous the last few days. The air is crisp. The sunshine is bright. It just makes me feel grateful to be alive. And somehow those feelings tie into how I feel about the Property Blotter. We have been writing this blog for 20 months. In that time we have had the pleasure of sharing our passion for real estate and for this wonderful town that we live in. We have also been fortunate to have people contact us to get information, and even to buy and to sell homes. We are grateful for our loyal readers and hope that you are enjoying and learning from what we are able to share.
In that light, today I want to take us back to the roots of the Blotter and remind our readers that the name is completely local to Lake Oswego and references the Police Blotter that is published each Thursday in The Lake Oswego Review, the local newspaper. The Review is widely read in LO, both to see photos and hear about our neighbors, and also to get a good chuckle over the varied activities of our local law enforcement. Let’s face it, while LO is not immune to crime, there is quite a bit of time when the good men and women of our police department deal with some pretty funny stuff. So the Police Blotter is in some ways a form of entertainment. I thought I’d take time today to share a bit of the Property Blotter’s namesake. Here, for your reading enjoyment, are actual police activities that were published in the LO Review from a two week period in late September. Enjoy.
9/14/09 1:47 pm A man fell down while walking on a broken sidewalk on Boones Ferry Rd.
9/14/09 4:10 pm An elderly man acted confused at a pizza restaurant.
9/15/09 12:54 pm Police saved a man from being stranded on his roof after his ladder fell down while he was working on it. The ladder was replaced and the man came down.
9/15/09 1:39 pm A caged leopard was observed in a vehicle traveling down Highway 43.
9/15/09 4:47 pm An old lady has been throwing plums at her neighbor.
9/15/09 5 pm An injured pheasant was caught on the side of the road by officers and taken to the Audobon Society.
9/16/09 1:44 pm A woman complained that her neighbor’s garage sale had been going on for far too long.
9/17/09 8:58 pm A short, heavy, suspicious man was advised to leave a super market after he was observed leaning against a wall.
9/18/09 7:48 pm After leaving his scooter on a dock, a man returned to find that it was missing. It turned out the scooter had been thrown into the water by a mentally challenged boy, whose father agreed to pay for a new scooter.
9/19/09 8:41 am A racoon found injured in the middle of the road was taken to a Lake Grove veterinarian.
9/19/09 6:23 pm A person dropped a glass on Lakeview Boulevard, then got out and tried to pick it up.
9/21/09 9:09 am A man in a van has been parking behind a church and sleeping. Church officials hope he will wake up and leave.
9/22/09 1:38 pm A large swarm of yellow jackets was seen a Maple Circle. A beekeeper was notified to respond.
9/24/09 2:16 am A dog cornered a raccoon in a backyard.
9/24/09 7:28 pm A man’s 10-year-old son was screaming about not being able to get on a computer.
9/25/09 11:35 am A dark blue Jeep Liberty was seen driving over yellow lines and onto the sidewalk on Boones Ferry Road. An alternative driver was located to drive the car.
9/25/09 5:03 pm A 15-year-old boy reported a man in an Alden Utilities vest riding a bicycle through his yard. Turns out Alden Utilities is taking a pole inventory.
9/25/09 8:40 pm A suspicious man was going door to door on Albert Circle claiming to be the Kirby Vacuum guy.
9/26/09 1:54 pm A back pack with drug paraphernalia was reportedly found at Our Lady of the Lake. Officers determined the contents were just garbage and disposed of them.
9/26/09 2:41 pm A dead squirrel was removed from Lake Grove Avenue.
9/26/09 10:13 pm A complaint was filed on a loud party at Country Woods Court and Quarry Road. Partiers shut the garage door and turned the music down.
9/26/09 11:59 pm The partying continued on Country Woods Court. Homeowners were warned of a citiation.
We may be just 15 minutes from downtown Portland, but reading the LO Review’s Police Blotter really puts into perspective that LO has the personality of a small town. Our police department has a 100% personal response policy. When you call the police, for whatever issue no matter how small or how large, you will get a police officer who will personally respond. And then the next week, you will see it in the Lake Oswego Review. I love it.
Wow. This is some kind of a record for the Blotter. There were 14 New properties that came on the market, and nearly all of them were truly fresh listings. The only one that would not necessarily be something I would categorize as “New”, being as it was not off the market for at minimum 30 days, is the Sherbrook property, but I included it as it went to bank-owned status and that is a significant change. There were 6 that went to Pending status, and a whopping 22 that Sold in Lake Oswego last week according to RMLS.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 26—Nov.1, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
72 CERVANTES CIR
$125,000
2
1.1
912
CONDO
10/29/2009
172 OSWEGO SUMMIT
$179,950
2
2
1,383
CONDO
10/29/2009
210 Durham ST
$199,900
3
1.1
1,318
CONDO
10/29/2009
28 WHEATHERSTONE
$230,000
3
2.1
1,692
CONDO
10/27/2009
5686 WASHINGTON CT
$275,000
2
2
1,160
DETACHD
10/30/2009
14431 SHERBROOK PL
$299,900
4
3
3,284
DETACHD
10/30/2009
1601 GREENTREE RD
$340,100
3
2.1
2,444
DETACHD
10/28/2009
2697 LOOKOUT CT
$450,000
3
2
2,419
DETACHD
10/31/2009
252 NORTHSHORE RD
$459,000
3
1
2,280
DETACHD
10/28/2009
5 GARIBALDI ST
$574,800
4
3.1
3,250
DETACHD
10/26/2009
4703 CAMBRIDGE CT
$579,000
2
2.1
2,914
ATTACHD
11/1/2009
17879 HILLSIDE DR
$599,900
3
3
3,049
DETACHD
10/26/2009
4688 CHELSEA LN
$649,900
4
2.1
3,493
DETACHD
10/26/2009
744 9TH ST
$1,275,000
4
3.1
4,255
DETACHD
10/27/2009
PENDING SALES (Oct. 26 -Nov. 1, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
5958 KENNYCROFT WAY
$224,900
3
2.1
1,450
DETACHD
63
16018 WALUGA DR
$415,000
4
2
2,200
DETACHD
9
6 BECKET ST
$425,000
3
2.1
2,767
DETACHD
380
135 FURNACE ST
$709,900
2
2.1
1,927
CONDO
97
19422 LORNA LN
$805,000
5
3.1
4,011
DETACHD
14
18414 Old River Landing
$2,588,000
4
4.2
6,498
DETACHD
499
SOLD (Oct. 26-Nov. 1, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
32 OSWEGO SMT
$149,900
$123,670
1
1
752
CONDO
497
86 KINGSGATE RD
$125,900
$130,900
2
2
849
CONDO
38
578 S STATE
$160,000
$145,000
2
1
914
CONDO
343
3814 BOTTICELLI ST
$154,000
$151,000
2
2
1,055
ATTACHD
35
48 EAGLE CREST DR
$175,000
$160,000
2
2
1,443
CONDO
108
16651 LAKE FOREST BLVD
$239,900
$226,500
3
1
1,230
DETACHD
34
4105 DOUGLAS WAY
$384,900
$255,000
7
2.1
2,856
DETACHD
501
2961 DELLWOOD DR
$350,000
$350,000
3
3
2,476
DETACHD
192
1625 CLOVERLEAF RD
$364,900
$359,900
3
2
1,996
DETACHD
15
534 D AVE
$379,900
$379,900
3
2
1,400
DETACHD
62
2161 CREST DR
$417,500
$381,500
4
2.1
2,648
DETACHD
73
2851 PARK RD
$429,950
$385,000
4
2.1
2,674
DETACHD
137
41 HILLSHIRE DR
$427,000
$400,000
4
3
2,670
DETACHD
437
3 CELLINI CT
$465,000
$405,000
4
2.1
2,531
DETACHD
240
14666 UPLANDS DR
$595,000
$470,530
3
2.1
2,568
DETACHD
114
2330 DELLWOOD DR
$495,000
$478,500
5
3.1
3,468
DETACHD
4
400 LAKE BAY CT
$579,900
$502,000
3
2.1
1,680
DETACHD
198
13175 THOMA RD
$579,900
$559,000
3
2
1,920
DETACHD
8
570 7TH ST
$675,000
$625,000
3
2.1
2,528
DETACHD
265
13531 FIELDING RD
$849,000
$645,000
4
3.1
4,629
DETACHD
463
2600 DELLWOOD DR
$875,000
$699,000
4
3
3,690
DETACHD
486
243 10TH ST
$2,495,000
$1,860,000
5
4.2
5,644
DETACHD
434
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.
Both in my personal experience, as I see transactions through escrow to closing, and in the continuing education classes I have lately been taking, I am seeing some very strong changes in lending guidelines. These changes are coming from the Federal Government as part of addressing the mortgage crisis that our country has recently endured. I think that it is important, no matter where you fit into the real estate picture, to understand these changes and adapt your expectations and behavior to accommodate them. The days of having a credit score and a pulse to get a mortgage are over. The days of a 30 day escrow are going to be rare, and here is why:
This week we get to take a step back from our daily routine… usually we take a few days to kick back & enjoy family, friends, and good food… and at the very minimum, we enjoy a few extra moments or hours to reflect on all we have to be grateful for.
There is a wonderful assortment of Holiday Events coming up here in Lake Oswego. It is a great time of year and the community comes together to celebrate Thanksgiving, Christmas, and New Year’s.
I have two things on my mind today: Thanksgiving and how much Linda and I are loving writing the PropertyBblotter. I am thinking about Thanksgiving because it is my favorite holiday and because it has been so incredibly gorgeous the last few days. The air is crisp. The sunshine is bright. It just makes me feel grateful to be alive. And somehow those feelings tie into how I feel about the Property Blotter. We have been writing this blog for 20 months. In that time we have had the pleasure of sharing our passion for real estate and for this wonderful town that we live in. We have also been fortunate to have people contact us to get information, and even to buy and to sell homes. We are grateful for our loyal readers and hope that you are enjoying and learning from what we are able to share.