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
Market Activity for May 17-23, 2010
The housing market in Lake Oswego included 19 new listings, 15 pending sales, and 14 closed sales. You will probably notice some categories moved/missing/changed. Linda and I use a macro in excell to develop these charts. RMLS has made technical changes that are affecting our macro, which we need to re-work. Thanks for your patience while we get the kinks ironed out. I think the basic data is here.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 17—23, 2010)
| Address | List Price | # BR | SF Up+Mn | Prop Type | |||
| 322 CERVANTES CIR | $85,000 | 2 | 832 | CONDO | |||
| 512 S STATE ST | $129,900 | 1 | 829 | CONDO | |||
| 668 MCVEY AVE | $149,000 | 2 | 976 | CONDO | |||
| 16515 INVERURIE RD | $299,000 | 3 | 1,772 | DETACHD | |||
| 16808 INVERURIE RD | $299,900 | 3 | 1,182 | DETACHD | |||
| 14372 CAMDEN LN | $448,500 | 3 | 2,348 | DETACHD | |||
| 1462 GREENTREE CIR | $449,900 | 4 | 2,507 | DETACHD | |||
| 8 MORNINGVIEW CIR | $529,900 | 3 | 2,217 | DETACHD | |||
| 230 4TH ST | 619900 | 3 | 2,165 | DETACHD | |||
| 13265 FOX RUN | 680000 | 3 | 2,614 | DETACHD | |||
| 17632 WOODHURST PL | 699900 | 5 | – | DETACHD | |||
| 17970 ROYCE WAY | 799000 | 4 | 2,713 | DETACHD | |||
| 19000 BRYANT RD | 965000 | 5 | 5,874 | DETACHD | |||
| 1425 CHANDLER RD | 978000 | 4 | 2,204 | DETACHD | |||
| 1235 CHANDLER RD | 985000 | 5 | 2,044 | DETACHD | |||
| 17301 BERGIS FARM DR | 1060000 | 4 | – | DETACHD | |||
| 2569 GLEN EAGLES PL | 1349000 | 5 | 4,591 | DETACHD | |||
| 13900 GOODALL RD | 1600000 | 5 | 4,282 | DETACHD | |||
| 1973 CHERYL CT | 1695000 | 5 | 4,396 | DETACHD |
PENDING SALES (May 17-23, 2010)
| Address | List Price | # BR | Sq Ft | SF Up+Mn | Prop Type | CDOM | ||
| 100 KERR PKWY | $77,500 | 2 | 823 | 823 | CONDO | 66 | ||
| 100 KERR PKWY | $92,500 | 2 | 823 | 823 | CONDO | 27 | ||
| 3433 SW MCNARY PKWY | $123,900 | 2 | 1008 | 1,008 | CONDO | 98 | ||
| 32 CERVANTES CIR | $129,500 | 2 | 1092 | 912 | CONDO | 160 | ||
| 136 TOUCHSTONE TER | $279,000 | 3 | 1996 | 1,198 | DETACHD | 243 | ||
| 729 3RD ST | $295,000 | 4 | 1671 | 1,671 | DETACHD | 10 | ||
| 4313 ALBERT CIR | $367,900 | 3 | 1790 | 1,790 | DETACHD | 14 | ||
| 1255 BAYBERRY RD | $375,000 | 3 | 1901 | 1,901 | DETACHD | 253 | ||
| 1400 LEE ST | 421500 | 4 | 2804 | 1,514 | DETACHD | 146 | ||
| 24 PARTRIDGE LN | 449000 | 4 | 3224 | 3,224 | DETACHD | 40 | ||
| 675 10TH ST | 490000 | 4 | 2280 | 1,272 | DETACHD | 374 | ||
| 14158 KIMBERLY CIR | 530000 | 5 | 3548 | 3,648 | DETACHD | 18 | ||
| 1158 BAYBERRY RD | 649000 | 4 | 2386 | 2,386 | DETACHD | 10 | ||
| 1703 VILLAGE PARK LN | 749000 | 3 | 3450 | 3,450 | DETACHD | 156 | ||
| 1414 COUNTRY COMMONS | 945000 | 4 | 5679 | 3,082 | DETACHD | 68 |
SOLD (May 17-23, 2010)
| Address | Closed Price | Original Price | #BR | Sq Ft | Prop Type | CDOM | ||
| 65 OSWEGO SMT | $118,000 | $129,900 | 2 | 1,140 | CONDO | 8 | ||
| 5051 FOOTHILLS DR | $169,900 | $210,000 | 2 | 991 | CONDO | 248 | ||
| 750 1ST ST | $178,000 | $195,000 | 2 | 1,350 | CONDO | 73 | ||
| 5056 FOOTHILLS DR | $257,000 | $299,900 | 2 | 1,252 | CONDO | 194 | ||
| 19032 KRISTI WAY | $262,000 | $259,900 | 2 | 1,390 | DETACHD | 7 | ||
| 4420 GOLDEN LN | $295,000 | $279,900 | 3 | 2,165 | CONDO | 391 | ||
| 119 3RD ST | $350,000 | $429,900 | 3 | 1,204 | CONDO | 187 | ||
| 5299 LAKEVIEW BLVD | $365,000 | $399,900 | 4 | 2,165 | DETACHD | 594 | ||
| 2440 OVERLOOK DR | $480,000 | $525,000 | 4 | 3,874 | DETACHD | 36 | ||
| 815 COUNTRY COMMONS LN | $494,500 | $595,000 | 4 | 2,376 | DETACHD | 83 | ||
| 3115 ROSEMARY LN | $513,000 | $599,900 | 3 | 3,324 | DETACHD | 244 | ||
| 17388 CEDAR RD | $575,000 | $875,000 | 2 | 2,134 | DETACHD | 402 | ||
| 18125 WESTMINSTER DR | $658,000 | 699888 | 5 | 3,969 | DETACHD | 344 | ||
| 356 9TH ST | $1,070,000 | $1,275,000 | 4 | 3,647 | DETACHD | 98 |
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
Real Estate News ~
Have a wood stove? Planning to buy or sell a home with one? Note that beginning August 1st, 2010, in an effort to control emissions from smoke, when selling a home you will be required to remove the wood stove if it is “uncertified” by the DEQ. Here is a link for more information: Woodstoves in Oregon
Greece and Mortgage Rates – MBS Quoteline reports: ” Despite stronger than expected economic data, the financial situation in Greece held the greatest influence on mortgage rates this week. A flight to quality and prospects of slower economic growth in Europe were favorable for mortgage markets and negative for the stock market, and mortgage rates ended the week lower.”
Current Mortgage Rates and Mortgage Insurance Updates – According to Pat Goodell of Academy Mortgage:
“Some of the Mortgage Insurance companies have gone to tiered pricing based on credit scores which is good news to those with good credit scores. Mortgage insurance companies also will now allow “up front mortgage insurance” (in lieu of monthly mortgage insurance) to be paid by the seller. The potential advantage of this is that the seller can pay the up front mortgage insurance as part of any allowable closing costs that a buyer might negotiate for a seller to pay. Then the buyer has no mortgage insurance premium to pay as part of their mortgage – this may or may not be an advantage to the buyer depending on their situation; but it does help for qualifying by reducing their monthly mortgage payment. There are qualifying parameters for this option and the lender also has to approve this option as well.” “Interest rates are holding steady now with the 30-yr fixed still hovering around 5% — 30-yr fixed today is actually available at 4.875% with 0 pts, depending on the buyer’s qualifications.”
Community Notes ~
Farmers Market opens this Saturday, May 15th in Lake Oswego. (yay!) This is the 10th Anniversary Celebration. You can find the food & fun at Millennium Plaza Park from 8:30AM – 1:30PM on Saturdays through October 9th. Local musical group, Southern Nights, will perform from 10:30AM till 12:30PM at the kickoff, and the Bike Gallery will be there to check your kids’ helmets!
May is Sustainability Action Month. Take advantage of these local events:
- Free screening of the film Deep Green with local film-maker Matt Briggs. This is an insightful look at “uncovering the best people with the best solutions for “de-carbonizing energy and restoring the natural world.” It will be held Saturday evening, May 15th at 7:30Pm at the Lake Grove Presbyterian Church, 4040 Sunset Drive. Bring your family and friends!
- Get a good look at Lake Oswego’s Century Trees on the Century Tree Bike Ride, May 22nd. The bike ride is hosted by the Planning Dept.’s Green Team, and more information can be had by contacting Laura Weigel at Lweigel@ci.oswego.or.us .
Lake Oswego’s city council created the Sustainability Action Board (SAB) in 2008. For more information on sustainability, visit: The Sustainability Resource Page
To Move or Not To Move / Lifestyle Options for Older Adults , an educational program for seniors and their families is designed to give information on housing options and resources in Lake Oswego. You are invited to attend on May 16th, from 2:00PM to 5:00Pm at the Lake Oswego Adult Community Center, 505 G Avenue.
News & Notes
Real Estate News ~
House Set to Extend Rural Home Loan Guarantee Program – A unanimous vote by the House Financial Services Committee will send the Rural Housing and Stabilization Act of 2010 to the full House of Representatives where it is said that it has been fast tracked for a vote as early as next week. Passing HR5017 will continue the availability of government guaranteed mortgages for rural home-buyers. If passed it will correct section 502 of the Single family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists home-buyers living in rural areas to obtain affordable mortgages guaranteed by USDA. There has been great concern of late at announcements that there were no more funds for this program, so this is a welcome announcement for many. You must qualify credit-wise of course, and have reliable and adequate income. The average guarantee in 2009 was for $112,000.
Lock Box Activity – According to RMLS, when comparing the week of April 5th through April 11th with the week prior, the number of times a lock box was opened increased 33% in Washington and 26.6% in Oregon. Spring is in the air!
Community ~
Shred Day! Bring your shred-able items in to the West End Building on May 1st & protect your identity while you recycle. Credit Cards, staples, paper clips and rubber bands are all said to be acceptable. Up to three boxes per person will be accepted, and all are encouraged to bring cans of food to support the Oregon Food Bank. 10:00 AM till 1:00 PM or until the truck is full!
I LOVE LOPR Video Challenge – Lake Oswego Parks & Recreation is asking all those who love our parks to grab a camera and illustrate why! Take a photo of your favorite event, your favorite park, your favorite park activity… the list is endless. Details can be found HERE The list of prizes and sponsors is growing. Sign up for the challenge, OR sign up to be a sponsor.
Child Safety Seat Clinic – Come & make sure you know how to install your child’s safety seat property. This clinic will take place May 1st from 10:00 AM till 2:00 PM at 300 B Avenue/The Main Fire Station. Each seat takes about 30 minutes to check. Come and spend some time building peace of mind.
Lake Oswego Real Estate: Market Activity April 19-25, 2010
Lake Oswego market activity for last week brought us 22 new listings, 21 pending sales, and 8 closed sales. Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (April 19—April 25, 2010)
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 47 EAGLE CREST DR | $110,000 | 2 | 2 | 932 | CONDO | 4/25/2010 | ||
| 115 OSWEGO SMT | $170,000 | 2 | 2 | 1,212 | CONDO | 4/21/2010 | ||
| 218 RIDGEWAY RD | $200,000 | 2 | 1 | 914 | CONDO | 4/23/2010 | ||
| 3892 BOTTICELLI ST | $239,900 | 3 | 2 | 1,288 | CONDO | 4/22/2010 | ||
| 4490 LAKEVIEW BLVD | $325,000 | 3 | 2 | 1,727 | DETACHD | 4/21/2010 | ||
| 4841 SE DAWN AVE | $335,000 | 3 | 0.2 | 1,550 | DETACHD | 4/22/2010 | ||
| 15144 BOONES WAY | $369,000 | 4 | 3.1 | 2,194 | DETACHD | 4/21/2010 | ||
| 5376 ROSEWOOD ST | $394,900 | 3 | 2.1 | 2,457 | ATTACHD | 4/20/2010 | ||
| 12409 SHELBY CT | 449900 | 3 | 2 | 2,238 | DETACHD | 4/20/2010 | ||
| 4859 SAGE HEN WAY | 459000 | 4 | 3 | 2,417 | DETACHD | 4/21/2010 | ||
| 17640 TREETOP WAY | 524995 | 4 | 3 | 2,692 | DETACHD | 4/22/2010 | ||
| 3718 LAKE GROVE AVE | 549000 | 4 | 3 | 2,523 | DETACHD | 4/19/2010 | ||
| 4080 Coltsfoot | 569950 | 4 | 2.1 | 2,884 | DETACHD | 4/19/2010 | ||
| 5774 BAY POINT DR | 625000 | 5 | 2.1 | 3,674 | DETACHD | 4/23/2010 | ||
| 133 FURNACE ST | 629000 | 2 | 2.1 | 1,927 | CONDO | 4/23/2010 | ||
| 17754 TREETOP LN | 649000 | 5 | 3.1 | 3,668 | DETACHD | 4/20/2010 | ||
| 14120 REDWOOD CT | 669000 | 4 | 2.1 | 2,755 | DETACHD | 4/19/2010 | ||
| 16461 CHAPIN WAY | 799900 | 4 | 2.1 | 4,271 | DETACHD | 4/24/2010 | ||
| 4288 LAKEVIEW BLVD | 950000 | 3 | 2 | 2,141 | DETACHD | 4/22/2010 | ||
| 17951 MEADOWLARK LN | 1295000 | 4 | 3.2 | 5,065 | DETACHD | 4/20/2010 | ||
| 1972 CHERYL CT | 2590000 | 5 | 4.1 | 6,952 | DETACHD | 4/22/2010 | ||
| 1617 LAKE FRONT RD | 3950000 | 4 | 4.1 | 4,610 | DETACHD | 4/25/2010 |
PENDING SALES (April 19 – April 25, 2010)
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | CDOM | |||
| 4000 CARMAN DR | $142,000 | 2 | 2 | 973 | CONDO | 58 | |||
| 109 OSWEGO SMT | $144,900 | 2 | 2 | 1,212 | CONDO | 36 | |||
| 1597 BONNIEBRAE DR | $199,900 | 2 | 1 | 998 | ATTACHD | 46 | |||
| 200 BURNHAM RD | $268,000 | 2 | 2 | 1,328 | CONDO | 942 | |||
| 55 NORTHSHORE RD | $275,000 | 1 | 1 | 1,478 | CONDO | 735 | |||
| 5756 KENNY ST | $325,000 | 3 | 2.1 | 1,542 | DETACHD | 56 | |||
| 627 1ST ST | $339,500 | 2 | 2 | 2,090 | DETACHD | 145 | |||
| 31 DA VINCI ST | $362,500 | 4 | 2.1 | 2,232 | DETACHD | 249 | |||
| 25 CHURCHILL DOWNS | 385000 | 4 | 3 | 2,195 | DETACHD | 0 | |||
| 16200 PACIFIC HWY | 388900 | 2 | 2 | 1,208 | CONDO | 802 | |||
| 3075 ROYCE WAY | 395000 | 4 | 3.1 | 3,667 | DETACHD | 156 | |||
| 827 5TH ST | 425000 | 3 | 2 | 2,124 | DETACHD | 86 | |||
| 1400 LEE ST | 427500 | 4 | 3 | 2,804 | DETACHD | 117 | |||
| 17622 BROOKHURST DR | 493000 | 3 | 2.1 | 2,909 | DETACHD | 42 | |||
| 2650 LOOKOUT CT | 495000 | 4 | 3.1 | 3,480 | DETACHD | 8 | |||
| 5711 SOUTHWOOD DR | 539000 | 4 | 3 | 2,655 | DETACHD | 6 | |||
| 1545 CLOVERLEAF RD | 579950 | 4 | 3.1 | 2,723 | DETACHD | 59 | |||
| 2109 WEMBLEY PARK RD | 649900 | 5 | 3 | 3,129 | DETACHD | 2 | |||
| 18125 WESTMINSTER DR | 699888 | 5 | 3.1 | 3,969 | DETACHD | 244 | |||
| 4211 CHAD DR | 874900 | 5 | 3.1 | 3,937 | DETACHD | 268 | |||
| 3114 DOUGLAS CIR | 1395000 | 4 | 4 | 5,420 | DETACHD | 528 |
SOLD (April 19- April 25, 2010)
| Address | O/Price | Close Price | # BR | # BTHS | Total SF | Prop Type | CDOM | ||
| 852 5TH ST | $199,000 | $205,000 | 2 | 1 | 738 | DETACHD | 131 | ||
| 28 WHEATHERSTONE | $230,000 | $219,500 | 3 | 2.1 | 1,692 | CONDO | 145 | ||
| 16890 CORTEZ CT | $324,900 | $274,900 | 4 | 3 | 2,016 | DETACHD | 104 | ||
| 1565 BEDFORD CT | $429,000 | $311,000 | 3 | 2 | 1,978 | DETACHD | 251 | ||
| 14300 SHERBROOK PL | $334,500 | $334,500 | 3 | 2.1 | 1,924 | DETACHD | 141 | ||
| 15921 KIMBALL AVE | $389,900 | $390,000 | 3 | 2 | 2,309 | DETACHD | 3 | ||
| 1414 GREENTREE CIR | $499,000 | $435,000 | 4 | 2.1 | 2,330 | DETACHD | 37 | ||
| 2688 RIVENDELL RD | $835,000 | $680,617 | 4 | 3 | 3,720 | DETACHD | 405 |
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.
Double-bottom-line Thinking
I have had an idea swirling around in my head for a few weeks now. It comes from my personal experience with clients as they interact with the current economy and the housing market. This idea really jelled in my thinking when I read Ted Leonsis’ article in the April 12th issue of Newsweek.
My observation with clients, both buyers and sellers, is that there is a tremendous amount of attention and focus put onto the dollars involved in buying and selling. This is nothing new. Real estate is, for most people, the largest financial investment they will make in their entire lifetime. So what is different is that the weight being put onto the investment is in many cases causing people to forget that real estate is also about a home. Yes, I am addressing this to houses that people live in and not to rentals or portfolio properties. What I am seeing is that people are so driven to get the right deal, that they are passing up properties that are far superior in amenities.
Ted Leonsis is a former vice chairman of AOL and the author of a book, The Business of Happiness. His theory is that a company who wants financial success needs to not only think in terms of making money, but also in terms of doing what is often difficult but what is ultimately the right thing to do. This in turn keeps the company on a path of happiness that will ultimately also bring greater financial success. In other words, there is a link between pursuing happiness and also finding financial success. His case in point is the recent move by Google to route Web users from China to an unrestricted search page based out of Hong Kong. While this move may, in the short term, stifle the financial growth of Google in the biggest Internet market in the world, Leonsis believes that in the long term it will have greater financial success by placing its core values to do the right thing for humanity ahead of it’s short-term interest in its bottom line.
“Google aims to make money, of course, but it also has a motto (“Don’t be evil”) and a higher calling: to organize the world’s information and make it universally accessible. By refusing to participate in Chinese censorship, the company imperiled billions of dollars in future profit. More important, it protected its status as a happy company at peace with its values—and happy companies are more, not less, likely to continue being successful.”
Ted Leonsis goes on to call this way of looking at business double-bottom-line thinking. In other words, success should be measured by the financial growth of the investment, but also by the positive out come for the happiness of human beings.
It is probably my liberal arts education coming out here, but I find this to be really important. As a Realtor, when I represent buyers my job it to get them the best possible deal. When I represent sellers, by job is to get them the highest possible sales price. I never loose focus on that. But it is hard when I have a buyer who is saying to me “show me foreclosures and short sales because I’ve heard that they are the best deal”. Or when a seller passes up a lower offer that is all cash for a higher offer with a buyer who is only putting down 5%. Focusing strictly on money may cause you to pass up the house that was lovingly cared for and is priced $10,000 higher than the beaten up foreclosure down the street. And in this lending environment, cash buyers are a real blessing.
I guess I think that there is value that needs to be also given to things like timing (short sales take months to close, if they happen at all), good will (they buyer will take the house with the big pile of yard debris in the yard because it doesn’t bother them to have to clean it up), and livability (the big kitchen is ideally designed with loads of cabinets and counter space). For some reason this economy and this real estate market has got both buyers and sellers fixated on money, money, money. And that has them acting blindly to happiness. I thinking buying the right house, where you will live and grow, is just as important as buying the right deal.
The perfect sale does both: the house will be bought or sold at the right deal and it will also be more than a house, it will be a home. That is double-bottom-line thinking and that is a good way to approach both a property purchase and a property sale.
News & Notes
State of the Market:
- Have We Hit Bottom? The experts agree that generally speaking, the country has “hit bottom”, with various areas lagging behind a bit. CNN.Money.com predicts that the Portland area will hit bottom in Q3 of this year. Our latest RMLS Market Action Report for the Portland area indicates that Portland metro area closed sales increased 18.4% when comparing 2009 vs 2010. Pending sales rose 45% and new listings rose 12.4%. The average sales price declined 8.5%.
(Money Magazine) — The drama is nearly over. After a decade of extremes — the ebullient highs of the real estate boom, then the devastating lows of the bust — calmer forces are beginning to prevail in the housing market.
- Local Lake Oswego Data The RMLS Market Action Report lumps West Linn and Lake Oswego together, but here is some interesting data:
* In February 2010 the average sales price was $457,700.
* The average time on the market was 153 days.
* Pending Sales rose 52.7% in Feb 2010 as compared to Feb 2009.
* The average sales price has declined 9.7% in a rolling 12-month equation (i.e. 3/1/08 – 2/28/09 compared with 3/1/09 – 2/28/10) - Rates are Rising I have clients asking “Is this the right time to buy or should we wait?” One thing we know is that rates are rising. Right now they are still in the 5% range… actually they are up a bit today at 5.125% but overall they’ve been fluctuating between 4.875% and 5.125% for 30-yr fixed. As for more foreclosures to come, and prices lowering… interest rates are rising, some say 7% is possible NY Times… so if you ARE planning to finance, all the experts agree that this is the time to be buying, because even if prices go lower, the fact that the interest rates go up effectively nullifies your benefits.
- Portland Area Rating Improves “Mortgage insurance companies have upgraded Portland’s property value housing trends, meaning that they predict values to be stabilizing in the Portland market.” Pat Goodell, Academy Mortgage
- Tax Credits For first-time home-buyers and “moving-up” buyers, there is still time to find a property you love & get a mutually-agreed deal in place before April 30th. So…. hang in there if you are still looking for that “right” one. Work with your Realtor to narrow the field, or give Dianne or me a call if you are not working with a Realtor. (I love working with Buyers…. it is actually the reason I originally got into real estate.)
- USDA Loans USDA anticipates running out of funds to lend by end-April 2010. If you are thinking about rural properties and considering a USDA loan, now would be the time to ink an offer.
- FHA Mortgage Insurance Premiums Rising FHA’s upfront (financed) mortgage insurance premium increased to 2.25% effective April 5. And/but, if you are anticipating taking advantage of an FHA loan, don’t fret too much. You WILL now have the higher premium, however, it’s not anything that should get you in a tizzy, as it will make very little difference in your mortgage payment. For example, on a $300,000 loan amount, your payment will only increase by approximately $8./month adding in that higher mortgage insurance premium. (This according to Pat Goodell of Academy Mortgage 503 380 0953.)
- “The Deal” One thing I am noticing is that many people are becoming so enamored with “the deal” these days, that some are missing the point of why they decided to purchase to begin with, so I am simultaneously always trying to meet my clients needs & desires in a *property* (i.e. what they are trying to accomplish for themselves in their lives w/the purchase… what they truly like), while at the same time being cognizant of the “deal factor” for them. Keep in mind these things regarding “deals”… there are basically three kinds:
- People who are pricing their homes to sell. They have their own circumstances (down-sizing/relocation/up-sizing/on & on & on), and they are wanting to move on in some fashion. There are plenty of these out there these days, especially as home owners look around and face the fact that they are now competing with so many homes in or approaching foreclosure. There are some very real advantages to buying your home from these folks. Some include: Often these homes are in tip-top shape / You are dealing directly with the owner of the home and as long as the agreed-upon sales price does not dip below what they owe on the property, you are in “Pending” status when you reach mutual acceptance, and /You are negotiating only with the Seller. / You proceed through a normal closing process if you are taking out a loan, and notwithstanding any negotiations or hoops you need to jump through for the underwriter, you will most likely close in 30-45 days.
- Short Sales. These homes’ owners owe more to the bank than what the property is worth in today’s market. The bank is agreeing to take less than what is owed from the Seller. There are many, many banks in existence and each has its own methods and processes, so there is no uniformity of what to expect, with a few exceptions that I will get into in a moment. There may be more than one bank involved if there is a second mortgage or more. There are a few things that you can expect, and they are: * Even if the Seller accepts your offer, the bank is the one (or ones) to give final approval considering that what they will receive is less than what was contracted with the Seller. ***The bank (s) will usually have paperwork that you must sign if you want to be in the running that will change how the property proceeds through the sale process including: Notifying you that they will only accept an earnest money check & no promissory notes/ They will keep your money and wait to see how many other offers they receive / They will not give you a time line on when they will respond to your offer / You are usually on your own with regard to any repairs / It is usually several months before you find out if your offer was the one accepted & get to proceed to close / During this process the property very often stays in “Active” position on RMLS / Very often the paperwork you must sign includes a provision wherein the bank retains the right to accept another offer right up to closing. ***For these reasons, I counsel clients that they must REALLY be in love with a property to proceed through this process. Also, depending on the property, you may be entering territory wherein you know that you will be competing with other offers, so the best advice, if this is the case, is to make this your best offer… especially if you plan to sit out the long process and want to have a happy ending. Don’t try to “wing it”… these are complicated times & even the professionals involved are still feeling out the landscape. There are all kinds of people calling themselves “experts”. Make sure you know what you are doing and ask for licenses if you think people on the periphery are operating outside of their scope of expertise. Talk to your Realtor as to what your options are, and rely on that trusted professional relationship for guidance.
- Bank-owned properties. These homes have usually been through the short sale phase unsuccessfully. The property has either been on the market & not sold, or the owners opted not to try a short sale and have simply stayed in the property until they had to move on as the bank proceeded through their legal remedies to regain the property due to non-payment. These properties are sometimes in sad condition due to hardship (i.e. deferred maintenance), but many times these days, they are in very good condition… a sign of the times & the large numbers of otherwise responsible homeowners who simply found themselves in an untenable position through job loss or other factors. The thing to remember about these properties is that the price is ALWAYS lower than either short-sales or standard “good deals”. The bank wants to move on and prices the home low. The bank is now the Seller and usually acts just like a normal Seller, i.e. Negotiating (tho usually not for repairs)/ accepting or rejecting an offer/Moving on to close with the property going to “Pending” status once it’s mutually agreed-upon/Proceeding through a normal closing process for the Buyer. For this reason: Investors and others are waiting in the wings to pounce on these very often with cash offers, so you have to be quick, and you want to be very careful about low offers, though this can sometimes still be a viable option. Talk to your Realtor about options as they will vary from property to property.
Hope this info is helpful!
Lake Oswego Market Activity Report ~ March 29-April 4, 2010
Steady as she goes in Lake Oswego with 30 New, 19 Pending, and 17 Sold properties during last week’s Monday – Sunday period according to RMLS.
Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (March 29—April 4, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | List Date |
| 65 OSWEGO SMT | $129,900 | 2 | 2 | 1,140 | CONDO | 3/29/2010 |
| 6120 SHAKESPEARE ST | $249,000 | 3 | 1.1 | 1,000 | DETACHD | 4/3/2010 |
| 19032 KRISTI WAY | $259,900 | 2 | 2 | 1,390 | DETACHD | 4/1/2010 |
| 2764 GLEN HAVEN RD | $294,900 | 3 | 1.1 | 1,352 | DETACHD | 4/3/2010 |
| 16711 MELLON AVE | $309,900 | 3 | 2 | 1,346 | DETACHD | 4/2/2010 |
| 1692 FIRCREST CT | $329,900 | 4 | 3 | 2,550 | DETACHD | 3/31/2010 |
| 16969 ALDER CIR | $344,900 | 3 | 2 | 1,534 | DETACHD | 3/29/2010 |
| 692 2ND ST | $379,000 | 3 | 1 | 1,700 | DETACHD | 4/2/2010 |
| 5434 YORKSHIRE PL | $489,000 | 3 | 3 | 2,335 | DETACHD | 4/3/2010 |
| 1690 FIRCREST CT | $495,000 | 3 | 3.1 | 2,718 | ATTACHD | 3/29/2010 |
| 26 INDEPENDENCE AVE | $574,000 | 4 | 3 | 3,694 | DETACHD | 3/29/2010 |
| 9 ABELARD ST | $615,000 | 5 | 3.1 | 3,609 | DETACHD | 4/1/2010 |
| 16006 Kimball AVE | $698,000 | 3 | 2 | 1,800 | RES-MFG | 3/31/2010 |
| 92 GARIBALDI ST | $699,000 | 4 | 3.1 | 3,172 | DETACHD | 3/30/2010 |
| 17080 FERNWOOD DR | $699,900 | 5 | 3.1 | 3,681 | DETACHD | 4/2/2010 |
| 14124 HEATHROW LN | $785,000 | 4 | 3.1 | 3,812 | DETACHD | 3/31/2010 |
| 331 CHANDLER PL | $810,000 | 4 | 2.1 | 2,428 | DETACHD | 3/29/2010 |
| 2358 SUMMIT DR | $879,950 | 3 | 2.1 | 2,995 | DETACHD | 4/1/2010 |
| 606 6TH ST | 789000 – 898876 | 4 | 3 | 2,850 | DETACHD | 4/1/2010 |
| 17301 CANAL CIR | $949,999 | 3 | 2.1 | 1,863 | DETACHD | 4/2/2010 |
| 17979 CRESTLINE DR | $1,149,000 | 4 | 2.1 | 4,650 | DETACHD | 4/2/2010 |
| 16805 SCOTT CT | $1,190,000 | 4 | 3.1 | 4,321 | DETACHD | 4/3/2010 |
| 1318 HORSESHOE CURV | $1,275,000 | 5 | 3 | 3,554 | DETACHD | 4/2/2010 |
| 2111 HAZEL RD | $1,349,000 | 4 | 4.1 | 4,894 | DETACHD | 4/3/2010 |
| 1103 LAKE SHORE RD | $1,375,000 | 3 | 3 | 3,200 | DETACHD | 4/2/2010 |
| 4011 WESTBAY RD | $1,495,000 | 5 | 3.1 | 4,518 | DETACHD | 4/1/2010 |
| 13081 KNAUS RD | $1,795,000 | 5 | 2.1 | 3,269 | DETACHD | 3/29/2010 |
| 179 FURNACE ST | $2,195,000 | 3 | 3.1 | 4,784 | CONDO | 3/29/2010 |
| 17147 OLD RIVER DR | $2,395,000 | 4 | 4.2 | 5,961 | DETACHD | 3/31/2010 |
| 1850 NORTHSHORE RD | $15,000,000 | 4 | 6.2 | 13,500 | DETACHD | 4/3/2010 |
PENDING SALES (March 29 – April 4, 2010)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | List Date | CDOM |
| 210 RIDGEWAY RD | $113,900 | 1 | 1 | 778 | CONDO | 8/24/2009 | 221 |
| 4 TOUCHSTONE | $129,000 | 2 | 2 | 984 | CONDO | 3/8/2010 | 24 |
| 852 5TH ST | $250,000 | 2 | 1 | 738 | DETACHD | 11/21/2009 | 131 |
| 5354 LOWER DR | $258,500 | 2 | 1 | 1,201 | DETACHD | 12/27/2009 | 96 |
| 5056 FOOTHILLS DR | $269,000 | 2 | 2 | 1,252 | CONDO | 9/21/2009 | 194 |
| 82 WHEATHERSTONE | $289,000 | 3 | 2.1 | 1,692 | ATTACHD | 2/17/2010 | 45 |
| 15256 BOONES WAY | $299,000 | 2 | 2.1 | 1,600 | ATTACHD | 10/1/2009 | 350 |
| 505 8TH ST | $389,000 | 3 | 1 | 1,050 | DETACHD | 11/6/2009 | 143 |
| 531 2ND ST | $399,000 | 2 | 2 | 1,393 | CONDO | 2/3/2010 | 57 |
| 2753 VALE CT | $399,900 | 3 | 3 | 2,786 | DETACHD | 10/30/2009 | 153 |
| 2251 PRESTWICK RD | $407,250 | 3 | 2 | 2,236 | DETACHD | 4/1/2010 | 3 |
| 14 OTHELLO ST | $419,000 | 4 | 2.1 | 2,464 | DETACHD | 3/12/2010 | 22 |
| 24 INDEPENDENCE AVE | $449,950 | 6 | 3.1 | 3,773 | DETACHD | 3/5/2010 | 25 |
| 5 EL GRECO ST | $469,000 | 4 | 2.1 | 2,455 | DETACHD | 3/29/2010 | 4 |
| 4311 ORCHARD WAY | $519,000 | 4 | 2.1 | 2,916 | DETACHD | 2/24/2010 | 201 |
| 17930 MEADOWLARK LN | $575,000 | 4 | 4 | 3,300 | DETACHD | 1/8/2010 | 84 |
| 17 SCARBOROUGH DR | $579,900 | 4 | 2.1 | 3,290 | DETACHD | 3/6/2010 | 24 |
| 4113 WESTBAY RD | $631,000 | 2 | 3 | 2,477 | DETACHD | 3/25/2010 | 7 |
| 18430 TAMAWAY DR | $889,000 | 4 | 2.2 | 3,867 | DETACHD | 2/1/2010 | 59 |
SOLD (March 29- April 4, 2010)
| Address | O/Price | Sold Price | # Beds | # Baths | Total SF | Prop Type | CDOM |
| 11 Oswego Summit | $129,900 | $130,000 | 2 | 2 | 1,212 | CONDO | 320 |
| 16250 PACIFIC HWY | $200,000 | $141,000 | 3 | 2 | 1,626 | CONDO | 185 |
| 45 EAGLE CREST DR | $199,000 | $175,000 | 3 | 2 | 1,348 | CONDO | 234 |
| 668 MCVEY AVE | $209,000 | $180,000 | 2 | 1 | 852 | CONDO | 34 |
| 1581 BONNIEBRAE DR | $255,000 | $220,000 | 2 | 2 | 1,393 | ATTACHD | 314 |
| 5858 LAKEVIEW BLVD | $255,000 | $227,000 | 2 | 1 | 1,117 | DETACHD | 248 |
| 1248 OAK ST | $249,900 | $238,500 | 2 | 1 | 900 | DETACHD | 73 |
| 29 ORIOLE LN | $317,000 | $240,000 | 3 | 2.1 | 1,644 | DETACHD | 175 |
| 15935 KIMBALL AVE | $230,500 | $257,000 | 3 | 2 | 1,542 | DETACHD | 9 |
| 4 THE GROTTO | $289,000 | $282,000 | 3 | 2.1 | 1,534 | DETACHD | 13 |
| 1234 MAPLE ST | $349,000 | $335,500 | 3 | 2 | 1,550 | DETACHD | 164 |
| 13821 REGENCY CT | $409,000 | $392,000 | 4 | 2.1 | 2,139 | DETACHD | 223 |
| 4137 ORCHARD WAY | $475,000 | $400,000 | 5 | 2.1 | 3,084 | DETACHD | 181 |
| 551 2ND ST | $499,000 | $499,000 | 2 | 2 | 1,631 | CONDO | 28 |
| 1430 CHERRY CREST DR | $525,000 | $510,000 | 4 | 3 | 3,302 | DETACHD | 158 |
| 16705 GLENWOOD CT | $799,000 | $665,500 | 4 | 3 | 4,243 | DETACHD | 190 |
| 1839 PALISADES LAKE CT | $899,900 | $899,900 | 4 | 3.1 | 4,570 | DETACHD | 168 |
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 ~ Easter 2010
Sunday, April 4th will be a time for all kinds of celebration, good food, activities with loved ones & friends, and…….. Open Houses in Lake Oswego! There are 7 properties to see according to RMLS. Enjoy!
| Address | L/Price | # Beds | # Baths | Total SF | Prop Type | Open |
| 19288 SW Megly CT | $579,900 | 5 | 3 | 3594 | DETACHD | 1-5PM |
| 7 MOUNTAIN VIEW LN | $609,000 | 5 | 2.1 | 3324 | DETACHD | 1-4PM |
| 1015 SOUTHSHORE BLVD | $773,000 | 4 | 3 | 3542 | DETACHD | 12:30-2:30PM |
| 17464 RIDGEVIEW LN | $1,199,950 | 4 | 3.1 | 4407 | DETACHD | 1-3PM |
| 664 OAK MEADOW DR | $1,299,950 | 4 | 3.1 | 4198 | DETACHD | 1-3PM |
| 657 OAK MEADOW DR | $1,349,950 | 4 | 3.1 | 4371 | DETACHD | 1-3PM |
| 17364 RIDGEVIEW CT | $1,399,950 | 4 | 3.1 | 4436 | DETACHD | 1-3Pm |
Market Activity for March 22-28, 2010
Lake Oswego had 18 properties come onto the market last week, along with 13 houses that went pending and 8 houses that were closed sales. Here is your market report:
NEWLY LISTED (March 22—March 28, 2010)
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | List Date | ||
| 100 KERR PKWY | $99,990 | 1 | 1 | 617 | CONDO | 3/22/2010 | ||
| 4000 CARMAN DR | $147,000 | 2 | 2 | 866 | CONDO | 3/23/2010 | ||
| 100 KERR PKWY | $169,900 | 2 | 2 | 823 | CONDO | 3/22/2010 | ||
| 16149 PEARCY ST | $229,900 | 3 | 2 | 1,250 | DETACHD | 3/26/2010 | ||
| 653 A AVE | $245,000 | 2 | 2 | 1,290 | DETACHD | 3/24/2010 | ||
| 17870 DEERBRUSH AVE | $349,900 | 3 | 2.1 | 1,912 | DETACHD | 3/26/2010 | ||
| 534 2ND ST | $359,000 | 2 | 2.1 | 1,394 | CONDO | 3/28/2010 | ||
| 75 CONDOLEA WAY | $389,000 | 3 | 3 | 2,131 | CONDO | 3/23/2010 | ||
| 31 NOVA CT | 434000 | 4 | 2.1 | 2,107 | DETACHD | 3/28/2010 | ||
| 13340 AUBURN CT | 465000 | 3 | 2.1 | 2,451 | ATTACHD | 3/22/2010 | ||
| 17701 LEAFY LN | 589000 | 4 | 3 | 3,600 | DETACHD | 3/23/2010 | ||
| 203 EVERGREEN RD | 619000 | 3 | 3.1 | 1,973 | ATTACHD | 3/22/2010 | ||
| 4113 WESTBAY RD | 631000 | 2 | 3 | 2,477 | DETACHD | 3/25/2010 | ||
| 18606 WESTVIEW DR | 649900 | 3 | 2.5 | 2,783 | DETACHD | 3/22/2010 | ||
| 491 COUNTRY CLUB RD | 679900 | 3 | 2 | 2,486 | DETACHD | 3/23/2010 | ||
| 2099 SUMMIT DR | 699000 | 3 | 2.1 | 2,250 | DETACHD | 3/23/2010 | ||
| 901 LAKE SHORE RD | 899000 | 4 | 3 | 3,216 | DETACHD | 3/24/2010 | ||
| 667 LAKE BAY CT | 1399000 | 4 | 4 | 3,361 | DETACHD | 3/25/2010 |
PENDING SALES (March 22 – March 28, 2010)
| Address | List Price | # BR | # BTHS | Total SF | Prop Type | CDOM | |||
| 15200 BOONES WAY | $169,000 | 2 | 1.1 | 1,248 | CONDO | 142 | |||
| 16200 PACIFIC HWY | $239,000 | 2 | 2 | 1,200 | CONDO | 173 | |||
| 1601 GREENTREE RD | $249,900 | 3 | 2.1 | 2,444 | DETACHD | 149 | |||
| 7 PEACOCK PL | $279,950 | 3 | 2.1 | 1,400 | DETACHD | 143 | |||
| 5 ORIOLE LN | $348,000 | 3 | 2.1 | 2,024 | DETACHD | 14 | |||
| 15 CHURCHILL DOWNS | $368,000 | 4 | 2 | 2,014 | DETACHD | 115 | |||
| 4002 TEMPEST DR | $430,000 | 4 | 3.1 | 4,319 | DETACHD | 33 | |||
| 2440 OVERLOOK DR | $500,000 | 4 | 3 | 3,874 | DETACHD | 36 | |||
| 14279 CAMDEN LN | 510000 | 4 | 2.1 | 2,373 | DETACHD | 71 | |||
| 14584 PFEIFER WAY | 559000 | 3 | 2 | 2,600 | DETACHD | 47 | |||
| 5783 VICTORIA CT | 595000 | 3 | 2 | 2,344 | DETACHD | 14 | |||
| 13315 HIDDEN BAY CT | 688000 | 5 | 2.1 | 3,671 | DETACHD | 151 | |||
| 5245 LANGFORD LN | 719000 | 3 | 2.1 | 2,957 | DETACHD | 104 |
SOLD (March 22- March 28, 2010)
| Address | O/Price | Close Price | # BR | # BTHS | Total SF | Prop Type | CDOM | ||
| 3009 WEMBLEY PARK RD | $329,000 | $320,000 | 4 | 1.1 | 1,754 | DETACHD | 302 | ||
| 2705 ORCHARD HILL PL | $374,900 | $331,500 | 3 | 2.5 | 2,250 | DETACHD | 19 | ||
| 5026 HARTFORD PL | $429,000 | $425,000 | 4 | 2.1 | 2,887 | DETACHD | 570 | ||
| 4651 HASTINGS PL | $454,900 | $440,000 | 4 | 2.1 | 2,215 | DETACHD | 35 | ||
| 5310 WASHINGTON CT | $624,900 | $582,000 | 4 | 3.1 | 3,328 | DETACHD | 878 | ||
| 5590 KODERRA AVE | $689,000 | $625,000 | 4 | 2.1 | 3,072 | DETACHD | 264 | ||
| 4380 UPPER DR | $784,900 | $710,000 | 5 | 4.1 | 4,071 | DETACHD | 181 | ||
| 16764 ALDER CIR | $1,679,000 | $1,350,000 | 4 | 4.1 | 3,456 | DETACHD | 200 |
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.