Along with letting you know about the open houses scheduled for this Sunday, I want to share an a quick bit of wisdom. I am currently working with an investor who is doing a 1031 exchange following the passing of his parents who were first-generation immigrants. They came to this country, worked hard, and invested in real estate. With their passing, their children are now coming into a fairly substantial amount of money. Following their parents advice, they too are investing in real estate. Their parents words of wisdom: invest in what you can sweep.
Love it!
Here are the open houses to anticipate this Sunday. Have a great weekend.
There are 25 neighborhoods in Lake Oswego and today I want to focus on one in particular: Bryant. Bryant is found on the South side of the lake and is bounded by Upper Drive on the North, Southshore and Kelok roads on the East, Childs and Deerbrush roads on the South, and Pilkington on the West.
Lake Grove Swim ParkHighlights of the neighborhood include Waluga Junior High School, West Bay, Lamont Springs Nature Park, and on the Northern edge, one of Lake Oswego’s two swim parks, the Lake Grove Swim Park.
There is a small commercial commercial district that allows the neighborhood to enjoy 4 excellent restaurants. LaVang’s is an institution having been opened many years ago by a Vietnamese doctor who used the proceeds to support an orphanage in Vietnam. I am not sure if the connection to the orphanage still exists, but I can tell you that the good food has remained. It has wonderful Pho and amazing salad rolls. Deno’s Pizzeria has about the best caesar salad I have ever eaten. Pine Shed Ribs serves Santa Maria Style Barbeque. And the newest addition is Oliver’s which specializes in farm to table fresh ingredients with a Mexican flair.
West BayHousing in the area runs the gamut. There are several condominium complexes with pricing ranging from $100,000 to $175,000, with 1 currently for sale, 2 pending and in escrow, and 1 closed sale in the last 6 months.. The single family residential has a much broader range.
There are currently 22 houses for sale. The least expensive house currently for sale was built in 1952 and is a bank foreclosure. It has 2324 square feet (928 is in an unfinished basement), 3 bedrooms and 3 full baths. It is listed for $229,900.
The most expensive house currently for sale is on a canal. It was built in 1985, is on nearly half an acre with 4 bedrooms and 2.5 baths, and is listed for $1,199,000.
25 homes have sold in the last 6 months. The low sale occurred on a mid-century modern home that was built in 1962. With 1700 square feet, 3 bedrooms and 2 baths, it was listed for $229,900. It sold in just 2 days for $209,400. The most expensive sale was a 1992 built home with a brick facade and 3-car garage on a cul-de-sac. It had 4 bedrooms, 2.5 baths. Listed for $850,000, it sold in 56 days for $750,000.
I think what I like about the Bryant neighborhood is how walkable it is. Relatively flat, you can walk to the swim park or to a good restaurant in 10 to 15 minutes. I don’t live in the Bryant neighborhood, but I do live close enough that I walk through it regularly. Lamont Springs Park is a personal favorite.
Please feel free to let Linda or myself know if we’ve peaked your curiosity and would like more information about homes in this area.
A bit of a September slowdown with 12 New properties entering the market, 8 in Pending status, and holding a steady line on sales activity with 10 marked as Sold during the last week according to RMLS.
See below for further details:
NEWLY LISTED (Sept. 19-25 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
92 CERVANTES CIR 11E
$132,100
2
1.1
912
CONDO
6929 MONTAUK CIR
$134,900
2
1
968
CONDO
1214 HALLINAN CIR
$342,000
3
2
1748
DETACHD
4653 OAKRIDGE RD Lot 2
$366,900
2
2.1
1738
ATTACHD
4793 AUBURN LN
$389,900
3
2.1
2083
ATTACHD
13254 FIELDING RD
$567,000
3
2.1
3248
DETACHD
816 9TH ST
$674,500
4
3.1
3033
DETACHD
4102 CHAD DR
$739,000
4
2.1
3054
DETACHD
16736 SYLVAN CT
$839,000
4
3
3914
DETACHD
14070 GOODALL RD
$920,000
4
3.2
4460
DETACHD
777 N SHORE RD
$1,350,000
3
3.1
3960
DETACHD
1799 ATHERTON DR
$1,400,000
5
5.1
6280
DETACHD
PENDING SALES (Sept 19-25, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
96 GALEN ST
$53,900
1
1.1
552
CONDO
11
3808 BOTTICELLI ST
$175,000
3
2
1203
ATTACHD
106
5225 Jean RD
$179,900
3
2
1400
CONDO
5
17839 TAMARA AVE
$257,500
3
1.1
1562
DETACHD
177
4675 OAKRIDGE RD Lot 3
$369,900
3
2.1
1738
ATTACHD
112
1193 TROON RD
$395,000
3
2.1
2558
DETACHD
33
1991 GREENTREE RD
$399,999
3
3
2655
DETACHD
160
4681 TRILLIUM WOODS Lot 8
$419,900
3
2.1
2135
ATTACHD
194
SOLD (Sept 19-25, 2011)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
3 Oswego Summit #17
$87,000
$74,000
1
1
764
CONDO
436
1400 BONNIEBRAE DR
$183,500
$130,000
2
1
864
ATTACHD
436
12828 SW BOONES FERRY RD
$224,500
$163,800
2
2.1
1136
ATTACHD
103
17635 DEEMAR WAY
$259,900
$185,100
3
2
1488
DETACHD
136
18963 LONGFELLOW AVE
$299,900
$233,000
3
1.1
1232
DETACHD
221
1094 ERICKSON ST
$449,888
$280,000
4
3
2769
DETACHD
284
17653 SCHALIT WAY
$299,900
$305,000
3
2
1463
DETACHD
10
5530 BAY CREEK DR
$499,900
$435,000
4
2.1
2958
DETACHD
12
17981 MEADOWLARK LN
$529,900
$500,000
3
2.1
3250
DETACHD
120
17503 CHERRY CT
$950,000
$730,000
4
3.1
4200
DETACHD
219
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
Last week in Lake Oswego there were 19 new listings, 13 houses that received accepted offers and went pending, and 4 closed sales.
See below for further details:
NEWLY LISTED (Sept. 12-18 2011)
Address
Type
Price
Sq FT
BR
Baths
86 Kingsgate Rd H102
Condo
$64,900
849
2
2
4 Touchstone #65
Condo
$119,900
1351
3
2.5
5225 Jean Rd 3308
Condo
$179,900
1400
3
2
5733 Fernbrook Way
Detached
$235,000
1250
4
1.5
1641 Devon Ln
Detached
$239,900
2013
3
2.5
1127 Cedar St
Detached
$259,000
870
2
1
6438 Frost St
Detached
$365,000
2558
3
2.5
6450 Frost St
Detached
$395,000
2957
4
2.5
4 Hillshire Dr
Detached
$449,000
3084
4
2.5+.5
52 Condolea Ct
Condo
$485,000
2958
2
2.5
19475 Dogwood Ct
Detached
$499,900
3302
6
3
4 Juarez St
Detached
520,000
3962
4
2.5
4120 Southshore Blvd
Detached
$525,000
2033
3
2
17370 Canyon Dr
Detached
$579,900
3408
4
3.5
1828 Palisades Terrace Dr
Detached
$599,000
3264
4
2.5
Glenmorrie
Detached
$667,000
3196
3
4
14599 Fosberg Rd
Detached
$759,000
3453
4
3.5
19375 Eastside Rd
Detached
$799,000
4100
4
3.5
3122 Upper Dr
Detached
$1,075,000
3851
4
4
PENDING SALES (Sept 12-18, 2011)
Address
Type
Price
Sq Ft
BR
Baths
CDOM
4 Crestfield Ct
Condo
$84,900
923
2
1
42
4638 Lower Dr A2
Condo
$99,000
1260
2
1.5
93
5325 Oakridge
Detached
$234,900
1191
4
2
106
3797 Lanewood St
Detached
$249,000
2560
3
1
126
1286 Rockinghorse Ln
Detached
$309,000
1883
3
2.5
302
17607 Arbor Ln
Detached
$315,000
1906
3
2
154
5011 Rosewood St
Detached
$345,000
1698
4
2
123
4734 Lakeview Blvd
Detached
$397,500
2787
3
1
155
19240 Megly Ct
Detached
$549,900
3633
5
3.5
145
5088 Woodcrest Ln
Detached
$619,900
3056
4
2.5
219
727 6th St
Detached
$679,900
2884
4
2
601
16828 Alder Circle
Detached
$1,099,000
2362
3
2
133
1066 Northshore Rd
Detached
$1,195,000
4224
4
5.5
227
SOLD (Sept 12-18, 2011)
Address
Orig. Price
Sold Price
Type
Sq Ft
CDOM
750 1st St D22
$150,000
$140,000
Condo
1350
82
17 Walking Woods Dr
$290,000
$320,000
Detached
2915
55
19124 Megan Pl
$699,000
$620,000
Detached
3584
104
5231 Denton Dr
$669,000
$636,500
Detached
3031
75
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
One of the most basic components of being a good Realtor is understand just who I work for. As I work with a client I find myself going back to this concept again and again. Let’s face it, a real estate transaction requires a tremendous amount of negotiation. For both the buyer and the seller, the sale is likely one of the largest and most important financial endeavors that they will do. So it has to be done right, and to their satisfaction. What I want has pretty much nothing to do with it.
So think about that. A Realtor is in a job where what they want is not important.
Fiduciary Duty Fiduciary duty is the relationship that exists when one person puts faith and trust into another person to act on their behalf. Realtors have fiduciary duty to their clients. This is such an important element in real estate.
In a transaction I find myself thinking about my clients and their needs constantly. Will this be good for them? Will this help? Is this what they want? Often it means telling them hard information that I know will likely make them not want a house. It can mean causing a transaction to fail so that we go out and begin again. That is not necessarily good for me, but it is certainly good for my client. It’s the right thing to do.
Real Estate Agency
In Oregon we have buyer’s agents, seller’s agents, and dual agents. This was not always the case. Prior to about 1994, all Realtors worked for the seller. So even when I worked with buyers showing them houses, writing up an offer, and negotiating repairs, I was really working for the seller. It was strange.
The advent of buyer’s agency allowed Realtors to work exclusively for the buyer. This means that the Realtor who is a buyer’s agent is committed to the best interests of the buyer. It also allowed seller’s agents to do the same for the seller.
We also have what is called dual agency. This happens when a Realtor is working with a buyer who wants to buy one of that Realtors listings. In this circumstance, the Realtor would be representing both the buyer and the seller. This can only happen if both the buyer and the seller give their approval. The Fiduciary duty does not change. A dual agent must still maintain confidences about things like price and work to see to the best interests of both clients. This does not happen very often. I think in my 24 years as a Realtor I’ve done it half a dozen times.
Dual agency can also happen when a buyer’s agent sells a house that is listed by another Realtor in their office. This is because most Realtors do work in offices with multiple agents who are supervised by a Principal Broker. That Principal Broker reviews all of the paperwork of every transaction and offers supervision and guidance to the Realtors in that office. So the buyer’s agent and the seller’s agent remain just that, but the Principal Broker becomes a dual agent.
Please forgive me if this is all pretty dry. It’s the sort of thing that is not particularly exciting. But I think it is incredibly important and one of the backbones of my career.
Have a great day and thanks for reading the blotter.
Dianne
There were 20 New properties entering the market, 19 in Pending status, and 7 marked as Sold during the last week according to RMLS.
See below for further details:
NEWLY LISTED (Sept. 5-11 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
96 GALEN ST
$53,900
1
1.1
552
CONDO
450 S STATE ST
$119,000
2
1
800
CONDO
4 TOUCHSTONE 123
$129,950
3
2.1
1351
CONDO
200 BURNHAM RD
$149,000
1
1
948
CONDO
5054 FOOTHILLS DR H
$199,500
3
2
1252
CONDO
4752 REMBRANDT LN
$288,900
3
2.1
1516
DETACHD
1764 CONIFER DR
$319,900
3
1
1200
DETACHD
1639 WORTHINGTON ST
$350,000
4
3
1920
DETACHD
2545 ORCHARD HILL LN
$365,000
3
2
2160
DETACHD
17040 FERNWOOD DR
$369,000
3
2
1919
DETACHD
1645 ASPEN ST
$419,999
3
2.1
1916
DETACHD
4527 TRILLIUM WOODS Lot 15
$441,150
3
2.1
2211
ATTACHD
908 CUMBERLAND PL
$474,900
4
3
2715
DETACHD
2 MORNINGVIEW CIR
$485,000
3
2.1
2954
DETACHD
2834 GLENMORRIE DR
$499,000
3
2.1
2459
DETACHD
15564 VILLAGE DR
$749,000
3
2.1
3249
DETACHD
4011 WESTBAY RD
$950,000
5
3.1
4518
DETACHD
13877 AMBERWOOD CIR
$999,000
4
2.1
3949
DETACHD
13701 GOODALL RD
$1,899,000
4
4.1
6028
DETACHD
1500 NORTHSHORE RD
$11,600,000
5
6.2
13462
DETACHD
PENDING SALES (Sept 5-11, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
3676 SPRING LN 2C
$139,900
2
2.1
1762
CONDO
36
72 GREENRIDGE CT
$150,000
3
3
1825
ATTACHD
288
4473 GOLDEN LN
$155,000
2
2.1
1980
CONDO
320
16443 INVERURIE RD
$180,000
4
2
1480
DETACHD
9
4760 LOWER DR
$229,900
3
3
2324
DETACHD
21
55 NORTHSHORE RD
$289,000
1
1
1554
CONDO
18
4677 OAKRIDGE RD Lot 04
$369,900
3
2.1
1738
ATTACHD
97
1736 PALISADES TERRACE DR
$399,000
4
3.1
3079
DETACHD
70
14 HOTSPUR ST
$399,000
4
2.1
2626
DETACHD
5
3601 WREN ST
$399,900
3
2.1
2220
DETACHD
154
18207 WESTMINSTER DR
$409,900
4
2.1
2258
DETACHD
24
5842 MEADOWCREEK CT
$449,900
3
2.1
2309
DETACHD
7
5686 CHARLES CIR
$499,900
4
3
3246
DETACHD
6
19285 MEGLY CT
$509,900
5
3
3275
DETACHD
203
4184 Sunset DR
$529,000
5
3
2932
DETACHD
164
19 JUAREZ ST
$550,000
3
2.1
3584
DETACHD
190
5511 FIELDSTONE CT
$623,950
4
2.1
3037
DETACHD
629
556 5TH ST
$659,000
3
3.1
2166
ATTACHD
208
1633 MAPLE ST
$799,000
3
3
3448
DETACHD
161
SOLD (Sept 5-11, 2011)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
15380 TWIN FIR RD
$339,900
$315,000
3
3
1865
DETACHD
44
5795 LANGFORD LN
$349,500
$334,000
2
2
1687
DETACHD
9
18927 KRISTI WAY
$424,000
$424,000
4
2
2943
DETACHD
13
17267 KELOK RD
$599,900
$560,000
3
2
2340
DETACHD
40
4158 CASEY CT
$719,000
$689,500
4
2.1
3385
DETACHD
392
2811 ARROWHEAD CT
$1,250,000
$880,000
4
3.1
3740
DETACHD
419
2735 GLEN EAGLES RD
$1,098,000
$975,000
3
3.1
2950
DETACHD
85
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
