Tag: market

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Open Houses for April 10, 2011

There are 29 scheduled open houses for Lake Oswego tomorrow. Enjoy!

Address Type Price BR Baths Open
6927 Montauk Circle Attached $129,000 2 1 1 to 3
4316 Botticelli Attached $209,000 2 2.5 2 to 4
17401 Hill Way Detached $249,900 3 2 11:30 to 1:30
8 Condolea Dr Attached $259,900 2 2 1 to 3
19420 Marlin Ave Detached $264,795 3 1 1 to 3
3305 Upper Dr Detached $324,900 3 2 11 to 1
1766 Fern Pl Detached $365,000 3 2 1 to 3
1830 Cloverleaf Rd Detached $367,000 5 2 12:30 to 2
1820 Kilkenny Dr Detached $379,000 4 3 12 to 4
1416 Cherry Crest Dr Detached $419,900 4 3 1 to 3
2360 Greentree Rd Detached $429,000 3 2.5 2 to 5
19443 Kokanee Ct Detached $474,700 4 2.5 12 to 4
12 Scarborough Dr Detached $479,900 4 2.5 1:30 to 4
7 Del Prado St Detached $479,900 4 3 10 to 4
1119 Oak St Detached $499,500 4 2.5 2 to 4
19319 SW Dogwood Ct Detached $499,900 4 2.5 10 to 5
19200 Megly Ct Detached $569,900 6 3 10 to 5
9 Abelard St Detached $599,000 5 3.5 1 to 3
1217 Tyndall Ct Detached $599,000 4 4 2 to 4
173 Furnace St Attached $619,900 2 2.5 1 to 3
17896 Kelok Rd Detached $668,000 5 5.5 2 to 4
17884 Kelok Rd Detached $668,000 5 3.5 2 to 4
5533 Fieldstone Ct Detached $668,950 4 2.5 1:30 to 4
5321 Amberwood Ct Detached $669,900 4 3 1 to 3
5320 Southwood Dr Detached $695,000 4 3 1 to 3
15622 Fieldstone Dr Detached $698,950 3 2.5 1:30 to 4
5115 Denton Dr Detached $719,000 3 2.5 12 to 3
18222 Siena Dr Detached $1,189,000 4 3.5 1 to 3
2572 Glen Eagles Pl Detached $1,895,000 5 4.5+.5 1 to 3
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Price Per Square Foot

Price per square foot is a handy tool when trying to calculate value for a house. It is commonly used by Realtors, home buyers and sellers, and Appraisers. It can also be a bit misleading. So I thought it was time to take a good hard look at it.

Two weeks ago I got an e-mail from a reader wanting to know if Lake Oswego had an average price per square foot that houses were selling for. Trying to be helpful, I went back into the previous week’s sold properties (3/7-3/13) and found that they had sold for an average of $133 per square foot. However, this lumped all of the solds together (condos and detached houses), and was only a 1 week snap shot. Wanting to delve deeper, I re-did this exercise and broke it up into condos, detached houses, and waterfront. Again, these are averages.

This snap shot reflects sales in the last 30 days:
Condos
18 condos have sold in the last 30 days. The least expensive per square foot was $68. The most expensive was $389. The average sold price per square foot was $158.

Single Family Homes
33 single family homes have sold in the last 30 days. The least expensive per square foot was $92. The most expensive was $279. The average was $174 per square foot.

The average/average (in other words both condos and detached houses) was $167 per square foot.

Now, some clarification. These are some widely swinging values. What separates the low values from the high values are variables such as age, condition, and location. A house that is brand new is generally worth more than a house that is 50 years old. A house in a high-demand location like First Addition is going to be worth more than a house on a busy street in Lake Grove. These averages do not take into consideration these variables.

When you value a house using price per square foot, you really need to be comparing that property to others that are as similar to it as possible. But averages are interesting. It kind of creates a lens through which to look. If the average for houses in LO is $174 per square foot, and you are looking at a house that is priced either greater or less, why is there the difference? Is it worth more because it’s a fantastic house? Are you getting a chance to get a screaming great deal?

Waterfront
I purposely left out waterfront properties from these averages because I think that they have their own unique valuation. We happen to have both a lake and a river in Lake Oswego, so waterfront is an important part of our market. To look at waterfront averages, I went back 6 months in order to have enough properties in the study to make it useful. I found a low per square foot of $73 (OK, that is just amazing!) and a high of $571. The average sold price per square foot was $287.

Then there is the issue of measuring
With all of this emphasis on value per square foot, one of the realities is that measuring a house is not an exact science. Two highly qualified professionals can measure the same house and arrive at different numbers. Do you count a staircase twice? After all it exists on more than one level. Yet, it really is only floor space that is used as a single level. Then there are tricky floorplans with cut outs and overhangs that can not be measured from the ground. To measure, you end up doing estimates based upon other measurements of either the interior or surrounding walls that can be measured. I am currently involved in a sale that is new construction. The builder, based upon architectural plans, has a measurement of 3650 square feet. The appraiser who was at the house last week found a measurement of 3823 square feet. Just using the average in LO as I calculated above, that’s an additional value of $30,000.

Ultimately my perspective is that looking at price per square foot can be helpful, but it needs to be taken with some understanding that it is not an exact science. As a buyer or a seller, you also need to factor in the obvious things like age, condition, and location, but also how much do you love the house. Is it worth to you what is being offered? Because ultimately a house is worth what a seller is willing to sell it for and what a buyer is willing to pay for it. These are human decisions and not scientific ones.

Thanks for reading. Send us your questions and allow Linda and I to address them here. We would so much rather be writing about things that are of interest to you. Again, thanks for reading.
Dianne

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Open Houses ~ Sunday, April 3, 2011

Happy Springtime in Lake Oswego! There are 42 homes being held Open according to RMLS. I know that there are a selection of homes in the Hallinan area that are involved in a “Cooperative Open” because my listing at 979 Devon Lane is one of them! (This beautiful property w/Mt Hood & valley views just reduced by $25,000!). We’ll have information on the other homes involved, so come see one & then see all of us! There is also a beautiful “find” at 1851 Kilkenny Drive nearby being held Open that you may want to check out; gorgeous lot & view, tons of updates, and stellar location! (as in: “value” : )

Of those Open, there are 8 properties between $100,000 & $300,000., 14 between $300,000 & $500,000., 16 between $500,000 & $1,000,000., and 4 over a million.
Here you go… Enjoy!

Address L/Price # Beds # Baths Total SF Style Open
6927 MONTAUK CIR $129,000 2 1 968 CONDO 1-3PM
1400 BONNIEBRAE DR $169,500 2 1 864 TOWNHSE 1-3PM
5061 FOOTHILLS DR G $180,000 2 2 991 CONDO 2-4PM
48 EAGLE CREST DR 5F $195,000 2 2 1370 CONDO 1-3PM
16250 PACIFIC HWY 61 $209,000 2 2 1305 CONDO 2-4PM
53 ORIOLE LN $250,000 3 2.1 2072 DETACHD 1-3PM
7 BRITTEN CT $280,000 4 2 2046 TOWNHSE 1-3PM
19250 MAREE CT $299,000 3 2.1 1519 DETACHD 1-3PM
14251 CAMDEN LN $349,000 3 2.1 2179 DETACHD 12-3PM
1851 KILKENNY DR $349,900 4 3 2654 DETACHD 11AM-1PM
1053 HALLINAN ST $349,900 3 2.1 1944 DETACHD 1-3PM
1621 LARCH ST $364,900 3 2.1 3040 DETACHD 1-3PM
1830 CLOVERLEAF RD $367,000 5 2 1795 DETACHD 12:30-2PM
775 BOCA RATAN DR $414,900 4 3.1 2727 DETACHD 11:30AM-1:30PM
960 LAKE FOREST DR $419,900 3 2 2838 DETACHD 1-4PM
979 DEVON LN $425,000 3 3.1 2162 DETACHD 1-4PM
2360 Greentree RD $429,000 3 2.1 2207 DETACHD 2-5PM
17790 WESTVIEW DR $459,900 4 3 3361 DETACHD 1-3PM
19487 SW DOGWOOD CT $469,900 4 3 3105 DETACHD 10AM-5PM
19443 KOKANEE CT $474,700 4 2.1 2807 DETACHD 12-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 10AM-5PM
14674 RAINBOW DR $499,950 4 3 3108 DETACHD 12-3PM
3718 RIVERS EDGE DR $529,900 3 2.1 2536 DETACHD 1-3PM
19285 MEGLY CT $539,900 5 3 3275 DETACHD 10AM-5PM
3 BOLIVAR ST $569,900 5 2.1 4780 DETACHD 1-4PM
19200 MEGLY CT $569,900 6 3 3490 DETACHD 10AM-5PM
1217 TYNDALL CT $599,000 4 4 5181 DETACHD 2-4PM
5511 FIELDSTONE CT $658,950 4 2.1 3037 DETACHD 1-3PM
15566 VILLAGE PARK CT $659,900 5 3.1 4692 DETACHD 1-3PM
17884 KELOK RD $668,000 5 3.1 4124 DETACHD 2:15-4PM
17896 KELOK RD $668,000 5 5.1 4323 DETACHD 2:15-4PM
5533 FIELDSTONE CT $668,950 4 2.1 3115 DETACHD 1-3PM
5321 AMBERWOOD CT $669,900 4 3 3315 DETACHD 2-4PM
15622 FIELDSTONE DR $698,950 3 2.1 3113 DETACHD 1-3PM
5320 SOUTHWOOD DR $728,000 4 3 3646 DETACHD 1-3PM
18020 SKYLAND CIR $895,000 4 3.1 3210 DETACHD 1:30-3:30PM
18209 SIENA DR $994,000 5 3.1 3839 DETACHD 1-3PM
215 CHANDLER PL $995,000 3 2.1 3118 DETACHD 1-4PM
18222 SIENA DR $1,189,000 4 3.1 3998 DETACHD 1-3PM
18024 SKYLAND CIR $1,595,000 4 3.2 4131 DETACHD 12-3PM
1300 SKYLAND DR $1,750,000 4 4.2 6311 DETACHD 1-3PM
2572 GLEN EAGLES PL $1,895,000 5 4.2 6490 DETACHD 1-3PM
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Spring is Poetry

Spring makes poets of all of us!  I thought you might enjoy some of the poetry I was able to find from the lofty among us… as well as the rest!   ~ Happy Spring ~

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here’s a classic from Rumi:

 

 

 

 

 

The Music We Are

Did you hear that winter’s over? The basil
and the carnations cannot control their

laughter. The nightingale, back from his
wandering, has been made singing master

over the birds. The trees reach out their
congratulations. The soul goes dancing

through the king’s doorway. Anemones blush
because they have seen the rose naked.

Spring, the only fair judge, walks in the
courtroom, and several December thieves steal

away, Last year’s miracles will soon be
forgotten. New creatures whirl in from non-

existence, galaxies scattered around their
feet. Have you met them? Do you hear the

bud of Jesus crooning in the cradle? A single
narcissus flower has been appointed Inspector

of Kingdoms. A feast is set. Listen: the
wind is pouring wine! Love used to hide

inside images: no more! The orchard hangs
out its lanterns. The dead come stumbling by

in shrouds. Nothing can stay bound or be
imprisoned. You say, “End this poem here,

and wait for what’s next.” I will. Poems
are rough notations for the music we are.

 

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Market Activity Report: 3/21-3/27

New listings were way down last week with just 12: probably due to Spring Break. Pending sales were strong at 16, and closed sales were also solid at 14. It’s nice to see more pendings and solds than new listings. Must be the sweet smell of spring.

See below for further details according to RMLS:

NEWLY LISTED (Mar 21-27, 2011)

Address Type Price Sq FT BR Baths
45 Eagle Crest Dr #520 Condo $135,000 768 1 1
5322 Charleton Ct Detached $274,900 1633 3 2.5
7 Britten Ct Attached $280,000 2046 4 2
5978 Fernbrook Circle Detached $309,000 1612 3 2.5
1820 Kilkenny Dr Detached $379,000 3040 4 3
2360 Greentree Rd Detached $429,000 2207 3 2.5
17360 Hunter Ct Detached $478,500 3322 4 2.5
1454 Glenmorrie Dr Detached $505,000 3372 3 2.5
557 2nd St Condo $625,000 1833 2 2.5
1700 Village Park Ln Detached $769,900 4945 4 4
12439 SW 22nd Ave Detached $849,900 4118 4 3.5
340 Ridgeway Rd Detached $1,495,000 3796 4 3

PENDING SALES (Mar 21-27, 2011)

Address Type Price Sq Ft BR Baths CDOM
79 Galen St Condo $69,900 995 2 2 208
668 McVey Ave #82 Condo $109,250 992 2 1.5 46
54 Galen St Condo $119,485 995 2 2 346
5064 Foothills Dr H Condo $209,900 1252 3 2 14
10 Polonius St Detached $264,900 2028 4 3 3
1571 Woodland Terr. Detached $299,900 2400 3 2 106
44 Da Vinci St Detached $339,900 2005 4 2 14
151 Del Prado St Detached $399,000 2447 4 2.5 191
18929 Indian Springs Rd Detached $410,000 3380 4 3 51
6 Churchill Downs Detached $439,950 2922 5 3.5 320
920 Evergreen Rd Detached $475,000 1622 2 2 413
17645 Oak Meadow Ln Detached $510,000 3510 4 2.5 392
5 Cellini Ct Detached $649,900 4895 5 3.5 300
691 Carrera Ln Detached $699,000 3704 5 3.5 255
17833 Marylcreek Dr Detached $749,000 5495 5 4.5 45
18260 River Edge Ct Detached $789,000 4711 4 3.5 160

SOLD (Mar 21-27, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4631 Lakeview Blvd $93,000 $51,000 Condo 753 177
49 Oswego Summit $75,000 $67,500 Condo 720 127
18021 Tualata Ave Auction $176,400 Detached 1410 338
575 Hemlock St $289,000 $285,000 Detached 1175 289
5204 Rosewood St $344,900 $337,000 Detached 1683 11
30 Wilbur St $412,900 $355,000 Detached 2664 79
326 Lake Bay Ct $439,500 $390,000 Detached 1400 159
13595 Knaus Rd $489,000 $469,000 Detached 3339 226
547 2nd St #202 $559,000 $535,000 Condo 1529 388
2607 Palisades Crest Dr $760,000 $750,000 Detached 5650 244
1309 Horseshoe Curve $849,000 $800,000 Detached 3087 58
585 2nd St #404 $999,000 $835,000 Detached 2147 396
744 9th St $1,075,000 $950,000 Detached 4255 465
13795 Cameo Ct $1,400,000 $1,100,000 Detached 7190 706

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Open Houses ~ Sunday, March 6th, 2011

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

Enjoy!

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

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

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

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

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

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

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

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Market Activity for Feb 21-27, 2011

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

See below for further details according to RMLS:

NEWLY LISTED (Feb 21-27, 2011)

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

PENDING SALES (Feb 21-27, 2011)

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

SOLD (Feb 21-27, 2011)

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

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings

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Looking for Red Flags

When I am showing houses, there are a few specific items I watch for. I guess I think of them as red flags: things that create an immediate concern if I see them.

From the curb:
The condition of the roof. Does the roof lay flat or are there waves of high and low areas? This is a sign that the roof is installed over additional layers of roofing material. When the the time comes to replace the roof, will it require a total tear off? What is the condition of the shingles? If they are wood, are they lifting and curling? On a wood roof, this might simply be a sign that the shingles need to be treated with preservative. More concerning on a wood roof is if the shingles are split and broken. On a composition roof, are there missing shingles? Is the material obviously deteriorating?
What is the siding made of? Specifically I am looking for composite siding that was widely used in the 1990’s and manufactured by various companies but commonly referred to as LP siding. I am familiar with the specific knot pattern used in the pressing of the product to look like wood. The other siding I am looking for is EIFS. This is a pre-manufactured stucco product that was widely used about the same time as LP, and usually installed incorrectly. Either one of these siding products immediately tells me that if the house is a candidate, we need to inspect the siding carefully.
Going inside, the electrical panel There are several brands of electrical panels with poor reputations. The most widely used one, and one that I see lots of, were manufactured by Federal Pacific. I have been told, in writing by a licensed electrician, that Federal Pacific panels have been unfairly targeted for failure by over testing and that if all brands of panels were scrutinized to such a degree they too would be found faulty. Having heard this, I have seen documentation that shows that Federal Pacific panels have a history of failure. This red flag, like the others, tells me we need to carefully inspect and investigate.
Older Homes Is there now or has there ever been oil heat? This implies an oil storage tank. This must be addressed prior to purchase. Are there single-pane windows? What insulation has been added to the home? Both issues are going to affect the energy efficiency of the house. Some older homes have been completely updated making these concerns a non-issue. Others have not. It could be a cost consideration in the purchase and livability of the house.
Drainage issues Especially in Oregon, at this time of year, it’s pretty easy to see if the yard has standing water or erosion on an embankment. Generally, drainage issues are highly correctable. It’s good to recognize them so that the right questions can be asked and inspections planned.
Home Owner’s AssociationsWhen buying a property in a Home Owner’s Association (and this is more than just condos and townhouses, many newer subdivisions have HOAs) you are buying into the association and need to be clear about what that means and how it will affect you. Make sure to understand the rules and regulations as well as the costs/budget of the HOA. As part of the home inspection process, a property within an HOA will have inspection considerations that are specific to the HOA including review of the rules and regulations, review of the budget and reserves, as well as review of the Conditions, Covenants, and Restrictions. I also recommend getting a copy of the HOA meeting notes for the previous 12 months. If the HOA has problems, the members of the HOA will be talking about them at the regular meetings.

I am by no means an expert on the items on this list. But I do know enough that when I see an issue, I want to bring in an expert to give their opinion about problems or corrections. And really, the inspection process begins the first time you see a house. Having a few key items to quickly review as you look at houses should make the process easier.

So that’s it. My handy little list of red flags.
Dianne

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Market Activity Report ~ Jan 17-23, 2011

There was an amazing amount of “freshening” of listings done last week. Out of 33 properties listed as “new” on the market, only 11 were truly New listings.  Last Week Lake Oswego also saw 16 Pending sales, and 10 Closed sales according to RMLS.

See below for further details according to RMLS:

NEWLY LISTED (Jan 17-23, 2011)

Address List Price # Beds # Baths Total SF Prop Type
16200 PACIFIC HWY #11 $155,700 2 2 1190 CONDO
5225 JEAN RD 307 $165,000 2 2 1100 CONDO
3101 MCNARY PKWY 12 $190,000 2 2.1 1363 CONDO
5215 MADRONA ST $250,000 3 2 1325 DETACHD
2755 GLEN HAVEN RD $325,000 3 2 2088 DETACHD
13332 VERMEER DR $409,900 4 3 2382 DETACHD
9 SPINOSA $459,750 2 2.1 2250 DETACHD
1231 BAYBERRY RD $475,000 3 2 1980 DETACHD
2626 PARK RD $519,000 4 3 2475 DETACHD
14785 UPLANDS DR $675,000 4 3 3325 DETACHD
2311 OSWEGO GLEN CT $989,000 4 4 4529 DETACHD

PENDING SALES (Jan 17-23, 2011)

Address List Price # Beds # Baths Total SF Prop Type CDOM
49 OSWEGO SMT $67,500 1 1 720 CONDO 127
44 EAGLE CREST DR 8 $87,000 2 1 908 CONDO 42
4000 CARMAN DR 46 $99,900 2 2 999 CONDO 14
200 BURNHAM RD 406 $114,000 2 1 1216 CONDO 990
18148 BELMORE AVE $245,000 3 1 1008 DETACHD 3
3535 UPPER DR $275,000 3 2 1373 DETACHD 11
14138 KNAUS RD $275,000 4 2 2001 DETACHD 106
2240 SOUTHSHORE BLVD $309,000 3 1 1120 DETACHD 147
18667 PILKINGTON RD $339,999 4 2.1 2512 DETACHD 241
942 CLARA CT $349,000 4 2.1 3123 DETACHD 194
16 OTHELLO ST $394,000 4 3 2820 DETACHD 189
17187 CARLSON CT $395,000 4 3 2082 DETACHD 118
19415 SW DOGWOOD CT $499,900 5 3 3517 DETACHD 381
1060 UPPER DEVON LN $524,000 3 2.1 2400 DETACHD 464
5705 SOUTHWOOD DR $549,000 4 2.1 3360 DETACHD 314
691 G AVE $620,000 4 2.1 2789 DETACHD 24

SOLD (Jan 17-23, 2011)

Address O/Price Close Price # Beds # Baths Total SF CDOM
322 CERVANTES CIR 12-A $85,000 $47,250 2 1 832 205
1751 ASPEN CT $294,500 $224,000 3 2 1550 113
19167 LONGFELLOW AVE $310,000 $255,890 3 2.1 1782 386
252 N SHORE RD $369,000 $320,000 3 1 2280 428
156 Greenwood RD $309,900 $329,900 2 2 3722 896
762 LAKE FOREST DR $439,900 $425,000 4 3 2400 168
4303 SUNDEW CT $519,995 $506,250 4 2.1 3355 35
567 2ND ST 302 $693,025 $535,000 2 2 1459
17080 FERNWOOD DR $699,900 $590,000 5 3.1 3681 261
15578 VILLAGE DR $799,000 $749,000 3 2.1 3630 35

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