Tag: Oregon

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Buyers Who Phish

There is a phenomenon that has been going on for a few years. It’s not new, it’s just become widespread. Perhaps you’ve experienced it. What I’m talking about is the unsolicited offer of interest in purchasing your house. These usually come in the form of letters in the mail, but I have had phone calls and text messages as well. One person included a $1 bill with each letter. I got quite of few of them, saved up the money on a magnet on my refrigerator, and then used it for a nice meal. That one in particular I really liked. I call these phishing buyers because they are phishing for houses that have not yet come onto the traditional real estate market.

I know not everyone gets these sorts of letters, but I also know that quite a few do. I know this because my clients tell me that they have received them and I frequently reach out to the letter writer to find out how serious their interest is. Up until about a month ago I’d never seen how this sort of offer might play out.

This brings me to the reason now is a great time to write about this experience. I have a client who is under water on her house. Job changes have made her life difficult and her house is now in foreclosure. She has been working very, very hard to keep her house, so this has been going on for quite some time. When you have this happen, the mortgage holder will start to put notices on the public record about the proceedings and when these notices come out, it brings out investors. Thus my client has been getting lots and lots of these sorts of letters.

Knowing she would be selling the house, we developed a strategy. She gave me all of the letters, emails, text messages, etc and I reached out to all interested parties. I let them know that yes, the house would be coming onto the market and that I was keeping a list of those who had shown interest. I let them know that I’d inform them when the house came up for sale. So, in a way, these folks had advanced knowledge. But I also wanted to let the true market forces play out to get my client the highest and best price for the house.

What these phishing buyers offer is that they will pay all cash, as is, and close in whatever time frame that works for the home owner. It’s very tempting. It would be rather ideal to be able to sell for cash, as is, and not have to show it to others. But at what price? What is the price of that convenience? Well, I had a chance to find out.

When this house came up for sale the ability to show it was very limited. I will not go into details here, but it made sense to set up 3 open houses over the course of 3 days. This allowed me to have control of the house and to talk to everyone who came through. The house is what is commonly called a “fixer”. It’s in a nice neighborhood. It’s the sort of property that investors are clamoring to find. I knew it would sell quickly. I did my analysis of the price. I looked at what it would be worth fixed up and then subtracted for what I thought it would take to bring it up to at least average condition. Then I found a nearly identical house in the exact same condition, in the neighborhood, on the same size lot. This was gold. This house really set the market value.

Over the course of 3 days we got 6 offers. Two came from the phishing buyers who had expressed interest via letters or other contact after they found it in the public records. 4 came from interested buyers who were working with Realtors. 4 of the offers, including the 2 “phishing” buyers came in between $35,000 to $85,000 below the asking price. 2 offers came in ABOVE the asking price. All 6 offers were all cash, as is, and willing to work with my clients time frame. The buyer in escrow really wants this house, and, in my opinion, is paying fair market value for it. It’s in escrow at more than the asking price.

Ok, every situation is different. I can not promise you that you would experience the same thing. But I do have a very strong conclusion. That is that you should not be tempted by the convenience of unsolicited offers that promise you an all cash deal, as is, unless you are not concerned too much about how much it will sell for. If you want to get more money for the house, I recommend you go after a buyer with those terms who competes for the house in the full market place to get you what the house is really worth.

That’s my 2 cents. Please let me know if you have any questions,
Dianne

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Market Activity March 9-15, 2020

I was really excited to do this market activity report. What’s on my mind is also what is on yours, the coronavirus. How is it affecting the real estate market? Well, as of last week, not much. New listings in Lake Oswego numbered 18, pending sales were 16 and closed/sold properties were 10. That’s right in line with what we have been experiencing. This is not to say that the coronavirus will not have an impact, but I like numbers. Numbers are factual. I think the importance of the market activity reports that Linda and I do has increased substantially.

Following is the breakdown for you according to RMLS:

New on the Market (March 9-15, 2020)

Address Type Price BR Baths Sq Ft
3918 Carman Dr Condo $299,900 2 2.5 1107
3101 McNary Parkway #19 Attached $410,000 3 2.5 1894
1001 Hallinan St Detached $549,000 4 2 2580
47 Da Vinci St Detached $599,000 3 2.5 2467
1640 Woodland Terrace Detached $619,900 4 3 2398
4932 Mulholland Dr Attached $712,000 3 2.5 2498
3333 Royce Way Detached $849,900 3 2.5 2896
17668 Woodhurst Pl Detached $899,000 4 2.5 4281
17390 Grand View Ct Detached $999,500 4 4.5+.5 4502
950 Cedar St Detached $1,079,900 4 3.5 3266
1267 Maple St Detached $1,098,000 4 2.5 3388
16 Bernini Ct Detached $1,250,000 6 5 4786
2575 Palisades Crest Dr Detached $1,250,000 4 4.5 5251
16946 Bryant Rd Detached $1,349,000 3 2 1348
18026 Skyland Circle Detached $1,399,000 5 3.5 4117
285 Berwick Rd Detached $1,400,000 3 3.5 2518
15800 Oswego Shore Ct Detached $1,599,000 4 3.5 3995
1101 Crestline Ct Detached $4,568,000 4 4.5+.5+.5 7226

Pending Sales (March 9-15, 2020)

Address Type Price BR Baths Sq Ft CDOM
3868 Botticelli St Condo $249,900 3 2 1224 13
86 Kingsgate Rd Condo $259,900 2 2 938 25
3956 Carman Dr Condo $299,990 2 2.5 1107 17
6207 Harrington Ave Detached $389,000 3 1 960 11
102 Greenridge Ct Attached $424,000 3 2.5 2004 197
19415 Sycamore Ave Detached $450,000 3 2 1584 12
21 Partridge Ln Detached $599,000 5 3 2492 8
3745 Division Ct Detached $599,900 3 2 1390 3
13395 Vermeer Dr Detached $599,980 4 2.5 2461 3
2405 Dellwood Dr Detached $699,000 5 3 2336 6
3781 Tempest Dr Detached $899,900 4 2.5 3927 21
13483 Fielding Rd Detached $899,999 4 3 3149 62
13845 Amberwood Circle Detached $1,089,000 4 3 3283 3
17614 Blue Heron Rd Detached $1,239,000 4 3 3320 2
4484 West Bay Rd Detached $1,250,000 5 2.5 4417 2
401 9th St Detached $1,299,000 4 3.5 4288 21

Sold/Closed (March 9-15, 2020)

Address Type List Price Sold Price Sq Ft CDOM
100 Kerr Parkway #52 Condo $168,950 $125,000 617 110
28 Greenridge Ct Attached $379,000 $340,000 1,642 128
12846 Boones Ferry Rd Condo $389,000 $389,900 1234 107
5057 W Sunset Dr Attached $499,000 $469,500 1720 45
2931 Vale Ct Detached $557,800 $542,000 2311 4
304 6th St Detached $550,000 $545,000 941 89
4933 Mulholland Dr Attached $618,000 $587,000 2403 126
507 Ash St Detached $799,000 $675,000 4666 144
19262 Pilkington Rd Condo $699,900 $699,900 2194 124
1623 Maple St Detached $1,350,000 $1,215,000 4797 183

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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News & Notes ~ Feb Numbers 2020

Here is your look at the most recent data for the entire Portland area (February 2020) and how Lake Oswego fits in to this picture just below.

Inventory remains low and Buyers are out en force. Interest rates have taken a steep dive and that is fueling this busy season as well. We’ve got increases in every segment (New, Pending & Closed), with Pending & Closed Sales really jumping up from January, and everything up significantly from 2019. Sale Prices are up over Feb 2019, and down a little bit from January. Areas in & around Gresham, Oregon City, Milwaukie/Clackamas, & Hillsboro, are the strongest as far as Appreciation goes.

According to the RMLS Market Action Report for the Portland Metro Area, February 2020:

  • There were 2,759  New Listings in February 2020 which increased 12.9%  from February of 2019’s 2,444, and also increased slightly at 0.2% from the previous month/January’s 2,754.
  • At 1,897, February 2020’s Closed Sales were up 9.9% over February 2019’s 1,726, and also up 14.1% from the previous month/January 2020’s total of 1,663.
  • At 2,598, February 2020’s Pending Sales rose 17.7% over February  2019’s 2,208, and rose 14.4% from the previous month/January 2020’s total of 2,271.
  • The Average Sale Price in February 2020 of $457,900 up $16,800 from last year/February 2019’s $441,100, and came down $5,100 from the previous month/January 2020’s $463,000.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in February 2020 of $407,000 was up from last year/February 2019’s $399,900 by $7,100, and up $1,000 from the previous month/January 2020’s $406,000.   

Neighborhoods: February’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $407,900              0.8%   (Jan $392,900)
    •                                                     YTD Median: $385,000
  • NE Portland:  $482,200                   2.5%   (Jan $483,100)
    •                                                     YTD Median: $410,000
  • SE Portland:  $424,700                   1.1%   (Jan $427,000)
    •                                                     YTD Median: $370,200
  • Gresham/Troutdale:   $376,600     5.4%   (Jan $363,700)
    •                                                     YTD Median: $356,000
  • Milwaukie/Clackamas:  $443,700  4.3%   (Jan $451,300 )
    •                                                     YTD Median: $424,000
  • Oregon City/Canby:   $448,600      4.8%   (Jan $449,300)
    •                                                     YTD Median: $433,600
  • Lake Oswego/West Linn:$705,100  2.8%  (Jan $712,600)
    •                                                      YTD Median: $585,000
  • West Portland:    $581,600             -1.8%  (Jan $601,000 )
    •                                                     YTD Median: $510,000
  • NW Wash County:  $510,400         -1.2%   (Jan $498,000)
    •                                                      YTD Median: $460,000
  • Beaverton/Aloha:     $412,800       2.6%   (Jan $414,500)
    •                                                     YTD Median: $400,000
  • Tigard/Wilsonville:   $485,600        0.9%   (Jan $507,100)
    •                                                      YTD Median: $455,000
  • Hillsboro/Forest Grove: $414,200  5.8%   (Jan $419,500)
    •                                                      YTD Median: $394,300

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of February 2020 reported:

    •  226 Active Listings  (Jan 217)
    •  151 New Listings     (Jan 153)
    •  119 Pending Sales   (Jan 106)
    •   72 Closed Sales       (Jan   72)
    • Average Sale Price for February: $705,100  (Jan $712,600)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •   86 Average Days on the Market   (Jan 117)

 

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Market Activity ~ March 2-8, 2020

Lots of Buyers are out there making Offers. Last week in Lake Oswego, 12 New properties entered the market, 23 moved to Pending status, and 9 were “Closed”/Sold. We also have 149 homes for sale here, right now.

Following is the breakdown for you according to RMLS:

NEW on Mkt (March 2-8, 2020)

Address List Price # Beds # Baths Total SF Prop Type
86 KINGSGATE RD H104 $224,900 2 2 840 CONDO
16250 PACIFIC HWYn #77 $365,000 2 2 1327 CONDO
19415 SYCAMORE AVE $450,000 3 2 1584 DETACHD
2102 WEMBLEY PARK RD $699,900 3 2 1592 DETACHD
19681 PERCH CT $923,000 4 3 3307 DETACHD
390 9th ST $949,000 4 2.1 2023 DETACHD
19305 HILL TOP RD $1,375,000 4 3.1 5116 DETACHD
16653 FIR LN $1,438,000 4 3.1 3957 DETACHD
13594 Goodall RD $1,669,000 4 4.1 3732 DETACHD
19025 HILL TOP RD $2,349,500 5 4.1 5366 DETACHD
18420 OLD RIVER LNDG $2,890,000 5 3.1 6164 DETACHD
18060 EASTRIDGE LN $2,995,000 4 5.1 5111 DETACHD

PENDING SALES (March 2-8, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #52 $152,000 1 1 617 CONDO 110
107 OSWEGO SMT/Grnd $209,900 2 1.1 1116 CONDO 158
40 CERVANTES CIR $210,000 2 1.1 912 CONDO 3
48 EAGLE CREST DR #1B $295,000 3 2 1623 CONDO 172
16870 CORTEZ CT $449,900 3 2 1800 DETACHD 2
3351 FIR RIDGE RD $499,000 3 2 1750 DETACHD 159
1 EL GRECO ST $499,900 4 2.1 2296 DETACHD 3
17561 LAKE HAVEN DR $500,000 2 1 1100 DETACHD 0
5135 Tualata LN $525,000 4 2 1534 DETACHD 4
1610 ASH ST $575,000 3 2 2181 DETACHD 3
100 LEONARD ST #3-4 $599,000 3 2 1736 CONDO 127
1 PREAKNESS CT $645,000 4 3 2373 DETACHD 6
15213 CANDLEWOOD CT $700,000 4 2.1 2670 DETACHD 13
2679 GLEN EAGLES RD $779,000 3 3 2378 DETACHD 12
19505 OLSON AVE $842,700 5 2.1 3022 DETACHD 5
1535 Pine Street $879,900 3 2.1 2390 DETACHD 0
2535 GLENMORRIE DR $899,900 4 3 3134 DETACHD 22
1317 LAUREL ST $899,900 4 2.1 2259 DETACHD 6
22 DOVER WAY $900,000 4 2.1 3335 DETACHD 0
1560 CHERRY CREST DR $909,000 3 3 3334 DETACHD 3
4070 VIRGINIA WAY $915,000 3 2.1 3501 DETACHD 2
533 WEIDMAN CT $992,500 4 3.1 4092 DETACHD 122
15628 QUARRY RD $1,249,000 4 3.1 3074 DETACHD 0

SOLD (March 2-8, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #56 $205,000 $190,000 3 1 1024 CONDO 207
4 THE GROTTO $419,000 $410,000 3 2.1 1534 DETACHD 256
14446 HOLLY SPRINGS RD $529,900 $529,900 3 2.1 1699 CONDO 302
17291 CEDAR RD $617,000 $585,000 6 3 2872 DETACHD 228
4045 BASS LN $610,000 $604,000 4 2.1 2158 DETACHD 137
950 SCHUKART LN $1,100,000 $1,100,000 5 2.1 3530 DETACHD 0
717 5TH ST $1,279,950 $1,274,950 4 2.1 2809 DETACHD 3
305 CHANDLER PL $1,400,000 $1,400,000 6 4 3390 DETACHD 1
162 BERWICK RD $2,199,900 $2,213,423 4 4.1 4227 DETACHD 80

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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Market Activity Feb 24-Mar 1, 2020

As spring approaches, the inventory is picking up. Last week in Lake Oswego we had 18 houses come onto the market, 15 that moved into pending status, and 12 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Feb 24-Mar 1, 2020)

Address Type Price BR Baths Sq Ft
3868 Botticelli St Condo $174,900 3 2 1224
3956 Carman Dr Condo $299,990 2 2.5 1107
6207 Harrington Ave Detached $389,000 3 1 960
19 Bloch Terrace Attached $425,000 2 2 1527
1400 Parrish St Condo $460,000 3 2.5 1863
14799 Uplands Dr Detached $724,900 4 2 2150
19505 Olson Ave Detached $842,700 5 2.5 3022
17879 Hillside Dr Detached $849,999 3 3 3149
1511 Pine Detached $879,900 3 2.5 2390
1523 Pine Detached $879,900 3 2.5 2390
1317 Laurel St Detached $899,900 4 2.5 2259
727 Laurel St Detached $985,000 3 3.5 3365
1061 Chandler Rd Detached $990,000 4 3 2879
54 Wilbur St Condo $1,297,000 3 3.5 3600
13156 Thoma Rd Detached $1,449,000 5 3.5 3494
3040 Stonebridge Way Detached $1,590,000 4 4.5 5829
610 4th St Detached $1,650,000 4 2.5 3394
2101 Goodall Ct Detached $2,249,000 4 4.5 4058

Pending Sales (Feb 24-Mar 1, 2020)

Address Type Price BR Baths Sq Ft CDOM
13 Oswego Summit Condo $178,000 1 1 764 16
45 Eagle Crest Dr #200 Condo $265,000 3 2 1348 44
4268 Woodside Circle Attached $365,000 4 2 1944 296
750 1st St B-3 Condo $395,000 2 2 1546 7
7 Partridge Ln Detached $550,000 3 3 2264 4
28 Tanglewood Dr Detached $575,000 4 2.5 2282 8
5063 Greensborough Ct Detached $575,000 3 2.5 1647 2
2415 Glen Haven Rd Detached $584,950 5 3 2614 8
1031 Laurel St Detached $619,900 4 2 2426 6
308 4th St Attached $625,000 2 2.5 1731 90
5533 Kenny St Detached $799,000 4 3 2900 5
16792 Quail Ct Detached $900,000 4 2.5 3222 6
14536 Pfeifer Dr Detached $1,495,000 4 3.5 3957 4
13217 Amber Pl #1 Detached $1,650,000 4 3.5 3861 6
1164 Crestline Ct Detached $2,495,000 5 4.5+.5 6800 21

Sold/Closed (Feb 24-Mar 1, 2020)

Address Type List Price Sold Price Sq Ft CDOM
1408 Cedar St Detached $425,000 $400,000 1104 1
6014 Seville Ave Detached $519,900 $515,000 1,882 3
6010 Burma Rd Detached $549,000 $549,000 1260 12
5207 Rosewood St Detached $559,900 $557,500 1438 5
1981 Summit Dr Detached $579,000 $578,000 2189 4
4911 Parkhill St Detached $599,900 $611,200 2132 5
76 Greenridge Ct Attached $650,000 $639,000 2868 25
14865 Twin Fir Ct Detached $949,500 $770,000 3161 256
4092 Orchard Way Detached $835,000 $810,000 3591 140
15203 Lily Bay Ct Detached $894,900 $850,000 3219 229
1405 Country Commons Ln Detached $1,200,000 $1,050,000 4083 142
1692 Village Park Ln Detached $1,198,000 $1,160,000 3581 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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Listing Your Property

Hey everybody!  Its a privilege to be able to coalesce around this town we all love so much and bring you great real estate & local Lake Oswego content.

March is the month I often recommend to my clients interested in listing their homes at the best time. Weather is starting to get sunnier, flowers are starting to bloom, and though it started earlier this year, people start to get out in earnest if they want to buy a house or condo this year. So, if you’re thinking of getting your home on the market, this time of year gives you a few months of high season (things start to taper off after July 4th when a lot of people take the fam off on vacations to other locales).

If this is you, here are a few items to tick off your list:

  • Realtor~ Engage an energetic, experienced and skilled Real Estate Broker.  I’m partial to Dianne and myself, so you can always call either of us (!!) and/but make sure you find someone you enjoy being with and trust, then strongly consider their advice all along the way. A Realtor who really understands your neighborhood and how to price & market in your niche is key. They are there to help you achieve your goal, and that’s what they’ll do if y’all remain committed to the goal and making good decisions all along the way.
  • Cosmetic Prep~ Obviously you want to clean up your home. Polish and shine it… dress it in its cozy-but-sparse finery. Enlist your Realtor for staging tips and or help in that regard. Think of getting things packed up and maybe start stacking some boxes in the garage… you’re going to be moving soon, so might as well get a head-start. Rooms look bigger with less, and folks can imagine themselves in your home as their own if you have a warm but open & clean feel to your rooms. Lawns mowed, shrubbery trimmed, drive and walkways pressure-washed…  Your Realtor will give you tips specifically catered to your property.
  • Repairs~ No home is perfect.  You should talk to your Realtor about any known “issues”. Some things can be left to see what the Buyer may want to do about them, others might be advisable to just take care of prior to listing. Your Realtor will be able to advise you what likely falls into which category and give you options on how certain items can be addressed. They will also likely have some great resources for you when you need a good contractor to get the job done right.  Some people choose to have a home inspection done prior to listing just to be in the know about everything- Be advised that this can be a great tool if you plan to address everything that comes up in the report prior to listing (that’s a good idea anyway). That inspection report WILL be a “Disclosure”, however, and handed to any Buyer who comes in good faith.  It can be a good marketing tool to be able to hand that report to a Buyer and tell them that the issues contained therein have been remedied.  If the prospect of this makes you nervous, know that a Buyer will almost always have their own inspection done anyway, and if you’ve familiarized yourself with your own home and disclosed everything you know about it, the items that come up and that a Buyer *may* choose to ask you to address will probably not be a surprise. There is a negotiation period where items of concern to a Buyer can be worked through and resolved either monetarily, by repairing prior to Close, or by the Buyer deciding to proceed and take on those items themselves. Its all very specific to the individual home, issues and people involved. ……..Which is another reason you need a good Realtor.
  • Setting Expectations~ Your Realtor will  discuss how life will be once your property goes on the market.  You have choices- times for showings (9-6? 7-7? Remember: people work). You can have all calls or texts to schedule showings go to your Realtor or you can take those calls/texts yourself & handle it more directly. If you have a pet, some thought need to be given to that. You can expect that you’ll be inconvenienced a bit, and on the first weekend I usually recommend a nice, short trip to the coast, or somewhere you love. That way you’re not bothered by people wanting you to leave for a 1/2 hour or so at a time on your weekend, and Buyers & Agents then have easy access to showing your home (***This is the best recipe for getting the most potential Buyers to consider yours). My aim is always to get the home sold that first week, and though market conditions have made that not as common as in past years, in this current hot market and time of year its happening more often. That said, depending on the price you’ve decided on with your Realtor’s help, and other conditions/factors particular to the house or condo that may reduce your Buyer pool, you could possibly be in for a wait for “The One”.  Just know that your sale will happen, and try to think of these intrusions as opportunities to share how amazing your beautiful home is with each potential Buyer.

After all….  You are on to new adventures!

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Market Activity ~ Feb 17-23, 2020

We’re seeing more Listings start to come to market now. Last week in Lake Oswego, 13 New properties entered the market, 24 moved to Pending status, and 10 were “Closed”/Sold. We also have 127 homes for sale here, right now.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Feb 17-23, 2020)

Address List Price # Beds # Baths Total SF Prop Type
86 KINGSGATE RD/Upper $259,900 2 2 938 CONDO
48 EAGLE CREST DR #1B $295,000 3 2 1623 CONDO
28 TANGLEWOOD DR $575,000 4 2.1 2282 DETACHD
2415 GLEN HAVEN RD $584,950 5 3 2614 DETACHD
15213 CANDLEWOOD CT $700,000 4 2.1 2670 DETACHD
2679 GLEN EAGLES RD $779,000 3 3 2378 DETACHD
4388 SNOWBRUSH CT $835,000 5 4 3928 DETACHD
17867 SUNDOWN CT $869,900 3 3.1 2763 DETACHD
3781 TEMPEST DR $899,900 4 2.1 3927 DETACHD
4121 CHILDS RD $956,000 4 3.1 3396 DETACHD
14530 UPLANDS DR $1,639,000 5 3.1 4080 DETACHD
13311 LESLIE CT $1,699,000 5 5 5601 DETACHD
15607 VILLAGE DR $2,589,000 5 3.1 5407 DETACHD

PENDING SALES (Feb 17-23, 2020)

Address List Price # Beds # Baths Total SF Prop Type CDOM
66 GALEN ST / Upper $179,999 1 1 690 CONDO 14
45 OSWEGO SMT / Lower $200,000 1 1 764 CONDO 33
48 CERVANTES CIR $270,000 2 1.1 1368 CONDO 162
3834 BOTTICELLI ST $275,000 2 2 1055 CONDO 239
4438 THUNDER VISTA LN #4438 $349,900 2 2.1 2040 CONDO 164
5054 FOOTHILLS DR, E $355,000 2 2 1252 CONDO 12
18660 DON LEE WAY $450,000 3 1 966 DETACHD 0
17721 Arbor LN $589,900 3 2 1521 DETACHD 2
639 2ND ST $650,000 2 2.1 1457 ATTACHD 5
780 2ND ST $699,900 2 2 1536 DETACHD 3
3 GARIBALDI ST $725,000 3 3 3137 DETACHD 67
5825 RIDGETOP CT $759,900 3 3 2897 DETACHD 2
259 PINE VALLEY RD $800,000 3 2 2010 DETACHD 16
4102 CHAD DR $825,000 4 2.1 3067 DETACHD 3
2535 GLENMORRIE DR $899,900 4 3 3134 DETACHD 5
16754 QUAIL CT $1,088,000 5 3.1 3329 DETACHD 2
4485 West RD $1,095,000 5 3.1 3678 DETACHD 537
17935 CARDINAL DR $1,150,000 3 2.1 1909 DETACHD 15
17525 CHERRY CT $1,175,000 5 3.1 4559 DETACHD 311
16895 CHAPIN WAY $1,495,000 4 3.2 5182 DETACHD 216
18218 MEADOWLARK LN $1,599,000 5 6.1 8320 DETACHD 257
707 LAKE SHORE RD $1,890,000 3 2.1 2992 DETACHD 98
12812 GOODALL RD $1,895,000 4 4.1 4808 DETACHD 283
2493 SOUTHSHORE BLVD $3,599,000 5 5.1 7112 DETACHD 311

SOLD (Feb 17-23, 2020)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
38 OSWEGO SMT / Lower $210,000 $199,900 1 1 902 CONDO 118
17199 WARREN CT $569,900 $510,000 3 2 1750 DETACHD 44
3802 SOUTHSHORE BLVD $550,000 $550,000 3 2 1908 DETACHD 2
14383 HOLLY SPRINGS RD $585,000 $580,125 5 2.1 2238 CONDO 2
15510 PARTRIDGE DR $610,000 $610,000 3 2.1 2298 DETACHD 2
4120 CANAL RD $1,100,000 $930,000 4 3.1 4104 DETACHD 88
762 3RD ST $1,100,000 $1,000,000 3 2.1 2590 DETACHD 26
589 7TH ST $1,299,000 $1,223,600 5 4.1 3657 DETACHD 181
1976 HIGHLANDS LOOP $1,799,000 $1,585,000 4 3.2 4881 DETACHD 310
17675 CARDINAL DR $2,385,500 $2,223,600 4 3 3458 DETACHD 185

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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Big Zone Change

Last year the Oregon legislature passed two zoning laws that are going to have big impact on every town in Oregon that has a population of over 10,000 people.

House bill 2001 requires towns with more than 10,000 to allow “middle housing” in neighborhoods that have previously been zoned for single family dwellings. Middle housing is duplexes, triplexes, fourplexes, townhomes and cottage clusters. Duplexes must be allowed on every lot where single family housing is allowed. The other options have some restrictions. The State Department of Land Conservation and Development is currently working to determine what this means and what cities must do to be in compliance.

House bill 2003 requires cities to study future housing needs and to develop strategies to meet those needs. Lake Oswego is required to do this study and provide a housing needs assessment by 2023.

Obviously this is super controversial. The need for more housing is evident and it is good the State is working to provide more housing options. It could be a win-win for homeowners who want some rental income or want to provide affordable housing to friends or family members. But the flip side is that it will have an impact on the character of our neighborhoods. It will also create greater density that will put a strain on city infrastructure.

For more information visit the City of Lake Oswego website, www.lakeosweago.ciy and search for file “PP 19-0008”, or call Erik Oson, Senior Planner, at 503-697-6524.

As always, thanks for reading the blotter.
Dianne

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Market Activity Feb 10-16, 2020

Last week in Lake Oswego there were 7 new listings, 21 properties that went into pending status, and 11 sold/closed sales. What stands out for me is the Days on the Market for the pending sales. Several were on the market for extremely extended periods of time. The average days on the market for this group is 160 days. Now, knowing this, look at how few houses came onto the market compared to houses that received accepted offers: 7 new listings and 21 pending sales. The inventory is currently lower than the demand. This is motivating buyers to look at the houses that have been around for a while and is generating offers. It’s a great time to list your house for sale!

Following is the breakdown for you according to RMLS:

New on the Market (Feb 10-16, 2020)

Address Type Price BR Baths Sq Ft
13 Oswego Summit Condo $178,000 1 1 764
2025 Wembley Park Rd Detached $925,000 3 2.5 2700
2250 Southshore Blvd Detached $1,299,000 4 4.5 4432
467 9th St Detached $1,385,000 3 2.5 2979
839 F Ave Detached $1,450,000 4 3.5 3780
49 Briarwood Rd Detached $1,490,000 3 2.5 3000
4160 Lakeview Blvd Detached $1,598,000 4 4.5 3904

Pending Sales (Feb 10-16, 2020)

Address Type Price BR Baths Sq Ft CDOM
317 Cervantes Condo $229,900 2 2 1209 178
16250 Pacific Hwy #71 Condo $245,000 2 2 1305 257
4425 Thunder Vista Ln Condo $299,000 2 2.5 1980 168
5053 Foothills Dr D Condo $315,900 2 2 1252 124
4210 Woodside Circle Attached $399,900 3 2 1778 151
304 6th St Detached $550,000 1 1 941 89
6450 Frost St Detached $594,900 4 2.5 2216 3
4933 Mulholland Dr Attached $599,900 2 2.5 2403 126
2 Morningview Ln Detached $625,000 4 3.5 2898 241
507 Ash St Detached $675,000 5 4 4666 144
18 Northview Ct Attached $675,000 3 3.5 2671 21
4771 Avery Ln Detached $725,000 4 2.5 2536 5
17393 Grandview Ct Detached $795,000 4 3.5 3672 108
14611 Uplands Dr Detached $975,000 3 3 3028 2
5340 Greystoke Dr Detached $1,095,000 3 4 2955 34
717 5th St Detached $1,279,950 4 2.5 2809 3
2050 Childs Rd Detached $1,295,000 4 4.5 4814 272
12822 Alto Park Rd Detached $1,495,000 4 4.5 3426 0
17686 Stafford Rd Lot 4 Detached $1,529,950 5 3.5 4524 388
1190 Fairway Rd Detached $2,599,000 4 4.5 5855 90
4175 Southshore Blvd Detached $3,900,000 4 4.5 6332 961

Sold/Closed (Feb 10-16, 2020)

Address Type List Price Sold Price Sq Ft CDOM
202 Cervantes Condo $205,000 $187,500 890 212
4000 Carman Dr #19 Condo $210,000 $210,000 836 5
3433 McNary Pkwy #301 Condo $229,000 $219,000 1208 128
4456 Sunset Dr Detached $495,000 $495,000 2024 8
5095 Oakridge Rd Detached $549,000 $583,000 1743 3
2425 Prestwick Rd Detached $719,000 $690,000 1464 46
14066 Chetham Ct Detached $835,000 $826,500 2800 3
2475 Marylview Ct Detached $849,000 $840,000 3009 100
5581 Yorkshire Pl Detached $825,000 $898,500 3218 3
13599 Meadowcreek Ln Detached $1,090,000 $1,130,101 3415 6
1100 Bayberry Rd Detached $1,625,000 $1,545,000 3507 105

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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News & Notes ~ Jan 2020 Numbers

Here is your look at the most recent data for the entire Portland area (January 2020) and how Lake Oswego fits in to this picture just below.

No doubt about it, Inventory is still low. So, not as many houses on the market as we enter the new year, but word is the number of Buyers out there right now is up. Generally that means sale prices will continue to see healthy appreciation as Buyers compete for a smaller number of homes. We’ll just have to wait and see what this year holds!  That said, New Listings are up a whopping 116.9% from December to January, so we may see our “Leveling-out” trend continue as far as prices go if we also continue to see that Inventory rise. Areas in & around Gresham, Oregon City, Milwaukie/Clackamas, Beaverton & Hillsboro, are the strongest as far as Appreciation goes.

According to the RMLS Market Action Report for the Portland Metro Area, January 2020:

  • There were 2,754  New Listings in January 2020 which decreased 9.6%  from January of 2019’s 3,048, BUT rose 116.9% from the previous month/December‘s 1,270.
  • At 1,663, January 2020’s Closed Sales were up 14.6% over January 2019’s 1,451, and down 24.9% from the previous month/December 2019’s total of 2,213. (***Low activity during holidays means not as many “Closing” yet in January.)
  • At 2,271, January 2020’s Pending Sales rose 11.1% over January  2019’s 2,045, and rose 28.2% from the previous month/December 2019’s total of 1,772.
  • The Average Sale Price in January 2020 of $463,000 up $27,400 from last year/January 2019’s $435,600, and stayed steady related to the previous month/December 2019’s $463,000.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in January 2020 of $406,000 was up from last year/January 2019’s $384,900 by $21,100, and down just $1,000 from the previous month/December 2019’s $405,000.   

Neighborhoods: January’s Average Sale Price + 12-month Appreciation:

  • North Portland:  $392,900           1.5%   (Dec $440,200)
    •                                                     YTD Median: $385,000
  • NE Portland:  $483,100                   2.4%   (Dec $460,800)
    •                                                     YTD Median: $410,000
  • SE Portland:  $427,000                   0.7%   (Dec $409,000)
    •                                                     YTD Median: $385,000
  • Gresham/Troutdale:   $363,700     4.9%   (Dec $370,100)
    •                                                     YTD Median: $350,000
  • Milwaukie/Clackamas:  $451,300  3.9%   (Dec $441,300 )
    •                                                     YTD Median: $425,000
  • Oregon City/Canby:   $449,300      4.9%   (Dec $446,500)
    •                                                     YTD Median: $439,000
  • Lake Oswego/West Linn:$712,600  2.7%  (Dec $732,400)
    •                                                      YTD Median: $570,000
  • West Portland:    $601,000             -2.5%  (Dec $614,300 )
    •                                                     YTD Median: $507,500
  • NW Wash County:  $498,000         -1.5%   (Dec $522,600)
    •                                                      YTD Median: $463,400
  • Beaverton/Aloha:     $414,500       3.1%   (Dec $385,000)
    •                                                     YTD Median: $400,000
  • Tigard/Wilsonville:   $507,100        1.0%   (Dec$438,900)
    •                                                      YTD Median: $458,300
  • Hillsboro/Forest Grove: $419,500  5.2%   (Dec $420,400)
    •                                                      YTD Median: $386,300

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of January 2020 reported:

    •  217 Active Listings (Dec 223)
    •  153 New Listings     (Dec 50)
    •  106 Pending Sales   (Dec  70)
    •   73 Closed Sales    (Dec 107)
    • Average Sale Price for January: $712,600  (Dec $732,400)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  117 Average Days on the Market   (Dec 109)