Here is our latest market activity report. Last week brought us 21 new listings, 10 pending sales, and 9 closed sales.
I want to explain that occasionally a property misses getting into our report. This happens if the property status changes during the week that represents our report, but the data is not changed in the RMLS until after our report is issued. Linda and I want these reports to be as accurate as possible, but we also want them to occur in a timely fashion. We regret that some property data is reported late and thus misses our report.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes): NEWLY LISTED (Jan. 11—Jan. 17, 2010)
Address
List Price
# BR
# BTHS
Total SF
Prop Type
List Date
86 KINGSGATE RD
$139,900
2
2
849
ATTACHD
1/11/2010
67 OSWEGO SMT
$174,900
2
2
1,212
CONDO
1/12/2010
5225 JEAN RD
174900 – 199876
2
2
1,400
CONDO
1/13/2010
4 TOUCHSTONE
$199,995
3
2.1
1,351
CONDO
1/16/2010
15 ORIOLE LN
$269,900
2
2
1,470
DETACHD
1/12/2010
17350 BLUE HERON RD
$330,000
4
2.1
2,880
DETACHD
1/13/2010
3 SAINT HELENS CIR
$355,000
2
2
1,472
DETACHD
1/17/2010
240 4TH ST
$399,900
2
1.1
1,080
DETACHD
1/14/2010
4729 FIRWOOD RD
439900
3
2.1
2,357
DETACHD
1/15/2010
4725 FIRWOOD RD
449900
3
2.1
2,296
ATTACHD
1/15/2010
64 TOUCHSTONE
449999
5
2.1
3,641
DETACHD
1/14/2010
2705 SW ORCHARD HILL LN
499350
3
2.1
2,841
DETACHD
1/11/2010
3368 SOUTHSHORE BLVD
499990
3
2
2,160
DETACHD
1/11/2010
14279 CAMDEN LN
525000
4
2.1
2,373
DETACHD
1/13/2010
4102 BUCK BRUSH LN
556900
4
3
2,205
DETACHD
1/15/2010
4581 HASTINGS PL
574900
4
2.1
2,985
DETACHD
1/11/2010
19175 EASTSIDE RD
900000
5
4.1
5,263
DETACHD
1/13/2010
18222 SIENA DR
1088000
6
4.1
3,800
DETACHD
1/12/2010
2057 SUMMIT DR
1099000
4
3.1
4,589
DETACHD
1/14/2010
1808 RIDGE POINTE DR
1269000
5
4.1
4,155
DETACHD
1/12/2010
13764 KNAUS RD
1375000
4
4.1
4,805
DETACHD
1/12/2010
PENDING SALES (Jan. 11 – Jan. 17, 2010)
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
12 CERVANTES CIR
$105,000
2
1.1
912
CONDO
121
668 MCVEY AVE
$164,900
2
1
852
CONDO
9
16250 PACIFIC HWY
$170,000
3
2
1,626
CONDO
128
775 BOCA RATAN DR
$184,500
3
3
2,401
DETACHD
131
3 SUMMIT RIDGE CT
$274,000
2
2.1
1,576
ATTACHD
218
13050 BOONES FERRY RD
$332,000
3
2
2,632
DETACHD
170
5460 BAY CREEK DR
$424,900
3
2.1
2,358
DETACHD
136
38 DA VINCI ST
$625,000
4
2.1
2,932
DETACHD
214
9 HIDALGO ST
649900
4
4.2
5,310
DETACHD
525
5234 WESTFIELD CT
724900
4
3
3,252
DETACHD
8
SOLD (Jan. 11 – Jan. 17, 2010)
Address
O/Price
Close Price
# BR
# BTHS
Total SF
Prop Type
CDOM
3433 MCNARY PKWY
$100,000
$101,500
2
2.1
1,208
CONDO
212
86 KINGSGATE RD
$127,000
$132,000
2
2
924
CONDO
236
520 9TH ST
$325,000
$300,000
3
2
1,148
DETACHD
151
16824 SW INVERURIE RD
$389,900
$310,000
3
3
1,896
DETACHD
245
16824 INVERURIE RD
$279,900
$310,000
3
3
1,896
DETACHD
245
1575 IVY CT
$515,000
$495,000
4
3
2,432
DETACHD
56
17479 BROOKHURST DR
$699,000
$675,000
4
2.1
3,551
DETACHD
78
13010 KNAUS RD
$1,099,000
$930,000
4
3.1
4,312
DETACHD
1128
17404 BERGIS FARM DR
1297000
1065000
5
4.1
5,394
DETACHD
326
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
There are 23 houses that will be held open this Sunday. It’s a nice assortment that represents a wide range of prices, sizes, ages and options. If you are inclined to want to spend an hour or two looking at houses, you should find some good options.
First impressions seems like the ideal subject for my first editorial post of 2010. It’s time to take that big step forward and I don’t know about you, but I want to make the most of it.
So, as a seller of a home, how can you maximize the first impression that your home gives? Of course you want to mow the lawn, clean the roof, trim the bushes and trees, but is that all? And, in fact, are those items even the most important? No, they aren’t. I believe that the single most important area of your home that you need to spiff up and get ready, is the front door.
When ever I take a new listing I give my little talk about getting the front door ready. Think about it. Typically a buyer is waiting at the front door while the Realtor is finding and opening the lock box. The buyer will pause there for a minute or two and have the opportunity to look at every little detail. Is the area clean? Is the paint fresh? Or is there a sofa and a big bag of Alpo on the front porch? And if there is a pile of rubbish to step around, what do you think that the buyer is anticipating finding inside? I really believe that buyers make their decision about the house at the front door. If they like what they see, they go into the house seeking to reinforce that opinion. They go inside looking for things to like. If they have been put off at the front door, they enter the house feeling critical. Will the bag of Alpo be accompanied by crates of rabbits and a barking dog chained in the back yard? This is just a very, very important place to spend a little time getting your home ready for marketing.
First I recommend a good cleaning and fresh paint. Get out a scrub brush, some soap, and take the time to really clean. Wash not only the door but the threshold, the weather-stripping, the light fixtures and everything around the door. Sweep the porch. Wipe away the moths and spider webs around the light fixture. Make certain the paint on the door is fresh with no scuffs or scratches.
Make sure the door knob and the key work easily. You may want to consider updating the hardware for the knob and the lock.
The National Association of Realtors publishes an annual report that is specific to every region of the country telling what sort of re-sale return can be expected from remodeling. The only item on the entire list, including kitchens and bathrooms, that returned of 100% of the investment was the purchase and installation of a new front door. Seriously. It will make you money to do this right. The estimated cost in the Pacific region is $1353 to install a new door and a return on the sale of your home of $1732. That’s a return of 128% on the original investment.
Once you get the door clean, painted and ready, do a little staging of the exterior entry area. Be careful not to crowd the area with too much. People should not have to avoid or step around anything you display. I recommend a pot or two of seasonal flowers (at this time of year you can display primroses and pansies) or perhaps a wreath on the door. Be careful with holiday decorations not to leave them on too long, but they are certainly appropriate during each holiday of the year.
Take a little time as you get ready to sell your home, and be sure to take time at the front door. Your efforts will help you to realize a better sale and probably even make you some money.
Wow. We have polar ends of the price spectrum on tour this Sunday. 8 over a million, and 5 under $250,000 with a couple in the middle. There are some great properties to see on this list, so get out and enjoy the dry weekend weather & find that “one” to either move-up or buy first-time…. The tax credit time-line is ticking………… Enjoy! & as always, feel free to give Dianne or me a call if you need some help. Here are the Open Houses in Lake Oswego according to RMLS:
Happy 2010 to each of you! I don’t know about you, but I can feel the excitement (and dare I say relief) in the air. It’s a new year, and things are looking good. Lake Oswego is already celebrating its Centennial, employment figures are up, real estate tax incentives are in full force (for a few months anyway), stocks started the year with a rally, and “the trend is still up” according to Rob Lutts, chief investment officer at Cabot Money Management.
Are there naysayers and warnings of impending doom? Yes, as always. I, however, am “cautiously excited” at the prospect of renewed opportunity all around. I see my clients achieving their goals and changing their lives, and I know that time does indeed march on. For my clients, job changes happen, marriages and divorces happen, families grow & need more space, loved ones want to be closer geographically, retirement and downsizing happen, and of course, “upsizing” is also very much alive.
The beginning of the year also always brings some legislative changes, like needing a hands-free device to talk on your cellphone in the car. The new law does, however “…exempt motorists who are on their hand-held cell phones ‘in the scope of the person’s employment if operation of the motor vehicle is necessary for the person’s job’.” Hmmmm, I wonder if that includes Realtors? Well, I think I’ll opt for safety anyway, but I can smell some friction (is that burning rubber?) ahead in the way of challenges to these minimum $142. tickets.
In the real estate world, there are all manner of regulatory changes, and changes to the “new” forms we’ll be using. Make sure to talk with your Realtor (or Dianne and I if you are without a Realtor) if you have any questions. Some of the changes could affect the timeline of your transaction if you are not aware of them. For instance, if a transaction includes any seller-carried financing, and the document is prepared by escrow, there is a 3-day mandatory review period… so if the Buyer is just seeing the document for the first time at signing, there will be a 3-day delay in closing. Also, you will notice that our ML#’s have gotten a bit longer. As we are starting a new decade, the ML#’s now start with “10”… so they’ll be longer numbers & have lots of zero’s for awhile : ) As an aside, the count on these, and therefore the number of new January listings as of today in Lake Oswego number 24, and range in price from $90,000 to $998,500.
Last, but definitely not least, I want to address the excitement of the ongoing Centennial Celebration in Lake Oswego. I’m including a link here to a pdf that has all kinds of historic Lake Oswego photos, and news stories from 1910. By that time Lake Oswego had been in existence for 60 years already. Three previous attempts at incorporation had failed due to fears around “additional regulations and taxation” (sound familiar?). Residents in First Addition were interested in: “promoting small businesses, water quality, fire protection, debate over the sale of alcohol, as well as government autonomy. The vote in favor of the measure was 79 to 22. Only men cast their ballots because Oregon women did not win the right to vote until 1912.” You really MUST check out this link. Some of the headlines read: “City Government Controls Width of Tires”, “Buy a Lake-Front Lot for $50.”, “Oswego’s Bear Population”, “Illiterate Cows”, “Pig Penmanship”, and many, many more.
Happy, Happy 2010 to you and yours, and thank you for reading the Property Blotter!
I think the best thing I can say about the Lake Oswego real estate market of 2009 was that it wasn’t 2008. Remember a year ago? We’d seen the collapse of some of the Nation’s largest banks, the first bailout/stimulus package had been put into play, and the entire Nation was in a wait and see mode as the country transitioned to a new Presidency. It was a very difficult time. And it makes today’s market feel, well, pretty darn good.
Let’s start by looking at the Portland Metro area.
At this time last year the RMLS was reporting 19.2 months of inventory. In other words, to sell all of the active listings at the pace that properties were then selling, it would take 19.2 months. Today that same inventory is just 7.1 months. Whew!
Closed sales from November of 2009 (the most recent report available at the RMLS) are 72.4% greater than they were in November of 2008. Don’t get too excited about that one. It’s a reflection of just how horrible sales were in November of 2008 and how great they were comparatively in 2009. Putting better perspective on it requires doing a 11 month average of January-November for 2008 and then 2009. When this is done the closed sales are greater in 2009 by 2.6%. Still, an improvement.
November of 2009 compared to November of 2008 has pending sales up by 19.9%
November of 2009 compared to November of 2008 has new listings down by 7%
We have continued to see a decline in home values of 11.4%, year over year.
Looking at the specifics of Lake Oswego:
There are currently 396 single-family homes for sale and 130 condos. Of the single-family homes, 96 are priced at over $1,000,000 and 54 are priced at $350,000 or less.
There are currently 49 single-family homes and 12 condos with pending sales.
In the last 12 months 393 single-family homes and 95 condos have sold and closed. Of those 42 cost $1,000,000 or greater and 93 were priced at $350,000 or less. In those high-end homes, 7 were priced over $2,000,000.
At the pace that $1,000,000 and greater homes are selling, based upon the performance of the last 12 months, there is still 2.2 years of high-end inventory. And that also means that the less expensive homes ($350,000 or less) has just 7 months of inventory.
The average sales price is $419,300.
Property values saw a decline of 12.9% in the last 12 months.
Average days on the market (length of time between listing a home for sale and accepting an offer) is 163 days.
I just can not leave this subject entirely without doing my compulsive comparison of affordable homes in Lake Oswego versus Sellwood, a neighborhood in SE Porltand. I like to do this because I used to live in Sellwood, so I think I have a good idea of the area, and because I remain convinced that Lake Oswego is misunderstood by buyers. Many people assume that Lake Oswego is just too expensive for their budget. This is, in fact, not true at all. At this time there are currently 54 houses for sale in Lake Oswego priced at $350,000 or less, whereas in Sellwood there are currently just 27. Lake Oswego is a good place to find an affordable home.
The least expensive home in Lake Oswego is a short-sale property that needs work. It’s priced at $169,000 and has 1382 square feet with 3 bedrooms and 2 full baths. It’s on a quiet street near Waluga Junior High School. Offers have been submitted to the lender for 3rd party approval.
The least expensive home in Sellwood is a short-sale property that is being sold “as is”. It looks to me like it needs some work but is in better condition than the LO property. It is priced at $209,000 and has 850 square feet (120 of that in the basement) with 2 bedrooms and 1 bath. It too has received an offer and is waiting for lender 3rd party approval.
The most expensive home in Lake Oswego remains the 5.5 acre private island in Oswego Lake that is priced at $19,500,000. Built in 1929, it has 13,500 square feet with 5 bedrooms and 6 1/2 baths. There are waterfalls and a lake side pool. To arrange a showing, buyers must provide verification of funds. Yep, LO has those kinds of houses too.
We will never be able to foresee the future. We can only look at the present and the recent past to get an idea of what to expect ahead. My prediction is that the tax incentives for 1st time buyers, and now for repeat buyers as well, will continue to boost sales. I think people intending to sell who are serious will continue to price their homes at reasonable levels that will attract an offer. I also think that people have been beat up in the last couple of years and realize that many mistakes were made. Even if the economy improves, I predict caution from home buyers for many years. People will shop carefully and make home choices carefully. I will also tell you that from my perspective, having survived the housing market of 2008, and now the market of 2009, I am really looking forward to 2010.
Linda and I want to wish you a safe, healthy, and happy New Year.
Hope all of our Property Blotter readers who celebrate Christmas had a blissful and love-filled day yesterday with family and friends! For those of you who do not celebrate Christmas…. we hope you had a blissful and love-filled day yesterday with family and friends : ) For ALL of you, we wish you a memorable and satisfying holiday season.
There is just one house listed Open according to RMLS this Sunday, and it is a nice one in a mid-level price range that has recently dropped by $15,000. (photo used by permission) Enjoy! :
A very merry Christmas and holiday season to each of you from Dianne and me!
Here are a few notes from Lake Oswego:
Millenium Park Plaza in Final Phase! ~ The improvements include a small grove of Fuji cherry trees, a water feature and an ADA standard ramp to improve accessibility. Views of Lakewood Bay will be enhanced, and there will be even more room for Lake Oswego’s famed Farmers’ Market and the Lake Run. The park will re-open in May of 2010 in time for Farmers’ Market.
Historic Belluschi House Moves to Marylhurst ~ A home built by noted Portland architect, Pietro Belluschi will stay in Lake Oswego after all. Many thanks to Marylhurst University, where it will receive a permanent home on campus, and be restored as a lasting reminder of Belluschi’s architectural legacy. It is truuly a work of mid-century modernist art, and was about to be demolished until Marylhurst came to the rescue. Fund-raising efforts are now underway to move and restore the house. Here is a link to a photo in ModernHomesPortland.com: Belluschi House
Coat Drive ~ Lake Oswego will be collecting coat for Clackamas County Women and Children’s Centers through the month of February. If you wish to donate, please stop by City Hall at 380 A Avenue, or call 503 635 0257.
Adult Community Center New Year’s Luncheon ~ Doors open on Wednesday, December 30th at 11:30 for this fabulous feast & opportunity to celebrate with your neighbors. Suggested donation is $4.00 for those 60 & older, and $5.00 for all other attendees. The Community Center is located at the intersection of 5th & G Avenues.
Safety ~ The Lake Oswego Fire Department reminds us to consider safety and the safety of those around us as we move through this beautiful holiday season fraught with its own unusual circumstances. We are not usually stringing lights all over our homes for instance, and do not usually place trees in our living rooms adorned with lights of their own. The snaps of really cold weather (which broke many pipes in town a week or so ago) add another twist as we haul out our space heaters on those super frosty days. Here is a link to some safety tips for you and your family: Safety at Holiday Time
There are just 8 open houses being promoted in the RMLS for this Sunday. Not surprising with this being the start of the Christmas week. All 8 are high-end new construction. All 8 are also the “perenial opens”: the houses that seem to be open every Sunday. I have been in most of them. They are gorgeous properties. If you haven’t seen them already, they are worth the drive.
Let’s face it, December is dark. The sun comes up about 7:30 and sets about 4:30. That’s just 9 hours of daylight. And that’s why Christmas lights are pretty darn important to me. I know they are put up to celebrate religious traditions. But as far as I am concerned they are put up for ME. I love them and need them to get through the month of the year with the shortest daylight. My own turkey barely has a chance to go cold on the counter before I am putting up my own Christmas lights. And I push the boundary on the other end too by leaving them up past Christmas. (Yes, one year I had them up until Valentine’s, but haven’t been that extreme in quite awhile.)
So when Linda and I first designed the propertyblotter, and had to think about what links we wanted permanently attached, the Christmas Ship Parade came immediately to mind. You will see our link to the Christmas Ships year around on our left tool bar. However, I don’t want to just assume that you have used it to see what it is all about. This year I want to point it out and suggest that you load up your car with family and a thermos of hot cocoa and drive over to Foothills Park on December 19th at about 6pm. This is the evening that the parade of lighted ships are scheduled to come as far South as George Rogers Park on the Willamette River. You can view them from George Rogers Park, and also from Roehr Park, but you would probably need to get out of your car. Personally, I love to sit in the car to watch them. Just find some Christmas music on the radio and stay toasty warm. When my children were little, we commonly did this with both of them bathed and in their pajamas.
There are about 20 or so ships that are organized and captained by volunteers. They do a nightly parade of both the Willamette and the Columbia Rivers with the evening parade location changing daily. I think the only time between now and Christmas that they will be as far South as LO is the 19th. If you are willing to drive North, you will be able to find them in other locations on other evenings. For a complete schedule, click here.
And if you want to find what I consider to be the top decorated house light displays, I want to recommend driving down Edenberry Drive in Westlake. The homeowners on the street go all out. It is gorgeous. Many of the side streets are also decorated. So swing through when you get the chance.
Enjoy the season. I know that I do: especially the Christmas lights.
First impressions seems like the ideal subject for my first editorial post of 2010. It’s time to take that big step forward and I don’t know about you, but I want to make the most of it.
Happy 2010 to each of you! I don’t know about you, but I can feel the excitement (and dare I say relief) in the air. It’s a new year, and things are looking good. Lake Oswego is already celebrating its Centennial, employment figures are up, real estate tax incentives are in full force (for a few months anyway), stocks started the year with a rally, and “the trend is still up” according to Rob Lutts, chief investment officer at Cabot Money Management.
The beginning of the year also always brings some legislative changes, like needing a hands-free device to talk on your cellphone in the car. The new law does, however “…exempt motorists who are on their hand-held cell phones ‘in the scope of the person’s employment if operation of the motor vehicle is necessary for the person’s job’.” Hmmmm, I wonder if that includes Realtors? Well, I think I’ll opt for safety anyway, but I can smell some friction (is that burning rubber?) ahead in the way of challenges to these minimum $142. tickets.
Realtor (or Dianne and I if you are without a Realtor) if you have any questions. Some of the changes could affect the timeline of your transaction if you are not aware of them. For instance, if a transaction includes any seller-carried financing, and the document is prepared by escrow, there is a 3-day mandatory review period… so if the Buyer is just seeing the document for the first time at signing, there will be a 3-day delay in closing. Also, you will notice that our ML#’s have gotten a bit longer. As we are starting a new decade, the ML#’s now start with “10”… so they’ll be longer numbers & have lots of zero’s for awhile : ) As an aside, the count on these, and therefore the number of new January listings as of today in Lake Oswego number 24, and range in price from $90,000 to $998,500.
Last, but definitely not least, I want to address the excitement of the ongoing Centennial Celebration in Lake Oswego. I’m including a link here to a pdf that has all kinds of historic Lake Oswego photos, and news stories from 1910. By that time Lake Oswego had been in existence for 60 years already. Three previous attempts at incorporation had failed due to fears around “additional regulations and taxation” (sound familiar?). Residents in First Addition were interested in: “promoting small businesses, water quality, fire protection, debate over the sale of alcohol, as well as government autonomy. The vote in favor of the measure was 79 to 22. Only men cast their ballots because Oregon women did not win the right to vote until 1912.” You really MUST check out this link. Some of the headlines read: “City Government Controls Width of Tires”, “Buy a Lake-Front Lot for $50.”, “Oswego’s Bear Population”, “Illiterate Cows”, “Pig Penmanship”, and many, many more.
I think the best thing I can say about the Lake Oswego real estate market of 2009 was that it wasn’t 2008. Remember a year ago? We’d seen the collapse of some of the Nation’s largest banks, the first bailout/stimulus package had been put into play, and the entire Nation was in a wait and see mode as the country transitioned to a new Presidency. It was a very difficult time. And it makes today’s market feel, well, pretty darn good.
yesterday with family and friends : ) For ALL of you, we wish you a memorable and satisfying holiday season.
A very merry Christmas and holiday season to each of you from Dianne and me!
Adult Community Center New Year’s Luncheon ~ Doors open on Wednesday, December 30th at 11:30 for this fabulous feast & opportunity to celebrate with your neighbors. Suggested donation is $4.00 for those 60 & older, and $5.00 for all other attendees. The Community Center is located at the intersection of 5th & G Avenues.
Let’s face it, December is dark. The sun comes up about 7:30 and sets about 4:30. That’s just 9 hours of daylight. And that’s why Christmas lights are pretty darn important to me. I know they are put up to celebrate religious traditions. But as far as I am concerned they are put up for ME. I love them and need them to get through the month of the year with the shortest daylight. My own turkey barely has a chance to go cold on the counter before I am putting up my own Christmas lights. And I push the boundary on the other end too by leaving them up past Christmas. (Yes, one year I had them up until Valentine’s, but haven’t been that extreme in quite awhile.)