Tax Credit Extension Update: Well, most expected HR 4213 to pass the Senate, but it was rejected in a test vote on Monday 52 – 45. This bill would have extended the mandatory closing deadline for real estate closings to September, thereby cutting some slack to the many Buyers, Escrow officers and Lenders who are working their way through the morass… all with the same deadline. There is a real concern that as next Wednesday approaches, the bottleneck will strangle many of these deals due to sheer volume and limited capacity and resources to finish on time.
As of today, June 24th, the Senate will “continue considering” the bill, and a number of amendments. This bill also includes other considerations including extending unemployment benefits, and will reportedly add 80 billion to the deficit. This is the reason being given for it’s defeat in the test vote on Monday in it’s then-current form.
Community News:
Community-Wide Garage Sale! Get ready to say goodbye to those items you no longer need in your home. To someone else they will be a “find”! Register your sale and your location will be mapped with your sale items listed. Free to Lake Oswego citizens, and Free publicity to boot! The event is July 10th from 8AM till 3PM. You have until June 28th to register. Click Here
The Sensitive Lands debate has been quite high profile for some time now, with citizens very concerned on all sides of the issue… concerned with how properties will be affected; concerned about how the natural landscape will be affected; concerned about how local government is handling an issue so important to citizens and the environment alike. The Second Look Task Force is completing their review of the environmental and regulatory purposes, and providing recommendations for changes that increase flexibility & clarity, and maintain the community’;s committment to the natural environment. If you’d like to know how you can provide input, Click Here. (All meetings except for July 10th will be televised live beginning at 6:30 PM on TVCTV Channel 23 or 28.)
Herbicides on Lake Front: From July 21 – 25 aquatic herbicides will be applied to shorelines along the main lake and Blue Heron Canal. For more information call Casey Deck at 503 636 1422.
Take A Free Tour! Have you been wanting to learn more about all of those sculptures & works of art you see around town? You can enjoy a walk with a Docent who will show you many of them in Lake Oswego’s “Gallery Without Walls”. Learn what the artist was thinking and how the piece was crafted. Tours are scheduled for June 25, 26, and 27 from 11AM till noon and 3PM till 4PM. No reservations are required. Proceed to the front of St. Honore Bakery at 315 1st St. next to Millenium Park Plaza. For more information call 503 675 3738.
Last week brought 16 new listings, 14 pending sales, and 12 closed sales. I think what I find most interesting is the CDOM (cumulative days on the market). It does seem that things are selling either really fast or really slowly. Correct pricing is what makes the difference! And notice the house on Polonius: it not only sold in 8 days, but for $15,000 over the asking price. Yes, this may have reflected built in costs for closing costs or some other concession, but it is still a rare event in this economy. And it does mean that the seller had an eager buyer who was not haggling the price down.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 14—20, 2010)
Address
List Price
Total Br
Total BTHS
SQ FT
Prop Type
222 RIDGEWAY RD
$125,000
1
1
756
CONDO
139 TOUCHSTONE CT
$279,900
2
2 + .5
1,846
ATTACHD
4321 WOODSIDE CIR
$289,000
3
2
1,532
ATTACHD
17683 ARBOR LN
$339,900
3
2
1,946
DETACHD
1117 HEMLOCK ST
$349,900
3
2
1,680
DETACHD
18651 DON LEE WAY
$384,900
4
2
1,630
DETACHD
15012 TWIN FIR RD
$399,000
5
2
3,532
DETACHD
15008 TWIN FIR RD
$399,000
5
2
3,372
DETACHD
524 2ND ST
439000
2
2 + .5
1,547
CONDO
17681 LEAFY LN
449000
4
3
2,242
DETACHD
10 HILLSHIRE DR
549900
4
3
3,152
DETACHD
6 MORNINGVIEW LN
659000
4
3
3,998
DETACHD
116 3RD ST
675000
2
1
915
DETACHD
649 9TH ST
819000
3
2 + .5
2,852
DETACHD
1250 SUNNINGDALE RD
825000
5
3 + .5
4,073
DETACHD
245 CHANDLER PL
949850
4
2 + .5 + .5
3,733
DETACHD
PENDING SALES (June 14-20, 2010)
Address
List Price
Total BR
Total BTHS
SQ FT
Prop Type
CDOM
5225 JEAN RD
$155,000
2
2
1,400
CONDO
28
4224 HAVEN ST
$269,900
4
2
2,752
DETACHD
39
3388 EDGEMONT RD
$279,900
3
2 + .5
1,968
DETACHD
283
17518 REDFERN AVE
$355,000
3
2
1,831
DETACHD
715
540 2ND ST
$410,000
2
2 + .5
1,520
CONDO
870
17845 SARAH HILL LN
$417,000
4
2 + .5
2,970
DETACHD
9
53 D AVE
$435,000
3
3
2,211
DETACHD
518
17387 CANYON DR
$479,000
3
2 + .5
1,955
DETACHD
11
4089 MELISSA DR
524900
4
2 + .5
2,710
DETACHD
9
5678 CHARLES CIR
525000
3
4
3,455
DETACHD
495
18282 ANDUIN TER
625000
4
2 + .5
3,765
DETACHD
1
14370 PFEIFER DR
669000
4
2 + .5
3,318
DETACHD
12
11 HILLSHIRE DR
825000
4
2 + .5
3,415
DETACHD
33
18735 BRYANT RD
909900
5
3 + .5
5,323
DETACHD
149
SOLD (June 14-20, 2010)
Address
Original Price
Close Price
Prop Type
SQ FT
CDOM
109 OSWEGO SMT
$144,900
$141,900
CONDO
1212
47
12846 SW BOONES FERRY RD
$225,000
$199,000
CONDO
1136
532
3485 DEVONSHIRE DR
$264,900
$250,000
ATTACHD
1556
16
12 POLONIUS ST
$246,600
$261,000
DETACHD
3275
8
136 TOUCHSTONE TER
$350,000
$267,500
DETACHD
1996
243
15148 QUARRY RD
$279,000
$279,000
DETACHD
1618
11
3056 WEMBLEY PARK RD
$339,000
$285,000
DETACHD
2600
36
31 DA VINCI ST
$399,900
$352,000
DETACHD
2232
249
1545 CLOVERLEAF RD
579950
$535,000
DETACHD
2723
59
13090 KNAUS RD
995000
$600,000
DETACHD
5578
357
5218 WESTFIELD CT
$699,500
$607,000
DETACHD
3125
284
13081 KNAUS RD
1795000
$1,400,000
DETACHD
3269
58
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.
I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?” In my circle of friends, homeownership is the norm. And in today’s economy, everyone is hoping that their home is holding it’s value. For my clients, they are wanting me to give them insight into the buying/selling climate. So staying on top of trends is pretty critical. Today I am going to break down the Lake Oswego market and give you some specifics.
First, some good news: Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of ’09 to May of ’10. Values are down in Lake Oswego, year over year, 7.8%. The only part of the metro area that did better was North Portland with a loss of 6.3%. The worst faring area was Yamhill County, which is down 13%. Wow, did I really just call that good news? We are down 7.8%! Perhaps the better way to see it is that this is less bad news than it could have been.
The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500. The total days on the market is averaging 153 days.
I think it is important to do this analysis by price range. Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices. Here is a breakdown by price:
Price
Currently for Sale
Sold in Last 6 Months
# Per Month
Length of Inventory
$1,000,000 +
105
15
3
42 months
$900,000-$1,000,000
19
4
1
28 months
$800,000-$900,000
50
6
1
50 months
$700,000-$800,000
42
12
2
21 months
$600,000-$700,000
53
21
4
15 months
$500,000-$600,000
74
35
6
12 months
$400,000-$500,000
79
43
7
11 months
$300,000-$400,000
60
60
10
6 months
$200,000-$300,000
29
36
6
4 months
$100,000-$200,000
3
2
0
9 months
At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.
I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.
And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.
Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.
As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.
I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.
There were a whopping 22 New properties entering the market, 14 going to Pending status, and 16 Sold during last week’s Monday – Sunday period according to RMLS.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 7—13, 2010)
Address
List Price
Prop Type
# Beds
# Baths
Total SF
List Date
6447 MCEWAN RD
$209,900
DETACHD
2
1
912
6/7/2010
65 GREENRIDGE CT
$319,000
CONDO
2
2
1314
6/10/2010
17845 SARAH HILL LN
$417,000
DETACHD
4
2.1
2970
6/9/2010
1646 DEVON LN
$424,500
DETACHD
4
2.1
2130
6/11/2010
95 TANGLEWOOD DR
$429,900
DETACHD
4
3
2285
6/10/2010
17778 MARYLCREEK DR
$459,900
DETACHD
3
2.1
2741
6/11/2010
1899 WOODLAND TER
$500,000
DETACHD
5
3.1
3031
6/10/2010
19319 SW DOGWOOD CT
$519,900
DETACHD
5
2.1
3105
6/8/2010
4089 MELISSA DR
$524,900
DETACHD
4
2.1
2710
6/8/2010
1885 CREST DR
$549,000
DETACHD
4
2
2120
6/10/2010
2 MORNINGVIEW CIR
$549,000
DETACHD
3
2.1
2954
6/9/2010
5758 CHARLES CIR
$549,900
DETACHD
3
2
2371
6/10/2010
10 SCARBOROUGH DR
$575,000
DETACHD
4
3
3537
6/7/2010
18263 ANDUIN TER
$625,000
DETACHD
4
3
3100
6/8/2010
2415 PARK RD
$749,900
ATTACHD
4
2.2
2581
6/13/2010
5287 LANGFORD LN
$750,000
DETACHD
3
2.1
2972
6/8/2010
658 1ST ST
$795,000
DETACHD
4
2.1
3359
6/7/2010
17884 KELOK RD
$898,500
DETACHD
4
3.1
4124
6/7/2010
3155 DOUGLAS CIR
$985,000
DETACHD
5
3.2
4517
6/9/2010
19460 EASTSIDE RD
$995,000
DETACHD
4
3.2
4521
6/10/2010
1715 EDGECLIFF TER
$1,730,000
DETACHD
4
4.1
4929
6/11/2010
3328 LAKEVIEW BLVD
$3,750,000
DETACHD
5
5.2
6675
6/7/2010
PENDING SALES (June 7-13, 2010)
Address
List Price
Prop Type
# Beds
# Baths
Total SF
CDOM
100 KERR PKWY
$59,900
CONDO
1
1
617
131
3433 MCNARY PKWY
$125,000
CONDO
2
2.1
1136
25
1018 HEMLOCK ST
$349,900
DETACHD
4
2
1950
8
5275 ROSEWOOD ST
$359,000
DETACHD
4
2.1
2096
36
2104 WEMBLEY PARK RD
$429,900
DETACHD
4
3
2052
102
18238 TAMAWAY DR
$479,000
DETACHD
5
3
5504
110
13 WINDSOR CT
$495,000
DETACHD
3
2
2212
19
3188 S GLENMORRIE DR
$519,750
DETACHD
3
3
3066
35
14158 KIMBERLY CIR
$530,000
DETACHD
5
3
3648
40
15422 BOONES WAY
$698,900
ATTACHD
4
2.1
2586
645
17281 LOWENBERG TER
$839,900
DETACHD
4
3.1
3709
494
1592 BAY VIEW LN
$859,000
DETACHD
4
4.1
4087
87
17281 KELOK RD
$1,195,000
DETACHD
3
3
2682
265
3114 DOUGLAS CIR
$1,350,000
DETACHD
4
4
55420
577
SOLD (June 7-13, 2010)
Address
List Price
Prop Type
# Beds
Total Baths
Total SF
CDOM
100 KERR PKWY
$77,500
CONDO
2
1.1
823
66
38 CERVANTES CIR
$99,900
CONDO
2
1.1
912
230
287 CERVANTES
$195,000
CONDO
3
1.1
1144
67
18420 DON LEE WAY
$210,000
DETACHD
3
1
924
25
2320 GLEN HAVEN RD
$279,900
DETACHD
3
1.1
1346
54
1559 WORTHINGTON ST
$349,900
DETACHD
4
2
2016
43
18640 TUALATA AVE
$349,900
DETACHD
4
3
2076
77
25 CHURCHILL DOWNS
$385,000
DETACHD
4
3
2195
0
827 5TH ST
$425,000
DETACHD
3
2
2124
86
1025 C AVE
$408,950
DETACHD
3
2
2261
371
1436 GREENTREE CIR
$474,000
DETACHD
4
2
3072
10
1055 COUNTRY CLUB RD
$449,000
DETACHD
2
2
2528
8
17622 BROOKHURST DR
$493,000
DETACHD
3
2.1
2909
42
561 2ND ST
$589,000
CONDO
2
2
1561
67
13278 ROGERS RD
$695,000
DETACHD
3
2.1
2964
177
2557 SOUTHSHORE BLVD
$1,690,000
DETACHD
3
3.2
3604
299
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.
How Long Will It Take to Close? This is an important question and factor in structuring your Offer and making plans around the Purchase of a new residence. You are lining up dominoes, and you want to know! Well, if you are selling your home to purchase the new one, then you are timing your own Sale’s closing date with the move-in/close of your Purchase. It used to be fairly standard to achieve a closing in around 30 days. What you need to know is that when you write this into the Offer, it becomes a “Time Is Of The Essence” feature of your contract (An accepted Offer is a contract… and that’s a legal term for: “You must meet this date.”). That means you need to be pretty sure you are going to be able to meet that time line, as it is contractual.The lender requires time to gather information, order & analyze your appraisal, successfully navigate underwriting, and draw up your documents. Are closing dates often extended? Yes. Does the Seller have to agree to extend you additional time beyond the “on or before” closing date set in your Offer? No. Now, most parties want the transaction to go forward, and so often agreement to do this is reached, but it is very important for you to know that your Earnest Money is in play… and should, let’s say, the Seller have another Buyer who has approached them during your transaction and, perhaps said “Hey, it’s too bad you sold your house to those Buyers because I really want it and I’d give you more money for it!” Hmmm… Would there be incentive for the Seller to perhaps be awarded your Earnest Money because you failed to “perform” per the stipulations of the contract? I’ll leave that for you to answer. Just remember- With the new RESPA guidelines that lenders must follow, there is potentially more time that needs to be built into the process, so instead of 30 days, it is prudent to allow around 45 days.
Rates: They are under 5% now for a 30-year fixed. We all know prices are down… Good combination eh? – More Detail: “Recent Employment data which fell short of Wall Street forecasts and uncertainty about the pace of the economic recovery caused investors to shift to relatively safer assets, including government insured mortgage-backed securities. This plus economic data indicating extremely low inflation resulted in declining mortgage rates over the last few weeks.” (Thanks to Pat Goodell from Academy Mortgage for this update.)
USDA Loans: Though these are back in the running now with funds having been declared available for Rural Home Loans, most investors haven’t given the “go ahead” to lenders to begin issuing commitments and closing those loans yet. We are told the details should be worked out shortly though, so get ready for this 100% financing option to re-enter the scene!
Do you know how many people are involved in a real estate transaction (minimum)? The answer is 13+ . Here’s the Breakdown (thanks to Naida Paris of Valley Mortgage for this!): Listing Agent, Selling Agent, Seller (s), Buyer (s), Loan Officer, Loan Processor, Underwriter, Document Drawer/Funder, Escrow Officer, Title Officer, Inspector (s), Insurance Agent, and Appraiser.
FHA is going to be dropping the amount a Seller can pay toward a Buyer’s closing costs, but the outlook for that to take effect is 2011. So, for now you can still take advantage of the current rule which is that a Seller can contribute 6% toward a Buyer’s closing costs. You’ll want to talk w/your Realtor & Lender about how much the closing costs will come to prior to writing this into the offer, however.
Last week found 16 new listings, 13 pending sales, and 7 closed sales. I would have to say that it was a bit of a celebration week for many of the sellers who closed transactions. This group of homes included quite a few that had been on the market for an extremely long time. It is good that they were sold, finally. And the closed selling prices were certainly reflective of the new reality with values. I feel that is further reflected in the pricing with the new listings, many of which look to be really good values.
Here is last week’s report: (see below the tables for additional notes):
NEWLY LISTED (May 32-June 6, 2010)
Address
List Price
Year Built
Total SF
Prop Type
BR & BTH
37 CRESTFIELD CT
$94,900
1980
923
CONDO
2 & 1
200 BURNHAM RD
$219,000
1966
1,173
CONDO
2 & 2
74 GREENRIDGE CT
$289,900
1973
2,868
ATTACHD
3 & 2.5
37 BLOCH TER
$314,500
1972
1,972
ATTACHD
3 & 2.5
19431 TUALAMERE AVE
$334,000
1964
1,308
DETACHD
3 & 1.5
16725 CARNEGIE AVE
$335,000
1968
2,134
DETACHD
3 & 2
1018 HEMLOCK ST
$349,900
1965
1,950
DETACHD
4 & 2
1621 LARCH ST
$399,900
1971
3,040
DETACHD
3 & 2.5
17387 CANYON DR
479000
1966
1,955
DETACHD
3 & 2.5
1740 YARMOUTH CIR
550000
1985
1,960
DETACHD
2 & 2.5
4 INDEPENDENCE AVE
564900
1969
3,482
DETACHD
4 & 3.5
13596 STREAMSIDE DR
649999
1989
3,430
DETACHD
3 & 2.5
712 LAKE FOREST DR
665000
1949
1,640
DETACHD
2 & 2
15725 TARA PL
665000
2006
3,372
DETACHD
4 & 2.5
14370 PFEIFER DR
669000
1993
3,318
DETACHD
3 & 2.5
144 LEONARD ST
799000
2004
3,451
DETACHD
3 & 1.5+.5
PENDING SALES (May 31-June 6, 2010)
Address
List Price
Year Built
Total SF
Prop Type
BR & BTH
34 CONDOLEA DR
$219,000
1978
1,420
CONDO
2 & 2
12 POLONIUS ST
$246,600
1971
3,275
DETACHD
4 & 2.5
4236 HARVEY WAY
$359,000
1979
1,870
DETACHD
3 & 2.5
15580 PARTRIDGE DR
$360,000
1989
2,245
DETACHD
3 & 2.5
2031 LILLI LN
$499,000
1968
3,262
DETACHD
3 & 3.5
17471 CARDINAL DR
$545,000
1973
3,056
DETACHD
4 & 2.5
13460 SNOWBERRY CT
$564,000
1989
3,327
DETACHD
3 & 2.5
731 F AVE
$699,900
1998
2,668
DETACHD
4 & 2.5
331 CHANDLER PL
810000
1962
2,428
DETACHD
4 & 2.5
1580 BONNIEBRAE DR
849000
1972
3,800
DETACHD
4 & 3
3820 SOUTHSHORE BLVD
925000
2008
4,855
DETACHD
5 & 4
3140 DOUGLAS CIR
950000
2004
4,310
DETACHD
4& 3.5
1340 CHERRY LN
1348888
2007
5,922
DETACHD
4 &4.5+.5
SOLD (May 31-June 6, 2010)
Address
Closed Price
Original Price
Year Built
Total SF
Prop Type
CDOM
775 BOCA RATAN DR
$155,000
$204,750
1975
2,401
DETACHD
249
200 BURNHAM RD
$168,000
$298,850
1962
1,328
CONDO
942
1597 BONNIEBRAE DR
$180,000
$230,000
1969
998
ATTACHD
261
1640 WORTHINGTON ST
$338,900
$515,000
1961
2,394
DETACHD
473
3075 ROYCE WAY
$392,000
$699,850
1975
3,667
DETACHD
577
2109 WEMBLEY PARK RD
$640,000
$649,900
1955
3,129
DETACHD
2
17540 RIDGEVIEW LN
$1,025,000
$1,350,000
2006
4,345
DETACHD
316
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.
Happy June to all of our Property Blotter readers! I hope that you enjoyed your holiday weekend, and that a moment was spent in remembering those who have given so much for each of us. Many of us were out enjoying the sunshine & exploring the properties on the market with our clients. I waited till today to post this report so as to hopefully make sure that all transactions have been updated after the long weekend. Lockbox activity appears to still be high. It will be interesting to see the statistics once they’re available for this holiday period.
There were 16 New properties entering the market, 14 going to Pending status, and 12 Sold during last week’s Monday – Sunday period according to RMLS.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 24—30, 2010)
Address
List Price
Prop Type
# Beds
Total Baths
Total SF
List Date
6927 MONTAUK CIR
$139,000
CONDO
2
1
968
5/27/2010
54 CERVANTES CIR
$159,000
CONDO
2
1.1
912
5/29/2010
1400 BONNIEBRAE DR
$183,500
ATTACHD
2
1
864
5/25/2010
750 1ST ST
$185,000
ATTACHD
1
1
986
5/25/2010
12 POLONIUS ST
$246,600
DETACHD
4
2.1
3275
5/25/2010
4902 CHILDS RD
$315,000
DETACHD
3
1.1
1370
5/27/2010
4664 FIRWOOD RD
$379,900
DETACHD
3
2
1640
5/27/2010
864 6TH ST
$399,000
DETACHD
5
2.1
2403
5/24/2010
18667 PILKINGTON RD
$399,999
DETACHD
4
2.1
2512
5/25/2010
17460 SCHALIT WAY
$418,900
DETACHD
4
3
2197
5/28/2010
12 ABELARD ST
$420,000
DETACHD
4
2.5
2344
5/27/2010
4500 GALEWOOD ST
$475,000
DETACHD
2
3
2408
5/24/2010
975 SOUTHSHORE BLVD
$479,900
DETACHD
3
2.1
2118
5/24/2010
5 CELLINI CT
$735,000
DETACHD
5
3.1
4895
5/28/2010
1340 CHERRY LN
$1,348,888
DETACHD
4
4.2
5922
5/27/2010
3151 DOUGLAS CIR
$1,349,000
DETACHD
5
4.2
4400
5/28/2010
PENDING SALES (May 24-30, 2010)
Address
List Price
# Beds
# Baths
Total SF
Style
CDOM
4000 CARMAN DR
$99,900
2
2
836
CONDO
77
4610 LAMONT WAY
$247,500
3
2
1750
DETACHD
17
3485 DEVONSHIRE DR
$264,900
3
2.1
1556
ATTACHD
16
18620 INDIAN CREEK DR
$379,900
3
2
2022
DETACHD
30
12748 SW 22ND AVE
$425,000
4
2.1
2584
DETACHD
310
1642 HIGHLAND DR
$429,000
4
3
2234
DETACHD
44
18893 INDIAN SPRINGS CIR
$439,000
4
3
2841
DETACHD
3
12 DA VINCI ST
$444,900
4
3
3078
DETACHD
64
15266 CANDLEWOOD CT
$464,988
4
2.1
2569
DETACHD
88
19288 SW Megly CT
$579,900
5
3
3594
DETACHD
149
14158 EDENBERRY DR
$729,000
3
2.1
3205
DETACHD
2
19000 BRYANT RD
$965,000
5
3.1
5874
DETACHD
3
670 IRON MOUNTAIN BLVD
$1,057,000
4
3.2
5208
DETACHD
555
13081 KNAUS RD
$1,795,000
5
2.1
3269
DETACHD
58
SOLD (May 24-30, 2010)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Style
CDOM
200 BURNHAM RD
$268,000
$159,000
2
2
1313
CONDO
674
5341 CHINOOK CT
$274,900
$240,000
3
2
1120
DETACHD
598
5055 Foothills DR
$274,900
$245,000
3
2
1279
CONDO
73
15 BRITTEN CT
$274,999
$250,000
3
2.1
1973
ATTACHD
13
5354 LOWER DR
$260,500
$250,000
2
1
1201
DETACHD
96
666 3RD ST
$299,900
$299,900
3
1.1
1759
DETACHD
7
1921 Park Forest CT
$485,000
$415,000
3
2.1
2554
DETACHD
564
14377 CAMDEN LN
$499,900
$492,500
4
2.1
2530
DETACHD
2
15837 ALLISON PL
$529,000
$510,000
4
2.1
3534
DETACHD
1216
17879 HILLSIDE DR
$589,900
$560,000
3
3
3049
DETACHD
187
17443 CANAL CIR
$875,000
$750,000
4
3.1
2344
DETACHD
45
19175 EASTSIDE RD
$900,000
$764,000
5
4.1
5263
DETACHD
86
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.
The City of Lake Oswego is mourning the unexpected passing of it’s beloved Police Chief, Dan Duncan. There will be a memorial service June 4th, 1:00PM at the Rolling Hills Community Church. Flags in the city will be at half-mast from now until that date. His family has set up a Memorial Site with photos and information. Well-wishers may leave messages there for them.
The Willamette Shore Trolley is up & running! This has been one of my favorite things to do with visitors to Lake Oswego for many, many years. I have photos of beloved family members and I enjoying the ride to & from Portland that I will always cherish. Make your own memories as the train winds along the waterfront & through the trees & neighborhoods that line this historic passage between the two cities. This route is also the one being considered for a possible streetcar! For a schedule of times & fares call 503 697 7436, or visit the Website.
The latest Market Activity Report for Portland Metro produced by RMLS shows the following data:
Comparing April 2010 with April 2009: Closed Sales increased 49.1%, and Pending Sales rose 60.8% with New Listings going up by 23.8%
When comparing April 2010 with March 2010, the average sale price rose just 0.6%
Comparing January – April 2010 with the same period in 2009, Closed Sales increased 41.4%, with Pending Sales rising by 46.3% and New Listings by 15.4%
April’s Total Market Time for Portland Metro was: 127 days
Lake Oswego and West Linn’s Total Market Time was: 147 days
Lake Oswego and West Linn’s Average Sales Price (RMLS lumps the two areas together) was $502,800.
Lake Oswego and West Linn posted 101 Closed Sales in April with 1066 Active Listings
Lake Oswego and West Linn saw a 113.8% increase in Pending Sales April 2010 compared to April 2009
The housing market in Lake Oswego included 19 new listings, 15 pending sales, and 14 closed sales. You will probably notice some categories moved/missing/changed. Linda and I use a macro in excell to develop these charts. RMLS has made technical changes that are affecting our macro, which we need to re-work. Thanks for your patience while we get the kinks ironed out. I think the basic data is here.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 17—23, 2010)
Address
List Price
# BR
SF Up+Mn
Prop Type
322 CERVANTES CIR
$85,000
2
832
CONDO
512 S STATE ST
$129,900
1
829
CONDO
668 MCVEY AVE
$149,000
2
976
CONDO
16515 INVERURIE RD
$299,000
3
1,772
DETACHD
16808 INVERURIE RD
$299,900
3
1,182
DETACHD
14372 CAMDEN LN
$448,500
3
2,348
DETACHD
1462 GREENTREE CIR
$449,900
4
2,507
DETACHD
8 MORNINGVIEW CIR
$529,900
3
2,217
DETACHD
230 4TH ST
619900
3
2,165
DETACHD
13265 FOX RUN
680000
3
2,614
DETACHD
17632 WOODHURST PL
699900
5
–
DETACHD
17970 ROYCE WAY
799000
4
2,713
DETACHD
19000 BRYANT RD
965000
5
5,874
DETACHD
1425 CHANDLER RD
978000
4
2,204
DETACHD
1235 CHANDLER RD
985000
5
2,044
DETACHD
17301 BERGIS FARM DR
1060000
4
–
DETACHD
2569 GLEN EAGLES PL
1349000
5
4,591
DETACHD
13900 GOODALL RD
1600000
5
4,282
DETACHD
1973 CHERYL CT
1695000
5
4,396
DETACHD
PENDING SALES (May 17-23, 2010)
Address
List Price
# BR
Sq Ft
SF Up+Mn
Prop Type
CDOM
100 KERR PKWY
$77,500
2
823
823
CONDO
66
100 KERR PKWY
$92,500
2
823
823
CONDO
27
3433 SW MCNARY PKWY
$123,900
2
1008
1,008
CONDO
98
32 CERVANTES CIR
$129,500
2
1092
912
CONDO
160
136 TOUCHSTONE TER
$279,000
3
1996
1,198
DETACHD
243
729 3RD ST
$295,000
4
1671
1,671
DETACHD
10
4313 ALBERT CIR
$367,900
3
1790
1,790
DETACHD
14
1255 BAYBERRY RD
$375,000
3
1901
1,901
DETACHD
253
1400 LEE ST
421500
4
2804
1,514
DETACHD
146
24 PARTRIDGE LN
449000
4
3224
3,224
DETACHD
40
675 10TH ST
490000
4
2280
1,272
DETACHD
374
14158 KIMBERLY CIR
530000
5
3548
3,648
DETACHD
18
1158 BAYBERRY RD
649000
4
2386
2,386
DETACHD
10
1703 VILLAGE PARK LN
749000
3
3450
3,450
DETACHD
156
1414 COUNTRY COMMONS
945000
4
5679
3,082
DETACHD
68
SOLD (May 17-23, 2010)
Address
Closed Price
Original Price
#BR
Sq Ft
Prop Type
CDOM
65 OSWEGO SMT
$118,000
$129,900
2
1,140
CONDO
8
5051 FOOTHILLS DR
$169,900
$210,000
2
991
CONDO
248
750 1ST ST
$178,000
$195,000
2
1,350
CONDO
73
5056 FOOTHILLS DR
$257,000
$299,900
2
1,252
CONDO
194
19032 KRISTI WAY
$262,000
$259,900
2
1,390
DETACHD
7
4420 GOLDEN LN
$295,000
$279,900
3
2,165
CONDO
391
119 3RD ST
$350,000
$429,900
3
1,204
CONDO
187
5299 LAKEVIEW BLVD
$365,000
$399,900
4
2,165
DETACHD
594
2440 OVERLOOK DR
$480,000
$525,000
4
3,874
DETACHD
36
815 COUNTRY COMMONS LN
$494,500
$595,000
4
2,376
DETACHD
83
3115 ROSEMARY LN
$513,000
$599,900
3
3,324
DETACHD
244
17388 CEDAR RD
$575,000
$875,000
2
2,134
DETACHD
402
18125 WESTMINSTER DR
$658,000
699888
5
3,969
DETACHD
344
356 9TH ST
$1,070,000
$1,275,000
4
3,647
DETACHD
98
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.
The housing market in Lake Oswego included 19 new listings, 11 pending sales, and 13 closed sales. You will probably notice some categories moved/missing/changed. Linda and I use a macro in excell to develop these charts. RMLS has made technical changes that are affecting our macro, which we need to re-work. Thanks for your patience while we get the kinks ironed out. I think the basic data is here.
Here is your weekly update (see below the tables for additional notes):
NEWLY LISTED (May 10—16, 2010)
Address
List Price
Year Built
Sq. Ft.
Prop Type
3433 MCNARY PKWY
$125,000
1994
1,136
CONDO
4 TOUCHSTONE
$179,000
1970
675
CONDO
18430 PILKINGTON RD
$259,000
1973
1,029
DETACHD
244 Greenridge DR
$319,000
1974
1,907
ATTACHD
5031 TUALATA LN
$329,000
1969
1,492
DETACHD
5973 KENNYCROFT WAY
$329,500
1962
1,202
DETACHD
5827 BONITA RD
$399,900
2002
1,771
DETACHD
16931 Bryant RD
$424,500
1930
1,767
ATTACHD
71 TANGLEWOOD DR
449000
1972
2,616
DETACHD
13364 AUBURN CT
450000
2005
2,371
ATTACHD
464 LIVINGOOD LN
459995
1985
1,454
DETACHD
19451 SW DOGWOOD CT
559900
2010
3,594
DETACHD
8 DEL PRADO ST
599950
1972
1,877
DETACHD
4121 CHILDS RD
789900
2006
3,352
DETACHD
11 HILLSHIRE DR
825000
1990
3,415
DETACHD
3030 WESTVIEW CT
859000
1969
2,635
DETACHD
490 COUNTRY CLUB RD
900000
1938
2,240
DETACHD
2607 PALISADES CREST DR
1000000
1981
–
DETACHD
2133 HAZEL RD
1325000
2006
3,965
DETACHD
PENDING SALES (May 10-16, 2010)
Address
List Price
Year Built
Sq. Ft.
Prop Type
775 BOCA RATAN DR
$180,000
1975
2,401
DETACHD
1960 MAPLELEAF RD
$225,000
1965
1,210
DETACHD
729 3RD ST
$295,000
1948
1,671
DETACHD
666 3RD ST
$299,900
1948
953
DETACHD
18922 REDWING WAY
$369,900
1969
2,076
DETACHD
16044 INVERURIE RD
$399,000
1942
952
DETACHD
1025 C AVE
$408,950
1950
1,263
DETACHD
1055 COUNTRY CLUB RD
$449,000
1954
1,552
DETACHD
5711 SOUTHWOOD DR
519000
1990
2,655
DETACHD
106 3RD ST
649000
1957
1,495
DETACHD
17281 LOWENBERG TER
839900
2009
2,996
DETACHD
SOLD (May 10-16, 2010)
Address
Original Price
Sold Price
SF
Prop Type
CDOM
8 OSWEGO SMT
$135,000
$123,000
1140
CONDO
115
1137 SPRUCE ST
$258,900
$254,900
1214
DETACHD
7
15256 BOONES WAY
$335,000
$284,950
1600
ATTACHD
350
4774 OAKRIDGE RD
$339,000
$332,500
2104
DETACHD
220
5 ORIOLE LN
$340,000
$341,000
2024
DETACHD
14
4548 BLACK FOREST CT
$550,000
$393,000
2157
DETACHD
644
4962 BILFORD LN
$439,000
$405,000
2168
DETACHD
106
2251 PRESTWICK RD
$407,250
$407,250
2236
DETACHD
3
531 2ND ST
$399,000
$412,000
1393
CONDO
57
4705 LAKEVIEW BLVD
$529,900
$510,000
2700
DETACHD
7
17644 WOODHURST PL
$629,900
$550,000
4509
DETACHD
927
5245 LANGFORD LN
$719,000
$709,000
2957
DETACHD
104
1224 TYNDALL CT
$849,000
$779,000
4157
DETACHD
306
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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