Tag: pending sales

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News & Notes

Real Estate News ~

Have a wood stove?  Planning to buy or sell a home with one? Note that beginning August 1st, 2010, in an effort to control emissions from smoke, when selling a home you will be required to remove the wood stove if it is “uncertified” by the DEQ.  Here is a link for more information: Woodstoves in Oregon

Greece and Mortgage Rates – MBS Quoteline reports: ” Despite stronger than expected economic data, the financial situation in Greece held the greatest influence on mortgage rates this week. A flight to quality and prospects of slower economic growth in Europe were favorable for mortgage markets and negative for the stock market, and mortgage rates ended the week lower.”

Current Mortgage Rates and Mortgage Insurance Updates – According to Pat Goodell of Academy Mortgage:

  • “Some of the Mortgage Insurance companies have gone to tiered pricing based on credit scores which is good news to those with good credit scores.  Mortgage insurance companies also will now allow “up front mortgage insurance” (in lieu of monthly mortgage insurance) to be paid by the seller.  The potential advantage of this is that the seller can pay the up front mortgage insurance as part of any allowable closing costs that a buyer might negotiate for a seller to pay.  Then the buyer has no mortgage insurance premium to pay as part of their mortgage – this may or may not be an advantage to the buyer depending on their situation; but it does help for qualifying by reducing their monthly mortgage payment.  There are qualifying parameters for this option and the lender also has to approve this option as well.”
  • “Interest rates are holding steady now with the 30-yr fixed still hovering around 5% — 30-yr fixed today is actually available at 4.875% with 0 pts, depending on the buyer’s qualifications.”

    • Community Notes ~

    Farmers Market opens this Saturday, May 15th in Lake Oswego. (yay!)  This is the 10th Anniversary Celebration.  You can find the food  & fun at Millennium Plaza Park from 8:30AM – 1:30PM on Saturdays through October 9th.   Local musical group, Southern Nights, will perform from 10:30AM till 12:30PM at the kickoff, and the Bike Gallery will be there to check your kids’ helmets!

    May is Sustainability Action Month. Take advantage of these local events:

    • Free screening of the film Deep Green with local film-maker Matt Briggs. This is an insightful look at “uncovering the best people with the best solutions for “de-carbonizing energy and restoring the natural world.” It will be held Saturday evening, May 15th at 7:30Pm at the Lake Grove Presbyterian Church, 4040 Sunset Drive.  Bring your family and friends!
    • Get a good look at Lake Oswego’s Century Trees on the Century Tree Bike Ride, May 22nd.  The bike ride is hosted by the Planning Dept.’s Green Team, and more information can be had by contacting Laura Weigel at Lweigel@ci.oswego.or.us .

    Lake Oswego’s city council created the Sustainability Action Board (SAB) in 2008. For more information on sustainability, visit: The Sustainability Resource Page

    To Move or Not To Move / Lifestyle Options for Older Adults , an educational program for seniors and their families is designed to give information on housing options and resources in Lake Oswego.  You are invited to attend on May 16th, from 2:00PM to 5:00Pm at the Lake Oswego Adult Community Center, 505 G Avenue.

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    Market Activity Report ~ May 3-9, 2010

    There were 28 New properties entering the market, 10 going to Pending status, and 11 Sold during last week’s Monday – Sunday period according to RMLS.

    I notice a lot of nice condos & townhomes hitting the market- The one at Oswego Summit has been off the market for awhile & just came back on with a $25,000 drop in price… it’s a beautiful property. Also, of note: I included Greenwood because it just took a $200,000. drop in price. This is a short sale, and is a really unusual place… an old church I believe… nealy 4000 SF with all sorts of potential and lake views for $650,000. Glenmorrie is a bank-owned property on the Willamette River. Sitting on a .89 acre lot, the house needs some fixing but hey, it’s $519,750. It already has multiple offers as I understand it.

    Here’ your weekly update (see below the tables for additional notes):

    NEWLY LISTED (May 3—9, 2010)

    Address List Price Prop Type # Beds # Baths Total SF List Date
    4 TOUCHSTONE $129,000 CONDO 2 2 984 5/5/2010
    85 OSWEGO SMT $200,000 CONDO 2 2 1212 5/5/2010
    16250 PACIFIC HWY $229,900 CONDO 2 2 1305 5/3/2010
    4610 LAMONT WAY $247,500 DETACHD 3 2 1750 5/9/2010
    3485 DEVONSHIRE DR $264,900 ATTACHD 3 2.1 1556 5/8/2010
    666 3RD ST $299,900 DETACHD 3 1.1 1759 5/7/2010
    6301 ALYSSA TER $314,900 ATTACHD 3 2.1 1546 5/4/2010
    6317 ALYSSA TER $329,000 ATTACHD 3 2.1 1546 5/3/2010
    466 5TH ST $349,900 ATTACHD 2 1.2 1092 5/7/2010
    4313 ALBERT CIR $367,900 DETACHD 3 2 1790 5/6/2010
    5160 TUALATA LN $369,900 DETACHD 3 2 1470 5/3/2010
    5275 ROSEWOOD ST $379,000 DETACHD 4 2.1 2096 5/5/2010
    18591 WAXWING WAY $424,900 DETACHD 3 2.1 2145 5/3/2010
    5364 ROSEWOOD ST $425,000 DETACHD 4 2.1 1980 5/3/2010
    231 LAUREL ST $425,000 DETACHD 3 3 2244 5/9/2010
    1055 COUNTRY CLUB RD $449,000 DETACHD 2 2 2528 5/6/2010
    13455 AUBURN CT $449,950 ATTACHD 3 2.1 1892 5/3/2010
    5490 ROYAL OAKS DR $475,000 DETACHD 3 2 1761 5/4/2010
    6 CHURCHILL DOWNS $499,950 DETACHD 5 3.1 2922 5/5/2010
    3188 S GLENMORRIE DR $519,750 DETACHD 3 3 3066 5/6/2010
    40 MORNINGVIEW CIR $549,500 DETACHD 3 2.1 2164 5/9/2010
    5008 HAMPTON CT $594,000 DETACHD 4 2.1 2346 5/5/2010
    14 WESTMINSTER DR $599,900 DETACHD 4 3 2768 5/7/2010
    1158 BAYBERRY RD $649,000 DETACHD 4 4 2386 5/7/2010
    13991 CHELSEA DR $649,000 DETACHD 4 2.1 3357 5/5/2010
    156 GREENWOOD RD $650,000 DETACHD 2 2 3918 5/7/2010
    4123 CHAD DR $769,950 DETACHD 4 3.1 3836 5/5/2010
    620 CABANA LN $1,395,000 DETACHD 3 2.1 2417 5/3/2010

    PENDING SALES (May 3-9, 2010)

    Address List Price # Beds # Baths Total SF Prop Type CDOM
    109 OSWEGO SMT $144,900 2 2 1212 CONDO 47
    5051 FOOTHILLS DR $175,000 2 2 991 CONDO 248
    5 SUMMIT RIDGE CT $297,500 2 2.1 1576 ATTACHD 58
    4251 WOODSIDE CIR $305,950 3 2 2032 ATTACHD 48
    16969 ALDER CIR $329,900 3 2 1534 DETACHD 67
    454 5TH ST $335,000 2 1.1 1092 ATTACHD 156
    18640 TUALATA AVE $349,900 4 3 2076 DETACHD 77
    676 9TH ST $435,000 2 1 1850 DETACHD 259
    1436 GREENTREE CIR $474,000 4 2 3072 DETACHD 10
    610 9TH ST $975,000 4 3.1 3690 DETACHD 575

    SOLD (May 3-9, 2010)

    Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
    15200 BOONES WAY $175,000 $163,400 2 1.1 1248 CONDO 142
    210 Durham ST $199,900 $190,000 3 1.1 1318 CONDO 146
    17886 TUALATA AVE $415,000 $358,000 4 2 1994 DETACHD 218
    533 2ND ST $399,000 $399,000 2 2 1274 CONDO 42
    4002 TEMPEST DR $430,000 $430,000 4 3.1 4319 DETACHD 33
    5 EL GRECO ST $469,000 $489,000 4 2.1 2455 DETACHD 4
    4311 ORCHARD WAY $519,000 $515,000 4 2.1 2916 DETACHD 201
    5830 SUNBROOK DR $539,000 $520,000 5 2.1 2810 DETACHD 29
    17 SCARBOROUGH DR $579,900 $525,000 4 2.1 3290 DETACHD 24
    19203 SW Megly Ct $575,000 $569,900 5 3.1 3595 DETACHD 76
    749 SOUTHVIEW RD $899,000 $885,000 4 2.1 3052 DETACHD 4

    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

    Real Estate News ~

    House Set to Extend Rural Home Loan Guarantee Program – A unanimous vote by the House Financial Services Committee will send the Rural Housing and Stabilization Act of 2010 to the full House of Representatives where it is said that it has been fast tracked for a vote as early as next week.  Passing HR5017 will continue the availability of government guaranteed mortgages for rural home-buyers.  If passed it will correct section 502 of the Single family Housing Guaranteed Loan Program to make it self-funding. Section 502 assists home-buyers living in rural areas to obtain affordable mortgages guaranteed by USDA.  There has been great concern of late at announcements that there were no more funds for this program, so this is a welcome announcement for many. You must qualify credit-wise of course, and have reliable and adequate income.  The average guarantee in 2009 was for $112,000.

    Lock Box Activity – According to RMLS, when comparing the week of April 5th through April 11th with the week prior, the number of times a lock box was opened increased 33% in Washington and 26.6% in Oregon.  Spring is in the air!

    Community ~

    Shred Day! Bring your shred-able items in to the West End Building on May 1st & protect your identity while you recycle. Credit Cards, staples, paper clips and rubber bands are all said to be acceptable.  Up to three boxes per person will be accepted, and all are encouraged to bring cans of food to support the Oregon Food Bank.  10:00 AM till 1:00 PM or until the truck is full!

    I LOVE LOPR  Video Challenge – Lake Oswego Parks & Recreation is asking all those who love our parks to grab a camera and illustrate why!  Take a photo of your favorite event, your favorite park, your favorite park activity… the list is endless.  Details can be found HERE The list of prizes and sponsors is growing.  Sign up for the challenge, OR sign up to be a sponsor.

    Child Safety Seat Clinic – Come & make sure you know how to install your child’s safety seat property. This clinic will take place May 1st from 10:00 AM till 2:00 PM at 300 B Avenue/The Main Fire Station.  Each seat takes about 30 minutes to check.  Come and spend some time building peace of mind.

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    Lake Oswego Real Estate: Market Activity April 19-25, 2010

    Lake Oswego market activity for last week brought us 22 new listings, 21 pending sales, and 8 closed sales. Here is your weekly update (see below the tables for additional notes):

    NEWLY LISTED (April 19—April 25, 2010)

    Address List Price # BR # BTHS Total SF Prop Type List Date
    47 EAGLE CREST DR $110,000 2 2 932 CONDO 4/25/2010
    115 OSWEGO SMT $170,000 2 2 1,212 CONDO 4/21/2010
    218 RIDGEWAY RD $200,000 2 1 914 CONDO 4/23/2010
    3892 BOTTICELLI ST $239,900 3 2 1,288 CONDO 4/22/2010
    4490 LAKEVIEW BLVD $325,000 3 2 1,727 DETACHD 4/21/2010
    4841 SE DAWN AVE $335,000 3 0.2 1,550 DETACHD 4/22/2010
    15144 BOONES WAY $369,000 4 3.1 2,194 DETACHD 4/21/2010
    5376 ROSEWOOD ST $394,900 3 2.1 2,457 ATTACHD 4/20/2010
    12409 SHELBY CT 449900 3 2 2,238 DETACHD 4/20/2010
    4859 SAGE HEN WAY 459000 4 3 2,417 DETACHD 4/21/2010
    17640 TREETOP WAY 524995 4 3 2,692 DETACHD 4/22/2010
    3718 LAKE GROVE AVE 549000 4 3 2,523 DETACHD 4/19/2010
    4080 Coltsfoot 569950 4 2.1 2,884 DETACHD 4/19/2010
    5774 BAY POINT DR 625000 5 2.1 3,674 DETACHD 4/23/2010
    133 FURNACE ST 629000 2 2.1 1,927 CONDO 4/23/2010
    17754 TREETOP LN 649000 5 3.1 3,668 DETACHD 4/20/2010
    14120 REDWOOD CT 669000 4 2.1 2,755 DETACHD 4/19/2010
    16461 CHAPIN WAY 799900 4 2.1 4,271 DETACHD 4/24/2010
    4288 LAKEVIEW BLVD 950000 3 2 2,141 DETACHD 4/22/2010
    17951 MEADOWLARK LN 1295000 4 3.2 5,065 DETACHD 4/20/2010
    1972 CHERYL CT 2590000 5 4.1 6,952 DETACHD 4/22/2010
    1617 LAKE FRONT RD 3950000 4 4.1 4,610 DETACHD 4/25/2010

    PENDING SALES (April 19 – April 25, 2010)

    Address List Price # BR # BTHS Total SF Prop Type CDOM
    4000 CARMAN DR $142,000 2 2 973 CONDO 58
    109 OSWEGO SMT $144,900 2 2 1,212 CONDO 36
    1597 BONNIEBRAE DR $199,900 2 1 998 ATTACHD 46
    200 BURNHAM RD $268,000 2 2 1,328 CONDO 942
    55 NORTHSHORE RD $275,000 1 1 1,478 CONDO 735
    5756 KENNY ST $325,000 3 2.1 1,542 DETACHD 56
    627 1ST ST $339,500 2 2 2,090 DETACHD 145
    31 DA VINCI ST $362,500 4 2.1 2,232 DETACHD 249
    25 CHURCHILL DOWNS 385000 4 3 2,195 DETACHD 0
    16200 PACIFIC HWY 388900 2 2 1,208 CONDO 802
    3075 ROYCE WAY 395000 4 3.1 3,667 DETACHD 156
    827 5TH ST 425000 3 2 2,124 DETACHD 86
    1400 LEE ST 427500 4 3 2,804 DETACHD 117
    17622 BROOKHURST DR 493000 3 2.1 2,909 DETACHD 42
    2650 LOOKOUT CT 495000 4 3.1 3,480 DETACHD 8
    5711 SOUTHWOOD DR 539000 4 3 2,655 DETACHD 6
    1545 CLOVERLEAF RD 579950 4 3.1 2,723 DETACHD 59
    2109 WEMBLEY PARK RD 649900 5 3 3,129 DETACHD 2
    18125 WESTMINSTER DR 699888 5 3.1 3,969 DETACHD 244
    4211 CHAD DR 874900 5 3.1 3,937 DETACHD 268
    3114 DOUGLAS CIR 1395000 4 4 5,420 DETACHD 528

    SOLD (April 19- April 25, 2010)

    Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
    852 5TH ST $199,000 $205,000 2 1 738 DETACHD 131
    28 WHEATHERSTONE $230,000 $219,500 3 2.1 1,692 CONDO 145
    16890 CORTEZ CT $324,900 $274,900 4 3 2,016 DETACHD 104
    1565 BEDFORD CT $429,000 $311,000 3 2 1,978 DETACHD 251
    14300 SHERBROOK PL $334,500 $334,500 3 2.1 1,924 DETACHD 141
    15921 KIMBALL AVE $389,900 $390,000 3 2 2,309 DETACHD 3
    1414 GREENTREE CIR $499,000 $435,000 4 2.1 2,330 DETACHD 37
    2688 RIVENDELL RD $835,000 $680,617 4 3 3,720 DETACHD 405

    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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    Double-bottom-line Thinking

    I have had an idea swirling around in my head for a few weeks now. It comes from my personal experience with clients as they interact with the current economy and the housing market. This idea really jelled in my thinking when I read Ted Leonsis’ article in the April 12th issue of Newsweek.

    My observation with clients, both buyers and sellers, is that there is a tremendous amount of attention and focus put onto the dollars involved in buying and selling. This is nothing new. Real estate is, for most people, the largest financial investment they will make in their entire lifetime. So what is different is that the weight being put onto the investment is in many cases causing people to forget that real estate is also about a home. Yes, I am addressing this to houses that people live in and not to rentals or portfolio properties. What I am seeing is that people are so driven to get the right deal, that they are passing up properties that are far superior in amenities.

    Ted Leonsis is a former vice chairman of AOL and the author of a book, The Business of Happiness. His theory is that a company who wants financial success needs to not only think in terms of making money, but also in terms of doing what is often difficult but what is ultimately the right thing to do. This in turn keeps the company on a path of happiness that will ultimately also bring greater financial success. In other words, there is a link between pursuing happiness and also finding financial success. His case in point is the recent move by Google to route Web users from China to an unrestricted search page based out of Hong Kong. While this move may, in the short term, stifle the financial growth of Google in the biggest Internet market in the world, Leonsis believes that in the long term it will have greater financial success by placing its core values to do the right thing for humanity ahead of it’s short-term interest in its bottom line.

    “Google aims to make money, of course, but it also has a motto (“Don’t be evil”) and a higher calling: to organize the world’s information and make it universally accessible. By refusing to participate in Chinese censorship, the company imperiled billions of dollars in future profit. More important, it protected its status as a happy company at peace with its values—and happy companies are more, not less, likely to continue being successful.”

    Ted Leonsis goes on to call this way of looking at business double-bottom-line thinking. In other words, success should be measured by the financial growth of the investment, but also by the positive out come for the happiness of human beings.

    It is probably my liberal arts education coming out here, but I find this to be really important. As a Realtor, when I represent buyers my job it to get them the best possible deal. When I represent sellers, by job is to get them the highest possible sales price. I never loose focus on that. But it is hard when I have a buyer who is saying to me “show me foreclosures and short sales because I’ve heard that they are the best deal”. Or when a seller passes up a lower offer that is all cash for a higher offer with a buyer who is only putting down 5%. Focusing strictly on money may cause you to pass up the house that was lovingly cared for and is priced $10,000 higher than the beaten up foreclosure down the street. And in this lending environment, cash buyers are a real blessing.

    I guess I think that there is value that needs to be also given to things like timing (short sales take months to close, if they happen at all), good will (they buyer will take the house with the big pile of yard debris in the yard because it doesn’t bother them to have to clean it up), and livability (the big kitchen is ideally designed with loads of cabinets and counter space). For some reason this economy and this real estate market has got both buyers and sellers fixated on money, money, money. And that has them acting blindly to happiness. I thinking buying the right house, where you will live and grow, is just as important as buying the right deal.

    The perfect sale does both: the house will be bought or sold at the right deal and it will also be more than a house, it will be a home. That is double-bottom-line thinking and that is a good way to approach both a property purchase and a property sale.

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    Market Activity Report ~ April 12 – 18, 2010

    Lake Oswego saw 21 New properties enter the market, 21 go to Pending status, and 11 Sold during last week’s Monday – Sunday period according to RMLS. Here’ your weekly update (see below the tables for additional notes):

    NEWLY LISTED (April 12—April 18, 2010)

    Address List Price # Beds # Baths Total SF Prop Type List Date
    4459 THUNDER VISTA LN $215,000 2 2.1 1,925 CONDO 4/18/2010
    15 BRITTEN CT $274,999 3 2.1 1,973 ATTACHD 4/12/2010
    15148 QUARRY RD $279,000 3 2 1,618 DETACHD 4/16/2010
    1005 SOUTHSHORE BLVD $289,900 3 2 2,196 DETACHD 4/16/2010
    1225 SPRUCE ST $299,900 3 1.1 1,288 DETACHD 4/16/2010
    6218 NOKOMIS CT $309,900 4 2 1,512 DETACHD 4/17/2010
    104 KINGSGATE RD $359,000 3 2.1 2,000 DETACHD 4/16/2010
    14433 HOLLY SPRINGS RD $384,950 4 2.1 1,939 DETACHD 4/12/2010
    4700 LOWER DR $409,900 3 2.1 1,587 DETACHD 4/12/2010
    1642 HIGHLAND DR $449,000 4 3 2,234 DETACHD 4/12/2010
    5008 HARTFORD PL $463,900 4 3 3,223 DETACHD 4/15/2010
    14371 SHERBROOK PL $479,900 4 2.1 2,550 DETACHD 4/16/2010
    2650 LOOKOUT CT $495,000 4 3.1 3,480 DETACHD 4/12/2010
    1570 Woodland TER $524,900 4 2.1 2,311 DETACHD 4/16/2010
    17573 BLUE HERON CT $584,000 4 3 2,396 DETACHD 4/14/2010
    4184 SUNSET DR $649,000 6 3 2,916 DETACHD 4/14/2010
    3210 FIR RIDGE RD $795,000 4 3.2 2,832 DETACHD 4/13/2010
    1176 TROON RD $859,000 3 2 3,022 DETACHD 4/16/2010
    12819 ALTO PARK RD $1,097,500 4 4.1 3,944 DETACHD 4/12/2010
    16777 PHANTOM BLUFF CT $1,250,000 4 2.2 5,102 DETACHD 4/15/2010
    1961 CHERYL CT $1,275,000 5 4.1 5,124 DETACHD 4/12/2010

    PENDING SALES (April 12 – April 18, 2010)

    Address List Price # Beds # Baths Total SF Prop Type CDOM
    96 CERVANTES CIR $129,900 2 1.1 912 CONDO 64
    750 1ST ST $185,000 2 2 1,350 CONDO 73
    16149 PEARCY ST $229,900 3 2 1,250 DETACHD 17
    211 OSWEGO SMT $229,900 2 2 1,506 CONDO 241
    5341 CHINOOK CT $249,700 3 2 1,120 DETACHD 598
    2764 GLEN HAVEN RD $294,900 3 1.1 1,352 DETACHD 10
    1818 COUNTRY CLUB RD $325,000 3 2 1,596 DETACHD 4
    4310 SILVER CT $339,000 2 3.1 1,996 CONDO 298
    17870 DEERBRUSH AVE $349,900 3 2.1 1,912 DETACHD 18
    5834 SEVILLE AVE $350,000 3 2 1,516 DETACHD 5
    18156 PIONEER CT $367,300 3 2 1,558 DETACHD 27
    119 3RD ST $385,000 3 2 1,204 CONDO 187
    15547 PARTRIDGE DR $389,900 3 2.1 2,266 DETACHD 214
    1790 YARMOUTH CIR $419,950 2 2 1,473 DETACHD 206
    14377 CAMDEN LN $499,900 4 2.1 2,530 DETACHD 2
    4705 LAKEVIEW BLVD $529,900 4 2.1 2,700 DETACHD 7
    5830 SUNBROOK DR $539,000 5 2.1 2,810 DETACHD 29
    17471 CARDINAL DR $564,900 4 2.1 3,056 DETACHD 61
    5218 WESTFIELD CT $649,900 4 2.1 3,125 DETACHD 284
    4349 LAKEVIEW BLVD $650,000 3 3 3,678 DETACHD 10
    13278 ROGERS RD $695,000 3 2.1 2,964 DETACHD 177

    SOLD (April 12- April 18, 2010)

    Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
    4 TOUCHSTONE $129,000 $134,000 2 2 979 CONDO 6
    668 MCVEY AVE $219,000 $205,000 3 1.1 985 CONDO 243
    505 8TH ST $389,000 $305,000 3 1 1,050 DETACHD 143
    12519 27TH PL $339,000 $335,000 3 2.1 1,975 DETACHD 15
    516 7TH ST $355,000 $347,500 3 2.1 1,502 DETACHD 12
    13052 KNAUS RD $475,000 $400,000 5 3 3,026 DETACHD 34
    4763 AVERY LN $514,900 $480,000 4 2.1 2,566 DETACHD 19
    14279 CAMDEN LN $525,000 $485,000 4 2.1 2,373 DETACHD 71
    10 OTHELLO ST $549,900 $535,000 4 3 3,440 DETACHD 3
    17363 BROOKHURST DR $625,000 $605,000 4 2.1 3,420 DETACHD 14
    64 BERWICK RD $759,000 $735,000 4 3.1 3,740 DETACHD 66

    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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    Local Lake Oswego Updates

    Pedestrian Safety – The City of Lake Oswego is letting all know ahead of time of it’s efforts at upholding pedestrian safety.  To this end, the police department is holding a “Pedestrian Safety Operation” on April 19th, from 10:00AM to 2:00PM at the intersection of B Avenue and 2nd Street.  In times past this has involved posting pedestrians at the sidewalk and gauging cars’ responses as they step off the curb into the crosswalk…. usually with citations accompanying undesirable reactions on the part of drivers.  Be forewarned… stay safe… and keep our pedestrians safe!

    Overly-Industrious Flicker – There has been a Flicker noticed at Lake Oswego City Hall…. mainly for the noise it produces as it does what Flickers do… and for the damage it is apparently doing to the building.  The city is trying to distract the Flicker from it’s work & encourage it to go elsewhere… (it can come to my house… but it will need to take a vacation!) with brightly colored & decorated balloons.  So, if you see these at city hall (perhaps you are visiting to pay a pedestrian-safety-ticket or some other such thing : )  Don’t be alarmed, and don’t worry that there is a celebration you are missing… it is just the city’s attempt to shush a Flicker to another location. (Yes, I drew this… and no, I have no shame :  )

    The City of Lake Oswego’s “Attitude Survey” – Every two years the City of Lake Oswego conducts an attitude survey, and this year phones in Lake Oswego have already started ringing as Campbell Delong Resources calls to inquire as to how citizens are feeling about a variety of things affecting life here. Calls are expected to continue until April 19th.  Here is a link to the last survey in 2008:   Attitude Survey

    Lake Oswego Trees –  As most know, Lake Oswego takes its trees rather seriously.  This is great for us at this time of year as we usually have some interesting offerings in terms of classes or events in that regard.  This year we have several workshops to choose from:

    * Tree Pruning with Damon Schrosk, a certified arborist of “Treecology” – May 9th, 9:00Am to 12:00PM at the City Hall Council Chambers, 380 A Avenue.

    * Gardening with Natives – Stephanie Wagner of Friends of Tryon Creek offers this workshop on native species gardening May 16, 1:00PM to 4:00PM, Tryon Creek Nature Center, 1131 SW Terwilliger Blvd.

    * Tree Code Decoded – This one is a must for any Lake Oswego citizen wanting to do something with their trees other than look at them and admire their beauty.  Bill Youngblood, Code Enforcement Officer, and Andy Gulizia, Associate Planner for the city of Lake Oswego will guide you in what’s allowed, what’s not allowed, and proper steps if you want to pursue making any changes on your property with regard to trees. June 5th, 9:00AM to 12:00PM City Hall Council Chambers, 380 “A” Avenue.

    * Centennial – Lake Oswego is offering Part 3 of the Oswego Centennial Video. This is great stuff if you are interested in the history of Lake Oswego… and who wouldn’t be!  If you are not familiar with it, our roots are worth investigating.  Part 3 evidently explores the time during which Lake Oswego began to blossom into its recreational destiny with water sports (skiing, boating & swimming)  being a big draw from Portland, and local athletes becoming nationally-known swim stars. This video covers the 40’s through the 60’s.  You can learn more and view the retrospective video at:  LO Centennial

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    Market Activity Report for Lake Oswego, April 5-11, 2010

    It is an absolutely glorious day today, and it is only supposed to get better as the week goes on. I love it! I also want to thank the propertyblotter readers who came by my open house on Sunday. Great to meet you!

    Last week Lake Oswego had 24 new listings come onto the market, 19 houses that went pending, and 7 houses that were closed sales. Here is the full data for last week (see below for additional notes):

    NEWLY LISTED (April 5-11, 2010)

    Address List Price # BR # BTHS Total SF Prop Type List Date
    47 GREENRIDGE CT $100,000 2 1.1 1,176 CONDO 4/5/2010
    100 KERR PKWY $134,900 2 1.1 822 CONDO 4/8/2010
    4 TOUCHSTONE $184,000 3 2.1 1,350 ATTACHD 4/8/2010
    5287 W SUNSET DR $249,900 2 1 822 DETACHD 4/6/2010
    1818 COUNTRY CLUB RD $325,000 3 2 1,596 DETACHD 4/9/2010
    10 PREAKNESS CT $375,000 4 2.1 2,270 CONDO 4/6/2010
    4971 SUNTREE LN $394,900 3 2.1 1,911 DETACHD 4/7/2010
    14423 ORCHARD SPRINGS RD $405,000 3 2.1 1,730 DETACHD 4/9/2010
    17712 CARDINAL CT 420000 4 3 2,146 DETACHD 4/7/2010
    24 PARTRIDGE LN 449000 4 2.1 3,224 DETACHD 4/8/2010
    4844 LOWER DR 499000 4 4 2,285 ATTACHD 4/5/2010
    4705 LAKEVIEW BLVD 529900 4 2.1 2,700 DETACHD 4/5/2010
    745 BERWICK CT 549000 3 2 1,988 DETACHD 4/7/2010
    4852 LOWER DR 569000 3 4 2,359 ATTACHD 4/5/2010
    110 3RD ST 599000 1 1 915 DETACHD 4/5/2010
    1704 GLENMORRIE TER 599000 5 3 3,885 DETACHD 4/9/2010
    3899 DANIEL WAY 630000 4 2.1 3,005 DETACHD 4/9/2010
    4349 LAKEVIEW BLVD 650000 3 3 3,678 DETACHD 4/7/2010
    12211 ORCHARD HILL RD 715000 4 3 4,587 DETACHD 4/5/2010
    426 7TH ST 725000 4 2.1 2,902 DETACHD 4/5/2010
    4679 DOGWOOD DR 925000 5 3.2 4,456 DETACHD 4/9/2010
    190 FURNACE ST 1000000 5 4.1 4,590 DETACHD 4/7/2010
    2811 ARROWHEAD CT 1250000 4 3.1 3,740 DETACHD 4/9/2010
    16743 GRAEF CIR 1599000 4 2.1 3,772 DETACHD 4/7/2010

    PENDING SALES (April 5-11, 2010)

    Address List Price # BR # BTHS Total SF Prop Type CDOM
    4000 CARMAN DR $125,000 2 2 935 CONDO 346
    65 OSWEGO SMT $129,900 2 2 1,140 CONDO 8
    18420 DON LEE WAY $210,000 3 1 924 DETACHD 25
    19032 KRISTI WAY $259,900 2 2 1,390 DETACHD 7
    4420 GOLDEN LN $279,900 3 3.1 2,165 CONDO 391
    4774 OAKRIDGE RD $329,000 3 1 2,104 DETACHD 220
    3056 WEMBLEY PARK RD $339,000 3 2 2,600 DETACHD 36
    4548 BLACK FOREST CT $414,000 4 2.1 2,157 DETACHD 649
    4962 BILFORD LN 419900 3 2.1 2,168 DETACHD 106
    1400 LEE ST 427500 4 3 2,804 DETACHD 106
    1851 KILKENNY DR 450000 4 3 2,654 DETACHD 2
    561 2ND ST 589000 2 2 1,561 CONDO 67
    19203 SW Megly Ct 589900 5 3.1 3,595 DETACHD 76
    18010 GIMLEY CT 685000 4 2.5 3,652 DETACHD 27
    14124 HEATHROW LN 785000 4 3.1 3,812 DETACHD 5
    19175 EASTSIDE RD 799000 5 4.1 5,263 DETACHD 86
    3820 SOUTHSHORE BLVD 925000 5 4 4,855 DETACHD 169
    842 6TH ST 1099999 4 3.1 3,840 DETACHD 62
    17979 CRESTLINE DR 1149000 4 2.1 4,650 DETACHD 7

    SOLD (April 5-11, 2010)

    Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
    3365 UPPER DR $299,999 $290,000 2 2 1,378 DETACHD 133
    15 SAINT HELENS CIR $309,800 $295,000 3 2 1,528 DETACHD 6
    2030 GREENTREE RD $368,900 $365,000 3 2 1,613 DETACHD 12
    523 2nd ST $399,000 $399,000 2 2 1,274 CONDO 38
    5400 BAY CREEK DR $499,900 $475,000 4 2.1 2,856 DETACHD 277
    17079 CHERRY CREST AVE $575,000 $540,000 3 2.1 3,002 DETACHD 30
    260 PINE VALLEY RD $1,369,000 $995,000 4 3.1 3,900 DETACHD 522

    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

    State of the Market:

    • Have We Hit Bottom? The experts agree that generally speaking, the country has “hit bottom”, with various areas lagging behind a bit.   CNN.Money.com predicts that the Portland area will hit bottom in Q3 of this year. Our latest RMLS Market Action Report for the Portland area indicates that Portland metro area closed sales increased 18.4% when comparing 2009 vs 2010. Pending sales rose 45% and new listings rose 12.4%. The average sales price declined 8.5%.

    (Money Magazine) — The drama is nearly over. After a decade of extremes — the ebullient highs of the real estate boom, then the devastating lows of the bust — calmer forces are beginning to prevail in the housing market.

    • Local Lake Oswego Data The RMLS Market Action Report lumps West Linn and Lake Oswego together, but here is some interesting data:
      * In February 2010 the average sales price was $457,700.
      * The average time on the market was 153 days.
      * Pending Sales rose 52.7% in Feb 2010 as compared to Feb 2009.
      * The average sales price has declined 9.7% in a rolling 12-month equation (i.e. 3/1/08 – 2/28/09 compared with 3/1/09 – 2/28/10)
    • Rates are Rising I have clients asking  “Is this the right time to buy or should we wait?”  One thing we know is that rates are rising. Right now they are still in the 5% range…  actually they are up a bit today at 5.125% but overall they’ve been fluctuating between 4.875% and 5.125% for 30-yr fixed.  As for more foreclosures to come, and prices lowering… interest rates are rising, some say 7% is possible NY Times… so if you ARE planning to finance, all the experts agree that this is the time to be buying, because even if prices go lower, the fact that the interest rates go up effectively nullifies your benefits.
    • Portland Area Rating Improves “Mortgage insurance companies have upgraded Portland’s property value housing trends, meaning that they predict values to be stabilizing in the Portland market.”  Pat Goodell, Academy Mortgage
    • Tax Credits For first-time home-buyers and “moving-up” buyers, there is still time to find a property you love & get a mutually-agreed deal in place before April 30th. So….  hang in there if you are still looking for that “right” one.  Work with your Realtor to narrow the field, or give Dianne or me a call if you are not working with a Realtor.  (I love working with Buyers…. it is actually the reason I originally got into real estate.)
    • USDA Loans USDA anticipates running out of funds to lend by end-April 2010.  If you are thinking about rural properties and considering a USDA loan, now would be the time to ink an offer.
    • FHA Mortgage Insurance Premiums Rising FHA’s upfront (financed) mortgage insurance premium increased to 2.25% effective April 5. And/but, if you are anticipating taking advantage of an FHA loan, don’t fret too much. You WILL now have the higher premium, however,  it’s not anything that should get you in a tizzy, as it will make very little difference in your mortgage payment.  For example, on a $300,000 loan amount, your payment will only increase by approximately $8./month adding in that higher mortgage insurance premium.  (This according to Pat Goodell of Academy Mortgage  503 380 0953.)
    • “The Deal” One thing I am noticing is that many people are becoming so enamored with “the deal” these days, that some are missing the point of why they decided to purchase to begin with, so I am simultaneously always trying to meet my clients needs & desires in a *property* (i.e. what they are trying to accomplish for themselves in their lives w/the purchase… what they truly like), while at the same time being cognizant of the “deal factor” for them.  Keep in mind these things regarding “deals”…  there are basically three kinds:
    1. People who are pricing their homes to sell. They have their own circumstances (down-sizing/relocation/up-sizing/on & on & on), and they are wanting to move on in some fashion.  There are plenty of these out there these days, especially as home owners look around and face the fact that they are now competing with so many homes in or approaching foreclosure.  There are some very real advantages to buying your home from these folks.  Some include: Often these homes are in tip-top shape / You are dealing directly with the owner of the home and as long as the agreed-upon sales price does not dip below what they owe on the property, you are in “Pending” status when you reach mutual acceptance, and /You are negotiating only with the Seller.  / You proceed through a normal closing process if you are taking out a loan, and notwithstanding any negotiations or hoops you need to jump through for the underwriter, you will most likely close in 30-45 days.
    2. Short Sales. These homes’ owners owe more to the bank than what the property is worth in today’s market. The bank is agreeing to take less than what is owed from the Seller.  There are many, many banks in existence and each has its own methods and processes, so there is no uniformity of what to expect, with a few exceptions that I will get into in a moment.  There may be more than one bank involved if there is a second mortgage or more. There are a few things that you can expect, and they are:   * Even if the Seller accepts your offer, the bank is the one (or ones) to give final approval considering that what they will receive is less than what was contracted with the Seller.   ***The bank (s) will usually have paperwork that you must sign if you want to be in the running that will change how the property proceeds through the sale process including: Notifying you that they will only accept an earnest money check & no promissory notes/ They will keep your money and wait to see how many other offers they receive / They will not give you a time line on when they will respond to your offer / You are usually on your own with regard to any repairs / It is usually several months before you find out if your offer was the one accepted & get to proceed to close / During this process the property very often stays in “Active” position on RMLS / Very often the paperwork you must sign includes a provision wherein the bank retains the right to accept another offer right up to closing.   ***For these reasons,  I counsel clients that they must REALLY be in love with a property to proceed through this process.  Also, depending on the property, you may be entering territory wherein you know that you will be competing with other offers, so the best advice, if this is the case, is to make this your best offer… especially if you plan to sit out the long process and want to have a happy ending.  Don’t try to “wing it”… these are complicated times & even the professionals involved are still feeling out the landscape.  There are all kinds of people calling themselves “experts”.  Make sure you know what you are doing and ask for licenses if you think people on the periphery are operating outside of their scope of expertise. Talk to your Realtor as to what your options are, and rely on that trusted professional relationship for guidance.
    3. Bank-owned properties. These homes have usually been through the short sale phase unsuccessfully.  The property has either been on the market & not sold, or the owners opted not to try a short sale and have simply stayed in the property until they had to move on as the bank proceeded through their legal remedies to regain the property due to non-payment.   These properties are sometimes in sad condition due to hardship (i.e. deferred maintenance), but many times these days, they are in very good condition… a sign of the times & the large numbers of otherwise responsible homeowners who simply found themselves in an untenable position through job loss or other factors. The thing to remember about these properties is that the price is ALWAYS lower than either short-sales or standard “good deals”. The bank wants to move on and prices the home low.  The bank is now the Seller and usually acts just like a normal Seller, i.e. Negotiating (tho usually not for repairs)/ accepting or rejecting an offer/Moving on to close with the property going to “Pending” status once it’s mutually agreed-upon/Proceeding through a normal closing process for the Buyer. For this reason: Investors and others are waiting in the wings to pounce on these very often with cash offers, so you have to be quick, and you want to be very careful about low offers, though this can sometimes still be a viable option. Talk to your Realtor about options as they will vary from property to property.

    Hope this info is helpful!

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    Lake Oswego Market Activity Report ~ March 29-April 4, 2010

    Steady as she goes in Lake Oswego with 30 New, 19 Pending, and 17 Sold properties during last week’s Monday – Sunday period according to RMLS. 
    Here’ your data for last week (see below the tables for additional notes):
    NEWLY LISTED (March 29—April 4, 2010)

    Address List Price # Beds # Baths Total SF Prop Type List Date
    65 OSWEGO SMT $129,900 2 2 1,140 CONDO 3/29/2010
    6120 SHAKESPEARE ST $249,000 3 1.1 1,000 DETACHD 4/3/2010
    19032 KRISTI WAY $259,900 2 2 1,390 DETACHD 4/1/2010
    2764 GLEN HAVEN RD $294,900 3 1.1 1,352 DETACHD 4/3/2010
    16711 MELLON AVE $309,900 3 2 1,346 DETACHD 4/2/2010
    1692 FIRCREST CT $329,900 4 3 2,550 DETACHD 3/31/2010
    16969 ALDER CIR $344,900 3 2 1,534 DETACHD 3/29/2010
    692 2ND ST $379,000 3 1 1,700 DETACHD 4/2/2010
    5434 YORKSHIRE PL $489,000 3 3 2,335 DETACHD 4/3/2010
    1690 FIRCREST CT $495,000 3 3.1 2,718 ATTACHD 3/29/2010
    26 INDEPENDENCE AVE $574,000 4 3 3,694 DETACHD 3/29/2010
    9 ABELARD ST $615,000 5 3.1 3,609 DETACHD 4/1/2010
    16006 Kimball AVE $698,000 3 2 1,800 RES-MFG 3/31/2010
    92 GARIBALDI ST $699,000 4 3.1 3,172 DETACHD 3/30/2010
    17080 FERNWOOD DR $699,900 5 3.1 3,681 DETACHD 4/2/2010
    14124 HEATHROW LN $785,000 4 3.1 3,812 DETACHD 3/31/2010
    331 CHANDLER PL $810,000 4 2.1 2,428 DETACHD 3/29/2010
    2358 SUMMIT DR $879,950 3 2.1 2,995 DETACHD 4/1/2010
    606 6TH ST 789000 – 898876 4 3 2,850 DETACHD 4/1/2010
    17301 CANAL CIR $949,999 3 2.1 1,863 DETACHD 4/2/2010
    17979 CRESTLINE DR $1,149,000 4 2.1 4,650 DETACHD 4/2/2010
    16805 SCOTT CT $1,190,000 4 3.1 4,321 DETACHD 4/3/2010
    1318 HORSESHOE CURV $1,275,000 5 3 3,554 DETACHD 4/2/2010
    2111 HAZEL RD $1,349,000 4 4.1 4,894 DETACHD 4/3/2010
    1103 LAKE SHORE RD $1,375,000 3 3 3,200 DETACHD 4/2/2010
    4011 WESTBAY RD $1,495,000 5 3.1 4,518 DETACHD 4/1/2010
    13081 KNAUS RD $1,795,000 5 2.1 3,269 DETACHD 3/29/2010
    179 FURNACE ST $2,195,000 3 3.1 4,784 CONDO 3/29/2010
    17147 OLD RIVER DR $2,395,000 4 4.2 5,961 DETACHD 3/31/2010
    1850 NORTHSHORE RD $15,000,000 4 6.2 13,500 DETACHD 4/3/2010

    PENDING SALES (March 29 – April 4, 2010)

    Address List Price # Beds # Baths Total SF Prop Type List Date CDOM
    210 RIDGEWAY RD $113,900 1 1 778 CONDO 8/24/2009 221
    4 TOUCHSTONE $129,000 2 2 984 CONDO 3/8/2010 24
    852 5TH ST $250,000 2 1 738 DETACHD 11/21/2009 131
    5354 LOWER DR $258,500 2 1 1,201 DETACHD 12/27/2009 96
    5056 FOOTHILLS DR $269,000 2 2 1,252 CONDO 9/21/2009 194
    82 WHEATHERSTONE $289,000 3 2.1 1,692 ATTACHD 2/17/2010 45
    15256 BOONES WAY $299,000 2 2.1 1,600 ATTACHD 10/1/2009 350
    505 8TH ST $389,000 3 1 1,050 DETACHD 11/6/2009 143
    531 2ND ST $399,000 2 2 1,393 CONDO 2/3/2010 57
    2753 VALE CT $399,900 3 3 2,786 DETACHD 10/30/2009 153
    2251 PRESTWICK RD $407,250 3 2 2,236 DETACHD 4/1/2010 3
    14 OTHELLO ST $419,000 4 2.1 2,464 DETACHD 3/12/2010 22
    24 INDEPENDENCE AVE $449,950 6 3.1 3,773 DETACHD 3/5/2010 25
    5 EL GRECO ST $469,000 4 2.1 2,455 DETACHD 3/29/2010 4
    4311 ORCHARD WAY $519,000 4 2.1 2,916 DETACHD 2/24/2010 201
    17930 MEADOWLARK LN $575,000 4 4 3,300 DETACHD 1/8/2010 84
    17 SCARBOROUGH DR $579,900 4 2.1 3,290 DETACHD 3/6/2010 24
    4113 WESTBAY RD $631,000 2 3 2,477 DETACHD 3/25/2010 7
    18430 TAMAWAY DR $889,000 4 2.2 3,867 DETACHD 2/1/2010 59

    SOLD (March 29- April 4, 2010)

    Address O/Price Sold Price # Beds # Baths Total SF Prop Type CDOM
    11 Oswego Summit $129,900 $130,000 2 2 1,212 CONDO 320
    16250 PACIFIC HWY $200,000 $141,000 3 2 1,626 CONDO 185
    45 EAGLE CREST DR $199,000 $175,000 3 2 1,348 CONDO 234
    668 MCVEY AVE $209,000 $180,000 2 1 852 CONDO 34
    1581 BONNIEBRAE DR $255,000 $220,000 2 2 1,393 ATTACHD 314
    5858 LAKEVIEW BLVD $255,000 $227,000 2 1 1,117 DETACHD 248
    1248 OAK ST $249,900 $238,500 2 1 900 DETACHD 73
    29 ORIOLE LN $317,000 $240,000 3 2.1 1,644 DETACHD 175
    15935 KIMBALL AVE $230,500 $257,000 3 2 1,542 DETACHD 9
    4 THE GROTTO $289,000 $282,000 3 2.1 1,534 DETACHD 13
    1234 MAPLE ST $349,000 $335,500 3 2 1,550 DETACHD 164
    13821 REGENCY CT $409,000 $392,000 4 2.1 2,139 DETACHD 223
    4137 ORCHARD WAY $475,000 $400,000 5 2.1 3,084 DETACHD 181
    551 2ND ST $499,000 $499,000 2 2 1,631 CONDO 28
    1430 CHERRY CREST DR $525,000 $510,000 4 3 3,302 DETACHD 158
    16705 GLENWOOD CT $799,000 $665,500 4 3 4,243 DETACHD 190
    1839 PALISADES LAKE CT $899,900 $899,900 4 3.1 4,570 DETACHD 168

    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.