Tag: real estate in Lake Oswego

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Giving

DonateWe’re all focusing on the holidays right now and all that goes along with that, so I thought it might be a good idea to take a look at things we might be wanting to include on our to-do lists & consider taking care of before the end of the year. Namely…Giving!  This is the Celebrating & Giving time of year, and, many want to think ahead about tax time as well.  If you’re going to give anyway…. this is definitely the time to do it!

Here are some worthy ideas for your consideration:

  • In the community of Lake Oswego, there are many organizations doing fantastic work. Click Here for information on a variety of Lake Oswego-based non-profits that could use your help.
  • Here’s a great resource  site to help yopu evaluate the most worthy recipients of your donations based on their research:  The Portland “Give Guide”
  • One of the things that sets Lake Oswego apart is its committment to the arts, and the availability and visibility of art all through the year and on its very streets. If art is important to you, consider donating to the Arts Council.
  • Speaking of giving, I know from my days in a Lake Oswego Schools Booster Club, that every community has needy families.  Some of your kids’ friends may very well have parents who’ve lost a job, or are in some sort of upheaval and wondering how they’re going to be able to pay their bills let alone create a semi normal-feeling holiday for their household .  Your favorite local school probably has names of families in need. Give a call to the school of your choice and think about donating a holiday roast or turkey, or just dropping off a few gifts.  The school counselor usually knows just what to do with this kind of generosity, and you’ll know you really made a difference for some needy family in your own neighborhood.
  • If animals are near and dear to your heart, there are lots of options for donating.  The Oregon Humane Society is an obvious choice, and/but some smaller outfits that take up the slack and don’t have quite the visibility of the OHS would be heart-warmed to receive your donation.  One that is recommended to me by someone in the know is the Family Dogs New Life Shelter. It is a no-kill shelter that does excellent work.
  • Lake Oswego’s Tryon Creek is such a treasure to the community. If nature and its continued availability in communities, and specifically Lake Oswego, is important to you, consider donating to Friends of Tryon Creek.

There are so many great choices, I thought I’d highlight just a few and give you some links to resources that offer many options. Enjoy your holidays, and the Joys that come with the season!

 

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Market Activity ~ Nov 24-30, 2014

snowflake_lgGreetings, Property Blotter readers!  OK, I  will go out on a limb and say that things are slowing down a bit.  I call this the Holiday Black Hole : )  I do business this time of year every year because people either Buy or Sell for so many reasons… most not having to do with the weather… and time of year often plays into the desire to accomplish something (by moving) at or around the time of the turn of the year.  Anyway, I decided that for myself a long time ago, and so it is ; ) But most people take their minds off real estate at this time of year and put them on family, friends, and the things that really matter in Life…  some of us just have “dual duty” in helping to make changes that house the family and friends that we Love, while decorating and toasting with Loved ones all at once!  …and that’s plenty of fun too.

Here is your Latest Market Data: Last week in Lake Oswego we saw 9 New properties enter the market, 10 move to Pending status, and 8 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Nov 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type
5275 OAKRIDGE RD $349,900 3 1 1267 DETACHD
5590 KILCHURN AVE $624,900 4 2.1 2472 DETACHD
13070 BOONES FERRY RD $549,000 3 1 1864 DETACHD
910 FAIRWAY RD $1,098,000 4 3.1 3384 DETACHD
34 DEL PRADO ST $569,950 4 3 3120 DETACHD
1075 OAK TER $355,000 3 2 1356 DETACHD
66 GALEN ST (Upper) $109,500 1 1 689 CONDO
2234 FERNWOOD CIR $545,000 4 3 2975 DETACHD
2109 WEMBLEY PARK RD $819,000 5 3 3154 DETACHD

PENDING SALES (Nov 24-30, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
18951 INDIAN SPRINGS CIR $449,900 5 3 2865 DETACHD 3
1744 FERN PL $599,000 4 2.1 2110 DETACHD 10
59 GALEN ST (Lower) $94,900 1 1 550 CONDO 22
831 4TH ST $525,000 3 1.1 2240 DETACHD 20
100 KERR PKWY #11 $95,000 1 1 617 CONDO 282
19211 TERRY AVE $370,000 4 2 1872 DETACHD 9
5048 TREE ST $310,000 3 1.1 1232 DETACHD 7
12819 ALTO PARK RD $1,038,500 4 4.1 3944 DETACHD 8
1045 BULLOCK ST $568,000 3 2.1 2105 DETACHD 11
5726 CHARLES CIR $696,500 4 3.1 3173 DETACHD 104

SOLD  (Nov 24-30, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
3061 DORIS CT $449,000.0 $420,000.0 5 2 2684 DETACHD 68
87 OSWEGO SMT (Lower) $119,000.0 $79,000.0 2 1.1 1116 CONDO 125
16342 IVY LN $699,900.0 $645,000.0 5 3.1 4645 DETACHD 57
137 KINGSGATE RD $446,000.0 $449,000.0 3 2.1 2372 DETACHD 2
13327 ATWATER LN $895,000.0 $840,000.0 3 2 3004 DETACHD 220
6243 SW DAWN ST $314,000.0 $302,500.0 3 1.1 1254 DETACHD 89
4 TOUCHSTONE #110 $149,000.0 $145,000.0 2 2 989 CONDO 85
18936 BRYANT RD $749,900.0 $670,000.0 4 4 4100 DETACHD 189

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

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Market Activity November 17th to the 23rd

Looks like things aren’t slowing down even in the late fall. We have twelve brand new listings here in Lake Oswego, fourteen pending properties, and seventeen sold homes! Looks like this is a very busy start to the holidays.

Following is the breakdown for you according to RMLS:

New on the Market (Nov 15-23, 2014)

Address Type Price Bedrooms Bathrooms Sqft 47 EAGLE CREST DR #40 CONDO 89,500 1 1 696 4 TOUCHSTONE #78 CONDO 164,900 3 2.5 1351 1803 BOCA RATAN DR ATTACHED 297,000 2 2.5 1739 5048 TREE ST DETACHED 310,000 3 1.5 1232 16470 BRYANT RD DETACHED 324,900 3 2 2024 19211 TERRY AVE DETACHED 370,000 4 2 1872
6435 FROST ST DETACHED 529,000 4 2.5 2627 17850 PILKINGTON RD DETACHED 585,000 3 2.5 3222 197 FURNACE ST S 3s CONDO 699,000 2 2.5 2091 18375 RIVER EDGE LN DETACHED 897,950 4 2.5 3404 1874 GLENMORRIE TER DETACHED 939,000 3 3 3858 19320 LORNA LN DETACHED 1,100,000 4 3.5 4192

Pending Sales (Nov 17-23, 2014)

Address Type Price Bedroom Bathrooms Sqft DOM 4619 LAKEVIEW BLVD D-3 CONDO 92,000 1 1 753 28 43 CRESTFIELD CT CONDO 107,500 2 1 923 27 98 OSWEGO SMT CONDO 129,900 2 2 1140 152 7140 SW CHILDS RD DETACHED 275,000 3 1 2032 149 16442 SW KIMBALL ST DETACHED 350,000 3 1 1200 45 17520 REDFERN AVE DETACHED 350,000 3 2 1776 11
16998 GREENTREE AVE DETACHED 393,500 4 2.5 2392 161
17225 CHAPIN WAY DETACHED 395,000 3 2 2257 119
1318 LAUREL ST DETACHED 439,900 3 2.5 1649 2
47 DA VINCI ST DETACHED 475,000 3 2.5 2445 112
17821 HILLSIDE WAY DETACHED 589,000 4 3.5 3442 44
571 2ND ST CONDO 589,500 2
2 1561 18 531 LAUREL ST DETACHED 649,900 4 3.5 2771 212 15444 BOONES WAY ATTACHED 850,000 3 2.5 3464 4

Sold/Closed (Nov 17-23, 2014)

Address Type List Price Close Price Sqft DOM 44 EAGLE CREST DR #15 CONDO 89,900 85,000 798 197 272 CERVANTES CONDO 139,900 127,000 1209 234 45 EAGLE CREST DR #409 CONDO 155,000 153,000 1214 4 18543 DON LEE WAY DETACHED 260,000 250,000 924 49 5326 W SUNSET DR DETACHED 259,900 259,900 754 3 16200 PACIFIC HWY #35 CONDO 299,000 275,000 1208 268
92 GREENRIDGE CT #92 ATTACHED 348,000 335,000 1980 14
475 8TH ST DETACHED 375,000 365,000 960 0
20 AQUINAS ST DETACHED 410,000 385,000 1814 33
1530 LARCH ST DETACHED 469,000 439,875 2384 22
886 9TH ST DETACHED 465,000 450,000 860 3
132 MIDDLECREST RD DETACHED 495,000 495,000 1617 0
4125 WOLF BERRY CT DETACHED 529,900 529,000 2824 1
13639 TWIN CREEK LN DETACHED 675,000 650,000 3202 87
2335 OSWEGO GLEN CT DETACHED 995,000 850,000 3932 167
14122 GOODALL RD DETACHED 969,000 930,000 4530 331
678 8 ST DETACHED 1,050,000 1,050,000 2900 1
16650 FIR LN DETACHED 1,279,000 1,200,000 3860 57

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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2015 Economic Forecast

royalty-free-finance-clipart-illustration-77965While 2014 may be winding down, 2015 is just around the corner. I tend to think of this time of year as a time to regroup. Business is slower. It gives me a chance to catch my breath, but also to gear up. January 1, I want to hit the ground running. With that in mind, I try to take advantage of First American Title’s annual economic forecast. This event happened this morning and I thought I share some of what I learned.

The expert who gives this presentation is John Mitchell, Chief Economist for M&H Economic Consultants. He does a great job of taking a dry subject that is filled with numbers and charts, and making it entertaining and engaging. I am going to share with you a few highlights.

For the most part the outlook is good. While economic growth has been slow, it has also been steady. For the past few years there have been fits and starts with the economy. Mr. Mitchell likened it to Bill Murray and Groundhog Day. We’ve seen it before and we will see it again. The economy is chugging along. It’s not explosive, but it is more steady than not.

Some positive news:
Consumers who have delayed major life decisions (getting married, having a child, buying a bigger house) are gaining confidence and starting to make those big moves. This is a stimulus for the housing market.

The US Economy is the envy of the world. Financial and personal security are threatened in many parts of the world (Asia and Europe continue to lag in economic recovery, then there are the world events in Russia and the Middle East). This has countries and individuals looking to put their assets where they feel they will be secure, and that place is the United States. Mr. Mitchell gave credit to this influx of foreign money for the unexpectedly low interest rates of 2014.

dire6n7rTThe housing market is rebounding with both existing family home and new construction selling at greater rates than they have in years.

Oregon was #6 in the Nation for job growth in 2014.

Nationally, mortgage delinquencies are the lowest they have been since 2000.

Some concerns:
We are entering a whole new world that has no historic precedent. The stimulus package is pretty much over. The Federal Reserve is no longer buying mortgage backed securities. The economy is going to have to hold up the anticipated growth on its own. Having said that, the Fed is prepared to jump back in and re-engage if needed. This shows how fragile this recovery is. There is a lot of uncertainty.

The world situation has a lot of areas of concern. Ebola and ISIS were not on our radar a year ago. A major event can derail our economy. These events are not just difficult to hear about because of their horror, they also have an impact on our economy through things like consumer confidence and political turmoil.

Slowly gathering strength
On the whole, our economy is slowly gathering strength. As the job market grows and people feel more financially stable, they start to make decisions to improve their lives. Buying a new home is a big part of that picture.

Mr. Mitchell did advise that interest rates are likely to go up in 2015, but it will be fact driven. If the economy is not rebounding, they will stay low. If the economic rebound gets stronger, they will go up. Odd to think that rising interest rates are triggered by good news, but they are.

My personal thought on all of this is that our government and the Fed need our housing market to continue to rebound. It is vital to our National economic health. I have confidence that the housing market will stay on track with slow and steady growth.

As always, thanks for reading The Blotter,
Dianne

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Market Activity Nov 10-16, 2014

Last week in Lake Oswego had some interesting data. There were 11 new listings, 22 pending sales, and just 8 closed sales. What I find interesting is the large number of pendings compared to the new listings. It’s obvious that those who are in the mood to buy want to move in before Christmas, and those who want to sell are not is no much of a hurry with the holidays at hand. Also of note is the short market time of the pending sales. This next week or two will be a good time to list a home for sale to take advantage of the pre-holiday rush.

Following is the breakdown for you according to RMLS:

New on the Market (Nov 10-16, 2014)

Address Type Price BR Bths SF
13188 Vermeer Dr Detached $450,000 3 2.5 1854
17190 Robb Pl Detached $450,000 4 3 1896
16201 Lake Forest Blvd Detached $464,900 3 2.5 2780
17380 Canyon Dr Detached $550,000 4 2.5 2526
1045 Bullock St Detached $568,000 3 2.5 2105
1744 Fern Pl Detached $599,000 4 2.5 2110
1607 Pine St Detached $599,960 4 2.5 2943
12511 Shelby Ct Detached $649,900 5 3.5 3675
1785 Palisades Terrace Dr Detached $799,000 5 4.5 5052
15444 Boones Way Attached $850,000 3 2.5 3464
12975 Elk Rock Rd Detached $1,000,000 5 3.5 3878

Pending Sales (Nov 10-16, 2014)

Address Type Price BR Baths SF DOM
4610 Lower Dr Condo $114,900 2 1.5 1260 46
4636 Lower Dr B-1 Condo $128,000 2 1.5 1170 9
86 Kingsgate Rd C203 Condo $139,500 2 2 924 4
3826 Botticelli St Condo $174,900 2 2 1055 56
113 Touchstone Terr Attached $293,000 3 2.5 2104 5
16875 Tracy Ave Detached $299,900 4 2 1825 114
706 5th St Detached $300,000 4 2 1824 16
4724 Firwood Rd Detached $329,000 3 1.5 1240 5
21 Summit Ridge Ct Attached $339,000 2 2.5 1654 16
1437 Oak St Detached $349,000 3 1 1070 4
6101 Harrington Ave Detached $359,000 3 2.5 1400 5
16266 Lake Forest Blvd Detached $369,900 3 2 1860 146
1878 Mapleleaf Rd Detached $395,000 3 1.5 1347 41
5978 Fernbrook Circle Detached $449,900 4 2.5 1612 12
205 Hidalgo St Detached $459,900 3 3.5 3032 131
37 Churchill Downs Detached $470,000 3 2.5 2372 4
12 Scarborough Dr Detached $525,000 4 2.5 2943 139
2671 Glen Eagles Rd Detached $850,000 3 3 4019 179
17547 Cherry Ct Detached $998,850 4 3.5 3737 337
19354 Lorna Ln Detached $1,049,988 5 3.5 4169 403
14084 Goodall Rd Detached $1,195,000 5 5.5 5399 73
3140 Childs Rd Detached $1,695,000 5 5.5 6449 298

Sold/Closed (Nov 10-16, 2014)

Address Type List Price Closed Price Sq Ft CDOM
94 Oswego Summit Condo $123,500 $117,500 1140 2
6928 Montauk Circle Condo $125,000 $125,000 960 21
5959 Dove Ct Detached $379,900 $380,000 1552 6
6158 Frost Ln Detached $464,900 $460,000 2,109 32
16942 Cherry Crest Dr Detached $475,000 $465,000 2363 28
4726 Cambridge Ct Attached $595,000 $581,000 2865 9
14220 Bridge Ct Detached $750,000 $689,000 3419 37
3411 Lake Grove Ave Detached $999,999 $1,000,000 4434 177

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

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest real estate numbers in Portland and the Lake Oswego/West Linn areas are in. Things have taken an uptick in October for the Portland area. This was the strongest October for Closed Sales since 2006!

According to the RMLS Market Action Report for the Portland Metro Area  October, 2014:

  • At 2,487, October Closed Sales rose 4.6% over the month prior, September, and were up a full 13.6% from October of 2013’s 2,189 .
  • There were 2,881 New Listings in October which was 7.1% down from September, but rose 13.6% from October 2013.
  • The Average Sale Price in October of $335,600 was down $2,500 from the month prior. The first ten months of 2014 are logging an Average Sale Price of $333,200, which is up 7.4% over the same time period in 2013.
  • October Pending Sales (accepted offers), at 2,480, were down 2.8%  from the month prior.  That said, the Pending sales for October are up a full 16.7% over October 2013.

__________________________________________

In Lake Oswego and West Lin steady activity is Good with Closed Sales down by 10 and/but Pending Sales up by 6. Average Sale Price was up $11,200 from September. (There is a very wide range of prices in Lake Oswego among a relatively smaller number of homes for sale as compared to the larger Portland area, so this is not unusual.)

The combined areas of Lake Oswego and West Linn  for October reported:

    • 475 Active Listings  (Sept was 501)
    • 166 New Listings  (Sept was 177)
    • 136 Pending Sales  (Sept was 130)
    • 130 Closed Sales  (Sept was 140)
    • An Average Sale Price of $547,800.  (Sept was $536,600)
    • Average Time on the Market: 81 Days  (Sept was 100)
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Market Activity ~ Nov 3-9, 2014

Greetings, Property Blotter readers!  Well, we’ve definitely got a chill in the air, and leaves are turning & flying away in the breeze. Buyers are out there looking and buying houses as well!

Here is your Latest Market Data: Last week in Lake Oswego we saw 24 New properties enter the market, 26 move to Pending status, and 10 “Closed”/Sold!

Following is the breakdown for you according to RMLS:

NEW on Mkt (Nov 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type
59 GALEN ST $94,900 1 1 550 CONDO
4636 LOWER DR #B-1 $128,000 2 1.1 1170 CONDO
86 KINGSGATE RD #C-203 $139,500 2 2 924 CONDO
47 EAGLE CREST DR #59 $140,000 2 2 1024 CONDO
336 CERVANTES CIR $149,900 2 1.1 1112 CONDO
76 GALEN RD #76 $175,000 2 2 989 CONDO
62 GREENRIDGE CT $260,000 3 2 1596 ATTACHD
113 TOUCHSTONE TER $293,000 3 2.1 2104 ATTACHD
3 CONDOLEA DR $325,000 3 3 2198 CONDO
4724 FIRWOOD RD $329,000 3 1.1 1240 DETACHD
1437 OAK ST $349,000 3 1 1070 DETACHD
17520 REDFERN AVE $350,000 3 2 1776 DETACHD
564 2ND ST $399,000 2 2.1 1394 ATTACHD
4146 LAKEVIEW BLVD $400,000 5 1.1 2056 DETACHD
3402 LAKE GROVE AVE $420,000 3 2 1686 DETACHD
5978 FERNBROOK CIR $449,900 4 2.1 1612 DETACHD
533 2ND ST $465,000 2 2 1274 CONDO
37 CHURCHILL DOWNS $470,000 3 2.1 2372 DETACHD
5189 TUALATA LN $475,000 3 2 2422 DETACHD
834 6TH ST $525,000 2 1 1062 DETACHD
18728 BRYANT RD $576,355 3 2.1 2736 DETACHD
4729 FIRWOOD RD $599,900 3 2.1 2594 DETACHD
17680 WOODHURST PL $1,095,000 5 3.1 5478 DETACHD
179 FURNACE ST $1,698,000 3 3.1 4784 CONDO

PENDING SALES (Nov 3-9, 2014)

Address List Price # Beds # Baths Total SF Prop Type CDOM
87 OSWEGO SMT $79,000 2 1.1 1116 CONDO 125
272 CERVANTES $129,900 3 2 1209 CONDO 234
44 EAGLE CREST DR #11 $134,000 3 2 1085 CONDO 23
246 RIDGEWAY RD #17B $160,000 1 1 753 CONDO 16
16250 PACIFIC HWY #76 $200,000 3 2 1801 CONDO 122
200 BURNHAM RD #105 $229,900 1 1 858 CONDO 42
5057 FOOTHILLS DR #H $267,500 2 2 1252 CONDO 4
1531 BOCA RATAN DR $289,000 3 2 1755 ATTACHD 57
468 5TH ST #13 $310,000 2 1.1 1092 CONDO 221
7 PEACOCK PL $329,900 3 2.1 1400 DETACHD 19
1305 CORNELL ST $349,000 3 2 2692 DETACHD 93
1453 GREENTREE CIR $350,000 3 2 1762 DETACHD 3
16990 LOWER MEADOWS DR $369,900 3 2.1 2000 DETACHD 2
528 2ND ST $439,500 2 2.1 1703 ATTACHD 16
5747 VICTORIA CT $549,000 4 2.1 2432 DETACHD 112
17619 Potters RD $575,000 4 2.1 2665 DETACHD 9
5830 SUNBROOK DR $575,000 4 2.1 2810 DETACHD 26
17821 HILLSIDE WAY $589,000 4 3.1 3442 DETACHD 29
5674 CHARLES CIR $639,000 4 2.1 2679 DETACHD 138
13983 WESTCOTT CT $649,900 4 2.1 2792 DETACHD 7
2341 STONEHURST CT $659,000 4 2.1 3389 DETACHD 2
2612 RIVENDELL RD $775,000 4 3 3168 DETACHD 93
13327 ATWATER LN $895,000 3 2 3004 DETACHD 220
17390 GRANDVIEW CT $915,000 4 4.2 4516 DETACHD 506
63 NANSEN SMT $919,900 4 3.1 3202 DETACHD 65
14122 GOODALL RD $969,000 5 4.1 4530 DETACHD 331

SOLD  (Nov 3-9, 2014)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5058 FOOTHILLS DR $239,900 $227,000 2 2 1252 CONDO 6
6262 WAYZATA CT $328,950 $352,000 3 1.1 1276 DETACHD 15
4242 COBB WAY $449,800 $388,000 3 2 1589 DETACHD 38
18840 RIVENDELL CT $499,000 $439,000 4 3 3060 DETACHD 72
3718 LAKE GROVE AVE $489,000 $452,000 4 3 2523 DETACHD 115
5440 BAY CREEK DR $545,000 $520,000 3 2.1 2442 DETACHD 74
24 MORNINGVIEW CIR $535,000 $520,000 4 3.1 2817 DETACHD 13
2584 Park RD $559,000 $525,000 4 2 2302 DETACHD 110
2031 LILLI LN $779,995 $770,000 3 3.1 3418 DETACHD 14
19463 LORNA LN $899,500 $899,500 4 3.1 4055 DETACHD 429

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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Lender Required Repairs

toolboxA common statement I have heard many times over the years is “the lender will require the repair”. I just don’t think that is the case much of the time. I thought it might be helpful to give you my experience about lenders and repairs.

Most lenders want a house to be livable. It can be old, it can be dirty or worn out, but it has to be livable. That means no dangerous situations like a deck without a railing that is 10 feet off the ground, or holes in sheet rock, or missing flooring. Lenders also want at least 3-5 years of life left in the roof and a clear pest and dry rot report. Both of these are obtained through professional inspections.

But many things that are assumed to be a problem simply are not. This is not a promise that you won’t run into lender issues on these items. It is simply my experience that they have not been a problem. I have sold houses with post and peer foundations, with LP siding, with nearly every window having a broken seal. Seriously, I sold this really modern house that had 30 windows, 26 of which were clouded over with broken seals. And it was sold with a VA loan, usually considered to be the hardest loan for a property to qualify for.

So know that houses do not need to be perfect to get financing. They need to be “livable”. “Livable” condition may not suit a picky buyer, but that is an entirely different standard.

A good plan, if you are thinking of selling, is to invite a Realtor to your home well in advance so that they can give you an opinion of items to address. Ask for both their opinion on lender required repairs and also their opinion on items to enhance the sale and to make the house show well. Linda, Whitney, and I would all be happy to help.
Dianne

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Market Activity Oct 20-26, 2014

The fall market is moving right along with 17 new listings, 12 pending sales, and 20 sold/closed homes last week.

Following is the breakdown for you according to RMLS:

New on Market (Oct 20-26, 2014)

Address Type Price BR Bths SF
4619 Lakeview Blvd D-3 Condo $92,000 1 1 753
43 Crestfield Ct Condo $107,500 2 1 923
3930 Lake Grove Ave 1A Condo $128,500 2 1 952
6 Cervantes Circle Condo $145,000 2 1.5 912
3433 Mcnary Pkwy #303 Condo $150,000 2 2.5 1208
4 Touchstone Dr #99 Condo $159,000 2 2 984
246 Ridgeway Rd 17B Condo $160,000 1 1 753
3986 Carman Dr Condo $209,900 2 2.5 1107
16735 Lake Forest Blvd Detached $299,900 3 2 1192
1743 Aspen Ct Detached $336,900 3 2 1341
528 2nd St Attached $439,500 2 2.5 1703
1710 Glenmorrie Terrace Detached $549,900 4 3 2865
5020 Hampton Ct Detached $598,000 3 2.5 2253
15180 Boones Way Detached $615,000 6 3.5 3905
5488 Southwood Dr Detached $799,000 4 2.5 3280
1168 Andrews Rd #1 Detached $1,295,000-$1,495,000 5 5.5+.5 4700
1168 Andrews Rd #2 Detached $1,295,000-$1,495,000 5 5.5+.5 4700

Pending Sales (Oct 20-26, 2014)

Address Type Price BR Baths SF DOM
44 Eagle Crest Dr #15 Condo $89,900 1 1 798 197
4 Touchstone #76 Condo $124,000 2 2 984 43
4 Touchstone #110 Condo $149,000 2 2 989 85
45 Eagle Crest Dr #409 Condo $155,000 2 2 1214 4
18543 Don Lee Way Detached $250,000 3 1 924 49
5326 W Sunset Dr Detached $259,900 1 1 754 3
4180 Collins Way Detached $280,000 2 1.5 1236 268
16200 Pacific Hwy #35 Condo $295,000 2 2 1208 268
4630 Wildwood St Detached $459,900 3 2 2067 6
886 9th St Detached $465,000 2 1 860 3
17601 Woodhurst Pl Detached $650,000 3 2.5 3179 80
16650 Fir Ln Detached $1,279,000 4 3.5 3860 57

Sold/Closed (Oct 20-26, 2014)

Address Type List Price Closed Price Sq Ft CDOM
44 Eagle Crest Dr #41 Condo $126,900 $111,000 908 421
5713 Kenny St Detached $349,000 $325,000 1384 31
16902 Chapin Way Detached $449,900 $440,000 1993 4
5222 Carman Dr Detached $474,900 $448,000 2,543 173
17688 Cardinal Ct Detached $459,000 $459,000 1970 14
960 9th ST Detached $475,000 $460,000 1509 63
16919 Lakeridge Dr Detached $525,000 $507,000 2710 80
13448 Auburn Ct Attached $525,000 $520,000 2535 4
4821 Dawn Ave Detached $599,000 $600,000 1854 5
2823 Glen Haven Rd Detached $749,900 $699,000 3015 8
5005 Dogwood Dr Detached $779,000 $753,000 4156 71
2175 Crest Dr Detached $799,900 $799,900 2950 20
14128 Goodall Rd Detached $869,000 $825,000 2960 118
814 Lake Shore Rd Detached $899,000.00 $885,000 1972 78
2943 Lakeview Blvd Detached $979,900 $950,000 3794 419
1045 Skyland Dr Detached $1,250,000 $1,255,000 3942 2
1103 Lake Shore Rd Detached $1,320,000 $1,320,000 3747 112
16525 Maple Circle Detached $1,450,000 $1,340,000 3443 287
1880 Crest Dr Detached $1,650,000 $1,375,000 2800 23
1400 Ridgecrest Dr Detached $1,649,500 $1,500,000 3859 15

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

Here is the latest data for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) numbers:

The latest real estate numbers in Portland and the Lake Oswego/West Linn areas for September are in. Overall numbers are down from August and up from last year

According to the RMLS Market Action Report for the Portland Metro Area  September, 2014:

  • At 2,378, September Closed Sales dropped 8% from the month prior (August), and/but were up a full 10.2% from September of 2013’s 2,158 .
  • There were 3,102 New Listings in September which was 6.1% higher than September 2013, but down 13.4% from the month prior.
  • The Average Sale Price in September of $338,100 was down $1,900 from the month prior. The first nine months of 2014 are logging an Average Sale Price of $333,000, which is up 7.4% over the same time period in 2013.
  • September Pending Sales (accepted offers), at 2,551, were down 5.7%  from the month prior.  That said, the Pending sales for September are up a full 15% over September 2013. ***This was the strongest September for Pending sales since 2006 when there were 2,599!

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In Lake Oswego and West Lin steady activity with all numbers down slightly from August, and/but the Average Sale Price rising by $16,400… and interestingly, Average Time on the Market going from 57 to 100 days (that’s quite a jump!)

The combined areas of Lake Oswego and West Linn  for August reported:

    • 501 Active Listings  (August was 531)
    • 177 New Listings  (August was 185)
    • 130 Pending Sales  (August was 148)
    • 140 Closed Sales  (August was 134)
    • An Average Sale Price of $536,600.  (August was $520,200)
    • Average Time on the Market: 100 Days  (August was 57)