Well…. There are ~NO~ Open Houses in Lake Oswego for this New Year’s Day! So, that means… rest, enjoy ringing in the New Year, and enjoy yourselves as we each greet a bright new tomorrow!
Happy New Year,
Dianne and Linda
News & Notes
Here are some Market Tidbits for You~
- According to RMLS, showing activity 12/5 – 12/11/11 was down by 10.8% in the state of Oregon from the week prior.
- As always, the holiday season brings more attention to thefts at Open Houses and fraudulent activity of all kinds. When holding your home Open, make sure to talk to your Realtor about precautions you should be taking such as putting valuables and prescriptions in a safe place.
- Bank-owned properties are often great bargains. Make sure to ask your Realtor to check with the Listing Agent and/or your escrow officer if you are entering into a bank-owned transaction, specifically to make sure that a title policy will be issued. We have heard that there has been some hesitation here & there due to fears of reprisals by former owners, so best just to double-check on your particular property.
What’s Happening in Lake Oswego? ~
* “LO Reads!” – Jan 9th at 6:30PM ~ There will be a kickoff event for this 6th annual tradition. Be at the Lake Oswego Library for a free copy of Lake Oswego’s own Brian Doyle’s book, “Mink River”. Kathryn Claire and Eddie Parente will play the rish fiddle and refreshments will be available. To learn more about Lake Oswego Reads, CLICK HERE.
* Holiday Tree Recycling – Dec. 30, 31, Jan 1, & 2 + 7 & 8~ The Boy Scouts are recycling trees again this year at George Rogers Park for a small $6.00 donation. They will be waiting to help you from 9-5 the first four days, and then from 8-4 on Jan 7 & 8. Make sure to remove all decorations & anything non-organic from the tree before bringing it down to the park.
*Block Foam Recycling! – Sat, Jan 21 ~ If you’re like me, you wonder what the heck to do with this prevalent packing material. The West End Building at 4101 Kruse Way will be taking it off your hands from 9 AM – 2PM or until the truck is full. Please read more about it so that you understand what does NOT fall into this category (such as foam peanuts, foam rubber & food packaging). CLICK HERE
Market Activity Dec 19-25, 2011
In the week that included Christmas Day, there were 5 New Listings, 11 Pending Sales, and 9 Closed Sales. I consider that to be a very strong performance for the holiday week. Also of note was very strong sales among condos.
See below for further details:
NEWLY LISTED (Dec 19-25, 2011)
| Address | Type | Price | Sq FT | BR | Baths |
| 12459 Boones Ferry Rd | Mfg | $149,900 | 2305 | 3 | 2.5 |
| 51 Oriole Ln | Detached | $199,900 | 1216 | 3 | 2 |
| 58 Greenridge Ct | Condo | $256,900 | 1996 | 3 | 2.5+.5 |
| 19201 Maree Ct | Detached | $424,900 | 3739 | 3 | 3 |
| 183 Furnace St | Condo | $495,000 | 2126 | 2 | 2.5 |
PENDING SALES (Dec 19-25,, 2011)
| Address | Type | Price | Sq Ft | BR | Baths | CDOM |
| 200 Burnham Rd | Condo | $89,900 | 959 | 1 | 1 | 64 |
| 4640 Lower Dr | Condo | $99,900 | 1225 | 2 | 1.5 | 257 |
| 226 Ridgeway Rd | Condo | $99,900 | 756 | 1 | 1 | 366 |
| 4 Touchstone #150 | Condo | $114,900 | 984 | 2 | 2 | 164 |
| 3984 Carman Dr | Condo | $167,500 | 1344 | 3 | 2.5 | 33 |
| 5720 SW Kenny St | Detached | $189,900 | 1416 | 3 | 2 | 6 |
| 15085 Glen Eagles Pl | Detached | $404,900 | 2996 | 3 | 3 | 715 |
| 18116 Pioneer Ct | Detached | $549,000 | 3500 | 5 | 3 | 3 |
| 23 Hillshire Dr | Detached | $589,000 | 3916 | 4 | 4 | 194 |
| 4011 Westbay Rd | Detached | $825,000 | 4518 | 5 | 3.5 | 561 |
| 1288 Northshore Rd | Detached | $2,350,000 | 3059 | 4 | 3 | 0 |
SOLD (Dec 19-25, 2011)
| Address | Orig. Price | Sold Price | Type | Sq Ft | CDOM |
| 12 Crestfield Ct | $54,900 | $44,900 | Condo | 552 | 74 |
| 91 Galen St | $65,000 | $46,000 | Condo | 680 | 187 |
| 1050 Sunningdale Rd | $375,000 | $350,000 | Detached | 1616 | 62 |
| 589 Ridgeway Rd | $450,000 | $375,000 | Detached | 1736 | 41 |
| 5008 Hampton Ct | $448,000 | $380,000 | Detached | 2446 | 249 |
| 149 Del Prado St | $550,725 | $439,000 | Detached | 3266 | 148 |
| 18006 Gimley Ct | $479,900 | $440,000 | Detached | 3329 | 496 |
| 16925 Depot St | $499,950 | $470,000 | Detached | 2631 | 157 |
| 307 Northshore Rd | $1,500,000 | $1,165,000 | Detached | 2673 | 719 |
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 Holidays!
Whether you are celebrating Christmas, Chanukah, Kwanzaa, or any of a number of faith celebrations, Linda and I want to extend our good wishes to you this season.
Faith is a very personal consideration. I have had a client moving in from out of the area ask me if there is a prevalent church in Lake Oswego, and I honestly told her that there is not. I consider LO to be extremely diverse. While we do have 19 Christian Churches (including the Mormon Temple, a Korean United Methodist and a Chinese Faith Baptist) there are also 2 Buddhist Centers, a Synagogue, and the New Thought Center for Spiritual Living. Close by in Tigard is the Baps Hindu Temple, and not much further away in SW Portland is a Mosque. And if you find no need for formal worship, that’s OK too. Really, we are a very open community.
With Christmas Day falling on Sunday this year, there will not be an Open House report. Even Realtors need a Day off once in awhile.
May your holidays be blessed with happiness, may the New Year bring you prosperity, and may you find contentment and satisfaction in each and every day of your life.
Best wishes to you and yours,
Dianne and Linda
Market Activity ~ Dec. 12-18, 2011
Even the week before Christmas, there is a hustle & bustle in the Lake Oswego real estate scene. There were 8 New properties entering the market, 17 in Pending status, and 15 marked as Sold during the last 7-day period according to RMLS.
See below for further details:
NEWLY LISTED (Dec 12-18, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type |
| 16250 PACIFIC HWY 51 | $99,900 | 1 | 1 | 841 | CONDO |
| 4654 LOWER DR A2 | $115,000 | 2 | 1.1 | 1260 | CONDO |
| 5225 JEAN RD 511 | $156,000 | 2 | 2 | 1400 | CONDO |
| 5720 SW KENNY ST | $189,900 | 3 | 2 | 1416 | DETACHD |
| 1503 EASTVIEW CT | $499,900 | 3 | 2.1 | 3362 | DETACHD |
| 1455 TIMBERLINE DR | $799,000 | 4 | 3 | 3554 | DETACHD |
| 4110 CANAL RD | $970,000 | 4 | 3.1 | 3676 | DETACHD |
| 17225 KELOK RD | $1,195,000 | 4 | 3.1 | 4161 | DETACHD |
PENDING SALES (Dec 12-18,, 2011)
| Address | List Price | # Beds | # Baths | Total SF | Prop Type | CDOM | |
| 100 KERR PKWY | $64,500 | 2 | 2 | 822 | CONDO | 174 | |
| 4765 FIRWOOD RD | $120,000 | 3 | 1 | 1348 | DETACHD | 191 | |
| 3802 BOTTICELLI ST | $129,000 | 3 | 2 | 1224 | ATTACHD | 159 | |
| 234 RIDGEWAY RD 16D | $154,950 | 2 | 1 | 914 | CONDO | 4 | |
| 165 Oswego Smt 165 | $159,900 | 2 | 2 | 1383 | CONDO | 186 | |
| 16774 GRAEF CIR | $189,900 | 2 | 1.1 | 1168 | DETACHD | 3 | |
| 16430 LAKE FOREST BLVD | $195,000 | 3 | 1 | 1342 | DETACHD | 108 | |
| 44 GREENRIDGE CT | $209,900 | 3 | 2.1 | 1996 | ATTACHD | 27 | |
| 16695 GLENWOOD CT | $349,900 | 4 | 3 | 3060 | DETACHD | 176 | |
| 4403 OAKRIDGE RD Lot 21 | $389,900 | 3 | 2.1 | 2004 | ATTACHD | 114 | |
| 5008 HAMPTON CT | $398,500 | 3 | 2.1 | 2446 | DETACHD | 249 | |
| 533 2ND ST 110 | $415,000 | 2 | 2 | 1274 | CONDO | 42 | |
| 18014 GIMLEY CT | $449,900 | 5 | 3.1 | 4355 | DETACHD | 198 | |
| 1700 VILLAGE PARK LN | $679,900 | 4 | 4 | 4945 | DETACHD | 269 | |
| 17090 CHAPIN WAY | $729,000 | 4 | 3 | 3480 | DETACHD | 189 | |
| 4180 CASEY CT | $739,950 | 4 | 3.1 | 3730 | DETACHD | 7 | |
| 1617 LAKE FRONT RD | $2,999,000 | 4 | 4.1 | 4610 | DETACHD | 198 |
SOLD (Dec 12=18, 2011)
| Address | O/Price | Close Price | # Beds | Total Baths | Total SF | Prop Type | CDOM |
| 322 CERVANTES CIR | $99,990 | $99,900 | 2 | 1 | 832 | CONDO | 57 |
| 5052 FOOTHILLS DR E | $200,000 | $185,000 | 2 | 2 | 1370 | CONDO | 18 |
| 5 BRITTEN CT | $235,000 | $225,000 | 2 | 2 | 1394 | ATTACHD | 57 |
| 16026 PARKER RD | $299,900 | $280,000 | 3 | 1 | 1620 | DETACHD | 265 |
| 122 KINGSGATE RD | $289,950 | $289,950 | 3 | 2.1 | 1846 | DETACHD | 5 |
| 518 5TH ST | $369,000 | $305,000 | 2 | 2.1 | 1426 | DETACHD | 150 |
| 4398 GLACIER LILY ST | $425,000 | $318,500 | 4 | 2.1 | 2936 | DETACHD | 127 |
| 760 TIMBERLINE DR | $459,000 | $400,000 | 5 | 3 | 3058 | DETACHD | 228 |
| 2825 VALE CT | $417,000 | $401,000 | 4 | 2.1 | 2304 | DETACHD | 31 |
| 18132 WESTVIEW DR | $620,000 | $500,000 | 4 | 3.1 | 3871 | DETACHD | 471 |
| 13254 TWIN CREEK CT | $599,500 | $580,000 | 3 | 2.1 | 3470 | DETACHD | 56 |
| 5115 DENTON DR | $719,000 | $665,000 | 4 | 2.1 | 3069 | DETACHD | 99 |
| 5160 Woodcrest LN Lot 3 | $691,488 | $702,765 | 4 | 3.1 | 3575 | DETACHD | |
| 528 7TH ST | $999,999 | $950,000 | 5 | 4.3 | 3678 | DETACHD | 90 |
| 1954 EGAN WAY | $1,050,000 | $950,000 | 3 | 2.1 | 3748 | DETACHD | 323 |
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
Open House Report
Due to RMLS technical web work, we will not be able to retrieve the data for our usual report, and will resume after this weekend. We apologize for the inconvenience.
Happy Holidays!
News & Notes
Here are some Market Notes for You~
According to the just-released RMLS Market Action Report for November 2011, the combined area of Lake Oswego and West Linn reported:
- 651 Active Listings
- 106 New Listings
- 100 Pending Sales
- 98 Closed Sales
- An average Sale Price of $385,700.
- Average Time on the Market: 179 Days
What’s Happening in Lake Oswego? ~
* Christmas Ship Parade – Dec 17th at 6PM ~ Join us for the 57th year of enjoying a parade of bright Christmas Ships gliding from Riverplace Marina to Lake Oswego! You can enjoy the colorful flotilla from the shores of Foothills Park where a warming fire and shelter will make the evening more than merry! For more information on this annual extravaganza CLICK HERE.
* Annual Gingerbread Competition! – Dec. 13th – Dec. 25th ~ One-of-a Kind Gingerbread creations are on display at participating local businesses in celebration of “Holiday Houses of Lake Oswego” which is in its second delightful year. To learn more about this competition CLICK HERE.
*LOPedia is Now Available! – This great resource provides information on city programs and services, as well as how it delivers those services and how much they cost. It can be checked out at the Lake Osweego Library, and also is available online by CLICKING HERE.
Market Activity Dec. 5-11, 2011
Our Market Activity has been strong, considering that we are in the full throws of the Holidays. Last week there were 14 New Listings, 11 Pending Sales, and 11 Closed Sales. Also of note, of the 11 Closed Sales 5 were either condos or attached townhouses, and 3 were sold for over $1,000,000. Of the over $1,000,000, 1 sold in zero days (Listing Realtor brought together buyer and seller without RMLS assistance) and 1 sold in 39 days. That is very strong market activity in areas that have otherwise been slow.
See below for further details:
NEWLY LISTED (Dec. 5-11, 2011)
| Address | Type | Price | Sq FT | BR | Baths |
| 234 Ridgeway Rd 16D | Condo | $154,950 | 914 | 2 | 1 |
| 3652 Spring Lane 4F | Condo | $159,900 | 1117 | 2 | 2 |
| 1531 Cedar St | Detached | $249,950 | 832 | 2 | 1 |
| 18630 Kristi Way | Detached | $314,900 | 1609 | 3 | 2 |
| 17860 Pilkington Rd | Detached | $319,000 | 2550 | 4 | 2 |
| 12511 SW Boones Ferry Rd | Detached | $349,000 | 1890 | 3 | 2 |
| 769 2nd St | Detached | $350,000 | 1200 | 3 | 1 |
| 6126 Frost Ln | Detached | $429,500 | 2400 | 5 | 3 |
| 545 Evergreen Rd | Detached | $549,900 | 2182 | 3 | 2.5 |
| 1255 Bayberry Rd | Detached | $734,900 | 2240 | 3 | 2 |
| 4180 Casey Ct | Detached | $739,950 | 3730 | 4 | 3.5 |
| 17878 Hillside Dr | Detached | $762,500 | 3594 | 5 | 3 |
| 752 8th St | Detached | $1,049,000 | 4215 | 4 | 3.5 |
| 4375 Southshore Blvd | Detached | $2,595,000 | 3716 | 4 | 3.5 |
PENDING SALES (Dec. 5-11, 2011)
| Address | Type | Price | Sq Ft | BR | Baths | CDOM |
| 450 S State St | Condo | $119,000 | 800 | 2 | 1 | 86 |
| 18411 Longfellow Ave | Detached | $155,000 | 1150 | 3 | 1 | 139 |
| 5054 Foothills Dr H | Condo | $187,000 | 1252 | 3 | 2 | 93 |
| 13120 Thoma Rd | Detached | $345,000 | 3116 | 3 | 2 | 32 |
| 13828 Regency Ct | Detached | $349,000 | 2165 | 3 | 2.5 | 4 |
| 312 4th St | Attached | $395,000 | 1731 | 2 | 2.5 | 206 |
| 1877 Woodland Terrace | Detached | $399,000 | 2776 | 4 | 2 | 4 |
| 19333 Dogwood Ct | Detached | $479,900 | 3234 | 5 | 3 | 220 |
| 5515 Dunmire Dr | Detached | $536,900 | 3287 | 4 | 3 | 226 |
| 16491 Chapin Way | Detached | $799,000 | 3648 | 4 | 3 | 248 |
| 307 Northshore Rd | Detached | $1,295,000 | 2673 | 3 | 2 | 719 |
SOLD (Dec. 5-11, 2011)
| Address | Orig. Price | Sold Price | Type | Sq Ft | CDOM |
| 668 McVey Ave #56 | $150,800 | $135,000 | Condo | 636 | 22 |
| 159 Oswego Summit | $175,000 | $150,000 | Condo | 1506 | 385 |
| 3300 Wembly Park Rd | $229,000 | $200,000 | Detached | 2094 | 15 |
| 2125 Wembly Place | $349,000 | $307,500 | Detached | 2193 | 114 |
| 755 5th St | $349,000 | $312,500 | Detached | 927 | 163 |
| 4405 Oakridge Rd Lot20 | $410,160 | $411,330 | Attached | 2004 | 0 |
| 40 Condolea Ct | $485,000 | $440,000 | Condo | 2958 | 227 |
| 193 Furnace St | $769,950 | $510,000 | Condo | 2169 | 394 |
| 667 Iron Mountain Blvd | $1,399,000 | $1,200,000 | Detached | 4679 | 319 |
| 13392 Fielding Rd | $1,400,000 | $1,400,000 | Detached | 2246 | 0 |
| 13701 Goodall Rd | $1,899,000 | $1,750,000 | Detached | 6028 | 39 |
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
Open Houses for 12/11/11
Amongst the hussle and bussle of Holiday preparations, perhaps you’ll find the time to visit one of these ten open houses:
| Address | Price | Bedrooms | Baths | Type | Open |
| 5055 Foothills Dr | $187,000 | 2 | 2 | Attached | 1 to 3 |
| 5054 Foothills Dr H | $187,000 | 3 | 2 | Attached | 1 to 3 |
| 5220 Firwood Rd | $234,900 | 3 | 3 | Detached | 1 to 4 |
| 6380 Washington Ct | $239,500 | 3 | 2 | Detached | 12:30 to 2:30 |
| 4251 Woodside Circle | $304,900 | 3 | 2 | Attached | 1 to 3 |
| 21 Britten Ct | $310,000 | 3 | 2.5 | Attached | 1 to 3 |
| 765 Maple St | $349,900 | 3 | 2 | Detached | 1 to 3 |
| 15633 Fieldstone Dr | $618,950 | 4 | 2.5 | Detached | 12 to 2 |
| 5533 Fieldstone Ct | $628,950 | 4 | 2.5 | Detached | 12 to 2 |
| 17601 Woodhurst Pl | $649,000 | 3 | 2.5+.5 | Detached | 2 to 4 |
The Repair Addendum
There are two major points of negotiations when you are buying or selling a house. The first happens when the offer is made. At this point things like price, closing date, disclosure of financing, and other items are worked out. The second happens about a week later when the buyer has completed any home inspections they wanted and are asking for repairs.
The preferred method by most buyers and sellers is to agree upon a monetary credit at closing from the seller to the buyer for the buyer to do the repairs themselves after closing. This is preferred because it’s super easy for the seller, and for the buyer they then have control over the quality of the work. However, banks don’t like to see money credited to do repairs after closing. What if the buyer never does the repair? So the method to create the credit is to have the credit be applied to the buyer’s closing costs. This allows the repair issue to stay out of the transaction and accomplishes the exact same thing as it leaves money in the buyer’s possession that they otherwise would have spent in the purchase. The buyer can then do whatever they want to with that money after closing. This then creates the limitation that the amount of the credit can not exceed the buyer’s closing costs. So what if the seller has already agreed to pay the buyer’s closing costs? If this is the case, or if the buyer just simply won’t take a credit for the repairs, then the seller is left with the responsibility to do the repairs before closing.
Now comes the part that most buyers and sellers are not aware of. Any repair done in the sale of a home must be done by a licensed and bonded contractor. The seller can not do the repairs themselves. This law went into effect several years ago and applies to all real estate transactions throughout the state of Oregon. The reason makes sense when you think about it. Work done by a properly licensed contractor comes with an automatic 1-year warranty. And the bond that contractors are required to carry guarantees money is available to repair shoddy work if a problem develops and the contractor does not correct it. So buyers, sellers, and Realtors are all protected by using licensed contractors. I can, however, see that this law can become impractical if the work is super minor like replacing a cracked light switch cover, or re-nailing a fence board. I think it makes sense, in light of this law, that these sorts of minor repairs really must be done as normal maintenance on a home long before it is listed for sale. Taking good care of your home while owning it will also get you a higher price when the time comes to sell it.
This law also applies to rental properties. So if you are a landlord, you are not supposed to do the work on your rentals unless you have a contractor’s license.
The home inspection contingency is written in our standardized forms to be an easy out for the buyer. A buyer does not even have to give a reason for disapproving of the property as a result of the home inspection. They can “unconditionally” disapprove. And that’s it. The deal is dead and the buyer gets their earnest money back. So for sellers it’s a pretty anxious time. They know the buyer can back out of the purchase and they also know that they can be asked to do repairs or pay for closing costs. It’s important that this part of the sale be handled properly so that buyers buy a solid home and also so that repairs are done correctly.
Not a very seasonal topic, I know. But important. And probably another good reason to use a Realtor when you buy or sell a house.
Cheers!
Dianne