In the many years I have been working with buyers, I have only run into a few who would not consider buying a house on a corner lot. So this is not a heated controversery. It is, however, something to think about in your home search. Here is simple a comparison of the pros and the cons of buying a home on a corner lot:
The Pros
* Corner lots are often bigger because they not only include a yard, but the large side yard of the adjacent street.
* Corner lots are more private because they have one less neighbor immediately next door.
* Corner lots can allow unusual landscaping such as installing a circular driveway.
* Corner lots can allow easier access to the back yard for storing a RV or a trailer behind a fence.
* Corner lots can allow more sunshine into the house itself because there are fewer homes closeby that potentially can cast shadows.
* Corner lots allow you to have more on-street parking adjacent to your home.
Here are the Cons
* Corner lots mean more landscape maintenance that is visable from the street.
* Corner lots are potentially create a smaller back yard if the lot is mostly outfront and to the side of the house.
* Corner lots can deminish your privacy in your back yard if there is visability from the adjacent street or if the lot is small enough that people out on the sidewalk can hear you in your back yard.
* In the case of sewer improvements or sidewalk maintenance where local authorities assess repairs based upon the per foot of street frontage, corner lots can be more expensive to own.
* Corner lots can potential have move light exposure at night from street lights or head lights.
I think that for every buyer who dislikes a corner lot there is a buyer who prefers one. So don’t let the corner lot issue be your primary criteria when buying a home, unless you have exceptionally strong opions about the pros and cons above. I personally live on a corner lot and I LOVE it. My lot has large hedges on the two sides with a circular drive between the two streets. I pull into my driveway and I feel like I’ve come home to my own private park. Ray Hartshome, a partner with Chicago’s Hartshome Plunkard Architecture, calls a corner home “a rare home”. He says that a corner home is “a rare home that’s distinctive in a world that makes distinctive homes more valuable”. Perhaps that statement goes a bit overboard, but I do like the sentiment.
There was an amazing amount of “freshening” of listings done last week. Out of 33 properties listed as “new” on the market, only 11 were truly New listings. Last Week Lake Oswego also saw 16 Pending sales, and 10 Closed sales according to RMLS.
See below for further details according to RMLS:
NEWLY LISTED (Jan 17-23, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
16200 PACIFIC HWY #11
$155,700
2
2
1190
CONDO
5225 JEAN RD 307
$165,000
2
2
1100
CONDO
3101 MCNARY PKWY 12
$190,000
2
2.1
1363
CONDO
5215 MADRONA ST
$250,000
3
2
1325
DETACHD
2755 GLEN HAVEN RD
$325,000
3
2
2088
DETACHD
13332 VERMEER DR
$409,900
4
3
2382
DETACHD
9 SPINOSA
$459,750
2
2.1
2250
DETACHD
1231 BAYBERRY RD
$475,000
3
2
1980
DETACHD
2626 PARK RD
$519,000
4
3
2475
DETACHD
14785 UPLANDS DR
$675,000
4
3
3325
DETACHD
2311 OSWEGO GLEN CT
$989,000
4
4
4529
DETACHD
PENDING SALES (Jan 17-23, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
49 OSWEGO SMT
$67,500
1
1
720
CONDO
127
44 EAGLE CREST DR 8
$87,000
2
1
908
CONDO
42
4000 CARMAN DR 46
$99,900
2
2
999
CONDO
14
200 BURNHAM RD 406
$114,000
2
1
1216
CONDO
990
18148 BELMORE AVE
$245,000
3
1
1008
DETACHD
3
3535 UPPER DR
$275,000
3
2
1373
DETACHD
11
14138 KNAUS RD
$275,000
4
2
2001
DETACHD
106
2240 SOUTHSHORE BLVD
$309,000
3
1
1120
DETACHD
147
18667 PILKINGTON RD
$339,999
4
2.1
2512
DETACHD
241
942 CLARA CT
$349,000
4
2.1
3123
DETACHD
194
16 OTHELLO ST
$394,000
4
3
2820
DETACHD
189
17187 CARLSON CT
$395,000
4
3
2082
DETACHD
118
19415 SW DOGWOOD CT
$499,900
5
3
3517
DETACHD
381
1060 UPPER DEVON LN
$524,000
3
2.1
2400
DETACHD
464
5705 SOUTHWOOD DR
$549,000
4
2.1
3360
DETACHD
314
691 G AVE
$620,000
4
2.1
2789
DETACHD
24
SOLD (Jan 17-23, 2011)
Address
O/Price
Close Price
# Beds
# Baths
Total SF
CDOM
322 CERVANTES CIR 12-A
$85,000
$47,250
2
1
832
205
1751 ASPEN CT
$294,500
$224,000
3
2
1550
113
19167 LONGFELLOW AVE
$310,000
$255,890
3
2.1
1782
386
252 N SHORE RD
$369,000
$320,000
3
1
2280
428
156 Greenwood RD
$309,900
$329,900
2
2
3722
896
762 LAKE FOREST DR
$439,900
$425,000
4
3
2400
168
4303 SUNDEW CT
$519,995
$506,250
4
2.1
3355
35
567 2ND ST 302
$693,025
$535,000
2
2
1459
17080 FERNWOOD DR
$699,900
$590,000
5
3.1
3681
261
15578 VILLAGE DR
$799,000
$749,000
3
2.1
3630
35
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
Local Area Trends- According to the latest RMLS Market Action Report, comparing November 2010 with December 2010, a few interesting facts emerge- Average Sales Price increased in the Portland Metro area by 2.2%, and Closed Sales increased by 14.3% which is the highest monthly level since June.
Rates- There is some indication that this increase was due to interest rate swings which may have persuaded uncertain buyers to take action. After remaining for weeks at historic lows, rates jumped for a short time to over 5%. They have since gone back down again to about 4.75% but the temporary increase may have convinced buyers that low rates won’t be around forever. According to MBS Quoteline, the volatility of rates which has surfaced in the first weeks of the new year is of course due to shifting economic factors. Prior to Friday’s Employment report, nearly all the economic data was stronger than expected which impacted mortgage rates negatively. Rates improved after the employment data though, and ended the week nearly unchanged.
Pat Goodell of Academy Mortgage says:
The Monthly Inflation reports and Retail Sales reports were not as strong as hoped so rates have stabilized below 5%. But all indications are that there will be stronger economic data coming out in the next few months which will impact rates negatively again. There is no reason to expect that rates will continue to be as low as they currently are and most expectations are that by the 2nd half of the year, they will have increased to over 5% again.
Portland Metro’s “Grade” To Improve?- The mortgage insurance companies identify cities according to their “risk” of declining values. One mortgage insurance company just upgraded 18 cities nationwide (and downgraded 3). They made no change to Portland yet but it’s a positive sign that they are seeing stronger values in 18 cities nationwide and one mortgage insurance rep did say he expects to see Portland upgraded in the near future.
The market activity for Lake Oswego last week was really, really interesting. The last time I did this report, two weeks ago, it reflected the sales for the 2-week holiday period. What caught my eye at that time were that a pretty solid number of houses had sold in the midst of the holidays. Then this last we we had 14 houses go pending, but only 4 new listings come onto the market. That is a huge change from what we have been seeing for some time. Three times more houses went pending last week than came onto the market. If this continues it will shrink the inventory and stabilize prices. It us way too soon to call it any kind of a trend, but it makes me eager to see if it continues.
Along with 4 new listings and 14 pending sales, we had 4 closed transactions.
I also have several observations:
—At my open house on Sunday I had 9 showings. I am happy if I get 2 or 3. And these were not neighbors. I always chat with people to see what their situation is. 8 of the 9 were buyers currently in the market and looking for a home.
—Combine that with the fact that of the 14 pending sales in our report below, 11 are listed at $303,000 or less. What I sense is that the low end of the market is taking off. There has been lots of media chatter about the possibility that the National market has hit bottom. I think people are listening and feeling like the time to buy is now: certainly in the lower end houses.
—Condos are selling well as part of that lower-end inventory. The condos at Oswego Terraces that have been for sale since 2007, languishing in this economy, have had drastic price reductions and that is making them move. Of the 14 pending sales, 3 are in this complex. That has been true for a couple of weeks now. The condos are now priced at a point where buyers like what they see.
See below for further details according to RMLS:
NEWLY LISTED (Jan 10-16, 2011)
Address
Price
Type
BR
Bath
Sq Feet
200 Burnham Rd #102
$149,000
Condo
1
1
820
18523 Hallberg Ct
$234,900
Detached
3
1.5
1307
6025 Carmen Dr
$249,950
Detached
3
1.5
1346
18084 Westminster Dr
$769,900
Detached
5
3.5
5020
PENDING SALES (Jan 10-16, 2011)
Address
Price
Type
BR
Bath
Sq. Feet
CDOM
16250 Pacific Hwy #63
$99,000
Condo
2
2
1311
1206
16250 Pacific Hwy #77
$110,000
Condo
2
2
1327
1208
200 Burnham Rd #202
$119,000
Condo
2
2
1314
1205
12511 Boones Ferry Rd
$159,000
Detached
3
2
1625
137
3854 Botticelli St
$185,000
Condo
2
1.5
1132
151
5670 Kenny St
$189,000
Detached
3
2
936
139
44 Oriole Ln
$220,000
Detached
3
2.5
224
105
240 4th St
$269,150
Detached
2
1.5
1080
49
4281 Chapman Way
$285,000
Detached
3
2.5
2010
81
17614 Schalit Way
$303,900
Detached
3
2
1561
32
18006 Gimley Ct
$549,900
Detached
5
4
3225
201
1579 Bay View Ln
$639,000
Detached
4
3
4865
33
2607 Palisades Crest Dr
$760,000
Detached
4
4.5
5650
244
SOLD (Jan 10-16, 2011)
Address
Orig. Price
Sold Price
type
Sq. Feet
CDOM
74 Greenridge Ct
$289,900
$248,350
Attached
2868
92
16942 Cherry Crest Dr
$410,000
$400,000
Detached
2363
11
13888 Shireva Dr
$519,900
$430,000
Detached
3756
166
548 Ridgeway Rd
$650,000
$650,000
Detached
2830
443
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
It is January… ready, set go! 29 houses open on Sunday in Lake Oswego. Bring your umbrella and have a ball!
My listing on Lamont Way is Open from 1-3. Dianne will be there and would LOVE to meet some of our Property Blotter readers in person! It’s a truly unique house that is private, has an artistic edge (with space for a studio), and perfect for someone looking for a house that is not “cookie cutter”. The property on Kilkenny Drive in Palisades is a great one to see also- lots of space w/ gorgeous landscape features, updates and a great view. It is Open from 12-3.
Lots and lots of great houses on tour!
Here is what is being held Open according to RMLS:
Real Estate 101 says that you have four factors to consider when selling your home: price, condition, terms, and location. You have no control whatsoever over the location. You do have control over the price, the condition, and the terms. When getting a house ready to put it onto the market you do want to get it into top-notch condition, particularly in this economy. A shabby or dirty house is hard to sell because the investors have taken a beating and aren’t flipping homes in great numbers, and owner-occupied buyers rarely want to take on projects. Terms can attract a buyer and involve you paying closing costs or perhaps even offering a private contract. This can save a buyer thousands of dollars and will certainly make your home more marketable and perhaps even get you a higher price. Having said that, in my opinion the queen who wears the crown in this group is price. Price appeals at every level. It corrects flaws that you can not change if you are in an undesirable location, it makes a fixer house attractive because it is a bargain, it appeals to buyers who would otherwise want terms because it is an obvious value, and it gets your home attention across the entire market. It will make your home sell.
I am not advocating that you need to give your home away. I also realize that you can only sell within a range that you can afford. If your mortgage is greater than the current value, you need to do a shortsale to get it to be priced right to sell it. So, yes, price has its limitations. Do not get mixed up into this equation your need to pay off credit cards or take that luxury cruise you dream about. The value of your home has nothing to do with your credit card balances.
So how to price it?
First, don’t take it personally. The market sets the price and you don’t. Buyers are really, really smart. They shop and compare and figure out value. When you are priced right, they will see the value and they will make an offer. This is something you do have control over. You can work with your Realtor to do the same calculations in the current market to figure out your home’s value. Once you know that, please do not be offended.
Second, your home’s value is based upon closed sales and not active listings. When a home in your neighborhood is listed for sale you likely look it up on-line or pick up a flier from out front. You see the asking price and that tends to stick in your head. After the home sells there is not much advertising about what it actually closed for. You are not likely to know if the final price was less than the asking price or if the seller paid concessions such as closing costs. This means that when the Realtors you interview come to meet with you to discuss your home, you may have an inflated idea of what it is actually worth. Be prepared to learn what actual sales prices have been. It is these prices that you need to use to calculate the value of your home.
Third, avoid the temptation to tack on a few thousand dollars to “leave room for negotiating”. This is like tacking on 6 months to realize a lower final sales price. Seriously, in this market even a few thousand dollars extra will put buyers off. When your house seems like it is a higher price to other homes, why should buyers bother with it? And think about it: the houses that sold in your neighborhood also had to pay closing costs and do repairs to satisfy their buyers. No matter where you price it you will be negotiating. I do want to point out that a well priced home is more likely to sell quickly and at or near the asking price. When a buyer asks how long has it been on the market, and they hear just a week or so, they know that they can’t haggle you down because you aren’t ready for it. But when a house has been on the market in excess of 60-90 days, they know that they are going to go in low. So pricing it right will get you better offers, more quickly.
Last, pay attention to what the market tells you when you do list it. Are you getting showings? If you aren’t, you need to do something. I tell my sellers that it takes about 20 showings to get an offer. If you get only 1 showing in the first 30 days then you have got a long and slow road ahead. If you get 10 showings in the first month then you are going to get an offer in the next few weeks. That is how it works. It’s not rocket science. Don’t wait to make changes. Pay attention and be responsive. I also recommend that you be in communication with your Realtor to find out what they are hearing. They can get feed back after showings and also during the Realtor Broker’s Open House. They can then share with you what they are hearing. This can be helpful with correct pricing and also with finding flaws that you and your Realtor did not foresee, such as leaving a light on in a dark corner or re-arranging furniture.
There is a buyer for every house. Be smart. Be pro-active. Make the market work for you.
Last Week Lake Oswego saw 17 New listings, 6 Pending sales, and 8 Closed sales according to RMLS.
See below for further details according to RMLS:
NEWLY LISTED (Jan 3-9, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
86 KINGSGATE RD A 203
$91,500
2
2
849
CONDO
4000 CARMAN DR 46
$99,900
2
2
999
CONDO
26 CRESTFIELD CT
$115,000
2
2
995
CONDO
4000 CARMAN DR 87
$117,900
2
2
836
CONDO
115 OSWEGO SMT
$130,000
2
2
1212
CONDO
5051 FOOTHILLS DR E
$208,000
2
2
991
CONDO
3535 UPPER DR
$275,000
3
2
1373
DETACHD
5530 BONITA RD
$295,000
3
1.1
1200
DETACHD
4090 WESTBAY RD
$319,000
2
1
917
DETACHD
57 CONDOLEA TER
$379,900
2
2.1
2172
CONDO
1830 CLOVERLEAF RD
$389,000
5
2
1795
DETACHD
3220 EDGEMONT RD
$569,000
4
3
2159
DETACHD
4869 SAGE HEN WAY
$609,900
5
2.1
2863
DETACHD
13615 KNAUS RD
$625,000
2
2
1755
DETACHD
17980 MEADOWLARK LN
$749,000
3
2.1
3252
DETACHD
16686 MAPLE CIR
$819,000
4
3.2
3311
DETACHD
533 Weidman CT
$924,900
4
3.1
4108
DETACHD
PENDING SALES (Jan 3-9, 2011)
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
47 EAGLE CREST DR 49
$64,900
2
1
932
CONDO
79
4 TOUCHSTONE 102
$94,905
4
2
1488
CONDO
144
1692 FIRCREST CT
$190,000
4
2.1
2559
DETACHD
5
4314 BOTTICELLI ST
$229,000
2
2.1
2098
CONDO
60
19431 SW TUALAMERE AVE
$244,900
3
1.1
1308
DETACHD
192
244 Greenridge DR
$275,000
3
2
2206
ATTACHD
238
14480 CAMDEN LN
$347,000
3
2.1
1944
DETACHD
162
548 RIDGEWAY RD
$650,000
4
3
2830
DETACHD
443
SOLD (Jan 3-9, 2011)
Address
List Price
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
CDOM
6447 MCEWAN RD
$144,900
$199,900
$141,000
2
1
912
DETACHD
179
2021 CEDAR CT
$350,000
$950,000
$300,000
4
3.1
4114
DETACHD
271
16105 INVERURIE RD
$429,900
$469,900
$385,000
3
2
2356
DETACHD
685
4859 SAGE HEN WAY
$415,000
$415,000
$395,000
4
3
2417
DETACHD
215
13819 PROVINCIAL HILL DR
$445,000
$449,000
$430,000
4
2.1
2096
DETACHD
27
3210 FIR RIDGE RD
$499,000
$499,000
$490,000
4
3.2
2832
DETACHD
194
3334 Upper DR
$595,000
$550,000
$620,000
4
2.1
3408
DETACHD
242
1235 CHANDLER RD
$865,000
$985,000
$796,200
5
3.1
3717
DETACHD
183
Criteria:Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings
The sun is supposed to be peaking out & there are 22 houses scheduled to be held open this Sunday. One is my listing at 979 Devon Lane. Come see me from 1-3PM & enjoy a great tour of homes!
Happy New Year everyone! Linda and I are hoping you have had memorable holidays and are now getting into the swing of the New Year. This week’s activity report actually covers 2 weeks due to our own holiday break.
I find it really interesting to look at what happened during the holidays. The expectation is generally thought to be not much. Well, that was not the case. 25 houses went pending! I know that is for a 2 week period, but that is right in there with the better weeks during the summer. My advice holds true: buyers who are looking at the holidays are doing so because they are serious buyers. We also had 15 genuinely new listings and 11 closed sales.
New 12/20/10 to 1/2/11
Address
Price
Type
BR
Bath
Sq Feet
100 Kerr Pkwy #16
$80,325
Condo
2
1.5
823
15938 Quarry RD 8A
$99,500
Condo
2
1
991
4425 Thunder Vista Ln
$189,900
Condo
3
2.5
1980
17950 Kelok Rd
$319,000
Detached
3
2
2376
4821 Dawn Ave
$349,999
Detached
3
2
1955
3 Condolea Dr
$375,000
Attached
3
3
2198
30 Wilbur St
$412,900
Attached
2
2.5
2664
1651 Devon
$414,950
Detached
4
2.5
2453
762 Maple St
$449,000
Detached
3
2.5
2242
760 Timberline Dr
$459,000
Detached
5
3
3058
5714 Charles Cir
$460,000
Detached
4
3
2501
14232 Meadow Grass St
$629,900
Detached
4
3
2856
15805 Twin Fir Rd
$789,000
Detached
4
3.5
2797
568 9th St
$838,950
Detached
3
3.5
2825
3736 Eleanor Ct
$920,000
Detached
4
3.5
3080
Pending 12/20/10 to 1/2/11
Address
Price
Type
BR
Bath
Sq. Feet
57 Galen
$69,000
Condo
1
1
689
200 Burnham Rd #204
$114,900
Condo
2
2
1313
200 Burnham Rd #209
$135,000
Condo
2
2
1334
4085 Jefferson Pkwy
$148,900
Condo
2
2.5
1851
4093 Jefferson Pkwy
$159,900
Attached
2
2.5
1359
1751 Aspen Ct
$231,900
Detached
3
2
1550
1818 Country Club Rd
$249,900
Detached
4
2
1596
14101 Goodall Rd
$289,900
Detached
4
2
1816
65 Greenridge Ct
$295,000
Condo
2
2
1314
156 Greenwood Rd
$305,900
Detached
2
2
3722
1900 Greentree Rd
$319,900
Detached
4
3
3032
1866 Kilkenny Dr
$330,000
Detached
3
3
3600
2021 Cedar Ct
$350,000
Detached
4
3.5
4114
252 North Shore Rd
$369,000
Detached
3
1
2280
1931 Woodland Terr
$369,000
Detached
4
3
2817
675 10th St
$395,000
Detached
4
2
2280
73 Tanglewood Dr
$419,900
Detached
4
3.5
4278
762 Lake Forest Dr
$439,900
Detached
4
3
2400
775 Boca Ratan Dr
$439,990
Detached
4
3.5
2727
15543 Village Dr
$524,900
Detached
4
2.5
3081
567 2nd St #302
$535,000
Condo
2
2
1459
12211 Orchard Hill Rd
$639,900
Detached
4
3
3941
1643 Village Park Ln
$639,900
Detached
4
3.5
4505
1901 Cheryl Ct
$949,900
Detached
4
4.5
4863
444 Ridgeway Rd
$1,150,000
Detached
3
2
2099
Sold 12/20/10 to 1/2/11
Address
Orig. Price
Sold Price
type
CDOM
Sq Feet
3433 McNary Pkwy #204
$107,500
$99,900
Condo
39
1008
668 McVey Ave #32
$184,900
$198,450
Condo
6
985
17952 Cardinal Dr
$309,900
$288,000
Detached
72
1702
2000 Greentree Rd
$359,000
$335,000
Detached
135
2548
864 6th St
$399,000
$355,000
Detached
182
2403
17031 Crestview Dr
$499,900
$422,500
Detached
496
2403
230 4th St
$619,900
$469,000
Detached
123
2165
3103 Wembly Park Rd
$720,000
$600,000
Detached
401
3774
5371 Langford Ln
$694,950
$674,000
Detached
40
2950
15444 Boones Way
$998,500
$940,000
Attached
0
3364
333 Northshore Rd
$1,900,000
$1,900,000
Detached
233
5152
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
In the many years I have been working with buyers, I have only run into a few who would not consider buying a house on a corner lot. So this is not a heated controversery. It is, however, something to think about in your home search. Here is simple a comparison of the pros and the cons of buying a home on a corner lot: