Market activity in Lake Oswego last week brought us 19 new listings, 7 pending sales, and 6 closed sales.
See below for further details:
NEWLY LISTED (Oct 4-Oct 10, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 668 MCVEY AVE | $129,900 | 2 | 1.5 | 992 | CONDO | ||
| 159 OSWEGO SMT | $175,000 | 2 | 2 | 1,506 | CONDO | ||
| 1416 CHERRY CREST DR | $259,000 | 5 | 3 | 2,559 | DETACHD | ||
| 14138 KNAUS RD | $296,573 | 4 | 2 | 2,001 | DETACHD | ||
| 53 ORIOLE LN | $304,900 | 3 | 2.5 | 2,072 | DETACHD | ||
| 17952 Cardinal DR | $309,900 | 3 | 2 | 1,702 | DETACHD | ||
| 743 10th ST | $325,000 | 2 | 1 | 1,019 | DETACHD | ||
| 5311 CHILDS RD | $349,000 | 4 | 2 | 1,764 | DETACHD | ||
| 28 PREAKNESS CT | 350000 | 5 | 4 | 2,871 | DETACHD | ||
| 72 CONDOLEA WAY | 375000 | 2 | 2.5 | 2,958 | CONDO | ||
| 880 BOCA RATAN DR | 399900 | 5 | 3 | 2,364 | DETACHD | ||
| 5916 SUNBROOK DR | 459900 | 3 | 2.5 | 2,617 | DETACHD | ||
| 1189 SUNNINGDALE CT | 484900 | 3 | 2.5 | 2,072 | DETACHD | ||
| 18064 JENIFERS WAY | 549950 | 3 | 2.5 | 2,639 | DETACHD | ||
| 22 SW DEL PRADO ST | 559900 | 5 | 3.5 | 4,056 | DETACHD | ||
| 5371 LANGFORD LN | 694950 | 4 | 2.5 | 2,950 | DETACHD | ||
| 18094 PILKINGTON RD | 739950 | 3 | 3.5 | 3,505 | DETACHD | ||
| 5087 LAKEVIEW BLVD | 749000 | 4 | 2.5 | 3,200 | DETACHD | ||
| 4256 LAKEVIEW BLVD | 1095000 | 4 | 3.5 | 3,117 | DETACHD |
PENDING SALES (Oct 4-Oct 10, 2010)
| Address | List Price | Bedrooms | Baths | Sq feet | Prop Type | ||
| 44 CRESTFIELD CT | $75,000 | 2 | 1 | 923 | CONDO | ||
| 86 KINGSGATE RD | $94,900 | 2 | 2 | 924 | ATTACHD | ||
| 15139 QUARRY RD | $224,900 | 3 | 2 | 1,328 | DETACHD | ||
| 5160 TUALATA LN | $304,900 | 3 | 2 | 1,470 | DETACHD | ||
| 1740 YARMOUTH CIR | $510,000 | 2 | 2.5 | 1,960 | DETACHD | ||
| 13596 STREAMSIDE DR | $579,900 | 4 | 2.5 | 3,430 | DETACHD | ||
| 2811 ARROWHEAD CT | $1,000,000 | 4 | 3.5 | 3,740 | DETACHD | ||
SOLD (Oct 4-Oct 10, 2010)
| Address | Original Price | Closed Price | BD/BATH | Sq feet | Prop Type | CDOM | ||
| 6125 FERNBROOK ST | $264,999 | $230,000 | 3/1.5 | 1,271 | DETACHD | 180 | ||
| 1684 BOCA RATAN DR | $248,900 | $240,000 | 3/2.0 | 1,611 | ATTACHD | 531 | ||
| 17683 ARBOR LN | $339,900 | $305,000 | 3/2.0 | 1,946 | DETACHD | 70 | ||
| 875 LEE ST | $378,900 | $345,500 | 3/2.0 | 2,200 | DETACHD | 483 | ||
| 2329 STONEHURST CT | $539,900 | $530,000 | 4/3.0 | 3,275 | DETACHD | 12 | ||
| 5700 CHILDS RD | $749,900 | $749,900 | 4/2.5 | 2,865 | DETACHD | 98 | ||
Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings
Home Warranties
Home Warranties have become increasingly popular in real estate transactions. This is for several reasons. First, it gives home buyers some assurance that during the first year of ownership, after they have already financially spent so much money buying the house, they are not going to be caught by surprise with unexpected repair expenses. Second, for sellers it gives them some assurance that their buyer will be happy in the first year of ownership. Statistically homes sold with warranties have a much lower rate of post-sale litigation. And, third, Realtors like warranties pretty much for the same reason that sellers do. Happy buyers are the goal and home warranties help that to happen.
The Basics
The way a warranty works is that it is purchased at closing for between $250 and $400, depending on the plan. It can be paid for by any party to the transaction: buyer of seller. Once the warranty is in place it will be in effect for a full year. During that year if any mechanics in the house break down, the new owner calls an 800 number to order repair service. The warranty company contracts locally with approved workers who then come to the house and perform the needed repair. The buyer then pays the service charge (typically about $50-$80) for the visit and all other costs are covered by the warranty. It really is a great program. On average these policies are used at least twice in the year that they are in place.
Please notice that I am describing the policy as covering the mechanics in the house: the furnace, water heater, dishwasher, garbage disposal, electricals, etc. It does not cover the structure itself: the roof, walls, foundation, etc. Most basic policies do not cover refrigerators, washers and dryers, or air conditioning, but these can be added to the policy for additional costs. Be sure to read your policy. Some also have limitations. For instance, it may cover up to $1500 for a furnace, but not cover costs over that amount. So know the limitations and compare policies before you buy one.
There are quite a few companies that offer these policies. American Home Shield is probably the most widely known. There is also the First American Home Buyers Protection Plan, Choice Home Warranty, and Fidelity National Home Warranty. I’m sure there are others as well.
My Word of Advice
I do think a home warranty is money well spent. However, I also caution that these policies put a lot of emphasis on repair, and, in my opinion, are not quick to replace truly warn out items. Here is what happened to me:
When I bought my current home I opted for a home warranty because the dishwasher was obviously in really bad shape. The seals around the door were shot and the machine leaked when it was used. The technician who serviced it estimated that it could be repaired for $300. Why would I want to put $300 into a dishwasher that would then still be old? They offered me a credit in the same amount to apply to a new dishwasher, which I took advantage of and was happy to receive. Then I had trouble with my furnace that winter. Again, I called the warranty company and my furnace was repaired. The furnace went out a second time, again it was repaired under the benefits of my warranty. A year went by and my policy expired. The following winter, again my furnace went out. This time, with no warranty to use, I called a company of my choice. This time the technician said my furnace was so bad it was unsafe to use and he red tagged it. I then replaced my furnace. In hindsight I wish that when my furnace had gone out the second time, while it was under warranty, that I would have gotten another opinion. I think the warranty company did full fill the obligation of the policy because they were able to get the furnace to work, but I also think that I could have had the policy assist with the furnace replacement if I had taken the time to do my own inquiry.
I do think that if you are a buyer or a seller you should consider a home warranty when you are involved in your next real estate transaction. At least ask the question as to whether it would benefit you or not. And, as always, listen to the advice of your Realtor.
“How Are Things In The Market Right Now?”
“How Are Things In The Market Right Now?” Hmmm… I guess I’m writing more of a philosophical or “opinion piece” today. This is such an interesting question… I hear it every day in one form or another. Often it is accompanied by “Things are pretty bad, aren’t they? I hear they’re getting worse.” or “I’m ready to buy but think maybe I should wait till prices drop more.” or “I read that….” All of these are motivated by a combination of media influence, a desire to make good decisions, and some good ‘ole car-wreck-neck-jerking thrown in. We are all in the same boat, and Realtors have some inside knowledge that folks would like to have. The truth is, aside from offering some statistics (local, please), and some of what I’ve heard experts predicting, I always say the same thing… “I don’t really believe in statistics… in my own life anyway.” Real Estate is like that as a profession. You need a combination of faith, perseverance, and real skill to offer clients in order to achieve successful outcomes. I usually say ( in addition to the numbers or current trends I’m aware of), “Things are pretty good here in my world”. What you really need to assess is: How are things in your world?.
You’ll notice that there are fewer Realtors around than there used to be. One thing you can be sure of; The Realtors who are in business right now are in business for a reason… namely the three I outlined above. Talk to your Realtor, and begin to assess your own situation.
Is the market in the right shape for your purpose right now? I don’t know- Ask yourself:
- Are you needing a bigger home/Is your family growing etc?
- Is there a change in your living- or relationship-status that necessitates some movement?
- Are you being transferred in your job?
- Would you really like to (or do you need to) downsize?
- Is a change of schools for your kids in order?
- Have you been wanting a real estate investment opportunity?
- Do your friends all live on the other side of town?
These are just a few of the reasons you might want to take advantage of the current really low prices, and really low interest rates. So… for those three variations on questions I get about the market:
- Assess your own local market data, and talk to a mortgage broker about your own unique set of facts pertinent to your choice to act or not. Then make the Right Decision for you based on more than rumors or innuendo.
- As far as prices go… no one really knows for sure, but one thing is true: According to the experts, interest rates are not going lower…. So even if you wait for home prices to lower a little more (assuming they do… locally in the metro area , according to RMLS, sold prices increased from July2010 to August 2010 by 0.8%… & 1% from August ’09) you will have negated any benefit by most likely settling for higher interest rates.
- When reading or listening to news reports about real estate- “Consider the source”… and the subject matter. Very often folks are hearing national information on the national news, and while that can be interesting in gauging where markets might be headed based on experiences in the past (what states declined first… what states followed in both negative and positive trends, and in what order…) the only really relevant information to your particular situation is local. The adjunct to that of course is how that information intersects with your personal goals.
Read our Market Activity Report every Monday. Talk to your Realtor. Talk to a Mortgage Broker. Get the facts and then decide for yourself. Life is happening everywhere… all at the same time! : ) Don’t let fear and natural but morbid fascination with negative news stories run your life. (That’s MY two cents! : ) Very Best, Linda
Market Activity September 6-12, 2010
Market activity last week brought us 10 new listings, 11 pending sales, and 3 closed sales.
See below for further details.
NEWLY LISTED (September 6-12, 2010)
| Address | List Price | Bedrooms | Baths | Sq. Feet | Prop Type | ||
| 2 MOUNTAIN CIR | $160,000 | 2 | 1.5 | 1,504 | ATTACHD | ||
| 5063 FOOTHILLS DR | $225,000 | 2 | 2 | 991 | CONDO | ||
| 17335 ASHLEY CT | $294,900 | 3 | 2.5 | 2,161 | ATTACHD | ||
| 532 2ND ST | $350,000 | 2 | 2.5 | 1,394 | CONDO | ||
| 1551 WOODLAND TER | $499,000 | 4 | 2 | 2,712 | DETACHD | ||
| 5188 MADRONA ST | $549,000 | 3 | 3 | 3,183 | DETACHD | ||
| 17682 MARYLBROOK DR | $649,900 | 4 | 2.5 | 3,799 | DETACHD | ||
| 3883 TAMARACK LN | $669,000 | 4 | 2.5 | 2,898 | DETACHD | ||
| 13978 Westcott CT | 675000 | 3 | 3 | 3,361 | DETACHD | ||
| 1088 WESTWARD HO RD | 725000 | 2 | 2 | 1,837 | DETACHD |
PENDING SALES (September 6-12, 2010)
| Address | List Price | Bedrooms | Baths | Sq Feet | Prop Type | ||
| 200 BURNHAM RD | $139,000 | 2 | 1 | 1,216 | CONDO | ||
| 16250 PACIFIC HWY | $139,000 | 2 | 2 | 1,327 | CONDO | ||
| 6125 FERNBROOK ST | $239,000 | 3 | 1.5 | 1,271 | DETACHD | ||
| 1496 BOCA RATAN DR | $249,900 | 3 | 1.5 | 1,403 | ATTACHD | ||
| 875 LEE ST | $349,900 | 3 | 2 | 2,200 | DETACHD | ||
| 2329 STONEHURST CT | $539,900 | 4 | 3 | 3,275 | DETACHD | ||
| 18263 ANDUIN TER | $575,000 | 4 | 3 | 3,100 | DETACHD | ||
| 550 MIDDLECREST RD | $584,900 | 3 | 2.5 | 2,240 | DETACHD | ||
| 13566 STREAMSIDE DR | 598000 | 3 | 2.5 | 3,123 | DETACHD | ||
| 5657 VICTORIA CT | 689900 | 4 | 3 | 3,421 | DETACHD | ||
| 1641 ENGLEWOOD DR | 695000 | 4 | 2.5 | 4,204 | DETACHD |
SOLD (September 6-12, 2010)
| Address | List Price | Closed Price | Bedrooms | Prop Type | Baths | Sq Feet | CDOM | |||
| 745 BERWICK CT | $549,000 | $520,000 | 3 | DETACHD | 2 | 1988 | 143 | |||
| 2125 RIDGE POINTE DR | $879,000 | $790,000 | 4 | DETACHD | 3.5 | 3489 | 171 | |||
| 13764 KNAUS RD | $1,375,000 | $1,200,000 | 4 | DETACHD | 4.5 | 4805 | 52 | |||
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
Market Activity Aug 30-Sept 5, 2010
Market activity last week brought us 16 new listings, 12 pending sales, and 13 closed sales.
See below for further details.
NEWLY LISTED (August 30-Sept 5, 2010)
| Address | List Price | Bedrooms | Baths | Prop Type | |||
| 49 OSWEGO SMT | $85,000 | 1 | 1 | CONDO | |||
| 3924 CARMAN DR | $199,000 | 2 | 2.5 | ATTACHD | |||
| 23 GREENRIDGE CT | $235,000 | 2 | 1.5 | ATTACHD | |||
| 5713 SW KENNY ST | $284,900 | 3 | 2 | DETACHD | |||
| 4347 SILVER CT | $312,000 | 3 | 2.5 | CONDO | |||
| 9 ORIOLE LN | $335,000 | 3 | 3 | DETACHD | |||
| 132 MIDDLECREST RD | $364,900 | 3 | 1 | DETACHD | |||
| 12139 SW ORCHARD HILL WAY | $399,000 | 4 | 2.5 | DETACHD | |||
| 200 BURNHAM RD | 429000 | 3 | 2 | CONDO | |||
| 1900 GREENTREE RD | 449000 | 4 | 3 | DETACHD | |||
| 2634 ORCHARD HILL PL | 449500 | 3 | 2.5 | DETACHD | |||
| 1033 YATES | 549900 | 4 | 3.5 | DETACHD | |||
| 17590 BLUE HERON DR | 850000 | 4 | 3 | DETACHD | |||
| 100 GARIBALDI ST | 999500 | 5 | 3.5+.5 | DETACHD | |||
| 4464 LAKEVIEW BLVD | 1399000 | 3 | 4 | DETACHD | |||
| 1300 FAIRWAY RD | 4490000 | 4 | 3.5 | DETACHD |
PENDING SALES (Aug 30-Sept 5, 2010)
| Address | List Price | Bedrooms | Baths | Prop Type | |||
| 512 S STATE ST | $99,900 | 1 | 1 | CONDO | |||
| 45 EAGLE CREST DR | $119,900 | 1 | 1 | CONDO | |||
| 41 GREENRIDGE CT | $175,000 | 3 | 2.5 | ATTACHD | |||
| 74 GREENRIDGE CT | $259,900 | 3 | 2.5 | ATTACHD | |||
| 541 2ND ST | $499,000 | 2 | 2 | CONDO | |||
| 15 SCARBOROUGH DR | $499,000 | 5 | 3.5 | DETACHD | |||
| 577 2ND ST | $535,000 | 2 | 2 | CONDO | |||
| 339 6TH ST | $549,900 | 3 | 3.5 | ATTACHD | |||
| 1050 Schukart LN | 599000 | 3 | 3.5 | DETACHD | |||
| 3030 WESTVIEW CT | 795000 | 4 | 2.5 | DETACHD | |||
| 490 COUNTRY CLUB RD | 869900 | 5 | 4 | DETACHD | |||
| 16772 ALDER CIR | 1995000 | 4 | 3.5 | DETACHD |
SOLD (August 30-Sept 5, 2010)
| Address | Orig./Price | Close/Price | Bedrooms | Prop Type | Baths | CDOM | |||
| 5857 CARMAN DR | $190,000 | $162,000 | 2 | DETACHD | 1 | 92 | |||
| 668 MCVEY AVE | $329,998 | $252,000 | 3 | CONDO | 1.5 | 647 | |||
| 116 TOUCHSTONE TER | $299,000 | $270,000 | 3 | CONDO | 2.5 | 327 | |||
| 1851 KILKENNY DR | $450,000 | $305,000 | 4 | DETACHD | 3 | 2 | |||
| 75 CONDOLEA WAY | $389,000 | $369,000 | 3 | CONDO | 3 | 133 | |||
| 1480 Hemlock ST | $388,800 | $369,000 | 4 | DETACHD | 3 | 92 | |||
| 16 PARTRIDGE LN | $419,000 | $385,000 | 3 | DETACHD | 2.5 | 104 | |||
| 13909 MAJESTIC CT | $399,900 | $415,000 | 4 | DETACHD | 3 | 126 | |||
| 26 INDEPENDENCE AVE | $574,000 | 495,000 | 4 | DETACHD | 3 | 117 | |||
| 5722 CHARLES CIR | $599,900 | 560,000 | 4 | DETACHD | 2.5 | 69 | |||
| 17446 BRYANT RD | $795,000 | 730,000 | 4 | DETACHD | 4 | 1515 | |||
| 13777 Cameo CT | $1,950,000 | 1,400,000 | 5 | DETACHD | 4.5 | 411 | |||
| 95 IRON MOUNTAIN BLVD | $1,550,000 | 1,400,000 | 4 | DETACHD | 5.5 | 631 |
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 Sunday September 5, 2010
I love the wind down of summer. Out on a bike ride yesterday I rode past the swim park on Lakeview and thought about the fact that the crowded park would be quiet on Tuesday. School is starting, the days are growing shorter, and the crispness of fall is greeting me in the morning. Enjoy the wind down, and I hope you have a great weekend.
Here are the open houses that will be available for your viewing this Sunday:
| Address | List Price | Bedrooms | Baths | Prop Type | Open | |||
| 29 GREENRIDGE CT | $249,000 | 3 | 2 | ATTACHD | 1 to 4 | |||
| 5055 FOOTHILLS DR | $250,000 | 3 | 2 | CONDO | 1 to 4 | |||
| 273 EVERGREEN RD | $499,000 | 2 | 3.5 | ATTACHD | 11 to 2 | |||
| 19415 SW DOGWOOD CT | $519,900 | 3 | 3 | DETACHD | 1 to 5 | |||
| 19245 SW MEGLY CT | $579,900 | 5 | 3 | DETACHD | 1 to 5 | |||
| 4120 SOUTHSHORE BLVD | $597,000 | 3 | 2.5 | DETACHD | 1 to 3 | |||
| 15915 WALUGA DR | $598,950 | 3 | 2.5 | DETACHD | 1 to 4 | |||
| 14246 KIMBERLY CIR | $649,950 | 4 | 2.5 | DETACHD | 1 to 3:30 | |||
| 18209 SIENA DR | 1097000 | 5 | 3.5 | DETACHD | 1 to 3 | |||
| 18246 BELLA TERRA DR | 1194000 | 4 | 3.5 | DETACHD | 1 to 3 | |||
| 1808 RIDGE POINTE DR | 1269000 | 5 | 4.5 | DETACHD | 1 to 3 | |||
| 2572 GLEN EAGLES PL | 2050000 | 5 | 4.5+.5 | DETACHD | 1 to 3 |
A Market Snapshot
This morning’s Oregonian had a cover story on the decline of the housing market (such a nice story to wake up to). I thought it might be helpful if I localized the information and provided you with some stats.
Is our glass half empty? Or is our glass half full? Today I am comparing the inventory of various price ranges including what is currently for sale, what has sold in the last 6 months, and, in the case of detached homes, how that compares to the same time period a year ago:
| Detached Houses | ||||||||
| Price Range | For Sale Now | Sold in last 6 months | Months of Inventory | Sold in same 6 months of 2009 | ||||
| $100,000-$200,000 | 4 | 4 | 6 | 2 | ||||
| $201,000-$300,000 | 36 | 42 | 5 | 21 | ||||
| $301,000-$400,000 | 83 | 68 | 7 | 49 | ||||
| $401,000-$500,000 | 76 | 47 | 9 | 30 | ||||
| $501,000-$600,000 | 82 | 47 | 10 | 24 | ||||
| $601,000-$700,000 | 52 | 26 | 12 | 14 | ||||
| $701,000-$800,000 | 57 | 16 | 22 | 17 | ||||
| $801,000-$900,000 | 34 | 11 | 19 | 8 | ||||
| $901,000-$1,000,000 | 19 | 8 | 15 | 9 | ||||
| $1,001,000-$1,500,000 | 54 | 11 | 30 | 17 | ||||
| $1,501,000-$2,000,000 | 25 | 0 | Indefinite | 4 | ||||
| $2,001,000-$2,500,000 | 7 | 1 | 44 | 2 | ||||
| $2,501,000-$3,000,000 | 4 | 1 | 25 | 1 | ||||
| $3,001,000-$15,000,000 | 11 | 1 | 68 | 0 | ||||
| Condos | ||||||||
| $50,000-$100,000 | 20 | 11 | 2 | |||||
| $101,000-$200,000 | 63 | 39 | 9 | |||||
| $201,000-$300,000 | 33 | 21 | 9 | |||||
| $301,000-$400,000 | 10 | 7 | 6 | |||||
| $401,000-$500,000 | 16 | 5 | 19 | |||||
| $501,000-$600,000 | 9 | 1 | 56 | |||||
| $601,000-$700,000 | 7 | 4 | 11 | |||||
| $701,000-$800,000 | 0 | 0 | – | |||||
| $801,000-$900,000 | 3 | 0 | Indefinite | |||||
| $901,000-$1,000,000 | 2 | 0 | Indefinite | |||||
| $1,001,000-$2,000,000 | 1 | 0 | Indefinite | |||||
| $2,001,000-$3,000,000 | 1 | 0 | Indefinite |
Observations on new construction:
As of today there are 42 listings for new homes that are listed in price from $449,900 to $3,700,000. In the last six months 11 new homes have been sold, the most expensive of which was for $965,000. There are currently 10 new homes listed for sale that are priced over $1,000,000. That is a huge reduction from 3 years ago when I recall counting them and finding over 100 homes that were new construction for sale priced at over $1,000,000. The builders are learning to work with this economy and are building their spec homes in much more affordable price ranges. There are a couple of new subdivisions in LO right now with home prices in the high 400’s and low 500’s.
My Observations
I think the most interesting bit of information I see in this is that the sales have actually increased substantially, although at lower prices. In the February to August time frame 199 houses sold in 2009 versus 283 that sold in 2010. That is a nearly 50% increase. Yes, some credit can be given to the tax credit that expired in June, but I think that there is another factor at play. As prices have come down, buyers who assumed that they previously could not afford Lake Oswego are now finding opportunities in homes that they can afford. The decline in prices is perhaps a boon to the LO housing market in general.
Another observation is that the condo market is really soft as the price goes up. Condos appeal to people seeking an ease of living with Home Owner’s Associations taking care of the yards and exterior maintenance, but another part of the condo market is people who buy into condos because they have been priced out of detached homes that they can afford. As detached home prices have come down, this has given buyers the opportunity to purchase a single family residence as opposed to a condo in the same price range. I see the condos that are currently for sale in the $700,000+ pricing and wonder just how many years it will be before they get an offer.
Highest and Lowest
The least expensive detached home currently for sale in LO is 912 square feet, built in 1963, with 3 bedrooms and 1 bath. It’s priced at $180,000. The most expensive home is still the 5 acre, private island in Oswego Lake. With 13,500 square feet, 4 bedrooms, 6 full and 2 half baths, it was built in 1930 and is priced at $15,000,000.
I hope this information is helpful to you. Please let me know if you have any observations of your own.
Enjoy the day!
Dianne
Photo courtesy of bing.com
Market Activity Report for July 12-18, 2010
Market Activity in Lake Oswego last week brought 29 new listings onto the market, 15 pending sales (including our featured property from last Wednesday, which received an accepted offer in just 7 days), and 11 closed sales.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (July 12-18, 2010)
| Address | List Price | Sq Feet | BR | BATHS | Prop Type | ||
| 86 KINGSGATE RD | $94,900 | 924 | 2 | 2 | ATTACHD | ||
| 3952 CARMAN DR | $208,900 | 1146 | 2 | 2+.5 | CONDO | ||
| 16686 CARNEGIE AVE | $239,000 | 1734 | 4 | 2 | DETACHD | ||
| 859 F AVE | $239,900 | 1201 | 3 | 1+.5 | DETACHD | ||
| 16089 LAKE FOREST BLVD | $239,900 | 952 | 2 | 1 | DETACHD | ||
| 580 8TH ST | $255,000 | 852 | 2 | 1 | DETACHD | ||
| 17483 SCHALIT WAY | $285,000 | 1794 | 3 | 2+.5 | DETACHD | ||
| 1118 OAK ST | $319,900 | 1320 | 3 | 1+.5 | DETACHD | ||
| 15265 BOONES WAY | 324500 | 1560 | 2 | 2+.5 | ATTACHD | ||
| 15245 BOONES WAY | 325000 | 1600 | 3 | 2+.5 | ATTACHD | ||
| 17500 HILL WAY | 329900 | 1663 | 4 | 2 | DETACHD | ||
| 1070 HALLINAN | 379900 | 1653 | 3 | 1+.5 | DETACHD | ||
| 16 OTHELLO ST | 432900 | 2820 | 4 | 3 | DETACHD | ||
| 1550 BEDFORD CT | 460000 | 2250 | 3 | 2+.5 | DETACHD | ||
| 19 GROUSE TER | 489000 | 3383 | 3 | 2+.5 | DETACHD | ||
| 475 COUNTRY CLUB CT | 499000 | 1705 | 3 | 2+.5 | DETACHD | ||
| 17791 HILL WAY | 500000 | 2500 | 4 | 2+.5 | DETACHD | ||
| 942 CLARA CT | 549000 | 3123 | 4 | 2+.5 | DETACHD | ||
| 13595 KNAUS RD | 599000 | 3339 | 4 | 2+.5 | DETACHD | ||
| 173 FURNACE ST | 675000 | 2220 | 2 | 2+.5 | CONDO | ||
| 13223 DEERFIELD CT | 825000 | 4008 | 5 | 3+.5+.5 | DETACHD | ||
| 838 8th ST | 825000 | 2600 | 3 | 2+.5 | ATTACHD | ||
| 2351 PALISADES CREST DR | 949000 | 4498 | 5 | 2+.5 | DETACHD | ||
| 931 LAKE FRONT RD | 949900 | 2889 | 4 | 3+.5 | DETACHD | ||
| 18026 SKYLAND CIR | 1249000 | 4134 | 5 | 3+.5 | DETACHD | ||
| 1640 COUNTRY COMMONS | 1375000 | 5343 | 4 | 4+.5 | DETACHD | ||
| 1600 COUNTRY COMMONS | 1425000 | 5389 | 4 | 3+.5 | DETACHD | ||
| 1104 FOREST MEADOWS WAY | 1495000 | 5786 | 4 | 3+.5 | DETACHD | ||
| 1100 NORTHSHORE RD | 2650000 | 5232 | 5 | 2+.5+.5 | DETACHD |
PENDING SALES (July 12-18, 2010)
| Address | List Price | Sq Feet | BATHS | BR | Prop Type | CDOM | ||
| 5713 SW KENNY ST | $203,910 | 1296 | 2 | 3 | DETACHD | 19 | ||
| 2405 DELLWOOD DR | $357,000 | 2336 | 3 | 5 | DETACHD | 392 | ||
| 5434 YORKSHIRE PL | $369,900 | 2335 | 3 | 3 | DETACHD | 5 | ||
| 1641 ASH ST | $399,990 | 2825 | 3 | 4 | DETACHD | 177 | ||
| 13909 MAJESTIC CT | $410,000 | 3003 | 3 | 4 | DETACHD | 126 | ||
| 17670 MARYLBROOK DR | $499,000 | 3067 | 3 | 4 | DETACHD | 261 | ||
| 1301 HORSESHOE CURVE | $500,000 | 2060 | 3 | 3 | DETACHD | 5 | ||
| 16884 SUMMER PL | $524,900 | 2911 | 2.5 | 4 | DETACHD | 7 | ||
| 4524 AUBURN LN | 535000 | 2732 | 3.5 | 3 | ATTACHD | 169 | ||
| 2475 MARYLVIEW CT | 599000 | 3049 | 2.5 | 4 | DETACHD | 74 | ||
| 5783 VICTORIA CT | 599900 | 2500 | 2 | 3 | DETACHD | 21 | ||
| 18010 GIMLEY CT | 615000 | 3652 | 2.5 | 4 | DETACHD | 116 | ||
| 5529 WESTFIELD CT | 629000 | 2968 | 2.5 | 3 | DETACHD | 4 | ||
| 898 CORNELL ST | 759000 | 3000 | 2.5 | 3 | DETACHD | 390 | ||
| 95 IRON MOUNTAIN BLVD | 1595000 | 4818 | 4.5 | 5 | DETACHD | 411 |
SOLD (July 12-18, 2010)
| Address | Orig.Price | Close Price | BATH | BR | Prop Type | CDOM | ||
| 205 CERVANTES | $164,900 | $120,000 | 1.5 | 2 | CONDO | 145 | ||
| 16200 PACIFIC HWY | $297,900 | $221,500 | 2 | 2 | CONDO | 120 | ||
| 3388 EDGEMONT RD | $359,900 | $250,000 | 2.5 | 3 | DETACHD | 283 | ||
| 15580 PARTRIDGE DR | $378,000 | $350,000 | 2.5 | 3 | DETACHD | 267 | ||
| 1400 LEE ST | $475,500 | $421,500 | 3 | 4 | DETACHD | 146 | ||
| 53 D AVE | $574,900 | $425,000 | 3 | 3 | DETACHD | 518 | ||
| 5678 CHARLES CIR | $580,000 | $520,000 | 4 | 3 | DETACHD | 495 | ||
| 14158 KIMBERLY CIR | $530,000 | $530,000 | 3 | 5 | DETACHD | 40 | ||
| 1425 CHANDLER RD | $978,000 | $750,000 | 3 | 4 | DETACHD | 43 | ||
| 4912 FIRWOOD RD | $999,900 | $950,000 | 4 | 4 | DETACHD | 21 | ||
| 19000 BRYANT RD | $965,000 | $965,000 | 3.5 | 5 | DETACHD | 3 |
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
News & Notes
~News & Notes~
- Mortgage Rates fell further last week from the already-lowest level in decades. Rates for a 30-year conventional loan are now hovering at between 4.5% & 4.75%, even with an increase today of .25 basis points according to Pat Goodell of Academy Mortgage. Slower economic growth last week was good for mortgage rates and negative for the stock market. This is actually an interesting point to note- When you see the stock market take a dip, check in on mortgage rates… they will almost always be improving during such periods.
- The deadline for closing on those transactions taking advantage of the tax credits was finally extended to September 30th. So, that’s very good news for all those who were pushing up against the June 30th closing deadline & not quite making it. I love second-chances… they’re so American!
- Woodstove Reminder – 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
- Lake Oswego Pricing Snapshot– Today there are 74 Detached Residences for sale in Lake Oswego priced at $350,000 or under. There are 144 priced between $350,000 and $550,000. Between $550,000 and 1 million there are 206 properties. And at 1 million and over there are 105 to choose from.
Market Activity Report ~ June 21-27, 2010
There was good activity with 26 New properties entering the market, 9 going to Pending status, and 11 Sold during last week’s Monday – Sunday period according to RMLS. Condos and Townhomes are doing well with 1/3 of the Pending Sales and more than 1/3 of the Closed Sales in those categories. 10 of the 26 New properties, and almost half of the Pending Sales are priced under $350,000. 5 out of the 11 Sold were priced above $500,000., so the mid & upper end are also moving.
Here’ your weekly update (see below the tables for additional notes):
NEWLY LISTED (June 21—27, 2010)
| Address | List Price | Prop Type | # Beds | # Baths | Total SF | List Date | ||
| 41 OSWEGO SMT | $125,000 | CONDO | 1 | 1 | 764 | 6/26/2010 | ||
| 36 CRESTFIELD CT | $135,000 | ATTACHD | 2 | 1 | 923 | 6/24/2010 | ||
| 3384 CARMAN DR | $173,500 | CONDO | 2 | 2 | 1093 | 6/22/2010 | ||
| 5713 SW KENNY ST | $203,910 | DETACHD | 3 | 2 | 1296 | 6/25/2010 | ||
| 4057 JEFFERSON PKWY | $224,900 | ATTACHD | 3 | 2.1 | 1460 | 6/22/2010 | ||
| 605 Ash ST | $235,000 | DETACHD | 3 | 2 | 1528 | 6/25/2010 | ||
| 18788 KRISTI WAY | $299,950 | DETACHD | 3 | 2 | 1602 | 6/22/2010 | ||
| 17839 TAMARA AVE | $345,000 | DETACHD | 3 | 1.1 | 1562 | 6/26/2010 | ||
| 595 6TH ST | $349,000 | DETACHD | 2 | 2 | 893 | 6/26/2010 | ||
| 15364 TWIN FIR RD | $349,900 | DETACHD | 3 | 1 | 1608 | 6/23/2010 | ||
| 1866 KILKENNY DR | $375,000 | DETACHD | 3 | 3 | 3600 | 6/21/2010 | ||
| 2089 SW Glenmorrie | $425,000 | DETACHD | 2 | 2 | 1551 | 6/24/2010 | ||
| 5 EL GRECO ST | $479,000 | DETACHD | 4 | 2.1 | 2455 | 6/26/2010 | ||
| 1012 ANDREWS RD | $499,900 | DETACHD | 3 | 2 | 2246 | 6/21/2010 | ||
| 277 EVERGREEN RD | $539,000 | ATTACHD | 3 | 3.1 | 1936 | 6/22/2010 | ||
| 4786 AVERY LN | $579,000 | DETACHD | 5 | 2.1 | 2927 | 6/26/2010 | ||
| 5783 VICTORIA CT | $599,900 | DETACHD | 3 | 2 | 2500 | 6/24/2010 | ||
| 13226 ROGERS RD | $625,000 | DETACHD | 4 | 2.1 | 3691 | 6/25/2010 | ||
| 4625 FIRWOOD RD | $650,000 | DETACHD | 4 | 3 | 5264 | 6/26/2010 | ||
| 5288 DENTON DR | $759,000 | DETACHD | 5 | 2.1 | 3240 | 6/21/2010 | ||
| 17424 BRYANT RD | $775,000 | DETACHD | 4 | 4 | 3278 | 6/21/2010 | ||
| 16140 REESE RD | $785,000 | DETACHD | 4 | 2.1 | 2953 | 6/24/2010 | ||
| 17446 BRYANT RD | $795,000 | DETACHD | 4 | 4 | 3477 | 6/21/2010 | ||
| 15446 Boones Way | $989,500 | ATTACHD | 3 | 2.1 | 3364 | 6/27/2010 | ||
| 1345 CHERRY LN | $1,500,000 | DETACHD | 5 | 3.1 | 5259 | 6/23/2010 | ||
| 735 TERRACE DR | $1,600,000 | DETACHD | 2 | 1.1 | 2470 | 6/21/2010 |
PENDING SALES (June 21-27, 2010)
| Address | List Price | Prop Type | # Beds | # Baths | Total SF | CDOM |
| 205 CERVANTES | $124,900 | CONDO | 2 | 1.1 | 1216 | 145 |
| 4340 BOTTICELLI ST | $229,900 | CONDO | 3 | 3.1 | 2098 | 134 |
| 908 LAKE FRONT RD | $289,000 | DETACHD | 3 | 1 | 1398 | 98 |
| 116 TOUCHSTONE TER | $299,000 | CONDO | 3 | 2.1 | 1856 | 327 |
| 1646 DEVON LN | $424,500 | DETACHD | 4 | 2.1 | 2130 | 13 |
| 1642 HIGHLAND DR | $429,000 | DETACHD | 4 | 3 | 2234 | 74 |
| 17701 LEAFY LN | $529,000 | DETACHD | 4 | 3 | 3598 | 94 |
| 2311 OSWEGO GLEN CT | $799,500 | DETACHD | 4 | 4 | 4410 | 336 |
| 2479 PALISADES CREST DR | $799,999 | DETACHD | 5 | 3.1 | 6640 | 268 |
SOLD (June 21-27, 2010)
| Address | Orig. Price | Close Price | Prop Type | # Beds | # Baths | Total SF | CDOM |
| 4000 CARMAN DR | $129,000 | $95,000 | CONDO | 2 | 2 | 836 | 77 |
| 3433 MCNARY PKWY | $125,000 | $110,000 | CONDO | 2 | 2.1 | 1136 | 25 |
| 5 SUMMIT RIDGE CT | $298,500 | $276,000 | ATTACHD | 2 | 2.1 | 1576 | 58 |
| 18620 INDIAN CREEK DR | $379,900 | $362,000 | DETACHD | 3 | 2 | 2022 | 30 |
| 550 2ND ST | $410,000 | $400,000 | ATTACHD | 2 | 1.2 | 1520 | 110 |
| 17942 SAINT CLAIR DR | $449,900 | $445,000 | DETACHD | 4 | 2.1 | 2391 | 139 |
| 5711 SOUTHWOOD DR | $559,000 | $515,000 | DETACHD | 4 | 3 | 2655 | 22 |
| 19266 SW MEGLY CT | $589,900 | $573,000 | DETACHD | 4 | 3 | 3575 | 49 |
| 5774 BAY POINT DR | $625,000 | $625,000 | DETACHD | 5 | 2.1 | 3674 | 4 |
| 3820 SOUTHSHORE BLVD | $950,000 | $900,000 | DETACHD | 5 | 4 | 4855 | 227 |
| 17979 CRESTLINE DR | $1,149,000 | $1,110,000 | DETACHD | 4 | 2.1 | 4650 | 7 |
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.