Tag: selling a home

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Market Activity for June 28 to July 4, 2010

Here in Lake Oswego last week the real estate market had 18 new listings, 15 pending sales, and 15 closed sales.
Here is your weekly update (see below the tables for additional notes):

NEWLY LISTED (June 28-July 4, 2010)

Address List Price BR BATHS SF Prop Type
3930 LAKE GROVE AVE $122,000 2 1 952 CONDO
4000 CARMAN DR $122,500 1 1 836 CONDO
4000 CARMAN DR $129,000 2 2 834 CONDO
86 KINGSGATE RD $130,000 2 2 849 CONDO
15209 QUARRY RD $174,900 2 1 1,210 DETACHD
668 MCVEY AVE $185,000 1 1 636 CONDO
18305 FERNBROOK CT $299,999 3 2 1,500 DETACHD
4201 COLLINS WAY $307,500 3 2 1,230 DETACHD
1228 MAPLE ST 399000 3 2 1,894 DETACHD
17055 CRESTVIEW DR 479900 5 3 2,575 DETACHD
730 SW BRIERCLIFF LN 495000 5 3 3275 DETACHD
5580 KILCHURN AVE 549900 4 2 + .5 2,286 DETACHD
18006 GIMLEY CT 549900 5 4 3225 DETACHD
12 SCARBOROUGH DR 574900 4 2 + .5 2,892 DETACHD
611 IRON MOUNTAIN BLVD 575000 2 1 1,322 DETACHD
18212 WESTVIEW DR 598900 4 2 + .5 3464 DETACHD
17874 BLUE HERON WAY 599900 4 4 3,200 DETACHD
17618 CRESTLINE DR 1575000 4 3 + .5+.5 4,666 DETACHD

PENDING SALES (June 28-July 4, 2010)

Address SPID List Price SQ feet BR BATHS Prop Type CDOM
47 EAGLE CREST DR $74,100 1009 2 1 CONDO 104
222 RIDGEWAY RD $125,000 756 1 1 CONDO 13
4372 WOODSIDE CIR $219,000 1178 2 2 ATTACHD 165
16200 PACIFIC HWY $230,000 1208 2 2 CONDO 120
1005 SOUTHSHORE BLVD $249,900 2196 4 2 DETACHD 74
139 TOUCHSTONE CT $279,900 1846 2 2 + .5 ATTACHD 11
4321 WOODSIDE CIR $289,000 1532 3 2 ATTACHD 14
406 8th ST $315,000 2437 3 1 + .5 DETACHD 323
595 6TH ST 349000 893 2 2 DETACHD 3
5 EL GRECO ST 479000 2455 4 2 + .5 DETACHD 7
444 6TH ST 899000 4541 4 4 + .5 DETACHD 213
245 CHANDLER PL 950000 3733 4 2 +.5+.5 DETACHD 6
1425 CHANDLER RD 978000 3384 4 3 DETACHD 43
18820 GREENBLUFF DR 1395000 5382 4 4 + .5 DETACHD 99
13777 Cameo CT 1550000 7300 4 5 + .5 DETACHD 570

SOLD (June 28-July 4, 2010)

Address Orig/Price Close/Price CDOM SQ FT Prop Type BR BATHS
3433 SW MCNARY PKWY $153,000 $120,000 98 1,008 CONDO 2 2
100 LEONARD ST $184,900 $175,000 164 1,364 CONDO 2 2
13 ERASMUS ST $214,500 $210,000 45 1,414 ATTACHD 2 2.5
4610 LAMONT WAY $247,500 $232,500 17 1,750 DETACHD 3 2
17141 SW BRYANT RD $364,900 $317,000 307 1,228 DETACHD 3 2
454 5TH ST $350,000 $350,000 156 1,092 ATTACHD 2 1.5
15547 PARTRIDGE DR $389,900 $390,000 214 2,266 DETACHD 3 2.5
12409 SHELBY CT $449,900 $428,000 12 2,238 DETACHD 3 2
676 9TH ST $525,000 435,000 327 1,850 DETACHD 2 1
15266 CANDLEWOOD CT $464,988 455,000 88 2,569 DETACHD 4 2.5
13460 SNOWBERRY CT $582,500 525,000 61 3,327 DETACHD 3 2.5
15422 BOONES WAY $798,000 675,000 645 2,586 ATTACHD 4 2.5
17212 CHAPIN WAY $850,000 725,000 314 2,541 DETACHD 3 2.5
1580 BONNIEBRAE DR $849,000 840,000 50 3,800 DETACHD 4 3
1340 CHERRY LN $1,348,000 1,200,000 5 5,922 DETACHD 4 4.2

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 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.

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News & Notes

Real Estate Notes:

Tax Credit Extension Update: Well, most expected HR 4213 to pass the Senate, but it was rejected in a test vote on Monday 52 – 45.  This bill would have extended the mandatory closing deadline for real estate closings to September, thereby cutting some slack to the many Buyers, Escrow officers and Lenders who are working their way through the morass… all with the same deadline.  There is a real concern that as next Wednesday approaches, the bottleneck will strangle many of these deals due to sheer volume and limited capacity and resources to finish on time.

As of today, June 24th, the Senate will “continue considering” the bill, and a number of amendments.  This bill also includes other considerations including extending unemployment benefits, and will reportedly add 80 billion to the deficit. This is the reason being given for it’s defeat in the test vote on Monday in it’s then-current form.

Community News:

Community-Wide Garage Sale! Get ready to say goodbye to those items you no longer need in your home.  To someone else they will be a “find”!  Register your sale and your location will be mapped with your sale items listed.  Free to Lake Oswego citizens, and Free publicity to boot!    The event is July 10th from 8AM till 3PM.  You have until June 28th to register. Click Here

The Sensitive Lands debate has been quite high profile for some time now, with citizens very concerned on all sides of the issue… concerned with how properties will be affected; concerned about how the natural landscape will be affected; concerned about how local government is handling an issue so important to citizens and the environment alike.   The Second Look Task Force is completing their review of the environmental and regulatory purposes, and providing recommendations for changes that increase flexibility & clarity, and maintain the community’;s committment to the natural environment.  If you’d like to know how you can provide input, Click Here.  (All meetings except for July 10th will be televised live beginning at 6:30 PM on TVCTV Channel 23 or 28.)

Herbicides on Lake Front: From July 21 – 25 aquatic herbicides will be applied to shorelines along the main lake and Blue Heron Canal.  For more information call Casey Deck at 503 636 1422.

Take A Free Tour! Have you been wanting to learn more about all of those sculptures & works of art you see around town?  You can enjoy a walk with a Docent who will show you many of them in Lake Oswego’s “Gallery Without Walls”.  Learn what the artist was thinking and how the piece was crafted. Tours are scheduled for June 25, 26, and 27 from 11AM till noon and 3PM till 4PM.  No reservations are required.  Proceed to the front of St. Honore Bakery at 315 1st St. next to Millenium Park Plaza.  For more information call 503 675 3738.

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Market Activity Report for June 14-20, 2010

Last week brought 16 new listings, 14 pending sales, and 12 closed sales. I think what I find most interesting is the CDOM (cumulative days on the market). It does seem that things are selling either really fast or really slowly. Correct pricing is what makes the difference! And notice the house on Polonius: it not only sold in 8 days, but for $15,000 over the asking price. Yes, this may have reflected built in costs for closing costs or some other concession, but it is still a rare event in this economy. And it does mean that the seller had an eager buyer who was not haggling the price down.

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

NEWLY LISTED (June 14—20, 2010)

Address List Price Total Br Total BTHS SQ FT Prop Type
222 RIDGEWAY RD $125,000 1 1 756 CONDO
139 TOUCHSTONE CT $279,900 2 2 + .5 1,846 ATTACHD
4321 WOODSIDE CIR $289,000 3 2 1,532 ATTACHD
17683 ARBOR LN $339,900 3 2 1,946 DETACHD
1117 HEMLOCK ST $349,900 3 2 1,680 DETACHD
18651 DON LEE WAY $384,900 4 2 1,630 DETACHD
15012 TWIN FIR RD $399,000 5 2 3,532 DETACHD
15008 TWIN FIR RD $399,000 5 2 3,372 DETACHD
524 2ND ST 439000 2 2 + .5 1,547 CONDO
17681 LEAFY LN 449000 4 3 2,242 DETACHD
10 HILLSHIRE DR 549900 4 3 3,152 DETACHD
6 MORNINGVIEW LN 659000 4 3 3,998 DETACHD
116 3RD ST 675000 2 1 915 DETACHD
649 9TH ST 819000 3 2 + .5 2,852 DETACHD
1250 SUNNINGDALE RD 825000 5 3 + .5 4,073 DETACHD
245 CHANDLER PL 949850 4 2 + .5 + .5 3,733 DETACHD

PENDING SALES (June 14-20, 2010)

Address List Price Total BR Total BTHS SQ FT Prop Type CDOM
5225 JEAN RD $155,000 2 2 1,400 CONDO 28
4224 HAVEN ST $269,900 4 2 2,752 DETACHD 39
3388 EDGEMONT RD $279,900 3 2 + .5 1,968 DETACHD 283
17518 REDFERN AVE $355,000 3 2 1,831 DETACHD 715
540 2ND ST $410,000 2 2 + .5 1,520 CONDO 870
17845 SARAH HILL LN $417,000 4 2 + .5 2,970 DETACHD 9
53 D AVE $435,000 3 3 2,211 DETACHD 518
17387 CANYON DR $479,000 3 2 + .5 1,955 DETACHD 11
4089 MELISSA DR 524900 4 2 + .5 2,710 DETACHD 9
5678 CHARLES CIR 525000 3 4 3,455 DETACHD 495
18282 ANDUIN TER 625000 4 2 + .5 3,765 DETACHD 1
14370 PFEIFER DR 669000 4 2 + .5 3,318 DETACHD 12
11 HILLSHIRE DR 825000 4 2 + .5 3,415 DETACHD 33
18735 BRYANT RD 909900 5 3 + .5 5,323 DETACHD 149

SOLD (June 14-20, 2010)

Address Original Price Close Price Prop Type SQ FT CDOM
109 OSWEGO SMT $144,900 $141,900 CONDO 1212 47
12846 SW BOONES FERRY RD $225,000 $199,000 CONDO 1136 532
3485 DEVONSHIRE DR $264,900 $250,000 ATTACHD 1556 16
12 POLONIUS ST $246,600 $261,000 DETACHD 3275 8
136 TOUCHSTONE TER $350,000 $267,500 DETACHD 1996 243
15148 QUARRY RD $279,000 $279,000 DETACHD 1618 11
3056 WEMBLEY PARK RD $339,000 $285,000 DETACHD 2600 36
31 DA VINCI ST $399,900 $352,000 DETACHD 2232 249
1545 CLOVERLEAF RD 579950 $535,000 DETACHD 2723 59
13090 KNAUS RD 995000 $600,000 DETACHD 5578 357
5218 WESTFIELD CT $699,500 $607,000 DETACHD 3125 284
13081 KNAUS RD 1795000 $1,400,000 DETACHD 3269 58

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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Analyzing Market Trends

Foothills Park, Lake Oswego, Oregon

I think the most common question I am asked is “How’s business?”, which I think really means “What’s the market doing?”  In my circle of friends, homeownership is the norm.  And in today’s economy, everyone is hoping that their home is holding it’s value.  For my clients, they are wanting me to give them insight into the buying/selling climate.  So staying on top of trends is pretty critical.  Today I am going to break down the Lake Oswego market and give you some specifics.

First, some good news:  Lake Oswego, according to the latest market action report from the RMLS, has done the second best job of holding value in the metro area comparing May of  ’09 to May of ’10.  Values are down in Lake Oswego, year over year, 7.8%.  The only part of the metro area that did better was North Portland with a loss of 6.3%.  The worst faring area was Yamhill County, which is down 13%.  Wow, did I really just call that good news?  We are down 7.8%!  Perhaps the better way to see it is that this is less bad news than it could have been.

The average sales price in area 147, which is Lake Oswego and West Linn combined, is $443,500.  The total days on the market is averaging 153 days.

I think it is important to do this analysis by price range.  Watching our weekly market action reports, it is pretty obvious that the houses priced in the less expensive range, such as $600,000 or less, are selling much more actively than the houses in the higher prices.  Here is a breakdown by price:

Price Currently for Sale Sold in Last 6 Months # Per Month Length of Inventory
$1,000,000 + 105 15 3 42 months
$900,000-$1,000,000 19 4 1 28 months
$800,000-$900,000 50 6 1 50 months
$700,000-$800,000 42 12 2 21 months
$600,000-$700,000 53 21 4 15 months
$500,000-$600,000 74 35 6 12 months
$400,000-$500,000 79 43 7 11 months
$300,000-$400,000 60 60 10 6 months
$200,000-$300,000 29 36 6 4 months
$100,000-$200,000 3 2 0 9 months

At a glance, the idea is that the lower the length of inventory, the stronger that part of the market is. And that makes it easy to see that the lower the price on the house, the stronger the market. There are also two surprising quirks. Notice that the market inventory is actually worse in the $800,000-$900,000 price range than it is in the houses priced at $1,000,0000+. Why? I am thinking that part of the market is competing with the houses that are at $1,000,000 plus and that when buyers get up that high in price, it is still easy to justify pushing the purchase up just a bit more to get what they really want. In other words, there still is not enough of a value difference at $800,000 vs $1,000,000. However, that idea is just my speculation. I also think at $800,000 you are seeing a lot of older homes. They do have a hard time competing against the newer homes, which there are lots of, that have the soaring ceilings and palatial kitchens and baths. Second, the houses priced under $200,000 just aren’t selling fast either. I am quite certain that this is because at that price the house is pretty much a tear down and in such rough shape that the value is in the land. That means the buyer is going to be a builder and the builders are still sitting on so much inventory that they aren’t buying up the land.

I also have to say that the market is very balanced between buyers and sellers in the homes valued $300,000-$400,000 and even up into $400,000-$500,000. This part of the market is moving well with homes coming onto the market and selling respectably within reasonable periods of time. If you are buying in this part of the market, and the house is in nice condition, be aware of values. If it’s priced right, it’s going to sell and your buying power is not as strong as it would be in the higher price ranges.

And for those of you in the upper pricing, you are still in a very strong buyer’s market. Sellers are still competing with way too many other houses. You should be able to negotiate hard on price and terms.

Affordable Houses: LO vs Sellwood
I periodically like to compare affordable houses in Lake Oswego to the same houses in Sellwood, a neighborhood I used to live in not too far away in SE Portland. I like to do this because I remain convinced that Lake Oswego is often overlooked by buyers who are seeking affordable housing. This is because of LO’s reputation as a wealthy community. Time and again I have been able to prove that there are more homes to choose from in LO than in Sellwood that are affordable. Today is no different. Affordable, by my definition, are homes price below $350,000.

As of today, there are currently 61 homes for sale in Lake Oswego priced below $350,000. The least expensive is a 3 bedrooms, 1.5 bath house with 1000 square feet and a single car garage that was built in 1957. It is actually in pretty nice condition,although close to I-5, and it is priced at $189,000. In Sellwood there are 19 houses priced under $350,000. The least expensive is a 2 bedroom, 1 bath house with a single car garage that was built in 1920. It has 838 square feet + 810 square feet in an unfinished basement. It’s priced at $234,500.

I think the most burning question today is what is going to happen to the market now that the tax credit is over. I do think that there was a huge boost in the market by people trying to get into escrow by the end of April. I also know that May was slow for me, as far as new business. However, June has got my phone ringing and I am very busy. So my personal observation is that our normal spring/summer upswing is happening. Time will tell.

Yours, Dianne

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Market Activity Report ~ June 7 – 13, 2010

There were a whopping 22 New properties entering the market, 14 going to Pending status, and 16 Sold during last week’s Monday – Sunday period according to RMLS.

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

NEWLY LISTED (June 7—13, 2010)

Address List Price Prop Type # Beds # Baths Total SF List Date
6447 MCEWAN RD $209,900 DETACHD 2 1 912 6/7/2010
65 GREENRIDGE CT $319,000 CONDO 2 2 1314 6/10/2010
17845 SARAH HILL LN $417,000 DETACHD 4 2.1 2970 6/9/2010
1646 DEVON LN $424,500 DETACHD 4 2.1 2130 6/11/2010
95 TANGLEWOOD DR $429,900 DETACHD 4 3 2285 6/10/2010
17778 MARYLCREEK DR $459,900 DETACHD 3 2.1 2741 6/11/2010
1899 WOODLAND TER $500,000 DETACHD 5 3.1 3031 6/10/2010
19319 SW DOGWOOD CT $519,900 DETACHD 5 2.1 3105 6/8/2010
4089 MELISSA DR $524,900 DETACHD 4 2.1 2710 6/8/2010
1885 CREST DR $549,000 DETACHD 4 2 2120 6/10/2010
2 MORNINGVIEW CIR $549,000 DETACHD 3 2.1 2954 6/9/2010
5758 CHARLES CIR $549,900 DETACHD 3 2 2371 6/10/2010
10 SCARBOROUGH DR $575,000 DETACHD 4 3 3537 6/7/2010
18263 ANDUIN TER $625,000 DETACHD 4 3 3100 6/8/2010
2415 PARK RD $749,900 ATTACHD 4 2.2 2581 6/13/2010
5287 LANGFORD LN $750,000 DETACHD 3 2.1 2972 6/8/2010
658 1ST ST $795,000 DETACHD 4 2.1 3359 6/7/2010
17884 KELOK RD $898,500 DETACHD 4 3.1 4124 6/7/2010
3155 DOUGLAS CIR $985,000 DETACHD 5 3.2 4517 6/9/2010
19460 EASTSIDE RD $995,000 DETACHD 4 3.2 4521 6/10/2010
1715 EDGECLIFF TER $1,730,000 DETACHD 4 4.1 4929 6/11/2010
3328 LAKEVIEW BLVD $3,750,000 DETACHD 5 5.2 6675 6/7/2010

PENDING SALES (June 7-13, 2010)

Address List Price Prop Type # Beds # Baths Total SF CDOM
100 KERR PKWY $59,900 CONDO 1 1 617 131
3433 MCNARY PKWY $125,000 CONDO 2 2.1 1136 25
1018 HEMLOCK ST $349,900 DETACHD 4 2 1950 8
5275 ROSEWOOD ST $359,000 DETACHD 4 2.1 2096 36
2104 WEMBLEY PARK RD $429,900 DETACHD 4 3 2052 102
18238 TAMAWAY DR $479,000 DETACHD 5 3 5504 110
13 WINDSOR CT $495,000 DETACHD 3 2 2212 19
3188 S GLENMORRIE DR $519,750 DETACHD 3 3 3066 35
14158 KIMBERLY CIR $530,000 DETACHD 5 3 3648 40
15422 BOONES WAY $698,900 ATTACHD 4 2.1 2586 645
17281 LOWENBERG TER $839,900 DETACHD 4 3.1 3709 494
1592 BAY VIEW LN $859,000 DETACHD 4 4.1 4087 87
17281 KELOK RD $1,195,000 DETACHD 3 3 2682 265
3114 DOUGLAS CIR $1,350,000 DETACHD 4 4 55420 577

SOLD (June 7-13, 2010)

Address List Price Prop Type # Beds Total Baths Total SF CDOM
100 KERR PKWY $77,500 CONDO 2 1.1 823 66
38 CERVANTES CIR $99,900 CONDO 2 1.1 912 230
287 CERVANTES $195,000 CONDO 3 1.1 1144 67
18420 DON LEE WAY $210,000 DETACHD 3 1 924 25
2320 GLEN HAVEN RD $279,900 DETACHD 3 1.1 1346 54
1559 WORTHINGTON ST $349,900 DETACHD 4 2 2016 43
18640 TUALATA AVE $349,900 DETACHD 4 3 2076 77
25 CHURCHILL DOWNS $385,000 DETACHD 4 3 2195 0
827 5TH ST $425,000 DETACHD 3 2 2124 86
1025 C AVE $408,950 DETACHD 3 2 2261 371
1436 GREENTREE CIR $474,000 DETACHD 4 2 3072 10
1055 COUNTRY CLUB RD $449,000 DETACHD 2 2 2528 8
17622 BROOKHURST DR $493,000 DETACHD 3 2.1 2909 42
561 2ND ST $589,000 CONDO 2 2 1561 67
13278 ROGERS RD $695,000 DETACHD 3 2.1 2964 177
2557 SOUTHSHORE BLVD $1,690,000 DETACHD 3 3.2 3604 299

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 ~ All About Loans ~ (well.. maybe not ALL : )

  • How Long Will It Take to Close? This is an important question and factor in structuring your Offer and making plans around the Purchase of a new residence.  You are lining up dominoes, and you want to know!  Well,  if you are selling your home to purchase the new one, then you are timing your own Sale’s closing date with the move-in/close of your Purchase.  It used to be fairly standard to achieve a closing in around 30 days.  What you need to know is that when you write this into the Offer, it becomes a “Time Is Of The Essence” feature of your contract (An accepted Offer is a contract… and that’s a legal term for: “You must meet this date.”).  That means you need to be pretty sure you are going to be able to meet that time line, as it is contractual.The lender requires time to gather information, order & analyze your appraisal, successfully navigate underwriting, and draw up your documents.                                                                                                                                                                                                                        Are closing dates often extended? Yes. Does the Seller have to agree to extend you additional time beyond the “on or before” closing date set in your Offer? No. Now, most parties want the transaction to go forward, and so often agreement to do this is reached, but it is very important for you to know that your Earnest Money is in play…  and should, let’s say, the Seller have another Buyer who has approached them during your transaction and, perhaps said “Hey, it’s too bad you sold your house to those Buyers because I really want it and I’d give you more money for it!”  Hmmm… Would there be incentive for the Seller to perhaps be awarded your Earnest Money because you failed to “perform” per the stipulations of the contract?  I’ll leave that for you to answer.  Just remember- With the new RESPA guidelines that lenders must follow, there is potentially more time that needs to be built into the process, so instead of 30 days, it is prudent to allow around 45 days.
  • Rates: They are under 5% now for a 30-year fixed.  We all know prices are down… Good combination eh?         – More Detail: “Recent Employment data which fell short of Wall Street forecasts and uncertainty about the pace of the economic recovery caused investors to shift to relatively safer assets, including government insured mortgage-backed securities.  This plus economic data indicating extremely low inflation resulted in declining mortgage rates over the last few weeks.”  (Thanks to Pat Goodell from Academy Mortgage for this update.)

  • USDA Loans: Though these are back in the running now with funds having been declared available for Rural Home Loans,  most investors haven’t given the “go ahead” to lenders to begin issuing commitments and closing those loans yet.  We are told the details should be worked out shortly though, so get ready for this 100% financing option to re-enter the scene!
  • Do you know how many people are involved in a real estate transaction (minimum)? The answer is 13+ .  Here’s the Breakdown (thanks to Naida Paris of Valley Mortgage for this!):   Listing Agent, Selling Agent, Seller (s), Buyer (s), Loan Officer, Loan Processor, Underwriter, Document Drawer/Funder, Escrow Officer, Title Officer, Inspector (s), Insurance Agent, and Appraiser.
  • FHA is going to be dropping the amount a Seller can pay toward a Buyer’s closing costs, but the outlook for that to take effect is 2011.  So, for now you can still take advantage of the current rule which is that a Seller can contribute 6% toward a Buyer’s closing costs.  You’ll want to talk w/your Realtor & Lender about how much the closing costs will come to prior to writing this into the offer, however.
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Open Houses in LO for Sunday June 6th, 2010

There will be 27 open houses in Lake Oswego this Sunday (according to the RMLS). We are actually getting a break in the rain this weekend, so it should be a nice afternoon for touring the town and seeing some beautiful homes.

Address List Price Year Built BR BTH Prop Type Open
1400 BONNIEBRAE DR $183,500 1969 2 1 ATTACHD 1 to 4
4490 LAKEVIEW BLVD $325,000 1955 3 2 DETACHD 12 to 2
14433 HOLLY SPRINGS RD $364,950 1998 4 2 + .5 DETACHD 1 to 3
4971 SUNTREE LN $378,000 1988 3 2 + .5 DETACHD 1 to 4
2697 LOOKOUT CT $429,000 1972 3 2 DETACHD 10 to 11:30
950 LAKE FRONT RD $439,000 1975 3 2 + .5 DETACHD 12 to 2
13340 AUBURN CT $450,000 2005 3 2 + .5 ATTACHD 2 to 4
5475 WILLOW CT $474,900 2008 3 2 + .5 ATTACHD 1 to 3
17802 HILLSIDE WAY 475000 1974 4 2 + .5 DETACHD 1 to 4
975 SOUTHSHORE BLVD 479900 1990 3 2 + .5 DETACHD 1 to 3
9 WESTMINSTER DR 519000 1976 5 2 + .5 DETACHD 1 to 3
5678 CHARLES CIR 525000 1985 3 4 DETACHD 1 to 4
19415 SW DOGWOOD CT 539900 2010 5 3 DETACHD 1 to 5
363 6TH ST 549900 2009 2 3 + .5 ATTACHD 1 to 4
4 INDEPENDENCE AVE 564900 1969 4 3 + .5 DETACHD 1 to 3
17769 OVERLOOK CIR 579900 1966 5 3 + .5 DETACHD 1 to 3
4184 SUNSET DR 589000 1965 6 3 DETACHD 1 to 3
13265 FOX RUN 680000 1984 3 2 + .5 + .5 DETACHD 1 to 3
12439 SW 22ND AVE 899900 2004 4 3 + .5 DETACHD 2 to 4
18222 SIENA DR 1088000 2010 6 4 + .5 DETACHD 12 to 2
18020 SKYLAND CIR 1098000 1972 4 3 + .5 DETACHD 1 to 4
18209 SIENA DR 1178950 2009 5 3 + .5 DETACHD 12 to 2
18143 SIENA DR 1197000 2009 5 4 + .5 DETACHD 12 to 2
1808 RIDGE POINTE DR 1269000 2010 5 4 + .5 DETACHD 12 to 2
18246 BELLA TERRA DR 1294000 2009 4 3 + .5 DETACHD 12 to 2
3118 DOUGLAS CIR 1440000 2007 3 2 + .5 DETACHD 12:30 to 3
4700 SW DOGWOOD DR 1499900 2005 5 3 + .5 DETACHD 2:20 to 4
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Our Own University: Marylhurst

Technically, Marylhurst University is located in Marylhurst, Oregon:  until a few minutes ago I had never heard of such a town! Actually, Marylhurst University is sandwiched exactly between Lake Oswego and West Linn on the banks of the Willamette River.  Founded in 1893 by the Sisters of Holy Names of Jesus and Mary, it is one of the oldest liberal arts colleges in the West.  Originally a school for girls, it became co-ed in 1974 and was officially incorporated as an entity separate from the Sisters of Holy Names in 1959.  As a school, it has continued to grow and to gain respect.  In 2003 it was ranked by US News and World Report as a “Best Value”

Today the University offers a traditional classroom curriculum as well as on-line education.  Bachelor of Arts and Science degrees are offered in Art, Interior Design, Business, Communications, English and Writing, Religious Studies, Music, Real Estate, and Science.  Master’s Degrees are offered in Education, Business, Sustainable Business, and Interdisciplinary Studies.  So right here, in the backyard of our town, you can pursue higher education and on-going education.  I see this as a real asset to our community.  It makes education easier to obtain when it is nearby, and for our town, it adds many benefits.

Mary’s Woods
Along with the University, there is a retirement community known as Mary’s Woods. Offering all levels of assistance from independent living to extensive care, this retirement community is well regarded. And being attached to the University, it offers many opportunities for retired folks who want to take classes and to remain active.

The Christie School
The Christie School was founded in 1953 and is Oregon’s oldest and largest residential treatment center for emotionally disturbed children. The program serves the needs of about 80 kids at any given time. It helps children 8-18 years of age who are coping with any number of needs from depression issues to over-coming abuse. It’s roots go back to the original school, St. Mary’s Home for Girls, which was founded to house and to educate orphaned and abandoned girls.

And then there was the battle with the KKK
One of the more interesting bits of trivia surrounding Maryhurst was the landmark court case known as “Pierce v. Society of Sisters” from 1925. Back in the 1920’s the KKK was pretty strong in Oregon and had a good deal of influence in Oregon politics, including with the Governor of the State, Walter Pierce. The KKK, in concert with the Oregon Scottish Rite Masons, wanted to make public education mandatory, thereby ending access to private education. The Sisters boycotted businesses that supported the KKK and challenged the KKK in court. The 1925 case, decided unanimously by the United States Supreme Court, ruled in favor of the Sisters. The court case ruled that while states may compel attendance at some school, the parents have the constitutional right to choose between public and private schools. The ruling was a legal precedent for our country that has effected court rulings across the United States ever since.

Marylhurst is just one more reason I like living in Lake Oswego. It is a wonderful resource, on so many levels.

Yours,
Dianne

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Market Activity Report ~ May 24-30, 2010

Happy June to all of our Property Blotter readers! I hope that you enjoyed your holiday weekend, and that a moment was spent in remembering those who have given so much for each of us. Many of us were out enjoying the sunshine & exploring the properties on the market with our clients. I waited till today to post this report so as to hopefully make sure that all transactions have been updated after the long weekend. Lockbox activity appears to still be high. It will be interesting to see the statistics once they’re available for this holiday period.

There were 16 New properties entering the market, 14 going to Pending status, and 12 Sold during last week’s Monday – Sunday period according to RMLS.

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

NEWLY LISTED (May 24—30, 2010)

Address List Price Prop Type # Beds Total Baths Total SF List Date
6927 MONTAUK CIR $139,000 CONDO 2 1 968 5/27/2010
54 CERVANTES CIR $159,000 CONDO 2 1.1 912 5/29/2010
1400 BONNIEBRAE DR $183,500 ATTACHD 2 1 864 5/25/2010
750 1ST ST $185,000 ATTACHD 1 1 986 5/25/2010
12 POLONIUS ST $246,600 DETACHD 4 2.1 3275 5/25/2010
4902 CHILDS RD $315,000 DETACHD 3 1.1 1370 5/27/2010
4664 FIRWOOD RD $379,900 DETACHD 3 2 1640 5/27/2010
864 6TH ST $399,000 DETACHD 5 2.1 2403 5/24/2010
18667 PILKINGTON RD $399,999 DETACHD 4 2.1 2512 5/25/2010
17460 SCHALIT WAY $418,900 DETACHD 4 3 2197 5/28/2010
12 ABELARD ST $420,000 DETACHD 4 2.5 2344 5/27/2010
4500 GALEWOOD ST $475,000 DETACHD 2 3 2408 5/24/2010
975 SOUTHSHORE BLVD $479,900 DETACHD 3 2.1 2118 5/24/2010
5 CELLINI CT $735,000 DETACHD 5 3.1 4895 5/28/2010
1340 CHERRY LN $1,348,888 DETACHD 4 4.2 5922 5/27/2010
3151 DOUGLAS CIR $1,349,000 DETACHD 5 4.2 4400 5/28/2010

PENDING SALES (May 24-30, 2010)

Address List Price # Beds # Baths Total SF Style CDOM
4000 CARMAN DR $99,900 2 2 836 CONDO 77
4610 LAMONT WAY $247,500 3 2 1750 DETACHD 17
3485 DEVONSHIRE DR $264,900 3 2.1 1556 ATTACHD 16
18620 INDIAN CREEK DR $379,900 3 2 2022 DETACHD 30
12748 SW 22ND AVE $425,000 4 2.1 2584 DETACHD 310
1642 HIGHLAND DR $429,000 4 3 2234 DETACHD 44
18893 INDIAN SPRINGS CIR $439,000 4 3 2841 DETACHD 3
12 DA VINCI ST $444,900 4 3 3078 DETACHD 64
15266 CANDLEWOOD CT $464,988 4 2.1 2569 DETACHD 88
19288 SW Megly CT $579,900 5 3 3594 DETACHD 149
14158 EDENBERRY DR $729,000 3 2.1 3205 DETACHD 2
19000 BRYANT RD $965,000 5 3.1 5874 DETACHD 3
670 IRON MOUNTAIN BLVD $1,057,000 4 3.2 5208 DETACHD 555
13081 KNAUS RD $1,795,000 5 2.1 3269 DETACHD 58

SOLD (May 24-30, 2010)

Address O/Price Close Price # Beds # Baths Total SF Style CDOM
200 BURNHAM RD $268,000 $159,000 2 2 1313 CONDO 674
5341 CHINOOK CT $274,900 $240,000 3 2 1120 DETACHD 598
5055 Foothills DR $274,900 $245,000 3 2 1279 CONDO 73
15 BRITTEN CT $274,999 $250,000 3 2.1 1973 ATTACHD 13
5354 LOWER DR $260,500 $250,000 2 1 1201 DETACHD 96
666 3RD ST $299,900 $299,900 3 1.1 1759 DETACHD 7
1921 Park Forest CT $485,000 $415,000 3 2.1 2554 DETACHD 564
14377 CAMDEN LN $499,900 $492,500 4 2.1 2530 DETACHD 2
15837 ALLISON PL $529,000 $510,000 4 2.1 3534 DETACHD 1216
17879 HILLSIDE DR $589,900 $560,000 3 3 3049 DETACHD 187
17443 CANAL CIR $875,000 $750,000 4 3.1 2344 DETACHD 45
19175 EASTSIDE RD $900,000 $764,000 5 4.1 5263 DETACHD 86

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.