selling real estate Archives - Page 135 of 136

February 27, 2009

Open Houses for Sunday, March 1st

There are 15 houses being promoted on the RMLS as open houses for this Sunday:

5487 Tualata Ct., $264,900-$279,876, 1200 SF, 3 BR, 2 BTHS, open 1-4

4458 Thunder Vista Ln., $319,000, 2200 SF, 3 BR, 2 1/2 BTHS, open 1-4

16 Partridge Ln., $418,900, 2304 SF, 3 BR, 2 1/2 BTHS, open 1-3

14431 Orchard Springs Rd., $439,900, 1960 SF, 4 BR, 2 1/2 BTHS, open 1-4

624 Livingood Ln., $559,000, 2596, 4 BR, 3 BTHS, open 1:30-3:30

3254 Duncan Dr., $575,000, 3997 SF, 4 BR, 3 1/2 BTHS, open 2-4

340 8th St., $575,000, 1992 SF, 3 BR, 2 BTHS, open 1-3

13222 Deerfield Ct., $649,000, 3022 SF, 4 BR, 2 1/2 BTHS, open 1-3

17751 Marylcreek Dr., $719,000, 3505 SF, 4 BR, 3 BTHS, open 2-4

2688 Rivendell Rd., $835,000, 3720 SF, 4 BR, 3 BTHS, open 1-4

15422 Boones Way, $879,000, 2586 SF, 4 BR, 2 1/2 BTHS, open 1-4

2400 Dellwood Dr., $899,000, 3180 SF, 4 BR, 3 BTHS, open 1-3

3030 Westview Ct., $948,000, 3415 SF, 4 BR, 2 1/2 BTHS, open 2:20-4

5677 Bonita Rd., $968,400, 3603 SF, 4 BR, 3 1/2 BTHS, open 2-4

943 Atwater Rd., $1,150,000, 3874 SF, 4 BR, 2 1/2 BTHS, open 1-4

I am going to mention the property at the top of the list, on Tualata Ct. You’ll notice that the pricing is $264,900-$279,876. This is what is called “value-range pricing”. The representation is that the sellers will consider offers within that range. This is a method of marketing that is occassionally used. I believe it is based upon the theory that the range of pricing will bring in more offers and more quickly. I don’t know that I buy into that school of thought, but it is why it is done.

February 25, 2009

Foreclosures vs. Shortsales

With the state of the current economy, there is a lot of attention being paid to the volume of foreclosures as well as shortsales. These are two different situations that are often confused. I thought it would be helpful to clarify what they are.

A foreclosure is a bank-owned property (also referred to as an REO property). The process of foreclosing on a delinquent home owner has been completed and the bank has the full title to the property and the right to sell that property. A quick look at foreclosures.com shows the very sobering statistic that in Lake Oswego right now there are 90 bank-owned properties, there are 17 properties in pre-foreclosure (behind in their house payments) and 587 properties scheduled for auction. When a home owner falls behind in his or her house payments, there is a multi-month process where the homeowner is notified of the delinquency. The final step of the forclosure is public auction where the mortgage holder takes the property back for the amount of money that is owed on it. Bear in mind that the process takes about nine months. Many of the people currently delinquent or scheduled for auction will find a way to either bring their payments up to date, renegoiate the terms of their loan, or sell the property. So not all of the homes currently delinquent will become bank owned. I’d also like to put these numbers in perspective. Lake Oswego has a population of about 35,000 people. With an average of 2.3 people per household, that is about 15,000 households. And with 694 households either in pre-foreclosure or already bank owned, that is about 5% of the households. Yep, that is sobering.

A shortsale is a house that has a market value of less than what is owed on it and the home owner is attempting to negotiate with their mortgage holder to take a discounted amount so that the property can be sold at current market value. In this instance, the sale of the home will require a third-party approval (the bank), and may or may not happen. The process to get this third party approval can take months (I worked with one that took 6 months), so if you are wanting a home that is a shortsale, be prepared to be patient and realize that the approval may or may not occur.

I am often asked how a buyer can find foreclosure and shortsale properties. The reality is that 99% of them are listed with Realtors and made available on the RMLS. People who are in distress and trying to sell their home as a shortsale hire Realtors. And banks with bank-owned properties hire Realtors to sell their inventory of foreclosures. You don’t need to buy a secret publication or pay for a special list. These properties are available to the public on the RMLS and any Realtor can gather information on them to help assist you with finding that great deal.

Having said that, I have two areas of caution. First, a foreclosure is a much better prospect for purchase if you have a time-line you are trying to accomplish. A foreclosed property that is listed for sale can be purchased within a normal transaction period of 30 to 60 days. Whereas a shortsale can take months and then may not occur at all. Second, when you buy a foreclosure it really is buyer beware. Banks make no representations about the condition of the property and often have their own sale agreements with extensive waivers to protect them from any future liablity. In both circumstances you should be able to make your offer subject to a home inspection.

OK, I have a third thought. Be aware that people who loose their homes are people in financial distress. They go through an extended period where they have no resources to make their house payment much less fix the leaky roof or remodel the ancient kitchen. So be prepared to see houses that are dirty and in need of repair. In addiiton, it is not uncommon for these houses to be stripped of appliances and fixtures. Not all foresclosures and shortsales are project properties, but many are.

So you are looking for the great deal? Sure, check out the foreclosures and the short sales, but don’t close your mind to the good old homeowner who needs to move and is motivated. These people will also often sell at great prices, close in a reasonable time frame, and maybe even vaccume the carpet and polish the granite on their way out. To make the most of the market, look at the entire market.

February 21, 2009February 21, 2009

Open Houses – Sunday, February 22, 2009

There are 18 properties to see on Sunday in Lake Oswego. Enjoy!

Here are those that will be held open according to RMLS:

5487 Tualata Ct $264,900-$279,876 3 Bd, 2 Ba Open 1-4

19251 Indian Creek Ave $335,000 4 Bd, 2 Ba Open 1-4

18543 Longfellow Av $339,900 3 Bd, 1 1/2 Ba Open 2-4

1685 Mapleleaf Rd $365,000 3 Bd, 2 Ba Open 1- 4

2800 Wembley Park Rd $374,500 3 Bd, 2 Ba Open 1-3

1260 Larch St $399,000 3 Bd, 2 1/2 Ba Open 2-4

221 Hidalgo St $419,500 3 Bd, 2 1/2 Ba Open 1-3

1265 Rockinghorse Ln $444,000 4 Bd, 3 Ba Open 1-3

111 3rd St $459,900 2 Bd, 2 Ba Open 1-4

17083 Fernwood Dr $525,000 5 Bd, 3 Ba Open 2-4

21 Condolea Dr $579,000 3 Bd, 2 1/2 Ba Open 1-3

17960 Ridge Lake Dr $669,000 4 Bd, 2 1/2 Ba Open 1-3

15713 Tara Pl $699,000 4 Bd, 2 1/2 Ba Open 12-2

15422 Boones Way $879,000 4 Bd, 2 1/2 Ba Open 1-4

3030 Westview Ct $948,000 4 Bd 2 1/2 Ba Open 2:30-4

18106 Pilkington Rd $1,095,000 4 Bd, 3 1/2 Ba Open 12-2

5250 Dawn Ave $1,095,900 4 Bd, 3 1/2 Ba Open 1-3

15905 Oswego Shore Ct $1,590,000 4 Bd, 3 1/2 Ba Open 1-3

February 16, 2009

Market Activity for February 9-15, 2009

Last week’s activity was slow, to put it mildly. There were 9 genuine new listings: meaning that they were not previously listed either by another Realtor or at a higher price. There were 4 houses that went pending, and zero closed sales. Probably the most interesting thing I observed is that of the pending sales, 3 out of the 4 sold in 35 days or less. I checked the market history on all of them and these sales really did happen that quickly. So there is a place where market demand meets current economic conditions and properties sell. I also think that buyers who are in the market are watching the inventory and jumping on the good deals. On the flip side is the 4th pending sale. It took 574 days to receive an accepted offer. It was originally listed for $1,199,000 and finally priced dropped, after such a long market time, to $689,000 in order to get it gone.

NEWLY LISTED (February 9, 2009 – February 15, 2009)

Address	List Price	# BR	# BTHS	Total SF	Prop Type	List Date
92 GALEN ST	$119,500	1	1	689	CONDO	2/13/2009
45 EAGLE CREST DR	$119,900	1	1	600	CONDO	2/15/2009
11 CRESTFIELD CT	$149,000	1	1	650	CONDO	2/13/2009
5051 FOOTHILLS DR	$249,999	2	2	991	ATTACHD	2/9/2009
1960 MAPLELEAF RD	$325,000	3	2	1,210	DETACHD	2/9/2009
178 PINE VALLEY RD	$475,000	5	3.1	2,999	DETACHD	2/12/2009
17196 KELOK RD	$750,000	3	2.1	2,500	DETACHD	2/13/2009
2400 DELLWOOD DR	$899,000	4	3	3,180	DETACHD	2/10/2009
17590 KELOK RD	1749000	5	4	5,000	DETACHD	2/9/2009

PENDING SALES (February 9, 2009 – February 15, 2009)

ADDRESS	LIST PRICE	TOT. BEDS	TOT. BATHS	TOT. SQ FT	PROP TYPE	DOM
4 TOUCHSTONE DR			$114,000	2	2	984	CONDO	35
750 1ST ST			$196,500	2	2	1,350	CONDO	34
16978 CANAL CIR			$350,000	3	2	1,962	DETACHD	4
4155 CANAL RD			$689,000	4	2.1	3,736	DETACHD	574

There were no closed sales the week of February 9-15, 2009.

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.

If links to ACTIVE properties do not bring up property information, the listing may no longer be active, but rather expired, cancelled, pending, or sold

February 13, 2009

Open Houses for February 14th and 15th

This is going to be a great weekend to grab your honey and get out to visit some nice homes.

There is one house being held open on Saturday, according to the RMLS:

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

On Sunday there are 15 open houses being promoted on the RMLS:

5487 Tualata Ct, $264,900, 3 BR, 2 BTHS, 1200 square feet, open 1:00-3:00

5096 Tree St, $334,900, 3 BR, 1.5 BTHS, 1410 square feet, open 2:00-5:00

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

1650 Fircrest Dr, $399,000, 4 BR, 3 BTHS, 2266 square feet, open 1:00-3:00

964 Country Commons, $499,000, 3 BR, 2.5 BTHS, 2065 square feet, open 2:00-4:00

41 Hillshire Dr, $547,000, 4 BR, 3 BTHS, 2670 sqsuare feet, open 1:30-3:30

624 Livingood Ln, $564,900, 4 BR, 3 BTHS, 2596 square feet, open 1:00-3:00

5772 Bay Creek Dr, $599,000, 4 BR, 3 BTHS, 3242 square feet, open 12:00-2:00

17879 Hillside Dr, $674,900, 3 BR, 3 BTHS, 3049 square feet, open 12:00-2:00

15713 Tara Pl, $699,000, 4 BR, 2.5 BTHS, 3442 square feet, open 1:00-4:00

5267 Lakeview Blvd, $750,000, 4 BR, 3.5 BTHS, 3425 square feet, open 1:00-4:00

3030 Westview Ct, $948,000, 4 BR, 2.5 BTHS, 3415 square feet, open 2:00-4:00

17878 Hillside Dr, $995,000, 5 BR, 3 BTHS, 3462 square feet, open 1:00-4:00

5250 Dawn Ave, $1,095,900, 4 BR, 3.5 BTHS, 4333 square feet, open 1:00-3:00

581 Oak Meadow Dr, $1,475,000, 4 BR, 4.5 BTHS, 4745 square feet, open 1:00-3:00

Enjoy the weekend and Happy Valentine’s Day.

February 11, 2009

Observations on Current Inventory

lake-photo A few days ago I spent some time analyzing inventory. I thought I’d share with you some of my observations.

On the day that I did this, February 6, 2009, there were 418 single family, detached, homes for sale in Lake Oswego. Here is the breakdown by price:

$100,000-$199,999 = 3
$200,000-$299,999 = 13
$300,000-$399,999 = 41
$400,000-$499,999 = 48
$500,000-$599,999 = 44
$600,000-$699,999 = 38
$700,000-$799,999 = 28
$800,000-$899,999 = 30
$900,000-$999,999 = 37
$1,000,000+ = 136

If you have been reading the market activity reports on Mondays here at the propertyblotter, you have probably noticed that for the last several months there have been very few properties sold in the million dollar and over price range. In fact, it has been since early December that a sale has closed at that price point. 136 houses priced over a million dollars just seems like a lot of high-end inventory. In all of 2008, 45 houses sold that were priced at a million dollars or greater. At that rate, it will take a little over 3 years for the current inventory to be sold. What does that mean? It means that if you are in the market for a high-end, luxury home, you have lots of houses to choose from and motivated sellers will be making sacrifices to get their properties sold. I think that the sellers who truly have to sell quickly will be dropping prices and making concessions to secure a good sale.

Having said that, you will also have noticed that in this Monday’s market activity report two high-end homes went sale pending: one for $995,000 and one for $1,995,000.

It is very typical that the market is slow during the holidays. Seeing the two pendings this week can be seen as the market gearing up as we approach spring, which is a very active time for sales.

In doing this, I really enjoyed seeing the break down of the numbers in the more affordable price ranges as well. There are quite a few really nice homes that would not require jumbo loan financing. A jumbo loan is $417,000 or greater and typically has a higher interest rate than a conventional loan.

I also have from time to time compared the inventory of homes priced at $350,000 or less in Lake Oswego to the inventory available in Sellwood, a neighborhood in SE Portland. I have done this because I believe that Lake Oswego is often over-looked for affordable housing because of its reputation for million dollar housing. The first time I made the comparison, last April, there were 20 houses for sale in LO and 18 in Sellwood. The next time I did it, last August, there were 28 in LO and 32 in Sellwood. At the time of this current analysis I have found 36 in LO and 27 in Sellwood. So both areas have more houses for sale priced at $350,000 or less than they did 10 months ago, and Lake Oswego continues to be strong in this price range.

The least expensive house for sale in Lake Oswego, that is not a tear-down fixer, is priced at $189,900. It was built in 1955 and has 1320 square feet with 2 bedrooms and 1 bath. It’s on a very large lot in Lake Grove.

The most expensive house for sale in Lake Oswego is Jantzen Island. A private island in the lake of 5.5 acres with a 10,000 square foot main house and a 3500 square foot guest house. It’s priced at $19,500,000.

I am curious to see how our inventory changes as we go into the spring. With the current economy it is bound to be slower than normal. If anything, the current economy is increasing the number of homes in the more modest price ranges. And for buyers who want and are able to purchase a high-end home, there is great selection and some great deals to be found.

February 7, 2009

Open Houses for Sunday, Feb. 8, 2009

Ok… no weather predictions from me this time! …Although I hear it’s supposed to be dry & partly cloudy/sunny till the late afternoon on Sunday… Ok, I couldn’t help myself.

There are 25 properties on the Open House list for Sunday. Nearly all of them are detached single family residences. SW 62nd Ave. is a Portland address with Lake Oswego Schools designation.

Here are those that will be held open according to RMLS:

45 Oswego Summit $139,900 1 Bd, 1 Ba Open 1-3

13561 SW 62nd Ave $294,900 3 Bd, 1 1/2 Ba Open 10-11:30

4458 Thunder Vista Ln $319,000 3 Bd, 2 1/2 Ba Open 12-3

820 McVey Ave $335,000 3 Bd, 1 1/2 Ba Open 1- 3

14371 Holly Springs Rd $414,900 4 Bd, 2 1/2 Ba Open 2-4

1651 Larch St $429,000 4 Bd, 3 Ba Open 1-3

15 Masaryk St $429,900 4 Bd, 3 Ba Open 12-3

14431 Orchard Springs Rd$439,900 3 Bd, 2 1/2 Ba Open 2-4

3 Cellini Ct $465,000 4 Bd, 2 1/2 Ba Open 12-3

14498 Camden Ln $469,900 4 Bd, 2 1/2 Ba Open 12-3

5807 Ridgetop Ct $539,900 5 Bd, 2 1/2 Ba Open 1-4

624 Livingood Ln $574,900 3 Bd, 3 Ba Open 1-3

3254 Duncan Dr $599,900 4 Bd, 3 1/2 Ba Open 2-4

17706 Marylbrook Dr $685,000 3 Bd, 2 1/2 Ba Open 1-4

15713 Tara Pl $729,000 4 Bd 2 1/2 Ba Open 12-2

15195 Lily Bay Ct $875,000 4 Bd, 2 1/2 Ba Open 1-4

18051 Kelok Rd $899,000 5 Bd, 3 1/2 Ba Open 1-4

3030 Westview Ct $984,500 3 Bd, 2 1/2 Ba Open 12:30-1:45

1619 Bay View Ln $959,000 5 Bd, 3 1/2 Ba Open 1-3

3600 Southshore Blvd $999,000 3 Bd, 2 1/2 Ba Open 2:30-4:30

943 SW Atwater Rd $1,150,000 4 Bd, 2 1/2 Ba Open 1-4

16359 Chapin Way $1,398,000 4 Bd, 3 1/2 Ba Open 1-4

15905 Oswego Shore Ct $1,590,000 4 Bd, 3 1/2 Ba Open 1-3

1799 SW Atherton Dr $1,595,000 5 Bd, 5 1/2 Ba Open 2-4

2500 Glen Eagles Rd $2,695,000 5 Bd, 4 1/2 Ba Open 1:15-4

February 2, 2009

Market Activity for January 26 thru February 1, 2009

Last week’s market activity appears to be falling in line with the painfully slow, but still happening, increase in real estate activity that normally occurs in late January and early February. There were 16 new listings, 5 pending sales, and 3 closed sales.

NEWLY LISTED (January 26, 2009 – February 1, 2009)

ADDRESS	LIST PRICE	TOT. BEDS	TOT. BATHS	TOT. SQ FT	PROP TYPE	LIST DATE
Address			List Price	#BR	#BTHS	Total SF	Prop Type	List Date
44 EAGLE CREST DR			$114,950	1	1	798	CONDO	1/29/2009
4 TOUCHSTONE DR			$141,750	3	2.1	1,351	CONDO	1/26/2009
205 CERVANTES			$164,900	2	2.1	1,216	CONDO	1/27/2009
16651 LAKE FOREST BLVD			$287,900	2	1	1,230	DETACHD	1/27/2009
1684 BOCA RATAN DR			$314,900	3	2	1,611	ATTACHD	1/30/2009
16 PARTRIDGE LN			$418,900	3	2.1	2,304	DETACHD	1/30/2009
668 MCVEY AVE			$460,000	3	1.1	992	CONDO	1/28/2009
340 8TH ST			$575,000	3	2	1,992	DETACHD	1/26/2009
5535 BAY CREEK DR			580000	4	2.1	2,328	DETACHD	1/29/2009
4941 HASTINGS DR			589000	4	2.1	2,530	DETACHD	1/29/2009
17154 LOWENBERG TER			849900	5	3.1	3,350	DETACHD	1/29/2009
17281 LOWENBERG TER			849900	4	3.1	3,035	DETACHD	1/29/2009
17110 LOWENBERG TER			850000	4	2.1	2,678	DETACHD	1/26/2009
645 COUNTRY CLUB RD			899000	4	2.1	3,262	DETACHD	1/26/2009
17364 RIDGEVIEW CT			1425000	4	3.1	4,436	DETACHD	1/30/2009
112 NORTHSHORE CIR			2850000	4	4.2	3,558	DETACHD	1/26/2009

PENDING SALES (January 26, 2009 – February 1, 2009)

ADDRESS	LIST PRICE	TOT. BEDS	TOT. BATHS	TOT. SQ FT	PROP TYPE	DOM
Address			List Price	#BR	#BTHS	Total SF	Prop Type	CDOM
3433 MCNARY PARKWAY			$184,500	2	2.1	1,208	CONDO	105
2071 BONNIEBRAE DR			$314,995	3	2	1,611	ATTACHD	226
353 ASH ST			$409,900	3	3.1	2,765	DETACHD	434
12974 KNAUS RD			$450,000	3	3.1	3,792	DETACHD	131
5441 DENTON DR			$599,000	3	2.1	3,331	DETACHD	242

SOLD (January 26, 2009 – February 1, 2009)

ADDRESS	ORIG. PRICE	SALE PRICE	TOT. BEDS	TOT. BATHS	TOT. SQ FT	PROP TYPE	DOM
Address	O/Price	Close Price		#BR	#BTHS	Total SF	Prop Type	CDOM
1120 HALLINAN CIR	$365,000	$332,000		3	2	1,600	DETACHD	153
5254 TIMBERGROVE ST	$399,500	$365,000		4	2	1,854	DETACHD	87
17845 HILLSIDE WAY	$628,500	$560,000		5	3	2,820	DETACHD	263

If links to ACTIVE properties do not bring up property information, the listing may no longer be active, but rather expired, cancelled, pending, or sold.

January 30, 2009

Open Houses for the weekend of 1/31-2/1

This being Superbowl Sunday, the list of open houses is fairly short. However, if you are not a football fan, getting out and touring some homes may be just the diversion you are looking for.

On Saturday, January 31st, there are two houses promoted to be open on the RMLS:
17960 Ridge Lake Dr, $669,000, 4 BR, 2.5 BTHS, open 12-2
15713 Tara Place, $729,000, 4 BR, 2.5 BTHS, open 1-3

On Sunday, February 1st, there are four houses promoted to be open on the RMLS:
86 Kingsgate Rd, $169,900, 2 BR, 2 BTHS, open 1-2:30
1650 Fircrest Dr, $399,000, 4 BR, 3 BTHS, open 1-3
745 4th St, $579,000, 3 BR, 2 BTHS, open 12-2
13222 Deerfield Ct, $649,000, 4 BR, 2.5 BTHS, open 1-3

Have a great weekend!

January 28, 2009

Lake Oswego Hunt

lohunt Lake Oswego is home to a very unique and beautiful facility, Lake Oswego Hunt. The Lake Oswego Hunt is an equestrian training program and a riding school for children and adults of all ages. Unlike many facilities that focus on one discipline, Lake Oswego Hunt works with Combined Training, Dressage, and Hunter/Jumper. So if you have a love for horses, and you want to have access to horses in your life, there is a way to do that here in Lake Oswego.

While I love the beauty of horses, and have ridden horses on a couple of occassions, what I love about Lake Oswego Hunt is the gorgeous arena and barn. As you drive along Iron Mountain Blvd. you can not help but notice the beautiful white barn and fences tucked into 19 acres of meadow at the base of Iron Mountain. It is just extremely picturesque.

Built in 1936, the indoor arena is the largest and oldest bow-truss structure West of the Mississippi. It is 90′ x 220′. When you look up at the roof from inside you can not help but be struck by the barrel vaulting. There are cathedrals in Europe with similar ceilings. This one just happens to be made out of wood. In 1987 this unique structure was recognized with a listing on the National Registry of Historic Places. There is currently a very active effort being made to preserve and to restore the building. A Historic Preservation Committee has been formed that is hard at work to keep this facility in good repair.

horsestalls When I stopped in to visit the Lake Oswego Hunt, besides the beautiful arena and barn, I was also struck by the warmth and friendliness of the people that I met. Everyone was gracious and welcoming. I was very taken with the attitude that this is a place that wants to be a part of our community. They made it very clear that they love to have people come in and that they are happy to give you a tour. Along with a calendar of events that includes horse shows and parties, there are occassional open houses that invite the general public to come and see what is happening at Lake Oswego Hunt. The next open house is scheduled for February 7th, from 9am to 5pm.

There are a couple of ways to be a part of Lake Oswego Hunt. You can join as a full member and have the ability to board your horse and have full access to the club room and all of the facility. You can also join on a social membership to enjoy the horse shows and be a part of the social programs that include brunches and parties. Finally, the riding school is open to the public.

I have a love for old buildings and architecture. I think that Lake Oswego Hunt is a facility that is deserving of our support. If you’ve never visited, stop by. I think you’ll be impressed by what you see. If you’d like more information, you can visit the Lake Oswego Hunt website by clicking here.