Tag: waterfront homes

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Changes With Appraisals

l-lake-oswego-mansionSomething is going on with appraisals these days and it is significant enough to impact the purchase or sale of a home if the sale involves a mortgage. There are two specific changes with one leading to the other.

Appraisals are taking longer

For pretty much my entire real estate career the time for an appraisal to be ordered and completed has typically been about 10 days. When things got busy, it may take a day or two longer. When things slowed down, it might come in more quickly. This quick turn around allowed buyers the luxury of completing all of their home inspections and having the certainty that the house is something that they wanted to buy, before they had to pay for an appraisal. No more.

I am experiencing appraisals that are taking a minimum of two weeks and I currently have an FHA loan being processed in which the appraisal took a full month.

Oswego-LakeWhat is causing this? It certainly has to do with the fact that we are in the peak of the selling season with an above average amount of loans being processed. But I think there is another factor. Just as qualifying for a loan has become more difficult, the appraisal process has tightened up. Appraisers have to factually prove the value based upon collateral. They can not fudge the numbers with things like “an upwardly trending market”. So where there may have been 14 offers and a bidding war to gain a sale, that does not mean that the house will appraise out. This is not about emotion. This is about factually proving the value.

Plan to pay for and order the appraisal within days of acceptance of your offer

This means that to have a closing within 45 days of acceptance, a typical time expectation, you need to pay for the appraisal right away. Buyers just do not have the luxury of waiting until after the home inspection. I suppose you could simply ask for a 60 day close to allow time to inspect before buying the appraisal. Good luck with that in this seller’s market. I am seeing sellers agents commonly write that the appraisal must be ordered right away as a part of the contract negotiation at the time of the offer.

So just a heads up. This change is having a pretty big impact on closing transactions. Plan ahead, get the appraisal ordered early, and close on time. This will make everyone happy.

Dianne

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Market Activity June 15-21, 2015

Inventory seems to have picked up this past week with 26 new listings, however, sales continue to outpace the inventory with 36 houses going into pending status. We had 17 closed/sold sales.

See below of further explanation of the RMLS data.

New on the Market (June 15-21, 2015)

Address Type Price BR Bths SF
47 Eagle Crest Dr #27 Condo $129,000 2 1 947
3964 Carman Dr Condo $229,800 2 2.5 1129
109 3rd St Condo $249,000 2 2 1016
12828 Boones Ferry Rd Attached $320,000 2 2.5 1136
7 Saint Helens Circle Detached $335,000 2 2 1275
39 Condolea Ct Condo $375,000 3 3 2198
14328 Holly Springs Rd Detached $439,000 4 2.5 1939
15948 Quarry Rd Detached $464,000 2 1 920
5895 Burma Rd Detached $474,900 4 2.5 1781
674 Lexington Ct Detached $574,000 3 2.5 2477
213 Hidalgo St Detached $575,000 4 3.5 3964
2302 Overlook Dr Detached $579,000 4 2.5 3125
1097 C Ave Detached $599,000 3 2 1650
13254 Twin Creek Ct Detached $749,900 4 2.5 3470
16717 Sylvan Ct Detached $749,999 4 3.5 4949
19133 Megan Pl Detached $774,500 4 3.5 3724
14205 Edenberry Dr Detached $792,500 3 2.5 3051
18383 Old River Dr Detached $895,000 4 4.5 4548
4948 Hampton Ct Detached $939,000 3 3.5 3434
17622 Lake Haven Dr Detached $1,089,000 2 2 1400
18347 Lothlorien Way Detached $1,098,000 5 3.5+.5 4141
3820 Southshore Blvd Detached $1,295,000 5 4 4855
16847 Greenbrier Rd Detached $1,895,000 3 2.5 2304
2025 Cedar Ct Detached $2,200,000 3 4 4062
674 Livingood Ln Detached $548,900 4 2.5 2714
5413 Langford Ln Detached $759,995 3 2.5 2879

Pending Sales (June 15-21, 2015)

Address Type Price BR Baths SF DOM
16 Crestfield Ct Condo $95,500 1 1 550 36
10 Condolea Dr Attached $240,000 2 2 1312 33
668 McVey Ave #24 Condo $249,900 1 1 626 70
750 1st St #14 Condo $250,000 2 2 1350 11
4851 Madrona St Detached $299,900 3 2 1434 14
1033 Hallinan St Detached $309,900 3 2 1128 134
234 Greenridge Attached $329,900 3 2 1492 2
236 Greenridge Attached $344,900 3 2 1492 2
5861 Benfield Ct Detached $379,000 4 2 1557 36
6145 McEwan Rd Detached $399,000 2 2.5 1850 3
1600 Ash St Detached $399,900 3 2 2037 8
4965 Suntree Ln Detached $399,900 3 2.5 1572 5
11 Churchill Downs Detached $430,500 4 2.5 2336 81
7 Hidalgo St Detached $439,900 3 2.5 2408 57
14594 Wilmot Way Detached $448,000 3 2.5 1710 10
4793 Auburn Ln Attached $450,000 3 2.5 2083 20
643 2nd St Attached $450,000 2 2 1457 2
16889 Wight Ln Detached $459,000 4 2.5 2579 65
1500 Woodland Terrace Detached $486,000 3 2.5 2645 42
2550 Greentree Rd Detached $499,000 4 3 2852 53
4124 Orchard Way Detached $549,000 4 2.5 2700 4
16873 Cherry Crest Dr Detached $550,000 4 3 2394 4
2250 Park Rd Detached $559,900 3 2 2072 98
5045 Greensborough Ct Detached $569,900 4 2.5 2107 9
4311 Orchard Way Detached $585,000 4 2.5 2804 20
1511 Woodland Terrace Detached $599,900 5 2.5 3439 78
820 Lake Forest Dr Detached $599,950 4 2.5 2676 29
16750 Phantom Bluff Ct Detached $614,500 3 3 2267 7
18420 Deer Oak Ave Detached $629,900 4 3 2476 1
930 Cumberland Rd Detached $715,000 4 2.5 2960 3
321 5th St Detached $719,000 3 3.5 2737 158
251 D Ave Detached $849,000 4 2.5+.5 2635 8
2024 Palisades Terrace Dr Detached $975,000 4 3.5 4819 6
19320 Lorna Ln Detached $1,100,000 4 3.5 4192 208
1578 View Lake Ct Detached $1,499,000 4 4.5 4476 35
16645 Graef Circle Detached $1,549,000 4 4.5 3075 56

Sold/Closed (June 15-21, 2015)

Address Type List Price Closed Price Sq Ft CDOM
15 Oswego Summit Condo $131,000 $100,619 1212 373
19 Crestfield Ct Condo $157,900 $154,000 923 19
17780 Hill Way Detached $275,000 $275,000 960 4
18651 Don Lee Way Detached $399,000 $399,000 1,630 21
14145 Redwood Ct Detached $539,000 $508,000 2452 64
4725 Firwood Rd Detached $569,900 $575,000 2557 6
4263 Sunset Dr Detached $625,000 $615,000 3250 27
2464 Marylhaven Pl Detached $610,000 $630,000 2898 4
8 Cellini Ct Detached $705,000 $671,920 3494 19
5626 Grand Oaks Dr Detached $749,000 $741,000 3387 21
5955 Sunbrook Dr Detached $759,000 $759,000 3110 5
18120 Delenka Ln Detached $759,900 $759,900 3157 14
17583 Shepherds Ct Detached $774,900 $770,000 2997 47
18430 Pilkington Rd Detached $795,000 $795,000 2946 18
2764 Rivendell Rd Detached $819,000 $812,000 3220 0
17620 Blue Heron Rd Detached $1,198,000 $1,150,000 4041 67
2322 Knaus Rd Detached $1,595,000 $1,539,000 4875 19

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 1st – 7th 2015

This is coming a bit late, this is a large report! Lake Oswego is doing superb! 18 new houses on the market, 38 pending sales (good luck you guys! You got this!), and 15 sales.

Following is the breakdown for you according to RMLS for last week:

New on the Market (May 25-31, 2015)

Address Type Price Bedrooms Bathrooms Sqft
44 EAGLE CREST DR #10 CONDO 93,900 1 1 789
47 EAGLE CREST DR #20 CONDO 126,950 2 1 1009
200 BURNHAM RD #102 CONDO 229,900 1 1 820
750 1ST ST #14 CONDO 250,000 2 2 1350
200 BURNHAM RD #406 CONDO 265,000 2 1 1199
4851 MADRONA ST DETACHED 299,900 3 2 1434
14594 WILMOT WAY DETACHED 448,000 3 2.5 1710
17359 ASHLEY CT DETACHED 475,000 4 2.5 2370
1458 GREENTREE CIR DETACHED 549,000 4 2.5 2156
24 PARTRIDGE LN DETACHED 584,000 4 2.5 3238
149 MIDDLECREST RD DETACHED 729,000 2 2 2302
3270 FIR RIDGE RD DETACHED 750,000 4 3 3349
4719 LAKEVIEW BLVD DETACHED 765,000 4 2.5 2923
5364 LANGFORD LN DETACHED 825,000 3 2.5 3022
811 NORTHSHORE RD DETACHED 1,465,000 4 4 4945
1098 CHANDLER RD DETACHED 2,145,000 4 3.5 3471
13590 GOODALL RD DETACHED 3,000,000 4 3.5 5656
1901 PALISADES TERRACE DR DETACHED 3,945,000 5 4.5 7284

Pending Sales (May 25-31, 2015)

Address Type Price Bedroom Bathrooms DOM
89 GALEN ST #89 CONDO 82,000 1 1 88
4 TOUCHSTONE #146 CONDO 137,500 2 2 4
3814 BOTTICELLI ST ATTACHED 189,900 2 2 21
4459 THUNDER VISTA LN CONDO 255,000 2 2.5 32
16200 PACIFIC HWY #24 CONDO 269,000 2 2 141
17780 HILL WAY DETACHED 275,000 2 1 4
36 WHEATHERSTONE CONDO 300,000 3 2.5 6
105 KINGSGATE RD CONDO 319,900 3 2 0
1023 HALLINAN ST DETACHED 329,900 3 1.5 58
1 PEACOCK PL DETACHED 348,500 3 2.5 13
16444 BONAIRE AVE DETACHED 349,900 3 2 14
17270 BRYANT RD DETACHED 399,000 3 3 49
820 BOCA RATAN DR DETACHED 399,000 4 3 4
1647 DEVON LN DETACHED 399,900 4 2.5 13
12519 SW 27TH PL DETACHED 440,000 3 2.5 0
5431 WILLOW CT ATTACHED 475,000 3 2.5 8
1426 GREENTREE CIR DETACHED 539,900 4 3 1043
2043 RIDGEWOOD RD DETACHED 579,900 5 3 3016
18910 TERRY AVE DETACHED 585,000 4 3.5 121
17348 HUNTER CT DETACHED 609,900 3 2.5 4
17336 HUNTER CT DETACHED 609,900 3 2.5 28
555 COUNTRY CLUB RD DETACHED 625,000 3 3 328
16920 GREENTREE AVE DETACHED 625,000 4 2.5 31
2084 RIDGEWOOD RD DETACHED 679,000 3 2.5 109
729 SOUTHVIEW RD DETACHED 695,000 3 2 105
5441 BAY CREEK DR DETACHED 725,000 4 2.5 15
3 MOUNTAIN VIEW LN DETACHED 750,000 5 3.5 127
4055 ORCHARD DR DETACHED 775,000 5 3.5 44
4974 CASCARA LN DETACHED 799,000 4 2.5 2
2348 SUMMIT DR DETACHED 859,000 4 3 4
910 FAIRWAY RD DETACHED 1,069,000 4 3.5 189
610 9TH ST DETACHED 1,200,000 4 3.5 5
16902 CHAPIN WAY DETACHED 1,299,000 5 4 84
18024 ESTRIDGE LN DETACHED 1,398,801 4 3.5 186
19300 STAFFORD RD DETACHED 1,995,000 4 2.5 75

Sold/Closed (May 25-31, 2015)

Address Type List Price Close Price Sqft DOM
54 GALEN ST CONDO 135,900 121,500 995 42
48 EAGLE CREST DR 3D CONDO 248,000 233,000 1434 20
5062 FOOTHILLS DR H CONDO 250,000 249,000 1252 5
2031 BONNIEBRAE DR ATTACHED 319,900 319,900 1611 6
16953 GREENTREE AVE DETACHED 420,000 482,000 1941 4
1033 SPRUCE ST DETACHED 495,000 506,075 1562 28
5210 COVENTRY CT DETACHED 510,000 515,000 2135 2
13431 VERMEER DR DETACHED 499,000 518,000 2700 9
5600 DOGWOOD DR DETACHED 525,000 525,000 1908 5
1119 OAK ST DETACHED 529,900 529,900 2123 99
4011 COHO LN DETACHED 585,000 585,000 2776 0
12615 SW 21ST CT DETACHED 739,000 727,000 4594 36
4123 CHAD DR DETACHED 854,950 782,000 3833 186
14536 PFEIFER DR DETACHED 1,200,000 1,100,000 3781 131
290 IRON MOUNTAIN BLVD DETACHED 2,095,000 2,060,000 4733 1

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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Open Houses

Open houseIt has been a hectic 5 days (2 new listings, both sold within days, whew!) so I apologize for the lateness of this posting. I had intended to do this last week.

Believe it or not, open houses are actually fairly controversial among Realtors. Years ago I worked in an office where one of the agents had a large sign he used at listing appointments. It had the words “Open House” with one of those big red “O’s” with a line through it. In other words, he let people know right up front he would not be doing any open houses. That is one side of the argument, that they don’t work. I am on the other side, I think that they do work.

For some real estate agents I think they feel it is a waste of time. It is true that the Internet is way more affective to generate interest in a house. The other thing that’s affective is correct pricing. And as someone who has spent many, many hours in open houses, it can feel like a waste of time. But I do them anyway.

Why? Because they work. Not every time. In fact, not most of the time. But they are a tool. Why not use every tool available? In 28 years of selling houses, I have held open houses for every listing I have ever had if it stayed on the market for more than a week. This means I do open houses nearly every weekend and sometimes 2 in one day. But you know what? I sell a house off of my open house efforts every now and again. I am writing this post because I sold a listing off of an open house about a week ago.

Now a word of caution. When an open house is held, the listing agent has no control over who attends. This means that the public is coming through the house. As a home owner, you need to put away any tempting items that could be pilfered: jewelry, little clocks and collectables, money, watches, and prescription medications. As a Realtor, you need to not allow anyone to use the bathrooms and you’ve got to keep an eye on the people who come through by going through the house with them and watching them.

In a nutshell, I don’t think open houses are a waste of time. Because I do them, I have seen them work. If I didn’t do them, well that would doom them to failure from the get go.

So here’s wishing you some happy house hunting on a nice, sunny afternoon like today.
Dianne

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Market Activity May 25-31, 2015

We are definitely in the full throws of the spring market. It is hectic! Last week in Lake Oswego there were 21 new listings, 19 houses that went pending, and 22 closed sales.

Following is the breakdown for you according to RMLS for last week:

New on the Market (May 25-31, 2015)

Address Type Price BR Bths SF
3812 Botticellil St Condo $239,000 3 2 1200
17780 Hill Way Detached $275,000 2 1 960
36 Wheatherstone Condo $300,000 3 2.5 1692
15112 Quarry Rd Detached $364,900 3 2 1968
820 Boca Ratan Dr Detached $399,000 4 3 2220
4793 Auburn Ln Attached $450,000 3 2.5 2083
5431 Willow Ct Attached $475,000 3 2.5 2465
15941 Inverurie Rd Detached $495,000 4 2 2611
37 Berwick Rd Detached $510,000 3 2 2198
4311 Orchard Way Detached $615,000 4 2.5 2804
760 Timberline Dr Detached $624,500 4 3 3058
5335 Carman Grove Ln Detached $695,000 3 2.5 2316
17024 Canal Circle Detached $785,000 3 1 1267
2221 Overlook Dr Detached $799,000 3 2.5 3628
5590 Koderra Ave Detached $828,800 4 2.5 3289
3788 Southshore Blvd Detached $900,000 3 3 3224
769 2nd St Detached $1,150,000 5 2.5 3308
610 9th St Detached $1,200,000 4 3.5 3690
3914 Edens Edge Dr Detached $1,745,000 5 5.5+.5 6891
129 Furnace St Condo $1,995,000 4 4.5 5772
3142 Lakeview Blvd Detached $4,350,000 4 5 5554

Pending Sales (May 25-31, 2015)

Address Type Price BR Baths SF DOM
4 Crestfield Ct #4 Condo $145,000 2 1 923 14
19 Crestfield Ct Condo $157,000 2 1 923 19
226 Ridgeway Rd Condo $170,000 1 1 756 5
5276 W Sunset Dr Detached $319,000 2 1 840 23
5340 Chinook Ct Detached $374,500 3 2 1801 5
1637 Devon Ln Detached $399,900 4 2.5 2494 7
15921 Kimball St Detached $499,900 3 2 2309 3
147 Del Prado St Detached $519,000 3 3 2790 31
17101 Chapin Way Detached $519,000 3 2 1949 74
17820 Westview Dr Detached $524,900 3 2.5 2407 25
4736 Amherst Ct Attached $575,000 3 2.5 2812 4
1982 Park Forest Ave Detached $585,000 4 3 2765 24
14309 Meadow Grass St Detached $599,999 4 2.5 2620 1
2737 Tolkien Ln Detached $699,000 4 3.5 4397 3
5864 Stewart Glenn Ct Detached $790,000 4 2.5 3224 4
18430 Pilkington Rd Detached $795,000 4 3 2946 18
851 9th St Detached $999,900 4 2.5 2699 6
15451 Village Dr Detached $1,075,000 3 3.5 4154 12
3140 Douglas Circle Detached $1,395,000 4 3.5 4333 54

Sold/Closed (May 25-31, 2015)

Address Type List Price Closed Price Sq Ft CDOM
44 Cervantes Cir #44 Condo $132,500 $125,000 912 21
16250 Pacific Hwy #67 Condo $149,900 $140,000 841 45
191 Oswego Summit Condo $150,000 $100,000 1506 304
16200 Pacific Hwy #21 Condo $269,000 $259,000 1,190 113
15434 Stephanie Ct Attached $315,000 $320,000 1566 2
7 Condolea Dr Condo $380,000 $380,000 2388 23
44 Northview Ct Attached $385,000 $385,000 2340 7
4972 Galen St Attached $430,000 $421,000 1942 175
5189 Tualata Ln Detached $475,000 $440,000 2422 150
683 5th St Detached $450,000 $450,000 2100 0
556 6th St Detached $450,000 $450,000 1560 0
1297 Hide a Way Ln Detached $525,000 $522,000 1832 6
18728 Bryant Rd Detached $544,995 $524,995 2736 45
3170 Royce Way Detached $539,900 $535,000 3193 6
5326 Childs Rd Detached $549,901 $538,000 1801 57
17650 Westview Dr Detached $579,900 $555,000 2849 101
3009 Wembley Park Rd Detached $598,500 $570,000 1704 122
4201 Haven St Detached $649,900 $625,000 2678 33
77 Garibaldi St Detached $829,000 $817,000 3023 49
496 8th St Detached $879,000 $850,000 2899 35
1901 Summit Dr Detached $899,000 $899,000 3444 7
720 Kenola Ct Detached $1,200,000 $985,000 3727 53

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, May 11-17 2015

Spring has not only been beautiful but very busy!
During the week of May 11 to May 17 we saw 24 new houses debut on the market, 16 homes went pending, and 20 marvelous houses sold!

Following is the breakdown for you according to RMLS for last week:

New on the Market (May 11-17, 2015)

Address Type Price Bedrooms Bathrooms Sqft
16 CRESTFIELD CT CONDO 95,500 1 1
47 EAGLE CREST DR #24 CONDO 109,000 1 1 672
4626 LOWER DR CONDO 132,000 2 1.5 1260
4 CRESTFIELD CT #4 CONDO 145,000 2 1 923
3814 BOTTICELLI ST ATTACHED 189,900 2 2 1055
4334 BOTTICELLI ST CONDO 239,000 2 2.5 2298
10 CONDOLEA DR ATTACHED 240,000 2 2 1312
21 ORIOLE LN DETACHED 375,000 2 2 1473
5861 BENFIELD CT DETACHED 399,500 4 2 1557
18581 WAXWING WAY DETACHED 479,000 4 2.5 2076
6286 HARRINGTON AVE DETACHED 529,000 3 2 3219
2440 OVERLOOK DR DETACHED 565,000 4 3 3850
3099 ROSEMARY LN DETACHED 599,000 4 4 4486
5355 CARMAN GROVE LN DETACHED 625,000 4 2.5 2302
17455 BROOKHURST DR DETACHED 669,000 4 2.5 2884
12777 SIERRA VISTA DR DETACHED 694,000 4 2.5 3144
14001 WESTCOTT CT DETACHED 719,900 3 2.5 3223
22 HOTAPUR ST DETACHED 829,000 5 3.5 4002
1120 HOODVIEW LN DETACHED 919,900 4 3 3454
5349 WASHINGTON CT DETACHED 1,000,000 4 3.5 3850
15451 VILLAGE DR DETACHED 1,075,000 3 3.5 4154
1979 COUNTRY CLUB RD DETACHED 1,199,000 5 5.5 4115
1578 VIEW LAKE CT DETACHED 1,549,000 4 4.5 4476
149 FURNACE ST CONDO 1,795,000 3 3.5 4784

Pending Sales (May 11-17, 2015)

Address Type Price Bedroom Bathrooms DOM
45 EAGLE CREST DR #214 CONDO 179,000 1 2 12
44 NORTHVIEW CT ATTACHED 385,000 2 3 7
550 2ND ST CONDO 389,500 2 1.5 343
1207 HALLINAN CIR DETACHED 389,900 2 2 3
17390 CARDINAL DR DETACHED 425,000 3 2 2
101 3RD ST CONDO 485,000 3 2 3
2550 GREENTREE RD DETACHED 499,000 4 3 18
4798 AUBURN LN ATTACHED 529,000 3 3.5 5
504 10TH ST DETACHED 700,000 3 2 69
6484 MCDUFF CT DETACHED 749,000 4 4 18
18120 DELENKA LN DETACHED 759,900 4 2.5 14
14053 AMBERWOOD CIR DETACHED 782,500 3 3 5
1267 MAPLE ST DETACHED 879,000 4 2.5 210
4350 LORDS LN DETACHED 1,199,000 5 4 5
14084 GOODALL RD DETACHED 1,395,000 5 5.5 256
16707 GRAEF CIR DETACHED 2,100,000 4 3.5 4

Sold/Closed (May 11-17, 2015)

Address Type List Price Close Price Sqft DOM
66 GALEN ST CONDO 109,500 96,000 689 111
44 EAGLE CREST DR #26 CONDO 136,500 136,500 908 0
16470 BRYANT RD DETACHED 324,900 312,500 2024 140
12804 SW BOONES FERRY RD ATTACHED 316,000 316,000 1174 0
1689 MEADOWS DR DETACHED 394,900 395,000 2182 23
1878 MAPLELEAF RD DETACHED 399,900 397,000 1347 5
44 AQUINAS ST DETACHED 379,900 410,000 1870 24
17763 MARDEE AVE DETACHED 447,000 450,000 2300 10
5364 GREYSTOKE DR DETACHED 458,500 458,500 1807 2
13166 PETERS RD DETACHED 525,000 460,000 2575 0
3 EL GRECO ST DETACHED 439,500 460,000 2370 2
25 PARTRIDGE LN DETACHED 485,000 476,000 3148 14
1901 WOODLAND TER DETACHED 519,000 495,000 2944 1
4925 MULHOLLAND DR ATTACHED 520,000 520,000 2424 2
279 EVERGREEN RD ATTACHED 639,000 632,000 2136 9
4945 PARKHILL ST DETACHED 659,900 659,900 3302 0
15947 WALUGA DR DETACHED 725,000 700,000 3370 18
2671 GLEN EAGLES RD DETACHED 825,000 825,000 4019 5
893 10TH ST DETACHED 979,000 979,000 2719 0
13286 GOODALL RD DETACHED 1,750,000 1,682,500 6819 142

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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Beautiful running routes in Lake Oswego

I hope you are all enjoying this great weather today, though in the past few days it has been seeming a little bi-polar with sun, then rain, then sun again.
With sunshine and pleasant temperature, I have found that I am more motivated to trail blaze my old running routs, and I have seen many other neighbors express the same motivation. I must say that Lake Oswego is one of the BEST cities I have ever found to be an active power-walker, hiker, or jogger in. My personal favorite route is to follow along Lakeview Blvd, up Summit (if you are looking for a good booty-kicker hill), and then down around Iron Mountain. For the distance I like to choose North Shore, McVey, and then South Shore (though it will be a while before I can enjoy that heck-of-a-trek).
Wherever you wander you will likely see the most beautiful of scenes with our lush greenery, glimpses of our glimmering lake, magnificent houses, and many friendly neighbors (I have never run into a person in LO that hasn’t offered up a friendly wave or a kind hello!)
So wherever your feet take you, I hope you get the chance to work up a healthy sweat in our activity-friendly city.

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Market Activity May 4-10, 2015

Another great week in real estate has come to pass. Last week Lake Oswego had 20 new listings, 29 pending sales, and 11 closed sales.

Following is the breakdown for you according to RMLS for last week:

New on the Market (May 4-10, 2015)

Address Type Price BR Bths SF
47 Eagle Crest DR #43 Condo $124,900 2 1 932
19 Crestfield Ct Condo $157,900 2 1 923
5849 Fernbrook Circle Detached $275,000 3 1.5 1239
16173 Lake Forest Blvd Detached $335,000 3 1 1334
208 Greenridge Dr Attached $337,500 3 2 1392
5276 W Sunset Dr Detached $349,000 2 1 840
44 Northview Ct Attached $385,000 2 3 2340
17902 Meadowlark Ln Detached $519,900 3 2.5 1950
17820 Westview Dr Detached $524,900 3 2.5 2407
1500 Woodland Terr Detached $559,000 4 2.5 2798
1982 Park Forest Ave Detached $585,000 4 3 2765
17336 Hunter Ct Detached $609,900 3 2.5 3023
18295 Westview Dr Detached $624,950 4 3 3580
55 Northshore Rd #11 Condo $749,000 2 1.5 1910
14053 Pilkington Rd Detached $795,000 4 3 2946
18493 Ray Ridge Dr Detached $1,125,000 4 3.5+.5+.5 4401
4350 Lords Ln Detached $1,199,000 5 4 3888
2464 Palisades Crest Dr Detached $1,199,000 4 2.5 3897
583 2nd St Condo $1,250,000 2 2.5 2304
14053 Amberwood Circle Detached $782,500 3 3 3126

Pending Sales (May 4-10, 2015)

Address Type Price BR Baths SF DOM
104 Oswego Summit Condo $99,000 1 1 764 4
44 Eagle Crest Dr #26 Condo $136,500 2 1 908 0
4000 Carmen Dr G101 Condo $149,900 2 2 869 12
3892 Botticelli St Condo $225,000 3 2 1288 32
1316 Cedar St Detached $230,000 1 1 1594 0
48 Eagle Crest Dr 3D Condo $248,000 2 2 1434 20
16200 Pacific Hwy #21 Condo $269,000 2 2 1190 113
668 McVey Ave #76 Condo $274,900 2 1 836 14
5860 Lakeview Blvd Detached $289,900 2 1.5 1435 14
4324 Woodside Circle Attached $309,900 2 2 1216 3
13985 Sundeleaf Dr Detached $359,990 3 2 1278 23
18651 Don Lee Way Detached $399,000 4 2 1630 21
14710 Davis Ln Attached $399,999 2 2.5 1680 3
16953 Greentree Ave Detached $420,000 4 3 1941 4
4596 Lamont Way Detached $424,900 4 2 2236 7
18481 Waxwing Circle Detached $453,000 3 2.5 1840 52
16915 Crestview Dr Detached $459,000 4 2.5 2180 8
5221 Rosewood St Detached $469,000 3 2.5 2226 18
6276 Frost Ln Detached $489,900 4 3.5 2304 17
4725 Firwood Rd Detached $569,900 4 2.5 2557 6
17833 Hillside Way Detached $575,000 4 3 2668 32
2464 Marylhaven Pl Detached $610,000 4 2.5 2898 4
17244 Fernwood Dr Detached $649,900 4 2.5 2617 7
17065 Tualatin St Detached $739,000 3 2.5 2733 9
5955 Sunbrook Dr Detached $759,000 4 3 3110 5
15195 Lily Bay Ct Detached $898,000 4 2.5 4099 66
3301 Upper Dr Detached $1,295,000 4 3.5 4555 29
2322 Knaus Rd Detached $1,595,000 4 3.5+.5 4875 19
1495 Oak Terrace Detached $1,995,950 4 4 3983 542

Sold/Closed (May 3-10, 2015)

Address Type List Price Closed Price Sq Ft CDOM
15938 Quarry Rd A5 Condo $164,900 $159,000 996 7
668 McVey Ave #33 Condo $284,900 $270,000 852 58
3 Condolea Dr Condo $325,000 $296,500 2198 146
13901 Sundeleaf Dr Detached $399,000 $378,000 1,900 60
629 5th St Detached $529,000 $425,000 1122 266
1981 Summit Dr Detached $647,500 $490,000 2579 630
18640 Tualata Ave Detached $463,500 $525,000 2076 4
238 5th St Detached $725,000 $635,000 2134 69
17656 Woodhurst Pl Detached $825,000 $760,000 4597 51
13554 Peters Rd Detached $899,850 $885,000 3036 36
3131 Westview Ct Detached $1,150,000 $1,120,000 4688 4

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.

Posted on

Economic Recovery

The great recession of 2007-2013 is now well in the past with just a few lingering elements. I thought it would be helpful to share some insight on how this may affect your decision to buy or to sell a home.

Is it time to become a homeowner, again?

I am now seeing folks who lost their home to foreclosure, shortsale, or perhaps went through a bankruptcy getting back into home ownership. This chart was given to me by Ginny Schider, a wonderful loan officer at Pacific Residential Mortgage (503-319-3646). It shows the wait time necessary before you can be eligible for a new mortgage if you have experienced one of these events:

Loan Program Chapter 7 Bankruptcy Chapter 13 Bankruptcy Shortsales Foreclosure
or Deed-in-liew
Fannie Mae
Insured Loans 4 years from discharge 2 years from discharge 4 years 7 years
4 years from dismissal
Feddie Mac 5 years 5 years 4 years 7 years
Insured Loans
FHA 2 years from discharge 12 months acceptable 3 years 3 years
payment history
USDA 3 years 3 years 3 years 3 years
VA 2 years from discharge 2 years from discharge 2 years 2 years

I have worked with folks in this situation and I’ve got to say it one of the most rewarding experiences I’ve ever had as a Realtor. Seeing folks who have been through hard times getting back on their feet and moving forward with the ability to rebuild their lives.

Still a few lingering foreclosures and shortsales
It’s referred to as the shadow inventory. These are distressed properties that banks have been holding onto. They simply did not want to release too many foreclosures all at the same time. Foreclosures and shortsales tend to sell for less. So if too many happen all at once, they tend to cause declining home values. Banks addressed this by not putting them on the market. Some are vacant homes that are just sitting in neighborhoods because the house has already been foreclosed upon. Others are home owners who know their house is in foreclosure, but the bank has not finalized it. I am aware of people who have been living in homes, not making mortgage payments, but not being kicked out, for years. I believe banks choose to allow this to happen because if the person in default is still in the house, then the house is being heated and watched over. It is simply safer for the property.

I don’t know how long it will take for these hold out foreclosures to be sold, but they are continuing to trickle onto the market.

Shortsales have become much less common. This is because as values have come back, many home owners are now no longer under water with a mortgage that is greater than their home value. This is not to say that they are not still happening. It is simply less frequent.

So, while the recession is technically over, effects from it are still happening. And if you are someone who went through a bankruptcy, foreclosure, or shortsale, the good news is you may be approaching the time when you can become a home owner again. Don’t hesitate to give Whitney, Linda, or myself a call if you need a good Realtor!

Dianne

Posted on

Market Activity April 13-19, 2015

We are continuing to see more houses selling than houses coming on the market. This means inventory is tight and it is more of a seller’s market. The majority of houses are selling quite quickly, but there are still a few that have had extended market time. This reflects how important it is to get the pricing right when you list your house for sale. Priced right it will sell fast!

Last week in Lake Oswego we had 19 houses come onto the market, 26 move to pending status, and 24 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Apr 13-19, 2015)

Address Type Price BR Bths SF
48 Eagle Crest Dr 3D Condo $248,000 2 2 1434
13985 Sundeleaf Dr Detached $359,990 3 2 1278
18651 Don Lee Way Detached $399,000 4 2 1630
17270 Bryant Rd Detached $399,000 3 3 2619
13431 Vermeer Dr Detached $499,000 3 2.5 2700
13951 Shireva Ct Detached $499,900 4 3 2185
5695 Washington Ct Detached $515,000 4 2 1769
5600 Dogwood Dr Detached $525,000 3 2 1908
5554 Royal Oaks Dr Detached $539,000 3 2 1861
4979 Galen St Detached $579,900 4 2.5 3298
221 6th St Detached $625,000 3 2 1508
2699 Tolkien Ln Detached $670,000 4 2.5 3115
13010 Sierra Vista Dr Detached $774,900 5 3.5 3450
4055 Orchard Dr Detached $795,000 5 3.5 3354
16987 Alder Circle Detached $839,000 3 2.5 1987
1821 Oak St Detached $899,000 4 3.5 5510
17353 Ridgeview Ct Detached $1,285,000 4 3.5 4032
14 Dover Way Detached $1,485,000 5 3.5 4593
2322 Knaus Rd Detached $1,595,000 4 3.5+.5 4875

Pending Sales (Apr 13-19, 2015)

Address Type Price BR Baths SF DOM
48 Eagle Crest Dr 1C Condo $99,900 2 2 1370 231
16250 Pacific Hwy #82 Condo $150,000 1 1 841 17
4 Touchstone #89 Condo $155,000 3 2.5 1351 72
1400 Bonniebrae Dr Attached $185,000 2 1 864 4
45 Eagle Crest Dr #219 Condo $189,000 3 2 1537 5
4107 Jefferson Pkwy Condo $237,500 2 2.5 1367 7
4283 Woodside Circle Attached $359,900 4 2 2032 10
1878 Mapleleaf Rd Detached $399,900 3 1.5 1347 5
5866 Ridgetop Ct Detached $407,500 3 2 1866 2
5210 Coventry Ct Detached $510,000 3 2.5 2135 2
1901 Woodland Terr Detached $519,000 4 3 2944 1
1119 Oak St Detached $529,900 4 2.5 2123 99
5326 Childs Rd Detached $549,901 3 2.5 1801 57
17650 Westview Dr Detached $565,000 4 3 2849 101
238 5th St Detached $657,000 3 2 2134 69
15 Nansen Summit Detached $685,000 3 2.5 3098 17
4125 Hedge Nettle Ct Detached $715,000 4 2.5 2890 6
4123 Chad Dr Detached $795,000 4 3.5 3833 186
18977 Barton Rd Detached $875,000 4 3.5+.5 5076 30
49 Briarwood Rd Detached $950,000 3 2 2162 138
13017 Knaus Rd Detached $1,249,000 4 3.5 46990 329
1059 Bayberry Rd Detached $1,399,950 4 3.5 3550 89
2410 Summit Ct Detached $1,595,000 3 3.5 3750 0
2493 Southshore Blvd Detached $2,895,000 5 5.5 7112 458
1780 Ridgecrest Dr Detached $3,750,000 4 5.5 6000 35

Sold/Closed (Apr 13-19, 2015)

Address Type List Price Closed Price Sq Ft CDOM
44 Eagle Crest Dr #1 Condo $134,900 $134,900 908 3
48 Eagle Crest Dr Condo $184,900 $152,500 1623 65
5225 Jean Rd Condo $170,000 $165,000 1100 10
900 Cornell St Detached $314,000 $295,000 1,300 24
668 McVey Ave #72 Condo $325,000 $325,000 1184 2
44 Oriole Ln Detached $389,000 $393,000 2156 6
134 Kingsgate Rd Detached $399,000 $397,100 1794 5
732 Clara Ct Detached $499,900 $402,500 2935 713
14201 Dolph Ct Detached $449,000 $432,500 1864 53
13855 Verte Ct Detached $449,000 $450,000 1835 12
1725 Fernwood Dr Detached $479,000 $460,000 1580 13
18768 Wood Duck St Detached $599,900 $477,500 2940 346
13721 Regency Ct Detached $509,500 $492,500 2311 102
18706 Bryant Rd Detached $519,995 $499,995 2400 23
6 Northview Ct Attached $532,500 $522,000 3200 14
1015 Southshore Blvd Detached $629,000 $603,500 3882 43
5665 Grand Oaks Dr Detached $780,000 $720,000 4226 1
1785 Palisades Terrace Dr Detached $799,000 $735,275 5052 227
2109 Wembley Park Rd Detached $795,000 $795,000 3154 73
2726 Rivendell Rd Detached $849,000 $849,000 3315 2
816 4th St Detached $949,900 $949,900 2699 9
703 5th St Detached $979,000 $979,000 2,719 4
17335 Canal Circle Detached $1,050,000 $1,050,000 2092 0
17138 Cedar Rd Detached $1,569,000 $1,410,000 3017 89

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.