A Guide to Lake Oswego Real Estate and Community
Dianne,  Linda & Whitney

Brought to you by Dianne Gregoire, Linda Rossi (Trotta) and Whitney Gregoire, brokers with Oregon First, a professional real estate company licensed with the Oregon Real Estate Agency.

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Market Activity ~ Feb 23 - March 1, 2015

Lake Oswego is seeing lots of activity, along with the greater Portland area.

Here is your Latest Market Data: Last week in Lake Oswego we saw 16 New properties enter the market, 26 move to Pending status, and 15 “Closed”/Sold!

Following is the breakdown for you according to RMLS:

NEW on Mkt (Feb 23-Mar 1, 2015)

Address List Price # Beds # Baths Total SF Prop Type
56 GALEN ST Upper $142,500 2 2 1000 CONDO
44 ORIOLE LN $389,000 4 2.1 2156 DETACHD
4871 CENTERWOOD ST $415,000 4 3 2619 DETACHD
1107 CHERRY LN $424,900 3 2 2094 DETACHD
1428 GREENTREE CIR $425,000 4 2.1 2236 DETACHD
13855 VERTE CT $449,000 3 2.1 1835 DETACHD
1250 PINE ST $529,900 4 3 2856 DETACHD
13819 PROVINCIAL HILL DR $549,900 4 2.1 2096 DETACHD
27 BECKET ST $579,900 3 2 2715 DETACHD
4004 MELISSA DR $598,950 4 2.1 2839 DETACHD
720 MAPLE ST $719,000 3 2.1 3966 DETACHD
2855 SW UPPER DR $1,150,000 3 2 1749 DETACHD
17620 BLUE HERON RD $1,198,000 4 3.1 4041 DETACHD
16655 MAPLE CIR $1,269,000 3 2 2030 DETACHD
14733 UPLANDS DR $2,495,000 6 5.3 7088 DETACHD
17096 CHAPIN WAY 1395000 – 1495000 4 5 4395 DETACHD

PENDING SALES (Feb 23-Mar 1, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
368 CERVANTES CIR $119,999 2 1 882 CONDO 27
86 KINGSGATE RD #F 106 $142,000 2 2 840 CONDO 3
106 OSWEGO SMT $165,000 2 2 1140 CONDO 5
45 EAGLE CREST DR #308 $169,900 2 2 1046 CONDO 24
152 RIDGEWAY RD $234,900 2 1.1 1794 CONDO 3
18660 DON LEE WAY $274,900 3 1 946 DETACHD 206
38 WHEATHERSTONE $299,900 3 2.1 1692 ATTACHD 8
15364 TWIN FIR RD $349,900 3 2 1608 DETACHD 271
9 CONDOLEA DR $380,000 3 3 2198 CONDO 5
17617 ARBOR LN $390,000 3 2 1745 DETACHD 214
5926 DOVE CT $435,000 3 2 1807 DETACHD 2
18863 INDIAN SPRINGS RD $439,900 4 3 2001 DETACHD 3
16201 LAKE FOREST BLVD $444,900 3 2.1 1846 DETACHD 108
4733 FIRWOOD RD $474,900 4 3 2310 DETACHD 189
103 GARIBALDI ST $479,000 3 3.1 3322 DETACHD 1188
19 MONTICELLO DR $479,900 6 3 3678 DETACHD 27
2250 PARK RD $559,000 3 2 2041 DETACHD 3
4848 HASTINGS DR $575,000 3 2.1 2174 DETACHD 3
409 MIDDLECREST RD $599,000 3 3 2135 DETACHD 15
3285 CHILDS RD $599,900 4 3 2693 DETACHD 3
797 F AVE $700,000 3 2.1 2323 DETACHD 2
13643 MELROSE PL $799,900 4 4 4146 DETACHD 45
1136 WESTWARD HO RD $895,000 3 2.1 3344 DETACHD 324
568 9TH ST $925,000 3 3.1 2825 DETACHD 85
816 4TH ST $949,900 4 2.1 2699 DETACHD 9
2490 SUMMIT DR $2,200,000 4 2 3000 DETACHD 212

SOLD  (Feb 23-Mar 1, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
28 CRESTFIELD CT $145,000 $150,000 2 2 995 CONDO 3
5185 CARMAN DR $389,000 $325,000 3 1.1 1848 DETACHD 141
123 CONDOLEA DR $375,000 $335,000 3 3 2143 CONDO 153
5053 W SUNSET DR $375,000 $373,000 2 2.1 1720 ATTACHD 2
17251 GREENTREE AVE $414,950 $410,000 4 2.1 2728 DETACHD 45
4104 LAKEVIEW BLVD $439,000 $420,000 4 2 2252 DETACHD 66
143 KINGSGATE RD $450,000 $442,500 3 2 2618 DETACHD 131
14353 HOLLY SPRINGS RD $525,000 $525,000 4 3 2238 CONDO 129
4959 BILFORD LN $549,900 $549,900 3 2.1 2456 DETACHD 4
4729 FIRWOOD RD $599,900 $550,000 3 2.1 2594 DETACHD 87
5590 KILCHURN AVE $624,900 $570,900 4 2.1 2472 DETACHD 68
3877 TEMPEST DR $690,000 $695,000 4 2.1 3237 DETACHD 4
1051 COUNTRY COMMONS $849,000 $779,900 4 2.1 3582 DETACHD 224
2950 UPPER DR $795,000 $785,000 4 3.1 3373 DETACHD 64
3700 MARQUIS CT $924,850 $919,000 4 2.1 4251 DETACHD 69

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 Feb 16 - 23rd 2015

This activity report is coming a little late, though it is a big one! Spring market has arrived and is dressed to impress! We have 26 houses that have reached the market and are ready to be visited. There are 30 houses that are pending, and best of wishes upon their closing! 11 sold properties, which means 11 new neighbors!

Following is the breakdown for you according to RMLS:

New on Market (Feb 16-23, 2015)

Address Type Price Bedrooms Bathrooms Sqft
200 BURNHAM RD #306 CONDO 195,000 2 1 1199
9 CONDOLEA DR CONDO 380,000 3 3 2198
5530 BONITA RD DETACHED 398,000 3 2 1200
4871 CENTERWOOD ST DETACHED 415,000 4 3 2519
18706 BRYANT RD DETACHED 519,995 3 2.5 2400
5326 SW CHILDS RD DETACHED 549,901 3 2.5 1801
18364 BRYANT RD DETACHED 551,995 3 2.5 2736
27 BECKET ST DETACHED 579,900 3 2 2615
1868 GLENMORRIE DR DETACHED 585,000 3 4 3032
14121 REDWOOD CT DETACHED 629,900 4 3.5 2703
2051 CREST DR DETACHED 699,500 4 2 2886
729 SOUTHVIEW RD DETACHED 725,000 3 2 2657
1770 HEADLEE LN DETACHED 750,000 2 3 2434
17620 BLUE HERON RD DETACHED 1,198,000 4 3.5 4041
17620 WOODHURST PL DETACHED 1,200,000 4 4 4389
720 KENOLA CT DETACHED 1,200,000 3 3.5 3727
1956 CHERYL CT DETACHED 1,425,000 4 4.5 5334
17096 CHAPIN WAY DETACHED 1,395,000-1,495,000 4 3.5 4395
401 9TH ST DETACHED 1,590,000 4 3.5 4288
1135 LAKE FRONT RD DETACHED 2.295,000 4 4 4245

Pending Sales (Feb 16-23, 2015)

Address Type Price Bedroom Bathrooms Sqft DOM
169 OSWEGO SMT #169 CONDO 83,032 2 2 1330 126
4000 CARMAN DR #55 CONDO 149,900 2 2 866 123
3433 MCNARY PKWY #208 CONDO 150,000 2 2 1008 8
45 EAGLE CREST DR #308 CONDO 169,900 2 2 1046 24
15868 PARKER RD DETACHED 219,950 2 1 780 36
152 RIDGEWAY RD CONDO 234,900 2 1.5 1794 3
65 KINGSGATE RD ATTACHED 299,900 3 2 1237 4
16735 LAKE FOREST BLVD DETACHED 318,900 3 2 1192 118
1743 ASPEN CT DETACHED 326,900 3 2 1341 115
4171 OLD GATE RD DETACHED 350,000 4 2 1752 7
43 CONDOLEA CT CONDO 365,000 2 2.5 2157 31
5185 CARMAN DR DETACHED 389,000 3 1.5 1848 141
4820 LAMONT WAY DETACHED 392,900 3 2.5 1768 193
3402 LAKE GROVE AVE DETACHED 410,000 3 2 1686 102
5926 DOVE CT DETACHED 425,000 3 2 1807 2
12836 SIERRA VISTA DR DETACHED 449,000 4 2.5 2166 136
2508 ORCHARD HILL PL DETACHED 454,000 3 2.5 2229 4
1653 DEVON LN DETACHED 485,000 4 3 3181 165
644 ELLIS AVE DETACHED 499,000 3 2 3340 16
17393 SCHALIT WAY DETACHED 540,000 3 2 2240 16
2234 FERNWOOD CIR DETACHED 545,000 4 3 2975 84
124 D AVE ATTACHED 550,000 2 2.5 1754 7
4258 ALBERT CIR DETACHED 659,000 4 2.5 2745 197
1890 CREST DR DETACHED 725,000 3 2.5 2782 144
1051 COUNTRY COMMONS DETACHED 799,900 4 2.5 3582 224
13643 MELROSE LP DETACHED 799,900 4 4 4146 45
14626 UPLANDS DR DETACHED 828,900 4 3 2951 2
2726 RIVENDELLL RD DETACHED 849,000 5 3 3315 2
18253 SIENA DR DETACHED 1,198,000 5 4 4310 3
13612 GOODALL RD DETACHED 1,469,000 5 4.5 4362 332

Sold/Closed (Feb 16-23, 2015)

Address Type List Price Close Price Sqft DOM
1803 BOCA RATAN DR ATTACHED 297,000 288,000 1739 44
18275 TERRY CT DETACHED 319,000 315,000 1270 228
5695 WASHINGTON CT DETACHED 349,900 345,000 1769 9
47 ORIOLE LN DETACHED 399,500 378,000 1958 123
5907 FERNBROOK CIR DETACHED 399,900 398,950 1892 175
4104 LAKEVIEW BLVD DETACHED 439,000 420,000 2252 66
2 PIMLICO TER DETACHED 599,000 490,000 2301 83
1562 CHANDLER RD DETACHED 1,225,000 500,000 2318 305
1560 LABURNUM WAY DETACHED 499,900 520,000 1773 1
2762 VALE CT DETACHED 620,000 620,000 2709 7
1766 PALISADES TERRACE DR DETACHED 750,000 735,000 2792 190

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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Zillow buys Trulia, how does this affect the game?

Back in January of 2015 Zillow spent 3.5 billion dollars and bought out Trulia, though instead of overhauling their competitor, they have decided to maintain separate identities while working together to achieve larger real estate advertisement goals.

For most modern-day home buyers, actively or even casually in the market looking for a house, they will turn to the comfort of their computer at home or even on their mobile device while out and about. It is just so much more convenient to have the information on hand than it is to call up a real estate agent and request the information. Typically what sites do they turn too? Zillow and Trulia are the most popular public access real estate information platforms on the internet today. Zillow gives a rough estimate on the price of houses currently on the market, while Trulia offers information on the location of the home, the neighborhood, various draw-ins around the neighborhood, and even provides readily accessible information for mortgage brokers.

How does this affect homebuyers?
For home buyers this is a dream. House shopping becomes painless, quick, and convenient. You can easily bring up houses side-by-side and compare traits that you would find most favorable when making that very important decision of buying (or even selling!) a home.

How does this affect Realtors?
Realtors are no longer turned to as the gurus of knowledge for obtaining information on all houses provided for by the real estate market. Though that does not mean that we have been replaced! The most important job a Realtor can take on is being there in person with buyers and sellers, and guiding them through the experience. A LOT of paperwork goes into buying and selling houses now days, and it is a Realtor’s job to walk you through the steps and help guide you, while making sure that you are well informed of anything and everything that is known about the property. Instead of being the gatekeepers of information on the real estate market they are now more like guard dogs. It won’t be Zillow who maintains copies of counter-offers and addendums, tracks dates, and informs you of deadlines which may risk your earnest money (Nor do I foresee Zillow coming out to a home inspection and/or radon text. But who knows!). One thing that Zillow provides, which is beneficial to Realtors, is that it maintains a database of information on houses that extend nationwide. So real estate agents no longer have to maintain an area of expertise (unless they want too of course) and can participate in transactions as far out (within their state) as they are willing to drive. This is beneficial to those who are active in social media sites and like to maintain a referral network.

For selling agents Zillow and Trulia make advertising your listing a breeze, but only for those surfing the internet. Though it is nice to have easy-access internet advertising, if you wish to stand out from other listings, which have the same publicity on Zillow/Trulia, you will need to continue working those open houses!
As a side note: no matter what information Zillow or Trulia finds on a property. It will inevitably still be the listing agent who will be the most knowledgeable about specific details.

How does Zillow get its prices?
Zillow uses an algorithm known as The Zestimate. Like the very function of its name, it is an estimate and NOT an appraisal (estimates are not used legally to determine the actual value of the house). The Zillow Zestimate uses information on the property such as previous prices the home was bought and sold by, as well as houses in the neighborhood that are of similar price value. The Zestimate does NOT take into account subjective desires like: views, shops, RV parking, gardens, real wood floors, stained glass, finished and furnished basements (which are just a few of the things not considered, to give you an idea. Zillow only looks at prices and price history). Zillow’s Zestimate aims at giving you an idea of where to start when pricing a home. Some Zestimates are going to be more accurate than others depending on the activity of the neighborhood in the real estate market. In essence: if a Zestimate is too low it could be because Zillow is not taking into account a completely new kitchen renovation, as well as any other amenities that may make the house more desirable than houses surrounding the property.

What can I expect to see now that Zillow and Trulia have joined forces?
A mass information abundance! Which is a good thing for buyers, sellers, and Realtors! Providing easy access for information on houses while you are already browsing your social media sites, or surfing the internet.

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Tennis Opportunities

09_tennis_resurfI think there are quite a number of things that add to quality of life, and staying active and fit is one of them. For some that may involve aerobics, weights, walking, running, swimming, any number of activities. The greater your options, the greater the odds are that you’ll stay active, and tennis is a great option.

The City of Lake Oswego offers indoor and outdoor tennis options.

Outdoor tennis is found in 7 locations, 2 of which have lighting for evening use. These courts are first-come, first-serve with the exception of the courts that are located on school property. Use at those locations is affected by school use as well. But they are pretty simple to use and easy to find. For a list of locations, click here.

The indoor courts can be found at the Tennis Center at 2900 Diane Drive in Springbrook Park. Open daily from 6:00am to 9:00pm, courts are available on an hourly basis for $18 per hour. Reservations can be made up to a week in advance. For convenience you can buy lump sum packages (still at $18 an hour). In July there is a lottery for up to 4.5 months of advance reservations in September to May.

dsc_0387The indoor facility has four courts. There are a wide variety of activities for all ages, and all abilities: general use, lessons, competitions, youth tennis, it’s very impressive.

Of special note, the Lake Oswego Tennis Center, with sponsorship from the Greater Portland Tennis Council, provides the only Special Olympics tennis program in the State of Oregon.

Also, be aware for about 2 weeks each summer the facility is closed for maintenance. Last year the 2 weeks were in August.

I hope you find this helpful. Enjoy!
Dianne

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Market Activity Feb 9-15, 2015

Ok, I am going to just say it, I LOVE living in the Pacific Northwest. This past week it has been 60 degrees and sunny. We have a chance of sprinkles the next couple of days, and then…more sun! That’s pretty perfect for this time of year.

Last week in LO we had 8 new listings, 27 pending sales, and 7 closed sales. My prediction is that in the next few weeks the number of new listings will at least double and, even more likely, triple. If they don’t? We are going to see prices go up. Low supply drives up prices. We shall see….

Following is the breakdown for you according to RMLS:

New on Market (Feb 0-15, 2015)

Address Type Price BR Bths SF
192 Oswego Summit Condo $144,850 2 2 1383
3433 McNary Pkwy #208 Condo $150,000 2 2 1008
4171 Old Gate Rd Detached $350,000 4 2 1752
2508 Orchard Hill Place Detached $454,000 3 2.5 2230
2084 Ridgewood Rd Detached $799,000 3 2.5 2117
77 Garibaldi St Detached $829,000 4 2.5 3515
2726 Rivendell Rd Detached $849,000 5 3 3315
13554 Peters Rd Detached $899,850 3 3 3036

Pending Sales (Feb 9-15, 2015)

Address Type Price BR Baths SF DOM
3930 Lake Grove Ave A1 Condo $130,000 2 1 952 111
116 Oswego Summit Condo $139,000 2 2 1140 323
4 Touchstone #136 Condo $178,500 3 2.5 1351 5
5061 Foothills Dr A Condo $199,950 2 2 991 6
5063 Foothills Dr A Condo $200,000 2 2 991 3
1349 Bonniebrae Dr Attached $319,000 3 1.5 1303 118
4524 Lower Dr #A3 Condo $279,000 3 2.5 1650 130
1260 Hallinan St Detached $298,000 3 1.5 1325 4
6138 Kenny St Detached $314,000 3 1.5 1190 31
4841 Dawn Ave Detached $349,000 3 2 1550 64
4146 Lakeview Blvd Detached $400,000 5 1.5 2056 99
324 4th St Attached $425,000 2 2.5 1731 30
18975 Indian Springs Rd Detached $437,900 4 2.5 1910 6
127 Del Prado St Detached $459,000 4 3 2310 5
886 9th St Detached $469,500 2 1 860 23
18929 Terry Ave Detached $494,900 4 2 2441 20
37 Berwick Rd Detached $495,000 5 2 2198 36
6 Northview Ct Attached $532,500 4 3.5 3200 14
1011 Spruce St Detached $565,000 3 2.5 1930 29
14128 Edenberry Dr Detached $749,900 4 2.5 3168 10
19242 Indian Springs Rd Detached $749,900 4 2.5 3365 35
5488 Southwood Dr Detached $775,000 4 2.5 3280 112
2950 Upper Dr Detached $795,000 4 3.5 3373 64
2109 Wembley Park Rd Detached $795,000 5 3 3154 73
1233 Bickner St Detached $800,000 4 3.5 3150 0
1267 Cherry Ln Detached $849,000 4 2 3311 308
18360 River Edge Ln Detached $957,000 4 2.5 3738 22

Sold/Closed (Feb 9-15, 2015)
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Address Type List Price Closed Price Sq Ft CDOM
59 Galen St Condo $94,900 $94,000 550 22
16250 Pacific Hwy Condo $204,500 $190,000 1305 167
18495 Tamaway Dr Detached $548,000 $548,000 2680 11
909 Lake Front Rd Detached $699,900 $555,000 2,916 480
435 7th St Detached $649,000 $620,000 2010 175
13983 Westcott Ct Detached $649,000 $637,500 2792 71
17237 Kelok Rd Detached $1,090,000 $1,080,000 2206 23

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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From Lake Oswego With Love

HeartsWe at the Property Blotter wish you a Very Sweet Valentines Day!
If you’re looking for something fun to do today IN Lake Oswego, check this out: CLICK HERE

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Market Activity ~ Feb 2-8, 2015

Here comes the sun!
The market is pretty steady right now, and all reports are that the Buyers are out in force.

Here is your Latest Market Data: Last week in Lake Oswego we saw 18 New properties enter the market, 22 move to Pending status, and 10 “Closed”/Sold!

Following is the breakdown for you according to RMLS:

NEW on Mkt (Feb 2-8, 2015)

Address List Price # Beds # Baths Total SF Prop Type
1260 HALLINAN ST $298,000 3 1.1 1325 DETACHD
5061 FOOTHILLS DR $199,950 2 2 991 CONDO
0 Atherton 950000 – 1187500 4 4 3415 DETACHD
14128 EDENBERRY DR $749,900 4 2.1 3168 DETACHD
14034 TAYLORS CREST LN $869,000 5 3.2 4007 DETACHD
320 CERVANTES CIR $129,900 2 1 832 CONDO
4 TOUCHSTONE $178,500 3 2.1 1351 CONDO
4 TOUCHSTONE $160,000 3 2.1 1351 CONDO
2701 LAKEVIEW BLVD $724,500 3 2.1 2289 DETACHD
2701 LAKEVIEW BLVD $724,500 3 2.1 2264 DETACHD
368 CERVANTES CIR $129,500 2 1 882 CONDO
17749 LEAFY LN $579,900 2 3 3300 DETACHD
910 TERRACE DR $1,200,000 4 2.1 3934 DETACHD
4070 VIRGINIA WAY $747,500 3 2.1 3510 DETACHD
6310 ALYSSA TER $465,000 4 2.1 2452 DETACHD
127 DEL PRADO ST $459,000 4 3 2310 DETACHD
17617 ARBOR LN $390,000 3 2 1745 DETACHD
18975 INDIAN SPRINGS RD $437,900 4 2.1 1910 DETACHD

PENDING SALES (Feb 2-8, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
1539 LAKE FRONT RD $1,200,000 4 3.1 3385 DETACHD 119
15365 TWIN FIR RD $449,000 3 1 1201 DETACHD 198
13286 GOODALL RD $1,750,000 5 5.3 6819 DETACHD 142
49 BRIARWOOD RD $950,000 3 2 2412 DETACHD 67
18414 OLD RIVER LNDG $1,795,000 4 4.2 6498 DETACHD 553
15885 WHITE OAKS DR $625,000 4 2.1 2802 DETACHD 55
1401 GREENTREE CIR $419,000 3 2 1800 DETACHD 165
834 6TH ST $459,000 2 1 1062 DETACHD 94
1653 DEVON LN $485,000 4 3 3181 DETACHD 153
18224 BELLA TERRA DR $1,175,000 4 3.1 4050 DETACHD 210
1033 Spruce ST $499,500 2 2.1 1562 DETACHD 28
4504 WILDWOOD ST $399,900 3 2 1655 DETACHD 0
43 CONDOLEA CT $365,000 2 2.1 2157 CONDO 12
808 ELLIS AVE $514,900 3 2.1 2108 DETACHD 28
13024 ROGERS RD $769,000 4 3.1 3333 DETACHD 0
1015 SOUTHSHORE BLVD $629,000 4 3 3882 DETACHD 3
5487 TUALATA CT $339,455 3 2 1200 DETACHD 1
751 BRIERCLIFF LN $528,950 4 3 2534 DETACHD 32
17171 LOWENBERG TER $739,000 4 2.1 3002 DETACHD 118
121 LEONARD ST #C $185,000 2 2 1118 CONDO 131
2286 WEMBLEY PARK RD $699,000 3 3 2000 DETACHD 65
4104 LAKEVIEW BLVD $429,000 4 2 2252 DETACHD 66

SOLD  (Feb 2-8, 2015)

Address Open Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #40 $89,500 $85,000 1 1 696 CONDO 51
4077 JEFFERSON PKWY $234,500 $234,500 2 2.1 1462 CONDO 24
6101 HARRINGTON AVE $359,000 $361,500 3 2.1 1400 DETACHD 62
2751 SUMMIT DR $648,950 $655,000 3 2 2418 DETACHD 145
19211 TERRY AVE $370,000 $370,000 4 2 1872 DETACHD 41
4080 COLTSFOOT LN $525,000 $525,000 4 2.1 2884 DETACHD 0
18177 DELENKA LN $830,000 $787,500 5 2.2 3802 DETACHD 131
1075 OAK TER $340,000 $350,000 3 2 1356 DETACHD 29
616 4TH ST $1,049,000 $1,049,000 4 2.1 3034 DETACHD 0
3554 TEMPEST DR $449,007 $454,000 3 2.1 2279 DETACHD 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.

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The 10 days of the Inspection Period

Inspections! Inspections! Inspections!

So as my learning experience continues to chug along like the little real estate choo choo train that it is; I have come to really value what is found during the home inspections process and I’d like to share some of my experience with you!

First of all I cannot stress how critical the inspection time period is: From the moment an offer is accepted (and all counters are considered) your inspection period starts.

In our contract it states:
”Buyer shall have ___ business days (ten [10] if not filled in), after the date Buyer and Seller have signed this Agreement (hereinafter the “Inspection Period”), which is to complete all inspections and negotiations with Seller regarding any matters disclosed in any inspection report.”

Now! I don’t want to get too preachy, as our contract has a WEALTH of information that protects both our buyers and sellers. But this portion is super important. Basically what it is saying is that once your offer (as a buyer) is accepted then you have 10 business days to fully inspect the home that you are about to buy. At the end of the 10 business days the inspection period closes and it will be assumed that as the buyer you are accepting the house as is!

How you should see this; is as your safety net for an investment and start your inspections ASAP once you enter those 10 days. The sooner you can collect further information on the house the better, as you will want to further negotiate with the seller about the things you have found.

Now I know that those out there who have the sale of their house in mind are thinking:

“Hey wait a minute! What about me? The sale of my home is my investment as well!”

And that is absolutely correct! During the inspection period it will be critical for you as the seller to allow the buyer to perform these inspections so that they may gather the necessary information on the house, and hopefully buy it from you. Whatever comes back to you as a critical or necessary change to the property (that the buyer wishes to express) becomes your knowledge as well, and as a seller you will want to know.

Now during these 10 business days of the Inspection Period, a buyer can at any time unconditionally disapprove of the house due to the found inspections and leave the contract. Say for instance the entire main bathroom floor is rotted and neither buyer nor seller can afford the costly repair at this time, the buyer can decide to politely take his leave as well as his earnest money.

So all in all I wish to communicate that getting your inspections done promptly once entering into a contract to buy a home is super important for everybody involved. 10 business days may seem like a fair amount of time, but by no means is it a time to put off. The inspection period time is your time in your investment.

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Market Activity Jan 26- Feb 1, 2015

It is time to stay up-to-date with what is going on in Lake Oswego’s Real Estate scene! Looks like we have some beautiful new homes that have reached the market that are absolutely worth taking a look at. LOTS of pending properties (23 to be exact!), so we’ll all have some new neighbors soon! And 8 sold homes that will be all moved in hopefully by St. Valentines Day!

Following is the breakdown for you according to RMLS:

New on the Market (Jan 26- Feb 1, 2015)

Address Type Price Bedrooms Bathrooms Sqft
86 KINGSGATE RD E102 CONDO 129,900 2 2 924
5225 JEAN RD #311 CONDO 170,000 2 2 1100
210 S STATE ST #7 CONDO 249,000 2 2 1284
1033 HALLINAN ST DETACHED 309,900 3 1 936
3190 DUNCAN DR DETACHED 400,000 3 2.5 2401
19 MONTECELLO DR DETACHED 479,900 6 3 3678
6 NORTHVIEW CT ATTACHED 532,500 4 3.5 3200
2518 WEMBLEY PARK RD DETACHED 1,395,000 – 1,495,000 5 4 4200

Pending Sales (Jan 26- Feb 1, 2015)

Address Type Price Bedroom Bathrooms Sqft DOM
1 SW CRESTFIELD CT CONDO 95,000 1 1 689 18
336 CERVANTES CIR CONDO 139,500 2 1.5 1112 87
28 CRESTFIELD CT CONDO 145,000 2 2 995 3
48 EAGLE CREST DR CONDO 184,900 3 2 1623 10
16351 PACIFIC HWY DETACHED 339,900 3 3 1754 18
5053 W SUNSET DR ATTACHED 375,000 2 2.5 1720 2
1327 CEDAR ST DETACHED 399,900 4 2 2350 26
14201 DOLPH CT DETACHED 449,000 3 2 1864 11
12460 BOONES FERRY RD DETACHED 449,950 5 3 3650 493
8 WALKING WOODS DR DETACHED 515,000 4 3 3105 25
4959 BILFORD LN DETACHED 549,900 3 2.5 2456 4
5590 KILCHURN AVE DETACHED 559,900 4 2.5 2472 68
4729 FIRWOOD RD DETACHED 569,900 3 2.5 2594 87
1625 BEDFORD CT DETACHED 595,000 2 2.5 2462 9
12511 SHELBY CT DETACHED 599,900 5 3.5 3641 80
17838 MARYLCREEK DR DETACHED 735,000 4 3.5 4317 35
15203 LILY BAY CT DETACHED 779,000 4 2.5 3219 1
5868 SUNCREEK DR DETACHED 795,000 4 2.5 3164 9
1034 CEDAR ST DETACHED 799,500 4 3.5 2895 13
2065 RIDGE POINTE DR DETACHED 849,900 5 4 4790 246
1136 WESTWARD HO DR DETACHED 895,000 3 2.5 3344 296
1057 BULLOCK ST DETACHED 945,000 4 3.5 4700 185
1854 OAK KNOLL CT DETACHED 1,075,000 3 3 3351 147

Sold/Closed (Jan 26- Feb 1, 2015)

Address Type List Price Close Price Sqft DOM
40 OSWEGO SUMMIT CONDO 151,900 148,000 1140 224
4765 FIRWOOD RD DETACHED 325,000 355,000 1728 3
4940 CENTERWOOD ST DETACHED 425,000 435,000 2093 3
4630 WILDWOOD ST DETACHED 469,850 460,000 2067 83
4636 AUBURN LN ATTACHED 499,900 464,000 2732 118
401 ASH ST DETACHED 699,900 555,000 5048 414
18375 RIVER EDGE LN DETACHED 897,950 846,500 3400 27
5055 LAKEVIEW BLVD DETACHED 890,000 925,032 3498 28

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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Historic Homes

107 Burnham Rd, The Tug Master's House, circa 1905

107 Burnham Rd, The Tug Master’s House, circa 1905

I think we have all heard of the National Register of Historic Places and have a vague idea that it means you get tax breaks and have to let the public in your house occasionally. At least that is a notion I have had for some time. That is until recently.

Lake Oswego has many historic properties. Touring a home that is currently for sale, a 1920’s church that has been converted to a home, the subject came up and I got curious for details. What I learned is quite different from what my perception had been.

First of all, the requirement to allow the public into your home is long gone. It simply isn’t safe to allow strangers into your home. Second, there are not a lot of tax benefits to the designation. If you own or are buying a home with historic designation it really is about the love of the property and the desire to preserve it.

There are several designations.

1125 Maple St, The Black House, circa 1933

1125 Maple St, The Black House, circa 1933

The most famous is run by the United States Park Service and is the National Register of Historic Places. To have this designation the property us usually at least 50 years old. It is also either architecturally significant or has been the home of a famous individual or was the location of a famous event. This is by far the most prestigious designation. Lake Oswego has 17 properties that are on the National Register, 13 of which are houses. To find a list of these properties, click here. At the National level there are no tax benefits for these historic properties. At the state level, there are.

The State of Oregon runs its own historic registry that is pretty much all of the Oregon properties that are on the National Historic Registry. The state does offer a tax incentive, but it is tied into the preservation of the property. Essentially you have to propose and get approved a plan that would take 10% of the current market value of the property and apply that same amount of money over the course of 10 years to do substantial rehabilitation projects on the property. Preference is given to projects that improve and maintain the exterior. When finished, you must place an approved plaque on the exterior. In return for doing this, your property taxes are frozen for the same 10 years. For more information about this program, click here.

The last historic designation is local. Lake Oswego has its own historic designation list. There are currently 72 properties on this list. The owners of these properties must retain the character of the exterior, but they can remodel the interior. Any exterior alterations must be consistent with the buildings historic character, and any changes made are subject to review and approval of the Development Review Commission. The City has also, in the past, made available grants of up to $2000 for restoration and preservation of these properties. For the list of Lake Oswego properties, click here.

16906 Cherry Crest Dr, The Laidlaw House, circa 1930

16906 Cherry Crest Dr, The Laidlaw House, circa 1930

I personally really love old homes. My current home was built in 1923 and is likely the original farm house in my Lake Grove neighborhood. I also appreciate when old homes are preserved and neighborhood character is retained. First Addition is a superb example of this. Don’t get me wrong, I love new houses too. For spacious floor plans and large closets, that is the better option. Perhaps the perfect house is a new one that is built in the old style. There are quite of those in Lake Oswego as well.

The bottom line is that I really value and appreciate the efforts at all levels, local to National, that encourages the preservation of historic properties. Perhaps you do as well.

Dianne

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