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

Brought to you by Dianne Gregoire, Linda Rossi 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 Report, April 10th - 16th 2017

Here is the Market Activity Report for April 10th through the 16th. The market continues to speed up as we enjoy a sunny spring. We saw 19 homes enter the market, many of which are over 1 million, WOW!
22 houses went pending, and 10 houses sold.

Following is the breakdown for you according to RMLS:

New on the Market (April 10-16, 2017)

Address Type Price Bedrooms Bathrooms Sqft
750 1ST ST #32 CONDO 199,900 1 1 986
224 RIDGEWAY RD 15-B CONDO 275,000 1 1 700
4469 GOLDEN LN ATTACHED 325,000 2 2.5 1888
81 KINGSGATE RD DETACHED 419,500 2 2 1270
4968 SUNTREE LN ATTACHED 429,000 2 2.5 1680
1059 DEVON LN DETACHED 514,900 2 2.5 2188
5189 TREE ST DETACHED 549,900 4 3 1470
4913 HASTINGS DR DETACHED 668,000 3 2.5 2280
840 BOCA RATAN DR DETACHED 774,000 4 3.5 3595
18052 HOBBIT CT DETACHED 800,000 4 3.5 3289
50 BECKET ST DETACHED 849,900 4 2.5 4162
1100 TYNDALL CT DETACHED 889,500 3 2.5 3142
3938 EDENS EDGE DR DETACHED 1,019,000 4 3.5 3882
14113 AMBERWOOD CIR DETACHED 1,039,000 4 2.5 3512
3458 LAKEVIEW BLVD DETACHED 2,998,000 4 4.5 4647
13961 KNAUS RD DETACHED 3,000,000 4 4.5 6614
951 ATWATER RD DETACHED 3,100,000 6 5.5 7582
14390 UPLANDS DR DETACHED 4,295,000 4 4.5 7656
1527 LAKE FRONT RD DETACHED 6,285,000 5 6.5 7220

Pending Sales (April 10-16, 2017)

Address Type Price Bedroom Bathrooms DOM
47 EAGLE CREST DR #11 CONDO 179,900 2 1 7
332 SW CERVANTES CIR CONDO 184,900 2 1 10
24 OSWEGO SMT CONDO 199,000 2 2 54
50 OSWEGO SMT CONDO 199,900 1 1 2
48 EAGLE CREST DR CONDO 224,900 2 2 26
200 BURNHAM RD CONDO 285,000 2 2 13
1233 BOCA RATAN DR ATTACHED 325,000 2 2 4
5053 FOOTHILLS DR ATTACHED 349,900 3 2 15
16725 LAKE FOREST BLVD DETACHED 389,900 3 2 33
17554 SCHALIT WAY DETACHED 419,900 3 2 3
19021 INDIAN SPRINGS RD DETACHED 485,000 3 2 0
3211 ROYCE WAY DETACHED 499,900 3 2.5 32
56 AQUINAS ST DETACHED 529,000 4 3 10
5966 FROST LN DETACHED 550,000 4 2.5 37
2401 MAYORS LN DETACHED 595,000 3 3 32
46 DA VINCI ST DETACHED 639,900 4 3 34
5919 BAY POINT DR DETACHED 660,000 4 2.5 4
18247 MORIA CT DETACHED 664,950 4 2.5 8
1411 CHERRY CREST DR DETACHED 728,000 8 4.5 21
16672 FIR LN DETACHED 1,238,000 4 4.5 98
18000 EASTRIDGE LN DETACHED 1,750,000 4 4.5 69
17399 CANAL CIR DETACHED 2,395,000 4 3.5 31

Sold/Closed (April 10-16, 2017)

Address Type List Price Close Price Sqft DOM
4000 CARMAN DR CONDO 200,000 207,000 866 2
200 BURNHAM RD CONDO 375,000 362,500 1966 979
5717 SW LANGFORD LN DETACHED 487,500 503,000 1800 3
383 ASH ST DETACHED 575,000 570,000 1697 0
14061 TAYLORS CREST LN DETACHED 779,000 760,000 2970 114
205 5TH ST DETACHED 799,000 780,000 2556 111
35 TANGLEWOOD DR DETACHED 950,000 950,000 4202 3
3155 UPPER DR DETACHED 1,100,000 1,040,000 2950 226
4434 LAKEVIEW BLVD DETACHED 1,375,000 1,285,000 2803 89
4250 UPPER DR DETACHED 1,580,000 1,570,000 4337 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.

LO Elementary Schools are Best in Oregon

I am of the opinion that the #1 reason that people move to Lake Oswego is for the quality of the public schools. Sure, the town is conveniently located to both Portland and the tech industry in Beaverton. It has low crime, great shopping and restaurants. There are lots and lots of reasons to want to live in Lake Oswego, but the #1, hands down, is the schools.

This was born out, again, this week by the release of a study done by Niche. Niche is a private research group in Pittsburgh, Pennsylvania, who studies schools all over the United States. This last week they released their list of the best elementary schools in the State of Oregon. Here are the top 10:

#1 Oak Creek in Lake Oswego
#2 Westridge in Lake Oswego
#3 Hallinan in Lake Oswego
#4 Lake Grove in Lake Oswego
#5 Riverdale in Portland
#6 Forrest Hills in Lake Oswego
#7 Rivergrove in Lake Oswego
#8 John Muir in Ashland
#9 Willamette Primary in West Linn
#10 Bolton in West Linn

That is every single elementary school in Lake Oswego listed within the top 10 in the state and dominating with 6 out of the top 7. To see the full article, please click here.

I will never forget the day that I decided to move to Lake Oswego. I lived in Sellwood in Southeast Portland, a very trendy and popular area that has only grown more desirable with time. My kids were 8 and 11. My oldest had just started at Sellwood Middle School. I was so completely underwhelmed by the academics. I had been a class room parent volunteer since day 1 in Kindergarden. I knew first hand what the class rooms were like. I just new that I wanted more for my kids. It was a simple as that. The time to move was at that moment, before my kids got any further entrenched socially in Portland Public Schools. And so I moved my kids to Lake Oswego. What a breath of fresh air! Books in the class room (not photo copied everything), teachers who were engaged, kids who ready to learn. It was one of the best decisions that I have ever made for my kids.

You may be in the very same spot. Maybe your kids are growing fast and you know that you want to give them every opportunity possible. Maybe your thinking about the move to Lake Oswego. Please give Linda, Whitney or myself a call. We would love to be of help.
Dianne

Market Activity April 3-9, 2017

Driving across town yesterday I put on and took off my sunglasses 3 times. That’s how spring rolls in Lake Oswego: beautiful blue skies and sunshine, pouring rain, beautiful blue skies and sunshine, pouring rain. I will also say that the sunsets with the dramatic cloud formations have been incredible. The spring market is kicking into gear as well. Last week LO had 21 properties come onto the market, 22 go into pending status, and 16 closed/sold homes.

Following is the breakdown for you according to RMLS:

New on the Market (April 3-9, 2017)

Address Type Price BR Baths Sq Ft
4615 Lakeview Blvd Condo $99,900 1 1 753
15 Crestfield Ct Condo $125,000 1 1 552
86 Kingsgate Rd F202 Condo $164,900 2 2 849
47 Eagle Crest Dr #11 Condo $179,900 2 1 932
332 Cervantes Cir Condo $184,900 2 1 832
86 Kingsgate RdD 201 Condo $189,500 2 2 938
44 Eagle Cresst Dr #36 Condo $189,900 2 1 908
750 1st St E28 Condo $199,950 1 1 902
1233 Boca Ratan Dr Attached $325,000 2 2 1393
56 Aquinas St Detached $529,000 4 3 2119
5 Grouse Terr Detached $579,000 3 2.5+.5 2527
14542 Rainbow Dr Detached $597,000 6 3 3642
17085 Chapin Way Detached $619,900 3 3 3330
18247 Moria Ct Detached $664,950 4 2.5 2791
103 Girabaldi St Detached $949,000 4 3.5 3940
13658 Provincial Hill Way Detached $990,000 5 4 3853
4081 Pfeifer Ct Detached $999,990 5 3.5 4078
3926 Edens Edge Dr Detached $1,199,000 5 3.5+.5 4624
4230 Sunset Dr Detached $1,200,000 4 2.5 3250
3133 Douglas Cir Detached $1,499,000 4 3.5 3981
13571 Westlake Dr Detached $1,500,000 5 4.5 4078

Pending Sales (April 3-9, 2017)

Address Type Price BR Baths Sq Ft CDOM
111 Oswego Summit Condo $195,500 1 1 764 1
168 Oswego Summit Condo $197,000 2 2 1383 64
169 Oswego Summit Condo $199,999 2 2 1383 352
181 Oswego Summit Condo $237,000 2 2 1383 12
245 Cervantes Condo $250,000 2 2 1292 3
5063 Foothills Dr A Condo $310,000 2 2 991 2
17901 Tualata Ave Detached $347,000 3 1 912 3
17224 Greentree Ave Detached $465,900 3 2 1554 7
19 Bloch Terr Attached $365,000 2 2 1527 2
5463 Tree St Detached $485,000 3 1.5 1460 5
440 Boca Ratan Dr Detached $499,000 3 2 1932 2
5750 Washington Ct Detached $549,900 3 2.5 2238 182
4688 Firwood Rd Detached $569,000 5 2.5 2436 2
1227 Ash St Detached $599,900 2 2 2151 37
1666 Fircrest Dr Detached $640,000 4 3 2817 5
17465 Upper Cherry Ln Detached $645,000 4 3 3856 228
18461 Waxwing Cir Detached $649,900 5 2.5 3109 3
2397 Hillside Ln Detached $739,000 5 3 2950 8
2481 Marylshire Ln Detached $799,000 5 3.5 4154 37
5640 Meridian Ct Detached $850,000 5 3.5 3493 1
1273 Wells St Detached $979,000 5 3 4091 55
13327 Atwater Ln Detached $1,395,000 3 3 3004 7

Sold/Closed (April 3-9, 2017)

Address Type List Price Sold Price Sq Ft CDOM
1 Crestfield Ct Condo $149,500 $155,629 689 4
47 Eagle Crest Dr #62 Attached $190,000 $203,000 1,026 4
151 Oswego Summit Condo $199,900 $213,000 1,506 37
44 Eagle Crest Dr #28 Condo $219,950 $215,000 1085 39
550 S State St Condo $254,900 $246,000 920 19
18225 SW 65th Ave Detached $225,500 $258,944 1701 33
3970 Carman Dr Attached $250,000 $275,000 1129 2
15256 Boones Way Attached $424,500 $422,085 1618 57
5115 Firwood Rd Detached $479,900 $485,000 1657 1
4750 Upper Dr Detached $550,000 $550,000 3091 14
5 Preakness Ct Detached $565,000 $565,000 3003 2
2060 Ridge Pointe Dr Detached $760,000 $727,060 4120 157
5328 Lower Dr Detached $795,000 $785,000 2600 32
286 D Ave Attached $799,900 $799,000 2302 83
2100 Ridge Pointe Dr Detached $799,900 $825,000 5375 228
776 Carrera Ln Detached $1,000,000 $991,700 3449 25

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.

Price Per SF in Lake Oswego

Price per SF is a valuable tool for Realtors and Home Buyers in the know. In truth, when trying to figure a property’s market value, other factors come in to play, such as niche location, amenities, upgrades and whether the home is small, medium or large (in general, smaller homes garner more per SF than larger homes). Normally, if interested in a particular home, you would want your Realtor to take a look at “comparables”, which means taking all those things I just mentioned into consideration when looking for other homes close geographically to the property of interest and having sold as recently as possible with as many similar characteristics as possible. When compiling a grouping of such homes, the justification (or not) for an asking price can be better ascertained.  In Lake Oswego we have such a variety of neighborhoods and price ranges that in any given time period the numbers, as I’m sure you’ve noted from our weekly reports, can change dramatically.  That being a given, I’ll pull some numbers together just for fun.

Last week (3/27-4/2/17) there were a total of 15 properties Sold in Lake Oswego. The lowest price per SF was $118. The highest was $373.  The Average “Sold” price per SF was $259.

Let’s break things down a bit and look at a snapshot of a month.  (Sold 3/7-4/7/17)

Condos

There were 16 Condos Sold.

The lowest price per SF was $118.

The highest was  $308.

The Average “Sold” price per SF was $210.

Single Family Homes 

There were 44 Detached Homes Sold.

The lowest price per SF was $153.

The highest was $419.

The Average “Sold” price per SF was $261

To get a good look at what waterfront properties Sold for in Lake Oswego, I went back 6 months. (

Waterfront Properties (River and Lake)

There were 21 Waterfront properties Sold.

The lowest price per SF was $163.

The highest was $716.

The Average “Sold” price per SF was $451.

Again, this is just an exercise for fun. My personal take on real estate is that each property is somewhat unique, and deserves to be compared to other properties with the most common physical & geographic characteristics as humanly possible.  But it is interesting to conduct this activity if for no other reason than to see how wildly the pendulum swings in Lake Oswego!

I hope this information was interesting and possibly helpful.

Very Best,

Linda

 

Market Activity ~ March 27-April 2, 2017

Last week saw 11 New properties enter the market in Lake Oswego, 15 move to Pending status, and 15 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Mar 27-Apr 2, 2017)

Address List Price # Beds # Baths Total SF Prop Type
181 OSWEGO SMT $237,000 2 2 1383 CONDO
#405 $285,000 2 2 1325 CONDO
668 MCVEY AVE $349,900 2 1 852 CONDO
5053 FOOTHILLS DR #F $365,000 3 2 1252 ATTACHD
5463 TREE ST $485,000 3 1.1 1460 DETACHD
1031 OXFORD DR $549,000 3 2.1 2492 DETACHD
8 PIMLICO TER $695,000 5 3 3120 DETACHD
2397 HILLSIDE LN $739,000 5 3 2950 DETACHD
13327 ATWATER LN $1,395,000 3 3 3004 DETACHD
888 FAIRWAY RD $1,770,000 5 2.2 5788 DETACHD
16819 GREENBRIER RD $1,995,000 4 4 3022 DETACHD

PENDING SALES (Mar 27-Apr 2, 2017)

Address List Price # Beds # Baths Total SF Prop Type CDOM
318 CERVANTES CIR $189,900 2 1 832 CONDO 35
3970 CARMAN DR $250,000 2 2.1 1129 ATTACHD 2
1602 BONNIEBRAE DR $275,000 2 1 864 ATTACHD 7
234 RIDGEWAY RD $289,900 2 1 914 CONDO 11
5056 FOOTHILLS DR #F $350,000 3 2 1252 CONDO 17
3190 DUNCAN DR $439,999 3 2.1 2401 DETACHD 3
2 DEL PRADO ST $550,000 5 4 3287 DETACHD 2
4587 TRILLIUM WOODS $650,000 3 2.1 2211 ATTACHD 2
5533 KENNY ST $700,000 4 3 2900 DETACHD 5
15845 SW Alston WAY $755,000 4 2.1 2682 DETACHD 575
820 BOCA RATAN DR $785,000 4 3.1 2628 DETACHD 263
13 NANSEN SMT $899,900 4 4.1 4625 DETACHD 1340
203 RIDGEWAY RD $949,000 4 3.1 3624 DETACHD 646
18246 BELLA TERRA DR $1,349,900 4 3.1 4196 DETACHD 52
4394 Lords LN $1,350,000 4 3.1 3748 DETACHD

SOLD (Mar 27-Apr 2, 2017)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
45 OSWEGO SMT $109,899 $90,000 1 1 764 CONDO 45
16250 PACIFIC HWY #43 $229,000 $226,500 2 2 1311 CONDO 189
5333 TREE ST $400,000 $400,000 3 1 1114 DETACHD 3
1180 OXFORD DR $409,900 $450,000 3 3 1760 DETACHD 8
6462 FROST ST $499,000 $490,000 4 2.1 2279 DETACHD 9
17605 HILL WAY $500,000 $510,000 3 2.1 2054 DETACHD 3
4585 TRILLIUM WOODS $575,000 $587,500 3 2.1 2004 ATTACHD 7
17821 SUNDOWN CT $599,000 $590,000 4 2.1 3368 DETACHD 165
4668 HASTINGS PL $649,900 $649,900 3 2.1 2432 DETACHD 3
1276 ROCKINGHORSE LN $679,900 $685,000 5 3 3304 DETACHD 4
4847 HASTINGS DR $699,000 $710,000 4 2.1 2703 DETACHD 4
2055 RIDGE POINTE DR $775,000 $745,000 5 3 3454 DETACHD 236
115 3RD ST – Upper $799,000 $754,400 4 2.1 2453 CONDO 216
18653 PILKINGTON RD $1,100,000 $1,100,000 4 3.1 3260 DETACHD 6
915 CEDAR ST $1,200,000 $1,200,000 4 3.1 3219 DETACHD 327

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

Market Activity Report, March 20 - 26th, 2017

For the week of March 20 to the 26 we saw a lot of houses moving very quickly. We saw quite a lot selling in less than a week! Wow!

Following is the breakdown for you according to RMLS:

New on the Market (Mar 20-26, 2017)

Address Type Price Bedrooms Bathrooms Sqft
480 S STATE ST CONDO 325,000 3 2 1659
4454 THUNDER VISTA LN CONDO 379,900 3 3.5 1894
2 SUMMIT RIDGE CT ATTACHED 429,900 2 2.5 1750
568 2ND ST ATTACHED 489,900 2 2.5 1395
11 MORNINGVIEW CIR DETACHED 624,426 3 2.5 2845
960 CAPILANO CT DETACHED 630,000 4 3 2416
18706 BRYANT RD DETACHED 674,900 3 2.5 2429
36 MORHNINGVIEW CIR DETACHED 674,900 4 3.5 2953
2734 ORCHARD HILL LN DETACHED 679,000 4 2.5 2814
16872 CANYON DR DETACHED 689,900 5 3.5 4069
1411 CHERRY CREST DR DETACHED 728,000 8 4.3 3155
22 INDEPENDENCE AVE DETACHED 750,000 5 4 4138
820 BOCA RATAN DR DETACHED 785,000 4 3.5 2628
18462 PIONEER CT DETACHED 819,000 5 3 3804
17649 WOODHURST PL DETACHED 995,000 6 4.5 5669
2383 PALISADES CREST DR DETACHED 1,475,000 5 3.5 4310
13612 GOODALL RD DETACHED 1,798,000 5 4.5 4362

Pending Sales (Mar 20-26, 2017)

Address Type Price Bedroom Bathrooms DOM
4606 LOWER DR CONDO 169,900 2 1.5 4
512 S STATE ST CONDO 170,000 1 1 3
201 CERVANTES CONDO 229,000 2 1.5 23
4418 THUNDER VISTA LN CONDO 385,000 3 3.5 12
5340 CHINOOK CT DETACHED 450,000 3 2 26
6040 LAKEVIEW BLVD DETACHED 459,000 3 2 244
5115 FIRWOOD RD DETACHED 479,900 3 2.5 1
5180 SW DAWN ST DETACHED 490,000 3 2 3
3211 ROYCE WAY DETACHED 499,900 3 2.5 14
6276 FROST LN DETACHED 549,000 4 3.5 6
4680 UPPER DR DETACHED 575,000 3 2 4
37 CHURCHILL DOWNS DETACHED 634,000 3 2.5 17
17927 RIDGE LAKE DR DETACHED 669,000 4 2.5 54
17560 WESTVIEW DR DETACHED 670,000 3 2.5 4
366 OLSON CT DETACHED 675,000 5 3 3
3758 OLSON CT DETACHED 675,000 4 2.5 1
5522 ROYAL OAKS DR DETACHED 715,000 4 2.5 27
2657 DELLWOOD DR DETACHED 775,000 4 3 5
5043 ROSEWOOD ST DETACHED 809,000 4 2.5 24
18409 OLD RIVER DR DETACHED 825,000 4 3.5 343
3115 ROSEMARY LN DETACHED 839,900 4 2.5 6
16007 BONAIRE ST DETACHED 849,325 3 2.5 138
12 BUCKINGHAM TER DETACHED 989,900 6 3.5 130
15536 VILLAGE DR DETACHED 997,500 5 3 50
749 SOUTHVIEW RD DETACHED 1,250,000 3 3.5 0

Sold/Closed (Mar 20-26, 2017)

Address Type List Price Close Price Sqft DOM
4 TOUCHSTONE CONDO 169,000 168,259 984 2
46 CRESTFIELD CT CONDO 189,000 189,000 923 3
6880 SW MONTAUK CIR CONDO 195,000 200,000 924 6
4980 GALEN ST ATTACHED 374,999 375,000 1552 4
23 MOUNTAIN CIR DETACHED 395,000 405,000 1363 17
MOUNTAIN PARK DETACHED 395,000 405,000 1363 17
4950 CENTERWOOD ST DETACHED 489,900 482,500 1871 201
1225 CORNELL ST DETACHED 514,999 492,000 1395 65
4286 ORCHARD WAY DETACHED 580,000 568,000 2106 18
17225 GREENTREE AVE DETACHED 639,900 630,000 2718 178
13209 AMBER PL DETACHED 675,000 675,000 3221 0
134883 SNOWBERRY CT DETACHED 799,000 757,000 3308 277
2022 RIDGEWOOD RD DETACHED 949,000 838,580 4072 41
7 GARIBALDI ST DETACHED 176,000 135,000 6303 279
3129 DOUGLAS CIR DETACHED 1,170,000 1,260,000 4002 23
4100 CANAL RD DETACHED 1,349,000 1,275,000 4957 16
2600 GLENMORRIE DR DETACHED 1,695,430 1,695,430 4232 0

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.

A Bit About Condos

I have always felt that my real estate business goes in waves. There have been times when I was heavily working waterfront on the lake, times when all my business seemed to be new construction, and times when I seemed to be selling older houses. Today I am in a condo wave. I have two listings that are condos and this weekend I have written offers on two more condos. I am up to my ears in condos. I think it is the universe telling me that I need to write a blog post about condos. So here are a few things to keep in mind if you are considering buying a condo.

First, and in my opinion the most important, is that you are not just buying a home, you are buying into a community. Condominiums are governed by Home Owner’s Associations. Your home inspection will have all of the usual criteria for checking out the structure and the components, but you will also have an inspection of the HOA documents.

HOA documents include rules and regulations that tell you what is and what is not allowed. All usually have a clause for “nuisance” behavior, but some can be pretty restrictive. I have seen rules that don’t let you have anything showing inside of your window that could be objectionable. The two most common issues that you will want to be sure of is whether or not pets are allowed and whether or not rentals are allowed. You need to know these things going in and not after you own it.

Other important documents are about the financial health of the association. You want to see that they have money in reserve to take care of maintenance and repairs. This will include the current year’s budget, and also a reserve study. The reserve study projects into the future for replacement of big items like roofs and siding. While I know everyone hates to pay a monthly HOA fee, and often will rule out buying a condo because the fee seems too high, it is actually super important that the fees collected are enough to not just pay for the current maintenance like mowing the lawns and paying for garbage removal, but also are enough to over time add up to some rather significant amounts of savings. If proper saving isn’t done, then when the time comes to do major repairs the association will be forced to do a special assessment to cover the costs. A special assessment is much more financially painful than smaller amounts collected monthly over time.

You will also want to see the meeting notes from the HOA meetings of the last year. If there is a problem in the complex, they are likely talking about it at the meetings.

Financing of a condo can also be challenging when you go to get a mortgage. Most HOA’s restrict how many units can be rented out and this is important. Fannie Mae lending guidelines require that at least 50% of the units be owner occupied. For financing such as VA and FHA, the criteria to obtain these types of loans require that the Home Owner’s Association apply for the qualification. The VA loan application is a one time issue and runs with the complex forever once it’s approved. FHA is more complicated and must be renewed every few years at a cost of both time and money. So to have FHA approval it requires a Board of Directors that is motivated and on the ball.

Condos are terrific because they are generally less expensive than a house, require much less personal labor to up keep, and are ideal if you want a lifestyle where you can lock your door and be away for extended periods. With the cost of housing being a premium, they are truly the only option for many people.

There are also a really wide variety of condos. Some are super luxurious with top-of-the-line finishes and services. Others are bare bones and feel like what they once were, apartments. The least expensive condo for sale in Lake Oswego right now is a 1 bedroom, 1 bath unit on State Street. It has 829 square feet and is for sale for $170,000. The most expensive has 4 bedrooms, 4.5 baths, with 4911 square feet and is listed for $1,798,000.

If you have other questions, please contact any one of us. Linda, Whitney and I are all here to help.
Dianne

Market Activity March 13-19, 2017

Last week in Lake Oswego there were 17 new listings, 21 properties that went into pending status, and 3 sold/closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (Mar 13-19, 2017)

Address Type Price BR Baths Sq Ft
48 Eagle Crest Dr 5F Condo $224,900 2 2 1370
234 Ridgeway Rd Condo $289,900 2 1 914
5056 Foothills Dr F Condo $350,000 3 2 1252
4418 Thunder Vista Ln Condo $385,000 3 3.5 2040
1121 Devon Ln Detached $550,000 5 3 2968
4680 Upper Dr Detached $575,000 3 2 1656
13876 Provincial Hill Dr Detached $725,000 4 3.5 2798
15845 Alston Way Detached $755,000 4 2.5 2682
2675 Dellwood Dr Detached $775,000 4 3 3128
5332 Lower Dr Detached $795,000 4 2.5 2600
3355 Upper Dr Detached $825,000 4 2 3126
1403 Greentree Circle Detached $829,000 5 4.5 4047
3115 Rosemary Ln Detached $839,900 4 2.5 3220
1100 Tyndall Ct Detached $950,000 3 2.5 3142
1976 Palisades Terrace Dr Detached $1,050,000 4 2.5 3898
12808 Elk Rock Rd Detached $1,100,000 5 3.5 3970
1500 Ridgecrest Dr Detached $1,950,000 5 5 4817

Pending Sales (Mar 13-19, 2017)

Address Type Price BR Baths Sq Ft CDOM
16250 Pacific Hwy #43 Condo $229,000 2 2 1311 189
1658 Greentree Rd Detached $479,000 4 3 2394 3
5717 Langford Ln Detached $487,500 3 3 1800 8
145 Del Prado St Detached $525,000 3 2 2074 3
5966 Frost Ln Detached $550,000 4 2.5 2036 6
17872 Pilkington Rd Detached $559,900 3 2 1610 169
15155 Brook Ct Detached $559,900 4 3 2388 5
1641 Devon Ln Detached $619,000 4 2.5 2013 9
17372 Hunter Ct Detached $629,900 3 2.5 3424 229
37 Churchill Downs Detached $634,000 3 2.5 2410 6
2388 Overlook Dr Detached $650,000 4 3 2765 23
15939 Twin Fir Rd Detached $664,900 3 2 2480 131
1510 Cherry Crest Dr Detached $714,000 6 4 3786 3
3333 Royce Way Detached $729,000 3 2.5 2697 44
4265 Albert Circle Detached $779,000 5 3.5 3022 189
13745 Cameo Ct Detached $895,500 4 3 3380 10
776 Carrera Ln Detached $1,000,000 4 3 3449 25
13052 Knaus Rd Detached $1,299,000 3 3 2292 5
17327 Kelok Rd Detached $1,299,000 3 3 2292 5
17104 Cedar Rd Detached $1,599,000 3 3 3310 263
2600 Glenmorrie Dr Detached $1,695,430 4 3.5 4232 0

Sold/Closed (Mar 13-19, 2017)

Address Type List Price Sold Price Sq Ft CDOM
24 Crestfield Ct Condo $149,900 $165,000 698 19
4092 Coltsfoot Ln Detached $684,750 $684,750 2,405 4
142 Cornell Ct Detached $1,195,000 $930,000 2,918 173

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

News & Notes ~ Feb Data ~ 2017

The latest numbers for the entire Portland area for February 2017 are in!

I usually give our Property Blotter Readers a glimpse at the whole Portland market and how Lake Oswego fits into it below. Here you go!

According to the RMLS Market Action Report for the Portland Metro Area:

  • There were 2,521 New Listings in February 2017 which was down 12.9% from February of 2016’s 2,896, but UP 14% from January of 2017’s total of 2,212.
  • At 1,669, February Closed Sales were down 7.9% from February 2016’s 1,813, and also down 9.6% over the previous month/January 2017’s total of  1,847. (So, more sales Closed in January for people who were Pending during the year-end push.)
  • February Pending Sales (accepted offers), at 2,369, fell 15% from February of 2016, but were UP 19% from the previous month/January 2017’s total of 1,990.
  •  The Average Sale Price in February of $404,200 was up $39,300 from February 2016’s $364,900, and down a bit from January 2017’s $409,900.

Average Sale Prices for February & Appreciation (12-month) By Area were:

  • North Portland: $368,700    11.2%
  • NE Portland:  $429,500    12.2%
  • SE Portland: $355,700    10.8%
  • Gresham/Troutdale: $297,000    12.2%
  • Milwaukie/Clackamas: $381,000    11.2%
  • Oregon City/Canby: $403,700    11.7%
  • Lake Oswego/West Linn: $661,500    16.5%
  • W Portland: $527,400    13.8%
  • NW Washington County: $528,500    10.6%
  • Beaverton/Aloha: $336,000    12.5%
  • Tigard/Wilsonville: $429,400    9.7%
  • Hillsboro/Forest Grove: $367,500    14.5%

The combined areas of Lake Oswego and West Linn  for the month of February 2017 reported:

    •  252 Active Listings   
    •  148 New Listings     
    •  124 Pending Sales   
    •  79 Closed Sales  
    • Average Sale Price for February: $661,500  
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    • Average Time on the Market: 87 Days   

Market Activity ~ March 6-12, 2017

Last week saw 19 New properties enter the market in Lake Oswego, 23 move to Pending status, and 16 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Mar 6-12, 2017)

Address List Price # Beds # Baths Total SF Prop Type
100 KERR PKWY #11 $120,900 1 1 617 CONDO
16725 LAKE FOREST BLVD $414,900 3 2 1392 DETACHD
5717 SW LANGFORD LN $487,500 3 3 1800 DETACHD
3211 ROYCE WAY $499,900 3 2.1 2395 DETACHD
5966 FROST LN $550,000 4 2.1 2036 DETACHD
2401 MAYORS LN $595,000 3 3 3004 DETACHD
15155 BROOK CT $599,900 4 3 2388 DETACHD
1641 DEVON LN $619,000 4 2.1 2013 DETACHD
37 CHURCHILL DOWNS $634,000 3 2.1 2410 DETACHD
46 DA VINCI ST $659,900 4 3 3378 DETACHD
1510 Cherry Crest DR $714,000 6 4 3786 DETACHD
4890 SAGE HEN CIR $750,000 4 2.1 2832 DETACHD
13745 CAMEO CT $895,500 4 3 2844 DETACHD
3623 EENA RD $1,090,000 4 3.1 3429 DETACHD
17327 KELOK RD $1,299,000 3 3 2292 DETACHD
15800 OSWEGO SHORE CT $1,299,900 4 3.1 4047 DETACHD
870 TERRACE DR $1,329,000 5 3.1 4652 DETACHD
17399 CANAL CIR $2,395,000 4 3.1 4442 DETACHD
2180 PRESTWICK RD $3,100,000 3 4.1 4150 DETACHD

PENDING SALES (Mar 6-12, 2017)

Address List Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #48-C $130,000 1 1 696 CONDO 6
64 CERVANTES CIR $179,698 2 1.1 912 CONDO 2
46 CRESTFIELD CT /Upper $189,000 2 1.1 923 CONDO 3
4000 CARMAN DR #60 $200,000 2 2 866 CONDO 2
44 EAGLE CREST DR #11 $210,000 3 2 1085 CONDO 22
4000 CARMAN DRn #A6 $215,000 2 2 866 CONDO 2
5056 FOOTHILLS DR #G $309,000 2 2 1252 CONDO 3
6030 SHAKESPEARE ST $359,900 3 1 1056 DETACHD 5
16514 CARNEGIE AVE $440,000 3 1.1 1182 DETACHD 7
1032 LAUREL ST $535,000 4 2 2426 DETACHD 3
4585 TRILLIUM WOODS $575,000 3 2.1 2004 ATTACHD 7
4286 ORCHARD WAY $580,000 3 2 2106 DETACHD 18
6 DEL PRADO ST $635,000 4 3 3318 DETACHD 3
17351 CANYON DR $699,900 5 3 2944 DETACHD 4
5522 ROYAL OAKS DR $715,000 4 2.1 2770 DETACHD 12
16038 REESE RD $729,900 4 3 3189 DETACHD 5
577 LAUREL ST $779,000 4 3.1 2747 DETACHD 204
205 5TH ST $799,000 4 3 2556 DETACHD 111
13970 TAYLORS CREST LN $869,000 4 2.1 3371 DETACHD 2
15199 LILY BAY CT $878,000 5 3 2696 DETACHD 19
17521 LAKE HAVEN DR $899,900 4 2.1 3080 DETACHD 5
2757 GLEN HAVEN RD $1,590,000 4 3.1 4604 DETACHD 85
757 LAKE SHORE RD $2,895,000 4 3.1 4098 DETACHD 126

SOLD (Mar 6-12, 2017)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4625 LAKEVIEW BLVD/Grnd $129,000 $145,000 1 1 753 CONDO 8
86 KINGSGATE RD #F206 $164,900 $158,500 2 2 840 CONDO 1
326 CERVANTES CIR #13E $189,900 $185,000 2 1 832 CONDO 10
3680 SPRING LN #2B $269,900 $274,700 2 2.1 1152 CONDO 8
5228 BONITA RD $330,000 $290,000 4 2.1 1800 DETACHD 26
16411 INVERURIE RD $350,000 $325,000 2 1 920 DETACHD 1
19377 SYCAMORE AVE $355,000 $357,000 3 1 1008 DETACHD 3
4724 FIRWOOD RD $405,000 $410,000 3 1.1 1240 DETACHD 57
1838 OAK KNOLL CT $649,000 $577,500 4 2.1 2557 DETACHD 102
32 DA VINCI ST $679,000 $595,000 5 3 3460 DETACHD 217
1282 HIDE A WAY LN $775,000 $665,000 5 3 3249 DETACHD 152
57 EAGLE CREST DR $679,900 $685,000 5 2.1 3884 DETACHD 208
849 F AVE $1,199,900 $1,100,000 3 2.1 2674 DETACHD 101
12819 ALTO PARK RD $1,199,900 $1,130,000 4 4.1 4102 DETACHD 130
4331 LORDS LN $1,289,900 $1,340,269 5 4 3812 DETACHD 0
18008 GREENBLUFF DR $2,095,000 $1,650,000 3 3.1 4402 DETACHD 318

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.