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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Seismic Retrofitting

Is-Your-Home-Ready-for-an-Earthquake-Free-Eval-and-Estimate_2As part of my continuing education I attended a class this morning put on by Zach Smith of Earthquake Tech and Gemmell Construction. Living on the West coast earthquakes are something most of us are aware of. The large quakes in California are recent enough to be remembered by most of us. The 2011 quake and Tsunami in Japan directly affected our coast line (and still does with garbage washing ashore), but for the most part it seems far away and not directly important to our lives. That changed with the publication of a New Yorker article on July 20, 2015 (“The Really Big One” by Kathryn Schulz). It brought front and center the issue that the Pacific Northwest is grossly under prepared for a major earthquake.

Some back ground is needed here. There have been 41 significant quakes (we are talking huge, like 9.0) that have happened in the Cascadia Subduction Zone off of the Oregon Coast in the last 10,000 years. The major fault in this zone is the San Juan de Fuca plate which runs from Northern California to Vancouver Island. The average occurance is every 243 years. The last quake was 9.0 on January 26, 1700. So we are now 316 years into a 243 year cycle. Of course these quakes don’t occur on a specific time schedule. This is an average. Some quakes have been many hundreds of years apart and some less than a hundred. When the next quake will occur is a complete unknown. What is known is that it will happen, we just don’t know when.

koso300So, we know it will come, but what should we do about it? There are some really basic steps that are promoted as earthquake preparedness:
* Seismically retrofit your house if it is older than about 1980. If it was built since 1980 you should still have it examined to see if there is anything more that you can do. Retrofitting should include strapping your house to it’s foundation, strapping the water heater to brace it against a secure part of the house, brace your chimney, at a minimum put a shut-off wrench next to your gas meter, or better yet, install an automatic shut off valve that will engage as soon as it detects that the house is moving.
* Get earthquake insurance. Earthquake damage is not covered in standard home insurance policies. It is a rider to the policy and must be purchased separately.
* Have a supply of water that will last for enough time to provide 1 gallon of water per day for each person in the house. Different experts suggest different times to expect utilities to be down, a few days or a few weeks, store what you can manage.
* Have a supply of non-perishable food
* Have earthquake preparedness kits in your home, your car, and your office. Don’t forget supplies for your pets.

Juan.de_.Fuca_1I think the big question is how much does it cost to retrofit a house. I was surprised this morning to learn that on average it runs $2000-$8000 for homes built from the turn of the Century to the 1970’s. The cost is dependent upon how big the house is and the condition of the foundation. If the house has a bad foundation (Zach referred to brick foundations a “standing rubble”) then the cost goes up significantly in the range of $50,000-$200,000. I felt encouraged that the average house can be done for under 10K.

I was extremely impressed with Zach’s presentation this morning. If your home is within the metro area he will come and give you an estimate at no charge. For information on Earthquake Tech click here.

I also want to give a shout out to Jay Kushner of Seismic Technologies. I have been referring clients to Jay for years. He is knowledgeable and a tremendous resource for assessment of the seismic preparedness of homes. For his information click here.

Let’s hope we never have The Big One happens in our life times, but let’s also be aware and pro-active so that if it does, we have the best chances possible for our homes and for our families.
Dianne

Market Activity June 6-12, 2016

A slight slow down appears to have developed. I am often asked when our most active real estate market happens and it has held true for many years that it is May and June. For the last two years I think it has shifted to April and May. This does not mean that our market is now slow, not at all. It will remain strong and active through the summer with lots of houses coming on the market and lots of houses selling. I just think that we Oregonians do live in anticipation of our sunny season and are motivated to make a house move and then have the summer to play.

Last week Lake Oswego saw 22 new listings, 17 houses go into pending status, and 14 closed sales.

Following is the breakdown for you according to RMLS:

New on the Market (June 6-12, 2016)

Address Type Price BR Baths Sq Ft
20 Crestfield Ct Condo $175,000 2 1.5 923
309 Cervantes Cir Condo $229,900 2 2 1209
1400 Bonniebrae Dr Condo $259,000 2 1 864
12 El Greco St Detached $399,900 3 2 1533
14854 Twin Fir Rd Detached $415,000 3 2 1287
5055 Dawn St Detached $450,000 4 2.5 2699
18927 Indian Creek Ave Detached $475,000 3 2 2394
1454 S Glenmorrie Detached $550,000 4 2.5 3372
16921 Kara Ln Detached $569,000 3 2.5 2382
320 Durham St #2 Condo $569,500 3 2.5 1876
775 Boca Ratan Dr Detached $569,900 4 3.5 2727
14102 Kimberly Cir Detached $799,900 4 3.5 3103
2886 Upper DR Detached $849,000 4 3 2498
4550 Dogwood Dr Detached $899,000 3 3 3074
15468 Boones Way Attached $899,900 4 2.5 2425
2801 Lakeview Blvd Detached $949,000 3 4 3051
610 Atwater Rd Detached $995,000 3 2.5 2969
1300 Andrews Rd Detached $1,290,000 5 3 4810
1626 Englewood DR Detached $1,450,000 4 2.5+.5 5690
13705 Knaus Rd Detached $1,995,000 4 3.5 5251
13600 Goodall Rd Detached $2,295,000 6 6.5 6612
12901 Goodall Rd Detached $2,395,000 4 4.5 5333

Pending Sales (June 6-12, 2016)

Address Type Price BR Baths Sq Ft CDOM
18225 SW 65th Ave Detached $225,500 3 1.5 1701 7
2 St Helens Cir Detached $374,000 3 2 1464 6
15465 SW Tanager Dr Detached $445,000 2 2 1535 2
17534 Cardinal Dr Detached $479,900 4 3 2300 5
17763 Mardee Ave Detached $519,000 5 3 2300 3
1730 Yarmouth Cir Detached $519,000 2 2 1770 15
4571 Oakridge Rd Attached $560,000 3 2.5 2092 4
1161 Upper Devon Ln Detached $574,995 4 2.5 2265 28
1641 Ash St Detached $575,000 4 3 2764 5
4252 Albert Cir Detached $625,000 4 2.5 2964 28
17935 Lake Haven Dr Detached $635,000 5 3.5 3500 39
17821 Hillside Way Detached $699,900 4 3.5 3480 2
2331 Dellwood Dr Detached $715,000 3 3 2746 4
17981 Meadowlark Ln Detached $825,000 3 2.5 3250 4
4069 Pfeifer Ct Detached $898,000 5 3.5 4332 71
784 3rd St Detached $1,249,000 5 5 4138 72
1644 Lake Front Rd Detached $1,249,000 4 4 3866 119

Sold/Closed (June 6-12, 2016)

Address Type List Price Sold Price Sq Ft CDOM
4 Touchstone Condo $159,900 $162,500 984 2
668 McVey Ave #42 Condo $260,000 $247,000 836 120
1454 Glenmorrie Dr Detached $400,000 $360,000 3,372 237
2280 Fernwood Cir Detached $449,950 $510,000 2129 6
3312 Sabina Ct Detached $549,900 $536,500 1665 39
16525 Glenwood Ct Detached $559,900 $626,150 2166 2
839 E Ave Detached $649,000 $637,000 1722 5
17018 Summer Pl Detached $699,900 $69,000 2,925 8
14435 Uplands Dr Detached $965,000 $908,890 4822 126
1224 Tyndall Ct Detached $1,039,000 $1,039,000 4157 1
642 Iron Mountain Blvd Detached $1,295,000 $1,072,500 4575 369
588 9th St Detached $1,200,000 $1,180,000 3536 3
13237 Knaus Rd Detached $1,995,000 $1,965,000 4900 44
17849 Upper Cherry Ln Detached $2,898,000 $2,800,000 8731 10

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.

What Color Should I Paint My Home?

Paint 1I just got done with my own house-painting project, and didn’t think it would take as much of my time or thought process as it did!  Being in this business, you’d think I’d sail right through that one, and/but when it is your own home, its always a different experience. There are lots of things to think about. Color is the first one.  I gave myself weeks of driving around and consciously looking at homes and trying to picture myself coming home to that color.  As time went on, I noticed that I was attracted to a particular color combination which I had used on a previous home. I had really wanted to try something new, but in the end, the color combo I chose is what made ME feel that “home” feeling.

Here are a few things that came up for me, and that you might find helpful:

  • You’ll want to think about how many colors to employ. Some people use one color for the main body of the home, another for the basement (if there is one) and another for eves or dormers or other accent features. Others use one color for the whole body.  If your home is small, consider that it may look larger if you avoid visually chopping it up by, for instance, painting the basement a different color. If it is a larger home, a little contrast may be nice. Also, remember the porch.
  • If you have a comp roof, what color is it?  Take that into consideration as you contemplate complimentary color schemes.
  • If you are selling your home, talk to your Realtor and/or the paint store about popular colors. Its wise to stay neutral, and/but you don’t want to be boring!
  • Walk around your neighborhood. Take a look at the colors on the block. It may inform you as to what will be appealing from the street.  You don’t want three dark grey w/white trim houses right next to each other…
  • I was advised (and it turned out to be true) that the color will show up a little lighter on the walls than it looks inside the paint store.
  • In addition… I’ll share a little superstition with you that I find charming. Many believe that it is a good idea to paint the underside of your porch’s ceiling blue.  It is considered Good Luck. You can Google it & find out more. Bottom line? I like Good Luck (I don’t see a downside : )  I am loving my blue ceiling on the porch.
  • Many people use more than one color on the trimwork & windows.  As in beige with black accents, green with beige accents.  If you are going for contrast and/or just like white trim, most professionals will tell you to use an off-white as it shows wear (and dirt) less.
  • Consider paint quality and your priorities.  If you are staying in your home for the long-term, you may choose a higher-quality paint (I did ). It wears longer and means you won’t likely need to paint for many years to come. If you are selling your home and spending money on multiple projects, you may want to choose a standard paint. Most reputable paint companies have great quality standard paints that last a long time!
  • Ask for referrals from friends and/or your Realtor when you choose a painter. You want someone who knows what they are doing and is responsible, licensed and bonded. I’d advise getting three bids.  I found there to be a wide variety of pricing and professionalism.
  • Lastly… Make sure YOU are happy with your color choice. Don’t let anyone talk you into something that doesn’t feel like “home” to you.

Market Activity ~ May 30-June 5, 2016

We were a teensy bit slower in Lake Oswego last week…then again… with 100 degree temperatures, we were all melting!

Last week we saw 9 New properties enter the Lake Oswego market, 18 move to Pending status, and 18 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (May 30-June 5, 2016)

Address List Price # Beds # Baths Total SF Prop Type
534 2ND ST $469,000 2 2.1 1394 CONDO
1710 YARMOUTH CIR $495,000 2 2 1540 DETACHD
4951 GALEN ST $589,900 3 2.1 2543 DETACHD
3 SCARBOROUGH DR $649,000 5 4 3778 DETACHD
5314 CHILDS RD $864,000 6 2.1 3272 DETACHD
725 OAK MEADOW CT $1,150,000 4 2.2 3754 DETACHD
13372 FIELDING RD $1,150,000 4 4.1 4074 DETACHD
13017 KNAUS RD $1,299,000 4 3.1 4690 DETACHD
260 IRON MOUNTAIN BLVD $2,798,000 4 4.2 6048 DETACHD

PENDING SALES (May 30-June 5, 2016)

Address List Price # Beds # Baths Total SF Prop Type CDOM
31 OSWEGO SMT /Main $174,000 1 1 721 CONDO 14
4000 CARMAN DR B27 $174,900 2 2 950 CONDO 4
342 CERVANTES CIR $185,000 2 1.1 1104 CONDO 33
210 S STATE ST #8 $340,000 2 2.1 1614 CONDO 100
5295 OAKRIDGE RD $394,900 3 2 1182 DETACHD 6
21 PARTRIDGE LN $554,900 4 3 2478 DETACHD 5
29 DEL PRADO ST $650,000 4 2 3037 DETACHD 6
5950 SOUTHWOOD DR $659,000 3 2.1 2731 DETACHD 40
839 COUNTRY CMNS LN $710,000 3 2.1 3089 DETACHD 0
13528 TWIN CREEK LN $775,000 4 3.1 3129 DETACHD 52
336 5TH ST $875,000 3 2.1 2018 DETACHD 100
3788 Southshore BLVD $915,000 3 3 3224 DETACHD 17
14261 UPLANDS DR $939,000 5 4 3843 DETACHD 28
884 CEDAR ST $995,000 4 3.1 3120 DETACHD 102
2125 RIDGE POINTE DR $995,000 3 3.1 3489 DETACHD 14
301 IRON MOUNTAIN BLVD $1,095,000 4 3.2 2946 DETACHD 32
13084 AMBER PL $1,199,099 4 3 3281 DETACHD 6
448 COUNTRY CLUB RD $1,495,000 4 3.1 4873 DETACHD 41

SOLD (May 30-June 5, 2016)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #21 $100,000 $100,000 2 1 932 CONDO 714
167 Oswego Summit /Lower $180,000 $180,000 2 2 1506 CONDO 27
200 BURNHAM RD #102 $199,900 $199,900 1 1 733 CONDO 33
668 MCVEY AVE #85 $215,000 $220,000 2 1.1 992 CONDO 3
165 OSWEGO SUMMIT #165 $235,000 $250,000 2 2 1383 CONDO 4
45 EAGLE CREST DR #519 $275,000 $275,000 3 2 1453 CONDO 3
1400 PARRISH ST $349,900 $347,500 3 2.1 1880 CONDO 60
4131 OLD GATE RD $369,950 $369,000 4 2 1776 DETACHD 36
4902 CHILDS RD $355,000 $375,000 3 1.1 1407 DETACHD 10
16510 MAPLE CIR $399,000 $375,000 1 1 DETACHD 24
4251 WOODSIDE CIR $419,000 $417,500 3 2 2068 ATTACHD 48
67 TANGLEWOOD DR $499,000 $535,000 4 2.1 3068 DETACHD 4
51 HILLSHIRE DR $715,600 $645,000 3 2.2 4268 DETACHD 87
13978 WESTCOTT CT $735,000 $750,000 3 3 3361 DETACHD 14
2110 SUMMIT DR $799,900 $770,000 4 2 2525 DETACHD 7
844 5TH ST $1,100,000 $1,100,000 3 3 2590 DETACHD 19
12842 ALTO PARK RD $1,399,000 $1,399,000 5 4.2 4359 DETACHD 5
3168 LAKEVIEW BLVD $3,495,000 $3,400,000 4 5.1 4420 DETACHD 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.

Market Activity Report May 23rd to May 29th, 2016

Gosh is it hot! Summer is excited to be here! The real estate market in Lake Oswego continues to be strong, with 23 new listings, 27 pending properties, and 17 sold homes.
I noticed a lot of houses above the 1 mil mark this time around. We have some beautiful and extravagant homes available for those looking to live in luxurious Lake Oswego.

Following is the breakdown for you according to RMLS:

New on the Market (May 23-29, 2016)

Address Type Price Bedrooms Bathrooms Sqft
100 KERR PKWY #37 CONDO 109,900 1 1 617
4 TOUCHSTONE #90 CONDO 199,000 3 2.5 1351
61 OSWEGO SMT #61 CONDO 215,000 2 2 1212
4974 SUNTREE LN ATTACHED 429,950 2 2.5 1,652
1730 YARMOUTH CIR DETACHED 519,000 2 2 1770
2350 SOUTH SHORE BLVD DETACHED 530,000 3 2.5 2174
30 MORNING VIEW CIR DETACHED 549,000 4 3 2276
13930 MAJESTIC CT DETACHED 579,000 3 2.5 2956
18521 WAXWING CIR DETACHED 625,000 3 2.5 2936
4801 WILDWOOD ST DETACHED 549,950 4 3 2963
2931 ORCHARD HILL PL DETACHED 785,100 4 2.5 3108
16060 WHITE OAKS DR DETACHED 825,000 4 3.5 3420
13366 BOONES FERRY RD DETACHED 875,000 4 2.5 3564
1235 ANDREWS RD DETACHED 898,800 3 2 2506
17951 MEADOWLARK LN DETACHED 1,299,000 4 3.5 5065
18060 MEADOWLARK LN DETACHED 1,300,000 4 3.5 4659
3118 DOUGLAS CIR DETACHED 1,339,000 3 2.5 3570
2786 GLENMORRIE DR DETACHED 1,500,000 5 4.5 6095
15365 TWIN FIR RD DETACHED 1,500,000 5 3.5 4974
13750 KNAUS RD DETACHED 1,595,000 5 4 4773
980 EVERGREEN RD DETACHED 2,280,000 5 5.5 5644
1193 FAIRWAY RD DETACHED 2,998,000 5 4.5 7028
16865 GREENBRIER RD DETACHED 3,199,897 5 5 6237

Pending Sales (May 23-29, 2016)

Address Type Price Bedroom Bathrooms DOM
566 S STATE ST CONDO 209,900 1 1 2
3922 CARMAN DR CONDO 229,900 2 2.5 52
3929 CARMAN DR CONDO 229,900 2 2.5 31
4083 JEFFERSON PKWY CONDO 245,000 2 2.5 5
206 OSWEGO SMT CONDO 249,000 2 2 9
15490 BRIANNE CT ATTACHED 315,000 2 2.5 18
1225 CORNELL ST CONDO 329,900 3 2 118
4300 SILVER CT CONDO 399,900 3 3.5 2
18547 TIMBERGROVE CT DETACHED 439,900 4 2 7
13278 VERMEER DR DETACHED 469,900 3 2.5 8
4199 FRUITWOOD CT DETACHED 535,000 3 2 6
32 SPINOSA DETACHED 549,500 4 3.5 8
16545 INVERURIE RD DETACHED 569,000 4 3 19
5581 YORKSHIRE PL DETACHED 575,000 4 2.5 1
4231 SUNSET DR DETACHED 599,000 4 2 18
4070 WESTBAY RD DETACHED 649,000 3 2 105
1837 CEDAR CT DETACHED 649,900 4 3 3
2 SW CARMAN DR DETACHED 750,000 3 2.5 265
18573 WESTVIEW DR DETACHED 790,000 3 3 0
5598 LUCE LN DETACHED 798,000 3 3 2
1623 GLENMORRIE DR DETACHED 850,000 4 4.5 23
4667 SHEPHERDS LN DETACHED 869,900 4 3 31
454 9th ST DETACHED 1,198,000 3 4 25
13800 KNAUS RD DETACHED 1,995,000 5 3.5 42
1617 LAKE FRONT RD DETACHED 3,250,000 4 4.5 6
7 PEACOCK PL DETACHED 400,000 3 2.5 4
19505 OLSON AVE DETACHED 714,500 5 2.5 54

Sold/Closed (May 23-29, 2016)

Address Type List Price Close Price Sqft DOM
45 CRESTFIELD CT CONDO 165,000 165,000 923 0
16250 PACIFIC HWY CONDO 265,000 265,000 1305 14
154 RIDGEWAY RD CONDO 275,000 295,000 1791 4
456 5th ST CONDO 336,900 342,000 1092 5
16748 LAKE FOREST BLVD DETACHED 325,000 355,000 1076 4
1402 PARRISH ST CONDO 379,000 367,000 1862 46
2488 DEVONSHIRE DR ATTACHED 399,900 410,000 1647 4
18630 KRISTI WAY DETACHED 399,900 435,000 1743 2
15911 FIR GROVE CT DETACHED 585,000 603,500 2584 4
18386 DEERBRUSH AVE DETACHED 639,000 625,000 2420 25
17890 ROYCE WAY DETACHED 664,000 625,000 3134 60
313 3RD ST ATTACHED 639,900 650,000 1962 11
187 FURNACE ST DETACHED 724,900 725,000 1927 0
16633 WOODSMAN CT DETACHED 899,000 835,000 4131 239
14380 UPLANDS DR DETACHED 1,150,000 1,089,500 2996 7
4018 COHO LN DETACHED 1,199,000 1,199,000 5128 47

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.

Let's Talk Permits

LakePermits are a subject that comes up fairly often in my business. Buyers want to know if work on a house was permitted, and sellers want to know if they need to take out a permit. I am not an expert on the permitting process, when they are and are not needed, nor the exact specifics of permits, but I can tell you what I have seen and learned in 28 years of doing this.

Question #1, was the work permitted? Public records are pretty easy to research, both on line and with a personal visit to the local planning department. When you are buying a home and you have this sort of a question, do some research and find out. The owner of the home may have knowledge and they are specifically asked this question on the property disclosure statement. So the seller may know. But it’s also possible that work done pre-dates this owner’s knowledge of the home. So if they have no clue, you should still do your own research.

Should you buy a house where work was not permitted? That depends. How extensive was the work? Were structural changes made or was the electric or plumbing involved? If these were a part of the remodel then you should care if it was permitted. A good home inspector can tell you their opinion of how the work was done. It is also possible that a bank appraiser could find the house suspicious and ask for evidence of permitting, but that is not likely unless it is a total nightmare. What it will more likely come down to is do you accept the fact that work was not permitted and do you still want the property enough to buy it anyway.

I would caution you that it could have an impact on a home owner insurance claim. If the defective remodeling is the source of a house fire, I think it could be possible that it could become a claim issue.

Question #2, do you need to get a permit? I think it varies from jurisdiction to jurisdiction. So what Lake Oswego requires may not be the same as what West Linn requires. I go back to what I stated above. If it is structural, or involves plumbing or electricals, yes, you probably need a permit. I also think it is better to error on the side of caution. I am aware of a very nice home near Lake Oswego High School that had a beautiful bedroom suite addition put onto the house and none of it was permitted. That seller had so much trouble with sales falling through because of this that they took the house off of the market and went back to obtain permits before putting the house back on the market again with the problem solved. So permitting will, in my opinion, make selling your home easier and likely for a higher price.

Now I’m going to share two specific examples of permitting that should have been done and was not.

I sold a house years ago that had a shed built onto the back of the garage. It had a concrete foundation and a composition roof, but no plumbing and no electric. The home owner had built it without permits. We simply disclosed the lack of permits and the house sold easily with no impact on the price. But this was a really low-impact addition that pretty much was for housing a lawn mower. Just not a big deal.

I have also sold a house that had an entire apartment built into what had previously been a tall crawls space of a house on a hillside. This apartment had a separate entry, a full kitchen, and a full bathroom. It was done with zero permits. I contacted the permitting department of the city the house was located in, West Linn, and came clean with a planner. He told me that the city is aware that people do this and that the city did not have the resources to go after people when this happens. The way that the home owner and I handled this is that we did not give any value to the apartment when we priced the house. We then did full disclosure to the buyer who bought it. It was clearly explained in the seller’s property disclosure statement. We were able to find a buyer who accepted this and the house sold with no issues. So lack of permits did not prevent the sale of a house, but it did have an impact on the value because the house was sold without including the value that the apartment would have had if it had been permitted.

So that’s my take on permits. Please let me know if you have any questions,
Dianne

Market Activity May 16-22, 2016

What a wonderful time of year! Houses really shine in the late spring with yards in their full, lush glory and the days growing longer and warmer. All of this corresponds with the busiest season of the real estate year. Last week in LO was really balanced between homes coming onto the market and homes selling. We had 20 new listings, 22 houses go in to pending status, and 17 closed/sold homes. I also want to restate what Linda said last week. Please notice that every price point is covered here: less expensive and more affordable homes right up to million dollar estates. LO has it all!
Following is the breakdown for you according to RMLS:

New on the Market (May 16-22, 2016)

Address Type Price BR Baths Sq Ft
74 Galen St Condo $159,000 2 2 995
31 Oswego Summit Condo $174,000 1 1 721
668 McVey Ave #50 Condo $380,000 1 1 636
4300 Silver Ct Condo $399,900 3 3.5 2246
1248 Ash St Detached $425,000 2 1 1631
5895 Burma Rd Detached $459,900 4 2.5 1781
13278 Vermeer Dr Detached $469,900 3 2.5 1856
4199 Fruitwood Ct Detached $525,000 3 2 2230
32 Spinosa Detached $549,500 4 3.5 2542
14466 Holly Springs Rd Detached $550,000 5 3 2238
4188 Cobb Way Detached $575,000 6 3 2577
17 Laurel St Detached $625,000 3 1.5 3096
24 Northview Ct Attached $630,000 3 3.5 2938
17658 Brookhurst Dr Detached $750,000 3 3 4226
1287 Bickner St Detached $825,000 4 3.5 2665
12716 Elk Rock Rd Detached $995,000 3 2.5 4015
2125 Ridge Pointe Dr Detached $995,000 3 3.5 3489
15501 Diamond Head Rd Detached $1,095,000 3 3 2353
17900 Sarah Hill Ln Detached $1,390,000 4 3 4186
1617 Lake Front Rd Detached $3,250,000 4 4.5 4610

Pending Sales (May 16-22, 2016)

Address Type Price BR Baths Sq Ft CDOM
47 Eagle Crest Dr #17 Condo $129,900 2 1 932 6
48 Eagle Crest Dr 3E Condo $157,900 2 2 1545 201
86 Kingsgate Rd B103 Condo $158,900 2 2 924 3
44 Eagle Crest Dr Condo $159,900 2 1 908 20
241 Cervantes Condo $264,900 2 2 1384 0
11 Britten Ct Attached $296,500 2 2 1318 3
90 Greenridge Ct Attached $358,000 3 2.5 1980 54
5835 Carman Dr Detached $399,900 3 2.5 1340 29
17614 Schalit Way Detached $425,000 3 2 1569 1
67 Condolea Terr Condo $437,900 3 3 2373 5
26 Northview Ct Attached $525,000 2 3 2095 15
18978 Indian Springs Rd Detached $529,900 4 3 2860 6
1430 Woodland Terr Detached $579,000 5 3 2904 8
1400 Horseshoe Curve Detached $679,000 3 2.5 2248 6
2331 Prestwick Rd Detached $825,000 5 3 2613 0
1920 Glenmorrie Dr Detached $849,000 3 3.5 4370 18
4688 Chelsea Ln Detached $889,900 4 2.5 3549 34
4120 Canal Rd Detached $950,000 4 3.5 4104 221
1692 Village Park Ln Detached $975,000 4 3.5 3581 12
301 Iron Mountain Blvd Detached $1,095,000 4 3.5+.5 2946 16
12812 Alto Park Rd Detached $1,314,000 4 3.5 4040 14
711 7th St Detached $1,549,000 3 2.5+.5 3097 2

Sold/Closed (May 16-22, 2016)

Address Type List Price Sold Price Sq Ft CDOM
47 Eagle Crest Dr #11 Condo $159,900 $148,000 932 12
4 Touchstone #82 Condo $170,000 $170,000 135 0
57 Oswego Summit Condo $164,000 $180,000 764 2
16681 Lake Forest Blvd Detached $300,000 $306,000 936 3
5 Summit Ridge Ct Attached $379,900 $385,000 1576 8
4725 Jean Rd Detached $385,700 $388,200 1433 65
1820 Southshore Blvd Detached $450,000 $440,000 22373 0
6330 Shakespeare St Detached $479,900 $460,000 1,792 31
5674 La Mesa Ct Detached $548,950 $540,000 1802 24
676 9th St Detached $549,900 $560,000 1888 1
4779 Heritage Ln Detached $585,000 $592,000 2121 2
5887 Langford Ln Detached $629,950 $630,000 2724 8
3472 Tempest Dr Detached $675,000 $659,000 3146 28
1145 Timberline Dr Detached $1,065,000 $875,000 4564 213
16461 Chapin Way Detached $875,000 $900,000 4012 6
2543 Palisades Crest Dr Detached $1,150,000 $1,075,000 4141 32
17509 Ridgeview Ln Detached $1,250,000 $1,200,000 3810 8

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 ~ April 2016

April is seeing, generally, Price and New Listings increases over March, and a decrease in overall productive activity (Closed & Pending Sales) compared to April of last year.

Here are the latest/April numbers for the entire Portland area:

According to the RMLS Market Action Report for the Portland Metro Area, April, 2016:

  • There were 4,082 New Listings in April which was up 19.7% from March’s (3,409), and up 3.4% from April of 2015 (3,949).
  • At 2,611, April Closed Sales were up 1.8% from March’s 2,565, and down 4.5% from April of 2015’s 2,734.
  • April Pending Sales (Accepted Offers), at 3,432 were up  11.6% from March’s 3,076, but were   5% lower than April of 2015’s 3,613.
  • The Average Sale Price in April of $397,700 was up $12,600 over March’s $385,100, and also up around $50,200 from April of 2015’s $347,500. 

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The combined areas of Lake Oswego and West Linn  (RMLS lumps them together) for the month of April 2016 reported:

    •  324Active Listings  (March was 284)
    •  255 New Listings   (March was 189 )
    •  177 Pending Sales (March was 150) ***Down 11.5% from Apr 2015)
    •  150 Closed Sales   (March was 114)
    • Average Sale Price for April: $650,000 (March/$639,500. )
      • 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: 57 Days (March was 92)

Market Activity ~ May 9-15, 2016

The overall Portland area is experiencing record activity, and, as it so deserves, Lake Oswego is very popular as a destination in the metro area for those making one kind of life change or another.  As always, you’ll notice the full range of price-points; a fact about Lake Oswego lost on many.  Yes, there are lots of options here!

Last week we saw 19 New properties enter the Lake Oswego market, 30 move to Pending status, and 16 “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (May 9-15, 2016)

Address List Price # Beds # Baths Total SF Prop Type
206 OSWEGO SMT -Main $249,000 2 2 1506 CONDO
5500 MCEWAN RD $435,000 3 2 1820 DETACHD
18978 INDIAN SPRINGS RD $529,900 4 3 2860 DETACHD
1161 UPPER DEVON LN $574,995 4 2.1 2265 DETACHD
6 WALKING WOODS DR $575,000 4 2.1 2870 DETACHD
1430 WOODLAND TER $579,000 5 3 2904 DETACHD
510 COUNTRY CLUB RD $655,000 4 3 3274 DETACHD
1400 HORSESHOE CURV $679,000 3 2.1 2248 DETACHD
4252 ALBERT CIR $689,000 4 2.1 2964 DETACHD
5530 DUNMIRE DR $725,000 4 3 3040 DETACHD
15964 PARKER RD $799,900 4 3.1 3378 DETACHD
220 GREENWOOD RD $850,000 3 4 2701 DETACHD
3788 Southshore BLVD $915,000 3 3 3224 DETACHD
4726 UPPER DR $923,000 3 2 2250 RES-MFG
16872 QUAIL CT $965,000 4 3.1 3174 DETACHD
1692 VILLAGE PARK LN $975,000 4 3.1 3581 DETACHD
4136 CASEY CT $1,195,000 5 3.1 3998 DETACHD
1622 LESLIE LN $1,795,000 5 3.1 5827 DETACHD
1400 RIDGECREST DR $2,250,000 4 4 4202 DETACHD

PENDING SALES (May 9-15, 2016)

Address List Price # Bedrooms Total Baths Total SF Prop Type CDOM
65 GALEN ST -Grnd $135,000 1 1 689 CONDO 4
30 CERVANTES CIR -Lower $159,000 2 1.1 1112 CONDO 7
3916 CARMAN DR -Main $229,900 2 2.1 1098 CONDO 74
165 OSWEGO SUMMIT #165 $235,000 2 2 1383 CONDO 4
16250 PACIFIC HWY #74 $274,899 2 2 1324 CONDO 47
10 SAINT HELENS CIR $300,000 3 2 1410 DETACHD 7
4 WHEATHERSTONE $372,000 3 2.1 1692 ATTACHD 2
26 PREAKNESS CT $375,000 2 1.1 1464 ATTACHD 5
3488 DEVONSHIRE DR $399,900 2 2 1647 ATTACHD 4
128 KINGSGATE RD $405,000 3 2.1 1689 DETACHD 1
5829 BENFIELD CT $459,000 4 2.1 1744 DETACHD 78
13449 VERMEER DR $495,000 3 2.1 1877 DETACHD 2
4 MORNINGVIEW PL $499,000 2 2.1 1880 ATTACHD 43
17436 WREN CT $529,000 4 3 2278 DETACHD 14
5182 TREE ST $549,900 4 2 1750 DETACHD 36
2760 OVERLOOK DR $569,500 4 2.1 2441 DETACHD 28
2302 OVERLOOK DR $579,000 4 2.1 3125 DETACHD 334
4954 MULHOLLAND DR $589,900 3 2.1 2498 ATTACHD 22
4717 FIRWOOD RD $599,000 6 3 2502 DETACHD 0
20 MONTICELLO DR $599,900 3 3.1 3848 DETACHD 4
20 JUAREZ ST $619,000 5 4 3464 DETACHD 233
839 E AVE $649,000 4 2.1 1722 DETACHD 5
17700 KELOK RD $670,000 3 3 2480 DETACHD 5
187 FURNACE ST -Upper $724,900 2 2.1 1927 DETACHD 0
18411 TAMAWAY DR $739,000 4 2.1 2576 DETACHD 6
100 LEONARD ST -Upper $749,000 3 2.1 2734 CONDO 17
1269 LAKE GARDEN CT $869,000 4 2.1 2056 DETACHD 202
19460 SW EASTSIDE RD $969,000 5 4.1 4521 DETACHD 64
18493 RAY RIDGE DR $1,050,000 4 3.3 4401 DETACHD 367
17849 UPPER CHERRY LN $3,200,000 4 6.3 8731 DETACHD 0

SOLD (May 9-15, 2016)

Address O/Price Close Price # Bedrooms Total Baths Prop Type Total SF CDOM
86 KINGSGATE RD #C201 $149,900 $160,000 2 2 CONDO 938 3
48 EAGLE CREST DR #1C $239,000 $245,000 2 2 CONDO 1399 1
5057 FOOTHILLS DR #F $285,000 $284,500 2 2 CONDO 1272 31
6343 HIAWATHA CT $375,000 $375,362 3 1 DETACHD 1056 3
125 MIDDLECREST RD $399,900 $390,000 3 1 DETACHD 800 23
4101 CHAPMAN WAY $465,000 $460,000 3 2.1 DETACHD 1864 142
18922 KRISTI WAY $415,000 $475,000 2 2 DETACHD 1397 4
13852 SHIREVA DR $550,000 $540,000 5 3 DETACHD 2664 74
5124 LAKEVIEW BLVD $579,000 $570,000 4 3 DETACHD 2932 153
2500 PARK RD $579,900 $579,900 3 3 DETACHD 1811 29
4 CAMELOT CT $640,000 $642,500 5 3 DETACHD 3344 5
639 CARRERA LN $849,000 $759,000 5 3.1 DETACHD 4305 331
4018 CANAL WOODS CT $839,900 $800,000 5 3.1 DETACHD 3600 177
5876 RIDGETOP CT $819,000 $819,000 4 2.1 DETACHD 3280 6
13050 KNAUS RD $1,699,000 $1,650,000 4 3.1 DETACHD 4821 56
13056 KNAUS RD $1,688,000 $1,688,000 4 3.1 DETACHD 5244 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.

Portland Houses in High Demand

Hello everybody!

This spring has been super active in the Real Estate market, and I am sure all of you have noticed that buying a house right now can lead to a scramble to out-bid other buyers – especially in Portland.

We are seeing a huge increase of interest in houses, which leads to competition. Something I was talking with one of my buyers about recently was: what is going on with the market and why are there so many people looking to buy houses right now?

Well one of the big reasons is that there are more jobs available. Millennials, who graduated in a time of recession, are now landing career jobs and are able to afford loans to buy their first home. Not to mention there is financial help (such as grants) for new home buyers.

Another big reason for increased demand would be that there are more buyers! Those who went through bankruptcy during the recession have resolved their debt and are able to apply for loans again. Which is wonderful news.

And lastly: Portland is still one of the most popular cities to move too. According to CNN, as of January 4th, Oregon remains one of the most popular places for people to move to (Article can be found here: http://money.cnn.com/2016/01/04/real_estate/oregon-most-popular-moving-states-2015/).

There are a myriad of other reasons as to why there is so much demand, but I feel that these three reasons are some of the larger reasons as to what is going on with the increased demand.

Anyway, thank you all for reading. And as always if you have any questions regarding Real Estate in the Portland Metropolitan area, feel free to contact us.