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 July 13 - 19, 2015

Whew, What a long list of homes to go through. It’s now past the middle of summer and Lake Oswego continues to be a hot spot to live in! We have so much going on! In the week before last we saw 21 houses hit the market, 29 homes going pending, and 26 properties sold.
I have to admit that I have been keeping an eye out for the house on 4660 Upper Dr, because it is along my running route. I’m happy to see it’s debut, feel free to check it out!

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

New on Market (July 13-19, 2015)

Address Type Price Bedrooms Bathrooms Sqft
3433 MCNARY PKWAY #704 CONDO 169,000 2 2 1008
12848 BOONS FERRY RD ATTACHED 329,000 2 2 1182
258 CERVANTES ATTACHED 385,000 3 2.5 2312
5725 WINDFIELD LOOP DETACHED 424,950 2 2 1615
26 SPINOSA DETACHED 425,000 3 2.5 2065
92 TANGLEWOOD DR DETACHED 529,950 4 2.5 3614
4660 UPPER DR DETACHED 549,000 4 3 3100
865 PALISADES TERRACE DR DETACHED 579,000 3 3 1860
14674 RAINBOW DR DETACHED 599,000 4 3 3100
4708 HASTINGS PL DETACHED 600,000 4 2.5 2215
4688 FIRWOOD RD DETACHED 625,000 5 2.5 2436
18086 JENIFERS WAY DETACHED 699,000 3 2.5 2582
13852 AMBERWOOD CIR DETACHED 775,000 4 2.5 3032
1330 PINE ST DETACHED 799,900 4 3.5 3775
5833 STEWARD GLENN CT DETACHED 835,000 4 2.5 3258
14360 UPLANDS DR DETACHED 849,000 4 3.5 2577
3151 ALBER SPRING CT DETACHED 979,900 5 3.5 3802
151 BERWICK RD DETACHED 1,165,000 4 3 4387
13132 THOMA RD DETACHED 1,995,000 5 3.5 6000
3796 LAKEVIEW BLVD DETACHED 2,395,000 3 2.5 4150

Pending Sales (July 13-19, 2015)

Address Type Price Bedroom Bathrooms DOM
45 EAGLE CREST DR #216 CONDO 112,900 1 1 3
44 OSWEGO SMT #44 CONDO 129,900 2 2 2
4 TOUCHSTONE #146 CONDO 137,500 2 2 48
534 S STATE ST CONDO 146,000 1 1 82
200 BURNHAM RD #300 CONDO 179,999 1 1 84
5225 JEAN RD #203 CONDO 219,950 3 2 16
3812 BOTTICELLI ST CONDO 239,000 3 2 47
105 KINGSGATE RD DETACHED 319,900 3 2 40
5748 WINDFIELD LOOP DETACHED 400,000 3 3 59
3508 RED CEDAR WAY DETACHED 429,900 4 2 6
1931 KILKENNY RD DETACHED 430,000 4 2.5 1
15601 TANAGER DR DETACHED 435,000 3 2.5 13
4023 TROUT WAY DETACHED 470,000 4 2.5 4
4840 DOGWOOD DR DETACHED 475,000 3 3 0
27 DA VINCI ST DETACHED 477,500 4 3 83
5150 SW DAWN ST DETACHED 499,000 4 2 0
31 WALKING WOODS DR DETACHED 500,000 4 3 3
732 CLARA CT DETACHED 599,900 4 3.5 24
1511 WOODLAND TER DETACHED 599,900 5 2.5 106
15960 PARKER RD DETACHED 720,000 3 2.5 9
14205 EDENBERRY DR DETACHED 775,000 3 2.5 29
14153 EDENBERRY DR DETACHED 775,000 4 2.5 28
328 KENWOOD RD DETACHED 1,095,000 4 4 2
18347 LOTHLORIEN WAY DETACHED 1,098,000 5 3.5 27
910 TERRACE DR DETACHED 1,145,000 4 2.5 139
17509 RIDGEVIEW LN DETACHED 1,169,000 4 3.5 1
17469 KELOK RD DETACHED 1,175,000 3 2.5 4
1115 LAKE FRONT RD DETACHED 1,898,000 4 4 6
19300 STAFFORD RD DETACHED 1,995,000 4 2.5 2

Sold/Closed (July 13-19, 2015)

Address Type List Price Close Price Sqft DOM
336 CERVANTES CIR CONDO 149,900 132,000 1112 198
47 EAGLE CREST DR #18 CONDO 136,950 135,950 932 5
4 CRESTFIELD CT #4 CONDO 145,000 140,500 923 14
3433 MCNARY PKWY #701 CONDO 199,900 200,000 1136 6
22 GREENRIDGE CT ATTACHED 308,000 309,000 1596 2
17270 BRYANT RD DETACHED 399,000 399,000 2619 49
14383 HOLLY SPRINGS RD DETACHED 450,000 419,250 2238 82
5051 TUALATA LN DETACHED 410,000 423,000 1581 7
14594 WILMOT WAY DETACHED 448,000 426,500 1710 10
12519 SW 27TH PL DETACHED 440,000 435,000 1964 0
17000 CANYON DR DETACHED 439,900 445,000 2129 11
16915 CRESTVIEW DR DETACHED 469,000 450,000 2180 8
19226 CHILDS CT DETACHED 499,000 550,000 2552 3
1982 PARK FOREST AVE DETACHED 585,000 590,000 2765 24
555 COUNTRY CLUB RD DETACHED 639,900 619,950 2133 328
4040 VIRGINIA WAY DETACHED 649,000 655,000 2623 2
4141 BIRDBILL CT DETACHED 675,000 671,500 2912 8
38 DA VINCI ST DETACHED 699,000 675,000 2932 4
5441 BAY CREEK DR DETACHED 725,000 725,000 3117 15
5707 YORKSHIRE CT DETACHED 780,000 780,000 3400 0
851 9TH ST DETACHED 999,900 987,500 2699 6
1539 LAKE FRONT RD DETACHED 1,399,900 1,150,000 3385 293
1411 LAKE FRONT RD DETACHED 1,395,000 1,300,000 3349 50
16707 GRAEF CIR DETACHED 2,100,000 2,189,634 3841 4
1780 RIDGECREST DR DETACHED 3,750,000 3,550,000 6000 35

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 Swim Parks

Lake Oswego has two swim parks. Who can use them can be a bit confusing. There is a common misconception that you must live within the Lake Oswego School District to be eligible. While that is partially true, it is not the case.

Lake Oswego Swim Park

Lake Oswego Swim Park

The Lake Oswego Swim Park

This swim park is located at 250 Ridgeway Rd on the West end of the Lake. To use this park you must be a resident of Lake Oswego. Use of the park is free. Hours of operation at 1-6 pm daily, weather permitting. The park features life guards on duty during all operating hours, diving platforms, water sprayers, inner tubes, outdoor showers, and lounge chairs. Children under the age of 10 must be accompanied by someone who is at least 16 years of age. So this park is widely available to any one who is a resident of Lake Oswego.

Lake Grove Swim Park

Lake Grove Swim Park

The Lake Grove Swim Park

This swim park is located at 3800 Lakeview Blvd on the East end of the lake. This swim park was originally deeded to the former Lake Grove School District by the Oregon Iron and Steel Company. The Lake Grove School District merged with the Lake Oswego School District in 1953. While the districts merged, the use of this swim park remains with people who live within the former Lake Grove School District’s boundary. (For a link to the website that has a copy of this map, click here) People who live within this district pay an additional property tax to maintain and operate this park. To use the park you simply must provide photo ID with proof of your address and a park pass will be issued. You then show your pass when you use the park.

This park has life guards on duty during all operating hours (12-8pm daily, weather permiting). There is also ping pong, volleyball, tether ball, and basketball. There is a concrete wading pool for children 7 and younger. Additionally, swim lessons are offered for all children in Lake Oswego, even those who are not eligible for a park pass.

With the hot summer days we’ve been enjoying, now is the time to get out to the swim parks and take advantage of the recreational opportunities that come from living in Lake Oswego.

Enjoy!
Dianne

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Market Activity July 6-12, 2015

Robust is the adjective that comes to mind when I think about what is happening with Lake Oswego real estate. Seriously, our market is hot. Houses are selling fast and buyers are in a frenzy. Last week in Lake Oswego there were 29 new listings, 33 houses that accepted offers to go into pending status, and 26 closed sales.

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

New on Market (July 6-12, 2015)

Address Type Price Bedrooms Baths Sq Ft
3926 Carman Dr Condo $234,900 2 2.5 1129
200 Burnham Rd #305 Condo $269,900 2 2 1328
668 McVey Ave #42 Condo $285,000 2 1 836
4458 Thunder Vista Ln Condo $289,000 2 2.5 2200
12844 Boones Ferry Rd Condo $315,000 2 2.5 1152
5882 Kennycroft Way Detached $315.00 3 2 1272
4725 Lakeview Blvd Detached $349,900 3 2 1589
5132 Timbergrove St Detached $380,000 3 2 1420
93 Kingsgate Rd Detached $389,900 3 2.5 1669
3508 Red Cedar Way Detached $429,900 4 2 1425
5749 Windfield Loop Detached $499,900 3 3 1873
31 Walking Woods Dr Detached $500,000 4 3 2889
16064 Waluga Dr Detached $575,000 7 3 2366
432 Livingood Ln Detached $575,000 4 3 2527
7140 Childs Rd Detached $649,800 3 3 2600
1495 Woodland Terrace Detached $715,000 4 2.5 3960
15960 Parker Rd Detached $720,000 3 2.5 2566
17766 Marylcreek Dr Detached $769,000 4 3.5 4439
5343 Greystoke Dr Detached $816,000 4 3 3097
4867 Upper Dr Detached $849,000 4 3 2852
1600 Oak St Detached $950,000 4 3.5 4385
18245 River Edge Ct Detached $1,100,000 3 3 4830
575 B Ave Detached $1,125,000 5 3.5 3534
400 D Ave Detached $1,239,000 5 3.5 4000
12822 Alto Park Rd Detached $1,299,000 4 4.5 3426
462 9th St Detached $1,395,000 5 3.5 4357
548 Ridgeway Rd Detached $1,690,000 4 3 2830
1952 Highlands Loop Detached $1,789,000 4 3.5 4100
4140 Canal Rd Detached $4,495,000 8 8.5 11956

Pending Sales (July 6-12, 2015)

Address Type Price Bedrooms Baths Sq Ft DOM
100 Kerr Pkwy #42 Condo $100,000 2 1.5 822 28
47 Eagle Crest Dr #24 Condo $109,000 1 1 672 56
47 Eagle Crest Dr #29 Condo $139,900 1 1 798 5
170 Oswego Summit Condo $145,000 2 2 1506 91
100 Kerr Pkwy #1 Condo $149,900 2 2 1188 94
53 Church St Condo $153,500 1 1 588 3
668 McVey Ave #85 Condo $199,900 2 1.5 976 14
109 3rd ST Condo $249,000 2 2 1016 20
12826 Boones Ferry Rd Attached $304,500 2 2.5 1136 6
1033 Hallinan St Detached $309,900 3 1 1128 159
27 Aquinas Detached $380,000 3 2.5 1568 10
14328 Holly Springs Rd Detached $439,900 4 2.5 1939 24
230 3rd St Detached $450,000 2 1 1316 4
16889 Wight Ln Detached $459,000 4 2.5 2579 86
17359 Ashley Ct Detached $475,000 4 2.5 2370 32
1293 Hide A Way Ln Detached $489,000 3 2.5 1720 4
5020 Hampton Ct Detached $559,500 3 2.5 2253 257
4220 Albert Circle Detached $565,000 3 3 2406 49
18910 Terry Ave Detached $579,900 4 3.5 4290 159
1097 C Ave Detached $599,000 3 2 1650 21
855 G Ave Detached $599,000 3 1.5 3165 5
12448 Orchard Hill Rd Detached $599,900 4 3 3336 178
4896 Hastings Dr Detached $650,000 4 2.5 2785 7
729 Southview Rd Detached $695,000 3 2 2657 141
17024 Canal Circle Detached $720,000 3 1 1267 39
13254 Twin Creek Ct Detached $749,900 4 2.5 3470 21
14009 Chelsea Dr Detached $765,000 4 2.5 3060 5
18137 Delenka Ln Detached $789,000 4 2.5 3555 0
17340 Oak Meadow Ln Detached $929,000 3 3.5 3718 35
983 Lake Front Rd Detached $1,595,000 3 2.5 2199 76
16511 maple Circle Detached $1,670,000 3 2.5 3342 93
1000 Atwater Rd Detached $2,095,000 4 4.5+.5 6391 120
1345 Chandler Rd Detached $2,695,000 5 4.5 6800 98

Sold/Closed (J6-12, 2015)

Address Type List Price Sold Price Sq Ft CDOM
272 Cervantes Condo $159,000 $163,000 1209 6
208 Oswego Summit Condo $169,900 $169,900 1383 4
4334 Botticelli St Condo $225,000 $217,750 2298 43
16250 Pacific Hwy #56 Condo $247,500 $229,900 1305 439
25 Oriole Ln Detached $299,900 $293,000 1460 18
1023 Oriole Ln Detached $299,900 $293,000 1460 18
1023 Hallinan St Detached $329,900 $320,000 1097 58
1 Peacock Pl Detached $348,500 $360,000 1248 13
4965 Suntree Ln Detached $399,900 $425,000 1572 5
304 6th St Detached $450,000 $435,000 941 21
5431 Willow Ct Attached $475,000 $460,000 2465 8
18581 Waxwing Way Detached $479,000 $464,000 2076 24
101 3rd St Condo $485,000 $485,000 1447 3
1426 Orchard Way Detached $549,000 $553,000 2700 4
1681 Woodland Terrace Detached $585,000 $585,000 2304 26
17348 Hunter Ct Detached $609,000 $609,900 2991 4
17336 Hunter Ct Detached $609,900 $609,900 3023 28
2084 Ridgewood Rd Detached $799,000 $650,000 2117 109
1770 Headlee Ln Detached $750,000 $680,000 2434 112
2737 Tolkien Detached $699,000 $722,337 4397 3
5728 Bay Creek Dr Detached $799,000 $799,000 3504 5
22 Hotspur St Detached $829,000 $835,000 4002 7
1854 Oak Knoll Ct Detached $1,995,000 $925,000 3530 237
610 9th St Detached $1,200,000 $1,160,000 3690 5
3301 Upper Dr Detached $1,400,000 $1,160,000 3690 5
16645 Graef Circle Detached $1,540,000 $1,450,000 3075 56

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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Tips & Tidbits

  • Documentation and timelines will be changing soon around your Lending and Closing Disclosures.  Make sure to discuss with your Realtor and your Lender as these changes can affect your ability to meet your contractual Closing date if not monitored properly. Specifically, there are a certain number of days mandated for your review of them prior to being able to Close, so find out your Lender’s plan for timing in getting them to you. Also, Escrow’s documents for your revew will depend on when they receive information from your Lender. Expected current timeline for implementation has now been moved to Oct 1st.
  • Speaking of meeting the Closing date and plotting timelines carefully, also remember to factor in the potential need for sign-off by an Appraiser if there were repairs that require that (either because of FHA or other loan requirements), or because an Appraiser calls something out that will necessitate it…such as the common issue of a Carbon Monoxide Detector not being in the home at the time of the Appraisal (…really  a Good idea to make sure there is one in the home before the Appraisal : )
  • Buyers- Make sure to discuss your Offer pricing with your Realtor in the context of current market value research before making your Offer.  In this competitive market, reports are varying widely that Appraisals are coming in just fine in some instances, and/but low in others. Per the Oregon Residential Real Estate Sale Agreement generally used, you are not obligated to pay over Appraised Value, and a bank will not lend over that value either. So… this becomes an uncomfortable negotiating point toward the end of a transaction should you really Love the house and the Seller won’t budge on price. Sometimes people are able to meet somewhere in the middle on price, but if you decide you want to proceed with some kind of arrangement in this realm of options, any monies over the Appraised Value will need to come out of your pocket. Take a close look at the best info available on values in that neighborhood in the recent past at the outset so that you don’t go too far afield in your eagerness to compete.
  • The same is true for Sellers. Make sure you take into account, when you price your home for sale with your Realtor, that your property will need to appraise “at value” in order to close at the agreed-upon price… without headaches, drama and potential “sale fail”.

 

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Market Activity ~ June 29 - July 5, 2015

Basic CMYKIt’s hot, and real estate activity shows no sign of cooling anytime soon!

Last week in Lake Oswego we saw 13 New properties enter the market, 26 move to Pending status, and 32 “Closed”/Sold.

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

NEW on Mkt (June 29 – July 5, 2015)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #29 $139,900 1 1 798 CONDO
5225 JEAN RD #203 $219,950 3 2 1400 CONDO
27 AQUINAS ST $380,000 3 2.1 1568 DETACHD
15601 TANAGER DR $435,000 3 2.1 2046 DETACHD
16935 LAKERIDGE DR $637,500 5 3 3048 DETACHD
1545 CLOVERLEAF RD $640,000 4 3.1 2723 DETACHD
2 CREEKSIDE TER $649,990 5 2.1 2906 DETACHD
17901 MEADOWLARK LN $729,000 4 3 4044 DETACHD
14009 CHELSEA DR $765,000 4 2.1 3060 DETACHD
14102 Goodall RD $950,000 3 2.1 3000 DETACHD
1944 PALISADES TERRACE DR $954,000 4 2.1 4256 DETACHD
14050 GOODALL RD $2,150,000 5 4.2 6714 DETACHD
2912 WEMBLEY PARK RD 1200000 – 1400000 4 4.1 4500 DETACHD

PENDING SALES (June 29 – July 5, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #2 $139,000 2 2 820 CONDO 8
200 BURNHAM RD #103 $199,000 1 1 873 CONDO 2
25 ORIOLE LN $299,900 3 2 1460 DETACHD 18
12828 BOONES FERRY RD $320,000 2 2.1 1136 ATTACHD 15
1790 CONIFER DR $325,000 2 1 1003 DETACHD 33
208 GREENRIDGE DR $329,000 3 2 1392 ATTACHD 55
15112 QUARRY RD $329,900 3 2 1968 DETACHD 35
5392 TREE ST $373,900 3 1.1 1232 DETACHD 7
5051 TUALATA LN $410,000 4 2 1581 DETACHD 7
2705 ORCHARD HILL PL $435,000 3 2.1 2250 DETACHD 6
17000 CANYON DR $439,900 3 2 2129 DETACHD 11
6276 FROST LN $449,000 4 3.1 2304 DETACHD 71
14480 CAMDEN LN $475,000 3 2.1 1944 DETACHD 10
2891 DELLWOOD DR $500,000 3 3.1 2928 DETACHD 4
71 TOUCHSTONE $509,900 4 3 2211 DETACHD 3
5554 ROYAL OAKS DR $525,000 3 2 1861 DETACHD 77
4979 GALEN ST $555,000 4 2.1 3298 DETACHD 74
16750 PHANTOM BLUFF CT $614,500 3 3 2267 DETACHD 19
17 EL GRECO ST $644,000 5 2.1 2778 DETACHD 4
38 DA VINCI ST $699,000 4 2.1 2932 DETACHD 4
5364 LANGFORD LN $799,000 3 2.1 3022 DETACHD 27
18977 BARTON RD $875,000 4 3.2 5076 DETACHD 106
4540 LAMONT WAY $949,900 4 2.1 3555 DETACHD 6
595 D AVE $1,075,000 3 3 3760 DETACHD 1
401 9TH ST $1,299,900 4 3.1 4288 DETACHD 138
17096 CHAPIN WAY $1,495,000 4 5 4395 DETACHD 128

SOLD  (June 29 – July 5, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #107 $158,000 $158,000 3 2.1 1351 CONDO 26
5051 SW FOOTHILLS DR #31 $209,000 $221,000 2 2 991 CONDO 3
4459 THUNDER VISTA LN $255,000 $260,000 2 2.1 1925 CONDO 32
115 TOUCHSTONE TER $329,900 $334,900 4 2.2 2848 ATTACHD 24
16444 BONAIRE AVE $349,900 $349,900 3 2 1392 DETACHD 14
6461 SW EDGEWOOD ST $399,900 $370,000 4 2.1 1950 DETACHD 72
1647 DEVON LN $399,900 $380,000 4 2.1 2494 DETACHD 13
820 BOCA RATAN DR $399,000 $386,100 4 3 2220 DETACHD 4
3919 SOUTHSHORE BLVD $424,900 $425,000 3 4 2398 DETACHD 3
15365 TWIN FIR RD $468,500 $435,000 3 1 1201 DETACHD 198
4730 FIRWOOD RD $425,000 $438,700 4 2 2124 DETACHD 6
2705 ORCHARD HILL LN $489,000 $489,000 4 2.1 2841 DETACHD 24
15941 INVERURIE RD $495,000 $495,000 4 2 2611 DETACHD 14
17902 MEADOWLARK LN $519,900 $500,000 3 2.1 1950 DETACHD 38
17101 CHAPIN WAY $519,000 $500,000 3 2 1949 DETACHD 74
17820 WESTVIEW DR $524,900 $520,000 3 2.1 2407 DETACHD 25
4798 AUBURN LN $529,000 $529,000 3 3.1 2700 ATTACHD 5
2043 RIDGEWOOD RD $579,900 $585,000 5 3 3016 DETACHD 2
3099 ROSEMARY LN $599,000 $599,000 4 4 4486 DETACHD 9
2699 TOLKIEN LN $670,000 $640,000 4 2.1 3115 DETACHD 32
5312 CHILDS RD $735,000 $735,000 3 3 2507 DETACHD 0
1336 GLENMORRIE DR $709,900 $770,000 3 3.1 3150 DETACHD 3
17572 SHEPHERDS CT $779,900 $775,000 4 3 2983 DETACHD 36
4405 SUNDEW CT $789,000 $789,000 5 3.1 4820 DETACHD 11
4974 CASCARA LN $799,000 $799,000 4 2.1 3351 DETACHD 2
5987 SUNCREEK DR $775,000 $800,000 4 2.1 2932 DETACHD 33
1917 PALISADES LAKE CT $995,000 $894,000 4 2.1 3852 DETACHD 343
1120 HOODVIEW LN $919,900 $925,000 4 3 3454 DETACHD 4
4579 UPPER DR $1,198,000 $1,150,000 4 3.1 3720 DETACHD 20
4350 LORDS LN $1,199,000 $1,175,000 5 4 3888 DETACHD 5
16902 CHAPIN WAY $1,299,000 $1,275,000 5 4 3696 DETACHD 84
3140 DOUGLAS CIR $1,395,000 $1,300,000 4 3.1 4333 DETACHD 54

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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Happy 4th of July, Lake Oswego!

Happy 4th of July Lake Oswego!

This morning I got up bright and early to extend an effort to bring some patriotic spirit to my fellow neighbors here in Lake Grove on Bonaire. Nobody knows your neighborhood like your neighbor!
I have lived in the Lake Grove area since I was 12, and what a wonderful part of Lake Oswego it is. There are peacocks that parade up and down Bonaire, which add to the lavish and unique experience.
One of my favorite things to do on the 4th of July, in my neighborhood, is light off small fireworks along our street (while staying mindful of the traffic and the wildlife), before heading down to the lake to see the spectacular fireworks display at 9:45pm.
This 4th I hope that everybody has fun and staff holiday!

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Market Activity June 22nd - 28th

Summer has been pretty busy here in the LO area during the 22nd and the 28th. We have 20 new houses entering the market, 29 houses entering into escrow, and 16 homes that have just sold! Whew!

One of the houses that I am tickled to see enter into escrow is the old church converted into a home on 796 1st st. What a cool experience that house was to visit, while it was on the market. How lucky those owners are to own such a unique home! Congrats to the sellers and the buyers!

See below of further explanation of the RMLS data.

New on the Market (June 22-28, 2015)

Address Type Price Bedrooms Bathrooms Sqft
100 KERR PKWY #2 CONDO 139,000 2 2 820
668 MCVEY AVE #44 CONDO 199,000 1 1 636
668 MCVEY AVE #85 CONDO 210,000 2 1.5 976
5392 TREE ST DETACHED 373,900 3 1.5 1232
2705 ORCHARD HILL PL DETACHED 435,000 3 2.5 2250
17422 BLUE HERON RD DETACHED 439,900 3 2 1954
5895 BURMA RD DETACHED 459,900 4 2.5 1781
14480 CAMDEN LN DETACHED 475,000 3 2.5 1944
2222 CREST DR DETACHED 639,000 4 3.5 2820
17 EL GRECO ST DETACHED 644,000 5 2.5 2778
156 DEL PRADO ST DETACHED 699,000 4 4 4862
4190 CHAD DR DETACHED 845,000 4 3.5 3913
13447 STREAMSIDE CT DETACHED 899,000 5 2.5 3609
815 OAK ST DETACHED 945,000 4 3.5 3709
4540 LAMONT WAY DETACHED 949,900 4 2.5 3555
14100 GOODALL RD DETACHED 950,000 3 2.5 3080
201 RIDGEWAY RD DETACHED 1,049,000 4 3.5 3624
3967 CANAL RD DETACHED 1,199,800 4 3.5 3875
3070 WEMBLEY PARK RD DETACHED 1,459,000 4 3.5 4032
4431 WEST BAY RD DETACHED 1,595,000 4 3 3098

Pending Sales (June 22-28, 2015)

Address Type Price Bedroom Bathrooms DOM
750 1ST ST #32 CONDO 134,990 1 1 64
4 OSWEGO SMT CONDO 144,900 2 2 5
226 RIDGEWAY RD CONDO 172,500 1 1 37
3652 SPRING LN CONDO 175,000 2 2 3
4334 BOTTICELLI ST CONDO 225,000 2 2.2 43
22 GREENRIDGE CT ATTACHED 308,000 3 2 2
1988 BONNIEBRAE DR ATTACHED 308,000 3 2 0
105 KINGSGATE RD DETACHED 319,900 3 2 21
7 SAINT HELLENS CIR DETACHED 335,000 2 2 3
5467 KENNY ST DETACHED 345,000 3 1 0
1428 GREENTREE CIR DETACHED 399,950 4 2.5 120
674 YORK RD DETACHED 435,000 4 3 3
1463 GREENTREE CIR DETACHED 489,900 4 2.5 3
674 LIVINGOOD LN DETACHED 548,900 4 2.5 6
1458 GREENTREE CIR DETACHED 549,000 4 2.5 22
16460 LEXINGTON CT DETACHED 574,000 3 2.5 8
4040 VIRGINIA WAY DETACHED 649,000 4 2.5 2
4719 LAKEVIEW BLVD DETACHED 665,000 4 2.5 24
1503 EASTVIEW CT DETACHED 689,000 3 3.5 7
3723 RIVERS EDGE DR DETACHED 750,000 4 2.5 2
2221 OVERLOOK DR DETACHED 750,000 4 2.5 31
14153 EDENBERRY DR DETACHED 775,000 4 2.5 6
5650 BAY CREEK DR DETACHED 799,900 4 2.5 53
796 1ST ST DETACHED 885,000 3 2.5 355
827 8TH ST DETACHED 999,990 5 3.5 3
17537 CARDINAL DR DETACHED 1,399,000 4 4.5 65
1956 CHERYL CT DETACHED 1,399,000 4 4.5 128
1947 SUMMIT DR DETACHED 1,499,000 5 5.5 104
2025 CEDAR CT DETACHED 2,200,000 3 4 9

Sold/Closed (June 22-28, 2015)

Address Type List Price Close Price Sqft DOM
89 GALEN ST #89 CONDO 185,000 76,000 575 88
16 CRESTFIELD CT CONDO 95,500 92,500 550 36
45 EAGLE CREST DR #214 CONDO 179,000 170,000 1046 12
15495 BRIANNE CT ATTACHED 280,000 280,000 1292 39
36 WHEATHERSTONE CONDO 300,000 290,000 1692 6
13080 THOMA RD DETACHED 1,095,000 279,900 3400 632
5340 CHINOOK CT DETACHED 374,500 3,800,000 1801 5
10 ORIOLE LN DETACHED 399,900 410,000 1536 4
1427 ASPEN ST DETACHED 495,000 488,150 2298 2
147 DEL PRADO ST DETACHED 549,000 511,000 2790 31
17833 HILLSIDE WAY DETACHED 575,000 567,000 2668 32
4736 AMHERST CT ATTACHED 575,000 575,000 2812 4
13456 PROVINCIAL HILL WAY DETACHED 729,000 715,000 2771 20
15761 SPRINGBROOK CT DETACHED 728,000 733,000 3007 2
17065 TUALATIN ST DETACHED 739,000 739,900 2733 9
14053 AMBERWOOD CIR DETACHED 782,500 784,500 3126 5

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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Changes With Appraisals

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

Appraisals are taking longer

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

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

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

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

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

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

Dianne

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Market Activity June 15-21, 2015

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

See below of further explanation of the RMLS data.

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

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

Pending Sales (June 15-21, 2015)

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

Sold/Closed (June 15-21, 2015)

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

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

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News & Notes ~ May Numbers

Here are the most recent real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together).

Enjoy!  I hope you find this helpful.

According to the RMLS Market Action Report for the Portland Metro Area, May, 2015:

  • There were 4,161 New Listings in May which was up 5.4% from the previous month/April, but down 0.7% from May of 2014.
  • At 2,942 May Closed Sales increased 7.6% over April, and were up  18.5% from May of 2014.
  • May Pending Sales (accepted offers), at 3,546, was down a bit from the previous month by 1.9%, and was 18.6% better than May of 2014.
  •  The Average Sale Price in May of $359,100 was up $11,600. from April’s Average of $347,500, and up $23,800 from May of 2014’s $335,300. 

The combined areas of Lake Oswego and West Linn  for the month of May 2015 reported:

    •  414 Active Listings  (364 in April)
    •  276 New Listings    (237 in April)
    •  191 Pending Sales    (200 in March)
    •  155 Closed Sales   (161 in March)
    • Average Sale Price for May of $533,300.  ($506,300. in April)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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: 78 Days  (73in April)
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