Market Activity Report for January 11-17, 2010

Here is our latest market activity report. Last week brought us 21 new listings, 10 pending sales, and 9 closed sales.

I want to explain that occasionally a property misses getting into our report. This happens if the property status changes during the week that represents our report, but the data is not changed in the RMLS until after our report is issued. Linda and I want these reports to be as accurate as possible, but we also want them to occur in a timely fashion. We regret that some property data is reported late and thus misses our report.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Jan. 11—Jan. 17, 2010)

Address List Price # BR # BTHS Total SF Prop Type List Date
86 KINGSGATE RD $139,900 2 2 849 ATTACHD 1/11/2010
67 OSWEGO SMT $174,900 2 2 1,212 CONDO 1/12/2010
5225 JEAN RD 174900 – 199876 2 2 1,400 CONDO 1/13/2010
4 TOUCHSTONE $199,995 3 2.1 1,351 CONDO 1/16/2010
15 ORIOLE LN $269,900 2 2 1,470 DETACHD 1/12/2010
17350 BLUE HERON RD $330,000 4 2.1 2,880 DETACHD 1/13/2010
3 SAINT HELENS CIR $355,000 2 2 1,472 DETACHD 1/17/2010
240 4TH ST $399,900 2 1.1 1,080 DETACHD 1/14/2010
4729 FIRWOOD RD 439900 3 2.1 2,357 DETACHD 1/15/2010
4725 FIRWOOD RD 449900 3 2.1 2,296 ATTACHD 1/15/2010
64 TOUCHSTONE 449999 5 2.1 3,641 DETACHD 1/14/2010
2705 SW ORCHARD HILL LN 499350 3 2.1 2,841 DETACHD 1/11/2010
3368 SOUTHSHORE BLVD 499990 3 2 2,160 DETACHD 1/11/2010
14279 CAMDEN LN 525000 4 2.1 2,373 DETACHD 1/13/2010
4102 BUCK BRUSH LN 556900 4 3 2,205 DETACHD 1/15/2010
4581 HASTINGS PL 574900 4 2.1 2,985 DETACHD 1/11/2010
19175 EASTSIDE RD 900000 5 4.1 5,263 DETACHD 1/13/2010
18222 SIENA DR 1088000 6 4.1 3,800 DETACHD 1/12/2010
2057 SUMMIT DR 1099000 4 3.1 4,589 DETACHD 1/14/2010
1808 RIDGE POINTE DR 1269000 5 4.1 4,155 DETACHD 1/12/2010
13764 KNAUS RD 1375000 4 4.1 4,805 DETACHD 1/12/2010

PENDING SALES (Jan. 11 – Jan. 17, 2010)

Address List Price # BR # BTHS Total SF Prop Type CDOM
12 CERVANTES CIR $105,000 2 1.1 912 CONDO 121
668 MCVEY AVE $164,900 2 1 852 CONDO 9
16250 PACIFIC HWY $170,000 3 2 1,626 CONDO 128
775 BOCA RATAN DR $184,500 3 3 2,401 DETACHD 131
3 SUMMIT RIDGE CT $274,000 2 2.1 1,576 ATTACHD 218
13050 BOONES FERRY RD $332,000 3 2 2,632 DETACHD 170
5460 BAY CREEK DR $424,900 3 2.1 2,358 DETACHD 136
38 DA VINCI ST $625,000 4 2.1 2,932 DETACHD 214
9 HIDALGO ST 649900 4 4.2 5,310 DETACHD 525
5234 WESTFIELD CT 724900 4 3 3,252 DETACHD 8

SOLD (Jan. 11 – Jan. 17, 2010)

Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
3433 MCNARY PKWY $100,000 $101,500 2 2.1 1,208 CONDO 212
86 KINGSGATE RD $127,000 $132,000 2 2 924 CONDO 236
520 9TH ST $325,000 $300,000 3 2 1,148 DETACHD 151
16824 SW INVERURIE RD $389,900 $310,000 3 3 1,896 DETACHD 245
16824 INVERURIE RD $279,900 $310,000 3 3 1,896 DETACHD 245
1575 IVY CT $515,000 $495,000 4 3 2,432 DETACHD 56
17479 BROOKHURST DR $699,000 $675,000 4 2.1 3,551 DETACHD 78
13010 KNAUS RD $1,099,000 $930,000 4 3.1 4,312 DETACHD 1128
17404 BERGIS FARM DR 1297000 1065000 5 4.1 5,394 DETACHD 326

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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2 Replies to “Market Activity Report for January 11-17, 2010”

  1. 17404 BERGIS FARM DR sold for $1,065,000. That is about $197 a square foot for a big McMansion built in 2003.

    If we use $200 a square foot to value the newer Schollander Homes on Oak Meadow and Ridgeview, they work out to be around $850K to $950K depending on the house. Those homes are currently priced at $1.3 to $1.4 million.

    The Bergis Farm and Oak Meadow subdivision are all built by Schollander so they are of the same quality. I commented on this before. Either those new homes get sold in the $800-$900K range or Schollander will go bankrupt.

    David

  2. An interesting observation, to say the least. I totally get the idea that if this apple sells for X, then that apple should also sell for X. Where it is different is when the first apple is this years crop, all fresh, crisp, and sweet. And then the second apple is a hold-over from last year’s crop. It been down in the cellar, so it’s still safe to eat, but it just lacks that crisp freshness. The house in Bergis Farm was built in 2003. The houses on Oak Meadow and Ridgeview are from 2006 and 2008. They aren’t brand new, but they are newer than the Bergis Farm property.
    I was in the house in Bergis Farm. I do have to say it was incredible. The kitchen was one of the nicest I have ever seen. On the not so good side, the yard was not very usable and over 900 square feet of the 5394 was in the basement with zero windows.
    I think if Schollander was in a hurry he’d be dropping the prices on Oak Meadow and Ridgeview. I am not a party to his personal finances, but I will tell you that he has a reputation for financial strength and integrity. Perhaps he can afford to wait out the economy.
    There are also two recent sales that do support his asking prices. 16359 Chapin, built by Westlake Development, sold for $302 a square foot. And 18224 Bella Terra, built by Eslinger Homes, sold for $314 a square foot. I would imagine that the high-end builders are looking at those homes and hoping for a similar sale.
    And, ultimately, a home is worth what a buyer is willing to pay for it. So we won’t know the end result on these properties until they eventually are sold.
    Having said all of that, there are still too many high-end specs for sale. And the thing that will get them sold will be a combination of time and correct pricing.

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