What’s in a name?

marinaI have two things on my mind today:  Thanksgiving and how much Linda and I are loving writing the PropertyBblotter.  I am thinking about Thanksgiving because it is my favorite holiday and because it has been so incredibly gorgeous the last few days.  The air is crisp.  The sunshine is bright.  It just makes me feel grateful to be alive.  And somehow those feelings tie into how I feel about the Property Blotter.  We have been writing this blog for 20 months.  In that time we have had the pleasure of sharing our passion for real estate and for this wonderful town that we live in.  We have also been fortunate to have people contact us to get information, and even to buy and to sell homes.  We are grateful for our loyal readers and hope that you are enjoying and learning from what we are able to share.

In that light, today I want to take us back to the roots of the Blotter and remind our readers that the name is completely local to Lake Oswego and references the Police Blotter that is published each Thursday in The Lake Oswego Review, the local newspaper.  The Review is widely read in LO, both to see photos and hear about our neighbors, and also to get a good chuckle over the varied activities of our local law enforcement.  Let’s face it, while LO is not immune to crime, there is quite a bit of time when the good men and women of our police department deal with some pretty funny stuff.  So the Police Blotter is in some ways a form of entertainment.  I thought I’d take time today to share a bit of the Property Blotter’s namesake.  Here, for your reading enjoyment, are actual police activities that were published in the LO Review from a two week period in late September.  Enjoy.

9/14/09  1:47 pm A man fell down while walking on a broken sidewalk on Boones Ferry Rd.

9/14/09  4:10 pm An elderly man acted confused at a pizza restaurant.

9/15/09  12:54 pm Police saved a man from being stranded on his roof after his ladder fell down while he was working on it.  The ladder was replaced and the man came down.

9/15/09  1:39 pm A caged leopard was observed in a vehicle traveling down Highway 43.

9/15/09  4:47 pm An old lady has been throwing plums at her neighbor.

9/15/09 5 pm An injured pheasant was caught on the side of the road by officers and taken to the Audobon Society.

9/16/09 1:44 pm A woman complained that her neighbor’s garage sale had been going on for far too long.

9/17/09  8:58 pm A short, heavy, suspicious man was advised to leave a super market after he was observed leaning against a wall.

9/18/09 7:48 pm After leaving his scooter on a dock, a man returned to find that it was missing.  It turned out the scooter had been thrown into the water by a mentally challenged boy, whose father agreed to pay for a new scooter.

9/19/09  8:41 am A racoon found injured in the middle of the road was taken to a Lake Grove veterinarian.

9/19/09  6:23 pm A person dropped a glass on Lakeview Boulevard, then got out and tried to pick it up.

9/21/09 9:09 am A man in a van has been parking behind a church and sleeping.  Church officials hope he will wake up and leave.

9/22/09 1:38 pm A large swarm of yellow jackets was seen a Maple Circle.  A beekeeper was notified to respond.

9/24/09 2:16 am A dog cornered a raccoon in a backyard.

9/24/09 7:28 pm A man’s 10-year-old son was screaming about not being able to get on a computer.

9/25/09 11:35 am A dark blue Jeep Liberty was seen driving over yellow lines and onto the sidewalk on Boones Ferry Road.  An alternative driver was located to drive the car.

9/25/09 5:03 pm A 15-year-old boy reported a man in an Alden Utilities vest riding a bicycle through his yard. Turns out Alden Utilities is taking a pole inventory.

9/25/09 8:40 pm A suspicious man was going door to door on Albert Circle claiming to be the Kirby Vacuum guy.

9/26/09  1:54 pm A back pack with drug paraphernalia was reportedly found at Our Lady of the Lake.  Officers determined the contents were just garbage and disposed of them.

9/26/09 2:41 pm A dead squirrel was removed from Lake Grove Avenue.

9/26/09 10:13 pm A complaint was filed on a loud party at Country Woods Court and Quarry Road.  Partiers shut the garage door and turned the music down.

9/26/09 11:59 pm The partying continued on Country Woods Court.  Homeowners were warned of a citiation.

We may be just 15 minutes from downtown Portland, but reading the LO Review’s Police Blotter really puts into perspective that LO has the personality of a small town.  Our police department has a 100% personal response policy.  When you call the police, for whatever issue no matter how small or how large, you will get a police officer who will personally respond.  And then the next week, you will see it in the Lake Oswego Review.  I love it.

Talking Taxes

Along with the gorgeous fall color, October brings property tax statements.  If you live in Oregon, you will be receiving your statement in the mail in the next week or so.  Property taxes are pretty misunderstood, and not because people are dumb. The simple fact is that they are confusing. I am going to take a shot at explaining them and clearing up some basic issues.

fallcolorThe tax year runs from July 1st to June 30th, but you receive your tax statement in October for payment on November 15th.  No wonder people are confused!  Not only does the tax year not correspond with the calendar year, but you get your statement at a completely odd time as well.  (Is this some sort of a conspiracy?)  So when you pay your taxes in November you are paying in arrears back to July 1 and ahead to June 30.  You can pay your taxes in one lump sum and receive a discount, or you can pay it in thirds with the final third due in May.

Don’t fall behind in your property taxes.  The tax assessor is the only entity that can step ahead of your mortgage lender in lien position.  This means that if you fall behind, the county can actually foreclosure on your home even if you are current on your mortgage.  This is why mortgage companies pay attention to whether or not your property taxes are paid and will be all over you if you let them slide.  I recommend to all first-time buyers, and to buyers who are not yet financially seasoned homeowners, that they arrange for their taxes to be paid as a part of their house payment.  This builds a reserve account that is built up all year so that when November rolls around the full year’s tax bill is on hand, and the taxes are paid on your behalf by your mortgage company.  It makes paying your taxes quite automatic.

fallcolor2Yes, your property taxes will probably go up this year even though your house value has likely gone down.  Right now, this is the most confusing issue about property taxes and is getting a lot of play in the media.  This is happening because of the restriction that was placed onto annual tax increases in the mid-1990’s.  At that time house values were going up quickly and property taxes were going up at the same pace.  This was creating financial hardship because people’s incomes were not keeping pace.  A ballot measure was passed that restricted annual tax increases to not more than 3% per year plus any bond measures passed through public vote.  Bond measures are those ballot measures that supply funding to build libraries, schools, zoos, etc.  Lots of bond measures have been passed in the last 15 years, including an $80,000,000 bond measure that re-built the two High Schools here in Lake Oswego.

When you receive your tax bill you will see two values:  tax assessed and market.  The tax assessed value has increased under restrictions for the last 15 years.  These restrictions have kept the increase to about 3-6% per year.  At the same time the real market value has increased at the rate of the actual market and there were many years with 10-15% appreciation.  You will not see any decrease in property taxes until or unless the market value falls below the tax assessed value.  And because the market value so far out-paced the tax assessed value, they are still pretty wide apart.  And that is why your property taxes will likely be going up this year.

It’s good to know that buying or selling a home does not trigger a tax increase.  The tax assessed value goes with the house to the new home owner.  So the new sale at a value that is much higher than the tax assessed value will not have an impact on the annual property taxes.  (Other than becoming a part of general statistics used in the tax assessor’s office to track valuations).  There are, however, two things that can trigger higher taxes.  I have already mentioned publicly voted bond measures that pass.  These have no dollar limitations.  It is completely at the discretion of the voters.  The second is major remodeling.  This is not the sort of remodeling where you re-do the kitchen or put up a fence in the yard.  (I am providing general information here.  What the tax assessor uses to trigger a tax increase because of remodeling is at his/her discretion, and not mine )  This is the sort of remodeling where you add square footage to the house, or gut a house and re-build it from the studs out.  This will bring in lots of building permits and the tax assessor will be right in there to see how it affects the value.  A total remodel can trigger tax assessments that make the home virtually a new house.

The taxation process is political. And that means it was built from problems that needed to be solved and a solution that was from compromises.  So it’s not perfect.  The biggest area that I see as imbalanced is that the basis for the 3% annual increase happened in the mid-1990’s.  Older homes that had lower market values 15 years ago continue to benefit from those values.  And homes that were newer or in expensive neighborhoods continue to have taxes that are higher in comparison.  Having said that, it is my experience that on average taxes in Lake Oswego/Clackamas County still remain lower than taxes in Multnomah County (Portland), and there is no transfer tax like you find in Washington County (Beaverton/Tigard).

Without going on and on on this topic (because that would be pretty easy to do), I hope this explanation is helpful to you as you receive your tax statement in the coming weeks.  And if you are re-locating to the area, I hope it helps you to understand what to expect.

Dianne

Notes & Scribbles

Tax Credit ~ The First-Time Home-Buyers’ $8,000.  Tax Credit is, of course, the talk of the town (the nation, actually). It is acknowledged that it is and has been helpful in spurring the real estate market (activity in related price ranges is steady if not occasionally feverish… especially lately!)   There is much talk about extending the deadline from the current November 30th date to an as-yet-undetermined date in 2010.  While it is generally agreed that the housing market is turning the corner, and a large part of this growth is related to the tax credit, there is also concern being expressed about dispersing more government money in light of recent history.  So… nothing is decided as of now. There are talks about plans to:

  • Extend it to all home-buyers,
  • Not extend it at all,
  • Increase it to $15,000.,
  • Extend it and keep the terms the same,
  • Offer it only to service members who have been out of the country,
  • Etc.

The important thing to remember if you are a first-time home-buyer, or care about one, is that right now there is an opportunity to get an $8,000. tax credit. That means real money coming to you when you file for 2009.  We do NOT know how the debate will play out regarding extending or not extending it… AND right now there is still time to take advantage of it, but you must act now.

Oil Tanks (Reminder & Update) ~ The standards for levels of contaminants are under review. In particular, ethyl benzene and naphthalene have been changed to a “carcinogenic” classification, and therefore cleanup requirements are also changing. There is now concern over the possibility of  fumes potentially penetrating a home from underground & causing harm. Remember, if you have an oil tank underground on your property that has not been decommissioned, or if you are a Buyer considering a property with one: Underground oil tanks have a life of approximately 40 years.  After that, they leak… and what they leak is toxic.  Homeowners can be held liable for damage to soil from leaking tanks, and therefore, proper soil testing and decommissioning through a DEQ-certified environmental service is the wise choice.  If you are a Seller in this situation, I would highly recommend just doing this now and getting it out of the way.  It makes your home more attractive to potential Buyers, removes an objection, and protects you and the environment at the same time.

Loans ~ There are truly all kinds of loans out there right now for all kinds of Buyers.  FHA loans are a  current favorite, and the FHA 203 (b) is a little easier to qualify for than most conventional loans these days. There are also “Flex”  loans for teachers (administrators & school nurses can also apply!), police, and firefighters. Other than the FHA loan I mentioned, you usually want a credit score of 640 or higher, and for all of them you’ll need 3 to 3.5% down. Talk to your favorite mortgage broker for more information, or give me a call and I can refer you to some great resources.

Homes on Slopes ~ Some precautions, in light of current information gained from recent slides in Portland, Lake Oswego and surrounding areas are worth noting:

  • At no point should drain water be discharged onto slopes in an uncontrolled manner. Investigate energy dissipation devices to prevent erosion at discharge points.
  • Make sure that any fill used on the slope is “engineer-fill”.  Not all fill is able to handle the specialized drainage requirements of sloped properties.
  • Make sure gutters remain clear in order to prevent over-saturation in areas not able to handle runoff.
  • Keep drainage ditches or berms clear during the rainy season so that they do not direct water into areas where erosion & damage may occur.
  • Keep drain inlets, outlets and weep holes at foundation, retaining walls, driveways etc clean at all times.  Remove debris to prevent clogging.
  • Notice any wet spots on the property.  This may indicate either natural seepage, or leaking water or sewer line problems. Seek professional advice immediately.
  • Regularly check irrigation systems. Drip systems are preferred on hillsides.
  • Make sure roof drainage is not connected to a subsurface disposal system unless it has been approved by a geotechnical engineer.
  • Keep water from accumulating next to foundations, retaining walls or basements.
  • Guard against over-saturation on the hillside, as once this has occurred, damage can result very quickly and without warning.
  • Seek the advice of a good Engineering firm. One source is:  GeoPacific Engineering, Inc.

Market Activity Report for September 21-27, 2009

Last week brought 17 new listings onto the market, 17 pending sales, and 9 closed sales. Of note, at least to me, is that 2 of the closed sales were condos in the 555 building on Second Street. That development is high-end condos that are all on one-level and accessed by elevators. They are ideal for someone downsizing out of their big house for retirement. It’s a great location that is walking distance to downtown, the farmer’s market, the library, and the Adult Community Center. I think the condo market has taken a worse beating in this downturn than the single family residential market. So it’s good to see a couple of these high-end condos selling.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (Sept. 21—27, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # BR # BTHS Total SF Prop Type List Date
47 EAGLE CREST DR $119,900 2 1 932 CONDO 9/25/2009
3930 LAKE GROVE AVE $144,900 2 1 952 CONDO 9/26/2009
15 OSWEGO SMT $169,900 2 2 1,212 CONDO 9/24/2009
18462 DON LEE WAY $239,500 4 2 1,904 DETACHD 9/22/2009
5056 FOOTHILLS DR $299,900 2 2 1,252 CONDO 9/21/2009
1709 ASPEN CT $317,000 3 2 1,561 DETACHD 9/23/2009
18620 INDIAN CREEK DR $424,000 3 2 2,046 DETACHD 9/23/2009
1790 YARMOUTH CIR $424,995 2 2 1,473 DETACHD 9/21/2009
4 ICARUS LOOP $449,000 4 2.1 2,743 DETACHD 9/27/2009
17336 HUNTER CT $549,900 3 2.1 3,004 DETACHD 9/24/2009
1060 UPPER DEVON LN $674,900 3 2.1 2,460 DETACHD 9/23/2009
5124 ROSEWOOD ST $685,950 5 3.1 3,510 DETACHD 9/23/2009
18096 PILKINGTON RD $749,000 4 2.1 3,200 DETACHD 9/23/2009
467 9th ST $775,000 3 2.1 2,700 DETACHD 9/25/2009
453 9th ST $775,000 3 2.1 2,700 DETACHD 9/25/2009
2445 GLENMORRIE DR $1,495,000 4 5 4,663 DETACHD 9/22/2009
1870 TWIN POINTS RD $2,200,000 4 3 4,448 DETACHD 9/22/2009

PENDING SALES (Sept 21 -27, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address Close Price List Price # BR # BTHS Total SF Prop Type CDOM
340 CERVANTES CIR $110,000 2 1.1 912 CONDO 122
32 OSWEGO SMT $124,900 1 1 752 CONDO 497
86 KINGSGATE RD $138,000 2 2 924 CONDO 172
45 EAGLE CREST DR $139,900 1 1 768 CONDO 125
73 OSWEGO SMT $164,900 2 2 1,212 CONDO 409
458 STATE ST $199,900 2 1 800 CONDO 122
195 OSWEGO SMT $219,900 2 2 1,506 CONDO 343
16651 LAKE FOREST BLVD $239,900 3 1 1,230 DETACHD 237
16650 Fir LN $325,000 3 2 1,384 DETACHD 20
2961 DELLWOOD DR $350,000 3 3 2,476 DETACHD 192
17622 BROOKHURST DR $350,000 4 2.1 2,909 DETACHD 429
627 1ST ST $399,000 2 2 2,090 DETACHD 241
1531 WOODLAND TER $414,000 3 2.1 1,895 DETACHD 139
13531 FIELDING RD $650,000 4 3.1 4,629 DETACHD 463
5329 Langford LN $719,000 3 2.1 2,962 DETACHD 302
1708 VILLAGE PARK LN $899,000 4 2.1 3,211 DETACHD 13
17211 KELOK RD $1,399,000 3 3.1 5,384 DETACHD 112

SOLD (Sept 21-27, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
17928 ROYAL CT $299,900 $267,250 3 2 1,272 DETACHD 111
4 WHEATHERSTONE $334,950 $330,000 3 2.1 1,692 CONDO 86
126 CONDOLEA DR $549,000 $391,500 3 3 2,664 CONDO 680
559 2ND ST $665,115 $580,000 2 2 1,529 CONDO 923
20 DA VINCI ST $599,900 $585,000 5 3 3,089 DETACHD 25
575 2ND ST $832,200 $592,300 2 2.1 1,752 CONDO 887
100 GARIBALDI ST $1,349,900 $925,000 5 3.2 4,669 DETACHD 334
1149 LAKESHORE RD $1,295,000 $1,115,000 4 2.1 2,660 DETACHD 143
128 NORTHSHORE CIR $1,799,000 1290000 3 3.1 3,550 DETACHD 764

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.

Open Houses for Sunday September 27th, 2009

Sunday is going to be a great day to visit some open houses. We are enjoying a wonderful Indian Summer so the temperature will be pretty much perfect with plenty of sunshine and 28 houses being held open for your viewing pleasure.

62nd front2In particular I want to point out a progressive open house tour being held in Southwood Park. 5 homes are being held open within just a couple of blocks of each other, including my listing at 13638 SW 62nd. Remember that this neighborhood is in unincorporated Clackamas County (which means low taxes), but has Lake Oswego Schools (great for kids and re-sale values). My listing was price reduced this last week from $319,900 to $299,900. That is for a house with 4 bedrooms, 3 full baths, two family rooms, and a 21 x 11 utility room. It needs some cosmetic updating, but has a 50 year metal roof, new windows, and new paint inside and out. If you visit all 5 houses on the tour, your will receive a $5 Starbuck’s gift card. Watch for hellium balloons and lots of open house signs. You’ll find my signs on Lesser Dr to follow them in to the property.

Address List Price # BR # BTHS Total SF Prop Type Open
1547 BOCA RATAN DR $219,900 2 1.1 1,008 ATTACHD 1 to 3
13363 SW 64TH AVE $264,900 3 1.1 1,120 DETACHD 1 to 4
13561 SW 62ND AVE 269000 – 289000 3 1.1 1,594 DETACHD 1 to 4
13638 SW 62ND AVE $299,900 4 3 2,268 DETACHD 1 to 4
17752 SCHALIT WAY $329,900 3 2 1,463 DETACHD 2 to 4
13448 SW 61ST AVE $335,000 3 3 1,911 DETACHD 1 to 4
13224 SW 63RD AVE $338,000 4 2.1 1,694 DETACHD 1 to 4
9 DA VINCI ST $399,900 3 2 1,768 DETACHD 12 to 2
14371 SHERBROOK PL $495,000 3 2.1 2,550 DETACHD 2 to 4
3254 DUNCAN DR $500,000 4 3.1 3,997 DETACHD 2 to 4
2525 DELLWOOD DR $519,000 5 3 2,836 DETACHD 12 to 2
4018 COHO LN $539,000 3 2 2,489 DETACHD 1 to 4
11 MORNINGVIEW CIR $547,000 3 2.1 2,921 DETACHD 1 to 3
14867 TWIN FIR CT $579,000 6 3.1 3,641 DETACHD 2 to 4
2545 DELLWOOD DR $599,000 5 3.1 3,843 DETACHD 2:30 to 4:30
1040 UPPER DEVON LN $649,000 3 2.1 2,640 DETACHD 2 to 5
2044 RIDGEWOOD RD $799,000 4 2 2,519 DETACHD 2 to 4
1809 HEADLEE LN $1,125,000 2 2.1 3,836 DETACHD 1 to 3
18143 SIENA DR $1,197,000 5 4.1 4,152 DETACHD 1 to 3
18246 BELLA TERRA DR $1,294,000 4 3.1 4,052 DETACHD 1 to 3
17464 RIDGEVIEW LN $1,298,950 4 3.1 4,407 DETACHD 2 to 4
622 OAK MEADOW DR $1,325,000 4 3.1 4,171 DETACHD 2 to 4
664 OAK MEADOW DR $1,355,000 4 3.1 4,198 DETACHD 2 to 4
18110 Siena DR $1,394,000 4 3.1 4,311 DETACHD 1 to 3
657 OAK MEADOW DR. $1,395,000 4 3.1 4,371 DETACHD 2 to 4
17364 RIDGEVIEW CT $1,425,000 4 3.1 4,436 DETACHD 2 to 4
2572 GLEN EAGLES PL $2,395,000 5 4.2 6,490 DETACHD 12 to 3
13961 KNAUS RD $2,450,000 4 4.2 6,614 DETACHD 3 to 4:30

Enjoy the day and please take advantage of the progressive open house tour in Southwood Park.

Industry Trends, Good or Bad?

hanging basketAs with our entire society, the real estate community is rapidly changing due to the expanding availability of computer technology and the Internet.  I have found myself musing on this subject because of a telephone call I got yesterday.  A gentleman wanted information about a house that I have listed for sale.  As I always do when I speak to someone about real estate, I asked him if he was already working with a Realtor.  Not that it will make any difference in my answering of his questions, I just want to make sure that he has adequate help and I also don’t want to step onto the toes of any other Realtors.  His response to me was that he had 3 different agents helping him, but that he didn’t think any of them were really working for him. This was because all 3 had set up e-mail programs that sent him listing information, but that none of them made the effort to speak to him in person.  Hmmmm……

I can see, as a professional, how easy it would be to fall into this pattern.  The Internet is absolutely amazing.  Our local RMLS was the first multiple listing service in the United States to go fully functional as a website.  It is constantly upgrading with more and more services.  One feature it has is a client profile program.  This allows Realtors to set up a client profile that automatically searches listings to hunt for homes that fit any particular clients criteria.  It then sends an e-mail to that agent whenever a match is found.  At this point, it will even send that match via e-mail to the client as well, if that function is added by the Realtor when the profile is set up.  It is a simple process to set up and convenient to both the Realtor and the client.  And this is where I think things get gray.  Where is the human contact?

I am as guilty as the rest.  I love technology.  I am on facebook, I tweet, as you can see, I blog.  But I have also been in this business since back in the days when every two weeks we got a printed book the size of your typical phone book.  It had all of the local listings, about 16 to a page, each with a little box with facts and one black and white photo.  We would thumb through the book to find houses that our buyers might like.  Then we’d load our buyers in our cars and drive all over town to see houses.  Looking back, I think it must have been a huge pain in the you know what for buyers.  All that time to see houses that someone else thought you might like.  It worked because it was the only method available.  Today, my clients can look at 16 color photos of each house, with a map link to preview location, and perhaps even a virtual tour, before they ever get into my car to go see the interior.  Today my clients tell me what they want to see and not the other way around.  It saves time, gas, and frustration.  It is soooooo much better.

I think the weakness in our current system is that we may loose touch with the human element.  Ultimately a client needs someone who understands their concerns and who listens to their needs.  You are trying to buy a house, but your are also needing someone who manages your concerns as you negotiate the sale, deal with the home inspection, and, especially today, help you arrange financing.  You need to build a relationship with your Realtor as you look for a home so that you know that your Realtor really is working on your behalf.  The human element is perhaps more important today than ever.

There is a balance that needs to be found.  Just as a Realtor who doesn’t have technological savvy will fall behind in the industry, I think a Realtor who relies too heavily on the techno factor and looses touch with the human needs of their clients will also fall behind.  And, call me old fashioned, there is still nothing quite as nice in business as a hand-written thank you that comes in the mail.

Linda and I are both commited to working within that balance.  We pride ourselves on being “up” on technology, and we both are commited to listening to your needs and helping to make your real estate dealings a successful experience for you as an individual.   I think that we can both honestly say that we start out in our dealings working with clients, but those clients end up becoming friends.  It is my favorite part of my job.

Dianne

First Time Home Buyer?

DollarYou know, Dianne and I talk about this a lot, but I think it bears mentioning at this crucial moment when we have so little time before the $8,000. tax credit incentive has timed out (it expires on December 1st… that means that any transaction where there is the intention of taking advantage of this needs to close by November 30th).   What is it that Dianne and I harp on so often that comes into play here?  I’ll tell you- it’s “affordable homes in Lake Oswego”.   You know, the kind that many first time home buyers would be interested in…  homes under, let’s say, $350,000…  Homes in a great school district, in a community where all types of individuals tend to participate and make their voices heard, where there are farmers markets, art festivals, music in the park, great shops & services, where families are valued and supported with programs and activities specific to those needs… and on & on. Here is a link to the city’s website if you’d like to find out more: http://www.ci.oswego.or.us/

I think that Lake Oswego, as Dianne has pointed out time & time again, is sometimes overlooked by first-time home buyers due to a perception that they just would not be able to afford a home in L.O.  Now… each individual circumstance is of course different, but if you can qualify for any number of the great lender programs that I know are out there now, and are looking for a home under $350,000., according to RMLS there happen to be at this moment, today, 53  Detached Homes available in Lake Oswego… and the bottom end is $199,000.  In addition, there are 129 Condos & Townhomes available right now under $350,000… and the bottom end there is at $89,800.

If this is sparking some thinking on your part about looking into this idea for yourself, or someone you know, please do not wait to get going.  Talk to your Realtor, or give Dianne or myself a call *today* if you are not already working with a Realtor.   This is not me pushing  here, I am talking about the chance of a lifetime in prices, rates, and this $8,000. tax credit, and this is the moment.  Here are a few reasons why:

Now, more than ever, it is important to have a good understanding of the timelines involved in purchasing a home… especially if you want to take advantage of the first-time home buyer tax credit:
Fact: The average timeline from when you find a property until it closes is 30-45 days.
Fact: You will need some time to find the property that you wish to buy.  (Some buyers find their home right away, and some need more time.)
Fact: The week before November 30th is Thanksgiving! Many banks and title companies are traditionally closed for the last 3 days of that week.
Fact: November 30th is the Monday following the typical 3 day bank shutdowns.
Fact: There will surely be many, many buyers who will wait until the last minute to start looking for homes. This means that November 30th is sure to be an extremely busy day and many banks and title companies will not be equipped to handle all of the expected volume.
Fact: As more buyers start to frantically hit the market to take advantage of the tax credit, the selection of properties is sure to decrease.
Fact: Waiting too long is a gamble you should not take if you are truly interested. The best strategy is to work with a professional who has a great team and can develop a plan with you to hit the deadline.

Ok, I’ll get off my soapbox now  : )  I’ve at least done my part in getting the word out.

Happy house-hunting!  Please feel free to give me or Dianne a call if you’d like to get going. We are really enjoying working with as many of you as possible to ensure that you get to take advantage of this great opportunity.

Very Best,

Linda

Market Activity for September 7th to 13th, 2009

Last week brought us 21 new listings, 8 pending sales, and 10 closed sales.   Please let Linda or I know if you would like any further information about any of these houses.  It is both easy and no trouble to send you information.  We are here to be of help.

Here is the latest market activity for Lake Oswego (see below the tables for additional notes):

NEWLY LISTED (September 7—September 13, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # BR # BTHS Total SF Prop Type List Date
100 KERR PKWY $99,990 1 1 775 CONDO 9/11/2009
4 TOUCHSTONE $119,900 2 2 984 CONDO 9/9/2009
1547 BOCA RATAN DR $219,900 2 1.1 1,008 ATTACHD 9/9/2009
16250 PACIFIC HWY $229,900 3 2 1,626 CONDO 9/8/2009
15 BLOCH TER $294,900 3 2.1 1,973 ATTACHD 9/10/2009
6015 FERNBROOK CIR $324,900 3 1.1 1,250 DETACHD 9/10/2009
1723 CONIFER DR $324,950 3 2 1,602 DETACHD 9/10/2009
15930 WALUGA DR $329,000 3 1.1 1,040 DETACHD 9/10/2009
17752 SCHALIT WAY 329900 3 2 1,463 DETACHD 9/9/2009
15 ORIOLE LN 345000 2 2 1,470 DETACHD 9/13/2009
1255 BAYBERRY RD 390000 3 2 1,901 DETACHD 9/8/2009
18 ABELARD ST 462000 4 3 2,101 DETACHD 9/11/2009
7 CELLINI CT 659000 5 3.1 3,560 DETACHD 9/10/2009
371 6TH ST 699900 3 3.1 2,258 ATTACHD 9/13/2009
2630 RIVENDELL RD 769900 4 3.1 4,611 DETACHD 9/9/2009
2235 GLEN HAVEN RD 779000 5 2 2,778 DETACHD 9/12/2009
1708 VILLAGE PARK LN 899000 4 2.1 3,211 DETACHD 9/11/2009
2757 LAKEVIEW BLVD 960000 4 3 3,321 DETACHD 9/9/2009
507 ASH ST 988000 2 3 2,700 DETACHD 9/8/2009
19575 35TH CT 1495000 – 1575000 4 3 6,081 DETACHD 9/10/2009
961 TERRACE DR 3495000 4 4.2 5,795 DETACHD 9/7/2009

PENDING SALES (September 7 -September 13, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address List Price # BR # BTHS Total SF Prop Type List Date CDOM
3688 SPRING LN $164,500 2 2 1,120 CONDO 6/19/2009 81
166 OSWEGO SMT $210,000 2 2 1,506 CONDO 3/13/2009 180
839 F AVE $325,000 3 1 1,516 DETACHD 4/17/2009 147
891 G AVE $419,000 5 2.1 2,420 DETACHD 6/11/2009 88
5044 GREENSBOROUGH CT $449,000 3 2.1 2,124 DETACHD 7/25/2009 49
1670 VILLAGE PARK LN $779,000 4 2.1 3,466 DETACHD 7/17/2009 53
2304 OSWEGO GLEN CT $850,000 4 2.1 3,896 DETACHD 8/15/2009 247
17960 SARAH HILL LN $1,079,000 5 3.1 4,800 DETACHD 4/1/2009 163

SOLD (September 7-September 13, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
1057 C AVE $295,000 $250,000 2 1 1,048 DETACHD 81
800 WOODWAY CT $339,000 $322,000 4 3 2,066 DETACHD 107
13024 ROGERS RD $389,900 $327,000 4 1 1,826 DETACHD 83
6 NORTHVIEW CT $525,000 $450,000 4 3.1 3,188 ATTACHD 115
13500 TWIN CREEK LN $572,500 $517,500 4 2.1 3,049 DETACHD 77
5831 SUNCREEK DR $685,000 $620,000 4 2.1 2,733 DETACHD 27
4305 UPPER DR $749,000 $700,000 4 2.1 3,474 DETACHD 78
14135 EDENBERRY DR $799,900 $744,000 4 2.1 3,174 DETACHD 98
3270 LAKEVIEW BLVD 1399000 1125000 3 3 3,295 DETACHD 147
13770 CAMEO CT 2298000 1700000 4 5.1 6,669 DETACHD 198

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.

Why Open Houses Work

open house signThe open house, a long standing tradition for marketing and selling a home, or a total waste of time?  It’s actually a pretty controversial subject among Realtors.  Some believe in them and others refuse to do them.  I fall into the first category.  I hold open a house pretty much every Sunday and some Sundays I will do a couple of open houses.  I make a commitment to people who list their homes with me that I will promise one advertised open per month, at a minimum.  I will do more if my time allows.  This commitment keeps me pretty busy.  It means that I do LOTS of open houses.  And that is probably why I think that they work.

I would estimate that I sell one house per year that is directly a result of my open house efforts.  In June I had an offer written by another Realtor after her clients found my listing at an open house.  That open house was how I sold my listing.  Last Sunday I had an open house and I am now in very strong verbal discussions with another Realtor, again because his buyer came through my open.

Please note that I said that I do “Advertised” opens.  Sure, I like meeting the neighbors, but I want people coming through who already know the price, how many bedrooms there are, and are actually buyers who are wanting a new home.  I think advertising is one reason that my opens are successful.  While I used to do a newspaper ad with each open, I have shifted my marketing to the Internet.  I advertise my open houses on Craigslist, on the RMLS, and when the house is in Lake Oswego, on the propertyblotter.

Let’ s put it this way.  If I didn’t believe in open houses, I’d never do them, right? And then it is a no brainer that I could honestly say that they don’t work.  How can something work that is never tried?

I also feel that in this economy, Realtors have to go back to basics.  In a hot market, where homes are selling quickly, homes will sell with just some simple Internet exposure in the RMLS.  In a slow market that is not enough.  There are so many houses for sale, and so few buyers, that just being a part of the inventory is not enough.  A Realtor has to use every possible tool to get exposure for a proprety.  I owe it to my clients to work on their behalf and use all of the tools in my arsenal.  And, as I have stated above, I know from experience that open houses work.

Watch for my signs.  I’ll see you on Sunday!

Dianne

Lake Oswego Open Houses for August 30, 2009

There will be 29 open houses in Lake Oswego this Sunday, according to the RMLS:

562 State St., $174,000.  778 sq. feet, 1 BR, 1 BTH, open 1-3

1597 BonnieBrae Dr, $216,900.  998 sq. feet, 2 BR, 1 BTH, open 1-3

1581 Bonnie Brae Dr, $265,000.  1393 sq. feet, 2 BR, 2 BTHS, open 1-3

5096 Tree St, $334,900.  1410 sq. feet, 3 BR, 1.5 BTHS, open 2-5

26 Briarwood Rd, $344,900.  2554 sq. feet, 4 BR, 2 full + 2 half BTHS, open 11-2

9 Da Vinci St, $399,900.  1768 sq. feet, 3 BR, 2 BTHS, open 12-2:30

623 Atwater Rd, $409,995. 2009 sq. feet, 3 BR, 3 BTHS, open 12-2

31 Da Vinci St, $424,900.  2232 sq. feet, 4 BR, 2.5 BTHS, open 3-5

1565 Bedford Ct, $429,000.  1978 sq. feet, 2 BR, 2 BTHS, open 1:30-4

138 Kingsgate Rd, $435,000.  1600 sq. feet, 3 BR, 2.5 BTHS, open 1-3

566 5th St, $459,000.  2177 sq. feet, 3 BR, 2 BTHS, open 10-1

14371 Sherbrook Pl, $495,000.  2550 sq. feet, 3 BR, 2.5 BTHS, open 2-4

3254 Duncan, $509,900.  3997 sq. feet, 4 BR, 3.5 BTHS, open 2-4

939 Sunnyhill Dr, $515,000.  3254 sq feet. 4 BR, 2.5 BTHS, open 1-3

15837 Allison Pl, $649,000.  3534 sq. feet, 4 BR, 2.5 BTHS, open 1-4

18280 Delenka Ln, $780,000.  4405 sq. feet, 5 BR, 3.5 BTHS, open 1-3

3030 Westview Ct, $849,000.  3415 sq. feet, 4 BR, 2.5 BTHS, open 1:30-3:30

18360 Delenka Ln, $898,000.  4346 sq. feet, 4 BR, 3.5 BTHS, open 1-3

1920 Glenmorrie Dr, $995,000.  4284 sq. feet, 3 BR, 2 full + 2 half BTHS, open 1-4

624 Atwater Rd, $1,249,000.  4465 sq. feet, 5 BR, 3.5 BTHS, open 2-4

18246 Bella Terra Dr, $1,294,000. 4052 sq. feet, 4 BR, 3.5 BTHS, open 1-4

17464 Ridgeview Ln, $1,298,950. 4407 sq. feet, 4 BR, 3.5 BTHS, open 2-4

622 Oak Meadow Dr, $1,325,000. 4171 sq. feet, 4 BR, 3.5 BTHS, open 2-4

664 Oak Meadow Dr, $1,355,000.  4198 sq. feet, 4 BR, 3.5 BTHS, open 2-4

18110 Siena Dr, $1,394,000.  4311 sq. feet, 4 BR, 3.5 BTHS, open 1-4

657 Oak Meadow Dr, $1,395,000. 4371 sq. feet, 4 BR, 3.5 BTHS, open 2-4

17364 Ridgeview Ct, $1,425,000.  4436 sq. feet, 4 BR, 3.5 BTHS, open 2-4

17433 Ridgeview Ln, $1,495,000.  4704 sq. feet, 4 BR, 4.5 BTHS, open 2-4

1115 Northshore Rd, $1,599,000.  4330 sq. feet, 4 BR, 4.5 BTHS, open 11-2

Have a great weekend!