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.
2 Replies to “Market Activity Report for January 11-17, 2010”
Comments are closed.
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
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.