Featured Home in Southwood Park

62nd-parkAre you wanting to enroll your children in the Lake Oswego School District, but are concerned about finding a home that is large enough, that you can also afford?  Look no further.  A home that fits this profile has come onto the market.

Southwood Park

The Southwood Park neighborhood is actually an area of unincorporated Clackamas County.  It is just North of Westlake and just West of Mountain Park.  The street boundaries are Kruse Ridge Dr to the North, Sierra Vista/Twin Creek to the East, Pamela to the South and I-5 to the West.  At the South end is Southwood Park, a City of Lake Oswego Park with 2.5 acres of woods and grassy open areas.

Because it is an unincorporated part of Clackamas County, it tends to have lower property taxes.  But because it is in the Lake Oswego School District, it is highly desirable and popular for all manner of families.  One important note:  not all houses in Southwood Park are in the LO School District.  At the North end some homes are in the Portland School District.  So be sure to confirm the school attendance for the home you are interested in.

You should also be aware that it has extremely easy access to I-5, Hwy 217 and the Kruse Way business community.  It is also close enough to Portland Community College Sylvania Campus that the school can be accessed via trails on foot or on bike.

As for real estate, when I think of Southwood Park, I think of great value for the dollar that you spend.  An excellent example of this is in today’s Featured Property:  13638 SW 62nd.

62nd-front2Featured Home

This new listing has 4 bedrooms and 3 full baths.  With2268 square feet, it also has a formal living room and 2 family rooms, all of which have either got a wood burning fireplace or a wood stove.  The roof was replaced in 1998 with a 50-year metal roof.  The windows were replaced in 2003, the deck in 2007, and the gutters in 2008.  This summer the house has been totally repainted both inside and out.  The lot is about 7000 square feet and is extremely private with mature landscaping.  It sits just a short distance from Southwood Park.

I have confirmed that this home is located within the Lake Oswego School District.  The elementary school is Oak Creek, the junior high is Lake Oswego Junior High School, and the high school is Lake Oswego High School.

Think about all of that space with lots of bedrooms and plenty of living areas.  That’s a nice big house that could easily house 4 to 6 people.  And the list price is just $319,900!  It is just a great home for the money.  Please let me know if you have any interest in further information.  I’d be happy to send you a copy of the listing or to arrange for you to see the interior.   E-mail me at jdgregoire@earthlink.net .

If you’d like to do a drive through the neighborhood, feel free to take a swing past this house.  From Kruse Way in Lake Oswego go North on Westlake Dr.  Turn West on Southwood Dr and then left again on SW 62nd.  The house is all the way down the street, on your left, near the park:  13638 SW 62nd Ave.

Happy house hunting,

Dianne

Observations on Inventory, the S & P Price Index, and Broken Sewers, Oh My!

Today’s editorial post is going to be a bit of a potpouri of information.  There were just so many nice tidbits, I couldn’t seem to pick just one.

Observations On Current Inventory

Last February I ran the break down of the Inventory in Lake Oswego.  At that time there were 418 detached homes for sale.  I think my biggest concern was that of those homes 136 were priced at $1,000,000 or more.  That is a lot of high-end homes.  And that seems to be the slowest part of the market that is selling.  What’s it look like today?  Not much has changed.  While sales have picked up a bit, the number of new listings coming onto the market is keeping the inventory from diminishing.  Here is today’s breakdown:

Homes priced $100,000-$199,000, 1

Homes priced $200,000-$299,000, 19

Homes priced $300,000-$399,000, 46

Homes priced $400,000-$499,000, 54

Homes priced $500,000-$599,000, 51

Homes priced $600,000-$699,000, 38

Homes priced $700,000-$799,000, 35

Homes priced $800,000-$899,000, 30

Homes priced $900,000-$999,000, 31

Homes priced $1,000,000+, 135

That is a total inventory of detached homes of 440 with 135 priced at over $1,000,000.  Probably the most interesting observation that I see is that while we have 22 more homes for sale, the $1,000,000+ is about the same.  Perhaps people listing their homes this spring are being a bit more realistic and not shooting for the million dollar sales price?  At any rate, there are still way more homes over a million than the market activity will support.  In the last six months 10 homes over $1,000,000 have sold and 11 have gone pending.  At this rate, it will take a little over 3 years to sell all of the high-end inventory.

A Glimmer of Hope

The Standard and Poor’s Case-Shiller Home Price Index was recently released.    In the 20-city year-over-year averages the Portland area managed to fair better than most.  The average 12-month loss of home values was 18%, while Portland’s was 16%, the eighth best of the report.  The best fairing market was Denver with a loss of just 4.9%.  The worst was Phoenix with a loss of 35.3% (ouch!)

My personal observation is that things have picked up quite a bit.  My listings are getting lots of showings and also receiving offers.  It could simply be the normal up-tick that happens with spring and summer, but it could also be a bit of much-needed stability.  And even if the market is not necessarily trending up, it does seem to me that it is not getting worse.

Always get a sewer scope!

martha-sewerThis is a photo that you really never want to see, but when this sort of thing happens, it is soooooo much better to have it happen before the sale than after.  This photo was taken of a home that I have currently got in escrow.  The older home was recently remodeled, including a new sewer line from the house to the street.  That should be enough and there’s no need for a sewer scope, right?  NOT!  In the course of the home inspection the buyer did have a sewer scope and a chunk of concrete was found to be blocking  the line.  In the course of the remodel, a stray piece of concrete had somehow found its way into the line.  Who would have known without the sewer scope?  And how irritating would it have been to move into a gorgeous home that was fully remodeled just to have the sewer back up immediately?  This is a good lesson for one and all.  Always get a sewer scope!

LO vs Sellwood

It’s a bit of a habit of mine to compare affordable housing in Lake Oswego vs the popular neighborhood in SE Porltand, Sellwood.  I like to do this for two reasons.  First, I’ve lived in both areas and just have a general curiosity.  Second, I think LO is often overlooked by buyers.  There is just a general assumption that LO is full of million dollar mansions and therefore out of the price range of people seeking an affordable home.  My definition of affordable is $350,000 or less, and I am only comparing detached homes and not including condos.  When I first did this in April of 2008, there were 20 houses in LO and 18 in Sellwood price at $350,000 or less.  Today the number is 44 in LO and 25 is Sellwood.  So not only does Lake Oswego continue to offer more affordable homes than Sellwood, but the number has increased from a difference of 2 more to a difference of 19 more.  In Sellwood the least expensive home currently for sale is 608 square feet, 2 bedrooms and 1 bath, built in 1924.  In Lake Oswego the least expensive home currently for sale is 780 square feet, 2 bedrooms and 1 bath, built in 1944.  So if you are looking for affordable, sure check out SE Portland, but don’t rule out Lake Oswego.  You have options here as well.

I can not let the week go by without wishing everyone a safe and happy 4th of July!

1-Level Homes

verte-frontThere are many reasons why a person might prefer to live in a single level home.  Some are purely by choice.  Things like the easy of movement while carrying laundry, or the preference for vaulted ceilings.  Others are truly out of necessity due to disabilities whether they be mobility problems, advancing age, or even blindness.  But for many people, living in a 1-level home is their preference.

For these people, when they go to purchase a home, it means that they have a much smaller inventory of homes to select from.  And for the seller of a 1-level home, it means that they have a very specific niche in the real estate market.  So when a single level home comes up for sale, it is likely to be well received by buyers.

Some quick statistics:  in the year 2000, the size of the U.S. population that was age 65 or older was 35,000,000 people or 12.4% of the population.  It is projected that by the year 2030 that percentage will grow to 19.6%, or 71,000,000 people.  This means that the desirability of a one-level home is only going to increase.

Now the twist, just as the demand for single level homes in increasing, the availability of land to build single level homes is decreasing, at least in Oregon.  Every city and county has building codes that require specific distances, or set backs, from the property lines.  A builder is simply restricted to foundations that fit within the set backs of any particular piece of property.  Because a 1-level home usually has a larger foundation, it means that the smaller lots that are common in today’s developments do not have the area necessary to build 1-level homes.  And this means that the land that is big enough to build a 1-level home will cost more because it is larger.  It also means that the 1-level homes that currently exist will be high-demand and valuable into the future.

An important concept to understand when you are buying or selling a single level home is how the value compares to other properties.  Why is it that a 1500 square foot, single level home, can sell for as much as a 2000 square foot 2-story home?  This goes back to the construction of the building.  The two most expensive components in building a home are the roof and the foundation.  When you have a 2-story house, this big expense goes twice as far.  So a 1-level home is more expensive to build per square foot, and through out it’s life of being purchased and sold it will continue to pass along this higher expense.

So if you are lucky enough to have a 1-level home, I hope that you feel good about your investment.  If you are looking to buy a 1-level home, there are currently 70 of them for sale in Lake Oswego.  The least expensive is 1346 square feet with 3 bedrooms, 1 1/2 baths, and was built in 1956.  It is listed for $229,900.  The most expensive is 5389 square feet, with 4 bedrooms, 3 1/2 baths, and was built in 1993.  It is listed for $1,850,000.  The other 68 single level homes for sale cover every sort of size and pricing.

Whether you are wanting to buy or sell, whether you want a 1-level or several levels, Linda and I are here to help.  Please do not hesitate to give us a call or to drop us an e-mail.

Dianne

First Time Home Buyer? ~ What to Expect:

house

I was reading an article recently regarding the $8,000. tax credit for first time home buyers, and the writer expressed shock at how many people are completely unaware of it. I have noticed in my own practice recently that the larger PR machine has evidently not been doing a very good job at educating the public, as some of my clients reveal innocence on this subject as well when they discuss their leisurely plans to purchase “sometime in January of next year” etc. (the tax credit is only applicable if the home purchase is completed before December 1st of this year.) I also have heard more & more folks lately talking about attending “First Time Home Buyer Classes” presented usually by Realtors and Mortgage Brokers as a service to the public.

It seems to me that there is a real need for information out there right now. I thought I’d give a little primer below on at least the basics of what to expect during your first home-buying experience. Hope you find it helpful!

(Note: The sequence below does not apply to each and every transaction as each is individual and scenarios/time lines obviously vary. Your Realtor will be doing many more things behind the scenes than I indicate below as well, but I am sticking to outlining YOUR experience and how you can expect that to unfold… generally speaking.)

  • Retain services of a mortgage professional (lender) to give you best options for financing, and have an approval letter ready for you when you make an offer. Discuss “closing costs” with your mortgage professional, and review the “good faith estimate” that they will provide to you. (If you have a relationship with a Realtor first, ask them to recommend good resources for you.)
  • Work with your Realtor to find the home that meets your needs.
  • Work with your Realtor to determine appropriate offer & details/then write it up.
  • Realtor submits offer to Seller along with approval letter from lender and earnest money check. Note: The EM check is to show good faith, and is applied to the sale should your offer be accepted and proceed to close. Talk with your Realtor about what amount will put your best foot forward. (*Sometimes Promissory Notes may be used, and/but I highly recommend using an EM check to be taken most seriously.
  • Receive response/acceptance/counter from Seller in time frame you specified on the offer (in a normal transaction you typically ask for response within 24 hours, but if it is a “short sale”, the process of hearing back that you are indeed accepted by all parties concerned can take months.)
  • Upon mutual acceptance (usually within 1-3 days), schedule an inspection ASAP (you have 10 business days to conduct inspections & may back out if concerns arise during this time). Your Realtor will help you with this- Ask him or her for good resources to guide you through the process of inspecting the home. Prices vary, but a 2000 square foot house will often run around $400. more or less, and size as well as other factors come into play in the cost of an inspection.
  • Upon mutual acceptance, your earnest money check is sent to the Escrow Office, and held by them on your behalf until closing, or until nullification of the offer if this occurs within your inspection period.
  • Realtor writes and negotiates any Inspection Addendum items during this period according to your wishes (you will work with your Realtor to discuss and determine any give and take in the negotiation process that may occur. Your Realtor will offer you information and give professional advice, negotiating on your behalf and with your permission. You are in the driver’s seat, and you make the final decisions albeit under good counsel.
  • Upon mutual acceptance & reaching the end of your inspection period, your Realtor notifies the lender who orders the appraisal.
  • Your Realtor continues to work with the lender as the lending process moves forward. As long as the appraisal comes back at or above sale/offer price, you will proceed to closing through the underwriting process of the lender. Should the property not appraise for at least the sale amount, the lender will bring this to your attention and there will be some decisions for you to make around the sale price and your desire for the home (you are not required to pay any monies over and above the appraisal amount, and lenders will not lend more than the appraised value generally speaking.)
  • You may be requested by the underwriter to provide additional information on a case by case basis. Your Realtor will work with you and help in any way possible and appropriate to facilitate the flow of information required from you, but you are in the driver’s seat as far as responsibility to provide the necessary information to the lender.
  • When all underwriter/lender requirements have been met, the file is signed off by the underwriter, and passed to Escrow. The whole lender process usually takes around 3-4 weeks.
  • Escrow processes all paperwork, title insurance, and all distribution of funds between you and the seller as per the contract provisions agreed upon between you and the Seller. Documents are drafted, and a “signing date/time” is scheduled. (“Signing” is not the same as “Closing”.)
  • Your Realtor will often attend your signing with you to help with any questions that arise, and to offer moral support. (Frankly, I just love being a part of the exciting culmination of the home buying adventure!)
  • Escrow will then send signed documents back to the lender, and to the county. The transaction will then “close” or “fund & record” in 1-2 days after signing, at which time you will receive a call that you are a homeowner!
  • Your Realtor will usually meet you at your new home and deliver you the keys. (More fun!)
  • The whole process from offer to close usually takes around 30 days… sometimes 40-45. It can take a little longer depending on the lender, and sometimes it takes less time than that. You and your Realtor will assign a “no later than” date on your offer in conjunction with talking to the lender about their current load & closing time line. All parties are then obligated to “perform” within that time frame, or draft an addendum extending the closing date if that proves necessary and IF all parties agree to do it. (Because there always exists the possibility that one party may not agree to sign an extension addendum, and the contract specifically states “on or before” a particular date, the closing date is a binding contractual agreement and should be taken very seriously. As a buyer, your earnest money is at stake if you should not “perform” to contact terms.)

The above may be missing some pieces of the puzzle as each transaction is different, and various issues can arise during the process, but hopefully this give you a basic idea of how it will go!

Condos, Town Homes, HOA’s, Oh My!

townhomeWhen looking for a new home and desiring easy care and potential community amenities such as pool, larger grounds, meeting space etc (without the responsibility of upkeep), most people will consider either a condo or a town home. Most also aren’t necessarily familiar with several relative factors important to the selection process, so I thought I’d highlight just a few for you here.

First of all, there is a difference between a condo and a town home ~

Let’s start with condos: A condo (condominium) is a kind of home ownership wherein the purchaser owns the air space inside the unit and joint interest in the common areas, typically the grounds, parking lot, any structures and amenities such as swimming pool, meeting rooms etc. Condo owners belong to an HOA (homeowners association) and pay dues for common expenses such as insurance and maintenance of common areas.

Townhomes are what we call “attached” homes, considered not free-standing and usually containing two or more stories. A purchaser owns the structure and the land on which it sits, and like a condo, generally joint interest in the common areas . Often with town homes you will have a small backyard or patio area which is in excess of what many condos provide, so gardeners or pet owners often find this more attractive. As in condo ownership, the town home owner typically pays monthly dues for upkeep of common areas and other amenities. It is wise to check into the insurance setup of on HOA to find out if it is supplied and therefore included in the monthly dues, or whether the town home purchaser needs to secure their own hazard insurance on the property.

Generally speaking, condos and town homes are attractive for more reasons than just low maintenance and the amenities they afford. They usually are priced well below what one would pay for a similar detached single family residence… or “house”. One thing to give attention to however, is finding out how much the HOA dues are, and what they cover. Does the HOA offer parking? water & sewer? trash collection? cable TV? Take these things into consideration and ask yourself how positively you are offset financially (or not) by being free of these normal expenses of home ownership.

Another thing to take into consideration is the solvency and efficiency of the HOA. I have listed condos and town homes and experienced neighbors in surrounding HOA’s visiting on Open House days, exploring the option of getting out of their own nearby complexes! This is reportedly due to the perception of either oppressive or mis-managed HOA’s. I’ve heard stories of frequently raised dues, extreme restrictions, and just plain inattentiveness… while the HOA next door treats its members with appreciation and service. Bottom line- check out the HOA:

  • Call & obtain copies of at least the two most recent board meeting minutes,
  • Obtain financial statements,
  • Take a look at the Bylaws and Regulations,
  • Find out how much the HOA has in reserves so you have an idea of whether they are in need of maintenance funds,
  • Talk to a few neighbors and get a feel for their level of satisfaction ,
  • Find out whether you might or might not be able to rent your unit out in the future if you so choose,
  • Ask how many units are in the complex, and how many are allowed to be rental units,
  • Does the HOA allow gardening in the back patio area?
  • Are there any restrictions that will impact your lifestyle?
  • Determine if there are any lawsuits anticipated or pending,
  • Ask whether there are any big improvement projects planned which will require capital infusion (i.e. significant dues increases).

Condos and town homes are wonderful options for home ownership, and can be a great place to start as first time buyers, as well as a fantastic way to downsize once the kids are gone. Talk to your Realtor about what makes sense for you, and be sure to get all the facts!

Buying a House on the Lake

west-bayWhile waterfront living is not for everyone, it is certainly a feature that draws people to Lake Oswego.  Think about it.  You are 15 minutes from downtown Portland, but you can water ski in the morning before you go to work.  Or if you don’t water ski, you can canoe, and swim, and just enjoy the serenity of living with a view of the water.  If you are someone who thinks living on the lake sounds like a wonderful idea, there are a few things that you’ll want to consider.  I am going to discuss the 3 specific areas of the lake and the current pricing for those 3 areas.  I am not going to go into the history of the lake or the details of its management.  For that, I’d like to refer you back to a previous post :  About the Lake.

The lake has 715 single family homes and 4 condominium developments.  Of those properties, there are currently 43 houses for sale and 11 condos.

main-lake-1Let’s start with the Main Lake. This is where you will find the highest prices.  The most expensive house for sale in the lake right now is a private island that is accessed from Northshore Rd.  It’s priced at $19,500,000.  The house has 13,500 square feet, with 5 bedrooms, 6 full baths, and 2 half baths.  The island is pretty good sized.  I recall years ago calculating that it could be divided into multiple home sites.   So there is a good deal of value in the land and not just in the house.  The least expensive house on the main lake is priced at $829,000.  It has 2484 square feet with 4 bedrooms and 2 full baths.  OK.  That is just amazing.  Why?  Because the availability of buildable lots on the lake is extremely limited.  3 years ago there was quite a lot of buying and tearing down of old houses in order to build a new house.  And the going price on the tear downs was running about $1,400,000, which made land value alone over a million dollars.  So to see this house for sale for $829,000, that’s pretty amazing.

main-lake-4There are a couple of characteristics to houses on the main lake that affect the home that buyers select.  First, the North shore of the lake has much better sun exposure.  If you want to have full  sun while you swim, you should look seriously at the North side.  The South side has a large hill immediately South of it, which creates shade and less full sun.  In addition, with the sun coming from the South, the front of the house will get more sun than the back, and the lake is on the back of the house.  You should also know that on the North side there is a rail road track that runs very close to many of the houses.  So if you think that the sound of a train will bother you, then you should be looking on the South side of the lake.

Beside the main lake, there are also two bays:  West Bay and Lakewood Bay. The bays are not as expensive as the main lake.  They have narrow inlets from the main lake that open out to create a smaller versions of the main lake.  They are more shallow than the main lake.  Lakewood Bay is used on the 4th of July for a water skiing exhibition.  The most expensive house currently for sale on a bay is priced at $2,775,000.  It has 4ooo square main-lake-3feet, with 4 bedrooms and 3 and 1 half baths.  The least expensive is priced at $1,395,000.  It has 3190 square feet, with 4 bedrooms and 3 full and 1 half baths.  One of the unique areas on the bays is the Cabanas.  These are homes that are built out over the water.  They have a very small front yard and no backyard.  Instead, they have decks that hang out over the water.  You could literally fish off of your back deck.  In addition, many have attached boat houses.  Just like you enter a garage from a home, these cabanas allow you to get into your boat right from your house.  It is an easy-care lifestyle for those who would rather go boating than mow a lawn.

Last are the houses on the Canals. There are 2 true canals and 1 that is more of an inlet.  The Main Canal was originally the creek that fed Oswego Lake from the Tualatin River.  The advantage to this canal is that while it has been deepend and excavated to allow boats, it is still a moving body of water.  It continues to be the route for the water than comes into Oswego Lake from the Tualatin River.  The other canal is Blue Heron.  Blue Heron is lovely, especially where it widens out just before it goes into the lake.  The canals have the most affordable waterfront houses.  The most expensive is currently $1,179,000.  It has 4800 blue-heronsquare feet, with 5 bedrooms and 3 full plus 1 half baths.  The least expensive is $599,000.  It needs quite a bit of work, but still strikes me as an incredible deal with 3458 square feet.  It has 3 bedrooms and 3 full baths.

Most of the lake is developed with single family homes, but there are Condominiums as well.  There are 3 condominium developments plus a short stretch of Northshore that is a collection of duplexes, four-plexes, and very small condo complexes.  All of these condominiums have some access to the lake, whether in the form of boat slips, docks, and grassy yards with picnic facilities, with the exception of the Lakewood Bay Condominiums and Lofts.  That development sits next to the lake, with great views, but does not actually own any waterfront.  The City owns the land between the condominiums and the lake and it is developed as a small waterfront park.  Pricing for one of the condos along the lake goes from a high of $699,850 for 985 square feet with 3 bedrooms and 1 full plus 1 half bath, to a low of $219,990 for a condo that has 852 square feet with 2 bedrooms and 1 bath.  The difference in pricing with these units has a lot to do with how well they can actually see the lake.  The expensive ones have full views and perhaps even a private boat slip.  The less expensive ones are going to be in the back of the complex with a peek-a-boo view, if any view at all.

main-canalI hope this helps you to get a sense of what pricing is like to live on Oswego Lake.  I’ve been around Lake Oswego for a very long time.  One of the things I see is that when people want to live on the lake, they often start out in a condominium or along a canal.  And then as they mature and their income increases, they move to get onto the main lake.  I also know of one couple who buys the run down houses and lives in them while they fix them up.  They have lived in many homes on the lake, and made a good deal of money too.

There are two more things I want you to keep in mind.  First, when you buy a house (not a condo) on the lake, you will have to pay a 1-time fee of $5000.  Second, remember that the sewer interceptor project is going to require that the water level be drawn down for a period of several months.  This is going to happen in the next couple of years.  For details, please go to one of our previous postings, Where did the Lake go?

So as the nice weather begins to make being out doors nicer and nicer, you may want to think about ways to enjoy Oswego Lake.  And one of those ways is to find a way to actually live on it.

Lake Oswego Market Activity – April 13-19, 2009

p10100071Well, the cherry trees are in full bloom, temps are in the 80’s, and real estate activity continues to move forward… a gradually enlivened, seasonal bustle.

Lake Oswego saw 22 new properties hit the market last week. We had 10 go pending, and 2 that closed. So, nothing earth shattering in the “sold” department, but encouraging nonetheless.

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

NEWLY LISTED (April 13—19, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # Beds # Baths Tot. SF Prop Type List Date
100 SW KERR PKWY $97,900 1 1 617 CONDO 4/13/2009
4000 CARMAN DR $144,000 2 2 935 CONDO 4/19/2009
82 OSWEGO SMT $234,900 2 2 1,212 CONDO 4/17/2009
1897 BOCA RATAN DR $249,480 3 2.1 1,739 ATTACHD 4/13/2009
6025 KENNY ST $299,900 3 1.1 1,258 DETACHD 4/16/2009
17683 NICOLE LN $324,900 3 2 1,200 DETACHD 4/13/2009
16824 SW INVERURIE RD $389,900 3 3 1,896 DETACHD 4/13/2009
3009 WEMBLEY PARK RD $395,000 3 1.1 1,754 DETACHD 4/13/2009
18220 BICKEL CT $399,000 3 3 2,075 DETACHD 4/18/2009
1023 LUND ST $419,000 4 2.1 2,313 DETACHD 4/18/2009
68 TOUCHSTONE 349900 – 424880 5 4.1 3,148 DETACHD 4/14/2009
510 2nd ST $439,000 2 1.2 1,520 CONDO 4/13/2009
19061 INDIAN SPRINGS RD $479,900 4 3 2,341 DETACHD 4/16/2009
4920 MULHOLLAND DR $555,000 3 2.1 2,498 ATTACHD 4/17/2009
15943 WHITE OAKS DR $559,500 4 2.1 2,746 DETACHD 4/16/2009
4672 AUBURN LN $575,000 3 3.1 2,732 ATTACHD 4/15/2009
4114 GLACIER LILY ST $599,000 4 2.1 2,470 DETACHD 4/19/2009
5421 Bay Creek DR $649,500 4 2.1 3,241 DETACHD 4/17/2009
133 FURNACE ST $695,000 2 2.1 1,927 CONDO 4/16/2009
5392 SOUTHWOOD DR $774,900 5 3 3,871 DETACHD 4/15/2009
301 IRON MOUNTAIN BLVD $1,150,000 4 3.2 3,004 DETACHD 4/14/2009
19007 EASTSIDE RD $1,390,000 4 3.1 4,651 DETACHD 4/14/2009

PENDING SALES (April 13-19, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address List Price # Beds Tot. Baths Total SF Prop Type List Date CDOM
13880 SUNDELEAF DR $234,500 2 1 976 DETACHD 1/23/2009 84
1635 ASPEN ST $319,900 3 2.1 1,618 DETACHD 3/24/2009 285
3 CELLINI CT $449,000 4 2.1 2,531 DETACHD 1/19/2009 86
11 BECKET ST $465,000 3 2.1 4,030 DETACHD 4/9/2009 111
80 TANGLEWOOD DR $469,000 5 3 2,713 DETACHD 10/11/2008 371
855 7TH ST $469,900 4 1 1,392 DETACHD 8/18/2008 240
13470 PETERS RD $474,900 3 2.1 2,324 ATTACHD 4/1/2009 15
19431 KOKANEE CT $529,000 4 2.1 2,250 DETACHD 4/9/2009 8
595 D AVE 625000 3 2 3,760 DETACHD 2/2/2009 309
1915 SW CHILDS RD 1594950 5 5.2 5,689 DETACHD 3/14/2008 397

SOLD (April 13-19, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # Beds Tot. Baths Total SF Prop Type CDOM
92 GALEN ST $119,500 $100,500 1 1 689 CONDO 42
615 LAKE BAY CT $669,900 $505,000 3 3 2,542 DETACHD 190

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.

Notable & Affordable Lake Oswego Properties

As many of you know, Dianne and I tour Lake Oswego every Tuesday. We use this scheduled time to view properties that are new on the market, and also to take a look at some we may have missed along the way. Our aim is to be inside every property we possibly can in our community in order to better serve our clients and readers.

Yesterday I meant to take you along with us as we toured, but forgot my camera (darn it!). I did, however, decide to pass along a few properties that we both believe are worth noting. So, here we go:

(All square footage and house info used is from listing agents’ data in RMLS so, deemed reliable, but not guaranteed by the Property Blotter.)

enter23190 Duncan Drive – This property is 2401 SF, 3 bedrooms, 2 1/2 baths, built in 1986, and is bank-owned. It is at the bottom end of a long, steep, private drive shared by a couple of properties, and sits on a hill/perched above Boones Ferry Rd., which you can hear when outside, but not really see too well through the beautiful, natural greenery surrounding the home. Practically speaking, you enter from the driveway side into the kitchen back_main-entry4area. Double attached garage, deck, large laundry room… generous living room w/fireplace opening to a dining room… flows nicely. Nice master on the main with walk-in closet and jetted tub. Large bath and bedrooms upstairs… You’d want to do some updating, especially in the kitchen and with flooring/new carpeting, but this just seems like a great opportunity in Lake Oswego for someone at $259,900!

front2a4411 Lakeview Blvd.– This home is a split level (sometimes I confess not to like them personally), but this one is a nice layout with a very open entry where you feel like you’re in the living room as you are entering/not in a little hallway as some tend to feel. It is 1828 SF, 4 bedrooms, 2 baths, built in 1972 and remodeled. It has seasonal lake views, and is basically across the street from the kitchenwater. It is close to the intersection of Bryant and Lakeview, and so is close to schools, shops etc etc etc. It is just a really nice house with a great flow, and tasteful updates. Enter the back from a sitting room off the kitchen with beautiful picture window. The backyard is large & very relaxing.You’ll hear the train when it passes (I happen to LOVE the sound), but you’ll be in good company! …other homes on livingsmallerLakeview currently for sale range from $425,000 to $7,500,000. The listing agent states: “Sellers will entertain offers between $299,000 and $338,876.” This home is also listed as a “possible short sale w/one lender”. I am told that the Broker’s Price Opinion (BPO) has already been finished, and the listing agent’s experience is that the Rep is very responsive. Seems like a great deal to me, especially at the bottom end of the range that is specified!

indianfront18791 Indian Creek Way – This property is 1965 SF, 3 bedrooms, 2 baths, built in 1977 and remodeled. When we say remodeled, this one is really gorgeous. Dianne and I both looked at each other and said “This is nicely done.” The living room and fireplace are inviting, the feel is open and airy, there are stainless gas appliances, a wine fridge, 2 gas fireplaces, hardwoods, vinylpatiosmaller1 windows… lots of them, skylights, and a beautiful backyard patio surrounded by English Gardens (it was evidently featured in Sunset magazine) great for entertaining. The home is advertised as having Bryant Woods pool membership, and proximity to the grade school and middle school is excellent. The price on this one is $439,900. Compare what’s out there… this one is special.
parkforest-frnta1 1921 Park Forest Ct– This home is 2531 SF, 3 bedrooms, 2 1/2 baths, built in 1975 & remodeled. The owners have relocated, and I have to say that both Dianne and I were very impressed with this one. The owners took great care in special details, and this home includes high-end features like a gourmet kitchen with beautiful slab spatubaquartz countertops, a spa w/fireplace, walk-in stone & tile steam shower, air jet tub & heated floors. The plank wood floors are a favorite of mine. The windows in the living room are large and feature beautiful tree’d views, the baseboard detail is stonework throughout the home, and there is a hot tub outside which is windowsbincluded “as is”. This one is situated above SouthShore Rd in back. Greentree Pool and Lake Easement is advertised as available. The entry to this home is deceiving… Once you’re in the door you feel like you’re on vacation. There is a water feature to your left as you enter, and the beautiful quartz kitchen with spacious pantry to your right. Walk in and the fireplace and windows say “relax”. The owners wanted that “spa feel” throughout. The asking price is $529,000.

frontb17675 Cardinal Drive – This home on the Blue Heron Canal is 3458 SF, 3 bedrooms and 3 baths, built in 1966 and is advertised as a fixer. Dianne and I took a look at it yesterday, and were very impressed with the waterfront location. The living room is open and the window views are out onto the deck & water. The home needs p1010003-3extensive cosmetic fixing such as wallpaper removal, flooring updates, kitchen updates, etc. We are not inspectors, but truly, the feel is of a solid home that has been well lived in with just not much attention to updating. At $599,000 on the canal, I’d say this one deserves some attention.

Hope this information is useful to you. As always, feel free to email or call for more info or some help in locating or viewing these properties. There are lots of great buys out there!

Very Best,

Linda

Featured Neighborhood: Forest Highlands

mt-hoodTwo weeks ago I posted information about Tryon Creek State Park and mentioned that there are two neighborhoods in Lake Oswego with trail access into the Park. One is First Addition and the other is Forest Highlands. In our archives you’ll find a neighborhood profile for First Addition, and now you will also find this one for Forest Highlands.

Forest Highlands is located on the North side of Lake Oswego. It’s Southern boundary is Country Club Rd. It’s Western boundary is Boones Ferry Rd. It’s Northern boundary is the city limits, and it’s Eastern boundary is First Addition. It is 1.198 square miles in size.

The most striking characteristic of the neighborhood is that the houses are mostly situated on large lots. To put this into perspective, the average density of the population of Lake Oswego is 3410 people per square mile. In Forest Highlands it is 1353 people per square mile. Fewer people and fewer homes means that the area feels spacious: not at all like a subdivision. It feels like an area of fine estates. That is not to say that all of the houses are mansions.

red-fox-hills-signThere is, in fact, a beautiful condominium development in Forest Highlands, Red Fox Hills. The condominiums are all townhouse style: they are attached on the sides but do not have neighbors above or below. Amenities include expansive lawns and gardens as well as a pool and a recreation facility. Current pricing ranges from $226,000 for a 2 bedroom, bath and a half unit, to $399,000 for a 3 bedroom, 2 full bath unit. All units have garages.

For detached homes the range is much more broad. The least expensive house currently listed is $439,800. Built in 1973, it has 1812 square feet with 3 bedrooms and 2 baths. It’s on a cul-de-sac and the lot is .28 of an acre. The most expensive currently listed is $2,995,000. It was built in 2006 with 7582 square feet, 6 bedrooms and 5 and a half baths. It’s on 1.89 acres.

Besides large lots, another characteristic of the area is that many homes have Mt. Hood views. The entire neighborhood is located on a gentle slope that faces East. Not all houses have views, but a surprising number of them do.

Then I like the street names: Hideaway Ct, Tippecanoe Ct, Dapple Grey Ln, Pebble Beach Ct, Rockinghorse Ln. Who wouldn’t want to live on Hideaway Ct? Except for Livingood Lane over in the Palisades neighborhood, I think Tippecanoe Ct is my favorite street name in Lake Oswego.

tryon-creek-park-signAnd then there is that wonderful proximity to Tryon Creek Park. The entrance from Forest Highlands is at the turn about at the end of Boca Ratan Dr (right behind Red Fox Hills).

It’s just a very pretty area. As you know if you have been looking at real estate in Oregon, or if you live in Oregon, our land use laws have created fairly high-density housing in order to preserve more of our farms and forests. So when a client asks me to recommend homes with larger lots, lots as big as an acre, the first neighborhood that comes to my mind in Lake Oswego is Forest Highlands.

Lake Oswego Market Activity – March 30th – April 5th, 2009

blogtreeOk, things are starting to get interesting- Lake Oswego saw 29 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days). All told, there were 45 that are either truly new, or have been “freshened” showing as new listings. (Dianne and I will have plenty to see on tour tomorrow!) We had 7 go pending, and 6 that closed, so sales remain steady for now at this rate.

The headlines read: “Mortgage Rates Drop to Record Lows”. According to Bankrate.com, the benchmark 30-year fixed-rate mortgage has dropped 6 basis points to 5.13%. The benchmark 15-year, fixed-rate mortgage fell 7 basis points to 4.73%. Mortgage rate applications are up, and many are taking advantage of the 2009 $8,000. tax credit for first time buyers. (Click here for more info from the NAR.)

We can expect to see these factors start to significantly affect market activity. The rise in the number of new listings appears to indicate renewed confidence along with seasonal upswing, and consistent sales activity likely indicates pent-up demand starting to surface, as you’d expect with the incentives of low rates and plentiful options.

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

NEWLY LISTED (March 30—April 5, 2009)

Address List Price # Beds # Baths Tot. SF Prop Type List Date
Address List Price # Beds # Baths Tot. SF Prop Type List Date
Address List Price # Beds # Baths Tot. SF Prop Type List Date
47 EAGLE CREST DR $132,900 2 1 932 CONDO 4/2/2009
86 KINGSGATE RD $155,000 2 2 849 CONDO 4/2/2009
86 KINGSGATE RD $159,900 2 2 924 CONDO 4/3/2009
86 KINGSGATE RD $169,000 2 2 849 CONDO 3/31/2009
165 OSWEGO SMT $199,900 2 2 1,383 CONDO 4/3/2009
4230 COLLINS WAY $289,000 3 2 1,512 DETACHD 4/1/2009
4465 GOLDEN LN $299,900 2 2.1 1,980 CONDO 4/2/2009
6025 SW CARMAN DR $299,900 3 1.1 1,346 DETACHD 4/5/2009
18929 TERRY AVE $374,950 4 2 2,065 DETACHD 3/30/2009
19060 INDIAN SPRINGS CIR $399,900 3 2 1,525 DETACHD 4/1/2009
37 BERWICK RD $425,000 5 2 2,198 DETACHD 3/30/2009
13470 PETERS RD $474,900 3 2.1 2,324 ATTACHD 4/1/2009
2650 DELLWOOD DR $499,000 4 3 3,238 DETACHD 4/1/2009
161 C AVE $549,900 2 2.1 1,719 ATTACHD 4/1/2009
6110 CHILDS RD $550,000 4 3 3,258 DETACHD 4/1/2009
400 LAKE BAY CT $579,900 3 2.1 1,680 DETACHD 4/1/2009
2830 PARK RD $625,000 4 3.1 3,116 DETACHD 3/31/2009
2188 OVERLOOK DR $639,900 4 2.1 2,618 DETACHD 3/30/2009
246 GREENWOOD RD $674,900 3 3 2,125 DETACHD 4/1/2009
15671 VILLAGE DR $724,000 3 2.1 3,390 DETACHD 4/2/2009
16616 LAKE FOREST BLVD $750,000 4 2.1 3,314 DETACHD 4/1/2009
15543 VILLAGE DR $799,000 4 2.1 3,081 DETACHD 3/31/2009
17215 LOWENBERG TER $850,000 4 2.1 2,819 DETACHD 4/2/2009
13711 FIELDING RD 789000 – 898876 3 4 4,649 DETACHD 3/30/2009
511 6TH ST $988,000 5 3.1 4,000 DETACHD 4/2/2009
917 Evergreen ST $1,000,000 4 3.1 2,700 DETACHD 3/30/2009
17960 SARAH HILL LN $1,179,000 5 3.1 4,800 DETACHD 4/1/2009
1099 TROON RD $1,250,000 5 3.1 3,938 DETACHD 3/30/2009
13371 ATWATER LN $1,299,900 4 3 4,795 DETACHD 4/5/2009

PENDING SALES (March 30—April 5, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
3844 BOTTICELLI ST $219,900 2 2 1,132 CONDO 3/31/2009 5
18307 LONGFELLOW AVE $329,900 3 2 1,457 DETACHD 8/23/2008 222
785 5TH ST $399,900 3 2 2,208 DETACHD 11/18/2008 132
13581 GOODALL RD $550,000 3 2 1,220 DETACHD 10/10/2008 575
5772 BAY CREEK DR $574,500 4 3 3,242 DETACHD 2/5/2009 58
12611 BOONES FERRY RD $599,900 5 3.1 4,042 DETACHD 2/17/2009 142
2900 WEMBLEY PARK RD $697,000 4 2.1 3,383 DETACHD 3/31/2009 4
               

SOLD (March 30—April 5, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address Orig Price Sale Price # Beds # Baths Tot. SF Prop Type List Date CDOM
Address O/Price Close Price # Beds # Baths Tot. SF Prop Type CDOM
4 TOUCHSTONE $129,900 $125,000 2 2 979 CONDO 192
4470 CHAPMAN WAY $380,000 $310,000 3 3 2,125 DETACHD 188
2800 WEMBLEY PARK RD $374,500 $342,000 3 2 1,575 DETACHD 10
1228 HALLINAN CIR $389,000 $375,000 4 2 1,932 DETACHD 7
625 CLARA CT $587,500 $542,000 3 2.1 2,532 DETACHD 297
13222 DEERFIELD CT $649,000 $600,000 4 2.1 3,022 DETACHD 331
               
               

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.