Category: General

“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of civilization.” These are the lofty words that open the Preamble of the Realtor Code of Ethics.

I have written about this topic before, but it was many years ago. It’s something I hold very dear and thought it would be a good time to revisit the information.

In 1908, when the National Association of Realtors was founded, real estate was very much the wild, wild West. Unregulated and without licensing requirements, there was a good deal of fraud and a ripe environment for con artists and Naredo wells. Edward Halsey, a chairperson in the NAR in 1908 said “We propose, if we can, to wipe out the riffraff that brings this business into disrepute.”

The Code of Ethics was first written in 1913. It is a living document that is changed and revised as times change. Along with the Preamble, it consists of 4 sections that also include Duties to Clients and Customers, Duties to the Public, and Duties to other Realtors. If I could sum it up simply, it requires that all Realtors be fair and honest in our dealings with all parties to a transaction.

I am really proud of the Code of Ethics. It truly does set a higher standard for my industry. All Realtors are required to take Code of Ethics training every two years. It is at the forefront of how I run by business and how I expect other Realtors to interact with myself and my clients.

Please know that when you are working with a Realtor, you are working with a professional bound to a higher standard.

Last week Lake Oswego saw 17 properties enter the market, 16 move to Pending status and 13 Sold/Closed. Right now there are 126 properties ranging from $188,000 to $11.5 Mil.

Here is the breakdown:

NEW July 25-31, 2022

Address	List Price	Beds	Baths	SF	Prop Type
5055 FOOTHILLS DR #79	$429,900	3	2	1252	CONDO
5788 SW LANGFORD LN	$650,000	2	2	1598	DETACHD
13371 PETERS RD	$775,000	3	2.1	2295	DETACHD
18690 WOOD DUCK WAY	$775,000	3	2	1895	DETACHD
439 LIVINGOOD LN	$814,000	3	2.1	2540	DETACHD
17721 OVERLOOK CIR	$890,000	4	2.1	3172	DETACHD
39 TANGLEWOOD DR	$899,000	4	3	3167	DETACHD
2711 Greentree RD	$969,900	4	3	3241	DETACHD
346 LAKE BAY CT	$1,075,000	4	2.1	1900	DETACHD
18010 GIMLEY CT	$1,200,000	5	3.1	3652	DETACHD
165 FURNACE ST, Grnd	$1,299,999	2	2.1	2023	CONDO
4360 WEST BAY RD	$1,300,000	4	3	2636	DETACHD
17291 CEDAR RD	$1,650,000	5	4.1	2872	DETACHD
15791 TWIN FIR RD	$2,095,000	4	3.1	4035	DETACHD
1131 NORTHSHORE RD	$2,100,000	4	3	3850	DETACHD
162 BERWICK RD	$3,295,000	4	4.1	4657	DETACHD
13151 THOMA RD	$4,500,000	5	5.1	5461	DETACHD

PENDING July 25-31, 2022

Address	List Price	Beds	Baths	SF	Prop Type	Days
61 CHURCH ST	$240,000	2	1.1	1040	ATTACHD	3
3822 BOTTICELLI ST	$344,900	3	2	1171	CONDO	5
289 CERVANTES	$563,000	3	2.1	1406	ATTACHD	4
4268 WOODSIDE CIR	$589,900	4	2	1944	ATTACHD	33
16532 SW Mellon AVE	$625,000	4	1.1	1760	DETACHD	5
18690 WOOD DUCK WAY	$775,000	3	2	1895	DETACHD	0
16875 FERNWOOD DR	$780,000	4	2	2460	DETACHD	28
12562 SW ORCHARD HILL RD	$937,000	4	2.1	2574	DETACHD	5
2777 GLEN HAVEN RD	$1,200,000	3	2.1	2560	DETACHD	52
11 DA VINCI ST	$1,295,000	5	3.1	3770	DETACHD	46
14383 FOSBERG RD	$1,995,000	4	3.1	4543	DETACHD	79
15868 PARKER RD	$2,100,000	5	3.1	3679	DETACHD	33
1131 NORTHSHORE RD	$2,100,000	4	3	3850	DETACHD	2
1250 SW Englewood DR	$2,499,000	3	3.1	5097	DETACHD	11
4929 Park Bluff PL	$2,600,000	4	3.1	4067	DETACHD
2493 SOUTHSHORE BLVD	$3,200,000	6	5.1	7561	DETACHD	292

SOLD July 25-31, 2022

Address	Opening	Closed	Beds	Baths	SF	Prop Type	Days
12868 BOONES FERRY RD	$495,000	$500,000	2	2.1	1136	CONDO	18
885 MCVEY AVE	$569,000	$570,000	3	1	1341	DETACHD	19
1561 WOODLAND TER	$825,000	$790,000	3	2.1	2184	DETACHD	16
13160 PRINCETON CT	$949,000	$825,000	4	2.1	3252	DETACHD	42
4965 MULHOLLAND DR	$775,000	$827,500	2	2.1	2468	ATTACHD	2
1841 CLOVERLEAF RD	$825,000	$832,000	5	3	2190	DETACHD	5
29 DEL PRADO ST	$1,050,000	$1,044,000	4	2	3037	DETACHD	12
2964 OVERLOOK DR	$1,200,000	$1,060,000	5	2.1	3731	DETACHD	30
7 SCARBOROUGH DR	$1,150,000	$1,250,000	4	2.1	3314	DETACHD	1
1025 SCHUKART LN	$2,050,000	$1,795,000	4	3	4233	DETACHD	44
3001 WESTVIEW CT	$1,850,000	$1,805,000	4	3.1	4317	DETACHD	26
697 LAKE BAY CT	$2,595,000	$2,150,000	4	4.1	3715	DETACHD	37
720 6TH ST	$2,300,000	$2,200,000	4	3.1	4601	DETACHD	11

Doing the market activity report for last week makes me feel like the market is very balanced. The volume of sales is very much like it was the last time that I did this report with nearly identical volumes of new listings, pending sales, and closed sales. This is a good environment for both buying and selling.

Last week in Lake Oswego there were 18 new listing that includes four that went into pending status that same week. There were 16 pending sales and 16 closed sales. As I said, very balanced.

See below for RMLS data.

New on the Market July 4-10, 2022

Address	Type	Price	BR	Bath	Sq Feet
47 Eagle Crest Dr #53	Condo	$299,000	3	1	1024
3652 Spring Ln	Condo	$369,000	2	2	1117
4 Wheatherstone	Condo	$535,000	3	2.5	1692
15450 Stephanie Ct	Attached	$580,000	3	2.5	1662
15 Masaryk St	Detached	$675,000	4	3	3864
5757 Washington Ct	Detached	$695,000	4	1.5	1508
5 Partridge Ln	Detached	$799,000	3	2.5	2794
1765 Conifer Dr	Detached	$785,000	4	2	2335
18100 Bryant Rd	Detached	$990,000	3	1.5	1425
16 El Greco St	Detached	$1,035,000	4	2.5	2696
1775 Overlook Ln	Detached	$1,100,000	4	2.5	3198
1455 Nelson Ct	Detached	$1,149,000	4	2.5	2210
12943 SW Elk Rock Rd	Detached	$2,095,000	5	3.5	3537
15800 Oswego Shore Ct	Detached	$2,495,000	4	3.5	3995

Pending Sales July 4-10, 2022

Address	Type	Price	BR	Baths	Sq Ft	CDOM
4 Touchstone Dr #150	Condo	$237,000	2	2	984	152
44 Eagle Crest Dr	Condo	$299,000	3	2	1085	1
4000 Carman Dr #35	Condo	$300,000	2	2	869	5
1444 Laurel St	Detached	$515,000	2	1	900	1
4363 Woodside Circle	Attached	$581,950	3	2	1532	63
4268 Woodside Circle	Attached	$589,900	4	2	1944	17
16300 Reese Rd	Detached	$675,000	2	2	2100	8
2736 SW Orchard Hill Pl	Detached	$749,000	3	2.5	2556	4
700 Livingood Ln	Detached	$799,950	4	2.5	2692	9
23 Da Vinci St	Detached	$839,900	3	2.5	2063	3
4973 Sierra Vista Dr	Detached	$998,900	4	2.5	2810	2
17865 Sarah Hill Ln	Detached	$1,099,950	4	2.5	2871	72
1839 Palisades Lake Ct	Detached	$1,500,000	4	3.5	4570	21
688 6th St	Detached	$1,995,500	4	2.5	2939	27
5455 Childs Rd	Detached	$2,195,000	4	3.5	3870	28
4973 Parkhill St	Detached	$925,000	4	3	2230	23

Sold/Closed July 4-10, 2022

Address	Type	List Price	Sold Price	Sq Feet	DOM
668 McVey Ave #77	Condo	$275,000	$281,000	485	4
4 Touchstone #124	Condo	$245,000	$320,000	1351	45
1700 Yarmouth Circle	Detached	$725,000	$712,250	1477	7
1797 Fern Pl	Detached	$714,900	$730,000	1727	23
639 1st St	Attached	$749,900	$749,900	1,391	9
5339 Amberwood Ct	Detached	$613,645	$913,645	2943	0
5499 Royal Oaks Dr	Detached	$786,000	$950,000	1817	3
659 Livingood Ln	Detached	$899,000	$952,507	2692	9
10 Morningview Ln	Detached	$1,049,900	$1,049,900	3848	11
17953 Saint Clair Dr	Detached	$1,299,900	$1,225,000	5438	21
927 Oak St	Detached	$1,330,000	$1,400,000	2864	2
4015 Canal Woods Ct	Detached	$1,295,000	$1,450,000	3721	5
1281 Tyndall Ct	Detached	$1,674,000	$1,717,000	4049	3
642 8th St	Detached	$1,995,000	$1,995,000	3293	3
3015 Wembley Park Rd	Detached	$3,500,000	$3,000,000	5211	50
1475 Chandler Rd	Detached	$3,495,000	$3,450,000	4863	3

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.

Love Letters- I’ve been writing these on behalf of my clients for many, many years, and have indeed won homes for my clients (been told) on the strength of the letters I wrote. I have never encouraged my clients to write their own letters as I believe it is a stronger position for me to advocate on their behalf. That said, my focus is always their strength as Buyers and whatever they bring to the table in terms of job stability, their actual love of the particular home/property (read: commitment), and other such things. I definitely do not use photos of the Buyers. There is a big debate going on around the issue of these letters (mainly the ones Buyers write about themselves), and it revolves around Fair Housing concerns. This has gotten to the point where they were outlawed for a time, and now that has been overturned and they are again allowed (as of this writing). NOTE: It is never OK to try to appeal to a perception of a Seller’s preference for race, gender, familial status or other protected class positions. Never. So, if you’re ever in the position of deciding whether to deliver such a letter, please keep this in mind, and consult with me! Or your Realtor ; )

Lower Offers (and how best to make them)- Well… this one is just nearly N/A in the current market. I say “nearly” as it does happen, but usually not at the outset unless a property has been sitting on the market for what is considered a longer period of time or if it was priced too high to begin with (which is usually why a property is still on the market). It *can* happen that the price goes down after certain things are revealed in the inspection process to compensate, but most properties are selling above their asking price, & often well above.

How to Win- It has been the case for awhile that multiple offers have driven prices up significantly over asking, and/but we think we are seeing a teensy bit of pullback in at least the amount of overage. This is more due to Buyers backing off than to more properties entering the market as we still see record-low Inventory. The way this has been playing out in a “multiple” bidding situation to date, is that the Offers guaranteeing they’ll bring a certain amount of cash to the Closing table in the event of a lower Appraisal are the Offers that get chosen as it’s less risk/more reliable for a Seller. (*Little understood fact, fyi: The “Closed” sale price effectively sets a new value standard in the neighborhood regardless of what it appraised at during the transaction. ; ) This tactic is obviously limited to those who *have * the cash to do that, and the whole scenario is part of what’s driving the angst /frustration around this supply and demand phenomenon and how it affects, say, first-time home-buyers. Considering the fierce competition driving prices higher, Appraisers and Realtors alike have been wishing for a calmer, more “readable/predictable” market, and several factors *may* be causing this to be the case very soon. In the meantime, there are ways to win even if you don’t have the cash…or don’t think you do. One is to look in a lower price range than you want to buy in. This way you are able/have the means to at least push your Offer price over the heads of much of the competition. There are a few other things you can do to get an edge, but we can talk about those one-on -one ; )

According to the RMLS Market Action Report  for the Portland Metro Area-April 2022:

• There were 3,684 New Listings in April 2022 decreased 9.4% from April of 2021’s 4,065, and increased 4.6% from the previous month/March’s 3,521.
• At 2,782  April 2022’s Closed Sales are down 5.6% from April 2021’s 2,946, and up 3.7% from the previous month/March’s 2022’s total of 2,683
• At 3,005 April 2022’s Pending Sales are down 11.6% from April  2021’s 3,400, and down slightly at 1.3% below the previous month/March2022’s total of 3,045.
• The Average Sale Price in April 2022 of $632,900 is up $75,000 from last year/April 2021’s $557,900, and up $22,000 from the previous month/March’s $610,900.  
• The “Median” Sale Price (the price smack dab in the middle of all sales) in April 2022 of $560,000 rose from last year/April 2021’s $500,000 by $60,000, and $10,000 from the previous month/March’s $550,000.

LAKE OSWEGO:

103 Active Listings (Mar 96)
169 New Listings  (Mar 171)
144 Pending Sales (Mar 119)
133 Closed Sales  (Mar 102)
Average Sale Price for March: $998,600 (Mar $1,092,200)
NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
26 Days on the Market   (Mar 31)

Taking on home remodeling is a big task. It’s extremely disruptive to any home, but making some basic plans will really help. Here are 7 suggestions to make your project go as smoothly as possible.

1. Put yourself in a mind set to be patient. Get recommendations for contractors from people you know. If they’ve had a good experience, you are also likely to have a good experience. In addition, Linda and I can be a resource. Plan to be patient. Good contractors book out well in advance.
2. Consider renting some storage space. One of the biggest delays in a construction project is erratic or delayed delivery times. With good planning you can purchase materials in advance and store them so that they are readily available at the time that they are needed.
3. Get creative. If wood lengths are unavailable, buy longer pieces and cut them down to fabricate unavailable lengths.
4. Scale back. With the soaring cost of materials (up 400% at its peak) many contractors are writing into their contracts that the homeowner will absorb price changes. So consider doing a modified, smaller project so that you don’t get caught spending more than you had planned

5. Use reclaimed materials. It can add charm, be more affordable, and contribute to sustainability

6. Think out of the box. Perhaps your project can be accomplished using a pre-fab accessory dwelling unity. There are fewer supply chain issues with these buildings and they can easily be used as an office, bonus room, or additional bedroom.

7. There is no longer an off season. Good contractors are in high demand year around. Every season of the year is busy. To deal with this, go back to number 1. Patience, patience, patience.

Thanks for reading the blotter!

Dianne

Happy Easter, Passover & Ramadan! No matter what your tradition, this is a special time of year that everyone seems to recognize as symbolic of new beginnings. Dianne and I wish you all Good things, and the Peace that comes from gathering with loved-ones.

(Pics below) Every once in awhile a little gem comes along and we like to spotlight it for our readers. This one is situated in Mountain Park with high & vaulted ceilings and soaring windows in a wooded setting. It’s just a couple steps down from your deeded parking space to a cozy porch with a view, or enter through your attached garage. Two stories with the bedrooms on the main level and the airy living space downstairs. The Owner just updated nearly all the flooring, and the light hickory wood floors are such a gorgeous break from all those dark plank ones we see so often! Really brightens everything up and the walls of windows don’t hurt either. There is a deck off the dining room and a balcony off the huge primary bedroom with double closets and a sink in the suite itself. The other bedroom is lofted and has french doors, so it could serve either as a bedroom or a really sweet home office. The views out each window are just so peaceful, and the kitchen with it’s marmoleum floors has a pantry and an eating bar, with a laundry room off of it. All of that and a fireplace for curling up on those wintry evenings. Check it out! ML# 22181391 – 213 Cervantes, Lake Oswego 1216SF $329,000