Category: Selling Advice

Advice for home sellers in Lake Oswego, Oregon

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Market Activity ~ Apr 29-May 5, 2019

There are a total of 289 homes for sale in Lake Oswego right now. Last week 26 New properties entered the market, 26 moved to Pending status, and 23 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (Apr 29-May 5, 2019)

Address List Price # Beds # Baths Total SF Prop Type
4 TOUCHSTONE #84 $199,000 2 2 979 CONDO
668 MCVEY AVE #43 $265,000 1 1 636 CONDO
4268 WOODSIDE CIR $424,000 4 2 1944 TOWNHSE
17903 BELMORE AVE $469,900 5 2 2016 DETACHD
17761 DEEMAR WAY $519,900 3 2 1610 DETACHD
13342 AUBURN CT $614,900 3 2.1 2492 ATTACHD
4722 Amherst CT $624,000 3 2.1 2976 ATTACHD
6450 FROST ST $624,900 4 2.1 2216 DETACHD
435 7TH ST $699,000 2 2 2010 DETACHD
1570 BONNIEBRAE DR $739,000 5 3 3200 DETACHD
17566 BLUE HERON CT $774,800 4 3 2681 DETACHD
4 HILLSHIRE DR $778,000 4 2.2 3232 DETACHD
2350 SOUTHSHORE BLVD $795,000 3 2.1 2236 DETACHD
17144 WARREN CT $825,000 4 2.1 2778 DETACHD
2886 UPPER DR $924,995 4 3 2674 DETACHD
1691 VILLAGE PARK LN $1,090,000 4 3.1 3862 DETACHD
267 FURNACE ST $1,098,000 3 3 3493 DETACHD
2464 PALISADES CREST DR $1,100,000 5 3.1 4012 DETACHD
4613 DOGWOOD DR $1,175,000 5 3.1 4524 DETACHD
3125 ALBER SPRING CT $1,246,000 3 3.1 4177 DETACHD
17900 SARAH HILL LN $1,290,000 4 3 4186 DETACHD
994 COUNTRY CMNS $1,348,850 4 2.1 3968 DETACHD
3122 UPPER DR $1,349,900 4 4 3939 DETACHD
2575 SUMMIT DR $2,450,000 4 4.2 6244 DETACHD
1164 CRESTLINE CT $2,495,000 5 4.2 6800 DETACHD
15607 VILLAGE DR $2,698,000 5 3.1 5407 DETACHD

PENDING SALES (Apr 29-May 5, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
3433 MCNARY PKWY $235,000 2 2 1008 CONDO 4
48 EAGLE CREST DR 1B $314,000 3 2 1623 CONDO 28
12864 BOONES FERRY RD $389,900 2 2.1 1182 CONDO 34
18820 65TH AVE $495,000 3 2.1 2240 DETACHD 91
875 LAKE FOREST DR $499,500 2 1 979 DETACHD 90
18651 SW DON LEE WAY $524,900 4 2 1630 DETACHD 6
22 MORNINGVIEW CIR $574,900 3 2.1 2235 DETACHD 176
647 2ND ST $579,900 2 2 1457 ATTACHD 36
6435 FROST ST $579,950 3 2.1 1838 DETACHD 404
3595 TEMPEST DR $589,000 3 2 2126 DETACHD 28
19001 RED WING WAY $649,900 3 2.1 2116 DETACHD 4
4 GERSHWIN CT $664,900 4 4 3016 DETACHD 155
2227 HILLSIDE DR $675,000 4 3 3003 DETACHD 204
663 CARRERA LN $775,000 3 2 2197 DETACHD 31
2585 DELLWOOD DR $829,000 4 3.1 3749 DETACHD 33
17514 BROOKHURST DR $834,999 3 2.1 3521 DETACHD 4
5064 HASTINGS DR $839,000 5 2.1 3739 DETACHD 271
649 3rd ST $859,900 3 2.1 2274 CONDO
530 BOCA RATAN DR $895,000 4 3 3368 DETACHD 27
16560 Glenwood CT $899,000 3 2.1 2558 DETACHD 38
12391 CLARA LN $950,000 4 3 2972 DETACHD 5
154 BERWICK RD $1,039,000 5 3.1 3020 DETACHD 3
12816 ALTO PARK RD $1,198,000 5 4 3846 DETACHD 73
3210 CHILDS RD $1,239,000 3 2.2 2936 DETACHD 26
792 2ND ST $1,269,900 4 3 2786 DETACHD 87
17283 BLUE HERON RD $1,695,000 3 2.1 3797 DETACHD 76

SOLD (Apr 29-May 5, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
10 OSWEGO SMT $169,900 $155,000 1 1 764 CONDO 45
3930 LAKE GROVE AVE, # 2A $225,000 $220,000 2 1 952 CONDO 4
5225 JEAN RD #104 $288,000 $288,000 2 2 1400 CONDO 59
1349 BONNIEBRAE DR $329,500 $329,500 3 1.1 1311 TOWNHSE 30
1589 BOCA RATAN DR $378,500 $375,000 3 2 1611 TOWNHSE 37
870 LAKE FOREST DR $474,900 $432,250 3 2.1 1971 DETACHD 311
17270 BRYANT RD $519,000 $519,000 3 3 2047 DETACHD 2
116 GREENRIDGE CT $575,000 $575,000 3 3.1 2832 ATTACHD 1
16835 FERNWOOD DR $645,000 $580,000 4 2 1952 DETACHD 39
1038 OAK ST $629,900 $595,000 4 2 2594 DETACHD 252
515 ATWATER RD $637,625 $631,875 3 2.1 2746 DETACHD 37
5450 STERLING WAY $719,000 $719,000 4 2.1 2496 DETACHD 14
19357 RIVERWOOD LN $849,500 $840,000 4 2.1 2916 DETACHD 5
171 C AVE $879,000 $855,000 3 3 2308 ATTACHD 29
14232 KIMBERLY CIR $825,000 $900,000 4 3 3740 DETACHD 1
3335 CEDAR CT $975,000 $975,000 4 3 3800 DETACHD 6
18430 TAMAWAY DR $950,000 $975,000 5 2.2 3977 DETACHD 2
143 FURNACE ST / Uppert $1,250,000 $1,000,000 2 2.1 2245 CONDO 245
862 CEDAR ST $1,275,000 $1,175,000 4 3.1 3914 DETACHD 228
805 Evergreen $1,299,900 $1,179,900 5 4 2893 DETACHD 137
4146 LAKEVIEW BLVD $1,500,000 $1,450,000 4 3.1 3279 DETACHD 371
939 LAKE FRONT RD $1,999,000 $1,600,000 5 4 4106 DETACHD 574
1973 CHERYL CT $1,675,000 $1,637,500 5 4.1 6436 DETACHD 582

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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News & Notes ~ March 2019 Numbers

Here is your look at the most recent data for the entire Portland area (March 2019) and how Lake Oswego fits in to this picture just below.

According to the RMLS Market Action Report for the Portland Metro Area, March, 2019:

  • There were 3,504  New Listings in March 2019 which was down 3.9%  from March of 2018’s 3,648, and up substantially at 43.4% from the previous month/February’s 2,444.
  • At 2,183 March 2019’s Closed Sales cooled  7.9% from March 2018’s 2,371, BUT, were up quite a bit at 26.5 % from the previous month/Feb 2019’s total of 1,726.
  • March 2019’s Pending Sales (accepted offers), at 2,738 were down 5.4% down from March of 2018’s 2,894, but were ahead a whopping 24.0% from the previous month/Feb 2019’s total of  2,208.
  • The Average Sale Price in March 2019 of $447,900 was up $2,000 from last year/March 2018’s $445,900, and up from the previous month/Feb 2019’s $441,100 by nearly $7,000.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in March 2019 of $399,000 was up $4,000.00 from last year/March 2018’s $395,000, and down slightly/$900.00, from the previous month/Feb 2019’s $399,900.   

Neighborhoods: February’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $425,200              2.2%   (Feb 427,800)
    •                                                     YTD Median: $400,000
  • NE Portland:  $451,700                   2.0%   (Feb 462,400)
    •                                                     YTD Median: $400,000
  • SE Portland:  $431,400                   4.4%   (Feb 404,600)
    •                                                     YTD Median: $366,300
  • Gresham/Troutdale:   $374,600     4.8%   (Feb 348,400)
    •                                                     YTD Median: $350,000
  • Milwaukie/Clackamas:  $426,800  2.5%   (Feb 413,800)
    •                                                     YTD Median: $395,000
  • Oregon City/Canby:   $442,400      7.7%   (Feb 424,700 )
    •                                                     YTD Median: $395,000
  • Lake Oswego/West Linn:$651,300 2.2%   (Feb 677,000)
    •                                                      YTD Median: $550,000
  • West Portland:    $571,800             1.8%   (Feb 551,000)
    •                                                     YTD Median: $515,000
  • NW Wash County:  $502,000          0.0%   (Feb 504,300)
    •                                                      YTD Median: $500,000
  • Beaverton/Aloha:     $405,400       8.2%   (Feb 413,800 )
    •                                                     YTD Median: $381,000
  • Tigard/Wilsonville:   $445,300        5.5%   (Feb 469,400 )
    •                                                      YTD Median: $431,300
  • Hillsboro/Forest Grove: $405,000  4.3%   (Feb 379,600 )
    •                                                      YTD Median: $373,000

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of March 2019 reported:

    •  326 Active Listings  (Feb 317 )
    •  195 New Listings     (Feb 156)
    •  149 Pending Sales   (Feb 103)
    •  108 Closed Sales      (Feb 81)
    • Average Sale Price for March: $651,300  (Feb $677,000)
      • 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.
    •  94 Average Days on the Market   (Feb 108)

 

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Market Activity ~ April 15-21, 2019

There are a total of 247 homes for sale in Lake Oswego right now. Last week 28 New properties entered the market, 22 moved to Pending status, and 18 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (April 15-21 2019)

Address List Price # Beds # Baths Total SF Prop Type
4625 LAKEVIEW BLVD / Grnd $199,900 1 1 753 CONDO
3433 MCNARY PKWY #211 $216,000 2 2 1008 CONDO
86 KINGSGATE RD #I-204 $227,500 2 2 840 CONDO
4041 JEFFERSON PKWY $279,900 1 1.1 1060 TOWNHSE
200 BURNHAM RD #404 $284,900 2 2 1325 CONDO
5061 FOOTHILLS DR G $335,000 2 2 991 CONDO
3982 CARMAN DR $349,900 3 2.1 1360 CONDO
18280 INDIAN CREEK DR $498,800 3 2 1402 DETACHD
68 Greenridge CT $515,000 3 2.1 2868 TOWNHSE
57 GREENRIDGE CT $539,000 2 2 1320 ATTACHD
2 CREEKSIDE TER $699,999 4 2.1 2906 DETACHD
4362 GLACIER LILY ST $719,000 4 2.1 2808 DETACHD
14580 UPLANDS DR $729,900 3 3 2120 DETACHD
18052 HOBBIT CT $759,000 4 3.1 3289 DETACHD
1058 HEMLOCK ST $777,000 4 3 2829 DETACHD
16705 GLENWOOD CT $875,000 5 3 4243 DETACHD
391 LIVINGOOD LN $899,000 5 3 3872 DETACHD
14865 TWIN FIR CT $999,000 5 3 3361 DETACHD
18000 PILKINGTON RD $1,140,000 3 3 3185 DETACHD
2937 RIVENDELL RD $1,200,000 4 3.1 4778 DETACHD
3950 EDENS EDGE DR $1,249,000 4 3.1 4830 DETACHD
893 10TH ST $1,295,000 4 2.1 2719 DETACHD
2085 RIDGE POINTE DR $1,299,900 5 4.2 6843 DETACHD
17525 CHERRY CT $1,365,000 5 3.1 4559 DETACHD
18135 CRESTLINE DR $1,495,000 4 2.1 2673 DETACHD
13596 GOODALL RD $1,599,000 4 4.1 3552 DETACHD
931 ATWATER RD $2,500,000 4 4.1 5059 DETACHD
16865 GREENBRIER RD $3,695,000 5 5 6404 DETACHD

PENDING SALES (April 15-21 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
5911 CARMAN DR $320,000 3 1.1 1168 DETACHD 7
5944 BURMA RD $350,000 3 1 1378 DETACHD 23
5229 ROSEWOOD ST $375,000 3 2 1618 DETACHD 4
38 WHEATHERSTONE $395,000 3 2.1 1692 CONDO 22
6 ORIOLE LN $400,000 3 2.1 1521 DETACHD 4
5226 TUALATA LN $468,950 3 2 1470 DETACHD 0
71 KINGSGATE RD $489,900 3 2.1 1727 DETACHD 30
17606 SYDNI CT $549,000 3 2.1 2442 TOWNHSE 40
4635 REMBRANDT LN $549,900 4 2.1 2056 DETACHD 7
647 2ND ST $579,900 2 2 1457 ATTACHD 19
1023 LUND ST $614,990 4 2.1 2313 DETACHD 3
14273 AMBERWOOD CIR $659,900 4 2.1 2480 DETACHD 330
13104 ROGERS RD $699,900 4 2.1 2715 DETACHD 2
2286 WEMBLEY PARK RD $795,000 3 3 2000 DETACHD 0
14232 KIMBERLY CIR $825,000 4 3 3740 DETACHD 1
128 NORTHSHORE RD $872,500 4 3 2695 DETACHD 52
14520 PFEIFER DR $882,000 4 3.1 4013 DETACHD 213
3822 LAKE GROVE AVE $1,195,000 5 3.2 5335 DETACHD 363
13047 KNAUS RD $1,195,500 4 3.2 4200 DETACHD 600
17620 BLUE HERON RD $1,365,000 4 3.1 4041 DETACHD 4
13214 AMBER PL $1,499,950 4 3.1 3993 DETACHD 343
13078 FIELDING RD $1,500,000 4 2 3936 DETACHD 15

SOLD (April 15-21 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #46 $159,900 $154,000 1 1 617 CONDO 39
45 EAGLE CREST DR #218 $179,900 $179,900 1 1 768 CONDO 9
274 CERVANTES / Main $227,000 $216,000 2 2 1209 CONDO 3
12884 BOONES FERRY RD $395,000 $395,000 2 2.1 1182 CONDO 11
732 ELLIS AVE $489,000 $455,000 3 2 1632 DETACHD 38
17297 BRYANT RD $529,000 $505,000 3 2 1428 DETACHD 51
5318 RED LEAF ST $475,000 $518,000 3 2 1428 DETACHD 5
17620 SYDNI CT $525,000 $520,000 3 2.1 2182 TOWNHSE 1
520 5TH ST $499,950 $531,200 2 1 953 DETACHD 5
5725 SOUTHWOOD DR $687,000 $687,000 4 2.1 2406 DETACHD 3
5200 WESTFIELD CT $775,000 $795,000 4 2.1 3132 DETACHD 4
17479 BROOKHURST DR $810,000 $818,350 4 2.1 3711 DETACHD 2
641 3rd ST $849,900 $849,900 3 2.1 2092 CONDO 134
6048 LAKEVIEW BLVD $849,000 $850,000 4 2.1 2640 DETACHD 128
17494 LAKE HAVEN DR $950,000 $850,000 2 2 2121 DETACHD 279
55 NORTHSHORE RD #1 $879,000 $850,000 3 2 2352 CONDO 15
951 LAKE FRONT RD $1,498,000 $1,245,000 3 2.1 1713 DETACHD 166
407 G AVE $1,980,000 $2,000,000 4 3.1 4635 DETACHD 12

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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Safety Tips When Selling

Hand holding door knob with keys
Selling your home is generally very, very safe. This does not mean that you should not still take some simple precautions. Here are a few guidelines that I recommend to my clients.

Use a Realtor
It’s a very basic first step. First, Realtors go through back ground checks to gain a license in the State of Oregon. They are also finger printed. Our lockbox access ability is updated nightly. If a Realtor is convicted of a crime, they loose their license and their ability to access lockboxes is cut off immediately. Second, Realtors screen their clients. They make sure that they are viable and real buyers by having them get pre-approved with a lender. A professional Realtor does not want to waste their time or risk their own safety with someone who is putting on a con.

Put away jewelry, prescriptions, and small valuables
Even with strong due diligence from the Realtors who show your property, it is foolish to put out temptations that can be easily and quickly slipped into a pocket.

Never let someone tour your home that is not accompanied by their Realtor
No matter how convincing or friendly the person may seem, do not let them into your house. You have hired a Realtor and your professional is there to protect you by screening the person showing interest. Give them a copy of your agent’s business card or direct them to the phone number on the for sale sign.

Make Realtors use the lockbox
If a Realtor arrives to show the house and you have not yet left, don’t let them just go inside. Lock the house up and ask them to use the lockbox. This verifies that the person is in fact a bonafide agent in good standing.

That’s it. Just a few simple precautions and you and your home will be safe and secure.

I hope you found this helpful. As always, thanks for reading the blotter!
Dianne

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Market Activity ~ April 1-7, 2019

There are a total of 237 homes for sale in Lake Oswego right now. Last week 29 New properties entered the market, 16 moved to Pending status, and 15 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (April 1-7, 2019)

Address List Price # Beds # Baths Total SF Prop Type
3846 BOTTICELLI ST / Grnd $295,000 2 1.1 1132 CONDO
48 EAGLE CREST DR #2E $315,000 3 2 1623 CONDO
48 EAGLE CREST DR #1B $320,000 3 2 1538 CONDO
16184 LAKE FOREST BLVD $360,000 3 1 1342 DETACHD
4410 THUNDER VISTA LN $364,900 2 2.1 2040 ATTACHD
1310 OAK TER $477,000 3 1 897 DETACHD
4725 JEAN RD $495,000 4 2 1433 DETACHD
1117 HEMLOCK ST $525,000 3 2 1680 DETACHD
6330 Shakespeare ST $549,900 4 3 1792 DETACHD
3595 TEMPEST DR $589,000 3 2 2126 DETACHD
13413 AUBURN CT $655,000 4 3.1 2721 ATTACHD
327 LAUREL ST $749,900 4 2 2520 DETACHD
1590 BONNIEBRAE DR $799,000 4 3 3163 DETACHD
2770 WEMBLEY PARK RD $839,000 5 3 3378 DETACHD
2585 DELLWOOD DR $885,000 4 3.1 3749 DETACHD
530 BOCA RATAN DR $895,000 4 3 3368 DETACHD
909 CUMBERLAND PL $995,000 4 3 3267 DETACHD
209 RIDGEWAY RD $999,950 4 3.1 2862 DETACHD
1111 BAYBERRY RD $1,098,000 3 2 2042 DETACHD
3210 CHILDS RD $1,239,000 3 2.2 2936 DETACHD
928 CEDAR ST $1,250,000 4 3.1 3182 DETACHD
4687 FIRWOOD RD $1,250,000 3 2.1 2803 DETACHD
272 GREENWOOD RD $1,295,000 4 3.1 3218 DETACHD
748 6TH ST $1,425,000 3 3.1 2865 DETACHD
408 NORTHSHORE RD $1,495,000 4 3.1 3753 DETACHD
3102 DOUGLAS CIR $1,695,000 5 4.1 4644 DETACHD
163 IRON MOUNTAIN BLVD $1,795,000 4 3.1 4314 DETACHD
1688 LESLIE LN $1,798,000 4 4.1 5540 DETACHD
1226 NORTHSHORE RD $6,888,000 4 5.1 5544 DETACHD

PENDING SALES (April 1-7, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
81 GALEN ST / Grnd $170,000 1 1 689 CONDO 69
3930 LAKE GROVE AVE #2A $215,000 2 1 952 CONDO 4
71 OSWEGO SMT/Upper $239,000 2 2 1140 CONDO 2
4643 LAKEVIEW BLVD / Upper $279,900 2 2 1178 CONDO 43
12714 BOONES FERRY RD $299,000 3 1 996 DETACHD 44
3964 CARMAN DR $299,900 2 2.1 1098 CONDO 148
1410 SPRUCE ST $499,900 3 2 1242 DETACHD 46
520 5TH ST $499,950 2 1 953 DETACHD 5
17270 BRYANT RD $519,000 3 3 2047 DETACHD 2
214 NORTHSHORE RD $599,000 2 1 1776 DETACHD 2
4078 MELISSA DR $699,900 4 2.1 2691 DETACHD 11
2050 WEMBLEY PARK RD $715,000 4 2 1868 DETACHD 107
730 8TH ST $829,000 4 3 2395 DETACHD 3
55 NORTHSHORE RD #1 $879,000 3 2 2352 CONDO 15
18430 TAMAWAY DR $950,000 5 2.2 3977 DETACHD 2
4146 LAKEVIEW BLVD $1,500,000 4 3.1 3279 DETACHD 371

SOLD (April 1-7, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
86 KINGSGATE RD #I-102 $219,900 $213,000 2 2 849 CONDO 4
192 CERVANTES $299,000 $285,500 2 1.1 1275 CONDO 10
16200 PACIFIC HWYb #6 $395,000 $392,500 2 2 1190 CONDO 115
12802 BOONES FERRY RD $399,500 $399,500 3 2.1 1182 CONDO 3
5079 W SUNSET DR $529,900 $520,000 2 2.1 1734 ATTACHD 81
2440 GREENTREE RD $509,900 $530,000 3 1.1 1850 DETACHD 3
15865 BOONES WAY $560,000 $560,000 3 2 1708 DETACHD 0
4749 BLACK FOREST CT $639,900 $639,900 4 2.1 2255 DETACHD 3
17890 KELOK RD $769,000 $760,000 4 2.1 3095 DETACHD 48
15545 VILLAGE PARK CT $799,950 $773,495 4 2.1 2735 DETACHD 24
4028 ORCHARD DR $825,000 $795,080 4 2.1 3343 DETACHD 30
5328 LOWER DR $824,900 $830,000 4 2.1 2600 DETACHD 1
1956 HIGHLANDS LOOP $1,849,000 $1,800,000 5 4.1 4641 DETACHD 735
320 CHANDLER PL $2,695,000 $2,300,000 5 3.1 4675 DETACHD 288
420 RIDGEWAY RD $2,695,000 $2,500,000 4 4 3505 DETACHD 17

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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Market Activity ~ March 18-24, 2019

There are a total of 214 homes for sale in Lake Oswego right now. Last week 21 New properties entered the market, 25 moved to Pending status, and 18 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type
48 EAGLE CREST DR #3B $309,000 2 2 1550 CONDO
5944 BURMA RD $350,000 3 1 1378 DETACHD
34 WHEATHERSTONE $430,000 3 2.1 1692 CONDO
14352 SHERBROOK PL $475,000 3 2.1 1806 DETACHD
125 CONDOLEA DR $475,000 3 3 2186 CONDO
71 KINGSGATE RD $489,900 3 2.1 1727 DETACHD
5371 GREYSTOKE DR $569,000 3 2 1782 DETACHD
1901 MAPLELEAF CT $584,900 4 3 2800 DETACHD
14 NORTHVIEW CT $695,000 4 3.1 3279 ATTACHD
185 FURNACE ST $810,000 2 2.1 1927 CONDO
74 TOUCHSTONE $849,000 6 3.1 4584 DETACHD
55 NORTHSHORE RD #1 $879,000 3 2 2352 CONDO
1961 SUMMIT DR $896,000 3 2.1 3137 DETACHD
5327 CARMAN GROVE LN $949,500 4 3 3125 DETACHD
18409 OLD RIVER DR $969,000 4 3.1 3681 DETACHD
3250 FIR RIDGE RD $1,300,000 4 3.1 3541 DETACHD
3270 FIR RIDGE RD $1,395,000 4 3.1 3872 DETACHD
18320 MEADOWLARK LN $1,799,900 4 4.2 6053 DETACHD
4011 WESTBAY RD $1,895,000 4 3 4518 DETACHD
1976 HIGHLANDS LOOP $1,975,000 4 3.2 4881 DETACHD
19025 HILL TOP RD $2,279,000 5 4.1 5366 DETACHD

PENDING SALES (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #303 $230,000 2 1 1199 CONDO 54
526 S STATE ST #5a $279,900 2 1 914 CONDO 8
5225 JEAN RD #104 $288,000 2 2 1400 CONDO 59
192 CERVANTES $289,000 2 1.1 1275 CONDO 10
5053 FOOTHILLS DR #B $329,000 3 2 1252 CONDO 164
19 CONDOLEA DR $514,000 2 2.1 2157 CONDO 4
17620 SYDNI CT $525,000 3 2.1 2182 TOWNHSE 1
15865 BOONES WAY $560,000 3 2 1708 DETACHD 0
1651 LARCH ST $565,000 4 3 2225 DETACHD 14
116 GREENRIDGE CT $575,000 3 3.1 2832 ATTACHD 1
4582 TRILLIUM WOODS $579,900 3 2.1 1927 ATTACHD 131
16835 FERNWOOD DR $580,000 4 2 1952 DETACHD 39
18667 PILKINGTON RD $590,000 4 2.1 2512 DETACHD 19
24 BECKET ST $608,000 4 2.1 2527 DETACHD 16
1038 OAK ST $609,900 4 2 2594 DETACHD 252
737 ASH ST $649,990 4 2 2428 DETACHD 6
5015 PARKHILL ST $775,000 3 3 2628 DETACHD 50
5200 WESTFIELD CT $775,000 4 2.1 3132 DETACHD 4
15 NANSEN SMT $775,000 3 2.1 3098 DETACHD 3
3335 CEDAR CT $975,000 4 3 3800 DETACHD 6
805 Evergreen $1,199,000 5 4 2893 DETACHD 349
951 LAKE FRONT RD $1,498,000 3 2.1 1713 DETACHD 166
1973 CHERYL CT $1,675,000 5 4.1 6436 DETACHD 582
1277 CHANDLER RD $1,998,000 4 3.1 4500 DETACHD 471
420 RIDGEWAY RD $2,695,000 4 4 3505 DETACHD 17

SOLD (March 18-24, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #303 $230,000 2 1 1199 CONDO 54
526 S STATE ST #5a $279,900 2 1 914 CONDO 8
5225 JEAN RD #104 $288,000 2 2 1400 CONDO 59
192 CERVANTES $289,000 2 1.1 1275 CONDO 10
5053 FOOTHILLS DR #B $329,000 3 2 1252 CONDO 164
19 CONDOLEA DR $514,000 2 2.1 2157 CONDO 4
17620 SYDNI CT $525,000 3 2.1 2182 TOWNHSE 1
15865 BOONES WAY $560,000 3 2 1708 DETACHD 0
1651 LARCH ST $565,000 4 3 2225 DETACHD 14
116 GREENRIDGE CT $575,000 3 3.1 2832 ATTACHD 1
4582 TRILLIUM WOODS $579,900 3 2.1 1927 ATTACHD 131
16835 FERNWOOD DR $580,000 4 2 1952 DETACHD 39
18667 PILKINGTON RD $590,000 4 2.1 2512 DETACHD 19
24 BECKET ST $608,000 4 2.1 2527 DETACHD 16
1038 OAK ST $609,900 4 2 2594 DETACHD 252
737 ASH ST $649,990 4 2 2428 DETACHD 6
5015 PARKHILL ST $775,000 3 3 2628 DETACHD 50
5200 WESTFIELD CT $775,000 4 2.1 3132 DETACHD 4
15 NANSEN SMT $775,000 3 2.1 3098 DETACHD 3
3335 CEDAR CT $975,000 4 3 3800 DETACHD 6
805 Evergreen $1,199,000 5 4 2893 DETACHD 349
951 LAKE FRONT RD $1,498,000 3 2.1 1713 DETACHD 166
1973 CHERYL CT $1,675,000 5 4.1 6436 DETACHD 582
1277 CHANDLER RD $1,998,000 4 3.1 4500 DETACHD 471
420 RIDGEWAY RD $2,695,000 4 4 3505 DETACHD 17

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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Rental Investing

I often tell first-time buyers that an excellent goal is to be able to keep that first house as a rental as opposed to selling it. Interest rates on owner-occupied mortgages are generally lower and a house can be purchased with a smaller down payment if you are buying it as your primary residence. If all of us could keep every home we have ever purchased, we could, over our lifetimes, gradually build quite a portfolio of rental properties. Of course life has a way of occurring differently than planned, but the general concept is a good one.

Linda and I both work quite a lot with investors who purchase and sell rental properties. It is a different experience than when you are buying a home to live in. Considerations have to be made about whether or not the property can be rented. This is especially true with condominiums. Many Home Owner’s Associations have restrictions on renting. It’s also important to know that within the city limits of Lake Oswego short-term rentals, considered to be for less than 30 days, are not allowed. This means no airbnb or vacation rentals are allowed.

Now comes an entirely new twist. The State of Oregon has just enacted rental restrictions related to rent increases and evictions. I am not going to claim to be an expert, but I do have a general idea of what is going on. More importantly, I can direct you to a great resource with someone who is an expert.

First, what’s going on. Rental increases are now restricted to not more than 7% plus the rate of inflation in any one year. This is actually quite a lot. But if you are working with a property that is grossly under rented, it will take time to bring the rent in line with market value. It also means that if you own rentals that you will eventually be selling, you should be doing rent increases while you own the property so that when you go to sell it, the rents will be in line with the market.

Second, no cause evictions are now pretty much non existent. During the first twelve months of a tenancy a tenant can still be evicted without cause. Without cause means you can give notice that the tenant has to move out and not state why. You are simply demanding that they move. That’s it. But on day 366 of the tenancy the no cause eviction is no longer allowed. This means that evicting a tenant will require that you give a reason that falls within the allowed parameters. With cause can include non-payment of rent, damage that they’ve done to the property, if a government agency has determined that the property is not safe to live in, etc. One reason that you can not use as cause for eviction? That you plan to sell the house. So if you have a rental property that you plan to sell, it has to be put onto the market with the tenant in place. A tenant can choose to move when they learn the house is going to be sold. The restriction is on the landlord, not the tenant. If you get an offer from someone who intends to move into the property as their primary residence, then you can evict them. But if your buyer intends to also hold the property as a rental, then the tenant can not be evicted and the tenant will continue to live in the property after it is sold.

As you can see, it’s pretty complicated. I am not an attorney and with landlord tenant law that you have questions about, you really should consult an attorney. This brings me to a wonderful resource that I have been given permission to pass along. I met an attorney this past week whose entire practice is built on representing landlords. He does not represent tenants. He also only gives advice to his clients, so he won’t do a consultation for free. He does however have a great website that has lots of information that is available at no charge. He is Tim Murphy of Murphy Law Group P.C., and his website is www.oregonlandlord.net. On his website he has summation material about the new Oregon law as well as the new laws that are in effect in the City of Portland.

I hope you have found this helpful. As always, thanks for reading.
Dianne

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News & Notes ~ February 2019 Numbers

Here is your look at the most recent data for the entire Portland area (Feb 2019) and how Lake Oswego fits in to this picture just below.

According to the RMLS Market Action Report for the Portland Metro Area, February, 2019:

  • There were 2,444 New Listings in February 2019 which was down 3.4%  from February of 2018’s 2,530, and also down  a whopping 19.8% from the previous month/January’s total of 3,048.  ***This was the coolest February since 2014 when the New Listings in Feb were 2,354.
  • At 1,726 February 2019’s Closed Sales were mixed. They cooled  4.4% from February 2018’s 1,806, BUT, rose a substantial 19.0 % from the previous month/Jan 2019’s total of 1,451.
  • February 2019’s Pending Sales (accepted offers), at 2,208 were also mixed: Down 5.5% down from February of 2018’s 2,337, AND, ahead 8.0% from the previous month/Jan 2019’s total of  2,045.
  • The Average Sale Price in February 2019 of $441,100 was basically unchanged/down just slightly ($800.00!) from last year/February 2018’s $441,900, and up from the previous month/Jan 2019’s $435,600 by $5,500.  
  • The “Median” Sale Price (so…the price smack dab in the middle of all sales) in February 2019 of $399,900 was up $14,900.00 from last year/February 2018’s $385,000, and also up about the same, $15,000, from the previous month/Jan 2019’s $384,900.   

Neighborhoods: February’s Average Sale Price + 12-month Appreciation :

  • North Portland:  $427,800              2.5%   (Jan 403,900)
    •                                                     YTD Median: $395,500
  • NE Portland:  $462,400                   3.2%   (Jan 439,500)
    •                                                     YTD Median: $393,300
  • SE Portland:  $404,600                   4.5%   (Jan 390,000)
    •                                                     YTD Median: $359,900
  • Gresham/Troutdale:   $348,400     5.7%   (Jan 349,300)
    •                                                     YTD Median: $349,900
  • Milwaukie/Clackamas:  $413,800  3.0%   (Jan 410,500)
    •                                                     YTD Median: $395,600
  • Oregon City/Canby:   $424,700      7.0%   (Jan 397,100 )
    •                                                     YTD Median: $393,000
  • Lake Oswego/West Linn:$677,000 1.9%   (Jan 664,200)
    •                                                      YTD Median: $547,000
  • West Portland:    $551,000             1.7%   (Jan 589,800)
    •                                                     YTD Median: $525,000
  • NW Wash County:  $504,300          1.3%   (Jan 559,600)
    •                                                      YTD Median: $510,000
  • Beaverton/Aloha:     $413,800       8.6%   (Jan 393,900)
    •                                                     YTD Median: $380,000
  • Tigard/Wilsonville:   $469,400       6.5%   (Jan 440,100)
    •                                                      YTD Median: $435,000
  • Hillsboro/Forest Grove: $379,600  5.0%   (Jan 391,500 )
    •                                                      YTD Median: $369,900

LAKE OSWEGO:

The combined areas of Lake Oswego and West Linn  for  the month of February 2019 reported:

    •  317 Active Listings   (Jan 299 )
    •  156 New Listings     (Jan 185)
    •  103 Pending Sales   (Jan 94)
    •   81 Closed Sales      (Jan 82)
    • Average Sale Price for February: $677,000  (Jan $664,200)
      • 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.
    • 108 Average Days on the Market   (Jan 76)

 

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Market Activity ~ March 4-10, 2019

There are a total of 205 homes for sale in Lake Oswego right now. Last week 20 New properties entered the market, 24 moved to Pending status, and 9 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (March 4-10, 2019)

Address List Price # Beds # Baths Total SF Prop Type
45 EAGLE CREST DR #204 $205,000 1 1 768 CONDO
192 CERVANTES $299,000 2 1.1 1275 CONDO
12884 BOONES FERRY RD $395,000 2 2.1 1182 CONDO
13786 REGENCY CT $560,000 3 2 2045 DETACHD
1651 LARCH ST $565,000 4 3 2225 DETACHD
5301 CHILDS RD $574,900 3 2.1 1783 DETACHD
18667 PILKINGTON RD $600,000 4 2.1 2512 DETACHD
17615 SYDNI CT $625,000 4 2.1 2651 TOWNHSE
18790 BRYANT RD $649,000 3 2.1 2489 DETACHD
24 BECKET ST $649,900 4 2.1 2527 DETACHD
1816 PALISADES LAKE CT $860,000 3 2.1 4598 DETACHD
15780 TWIN FIR RD $899,900 4 2.1 3107 DETACHD
3906 BASS LN $1,349,000 4 3.1 4311 DETACHD
3197 ALBER SPRING CT $1,489,000 4 4.1 4852 DETACHD
2130 WEMBLEY PL $1,498,000 3 3.1 3651 DETACHD
448 COUNTRY CLUB RD $1,549,000 4 3.1 4873 DETACHD
611 RIDGEWAY RD $1,650,000 4 5.1 4463 DETACHD
157 6TH ST $1,695,000 4 3.1 3614 DETACHD
353 G AVE $2,198,000 4 3.1 5399 DETACHD
1120 CRESTLINE CT $2,800,000 5 5.1 6440 DETACHD

PENDING SALES (March 4-10, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
233 CERVANTES / Grnd $199,900 2 1.1 1216 CONDO 107
1349 BONNIEBRAE DR $329,500 3 1.1 1311 TOWNHSE 30
4386 THUNDER VISTA LN $379,900 2 2.1 1980 CONDO 51
12802 BOONES FERRY RD $399,500 3 2.1 1182 CONDO 3
5318 RED LEAF ST $475,000 3 2 1428 DETACHD 5
210 S STATE ST #8 $499,000 3 2.1 1614 CONDO 4
2440 GREENTREE RD $509,900 3 1.1 1850 DETACHD 3
17000 GASSNER LN $519,000 3 2 1832 DETACHD 161
19 WALKING WOODS DR $545,000 3 2 2513 DETACHD 4
14425 HOLLY SPRINGS RD $559,000 4 3 2238 CONDO 61
1508 PINE ST $569,900 4 3 2300 DETACHD 1
6474 FROST ST $599,900 4 2.1 2216 DETACHD 173
4954 MULHOLLAND DR $599,900 3 2.1 2498 ATTACHD 4
4749 BLACK FOREST CT $639,900 4 2.1 2255 DETACHD 3
4 GERSHWIN CT $674,900 4 4 3016 DETACHD 101
17323 LAKE HAVEN DR $725,000 3 2.1 1900 DETACHD 185
11 CELLINI CT $729,000 5 3 3557 DETACHD 5
17890 KELOK RD $769,000 4 2.1 3095 DETACHD 48
30 HILLSHIRE DR $899,500 4 2.1 3887 DETACHD 263
903 ASH ST $999,000 3 2.1 2765 DETACHD 231
3730 RIVERS EDGE DR $1,039,000 4 2.1 3427 DETACHD 21
143 FURNACE ST / Upper $1,150,000 2 2.1 2245 CONDO 245
3101 WESTVIEW CT $1,299,000 4 3.1 4290 DETACHD 359
407 G AVE $1,980,000 4 3.1 4635 DETACHD 1

SOLD (March 4-10, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
200 BURNHAM RD #103 $233,000 $214,000 1 1 800 CONDO 35
163 OSWEGO SMT #163 $251,000 $250,000 2 2 1506 CONDO 14
16790 LAKE FOREST BLVD $349,900 $329,999 2 1 780 DETACHD 128
48 EAGLE CREST DR #5B $349,000 $335,000 3 2 1550 CONDO 17
16880 CORTEZ CT $455,000 $451,000 3 2.1 2313 DETACHD 21
5228 BONITA RD $479,999 $469,000 3 2 1310 DETACHD 166
1654 FIRCREST DR $519,000 $519,000 4 2.1 2346 DETACHD 1
5262 ROSEWOOD ST $650,000 $600,000 3 2 2275 DETACHD 100
3943 TEMPEST DR $749,900 $775,000 4 2.1 3714 DETACHD 4

Criteria: Homes in the 97034 and 97035 zip code, listed, pending or sold between the dates listed above as reported by the Regional Multiple Listing Service (RMLS). DETACHD refers to Single Family Detached Residence, MFG refers to manufactured housing, and ATTACHD refers to single-family residences with some portion of the structure attached to another property, but not constituting CONDO ownership. DOM stands for days on market, or the number of days from when the listing became active and when it received an acceptable offer, with CDOM standing for “cumulative days on market” accounting for “refreshed” listings.

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The Importance of Building Permits

Do I need a permit? That is the magic question that home owners get to contemplate when they take on a remodeling project. I am not going to tell you what needs or doesn’t need to be permitted. For the answer to that question you need to contact the city or county planning departments in the area that you live. What I will tell you is that permits are not something that you should avoid.

Think about it. Permits allow the oversight of an expert to be certain that the work you are doing is being done correctly.

I think home owners occasionally try to avoid getting permits for two reasons and both pertain to money. The first is the cost of the permit. It simply adds to the cost of the project. The second is the potential for increased property taxes. Depending on the scope of the remodeling, the increased value of your home comes to the attention of the tax assessor and that can increase your annual property taxes. Even so, please don’t avoid getting permits to save money.

The issue of permitted remodeling is a big factor when you go to sell a home. It is one of the questions that sellers are asked to answer on the seller’s property disclosure statement. Even if the work is beautifully done to the highest standards possible, if it wasn’t permitted, it is going to become an issue when you sell the property. Buyers have easy access to public records to see if the remodeling was permitted, as do appraisers. At a class I took in Wednesday I was told by an appraiser that if remodeling wasn’t permitted then it will not be included in the valuation of the property. So that master bedroom and bathroom addition will not be included as part of the house. Or worse, if the work was done badly, the appraiser will make a note of it and then the underwriter of the buyer’s new mortgage can call for after-the-fact permitting before the mortgage company will approve the loan. It is the job of the underwriter to approve the condition of the property as collateral for the loan.

It simply makes no sense to avoid spending money in the short run simply to have it shoot you in the foot in the long run. Make certain when you do remodeling that you are getting all necessary permits. It’s the right thing to do.
Dianne