ARES Archives - Page 53 of 56

March 4, 2009March 4, 2009

Real Estate “No No’s”

A while back Dianne wrote a post on the Realtors Code of Ethics. I loved that post because I don’t think most people are aware of all the standards to which Realtors are held. It really is great to be in a profession where we are mandated to treat each other and the general public with respect. That mandate then becomes a part of our culture. I notice it in the conversations I have with other Realtors. There definitely is a flavor of deliberate respect that is not always the experience for most of us in the day-to-day “non-real estate” wider world of affairs.

I read something in the recent REALTOR magazine published by the Portland Metropolitan Association of Realtors (PMAR), and written by Jo Becker of the Fair Housing Council of Oregon on subject matter along the same lines that made me think you’d find it interesting. This is regarding words Realtors may and may not use in promoting properties, and the overall guidelines of the Fair Housing Act.

HUD is the federal regulatory body with the power to enforce the Fair Housing Act. Generally speaking, the Fair Housing Act is in place to ensure that discrimination and something called “steering”, among other things, do not inhibit peoples’ right to live wherever the heck they want and are qualified to. It is also set up to ensure that the public receives information about housing that is fair and as free as possible of inaccurate and/or unduly influencing or discriminatory language. “Steering” is essentially trying to influence buyers to live in, or not live in, certain areas based on something other than the buyers’ own parameters for what they want in a new home & neighborhood. Basically, a Realtor is to supply a buyer with options for potential homes based on the information a buyer supplies to the Realtor regarding their wants & needs. A Realtor will often refer a buyer in the overall Portland area to this website: www.PortlandMaps.com where the buyer can enter the address of any property and view all kinds of facts on a property including statistical, demographic and crime information. Buyers are ultimately choosing a home that fits their particular needs, and Realtors are there to assist with service, information and real estate expertise.

The Fair Housing Council of Oregon’s website states plainly:

The Fair Housing Council of Oregon (FHCO) is a civil rights organization with a mission of eliminating housing discrimination through enforcement and education across Oregon and southwest Washington.

We promote equal access to housing by providing education, outreach, technical assistance, and enforcement opportunities specifically related to federal, state, and local fair housing laws. These laws protect against illegal housing discrimination based on “protected class status.”

The federally protected classes are:
race, color, national origin, religion, sex, familial status and disability

There are additional state and local protected classes.

When a Realtor enters listing information into RMLS, it is scanned for potential “no no’s” that are most always either unintentional or erroneous, i.e., as the article I mention elaborates- the RMLS program may highlight the word “white” for the Realtor’s attention when it is only being used as a description for a picket fence etc. A real human at RMLS who understands context always reviews these issues, according to the article. There is no “list” of unnacceptable words as many people believe. It’s all about intention, and about upholding our highest societal values… as well as the law. Some terms can seem to be either benign or on the edge but for their context, for instance, the term “Walk-In Closet” is commonly understood to describe a well-known feature in many homes. As long as the Realtor is not trying to imply a limit on access to someone who is not ambulatory this term is not a problem. “View Property” falls into the same category as long as no one is limiting access to the “view property” to sighted individuals only. The same goes for “Mother-In-Law Suite” and “Bachelor Apartment” according to the article. Where it can become trickier is with words like “near”. Often a house will be described as “Near shopping, transit” etc., which is OK. What is not OK, due to implications that certain people may or may not be welcome in that neighborhood, are things like: “Near ABC Mosque” or “Close to the XYZ Church” or “Near the LMN Jewish Community Center”. It is also not considered proper to refer to specific schools due to the potential for using this technique to promote some schools over others for the same kinds of reasons. It is generally considered all right to refer to school districts as long as this is done consistently throughout a Realtor’s listings.

The article refers to a few blatantly illegal and discriminatory statements that have evidently actually been published on a popular local online service. These are obviously examples of absolute “no no’s” and you will not see these or anything like them on RMLS:

“No minorities”,
“African Americans and Arabians tend to clash with me so that won’t work out”,
“Ladies, please rent from me”,
“Requirements: Clean, Godly Christian Male”,
“Will allow only single occupancy”,
“No children”,
“Christians only”.

These are all clear violations of the Fair Housing Act. Fair Housing Act laws apply in newspapers, flyers, yard signs, verbal statements, and online advertising among other instances & places.

For questions about Fair Housing Laws visit: www.FHCO.org

or call: 503 223 8197 or 1-800 424 3247.

March 3, 2009

Market Activity for February 23-March 1, 2009

Linda and I work very hard to have our weekly market activity reports posted on Mondays. Yesterday was full of computer challenges and created a delay. So you are getting the report on Tuesday. Thanks for your patience.

Lake Oswego had 16 New Listings, 9 Pending Sales, and 9 Closed Sales:

NEWLY LISTED (February 23—March 1, 2009)

Address	List Price	#BR	# BTHS	Total SF	Prop Type	List Date
5063 FOOTHILLS DR	$230,000	2	2	991	CONDO	2/23/2009
15010 TWIN FIR RD	$294,900	8	4	3,526	DETACHD	2/25/2009
13805 REGENCY CT	$419,000	4	2.1	2,045	DETACHD	2/27/2009
16026 PARKER RD	$425,000	3	1	1,670	DETACHD	3/1/2009
3311 FIR RIDGE RD	$459,000	3	2.1	2,112	DETACHD	2/25/2009
20 NORTHVIEW CT	$499,999	3	3.1	2,827	ATTACHD	2/26/2009
2084 RIDGEWOOD RD	$519,900	3	2.1	2,117	DETACHD	2/28/2009
12836 SIERRA VISTA DR	$529,000	3	2.1	2,166	DETACHD	2/26/2009
3140 ROSEMARY LN	619000	4	2.1	3,000	DETACHD	2/27/2009
17675 CARDINAL DR	699000	3	3	3,458	DETACHD	2/23/2009
17751 MARYLCREEK DR	719000	4	3	3,505	DETACHD	2/23/2009
5868 SUNCREEK DR	749900	4	2.1	3,174	DETACHD	2/23/2009
4114 CASEY CT	949000	4	2.1	3,405	DETACHD	2/27/2009
1176 TROON RD	985000	3	2	3,022	DETACHD	2/23/2009
3203 Southshore BLVD	1299900	4	3.1	3,773	DETACHD	2/23/2009
17147 OLD RIVER DR	2795000	5	4.2	5,961	DETACHD	2/25/2009

PENDING SALES (February 23—March 1, 2009)

Address	List Price	#BR	#BTHS	Total SF	Prop Type	CDOM
4640 LOWER DR	$115,000	2	1.1	1,170	CONDO	572
4 TOUCHSTONE DR	$159,500	3	2.1	1,351	CONDO	45
2800 WEMBLEY PARK RD	$374,500	3	2	1,575	DETACHD	10
1228 HALLINAN CIR	$389,000	4	2	1,932	DETACHD	7
4 OTHELLO ST	$399,900	4	3	2,184	DETACHD	111
221 HIDALGO ST	$419,500	3	2.1	2,628	DETACHD	54
16919 LAKERIDGE DR	$449,900	5	3	2,710	DETACHD	189
762 3RD ST	$650,000	3	2.1	2,710	DETACHD	198
1670 PINE ST	679987	4	3.1	3,286	DETACHD	565

SOLD (February 23—March 1, 2009)

Address	O/Price	Close Price	#BR	#BTHS	Total SF	Prop Type	CDOM
44 EAGLE CREST DR	$114,950	$114,950	1	1	798	CONDO	7
86 KINGSGATE RD	$145,000	$145,000	2	2	938	CONDO	31
15848 PARKER RD	$187,500	$177,000	3	2	1,318	DETACHD	17
1400 PARRISH ST	$299,999	$290,000	3	2.1	1,880	CONDO	143
6067 CLAIRMONT CT	$529,000	$510,000	4	2.1	2,344	DETACHD	11
5624 SOUTHWOOD DR	$740,000	$525,000	4	3	3,120	DETACHD	514
5299 WESTFIELD CT	$799,900	$555,000	3	2.1	2,865	DETACHD	156
17561 SHEPHERDS CT	$765,900	$589,000	4	2.1	3,011	DETACHD	347
5406 LANGFORD LN	795000	795000	3	2.1	3,341	DETACHD	0

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.

February 27, 2009

Open Houses for Sunday, March 1st

There are 15 houses being promoted on the RMLS as open houses for this Sunday:

5487 Tualata Ct., $264,900-$279,876, 1200 SF, 3 BR, 2 BTHS, open 1-4

4458 Thunder Vista Ln., $319,000, 2200 SF, 3 BR, 2 1/2 BTHS, open 1-4

16 Partridge Ln., $418,900, 2304 SF, 3 BR, 2 1/2 BTHS, open 1-3

14431 Orchard Springs Rd., $439,900, 1960 SF, 4 BR, 2 1/2 BTHS, open 1-4

624 Livingood Ln., $559,000, 2596, 4 BR, 3 BTHS, open 1:30-3:30

3254 Duncan Dr., $575,000, 3997 SF, 4 BR, 3 1/2 BTHS, open 2-4

340 8th St., $575,000, 1992 SF, 3 BR, 2 BTHS, open 1-3

13222 Deerfield Ct., $649,000, 3022 SF, 4 BR, 2 1/2 BTHS, open 1-3

17751 Marylcreek Dr., $719,000, 3505 SF, 4 BR, 3 BTHS, open 2-4

2688 Rivendell Rd., $835,000, 3720 SF, 4 BR, 3 BTHS, open 1-4

15422 Boones Way, $879,000, 2586 SF, 4 BR, 2 1/2 BTHS, open 1-4

2400 Dellwood Dr., $899,000, 3180 SF, 4 BR, 3 BTHS, open 1-3

3030 Westview Ct., $948,000, 3415 SF, 4 BR, 2 1/2 BTHS, open 2:20-4

5677 Bonita Rd., $968,400, 3603 SF, 4 BR, 3 1/2 BTHS, open 2-4

943 Atwater Rd., $1,150,000, 3874 SF, 4 BR, 2 1/2 BTHS, open 1-4

I am going to mention the property at the top of the list, on Tualata Ct. You’ll notice that the pricing is $264,900-$279,876. This is what is called “value-range pricing”. The representation is that the sellers will consider offers within that range. This is a method of marketing that is occassionally used. I believe it is based upon the theory that the range of pricing will bring in more offers and more quickly. I don’t know that I buy into that school of thought, but it is why it is done.

February 25, 2009

Foreclosures vs. Shortsales

With the state of the current economy, there is a lot of attention being paid to the volume of foreclosures as well as shortsales. These are two different situations that are often confused. I thought it would be helpful to clarify what they are.

A foreclosure is a bank-owned property (also referred to as an REO property). The process of foreclosing on a delinquent home owner has been completed and the bank has the full title to the property and the right to sell that property. A quick look at foreclosures.com shows the very sobering statistic that in Lake Oswego right now there are 90 bank-owned properties, there are 17 properties in pre-foreclosure (behind in their house payments) and 587 properties scheduled for auction. When a home owner falls behind in his or her house payments, there is a multi-month process where the homeowner is notified of the delinquency. The final step of the forclosure is public auction where the mortgage holder takes the property back for the amount of money that is owed on it. Bear in mind that the process takes about nine months. Many of the people currently delinquent or scheduled for auction will find a way to either bring their payments up to date, renegoiate the terms of their loan, or sell the property. So not all of the homes currently delinquent will become bank owned. I’d also like to put these numbers in perspective. Lake Oswego has a population of about 35,000 people. With an average of 2.3 people per household, that is about 15,000 households. And with 694 households either in pre-foreclosure or already bank owned, that is about 5% of the households. Yep, that is sobering.

A shortsale is a house that has a market value of less than what is owed on it and the home owner is attempting to negotiate with their mortgage holder to take a discounted amount so that the property can be sold at current market value. In this instance, the sale of the home will require a third-party approval (the bank), and may or may not happen. The process to get this third party approval can take months (I worked with one that took 6 months), so if you are wanting a home that is a shortsale, be prepared to be patient and realize that the approval may or may not occur.

I am often asked how a buyer can find foreclosure and shortsale properties. The reality is that 99% of them are listed with Realtors and made available on the RMLS. People who are in distress and trying to sell their home as a shortsale hire Realtors. And banks with bank-owned properties hire Realtors to sell their inventory of foreclosures. You don’t need to buy a secret publication or pay for a special list. These properties are available to the public on the RMLS and any Realtor can gather information on them to help assist you with finding that great deal.

Having said that, I have two areas of caution. First, a foreclosure is a much better prospect for purchase if you have a time-line you are trying to accomplish. A foreclosed property that is listed for sale can be purchased within a normal transaction period of 30 to 60 days. Whereas a shortsale can take months and then may not occur at all. Second, when you buy a foreclosure it really is buyer beware. Banks make no representations about the condition of the property and often have their own sale agreements with extensive waivers to protect them from any future liablity. In both circumstances you should be able to make your offer subject to a home inspection.

OK, I have a third thought. Be aware that people who loose their homes are people in financial distress. They go through an extended period where they have no resources to make their house payment much less fix the leaky roof or remodel the ancient kitchen. So be prepared to see houses that are dirty and in need of repair. In addiiton, it is not uncommon for these houses to be stripped of appliances and fixtures. Not all foresclosures and shortsales are project properties, but many are.

So you are looking for the great deal? Sure, check out the foreclosures and the short sales, but don’t close your mind to the good old homeowner who needs to move and is motivated. These people will also often sell at great prices, close in a reasonable time frame, and maybe even vaccume the carpet and polish the granite on their way out. To make the most of the market, look at the entire market.

February 23, 2009

Market Activity Update – February 16 – 22, 2009

Lake Oswego saw 16 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). We had 7 go pending, and 4 that closed.

As in my last Market Activity Report on Feb. 9th, we’ve got a good mix of properties that have been on the market for quite awhile selling and going to Pending status, as well as a good number that have been on the market a relatively short period of time. For what it’s worth, my interpretation of this is that prices are coming in line with consumer demand, i.e., homes that have been on the market awhile are at prices agreeable to buyers, and newer listings are starting out at prices that are more in line with buyer expectations. That said, we can’t really see what the Pending sale prices will be until they actually close. So… stay tuned to the Blotter for that info as it becomes available.

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

NEWLY LISTED (February 16—February 22, 2009)

Address	List Price	# Beds	# Baths	Tot. SF	Prop Type	List Date
44 EAGLE CREST DR	$135,900	1	1	798	CONDO	2/20/2009
1615 HALLINAN ST	$285,000	3	1.1	1,500	DETACHD	2/17/2009
18543 LONGFELLOW AVE	$339,900	3	1.1	1,279	DETACHD	2/16/2009
2800 WEMBLEY PARK RD	$374,500	3	2	1,575	DETACHD	2/17/2009
1228 HALLINAN CIR	$389,000	4	2	1,932	DETACHD	2/19/2009
200 BURNHAM RD	$399,000	3	2	1,960	CONDO	2/18/2009
19210 MAREE CT	$415,000	3	2.1	1,634	DETACHD	2/17/2009
221 HIDALGO ST	$419,500	3	2.1	2,628	DETACHD	2/16/2009
131 WILBUR ST	$450,000	2	2	1,312	DETACHD	2/22/2009
905 COUNTRY CLUB RD	399000 – 458876	3	2.1	2,817	DETACHD	2/19/2009
18055 CENTRAL AVE	$495,000	3	1	1,202	DETACHD	2/17/2009
8 WALKING WOODS DR	$519,900	4	3	3,402	DETACHD	2/17/2009
497 ASH ST	$598,800	6	3	3,840	DETACHD	2/18/2009
4605 CHELSEA LN	$752,000	4	2.1	3,411	DETACHD	2/17/2009
1065 LUND ST	$869,000	5	3.1	4,584	DETACHD	2/17/2009
17540 RIDGEVIEW LN	$1,285,000	4	3.1	4,345	DETACHD	2/19/2009

PENDING SALES (February 16—February 22, 2009)

Address	List Price	# Beds	# Baths	Tot. SF	Prop Type	List Date	CDOM
17304 MARJORIE AVE	$333,000	3	1.1	1,340	DETACHD	2/3/2009	16
178 PINE VALLEY RD	$475,000	5	3.1	2,999	DETACHD	2/12/2009	6
964 COUNTRY COMMONS LN	$499,000	3	2.1	2,065	DETACHD	1/23/2009	27
4676 WINTHROP CT	$557,750	4	2.1	3,112	DETACHD	11/18/2008	172
625 CLARA CT	$587,500	3	2.1	2,532	DETACHD	9/4/2008	297
731 F AVE	$624,900	4	2.1	2,668	DETACHD	1/16/2009	327
17860 CRESTLINE DR	$2,795,000	4	5.2	6,810	DETACHD	10/21/2008	485

SOLD (February 16—February 22, 2009)

Address	O/Price	Close Price	# Beds	Tot. Baths	Tot. SF	Prop Type	List Date	CDOM
3 THE GROTTO	$300,000	$292,000	3	2	1,688	DETACHD	11/5/2008	274
4451 BERNARD ST	$349,950	$330,000	3	2	1,800	DETACHD	10/29/2008	190
4 BRITTEN CT	$429,000	$399,000	3	2.1	1,972	ATTACHD	11/4/2008	74
4280 CHAPMAN WAY	$469,000	$441,000	3	2	1,947	DETACHD	12/15/2008	105

February 21, 2009February 21, 2009

Open Houses – Sunday, February 22, 2009

There are 18 properties to see on Sunday in Lake Oswego. Enjoy!

Here are those that will be held open according to RMLS:

5487 Tualata Ct $264,900-$279,876 3 Bd, 2 Ba Open 1-4

19251 Indian Creek Ave $335,000 4 Bd, 2 Ba Open 1-4

18543 Longfellow Av $339,900 3 Bd, 1 1/2 Ba Open 2-4

1685 Mapleleaf Rd $365,000 3 Bd, 2 Ba Open 1- 4

2800 Wembley Park Rd $374,500 3 Bd, 2 Ba Open 1-3

1260 Larch St $399,000 3 Bd, 2 1/2 Ba Open 2-4

221 Hidalgo St $419,500 3 Bd, 2 1/2 Ba Open 1-3

1265 Rockinghorse Ln $444,000 4 Bd, 3 Ba Open 1-3

111 3rd St $459,900 2 Bd, 2 Ba Open 1-4

17083 Fernwood Dr $525,000 5 Bd, 3 Ba Open 2-4

21 Condolea Dr $579,000 3 Bd, 2 1/2 Ba Open 1-3

17960 Ridge Lake Dr $669,000 4 Bd, 2 1/2 Ba Open 1-3

15713 Tara Pl $699,000 4 Bd, 2 1/2 Ba Open 12-2

15422 Boones Way $879,000 4 Bd, 2 1/2 Ba Open 1-4

3030 Westview Ct $948,000 4 Bd 2 1/2 Ba Open 2:30-4

18106 Pilkington Rd $1,095,000 4 Bd, 3 1/2 Ba Open 12-2

5250 Dawn Ave $1,095,900 4 Bd, 3 1/2 Ba Open 1-3

15905 Oswego Shore Ct $1,590,000 4 Bd, 3 1/2 Ba Open 1-3

February 18, 2009February 18, 2009

What’s Your Sense of Style?

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When searching for properties on RMLS, you will first be asked to specify the type of property you are interested in finding. The main property categories include:

Attached- This refers to a townhome which is usually 2-story, part of an HOA, and includes ownership of the lot as well as the structure.
Condo- This refers to a dwelling in an HOA, wherein ownership includes the individual unit together with an undivided interest in common with all unit owners in the “common elements”, which are the land and those parts of the building or buildings intended for common use. Condo ownership is of the interior of the structure, and exterior maintenance is provided by the HOA.
Detached Single Family- This refers to a house on its own lot. Ownership is of the house, inside and out, and the lot itself. Technically, ownership extends up into the atmosphere as well!

When you choose one or more properties for more detailed information, the “style” of the detached homes will be included. Indicating a description of the style of a home for a Realtor is more of an art than a science. This is because a home will potentially contain elements of one style, and also elements of another, particularly if there has been any remodeling of the structure.

I thought it might be fun to give some detail on the characteristics of house styles, and want to thank Judie Teal who contributed data and photographs to RMLS, which RMLS is allowing me to mine and use for your informational pleasure.

There are many, many house styles from which to choose. Here are some significant ones applicable to the larger Portland area:

2-Story: Two-level home with main entrance on lower level. (Photo)

Ranch: Long, low, rambling single-story with simple construction, usually a large picture window in front and an attached garage.

Daylight Ranch: Rambling home with a lower level basement that is partially above ground.

Split-Level: Two-story home split at the entry with one set of stairs going up and another going to the lower level. The entry is not considered a “floor” or story. (Photo)

Tri-Level (NOT to be confused with Split-Level): Usually a ranch style home with a full story added on one end… so, three full floors.

Bungalow: One to one & 1/2 story w/gabled roof & porch across front.

Cottage: Gabled roof line, but lower than the bungalow style, sash windows, and a plain front door. Front porch is either very small or non-existent.

Contemporary: Simple, Uncluttered lines with a non-traditional design. (Photo)

Craftsman: Home has a low pitched gabled roof with wide eaves and exposed rafters. One or two story with a decorative brace and full front porch. Inside there is usually an array of built-in wood cabinetry, often with glass & leaded glass features. (Photo)

Colonial: Two-story home with a steeply pitched roof, small casement windows, and often columns across the front.

Dutch Colonial: This variation has a gambrel or mansard roof and often a side wing. (Photo)

English: Steeply pitched roof, prominent cross gables and tall windows sometimes half-timbered. (Photo at top of post)

Tudor: Similar to the English home, with steeply pitched roof, low doors, small-paned windows and decorative half-timbering. (Photo)

Victorian: Two stories with steep gables, ornate wood detail, Gothic style windows (pointed top), and brackets under eaves. Some also boast turrets.

A-frame: One or two story with peaked, high pitched roof line in the shape of an “A”.

Chalet: A rustic style home featuring projected roofs, large windows and raised foundation. (Photo)

Georgian: A formal square box-like structure with a hipped roof, decorative crown or pediment over the front door with columns on each side, and/or cornice mouldings. (Photo)

Saltbox: Distinctive sloping roof line from the top of the gable which can plunge from 2 and 1/2 stories in the front too a single story in the rear.

Farmhouse: Simple, uncomplicated 2-story construction with a front porch, and sometimes wrap-around porch. (Photo)

Old Portland (Four Square): Very Distinctive style popular in the early 20th century. Large & square two to two & 1/2 story with low hipped roof and deep overhang, large central dormer, full porch w/wide stairs. (Photo)

There are many more styles, but again, these represent the bulk of what you’ll find in the Portland area.

February 16, 2009

Market Activity for February 9-15, 2009

Last week’s activity was slow, to put it mildly. There were 9 genuine new listings: meaning that they were not previously listed either by another Realtor or at a higher price. There were 4 houses that went pending, and zero closed sales. Probably the most interesting thing I observed is that of the pending sales, 3 out of the 4 sold in 35 days or less. I checked the market history on all of them and these sales really did happen that quickly. So there is a place where market demand meets current economic conditions and properties sell. I also think that buyers who are in the market are watching the inventory and jumping on the good deals. On the flip side is the 4th pending sale. It took 574 days to receive an accepted offer. It was originally listed for $1,199,000 and finally priced dropped, after such a long market time, to $689,000 in order to get it gone.

NEWLY LISTED (February 9, 2009 – February 15, 2009)

Address	List Price	# BR	# BTHS	Total SF	Prop Type	List Date
92 GALEN ST	$119,500	1	1	689	CONDO	2/13/2009
45 EAGLE CREST DR	$119,900	1	1	600	CONDO	2/15/2009
11 CRESTFIELD CT	$149,000	1	1	650	CONDO	2/13/2009
5051 FOOTHILLS DR	$249,999	2	2	991	ATTACHD	2/9/2009
1960 MAPLELEAF RD	$325,000	3	2	1,210	DETACHD	2/9/2009
178 PINE VALLEY RD	$475,000	5	3.1	2,999	DETACHD	2/12/2009
17196 KELOK RD	$750,000	3	2.1	2,500	DETACHD	2/13/2009
2400 DELLWOOD DR	$899,000	4	3	3,180	DETACHD	2/10/2009
17590 KELOK RD	1749000	5	4	5,000	DETACHD	2/9/2009

PENDING SALES (February 9, 2009 – February 15, 2009)

ADDRESS	LIST PRICE	TOT. BEDS	TOT. BATHS	TOT. SQ FT	PROP TYPE	DOM
4 TOUCHSTONE DR			$114,000	2	2	984	CONDO	35
750 1ST ST			$196,500	2	2	1,350	CONDO	34
16978 CANAL CIR			$350,000	3	2	1,962	DETACHD	4
4155 CANAL RD			$689,000	4	2.1	3,736	DETACHD	574

There were no closed sales the week of February 9-15, 2009.

If links to ACTIVE properties do not bring up property information, the listing may no longer be active, but rather expired, cancelled, pending, or sold

February 13, 2009

Open Houses for February 14th and 15th

This is going to be a great weekend to grab your honey and get out to visit some nice homes.

There is one house being held open on Saturday, according to the RMLS:

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

On Sunday there are 15 open houses being promoted on the RMLS:

5487 Tualata Ct, $264,900, 3 BR, 2 BTHS, 1200 square feet, open 1:00-3:00

5096 Tree St, $334,900, 3 BR, 1.5 BTHS, 1410 square feet, open 2:00-5:00

56 Greenridge Ct, $345,000, 3 BR, 2.5 BTHS, 1996 square feet, open 1:00-3:30

1650 Fircrest Dr, $399,000, 4 BR, 3 BTHS, 2266 square feet, open 1:00-3:00

964 Country Commons, $499,000, 3 BR, 2.5 BTHS, 2065 square feet, open 2:00-4:00

41 Hillshire Dr, $547,000, 4 BR, 3 BTHS, 2670 sqsuare feet, open 1:30-3:30

624 Livingood Ln, $564,900, 4 BR, 3 BTHS, 2596 square feet, open 1:00-3:00

5772 Bay Creek Dr, $599,000, 4 BR, 3 BTHS, 3242 square feet, open 12:00-2:00

17879 Hillside Dr, $674,900, 3 BR, 3 BTHS, 3049 square feet, open 12:00-2:00

15713 Tara Pl, $699,000, 4 BR, 2.5 BTHS, 3442 square feet, open 1:00-4:00

5267 Lakeview Blvd, $750,000, 4 BR, 3.5 BTHS, 3425 square feet, open 1:00-4:00

3030 Westview Ct, $948,000, 4 BR, 2.5 BTHS, 3415 square feet, open 2:00-4:00

17878 Hillside Dr, $995,000, 5 BR, 3 BTHS, 3462 square feet, open 1:00-4:00

5250 Dawn Ave, $1,095,900, 4 BR, 3.5 BTHS, 4333 square feet, open 1:00-3:00

581 Oak Meadow Dr, $1,475,000, 4 BR, 4.5 BTHS, 4745 square feet, open 1:00-3:00

Enjoy the weekend and Happy Valentine’s Day.

February 11, 2009

Observations on Current Inventory

lake-photo A few days ago I spent some time analyzing inventory. I thought I’d share with you some of my observations.

On the day that I did this, February 6, 2009, there were 418 single family, detached, homes for sale in Lake Oswego. Here is the breakdown by price:

$100,000-$199,999 = 3
$200,000-$299,999 = 13
$300,000-$399,999 = 41
$400,000-$499,999 = 48
$500,000-$599,999 = 44
$600,000-$699,999 = 38
$700,000-$799,999 = 28
$800,000-$899,999 = 30
$900,000-$999,999 = 37
$1,000,000+ = 136

If you have been reading the market activity reports on Mondays here at the propertyblotter, you have probably noticed that for the last several months there have been very few properties sold in the million dollar and over price range. In fact, it has been since early December that a sale has closed at that price point. 136 houses priced over a million dollars just seems like a lot of high-end inventory. In all of 2008, 45 houses sold that were priced at a million dollars or greater. At that rate, it will take a little over 3 years for the current inventory to be sold. What does that mean? It means that if you are in the market for a high-end, luxury home, you have lots of houses to choose from and motivated sellers will be making sacrifices to get their properties sold. I think that the sellers who truly have to sell quickly will be dropping prices and making concessions to secure a good sale.

Having said that, you will also have noticed that in this Monday’s market activity report two high-end homes went sale pending: one for $995,000 and one for $1,995,000.

It is very typical that the market is slow during the holidays. Seeing the two pendings this week can be seen as the market gearing up as we approach spring, which is a very active time for sales.

In doing this, I really enjoyed seeing the break down of the numbers in the more affordable price ranges as well. There are quite a few really nice homes that would not require jumbo loan financing. A jumbo loan is $417,000 or greater and typically has a higher interest rate than a conventional loan.

I also have from time to time compared the inventory of homes priced at $350,000 or less in Lake Oswego to the inventory available in Sellwood, a neighborhood in SE Portland. I have done this because I believe that Lake Oswego is often over-looked for affordable housing because of its reputation for million dollar housing. The first time I made the comparison, last April, there were 20 houses for sale in LO and 18 in Sellwood. The next time I did it, last August, there were 28 in LO and 32 in Sellwood. At the time of this current analysis I have found 36 in LO and 27 in Sellwood. So both areas have more houses for sale priced at $350,000 or less than they did 10 months ago, and Lake Oswego continues to be strong in this price range.

The least expensive house for sale in Lake Oswego, that is not a tear-down fixer, is priced at $189,900. It was built in 1955 and has 1320 square feet with 2 bedrooms and 1 bath. It’s on a very large lot in Lake Grove.

The most expensive house for sale in Lake Oswego is Jantzen Island. A private island in the lake of 5.5 acres with a 10,000 square foot main house and a 3500 square foot guest house. It’s priced at $19,500,000.

I am curious to see how our inventory changes as we go into the spring. With the current economy it is bound to be slower than normal. If anything, the current economy is increasing the number of homes in the more modest price ranges. And for buyers who want and are able to purchase a high-end home, there is great selection and some great deals to be found.