Tag: bank-owned

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News & Notes

*JOBS: Moving to Lake Oswego and looking for a job?

– The City of Lake Oswego has several openings.  Check them out HERE.

– Parks and Recreation job openings can be found HERE.

* BANK-OWNED PROPERTIES: Dianne and I work with a wide array of clients, and each client is different; looking for a solution to their own unique circumstance.  That said, one thing that everyone seems to ask about these days is “bank-owned” or REO properties.  Yes, these are available in Lake Oswego, and the appeal is that they are almost always under market value.  These properties have either gone through the short-sale phase unsuccessfully (they didn’t sell while listed as short-sale), or have just gone straight back to the bank and therefore appear as a new property on the market where the Seller is the Bank.

I usually talk with clients about the fact that they are really looking for a *home* that meets their needs… both monetary and otherwise (location/school/amenities/lot size/number of bedrooms & other criteria), and so I focus on the whole picture as there are so many good “deals” on the market right now whether they are bank-owned or not.  AND, bank-owned properties, if they fit your other needs, are a great resource when you’re looking at the financial side.

Below you’ll find the bank-owned properties on the market in Lake Oswego right now, as well as the ones that have Sold in the last 30 days.  I included some basic directions in case you wanted to drive by and see if any of these interest you. ***Of course, do not drive in the driveways or otherwise disturb the new owners of the ones in the “Sold” category : )

To answer a question that always seems to come up: If a house shows a lower List Price than Sold Price this can have multiple reasons including seller-paid concessions (closing costs etc), multiple offers & therefore “bidding up” on price, etc.

Hopefully this is a good reference-resource for you. Happy August!

Address List Price Sold Price # Beds # Baths Total SF Style Directions
ACTIVE BANK-OWNED:
13990 SHIREVA CT $245,000 3 2 1651 RANCH Country Club to Shrieva Loop to Shrieva Court.
6218 NOKOMIS CT $257,900 4 2 1512 RANCH Childs or McEwan to Longfellow to Nokomis Ct
5206 ROYAL OAKS DR $449,900 5 3.1 2801 TRAD Carman to Waluga Drive to Royal Oaks Drive
18014 GIMLEY CT $539,900 5 3.1 4355 TRAD Southshore to Royce Way to Westview Dr. to Gimley Ct.
4158 CASEY CT $719,000 4 2.1 3385 TRAD Bryant Rd right on Chad right on Melissa right on Casey Ct
17460 WREN CT $940,000 4 3.1 3305 TRAD South Shore, South on Cedar to Wren St, left on Wren Ct, to end
17860 CRESTLINE DR $1,400,000 4 5.2 6810 CAPECOD Bergis to Skylands, to Crestline
SOLD BANK-OWNED in LAST 30 DAYS:
17950 KELOK RD $199,900 $226,000 3 2 2376 DAYRNCH Bryant/Childs/Kelok-Hillside
785 3RD ST $248,000 $290,150 2 1 1856 COTTAGE A Avenue to 3rd
190 FURNACE ST $700,000 $686,700 5 4.1 4022 CRAFTSM State to Leonard to Furnace
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News & Notes

State of the Market:

  • Have We Hit Bottom? The experts agree that generally speaking, the country has “hit bottom”, with various areas lagging behind a bit.   CNN.Money.com predicts that the Portland area will hit bottom in Q3 of this year. Our latest RMLS Market Action Report for the Portland area indicates that Portland metro area closed sales increased 18.4% when comparing 2009 vs 2010. Pending sales rose 45% and new listings rose 12.4%. The average sales price declined 8.5%.

(Money Magazine) — The drama is nearly over. After a decade of extremes — the ebullient highs of the real estate boom, then the devastating lows of the bust — calmer forces are beginning to prevail in the housing market.

  • Local Lake Oswego Data The RMLS Market Action Report lumps West Linn and Lake Oswego together, but here is some interesting data:
    * In February 2010 the average sales price was $457,700.
    * The average time on the market was 153 days.
    * Pending Sales rose 52.7% in Feb 2010 as compared to Feb 2009.
    * The average sales price has declined 9.7% in a rolling 12-month equation (i.e. 3/1/08 – 2/28/09 compared with 3/1/09 – 2/28/10)
  • Rates are Rising I have clients asking  “Is this the right time to buy or should we wait?”  One thing we know is that rates are rising. Right now they are still in the 5% range…  actually they are up a bit today at 5.125% but overall they’ve been fluctuating between 4.875% and 5.125% for 30-yr fixed.  As for more foreclosures to come, and prices lowering… interest rates are rising, some say 7% is possible NY Times… so if you ARE planning to finance, all the experts agree that this is the time to be buying, because even if prices go lower, the fact that the interest rates go up effectively nullifies your benefits.
  • Portland Area Rating Improves “Mortgage insurance companies have upgraded Portland’s property value housing trends, meaning that they predict values to be stabilizing in the Portland market.”  Pat Goodell, Academy Mortgage
  • Tax Credits For first-time home-buyers and “moving-up” buyers, there is still time to find a property you love & get a mutually-agreed deal in place before April 30th. So….  hang in there if you are still looking for that “right” one.  Work with your Realtor to narrow the field, or give Dianne or me a call if you are not working with a Realtor.  (I love working with Buyers…. it is actually the reason I originally got into real estate.)
  • USDA Loans USDA anticipates running out of funds to lend by end-April 2010.  If you are thinking about rural properties and considering a USDA loan, now would be the time to ink an offer.
  • FHA Mortgage Insurance Premiums Rising FHA’s upfront (financed) mortgage insurance premium increased to 2.25% effective April 5. And/but, if you are anticipating taking advantage of an FHA loan, don’t fret too much. You WILL now have the higher premium, however,  it’s not anything that should get you in a tizzy, as it will make very little difference in your mortgage payment.  For example, on a $300,000 loan amount, your payment will only increase by approximately $8./month adding in that higher mortgage insurance premium.  (This according to Pat Goodell of Academy Mortgage  503 380 0953.)
  • “The Deal” One thing I am noticing is that many people are becoming so enamored with “the deal” these days, that some are missing the point of why they decided to purchase to begin with, so I am simultaneously always trying to meet my clients needs & desires in a *property* (i.e. what they are trying to accomplish for themselves in their lives w/the purchase… what they truly like), while at the same time being cognizant of the “deal factor” for them.  Keep in mind these things regarding “deals”…  there are basically three kinds:
  1. People who are pricing their homes to sell. They have their own circumstances (down-sizing/relocation/up-sizing/on & on & on), and they are wanting to move on in some fashion.  There are plenty of these out there these days, especially as home owners look around and face the fact that they are now competing with so many homes in or approaching foreclosure.  There are some very real advantages to buying your home from these folks.  Some include: Often these homes are in tip-top shape / You are dealing directly with the owner of the home and as long as the agreed-upon sales price does not dip below what they owe on the property, you are in “Pending” status when you reach mutual acceptance, and /You are negotiating only with the Seller.  / You proceed through a normal closing process if you are taking out a loan, and notwithstanding any negotiations or hoops you need to jump through for the underwriter, you will most likely close in 30-45 days.
  2. Short Sales. These homes’ owners owe more to the bank than what the property is worth in today’s market. The bank is agreeing to take less than what is owed from the Seller.  There are many, many banks in existence and each has its own methods and processes, so there is no uniformity of what to expect, with a few exceptions that I will get into in a moment.  There may be more than one bank involved if there is a second mortgage or more. There are a few things that you can expect, and they are:   * Even if the Seller accepts your offer, the bank is the one (or ones) to give final approval considering that what they will receive is less than what was contracted with the Seller.   ***The bank (s) will usually have paperwork that you must sign if you want to be in the running that will change how the property proceeds through the sale process including: Notifying you that they will only accept an earnest money check & no promissory notes/ They will keep your money and wait to see how many other offers they receive / They will not give you a time line on when they will respond to your offer / You are usually on your own with regard to any repairs / It is usually several months before you find out if your offer was the one accepted & get to proceed to close / During this process the property very often stays in “Active” position on RMLS / Very often the paperwork you must sign includes a provision wherein the bank retains the right to accept another offer right up to closing.   ***For these reasons,  I counsel clients that they must REALLY be in love with a property to proceed through this process.  Also, depending on the property, you may be entering territory wherein you know that you will be competing with other offers, so the best advice, if this is the case, is to make this your best offer… especially if you plan to sit out the long process and want to have a happy ending.  Don’t try to “wing it”… these are complicated times & even the professionals involved are still feeling out the landscape.  There are all kinds of people calling themselves “experts”.  Make sure you know what you are doing and ask for licenses if you think people on the periphery are operating outside of their scope of expertise. Talk to your Realtor as to what your options are, and rely on that trusted professional relationship for guidance.
  3. Bank-owned properties. These homes have usually been through the short sale phase unsuccessfully.  The property has either been on the market & not sold, or the owners opted not to try a short sale and have simply stayed in the property until they had to move on as the bank proceeded through their legal remedies to regain the property due to non-payment.   These properties are sometimes in sad condition due to hardship (i.e. deferred maintenance), but many times these days, they are in very good condition… a sign of the times & the large numbers of otherwise responsible homeowners who simply found themselves in an untenable position through job loss or other factors. The thing to remember about these properties is that the price is ALWAYS lower than either short-sales or standard “good deals”. The bank wants to move on and prices the home low.  The bank is now the Seller and usually acts just like a normal Seller, i.e. Negotiating (tho usually not for repairs)/ accepting or rejecting an offer/Moving on to close with the property going to “Pending” status once it’s mutually agreed-upon/Proceeding through a normal closing process for the Buyer. For this reason: Investors and others are waiting in the wings to pounce on these very often with cash offers, so you have to be quick, and you want to be very careful about low offers, though this can sometimes still be a viable option. Talk to your Realtor about options as they will vary from property to property.

Hope this info is helpful!

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Lake Oswego Market Activity Report ~ March 29-April 4, 2010

Steady as she goes in Lake Oswego with 30 New, 19 Pending, and 17 Sold properties during last week’s Monday – Sunday period according to RMLS. 
Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (March 29—April 4, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date
65 OSWEGO SMT $129,900 2 2 1,140 CONDO 3/29/2010
6120 SHAKESPEARE ST $249,000 3 1.1 1,000 DETACHD 4/3/2010
19032 KRISTI WAY $259,900 2 2 1,390 DETACHD 4/1/2010
2764 GLEN HAVEN RD $294,900 3 1.1 1,352 DETACHD 4/3/2010
16711 MELLON AVE $309,900 3 2 1,346 DETACHD 4/2/2010
1692 FIRCREST CT $329,900 4 3 2,550 DETACHD 3/31/2010
16969 ALDER CIR $344,900 3 2 1,534 DETACHD 3/29/2010
692 2ND ST $379,000 3 1 1,700 DETACHD 4/2/2010
5434 YORKSHIRE PL $489,000 3 3 2,335 DETACHD 4/3/2010
1690 FIRCREST CT $495,000 3 3.1 2,718 ATTACHD 3/29/2010
26 INDEPENDENCE AVE $574,000 4 3 3,694 DETACHD 3/29/2010
9 ABELARD ST $615,000 5 3.1 3,609 DETACHD 4/1/2010
16006 Kimball AVE $698,000 3 2 1,800 RES-MFG 3/31/2010
92 GARIBALDI ST $699,000 4 3.1 3,172 DETACHD 3/30/2010
17080 FERNWOOD DR $699,900 5 3.1 3,681 DETACHD 4/2/2010
14124 HEATHROW LN $785,000 4 3.1 3,812 DETACHD 3/31/2010
331 CHANDLER PL $810,000 4 2.1 2,428 DETACHD 3/29/2010
2358 SUMMIT DR $879,950 3 2.1 2,995 DETACHD 4/1/2010
606 6TH ST 789000 – 898876 4 3 2,850 DETACHD 4/1/2010
17301 CANAL CIR $949,999 3 2.1 1,863 DETACHD 4/2/2010
17979 CRESTLINE DR $1,149,000 4 2.1 4,650 DETACHD 4/2/2010
16805 SCOTT CT $1,190,000 4 3.1 4,321 DETACHD 4/3/2010
1318 HORSESHOE CURV $1,275,000 5 3 3,554 DETACHD 4/2/2010
2111 HAZEL RD $1,349,000 4 4.1 4,894 DETACHD 4/3/2010
1103 LAKE SHORE RD $1,375,000 3 3 3,200 DETACHD 4/2/2010
4011 WESTBAY RD $1,495,000 5 3.1 4,518 DETACHD 4/1/2010
13081 KNAUS RD $1,795,000 5 2.1 3,269 DETACHD 3/29/2010
179 FURNACE ST $2,195,000 3 3.1 4,784 CONDO 3/29/2010
17147 OLD RIVER DR $2,395,000 4 4.2 5,961 DETACHD 3/31/2010
1850 NORTHSHORE RD $15,000,000 4 6.2 13,500 DETACHD 4/3/2010

PENDING SALES (March 29 – April 4, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date CDOM
210 RIDGEWAY RD $113,900 1 1 778 CONDO 8/24/2009 221
4 TOUCHSTONE $129,000 2 2 984 CONDO 3/8/2010 24
852 5TH ST $250,000 2 1 738 DETACHD 11/21/2009 131
5354 LOWER DR $258,500 2 1 1,201 DETACHD 12/27/2009 96
5056 FOOTHILLS DR $269,000 2 2 1,252 CONDO 9/21/2009 194
82 WHEATHERSTONE $289,000 3 2.1 1,692 ATTACHD 2/17/2010 45
15256 BOONES WAY $299,000 2 2.1 1,600 ATTACHD 10/1/2009 350
505 8TH ST $389,000 3 1 1,050 DETACHD 11/6/2009 143
531 2ND ST $399,000 2 2 1,393 CONDO 2/3/2010 57
2753 VALE CT $399,900 3 3 2,786 DETACHD 10/30/2009 153
2251 PRESTWICK RD $407,250 3 2 2,236 DETACHD 4/1/2010 3
14 OTHELLO ST $419,000 4 2.1 2,464 DETACHD 3/12/2010 22
24 INDEPENDENCE AVE $449,950 6 3.1 3,773 DETACHD 3/5/2010 25
5 EL GRECO ST $469,000 4 2.1 2,455 DETACHD 3/29/2010 4
4311 ORCHARD WAY $519,000 4 2.1 2,916 DETACHD 2/24/2010 201
17930 MEADOWLARK LN $575,000 4 4 3,300 DETACHD 1/8/2010 84
17 SCARBOROUGH DR $579,900 4 2.1 3,290 DETACHD 3/6/2010 24
4113 WESTBAY RD $631,000 2 3 2,477 DETACHD 3/25/2010 7
18430 TAMAWAY DR $889,000 4 2.2 3,867 DETACHD 2/1/2010 59

SOLD (March 29- April 4, 2010)

Address O/Price Sold Price # Beds # Baths Total SF Prop Type CDOM
11 Oswego Summit $129,900 $130,000 2 2 1,212 CONDO 320
16250 PACIFIC HWY $200,000 $141,000 3 2 1,626 CONDO 185
45 EAGLE CREST DR $199,000 $175,000 3 2 1,348 CONDO 234
668 MCVEY AVE $209,000 $180,000 2 1 852 CONDO 34
1581 BONNIEBRAE DR $255,000 $220,000 2 2 1,393 ATTACHD 314
5858 LAKEVIEW BLVD $255,000 $227,000 2 1 1,117 DETACHD 248
1248 OAK ST $249,900 $238,500 2 1 900 DETACHD 73
29 ORIOLE LN $317,000 $240,000 3 2.1 1,644 DETACHD 175
15935 KIMBALL AVE $230,500 $257,000 3 2 1,542 DETACHD 9
4 THE GROTTO $289,000 $282,000 3 2.1 1,534 DETACHD 13
1234 MAPLE ST $349,000 $335,500 3 2 1,550 DETACHD 164
13821 REGENCY CT $409,000 $392,000 4 2.1 2,139 DETACHD 223
4137 ORCHARD WAY $475,000 $400,000 5 2.1 3,084 DETACHD 181
551 2ND ST $499,000 $499,000 2 2 1,631 CONDO 28
1430 CHERRY CREST DR $525,000 $510,000 4 3 3,302 DETACHD 158
16705 GLENWOOD CT $799,000 $665,500 4 3 4,243 DETACHD 190
1839 PALISADES LAKE CT $899,900 $899,900 4 3.1 4,570 DETACHD 168

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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Lake Oswego Market Activity Report ~ March 15-21, 2010

We are keeping a steady pace of activity with 29 truly New, 20 Pending, and 9 Sold properties during last week’s Monday – Sunday period according to RMLS.  Of those 29 New properties, 2 are bank-owned and 3 are short-sales. (I think I’ll write a refresher soon on the distinction to refresh our readers’ memories, so stay tuned.) I included Northshore even though it was “freshened” as it had a significant $134,000. price reduction.

Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (March 15—March 21, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date
58 GALEN ST $87,000 1 1 689 CONDO 3/15/2010
47 EAGLE CREST DR $89,100 2 1 1,009 CONDO 3/16/2010
200 BURNHAM RD $205,850 1 1 820 CONDO 3/18/2010
5054 FOOTHILLS DR $225,000 3 2 1,252 CONDO 3/16/2010
5225 JEAN RD $229,900 2 2 1,400 CONDO 3/15/2010
18420 DON LEE WAY $230,000 3 1 924 DETACHD 3/15/2010
900 CORNELL ST $274,900 3 1.1 1,300 DETACHD 3/18/2010
18 SUMMIT RIDGE CT $299,000 2 2.1 1,548 ATTACHD 3/17/2010
4251 WOODSIDE CIR $305,950 3 2 2,032 ATTACHD 3/18/2010
16540 Lake Forest BLVD $324,900 3 2 1,310 DETACHD 3/15/2010
5291 CHINOOK CT $349,900 7 3 2,331 DETACHD 3/20/2010
18156 PIONEER CT $367,300 3 2 1,600 DETACHD 3/19/2010
1559 WORTHINGTON ST $369,000 4 2 2,016 DETACHD 3/15/2010
19242 TERRY AVE $395,000 4 2 1,872 DETACHD 3/16/2010
5644 WINDFIELD LOOP $425,000 3 3 1,800 DETACHD 3/19/2010
0 Lower DR $449,000 4 2.1 2,575 DETACHD 3/19/2010
12 DA VINCI ST $455,000 4 0.3 3,925 DETACHD 3/21/2010
9 JUAREZ ST $475,000 3 3.1 2,823 DETACHD 3/15/2010
5011 ROSEWOOD ST $534,000 3 1.1 1,698 DETACHD 3/15/2010
3285 CHILDS RD $550,000 3 3 2,423 DETACHD 3/20/2010
960 LAKE FOREST DR $610,000 4 2 2,838 DETACHD 3/18/2010
780 5TH ST $640,000 4 2.1 2,488 DETACHD 3/18/2010
13970 TAYLORS CREST LN $643,490 4 2.1 3,371 DETACHD 3/17/2010
18010 GIMLEY CT $685,000 4 2.5 3,652 DETACHD 3/15/2010
1592 BAY VIEW LN $889,900 4 4.1 4,087 DETACHD 3/15/2010
17537 CARDINAL DR $995,000 4 4 5,282 DETACHD 3/15/2010
18020 SKYLAND CIR $1,198,000 5 3.1 3,328 DETACHD 3/20/2010
425 NORTHSHORE RD $1,395,000 3 3 3,270 DETACHD 3/16/2010
18820 GREENBLUFF DR $1,495,000 4 4.1 5,382 DETACHD 3/21/2010

PENDING SALES (March 15 – March 21, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY $88,500 2 1.1 823 CONDO 77
100 KERR PKWY $90,000 2 1.1 823 CONDO 3
28 WHEATHERSTONE $230,000 3 2.1 1,692 CONDO 145
1137 SPRUCE ST $258,900 3 2 1,214 DETACHD 7
16890 CORTEZ CT $274,900 4 3 2,016 DETACHD 104
3365 UPPER DR $299,999 2 2 1,378 DETACHD 133
5373 LAKEVIEW BLVD $318,500 3 1 2,176 DETACHD 201
12519 27TH PL $339,000 3 2.1 1,975 DETACHD 15
17886 TUALATA AVE $375,000 4 2 1,994 DETACHD 218
12402 27TH PL $375,000 3 2 1,992 DETACHD 26
13707 REGENCY CT $399,000 4 2.1 2,006 DETACHD 18
533 2ND ST $399,000 2 2 1,274 CONDO 42
1414 GREENTREE CIR $449,000 4 2.1 2,330 DETACHD 37
644 7TH ST $449,000 3 2.1 1,640 DETACHD 223
2545 DELLWOOD DR $550,000 5 3.1 3,843 DETACHD 948
18081 WESTMINSTER DR $575,000 4 2.1 2,713 DETACHD 108
17644 WOODHURST PL $629,900 3 2.1 4,509 DETACHD 927
2688 RIVENDELL RD $723,000 4 3 3,720 DETACHD 405
16511 Maple CIR $925,000 3 3 3,341 DETACHD 16
8 DOVER WAY $999,000 6 4.2 6,244 DETACHD 184

SOLD (March 15- March 21, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
5225 Jean RD $189,500 $160,000 2 2 1,100 CONDO 92
668 MCVEY AVE $249,500 $220,000 3 1.2 992 CONDO 56
15 ORIOLE LN $269,900 $264,000 2 2 1,470 DETACHD 23
4955 GALEN ST $455,000 $410,000 3 2.1 1,887 DETACHD 76
624 LIVINGOOD LN $380,000 $440,000 4 3 2,596 DETACHD 15
26 WESTRIDGE DR $479,900 $479,900 4 3 2,758 DETACHD 308
5546 KODERRA AVE $539,900 $502,707 3 2.1 2,445 DETACHD 632
4699 AVERY LN $575,000 $555,000 4 3 2,829 DETACHD 4
13701 SW KNAUS RD $1,595,000 $775,000 5 4.1 5,730 DETACHD 219

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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Lake Oswego Market Activity Report ~ March 1-7, 2010

There are a whopping 31 truly New, 16 Pending, and 8 Sold properties during last week’s Monday – Sunday period according to RMLS.

Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (March 1—March 7, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date
129 OSWEGO SMT $80,000 1 1 764 CONDO 3/1/2010
4 TOUCHSTONE $184,900 2 2 1,029 CONDO 3/2/2010
87 OSWEGO SMT $209,900 2 1.1 1,116 ATTACHD 3/2/2010
5057 FOOTHILLS DR $229,000 3 2 1,252 CONDO 3/2/2010
18021 TUALATA AVE $269,999 3 1 1,410 DETACHD 3/5/2010
16200 PACIFIC HWY $279,900 2 2 1,208 CONDO 3/1/2010
2320 GLEN HAVEN RD $319,900 3 1.1 1,346 DETACHD 3/7/2010
4505 WILDWOOD ST $329,900 3 2 1,720 DETACHD 3/5/2010
12519 27TH PL $339,000 3 2.1 1,975 DETACHD 3/1/2010
16969 ALDER CIR $369,900 3 2 1,534 DETACHD 3/1/2010
6338 WASHINGTON CT $384,900 3 1 1,558 DETACHD 3/2/2010
13707 REGENCY CT $399,000 4 2.1 2,006 DETACHD 3/1/2010
17763 MARDEE AVE $399,500 5 3 2,300 DETACHD 3/3/2010
446 LIVINGOOD LN $399,900 4 2 2,440 DETACHD 3/1/2010
2104 WEMBLEY PARK RD $469,000 4 3 2,052 DETACHD 3/1/2010
2794 VALE CT $486,000 3 2.1 2,968 DETACHD 3/2/2010
452 EVERGREEN RD $489,000 4 1.1 1,677 ATTACHD 3/3/2010
24 INDEPENDENCE AVE $499,950 6 3.1 3,773 DETACHD 3/5/2010
15266 CANDLEWOOD CT $499,988 4 3 2,569 DETACHD 3/1/2010
19 FALSTAFF ST $500,000 4 2.1 3,207 DETACHD 3/1/2010
17802 HILLSIDE WAY $514,998 4 2.1 2,965 DETACHD 3/1/2010
12 MONTICELLO DR $549,000 4 2.1 3,658 DETACHD 3/4/2010
17 SCARBOROUGH DR $579,900 4 2.1 3,290 DETACHD 3/6/2010
4 NANSEN SUMMIT $625,000 4 2.1 3,257 DETACHD 3/1/2010
1015 SW SOUTHSHORE BLVD $789,000 4 3 3,522 DETACHD 3/1/2010
17151 CORNELL ST $835,000 4 3 3,422 DETACHD 3/2/2010
2886 UPPER DR $850,000 2 3 2,674 DETACHD 3/7/2010
749 SOUTHVIEW RD $899,000 4 2.1 3,052 DETACHD 3/5/2010
16511 Maple CIR $925,000 3 3 3,341 DETACHD 3/1/2010
17344 CEDAR RD $1,099,000 4 2.1 2,831 DETACHD 3/1/2010
408 Northshore RD $1,399,000 4 3.1 3,753 DETACHD 3/1/2010

PENDING SALES (March 1 – March 7, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE $129,000 2 2 979 CONDO 6
73 GALEN ST $139,900 2 2 995 CONDO 116
668 MCVEY AVE $209,000 2 1 852 CONDO 34
15935 KIMBALL AVE $230,500 3 2 1,542 DETACHD 9
15 BLOCH TER $274,900 3 2.1 1,973 ATTACHD 176
18530 PILKINGTON RD $274,950 3 2 1,925 DETACHD 445
15 SAINT HELENS CIR $309,800 3 2 1,528 DETACHD 6
1234 MAPLE ST $339,900 3 2 1,550 DETACHD 164
1565 BEDFORD CT $344,900 3 2 1,978 DETACHD 251
15921 KIMBALL AVE $389,900 3 2 2,309 DETACHD 3
16044 INVERURIE RD $399,000 2 1 952 DETACHD 27
13052 KNAUS RD $475,000 5 3 3,026 DETACHD 34
551 2ND ST $499,000 2 2 1,631 CONDO 28
4668 HASTINGS PL $574,900 3 2.1 2,630 DETACHD 0
1052 TROON RD $659,900 3 2.1 2,310 DETACHD 112
17379 Canal CIR $998,000 4 4 3,421 DETACHD 7

SOLD (March 1- March 7, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
17659 DEEMAR WAY $249,000 $140,000 3 2 1,382 DETACHD 90
3 SUMMIT RIDGE CT $300,000 $260,000 2 2.1 1,576 ATTACHD 218
13680 SHIREVA DR $299,900 $289,900 3 2 1,504 DETACHD 23
702 TERRACE DR $475,000 $370,000 3 3 3,429 DETACHD 103
4040 VIRGINIA WAY $524,900 $515,000 3 2.1 2,623 DETACHD 243
4581 HASTINGS PL $574,900 $550,000 4 2.1 2,985 DETACHD 24
17649 WOODHURST PL $776,900 $567,000 6 4.1 5,669 DETACHD 285
567 6TH ST $779,000 $779,000 4 3.1 2,568 DETACHD 81

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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New Lake Oswego Lots (River Grove)

There is some buzz in River Grove lately as word spreads that the property off of Childs Rd.,  east of Pilkington between there & Bryant Rd. has been designed for 34 lots by Renaissance Custom Homes.  The area is a sought-after intersection of sleepy River Grove residential living and nearby shops, freeway access and so much more.  Neighbors have been anticipating the future of this land for quite some time as it has languished undeveloped and left many surrounding residents wondering at its fate.

I spoke with Jack Hall of Renaissance who confirmed that they are taking lot reservations for a fully refundable cost of $2500. per lot.  The plats are not recorded as yet, but I’m told that all has been approved, with lots ranging from 7400SF – 11,000SF.  Homes range from 2100SF to 3600SF with prices from $559,900 to $659,900. Excavation with roads and utilities will begin the first week in July. Assuming recording of the plat in October, you would be in your new home by Spring 2011!

The big kick-off party was held at Renaissance this past Monday evening where I’m told floor plans, prices and a fit list were released.  The result was that three of the 34 lots are now reserved.  More information may be obtained by contacting Jack Hall at 503 545 3982.  You may also wish to visit Renaissance Woods online at: http://www.renaissance-homes.com/futureDev.html As always, feel free to give Dianne or me a call as we’d be happy to assist you if you are not already working with a Realtor.

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Lake Oswego Market Activity Report ~ Feb 22-28, 2010

There were 20 New, 12 Pending, and 7 Sold properties during last week’s Monday – Sunday period according to RMLS.  Of the “New” properties hitting the market, 4 of them (Townhomes/Condos) are listed at under $200,000., and 5 of the “Detached” residences are listed at under $400,000.  Of the 7 “Detached” residences that Sold, 4 of them were $400,000 and under. Nothing over a million is New, Pending or Sold this week… as a matter of fact, $619,900 topped the “Sold” price tags this time around in Lake Oswego.

Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (Feb. 22—Feb. 28, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date
47 EAGLE CREST DR $105,000 3 1 1,024 CONDO 2/25/2010
4 TOUCHSTONE $129,000 2 2 979 CONDO 2/28/2010
4000 CARMAN DR $142,000 2 2 973 CONDO 2/23/2010
16 MOUNTAIN CIR $189,000 2 2 1,065 ATTACHD 2/26/2010
26 CONDOLEA DR $229,900 2 2 1,420 CONDO 2/26/2010
3433 MCNARY PKWY $250,000 2 2.1 1,156 CONDO 2/24/2010
15 SAINT HELENS CIR $309,800 3 2 1,528 DETACHD 2/24/2010
3269 PHYLLIS CT $349,900 3 1.2 1,711 DETACHD 2/26/2010
6380 SW WASHINGTON CT $375,000 3 2 1,720 DETACHD 2/22/2010
624 LIVINGOOD LN $380,000 4 3 2,596 DETACHD 2/23/2010
1285 LEE ST $395,000 3 3 2,284 DETACHD 2/25/2010
37 D AVE $450,000 3 1.1 1,701 DETACHD 2/22/2010
57 CONDOLEA TER $469,000 2 2.1 2,172 CONDO 2/22/2010
9 MASARYK ST $499,999 4 3 2,822 DETACHD 2/27/2010
1162 LAKESHORE RD $550,000 2 1.1 1,248 DETACHD 2/22/2010
18238 TAMAWAY DR $595,000 5 3 5,504 DETACHD 2/22/2010
7 MOUNTAIN VIEW LN $659,500 5 2.1 3,324 DETACHD 2/22/2010
17645 OAK MEADOW LN $719,900 4 2.1 3,510 DETACHD 2/23/2010
17555 REDFERN AVE $749,900 4 3.1 3,007 DETACHD 2/26/2010
16827 SCOTT CT $969,000 4 3.1 3,952 DETACHD 2/28/2010

PENDING SALES (Feb. 22 – Feb. 28, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
7 CRESTFIELD CT $89,900 1 1 689 CONDO 10
47 EAGLE CREST DR $110,000 2 1 932 CONDO 25
1547 BOCA RATAN DR $198,600 2 1.1 1,008 ATTACHD 168
4948 MEADOWS RD $222,000 3 2 2,491 DETACHD 253
1248 OAK ST $244,900 2 1 900 DETACHD 73
668 MCVEY AVE $249,500 3 1.2 992 CONDO 56
29 ORIOLE LN $265,000 3 2.1 1,644 DETACHD 175
980 C AVE $399,500 3 2 1,312 DETACHD 145
4002 TEMPEST DR $430,000 4 3.1 4,319 DETACHD 8
5400 BAY CREEK DR $499,900 4 2.1 2,856 DETACHD 277
13504 STREAMSIDE DR $590,000 4 2.1 3,467 DETACHD 216
260 PINE VALLEY RD $995,000 4 3.1 3,900 DETACHD 522

SOLD (Feb. 22- Feb. 28, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
2062 CEDAR CT $299,000 $310,000 4 2 1,800 DETACHD 237
15430 PARTRIDGE DR $379,000 $356,000 3 2.1 2,207 DETACHD 118
2530 PALISADES CREST DR $376,200 $392,000 4 2.1 2,774 DETACHD 20
3634 TEMPEST DR $424,900 $400,000 4 3 2,931 DETACHD 3
830 CABANA LN $668,250 $572,941 4 3.1 3,029 DETACHD 79
38 DA VINCI ST $629,000 $615,000 4 2.1 2,932 DETACHD 214
9 HIDALGO ST $670,000 $619,900 4 4.2 5,310 DETACHD 525

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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City Chickens….

You’d have to be hiding under a rock somewhere not to have heard all the buzz about “chickens in the city”.  I haven’t witnessed such passionate discourse on anything other than elections, health insurance reform, or bank bailouts in quite a long time…on both sides of the issue. I do have to admit that chicken lovers seem to be most invested in the subject though, and therefore they are winning their battles all across the country.  Believe me, it’s not pretty when people who want chickens are told they cannot have them on their own property. Here’s an article from MSNBC in Sept ’09 entitled  ” In Portland, Ore., urban chickens rule the roost” . They even get into the fact that Portland’s Mayor Sam Adams owns two hens (I didn’t know that!).   Hmmm… Chickens in Portland on the national stage…

Chickens are said to make great pets, produce eggs, and eat table scraps like a dog but bark less. Actually they are said to make less noise (chickens don’t bark, silly!). I have friends with chickens, and witness much Facebooking and Twittering about these feathery pets. Recipes are exchanged online, and of course the fact that the eggs used came from the family pet always features prominently. My friend Pamela (who is a fabulous cook) feeds Adele, Fatima, Georgina, Hera and Irene fruit, vegetable, and bread leftovers.  (That’s Hera at the top of the page.) Just as there are “victory gardens” springing up everywhere these days that fit in nicely with the welcome & spreading focus on organic foods, home-grown eggs are also food you can count on for your family in times both lean and luxurious.

Chicken coops are appearing over backyard fences in every metropolitan area. Some of them are downright “designer”. Now, whether cities allow chickens or not is another matter. Many do not. Portland does… Beaverton does not. Salem does not. Tigard and Gresham only allow them on unusually large lots (must be 100 feet from neighbors). Almost all prohibit roosters (eggs do not require a rooster…  unless you want baby chicks). According to The City Chicken, Lake Oswego does allow them, does not prohibit roosters, and does not place a limit on how many you may have. That said, roosters in particular may end up in violation of city noise ordinances, so Lake Oswego is not about to give up on quality of life for neighbors of chickens.  Here is a resource for basic info about whether or not they are allowed in your location: Chicken Laws

Remember, if you decide to take on the delightful adventure of keeping chickens at your home, they are pets, and do require care and attention. (These are “The Irene’s” to the right… little Irene named after Pamela’s best friend.)  Give some thought to care, feeding, lodging and protection. Cats are attracted to them, and one cat doing what is natural can end up breaking your heart.

Below, you’ll find some links to sites with all kinds of information regarding: chickens, raising them in urban environments, organizing to change your city’s ordinances, educating yourself on avian flu, general upkeep, and lots more:

Mad City Chickens

The City Chicken

Pistils Nursery (Country Living in the City)

Keeping Chickens Blogspot

Feel free to use this forum to discuss your own experiences of “chickens in the city”.  We’d love to hear from you!  (Many thanks to my friend Pamela for the photos of her beauties!)

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Lake Oswego Market Activity ~ Feb 1 – 7, 2010

There were 16 New, 15 Pending, and 3 Sold properties during last week’s Monday – Sunday period according to RMLS. It’s interesting to note that if you look in RMLS you will see 51 properties listed as New for this same period. I weeded out 35 that were “freshened”. (Lots of freshening going on.) The “New” properties below are either brand new to the market or have been off the market for at least 30 days.

Here’ your data for last week (see below the tables for additional notes):
NEWLY LISTED (Feb. 1—Feb. 7, 2010)

Address List Price # Beds # Baths Total SF Prop Type List Date
28 CRESTFIELD CT $79,950 2 2 923 CONDO 2/3/2010
47 EAGLE CREST DR $110,000 2 1 932 CONDO 2/1/2010
44 EAGLE CREST DR $159,900 2 1 908 CONDO 2/6/2010
750 1ST ST $195,000 2 2 1,350 CONDO 2/1/2010
4948 MEADOWS RD $222,000 3 2 2,491 DETACHD 2/4/2010
16870 FERNWOOD DR $359,000 3 1.1 1,412 DETACHD 2/4/2010
5514 ROYAL OAKS DR $497,500 3 3 2,246 DETACHD 2/2/2010
14584 PFEIFER WAY $559,000 3 2 2,600 DETACHD 2/4/2010
17079 CHERRY CREST AVE $575,000 3 2.1 3,002 DETACHD 2/7/2010
920 EVERGREEN RD $575,000 3 2 1,622 DETACHD 2/1/2010
17973 SAINT CLAIR DR $629,000 4 3 3,323 DETACHD 2/7/2010
1050 Schukart LN $849,900 4 3.1 5,847 DETACHD 2/4/2010
18430 TAMAWAY DR $889,000 4 2.2 3,867 DETACHD 2/1/2010
1643 VILLAGE PARK LN $997,000 4 3.1 4,505 DETACHD 2/5/2010
842 6TH ST $1,175,000 4 3.1 3,840 DETACHD 2/3/2010
100 3RD ST $1,799,000 3 3.1 3,600 DETACHD 2/6/2010

PENDING SALES (Feb. 1 – Feb. 7, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
668 MCVEY AVE $145,000 2 1 852 CONDO 882
16250 PACIFIC HWY $178,900 1 1 859 CONDO 860
15 ORIOLE LN $269,900 2 2 1,470 DETACHD 23
4 THE GROTTO $289,000 3 2.1 1,534 DETACHD 13
1234 MAPLE ST $339,900 3 2 1,550 DETACHD 140
1790 YARMOUTH CIR $419,995 2 2 1,473 DETACHD 134
5026 HARTFORD PL $429,000 4 2.1 2,887 DETACHD 570
702 TERRACE DR $429,000 3 3 3,429 DETACHD 103
4955 GALEN ST $435,000 3 2.1 1,887 DETACHD 76
17121 WALL ST $449,900 3 2.1 2,187 DETACHD 391
18893 INDIAN SPRINGS CIR $459,900 5 3 2,841 DETACHD 213
475 10TH ST $534,950 4 2.1 2,932 DETACHD 227
4581 HASTINGS PL $574,900 4 2.1 2,985 DETACHD 24
557 2ND ST $695,000 2 2.1 1,833 CONDO
4380 UPPER DR $708,900 5 4.1 4,071 DETACHD 181

SOLD (Feb. 1 – Feb. 7, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY $91,800 $80,000 1 1 617 CONDO 125
16969 ALDER CIR $350,000 $235,000 3 2 1,534 DETACHD 1
18110 Siena DR $1,650,000 $1,350,000 4 3.1 4,311 DETACHD 635

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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Linda’s “News & Notes”

1) Some Interesting Updates on the Portland Area Market:

–       (According to RMLS)

  • Home sales in the Portland area showed marked improvement when compared with the same period (December) a year prior. “Closed” sales were up 52.6%, “Pending” sales rose 40.9%, and “New Listings” rose 11.9%.
  • In addition, the average sale price was down 2.5% compared to Dec. 08.
  • The average sales price for the 12-month period of 2009 was down 12.1% from the previous year.

2) Tax Credits: The “First Time Home Buyers” tax credit was extended to this Spring (yikes… getting close) and there has been an additional tax credit extended to those “Buying Up” who have lived in their current home for five years and are buying a property of less than $800,000.  Both of these tax credits expire in April: The contract must be inked by April 30th, and the closing must be by June 30th.  If you or someone you care about are considering taking advantage of this amazing opportunity, you really must start looking for a home now to make the timeline.

3) Interest Rates to Rise: According to Carrie Bay of DSNews.com (among many others), interest are projected to begin rising, and have risen .25% already within the past month.

4) F.H.A to Raise Standards for Mortgage Insurance: No date has been set yet, but the word is “summer”. (ANOTHER reason to put your home-buying plan in motion now…)

–      (excerpted From David Streitfeld of the NY Times)

  • Borrowers who get an F.H.A.-insured loan will soon have to pay a higher initial insurance premium. The new premium will be 2.25 percent of the value of the loan, up from 1.75 percent. 
  • Starting this summer, sellers will not be able to offer as much help to buyers to pay their closing costs. The maximum amount of assistance will drop to 3 percent of the value of the property, from the current 6 percent.
  • Left largely untouched by the changes is the most controversial aspect of the agency’s program: a provision allowing buyers to make a down payment as low as 3.5 percent. Private lenders these days require at least 15 percent.
  • Borrowers who want to put the minimum down will now be required to have credit scores of at least 580. Previously, there was no minimum score. (This is a relatively decent bar though, so this rule may have little effect.)

5) Attention Investors: Yay! HUD has decided to waive the 90 day seasoning financing contingency for buyers!

-(From Pat Goodell of Academy Mortgage ~ 503 380 0953)

Effective February 1st,  2010, there will no longer be a requirement for a seller of a property to be on title for 90 days or more in order for approval of an FHA backed loan. This is incredible news, since the majority of buyers in today’s market are FHA buyers! The 90 day seasoning issue has long been an issue for investors and agents when working with short sales. This is changing on Feb 1st. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, helping to stabilize real estate prices and to revitalize neighborhoods and communities.”

–          ***Linda’s note: There are a few minor restrictions on this.  Let me know if you’re interested & I’ll send you the entire document with more detail.

6)Credit Card Companies Get Slapped w/Restrictions: We all know how hard the new mortgage guidelines have hit some potential home-buyers.  Sometimes it seems like every time you turn around the consumer is facing yet another hurdle from the banking industry.  Well, this time the consumer is being offered protections that should make it easier, less expensive, and less confusing to do business with, or work to pay off credit card companies.   Here’s an excerpt from the Federal Reserve’s Announcement:

The Federal Reserve Board on Tuesday approved a final rule amending Regulation Z (Truth in Lending) to protect consumers who use credit cards from a number of costly practices. Credit card issuers must comply with most aspects of the rule beginning on February 22.

“This rule marks an important milestone in the Federal Reserve’s efforts to ensure that consumers who rely on credit cards are treated fairly,” said Federal Reserve Governor Elizabeth A. Duke.  “The rule bans several harmful practices and requires greater transparency in the disclosure of the terms and conditions of credit card accounts.”

Among other things, the rule will:

  • Protect consumers from unexpected increases in credit card interest rates by generally prohibiting increases in a rate during the first year after an account is opened and increases in a rate that applies to an existing credit card balance.
  • Prohibit creditors from issuing a credit card to a consumer who is younger than the age of 21 unless the consumer has the ability to make the required payments or obtains the signature of a parent or other cosigner with the ability to do so.
  • Require creditors to obtain a consumer’s consent before charging fees for transactions that exceed the credit limit.
  • Limit the high fees associated with subprime credit cards.
  • Ban creditors from using the “two-cycle” billing method to impose interest charges.
  • Prohibit creditors from allocating payments in ways that maximize interest charges.

Consumers can learn more about changes to their credit card accounts by accessing a new online publication. “What You Need to Know: New Credit Card Rules.” It explains key changes consumers can expect from their credit card companies as a result of the new rules. The Board plans to release additional “What You Need to Know” publications in conjunction with other major rulemakings