Buying a home on the lake Archives

We had a burst of new listings in Lake Oswego last week with 23 properties coming onto the market. That’s about 30% more than recent previous weeks. We also had 20 properties that accepted offers and went into pending status. 20 properties became closed sales. Those numbers are very balanced. I’d call the market stable from every angle.

See below for an explanation of the RMLS data.

New listings October 19-25, 2020

Address	Type	Price	BR	Baths	Sq Ft
4000 Carman Dr #79	Condo	$270,000	2	2	993
16377 Kimball St	Detached	$389,000	3	1	1200
206 Greenridge Dr	Attached	$475,000	3	2	1392
16246 Parker Rd	Detached	$479,900	3	2	1280
98 Kingsgate Rd	Detached	$510,000	3	2.5	1727
15500 Boones Way	Detached	$535,000	3	2	1309
1705 Conifer Dr	Detached	$539,000	3	1.5	1850
127 Greenwood Rd	Detached	$550,000	3	1	1201
4362 Galewood St	Detached	$558,000	3	2.5	1684
621 9th St	Detached	$649,000	2	2	2214
17061 Crestview Dr	Detached	$649,900	4	2	2216
1202 Spruce St	Detached	$735,000	2	2.5	1706
1604 Country Club Rd	Detached	$800,000	4	3.5	3878
5185 Woodcrest Ln	Detached	$835,000	3	2.5	2554
1216 Spruce St	Detached	$840,000	3	2.5	2066
6 Yorick St	Detached	$849,950	5	3	3116
17649 Woodhurst Pl	Detached	$1,000,000	6	4.5	5669
6441 Mission Ct	Detached	$1,165,000	4	3	3201
6155 McEwan Rd	Detached	$1,250,000	5	3	3728
312 9th St	Detached	$1,350,000	3	2.5	2686
16234 Waluga Dr	Detached	$1,395,000	5	3.5	3130
45 Nanson Summit	Detached	$1,430,000	4	4.5	5874
1132 Troon Rd	Detached	$2,450,000	4	3.5	4165

Pending sales October 19-25, 2020

Address	Type	Price	BR	Baths	Sq Ft	CDOM
4615 Lakeview Blvd	Condo	$242,500	1	1	753	37
668 McVey Ave #65	Condo	$315,000	1	1	636	38
5059 Foothills Dr E	Condo	$325,000	2	2	991	27
5626 Fernbrook Way	Detached	$489,000	3	1.5	1250	59
5136 Jean Rd	Detached	$495,000	3	2	1412	21
13679 Johnson Terrace	Detached	$515,000	2	1	917	6
4102 Buck Brush Ln	Detached	$697,000	4	3	2205	3
4045 Melissa Dr	Detached	$699,900	4	2.5	2529	40
17897 Sundown Ct	Detached	$699,900	5	3	3755	99
312 4th St	Attached	$720,000	2	2.5	1731	22
12436 Orchard Hill Rd	Detached	$725,000	4	2.5	2891	8
7 Falstaff St	Detached	$729,000	5	2.5	2484	1
5124 Rosewood St	Detached	$739,900	4	3.5	3516	39
634 Carrera Ln	Detached	$750,000	4	2.5	3282	4
13947 Majestic Ct	Detached	$799,900	4	3.5	2822	3
13453 Streamside Dr	Detached	$839,000	3	2.5	2932	5
14360 Trillium Ct	Detached	$860,000	5	3	3558	122
6463 Mission Ct	Detached	$1,165,000	3	3.5	3547	290
3131 Wembly Park Rd	Detached	$1,344,500	4	3.5	3597	147
289 G Ave	Detached	$1,499,000	6	3.5	4193	160

Sold/closed Sales October 19-25, 2020

Address	Type	List Price	Sold Price	Sq Ft	CDOM
126 Oswego Summit	Condo	$195,000	$190,000	764	30
4000 Carmen Dr A-16	Condo	$264,900	$257,000	1,025	48
4642 Lower Dr	Condo	$275,000	$260,000	1260	33
213 Oswego Summit	Condo	$312,700	$312,700	1383	4
6073 Harrington Ave	Detached	$429,900	$414,000	1050	34
16878 Canyon Dr	Detached	$599,500	$599,500	2298	36
5885 Dove Ct	Detached	$599,900	$610,000	1795	7
18706 Bryant Rd	Detached	$655,000	$630,000	2489	99
2 Mozarteum Ct	Detached	$705,000	$715,000	2192	4
5335 Westfield Ct	Detached	$899,900	$826,000	3122	25
2146 Summit Dr	Detached	$850,000	$830,000	2592	3
18857 Indian Springs Circle	Detached	$839,900	$842,900	2572	9
17931 Meadowlark Ln	Detached	$899,900	$889,900	4385	14
3200 Upper Dr	Detached	$900,000	$900,000	2542	4
19457 35th Ct	Detached	$959,000	$915,000	3538	40
3343 Fir Ridge Rd	Detached	$1,100,000	$975,000	3430	23
717 8th St	Detached	$1,235,000	$1,133,800	2584	54
3080 Westview Circle	Detached	$1,299,000	$1,273,000	3473	38
17522 Bryant Rd	Detached	$1,399,000	$1,325,000	3545	39
13744 Knaus Rd	Detached	$1,450,000	$1,450,000	3667	8

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.

As a Realtor in Lake Oswego, one of the most common questions I hear is “How much does it cost to buy a house on the Lake?” Now that the lake is full, and the sun is coming out, it seems like a good time to do a little analysis and answer this question.

There are 3 distinct types of water front property: canals, bays, and the main lake. The values are specific for these 3 areas. The canals have more shallow water and houses that face one another from one side of the canal to the other. These properties typically have the lowest values. There are 2 bays, one at each end of the lake, and these bays are shallow, but wide enough for water skiing. The main lake is by far the most valuable. Spectacular is the word that comes to mind. If you can afford it, this is the most beautiful setting.

Canals
There are currently 3 houses for sale on canals. The least expensive is $649,000 and the most expensive is $949,000.

There are 4 canal properties that are pending sales. The least expensive is listed for $749,000 and the most expensive is listed for $1,499,000.

In the last 12 months, 4 canal properties have sold and closed. The least expensive was sold for $510,000 and the most expensive was sold for $845,000.

Bays

There are 5 houses for sale on either of the two bays. The least expensive is listed for $599,000 and the most expensive is listed for $2,300,000.

One house on a bay is a pending sale that was listed for $950,000.

2 houses located on either bay are closed sales from the last 12 months. The least expensive was sold for $625,000 and the most expensive sold for $800,000.

Main Lake

23 houses on the main lake are currently for sale. The least expensive is offered at $924,900 and the most expensive is offered at $15,000,000.

1 house on the main lake is in “bumpable buyer” position. This means that a buyer has made and had an offer accepted that is subject to the sale of their current home. The list price on this house is $1,595,000.

4 houses on the main lake are sale pending. The least expensive was offered at $879,000 and the most expensive was offered at $1,985,000.

11 main lake houses became closed sales in the last twelve months. The least expensvie was sold for $300,000. (Really, an incredible value, probably reflecting land value. It was a short sale that was on the market for nearly a year. I do not know the details of this sale, but logic tells me that there were likely extreme structural or condition issues.) The most expensive was sold for $1,900,000.

Analysis

So to answer the question “What does it cost to buy a home on the Lake?”, with this information I’d suggest it costs about $500,000 to $845,000 to buy a house on a canal; it costs about $625,000 to $800,000 to buy on a bay; and to get on the main lake, you might find a screaming deal for $300,000, but you can go as high as $1,900,000.

Notes

There has not been a closed sale over $2,000,000 in the last 12 months, yet of the 23 houses on the main lake currently for sale, 12 are listed for more than $2,000,000. This tells me that there are 12 home owners who are up against this economy in a very hard way.

The most expensive house for sale on the main lake is Jantzen Island, a 5 acre private estate. It has been in the news of late because the current owner, Jerry Stubblefield who founded Avia Shoes, and Chris Dudley, last year’s Republican candidate for Governor, are involved in a lawsuit over a 3.75 million dollar loan and ownership of Oregon’s most prestigious piece of real estate. The house was built in 1930, it has 13,500 square feet with 4 bedrooms, 6 full baths, and 2 half baths.

There is only one house for sale right now on the main lake that is priced at less than a million dollars. It’s a 1938 Tudor with 2889 square feet, 4 bedrooms, 3 full and 1 half baths, and it is neither a foreclosure or a short sale. If I were in the betting state of mind, I’d predict that this house will go pending long before the $2,300,000 house offered for sale on one of the bays.

I hope you find this information helpful. Give Linda or myself a call if you have any questions,
Dianne

Tag: Buying a home on the lake

Market Activity October 19-25, 2020

Values on the Lake