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Tips & Tidbits

BankI find that lots of Buyers are a bit confused about Earnest Money and what its purpose is, how they might be at risk for losing it, etc. It is basically to compensate the Seller for taking their home off the market in the event you violate the terms of your Sale Agreement, but there are nuances to it in addition to that. Here are a few pieces of info & pointers in that regard:

A Few Notes About Earnest Money:

  • Earnest Money is a deposit you make at the time you make your Offer. This is to show that you are “earnest” or serious about your Offer, and to compensate the Seller for removing their property from the market  (while you perform your inspections & due diligence)  should you violate the terms of the Contract/Offer/Sale Agreement.
  • Talk to your Realtor about how much an Earnest Money Check should be….  It varies from situation to situation. The ultimate choice, however, is yours. A substantial amount of Earnest Money can demonstrate to the Seller that you are serious about the purchase, and shows a certain amount of stability, though this is not necessary or even advisable in all circumstances.
  • Earnest Money goes toward your closing costs & other transactional terms. It is held usually by Escrow as your neutral 3rd party and applied to the bottom line of your transaction, generally speaking. By virtue of its definition as Earnest Money, its NOT an additional fee.
  • There are several ways for a Buyer to cancel a sale and receive their Earnest Money back (during specified & agreed-upon timelines & specific acceptable reasons that are all outlined in the Offer itself). This action is not to be taken lightly, and/but, there are definitely provisions for it.
  • The Earnest Money check (a photocopy of it) accompanies the Approval Letter, a Cover Letter your Buyer’s Agent will create, and the Offer when your Realtor submits it to the Seller’s Agent (at least… that’s how  I  always do it).  In the event you are unable to physically hand your Realtor a check prior to when you want to get your Offer in to the Seller, you may have the option of using a Promissory Note redeemable/sent to Escrow in check form within a specified number of days following mutual acceptance of your Offer.  ***I advise my clients that a check is always preferable. A photocopy of it going along with your Offer makes a statement to the Seller that you are serious. This is especially true in a competitive situation. Again, though, each situation is different. Discuss YOUR best options with your Realtor.
  • Carefully study the Sale Agreement (Offer) wording to make sure you understand how and under what circumstances you are allowed to have your Earnest Money returned, and under what circumstances you are not. Basically, staying within outlined timelines and giving notice in writing within those timelines assures your Earnest Money is protected. It is important that, with your Realtor’s assistance and advice, you stay on top of timelines as outlined in the Sale Agreement. ***Bring ANY questions you may have to your Realtor’s attention.

I hope this information was helpful!

Very Best,

Linda

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Market Activity ~ July 20-26, 2015

Here you go!  Gotta run………….. Please call if you need help. Each of us, though very busy, always have time for our Property Blotter readers.

Last week in Lake Oswego we saw 27 New properties enter the market, 29 move to Pending status, and 17 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (June 20 – July 26, 2015)

Address List Price # Beds # Baths Total SF Prop Type
48 EAGLE CREST DR #4E $209,900 2 2 1489 CONDO
196 CERVANTES $239,900 2 1.1 1241 CONDO
3910 CARMAN DR $239,900 2 2.1 1129 CONDO
4425 THUNDER VISTA LN $269,900 2 2.1 1518 CONDO
6155 MCEWAN RD $320,000 2 2 1294 DETACHD
15 GREENRIDGE CT #Main $324,900 3 2.1 1996 ATTACHD
19431 TUALAMERE AVE $339,900 3 1.1 1200 DETACHD
210 S STATE ST #9 $360,000 2 1.1 1516 CONDO
5402 CARMAN DR $400,000 3 1 1699 DETACHD
1528 CEDAR ST $445,622 3 2 2760 DETACHD
523 2ND ST #105 $489,000 2 2 1208 CONDO
2701 LAKEVIEW BLVD $589,000 4 2.1 3448 DETACHD
6150 KENNY ST $599,000 3 2.1 2070 DETACHD
5466 BAY CREEK DR $615,000 3 3 2535 DETACHD
607 ASH ST $659,000 4 3.1 2860 DETACHD
999 OXFORD DR $664,500 4 3 3191 DETACHD
159 5TH ST $849,000 4 3 2970 DETACHD
15550 QUARRY RD $850,000 4 3 2674 DETACHD
17980 KELOK RD $899,900 4 2.1 2969 DETACHD
475 8th ST $999,950 4 2.1 2699 DETACHD
3119 WEMBLEY PARK RD $1,125,000 4 3.1 3633 DETACHD
18012 EASTRIDGE LN $1,295,000 4 3.1 4526 DETACHD
2201 HAZEL RD $1,600,000 4 4.1 5446 DETACHD
1175 CHERRY CIR $2,349,000 6 4.1 6000 DETACHD
16852 ALDER CIR $2,395,000 4 3.1 2873 DETACHD
1193 FAIRWAY RD $3,188,000 5 4.2 7028 DETACHD
16842 ALDER CIR $4,750,000 5 3.2 5144 DETACHD

PENDING SALES (June 20 – July 26, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #35 $109,900 1 1 617 CONDO 41
47 EAGLE CREST DR#27 $129,000 2 1 947 CONDO 36
170 OSWEGO SMT #Grnd $145,000 2 2 1506 CONDO 105
5061 FOOTHILLS DR #E $221,000 2 2 991 CONDO 3
48 EAGLE CREST DR #Upper $250,000 3 2 1550 CONDO 169
6331 SHAKESPEARE ST $299,900 3 1.1 992 DETACHD 67
12844 BOONES FERRY RD #Grnd $309,900 2 2.1 1152 CONDO 19
4725 LAKEVIEW BLVD $349,900 3 2 1589 DETACHD 18
5132 TIMBERGROVE ST $380,000 3 2 1430 DETACHD 11
4545 DOGWOOD DR $519,000 3 2 2483 DETACHD 2
13611 BLAZER TRL $519,900 4 2.1 2549 DETACHD 3
15518 HERITAGE CT $525,000 4 3.1 2700 DETACHD 66
13010 SIERRA CT $545,000 4 2.1 3065 DETACHD 1
345 E AVE $575,000 3 2 1582 DETACHD 59
432 LIVINGOOD LN $575,000 4 3 2527 DETACHD 11
3752 TEMPEST DR $583,000 4 2.1 3017 DETACHD 3
19664 RIVER RUN DR $585,000 4 2.1 3051 DETACHD 84
17721 OVERLOOK CIR $599,900 4 2.1 3172 DETACHD 44
1270 HIDE A WAY CT $625,000 3 2.1 2312 DETACHD 4
7140 CHILDS RD $649,700 3 3 2600 DETACHD 9
877 CORNELL ST $659,000 3 3 3100 DETACHD 415
5148 WOODCREST LN $699,000 5 3 3110 DETACHD 3
1562 CHANDLER RD $779,000 3 3 2307 DETACHD 2
1330 PINE ST $799,900 4 3.1 3775 DETACHD 12
18383 OLD RIVER DR $895,000 4 4.1 4548 DETACHD 33
18245 RIVER EDGE CT $1,100,000 3 3 4830 DETACHD 18
17327 KELOK RD $1,150,000 3 3 2300 DETACHD 105
18418 OLD RIVER LNDG $1,799,000 4 3.2 6404 DETACHD 190
16829 GREENBRIER RD $2,395,000 5 3.1 3927 DETACHD 158

SOLD  (June 20 – July 26, 2015)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #42 $100,000 $95,000 2 1.1 822 CONDO 28
234 GREENRIDGE DR $329,900 $325,000 3 2 1492 ATTACHD 2
686 8TH ST $995,000 $375,000 4 3 3200 DETACHD 40
1428 GREENTREE CIR $425,000 $395,000 4 2.1 2236 DETACHD 120
1448 CEDAR ST $500,000 $420,000 4 3 2544 DETACHD 628
11 CHURCHILL DOWNS $430,500 $430,500 4 2.1 2336 DETACHD 81
4793 AUBURN LN $450,000 $435,000 3 2.1 2083 ATTACHD 20
1500 WOODLAND TER $486,000 $472,500 3 2.1 2499 DETACHD 42
2251 SUMMIT DR $599,000 $500,000 5 3 2676 DETACHD 118
71 TOUCHSTONE $509,900 $516,000 4 3 2211 DETACHD 3
674 LIVINGOOD LN $548,900 $548,900 4 2.1 2714 DETACHD 6
18420 DEER OAK AVE $629,900 $630,000 4 3 2476 DETACHD 1
6484 MCDUFF CT $749,000 $724,100 4 4 3120 DETACHD 18
5590 KODERRA AVE $828,800 $829,000 4 2.1 3289 DETACHD 10
50 BRIARWOOD RD $949,000 $880,000 6 6 6000 DETACHD 497
1578 VIEW LAKE CT $1,549,000 $1,449,000 4 4.1 4476 DETACHD 35
983 LAKE FRONT RD $1,595,000 $1,451,000 3 2.1 2199 DETACHD 76

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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Tips & Tidbits

  • Documentation and timelines will be changing soon around your Lending and Closing Disclosures.  Make sure to discuss with your Realtor and your Lender as these changes can affect your ability to meet your contractual Closing date if not monitored properly. Specifically, there are a certain number of days mandated for your review of them prior to being able to Close, so find out your Lender’s plan for timing in getting them to you. Also, Escrow’s documents for your revew will depend on when they receive information from your Lender. Expected current timeline for implementation has now been moved to Oct 1st.
  • Speaking of meeting the Closing date and plotting timelines carefully, also remember to factor in the potential need for sign-off by an Appraiser if there were repairs that require that (either because of FHA or other loan requirements), or because an Appraiser calls something out that will necessitate it…such as the common issue of a Carbon Monoxide Detector not being in the home at the time of the Appraisal (…really  a Good idea to make sure there is one in the home before the Appraisal : )
  • Buyers- Make sure to discuss your Offer pricing with your Realtor in the context of current market value research before making your Offer.  In this competitive market, reports are varying widely that Appraisals are coming in just fine in some instances, and/but low in others. Per the Oregon Residential Real Estate Sale Agreement generally used, you are not obligated to pay over Appraised Value, and a bank will not lend over that value either. So… this becomes an uncomfortable negotiating point toward the end of a transaction should you really Love the house and the Seller won’t budge on price. Sometimes people are able to meet somewhere in the middle on price, but if you decide you want to proceed with some kind of arrangement in this realm of options, any monies over the Appraised Value will need to come out of your pocket. Take a close look at the best info available on values in that neighborhood in the recent past at the outset so that you don’t go too far afield in your eagerness to compete.
  • The same is true for Sellers. Make sure you take into account, when you price your home for sale with your Realtor, that your property will need to appraise “at value” in order to close at the agreed-upon price… without headaches, drama and potential “sale fail”.

 

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Market Activity ~ June 29 – July 5, 2015

Basic CMYKIt’s hot, and real estate activity shows no sign of cooling anytime soon!

Last week in Lake Oswego we saw 13 New properties enter the market, 26 move to Pending status, and 32 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (June 29 – July 5, 2015)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #29 $139,900 1 1 798 CONDO
5225 JEAN RD #203 $219,950 3 2 1400 CONDO
27 AQUINAS ST $380,000 3 2.1 1568 DETACHD
15601 TANAGER DR $435,000 3 2.1 2046 DETACHD
16935 LAKERIDGE DR $637,500 5 3 3048 DETACHD
1545 CLOVERLEAF RD $640,000 4 3.1 2723 DETACHD
2 CREEKSIDE TER $649,990 5 2.1 2906 DETACHD
17901 MEADOWLARK LN $729,000 4 3 4044 DETACHD
14009 CHELSEA DR $765,000 4 2.1 3060 DETACHD
14102 Goodall RD $950,000 3 2.1 3000 DETACHD
1944 PALISADES TERRACE DR $954,000 4 2.1 4256 DETACHD
14050 GOODALL RD $2,150,000 5 4.2 6714 DETACHD
2912 WEMBLEY PARK RD 1200000 – 1400000 4 4.1 4500 DETACHD

PENDING SALES (June 29 – July 5, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY #2 $139,000 2 2 820 CONDO 8
200 BURNHAM RD #103 $199,000 1 1 873 CONDO 2
25 ORIOLE LN $299,900 3 2 1460 DETACHD 18
12828 BOONES FERRY RD $320,000 2 2.1 1136 ATTACHD 15
1790 CONIFER DR $325,000 2 1 1003 DETACHD 33
208 GREENRIDGE DR $329,000 3 2 1392 ATTACHD 55
15112 QUARRY RD $329,900 3 2 1968 DETACHD 35
5392 TREE ST $373,900 3 1.1 1232 DETACHD 7
5051 TUALATA LN $410,000 4 2 1581 DETACHD 7
2705 ORCHARD HILL PL $435,000 3 2.1 2250 DETACHD 6
17000 CANYON DR $439,900 3 2 2129 DETACHD 11
6276 FROST LN $449,000 4 3.1 2304 DETACHD 71
14480 CAMDEN LN $475,000 3 2.1 1944 DETACHD 10
2891 DELLWOOD DR $500,000 3 3.1 2928 DETACHD 4
71 TOUCHSTONE $509,900 4 3 2211 DETACHD 3
5554 ROYAL OAKS DR $525,000 3 2 1861 DETACHD 77
4979 GALEN ST $555,000 4 2.1 3298 DETACHD 74
16750 PHANTOM BLUFF CT $614,500 3 3 2267 DETACHD 19
17 EL GRECO ST $644,000 5 2.1 2778 DETACHD 4
38 DA VINCI ST $699,000 4 2.1 2932 DETACHD 4
5364 LANGFORD LN $799,000 3 2.1 3022 DETACHD 27
18977 BARTON RD $875,000 4 3.2 5076 DETACHD 106
4540 LAMONT WAY $949,900 4 2.1 3555 DETACHD 6
595 D AVE $1,075,000 3 3 3760 DETACHD 1
401 9TH ST $1,299,900 4 3.1 4288 DETACHD 138
17096 CHAPIN WAY $1,495,000 4 5 4395 DETACHD 128

SOLD  (June 29 – July 5, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #107 $158,000 $158,000 3 2.1 1351 CONDO 26
5051 SW FOOTHILLS DR #31 $209,000 $221,000 2 2 991 CONDO 3
4459 THUNDER VISTA LN $255,000 $260,000 2 2.1 1925 CONDO 32
115 TOUCHSTONE TER $329,900 $334,900 4 2.2 2848 ATTACHD 24
16444 BONAIRE AVE $349,900 $349,900 3 2 1392 DETACHD 14
6461 SW EDGEWOOD ST $399,900 $370,000 4 2.1 1950 DETACHD 72
1647 DEVON LN $399,900 $380,000 4 2.1 2494 DETACHD 13
820 BOCA RATAN DR $399,000 $386,100 4 3 2220 DETACHD 4
3919 SOUTHSHORE BLVD $424,900 $425,000 3 4 2398 DETACHD 3
15365 TWIN FIR RD $468,500 $435,000 3 1 1201 DETACHD 198
4730 FIRWOOD RD $425,000 $438,700 4 2 2124 DETACHD 6
2705 ORCHARD HILL LN $489,000 $489,000 4 2.1 2841 DETACHD 24
15941 INVERURIE RD $495,000 $495,000 4 2 2611 DETACHD 14
17902 MEADOWLARK LN $519,900 $500,000 3 2.1 1950 DETACHD 38
17101 CHAPIN WAY $519,000 $500,000 3 2 1949 DETACHD 74
17820 WESTVIEW DR $524,900 $520,000 3 2.1 2407 DETACHD 25
4798 AUBURN LN $529,000 $529,000 3 3.1 2700 ATTACHD 5
2043 RIDGEWOOD RD $579,900 $585,000 5 3 3016 DETACHD 2
3099 ROSEMARY LN $599,000 $599,000 4 4 4486 DETACHD 9
2699 TOLKIEN LN $670,000 $640,000 4 2.1 3115 DETACHD 32
5312 CHILDS RD $735,000 $735,000 3 3 2507 DETACHD 0
1336 GLENMORRIE DR $709,900 $770,000 3 3.1 3150 DETACHD 3
17572 SHEPHERDS CT $779,900 $775,000 4 3 2983 DETACHD 36
4405 SUNDEW CT $789,000 $789,000 5 3.1 4820 DETACHD 11
4974 CASCARA LN $799,000 $799,000 4 2.1 3351 DETACHD 2
5987 SUNCREEK DR $775,000 $800,000 4 2.1 2932 DETACHD 33
1917 PALISADES LAKE CT $995,000 $894,000 4 2.1 3852 DETACHD 343
1120 HOODVIEW LN $919,900 $925,000 4 3 3454 DETACHD 4
4579 UPPER DR $1,198,000 $1,150,000 4 3.1 3720 DETACHD 20
4350 LORDS LN $1,199,000 $1,175,000 5 4 3888 DETACHD 5
16902 CHAPIN WAY $1,299,000 $1,275,000 5 4 3696 DETACHD 84
3140 DOUGLAS CIR $1,395,000 $1,300,000 4 3.1 4333 DETACHD 54

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 ~ May Numbers

Here are the most recent real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together).

Enjoy!  I hope you find this helpful.

According to the RMLS Market Action Report for the Portland Metro Area, May, 2015:

  • There were 4,161 New Listings in May which was up 5.4% from the previous month/April, but down 0.7% from May of 2014.
  • At 2,942 May Closed Sales increased 7.6% over April, and were up  18.5% from May of 2014.
  • May Pending Sales (accepted offers), at 3,546, was down a bit from the previous month by 1.9%, and was 18.6% better than May of 2014.
  •  The Average Sale Price in May of $359,100 was up $11,600. from April’s Average of $347,500, and up $23,800 from May of 2014’s $335,300. 

The combined areas of Lake Oswego and West Linn  for the month of May 2015 reported:

    •  414 Active Listings  (364 in April)
    •  276 New Listings    (237 in April)
    •  191 Pending Sales    (200 in March)
    •  155 Closed Sales   (161 in March)
    • Average Sale Price for May of $533,300.  ($506,300. in April)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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.
    • Average Time on the Market: 78 Days  (73in April)
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Market Activity ~ June 8-14, 2015

I’m noticing a lot of the homes that have been on the market awhile are moving now. You’ll notice CDOM (Cumulative Days on Market) numbers below in Pendings and Solds such as 628, 343, 497, 243, 328, 247, 541, 582…  In 100% of these cases, the price has dropped, and significantly. In our outline below, in the “Solds”, for instance, the “Opening Price” is the price at which the latest iteration of the Listing opened. One of these shows an increase, whereas the actual price drop from where the listing originally started was $279,000.  Anyway, the takeaway here is to aim to price your home right at the start as close as possible to what the market shows it will bear… even if its tempting to go higher. You’ll be better off in the long run… and the process will be much shorter : )   ***This is in no way a criticism of the individual homes below or the people involved… (there are always individual circunstances not reflected here) but rather, just an observation & some thoughts based on the historical data as presented by RMLS, and my thoughts on general best practice.

Another thing I thought to be interesting is the number of what I call “Refreshed” Listings.  I regularly go through the “New” Properties and weed out those that have been refreshed/given a new Listing Number (we Realtors often do this to help boost the marketing for a home a little bit), or that have been off the market less than 30 days. This helps me feel confident that our Property Blotter readers are really getting the scoop on actual “New” properties entering the market.  Out of the 24 Properties listed as “New” this week, a full 9 of those were “Refreshed” Listings (thus, the only 15 listed for you below as really New).      Here is some interesting info I put together from a week’s data snapshot as I was looking to see if there are any trends for the Properties that end up being Refreshed:

Prev. DOM Asking Price Drop from Original
128
88 $40,000
192 $74,000
36 $73,000
109 $29,950
84 $20,400
662 $71,000
108 $5,000
22

Last week in Lake Oswego we saw 15 New properties enter the market, 25 move to Pending status, and 23 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (June 8-14, 2015)

Address List Price # Beds # Baths Total SF Prop Type
100 KERR PKWY #42 $100,000 2 1.1 822 CONDO
100 KERR PKWY #35 $109,900 1 1 617 CONDO
4433 THUNDER VISTA LN $274,900 2 2.1 1980 CONDO
4965 SUNTREE LN $399,900 3 2.1 1572 DETACHD
16946 LOWER MEADOWS DR $450,000 3 2.1 1795 DETACHD
1559 WORTHINGTON ST $459,900 4 2 2016 DETACHD
5045 GREENSBOROUGH CT $579,900 4 2.1 2107 DETACHD
17721 OVERLOOK CIR $599,900 4 2.1 3172 DETACHD
16750 PHANTOM BLUFF CT $614,500 3 3 2267 DETACHD
18034 WESTVIEW DR $725,000 4 2.1 3562 DETACHD
3232 WEMBLEY PARK RD $749,900 4 3.1 2805 DETACHD
251 D AVE $849,000 4 2.2 2635 DETACHD
2024 PALISADES TERRACE DR $975,000 4 3.1 4819 DETACHD
990 TERRACE DR $1,075,000 4 2.1 3740 DETACHD
706 5TH ST $1,099,900 4 2.1 2730 DETACHD

PENDING SALES (June 8-14, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4626 LOWER DR #Main $132,000 2 1.1 1260 CONDO 22
47 EAGLE CREST DR #18 $136,950 2 1 932 CONDO 5
208 OSWEGO SMT #Upper $169,900 2 2 1383 CONDO 4
1790 CONIFER DR $325,000 2 1 1003 DETACHD 15
5547 WASHINGTON CT $349,900 4 2 1300 DETACHD 24
6461 SW EDGEWOOD ST $384,900 4 2.1 1950 DETACHD 72
6352 SW DAWN ST $389,000 3 2 1684 DETACHD 3
14383 HOLLY SPRINGS RD $437,990 5 3 2238 DETACHD 82
1448 CEDAR ST $440,000 4 3 2544 DETACHD 628
18581 WAXWING WAY $469,000 4 2.1 2076 DETACHD 24
15941 INVERURIE RD $495,000 4 2 2611 DETACHD 14
17902 MEADOWLARK LN $514,900 3 2.1 1950 DETACHD 38
27 BECKET ST $549,000 3 2 2724 DETACHD 106
2251 SUMMIT DR $599,000 5 3 2676 DETACHD 118
760 TIMBERLINE DR $599,900 4 3 3058 DETACHD 12
4141 BIRDBILL CT $675,000 5 2.1 2912 DETACHD 8
1770 HEADLEE LN $699,000 2 3 2434 DETACHD 112
5728 BAY CREEK DR $799,000 5 2.1 3504 DETACHD 5
5590 KODERRA AVE $828,800 4 2.1 3289 DETACHD 10
1917 PALISADES LAKE CT $899,000 4 2.1 3852 DETACHD 343
50 BRIARWOOD RD $949,000 6 6 6000 DETACHD 497
4579 UPPER DR $1,198,000 4 3.1 3720 DETACHD 20
1539 LAKE FRONT RD $1,200,000 4 3.1 3385 DETACHD 243
1135 LAKE FRONT RD $2,150,000 4 4 4245 DETACHD 113
1199 FAIRWAY RD $2,799,000 4 4.2 5527 DETACHD 328

SOLD  (June 8-14, 2015)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
47 Eagle Crest DR #43 $124,900.0 $115,000.0 2 1 932 CONDO 25
4630 LOWER DR #Lower $137,000.0 $131,500.0 2 1.1 1260 CONDO 5
4000 CARMAN DR #G101 $149,900.0 $152,000.0 2 2 869 CONDO 12
4 TOUCHSTONE #78 $160,000.0 $166,000.0 3 2.1 1351 CONDO 151
5860 LAKEVIEW BLVD $289,900.0 $289,900.0 2 1.1 1435 DETACHD 14
6288 SEVILLE AVE $295,000.0 $302,500.0 3 2 1470 DETACHD 3
1422 ASH ST $337,500.0 $340,000.0 4 3 2583 DETACHD 137
13985 SUNDELEAF DR $359,990.0 $352,000.0 3 2 1278 DETACHD 23
4283 WOODSIDE CIR $359,900.0 $359,900.0 4 2 2032 ATTACHD 10
3101 WEMBLEY PARK RD $319,000.0 $375,000.0 2 1 858 DETACHD 3
17390 CARDINAL DR $425,000.0 $425,000.0 3 2 1585 DETACHD 2
19 MONTICELLO DR $479,900.0 $450,500.0 6 3 3678 DETACHD 27
18530 BRYANT RD $514,995.0 $521,125.0 3 2.1 2400 DETACHD 14
14309 MEADOW GRASS ST $599,999.0 $610,000.0 4 2.1 2620 DETACHD 1
221 6TH ST $625,000.0 $619,250.0 3 2 1508 DETACHD 14
15 NANSEN SMT $685,000.0 $647,100.0 3 2.1 3098 DETACHD 17
1210 WELLS ST $719,000.0 $656,000.0 6 3.1 4464 DETACHD 247
3180 WESTVIEW CT $875,000.0 $840,000.0 5 3.1 4216 DETACHD 14
15195 LILY BAY CT $898,000.0 $850,000.0 4 2.1 4099 DETACHD 66
17970 ROYCE WAY $1,125,000.0 $1,000,000.0 5 4.1 5355 DETACHD 34
1850 ATHERTON DR $1,179,000.0 $1,125,000.0 3 2.1 4825 DETACHD 581
2410 SUMMIT CT $1,595,000.0 $1,550,000.0 3 3.1 3750 DETACHD 0
1495 OAK TER $1,995,000.0 $2,000,000.0 4 4 3983 DETACHD 542

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 ~ April Numbers 2015

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Here are the most recent real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together).

Enjoy!   (If you like this kind of thing…. we do : )

According to the RMLS Market Action Report for the Portland Metro Area, April, 2015:

  • There were 3,949 New Listings in April which was up 9.8% from the previous month/March, and up 8.8% from April of 2014.
  • At 2,734 April Closed Sales increased 11.3% over March and were up  27.6% from April of 2014.
  • April Pending Sales (accepted offers), at 3,613, was the strongest April since 2005. Up… 6.8%  from March AND 27.9% better than April of 2014.
  •  The Average Sale Price in April of $347,500 was up $10,300. from March’s Average of $337,200, and $14,900 from April of 2014’s $332,600. 

The combined areas of Lake Oswego and West Linn  for the month of April 2015 reported:

    •  364 Active Listings  (373 in March)
    •  237 New Listings    (209 in March)
    •  200 Pending Sales    (174 in March)
    •  161 Closed Sales   (130 in March)
    • Average Sale Price for April of $506,300.  ($475,900. in March)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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.
    • Average Time on the Market: 73 Days  (104 in March)
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Market Activity ~ May 18-24, 2015

Movin’ right along…………

Last week in Lake Oswego we saw 19 New properties enter the market, 36 move to Pending status, and 20 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (May 18-24, 2015)

Address List Price # Beds # Baths Total SF Prop Type
6331 SHAKESPEARE ST $314,900 3 1.1 992 DETACHD
1 PEACOCK PL $348,500 3 2.1 1248 DETACHD
16444 BONAIRE AVE $349,900 3 2 1392 DETACHD
5547 WASHINGTON CT $349,900 4 2 1300 DETACHD
6105 SW SHAKESPEARE ST $399,900 4 2 1550 DETACHD
5748 WINDFIELD LOOP $415,000 3 3 1693 DETACHD
15518 HERITAGE CT $565,000 4 3.1 2700 DETACHD
4220 ALBERT CIR $585,000 3 3 2406 DETACHD
820 LAKE FOREST DR $599,950 4 2.1 2676 DETACHD
345 E AVE $600,000 3 2 1582 DETACHD
17200 CANAL CIR $685,000 2 1.1 1774 DETACHD
5441 BAY CREEK DR $725,000 4 2.1 3117 DETACHD
5349 CARMAN DR $745,000 3 2.1 2633 DETACHD
2395 PALISADES CREST DR $749,000 4 3 3397 DETACHD
104 GARIBALDI ST $799,000 3 2.1 3074 DETACHD
4800 UPPER DR $1,195,000 5 5 5074 DETACHD
4579 UPPER DR $1,198,000 4 3.1 3700 DETACHD
13599 KNAUS RD $1,888,000 5 7 6874 DETACHD
1814 Highlands LOOP $2,295,000 4 4.1 5579 DETACHD

PENDING SALES (May 18-24, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4630 LOWER DR #Lower $137,000 2 1.1 1260 CONDO 5
336 CERVANTES CIR $139,500 2 1.1 1112 CONDO 198
272 CERVANTES #Lower $159,000 3 2 1209 CONDO 6
48 EAGLE CREST DR #2C $164,900 3 2 1623 CONDO 199
3433 MCNARY PKWY #701 $199,900 2 2.1 1136 CONDO 6
16250 PACIFIC HWY #56 $229,900 2 2 1305 CONDO 439
15495 BRIANNE CT $280,000 2 2.1 1292 ATTACHD 39
208 GREENRIDGE DR $337,500 3 2 1392 ATTACHD 10
21 ORIOLE LN $375,000 2 2 1473 DETACHD 7
1428 GREENTREE CIR $399,950 4 2.1 2236 DETACHD 84
10 ORIOLE LN $410,000 3 2 1536 DETACHD 4
4730 FIRWOOD RD $425,000 4 2 2124 DETACHD 6
304 6TH ST $450,000 1 1 941 DETACHD 21
2705 ORCHARD HILL LN $489,000 4 2.1 2841 DETACHD 24
1427 ASPEN ST $495,000 4 2 2298 DETACHD 2
19226 CHILDS CT $499,000 5 2.5 2552 DETACHD 3
5695 WASHINGTON CT $499,000 4 2 1769 DETACHD 33
14145 REDWOOD CT $539,000 4 3 2452 DETACHD 64
1681 WOODLAND TER $585,000 3 2.1 2304 DETACHD 26
3099 ROSEMARY LN $599,000 4 4 4486 DETACHD 9
4263 SUNSET DR $625,000 3 2.1 3250 DETACHD 27
2699 TOLKIEN LN $670,000 4 2.1 3115 DETACHD 32
5605 SOUTHWOOD DR $689,900 4 2.1 2984 DETACHD 2
1336 GLENMORRIE DR $709,900 3 3.1 3150 DETACHD 3
15761 SPRINGBROOK CT $728,000 4 3 3007 DETACHD 2
13456 PROVINCIAL HILL WAY $729,000 3 2.1 2771 DETACHD 20
5626 GRAND OAKS DR $749,000 3 3.1 3387 DETACHD 21
5987 SUNCREEK DR $775,000 4 2.1 2932 DETACHD 33
16987 Alder CIR $799,000 3 2.1 1989 DETACHD 34
22 HOTSPUR ST $829,000 5 3.1 4002 DETACHD 7
1120 HOODVIEW LN $919,900 4 3 3454 DETACHD 4
2250 SOUTHSHORE BLVD $975,000 4 4.1 4373 DETACHD 1
2609 GLEN HAVEN RD $1,060,000 4 4 3793 DETACHD 66
1411 LAKE FRONT RD $1,395,000 3 4 3349 DETACHD 50
17735 KELOK RD $1,499,000 4 3 4021 DETACHD 163
1836 Highlands LOOP $1,800,000 4 5.1 5400 DETACHD

SOLD  (May 18-24, 2015)

Address Open Price Closed Price # Beds # Baths Total SF Prop Type CDOM
1400 BONNIEBRAE DR $185,000 $175,000 2 1 864 ATTACHD 4
4107 JEFFERSON PKWY $237,500 $245,000 2 2.1 1367 CONDO 7
62 GREENRIDGE CT #Grnd $260,000 $260,000 3 2 1596 CONDO 147
200 BURNHAM RD #209 $299,900 $300,000 2 2 1305 CONDO 5
16875 TRACY AVE $320,000 $315,000 4 2 1825 DETACHD 2
9 CONDOLEA DR #Main $380,000 $364,500 3 3 2198 CONDO 39
550 2ND ST $419,995 $376,000 2 1.2 1540 CONDO 343
321 CERVANTES #Grnd $385,000 $385,000 3 2.1 2474 CONDO 205
5866 RIDGETOP CT $407,500 $407,500 3 2 1866 DETACHD 2
5364 ROSEWOOD ST $449,900 $433,000 4 2.1 1980 DETACHD 28
63 TOUCHSTONE $539,900 $545,000 4 3 2472 DETACHD 4
2550 SOUTHSHORE BLVD $590,000 $565,000 4 3.1 3721 DETACHD 159
1011 Spruce ST $565,000 $585,000 3 2.1 1930 DETACHD 29
80 TANGLEWOOD DR $629,900 $641,000 5 3 2713 DETACHD 3
5157 WOODCREST LN $649,900 $645,000 4 2.1 3144 DETACHD 33
19496 OLSON AVE $750,000 $750,000 4 2.1 3172 DETACHD 1
13371 ATWATER LN $899,000 $899,000 4 3 4795 DETACHD 0
17335 KELOK RD $1,039,000 $930,000 4 3.1 2491 DETACHD 48
717 5TH ST $995,000 $981,200 4 2.1 2809 DETACHD 0
2493 SOUTHSHORE BLVD $2,895,000 $2,650,000 5 5.1 7112 DETACHD 458

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 ~ Apr 27-May 3, 2015

All the numbers (and our collective subjective experience as Realtors) stack up to a continuing robust market:

Last week in Lake Oswego we saw 29 New properties enter the market, 19 move to Pending status, and 27 “Closed”/Sold.

Following is the breakdown for you according to RMLS for last week:

NEW on Mkt (Apr 27-May 3, 2015)

Address List Price # Beds # Baths Total SF Prop Type
104 OSWEGO SMT #104 $99,000 1 1 764 CONDO
47 EAGLE CREST DR #14 $100,000 1 1 666 CONDO
45 EAGLE CREST DR #214 $179,000 1 2 1046 CONDO
4459 THUNDER VISTA LN #Grnd $255,000 2 2.1 1925 CONDO
16953 GREENTREE AVE $420,000 4 3 1941 DETACHD
4596 LAMONT WAY $424,900 4 2 2236 DETACHD
304 6TH ST $450,000 1 1 941 DETACHD
16915 CRESTVIEW DR $469,000 4 2.1 2180 DETACHD
28 AQUINAS ST $499,000 3 2 2000 DETACHD
2464 MARYLHAVEN PL $610,000 4 2.1 2898 DETACHD
19664 RIVER RUN DR $614,900 4 2.1 3051 DETACHD
17244 FERNWOOD DR $649,900 4 2.1 2617 DETACHD
3100 WEMBLEY PARK RD $700,000 3 3 3060 DETACHD
14001 WESTCOTT CT $724,900 4 2.1 3223 DETACHD
139 DEL PRADO ST $725,000 3 2 2895 DETACHD
13456 PROVINCIAL HILL WAY $729,000 3 2.1 2771 DETACHD
17065 TUALATIN ST $739,000 3 2.1 2733 DETACHD
6484 MCDUFF CT $749,000 4 4 3120 DETACHD
5955 SUNBROOK DR $759,000 4 3 3110 DETACHD
5650 BAY CREEK DR $859,900 4 2.1 3668 DETACHD
18360 DELENKA LN $859,900 5 3.1 4828 DETACHD
1055 COUNTRY CLUB RD $879,000 3 2 2908 DETACHD
18262 BRYANT RD $949,900 4 3.1 3428 DETACHD
19229 35TH PL $959,900 5 3.1 4764 DETACHD
910 FAIRWAY RD $1,069,000 4 3.1 3384 DETACHD
17518 RIDGEVIEW LN $1,282,000 4 3.1 4051 DETACHD
983 LAKE FRONT RD $1,595,000 3 2.1 2199 DETACHD
2950 WEMBLEY PARK RD $1,950,000 4 5.1 6329 DETACHD
1125 MAPLE ST $2,395,000 4 3.1 5481 DETACHD

PENDING SALES (Apr 27-May 3, 2015)

Address List Price # Beds # Baths Total SF Prop Type CDOM
54 GALEN ST #Upper $123,900 2 2 995 CONDO 42
45 EAGLE CREST DR #219 $189,900 3 2 1537 CONDO 14
668 MCVEY AVE #33 $284,900 2 1 852 CONDO 58
6288 SEVILLE AVE $295,000 3 2 1470 DETACHD 3
15434 STEPHANIE CT #Grnd $315,000 3 2.1 1566 ATTACHD 2
2031 BONNIEBRAE DR $319,900 4 2 1611 ATTACHD 6
7 CONDOLEA DR #Grnd $380,000 3 3 2388 CONDO 23
1428 GREENTREE CIR $399,950 4 2.1 2236 DETACHD 62
3919 SOUTHSHORE BLVD $424,900 3 4 2398 DETACHD 3
2705 ORCHARD HILL LN $489,000 4 2.1 2841 DETACHD 7
1297 HIDE A WAY LN $525,000 3 2.1 1832 DETACHD 6
4979 GALEN ST $555,000 4 2.1 3298 DETACHD 12
16920 GREENTREE AVE $625,000 4 2.1 2830 DETACHD 2
221 6TH ST $625,000 3 2 1508 DETACHD 14
6 CELLINI CT $705,000 5 3 3494 DETACHD 19
1854 OAK KNOLL CT $1,025,000 3 3 3530 DETACHD 237
1850 ATHERTON DR $1,179,000 3 2.1 4825 DETACHD 581
17620 BLUE HERON RD $1,198,000 4 3.1 4041 DETACHD 67
1017 LAKE FRONT RD $2,595,000 5 4.2 4070 DETACHD 206

SOLD  (Apr 27-May 3, 2015)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #52 $89,000 $84,000 1 1 666 CONDO 17
48 EAGLE CREST DR #1C $169,950 $97,500 2 2 1370 CONDO 231
320 CERVANTES CIR $129,900 $120,000 2 1 832 CONDO 44
4 TOUCHSTONE #158 $140,000 $142,000 2 2 984 CONDO 5
4 TOUCHSTONE #89 $160,000 $155,000 3 2.1 1351 CONDO 72
16250 PACIFIC HWY #45 $194,900 $175,000 2 2 1311 CONDO 71
200 BURNHAM RD #402 $199,500 $190,000 2 2 1305 CONDO 261
3144 DIANE DR $224,900 $280,000 3 1.1 1632 DETACHD 31
16472 BONAIRE AVE $289,900 $350,000 3 2 1464 DETACHD 3
5530 BONITA RD $398,000 $389,900 3 2 1200 DETACHD 34
17280 WESTVIEW DR $429,000 $416,000 4 3 2324 DETACHD 6
4711 REMBRANDT LN $450,000 $452,000 3 2.1 2050 DETACHD 3
32 SPINOSA $479,000 $455,900 4 3.1 2542 DETACHD 1964
6459 FROST ST $499,900 $488,500 4 2.1 2627 DETACHD 101
17380 CANYON DR $514,950 $493,000 4 2.1 2526 DETACHD 145
18582 BRYANT RD $499,995 $504,500 3 2.1 2400 DETACHD 7
1585 PATTON RD $539,900 $515,000 4 3 3162 DETACHD 314
18634 Bryant RD $551,995 $534,995 3 2.1 2736 DETACHD
1008 SPRUCE ST $535,000 $535,000 3 2.1 1765 DETACHD 6
1380 BONNIEBRAE DR $730,000 $675,000 5 3 2940 DETACHD 109
2286 WEMBLEY PARK RD $699,000 $699,000 3 3 2000 DETACHD 43
15203 LILY BAY CT $779,000 $765,000 4 2.1 3219 DETACHD 34
5032 DENTON DR $799,900 $800,000 3 2.1 3205 DETACHD 0
17900 GREENBLUFF DR $949,000 $900,000 4 3.1 4210 DETACHD 300
18042 SKYLAND CIR $1,150,000 $1,080,000 5 3 4800 DETACHD 212
16655 MAPLE CIR $1,269,000 $1,189,000 3 2 2030 DETACHD 12
1059 BAYBERRY RD $1,399,950 $1,375,000 4 3.1 3550 DETACHD 89

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

 

l-lake-oswego-mansion

 

 

The most recent real estate numbers for Portland and the Lake Oswego/West Linn areas (RMLS lumps them together) are available.

According to the RMLS Market Action Report for the Portland Metro Area, March, 2015:

  • There were 3,596 New Listings in March which was up a full 24.7% from last month/February! and up 16.4% from March of 2014.
  • At 2,457 March Closed Sales increased a whopping 49.1% over February! and were up  32.3% from March of 2014.
  • March Pending Sales (accepted offers), at 3,384, was the strongest since 2006. Up… 33.5%  from February AND March of 2014.
  •  The Average Sale Price in March of $337,200 was up $9,200. from February’s Average of $328,000, and almost exactly the same from March of 2014’s $328,100. 

The combined areas of Lake Oswego and West Linn  for the month of March 2015 reported:

    • 373 Active Listings  (360 in Feb)
    • 209 New Listings    (198 in Feb)
    • 174 Pending Sales    (149 in Feb)
    • 130 Closed Sales   (86 in Feb)
    • Average Sale Price for March of $475,900.  ($518,300 in Feb)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can scew 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.
    • Average Time on the Market: 104 Days  (100 in Feb)