Is Your House Taking Too Long to Sell?

This week, while doing the market activity report, I noticed 3 pending sales that had extended market times. Average market time is currently 79 days in Lake Oswego. So when I see pending sales that were 308 days, 354 days, and 1063 days, I know that the folks selling those homes must have felt a bit frustrated. It got me to thinking about what sort of advice I would give to someone in that position.

There are 3 things that you have control over when you list your home for sale: price, condition, and terms. That’s it. These are the things that you have control over.

Price and condition are easy to understand. Your home is not worth what you hope to make from it. It is worth what the market is showing to be true. This value is arrived at by looking at sales in your neighborhood that are as close in style, age and condition as possible to your house. There will be a range of value that usually has a swing of about $50,000. The condition of your home decides where you fit in that range. If your home is recently remodeled from top to bottom, it is at the high end of that range. If you still have 1970’s gold, shag carpet, you’re at the low end. You do not want to over price. Buyers are smart! They can see what zillow and trulia say about the value with just a touch of an ap on their phone. More importantly, they are touring other properties and getting a sense of the value so that they intuitively recognize what is over priced and what is a great value. They want to buy the house that is the great value. Over pricing by even a little bit will shoot you in the foot. The house will take longer to sell, and in all likelihood, will realize a lower sales price than would have occurred if the house had been priced correctly in the first place.

I have seen folks who had a house that wasn’t selling, that then took the house off the market, did some remodeling, and put it back on the market to realize a quick and successful sale the with the second shot at the market. Statistically, you don’t get 100% out of the dollars spent on remodeling, so if you go this route, it’s a risk to expect to be able to raise the price on the second marketing attempt to cover the cost of the remodeling. You can likely raise it a little bit, but be careful.

The last concept is terms. Terms are things like a tenant in the house who is uncooperative, or making showings difficult to arrange. It can also be things like expecting to be able to stay in the house after it is sold by renting it back. These things can discourage buyers. They are most easily corrected by either removing the issue or reducing the price.

I have developed a professional theory that 20 is the magic number. When buying a house you need to see about 20 houses before you are ready to make a decision about buying. When selling a house you need about 20 showings to generate an offer. If you are only getting one showing a week, you can estimate that you’ll be on the market for 5 months, which is too long. You need to rethink the price, the condition and the terms. If you have your house on the market and you get 20 showings the first weekend (this does not include showings at an open house), then you know you are going to get a quick offer. You might even get more than one offer and have the price raised by competing buyers.

Finally, I want to talk about location. Location is king. It always has been and it always will be. You have no control over the location of your home once you own it. So if you bought a house on a busy street, you probably bought it for less than a comparable home tucking onto a quiet street in the same neighborhood. It was a good deal so you decided the issue could be acceptable. When you go to sell that house, you need to make the price reflect the location. This makes the buying decision super important! Think about this when you choose a house and then be realistic when selling it.

A good Realtor will help guide you through this process. Your home is probably the biggest investment in your life. The services of a good Realtor will help you to maximize the return on your investment.

As always, thanks for reading.
Dianne

P.S. I looked up the house that took 1063 days to get under contract. It was on a busy street, required 24 hours notice to show, and on the Lake Oswego Landmark Designation List. It also had a converted garage, so no garage. It is a stunning home with lots of nice remodeling that respected the architectural integrity. It was first listed in July of 2016 for $1,350,000. Nine months later, in April of 2017, it had its first price reduction to $1,295,000. Three months later, in July of 2017. the price was dropped to $1,250,000. September of 2017 it was reduced again to $1,098,000. April of 2018 it was dropped to $995,000. January of this year it was dropped to $949,000. It went pending on July 15th. This is a dramatic example of price and terms being incorrectly calculated from the get go.

Market Activity July 15-21, 2019

Based upon the market activity in Lake Oswego last week, I consider the current real estate market to be extremely balanced: favoring both buyers and sellers. The numbers are very even with 22 new listings, 23 pending sales, and 21 closed sales. In other words, houses are coming onto the market at the same rate that they are selling. That’s about as balanced as it can get.

Special congratulations to the folks selling 1515 Cherry Lane. I don’t know the specifics, but after 1063 days on the market it is now in escrow. Good news!

Following is the breakdown for you according to RMLS:

New on the Market (July 15-21, 2019)

Address Type Price BR Baths Sq Ft
47 Eagle Crest Dr #56 Condo $205,000 3 1 1024
4000 Carman Dr B23 Condo $265,000 2 2 866
16524 Roosevelt Ave Detached $424,900 3 1 1131
12 Condolea Dr Condo $425,000 2 2 1312
6315 Dawn St Detached $499,900 4 2 1934
69 Condolea Terrace Condo $569,900 2 2.5 2157
16950 Lakeridge Dr Detached $659,000 4 2.5 2346
4097 Buck Brush Ln Detached $700,000 3 2.5 2533
14211 Dolph Ct Detached $725,000 3 2 1980
5536 Kilchurn Ave Detached $749,900 5 2.5 2550
2927 Tolkien Ln Detached $798,000 4 2.5 2819
615 Lake Bay Ct Detached $999,999 3 3 2555
1590 Country Club Rd Detached $1,099,000 4 3.5 3578
15488 Village Dr Detached $1,180,000 4 4 4143
17979 Kelok Rd Detached $1,239,000 2 2.5 2487
5014 Upper Dr Detached $1,275,000 4 3 3416
4840 Lamont Way Detached $1,475,000 5 3.5 3277
16895 Chapin Way Detached $1,575,000 4 3.5+.5 5182
19575 35th Ct Detached $2,225,000 5 3 6081
17675 Cardinal Dr Detached $2,475,000 4 3 3458
1188 Cherry Circle Detached $2,695,000 5 6.5 8772
4321 Southshore Blvd Detached $4,195,000 5 4.5 6731

Pending Sales (July 15-21, 2019)

Address Type Price BR Baths Sq Ft CDOM
4000 Carman Dr D53 Condo $169,023 1 1 836 43
66 Cervantes Circle Condo $199,900 2 1.5 912 207
172 Oswego Summit Condo $229,900 2 2 1383 146
5225 Jean Rd #514 Condo $271,500 2 2 1100 2
750 1st St #26 Condo $297,000 2 2 1350 11
17903 Belmore Ave Detached $359,900 5 2 2016 78
6024 Fernbrook Circle Detached $465,000 3 2 1616 34
44 Northview Ct Attached $496,800 2 3 2350 2
17653 Schalit Way Detached $500,000 3 2 1463 7
4960 Centerwood St Detached $540,000 3 2 1663 1
86 Greenridge Ct Attached $589,999 4 3.5 2718 98
21 Grouse Terrace Detached $600,000 4 2.5 3108 37
18052 Hobbit Ct Detached $651,700 4 3.5 3289 91
319 3rd St Attached $679,000 3 3.5 1937 1
327 Laurel St Detached $695,000 4 2 2520 105
752 Lake Forest Dr Detached $795,000 4 2 2319 0
12511 Shelby Ct Detached $849,000 5 3.5 3641 30
2151 Crest Dr Detached $899,950 4 2.5 4690 39
1414 Cherry Ln Detached $949,000 6 3.5 4699 1063
19114 35th Pl Detached $1,070,000 4 4.5 5447 308
16586 Phantom Bluff Ct Detached $1,075,000 3 2.5 2571 167
125 Middlecrest Rd Detached $1,429,000 4 3.5 3242 8
17763 Kelok Rd Detached $1,495,000 4 4 3840 354

Sold/Closed (July 15-21, 2019)

Address Type List Price Sold Price Sq Ft CDOM
10 Cervantes Circle 7B Condo $219,900 $209,900 912 33
200 Burnham Rd 3404 Condo $284,900 $270,000 1,325 50
233 Cervantes Condo $275,000 $275,000 1216 189
47 Oriole Ln Detached $482,500 $475,000 1882 18
1308 Cornell St Detached $495,000 $492,000 1750 8
27 Partridge Ln Detached $549,000 $540,000 2493 28
5955 Washington Ct Detached $575,000 $590,000 2554 45
13488 Snowberry Ct Detached $729,000 $680,262 3073 38
4 Hillshire Dr Detached $778,000 $759,500 3232 32
2272 Park Rd Detached $779,900 $780,000 2325 2
4224 Albert Circle Detached $808,000 $808,000 2588 4
8 Othello St Detached $799,900 $814,800 3690 1
5745 Bay Creek Dr Detached $819,900 $815,000 3353 18
128 Northshore Rd Detached $897,500 $838,000 2695 97
18409 Old River Dr Detached $969,000 $885,000 3681 77
909 Cumberland Pl Detached $995,000 $897,000 3267 72
2886 Upper Dr Detached $924,995 $900,000 2674 143
2464 Palisades Crest Dr Detached $1,100,000 $1,040,000 4012 47
17900 Sarah Hill Ln Detached $1,295,000 $1,185,095 4186 27
18135 Crestline Dr Detached $1,495,000 $1,425,000 2673 64
1074 Bayberry Rd Detached $1,625,000 $1,600,000 3429 237

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.

Market Activity ~ July 8-14, 2019

There are a total of 311 homes for sale in Lake Oswego right now. Last week 29 New properties entered the market, 25 moved to Pending status, and 20 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (July 8-14, 2019)

Address List Price # Beds # Baths Total SF Prop Type
8 CRESTFIELD CT $172,900 1 1 689 CONDO
44 EAGLE CREST DR #23 $177,900 1 1 798 CONDO
100 KERR PKWY #9 $198,000 2 1.1 823 CONDO
668 MCVEY AVE #77 $224,900 1 1 496 CONDO
16250 PACIFIC HWY #82 $234,900 1 1 841 CONDO
200 BURNHAM RD #403 $250,000 2 1 1199 CONDO
3828 BOTTICELLI ST $279,000 3 2 1273 TOWNHSE
34 WHEATHERSTONE #17 $399,900 3 2.1 1692 CONDO
27 GREENRIDGE CT $450,000 3 2.1 2140 TOWNHSE
112 TOUCHSTONE TER $485,000 3 2.1 1964 TOWNHSE
150 KINGSGATE RD $494,900 3 2 1502 DETACHD
17608 SYDNI CT $565,000 3 2.1 2466 TOWNHSE
4281 CHAPMAN WAY $569,900 4 3 2038 DETACHD
2415 GLEN HAVEN RD $599,900 5 3 2614 DETACHD
19415 SYCAMORE AVE $599,995 4 2 1584 DETACHD
5020 JEAN RD $639,000 3 2 1837 DETACHD
17573 BLUE HERON CT $660,000 4 3 2464 DETACHD
16 DA VINCI $679,921 4 2.1 2460 DETACHD
75 NANSEN SMT $695,000 4 3.1 3214 DETACHD
18263 ANDUIN TER $749,000 4 3 3103 DETACHD
2903 LAKEVIEW BLVD $770,000 2 2.1 1951 DETACHD
15008 TWIN FIR RD $789,900 5 3.1 3532 DETACHD
5550 JEAN RD $1,079,000 4 2.1 2784 DETACHD
15982 Parker RD $1,100,000 4 3.1 3135 DETACHD
1125 NORTHSHORE RD $1,150,000 3 2 1589 DETACHD
589 7TH ST $1,299,000 5 4.1 3657 DETACHD
17437 CANAL CIR $1,830,000 4 2.1 2815 DETACHD
13311 LESLIE CT $2,295,000 5 5 5601 DETACHD
15825 OSWEGO SHORE CT $2,299,000 3 3.1 4317 DETACHD

PENDING SALES (July 8-14, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4 TOUCHSTONE #125 $210,000 2 2 984 CONDO 256
750 1ST ST #D22 $269,000 2 2 1350 CONDO 28
245 CERVANTES $274,900 2 2 1292 CONDO 28
3834 BOTTICELLI ST $279,500 2 2 1055 CONDO 12
16250 PACIFIC HWY #46 $360,000 2 2 1305 CONDO 12
114 GREENRIDGE CT $395,000 2 2 1824 TOWNHSE 60
908 BICKNER ST $465,000 3 2 2263 DETACHD 26
805 BULLOCK ST $519,900 4 2 2482 DETACHD 18
14333 SHERBROOK PL $588,000 3 2 1475 DETACHD 8
14664 RAINBOW DR $635,000 3 2.1 3122 DETACHD 21
737 ASH ST $649,990 4 2 2428 DETACHD 118
2401 GLEN HAVEN RD $675,000 4 3 2942 DETACHD 38
25 EL GRECO ST $685,000 6 3 3731 DETACHD 26
1426 GREENTREE CIR $689,900 4 3 3216 DETACHD 14
5492 YORKSHIRE PL $699,900 4 2.1 2462 DETACHD 46
949 CUMBERLAND RD $750,000 4 2.1 2420 DETACHD 15
5332 LOWER DR $775,000 3 2.1 2632 DETACHD 76
17760 OVERLOOK CIR $779,000 4 3 2357 DETACHD 5
5959 SUNCREEK DR $829,000 4 2.1 3315 DETACHD 1
648 3rd St $869,900 3 2.1 2092 CONDO
32 WILBUR ST $879,000 2 2.1 2671 TOWNHSE 63
29 HILLSHIRE DR $999,000 4 2.1 4690 DETACHD 144
18058 PILKINGTON RD $1,140,000 3 3 3185 DETACHD 82
611 RIDGEWAY RD $1,599,000 4 5.1 4463 DETACHD 128
13430 FIELDING RD $2,200,000 4 3.1 4376 DETACHD 332

SOLD (July 8-14, 2019)

Address Opening Price Close Price # Beds # Baths Total SF Prop Type CDOM
12 CERVANTES CIR #7A $200,000 $200,000 2 1.1 912 CONDO 2
16250 PACIFIC HWY #56 $249,900 $249,900 2 2 1305 CONDO 5
48 EAGLE CREST DR #1E $272,000 $259,000 2 2 1370 CONDO 31
5061 FOOTHILLS DR G $335,000 $311,900 2 2 991 CONDO 56
1367 BONNIEBRAE DR $299,500 $325,000 2 1.1 1008 TOWNHSE 48
4648 REMBRANDT LN $460,000 $439,900 3 2.1 1773 DETACHD 26
1124 HEMLOCK ST $495,000 $486,000 3 2 1257 DETACHD 4
18651 SW DON LEE WAY $524,900 $534,900 4 2 1630 DETACHD 35
2380 DELLWOOD DR $549,999 $545,000 4 3.1 2407 DETACHD 5
19111 INDIAN SPRINGS RD $599,000 $585,000 6 3.1 2432 DETACHD 19
5421 RED LEAF ST $579,900 $589,900 3 2.1 2372 DETACHD 2
17644 SYDNI CT $615,000 $595,000 4 2.1 2460 TOWNHSE 32
209 HIDALGO ST $615,000 $615,000 4 2.1 2609 DETACHD 3
13388 AUBURN CT $609,000 $619,000 3 2.1 2492 ATTACHD 134
2388 OVERLOOK DR $675,000 $645,000 4 3 2765 DETACHD 25
16 INDEPENDENCE AVE $749,900 $725,000 4 3 3979 DETACHD 43
16039 BONAIRE AVE $979,900 $984,000 4 3 3308 DETACHD 20
885 9TH ST $1,499,000 $1,465,000 4 3.1 3757 DETACHD 46
1233 CHERRY LN $2,399,000 $1,750,000 5 4.1 6052 DETACHD 279
2322 KNAUS RD $1,898,000 $1,825,000 4 3.2 5087 DETACHD 214

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.

News & Notes ~ June 2019 Numbers

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

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

  • There were 4,281  New Listings in June 2019 which was down 5.2%  from June of 2018’s 4,515, and a whopping 12.7% from the previous month/May’s 4,902.
  • At 2,756 June 2019’s Closed Sales were also down at 6.4% under June 2018’s 2,946, and  7.2% increase over the previous month/May 2019’s total of 2,969.
  • June 2019’s Pending Sales (accepted offers), at 3,083 were up a tiny bit at  0.8% over June of 2018’s 3,059, but down 6.3% from the previous month/May 2019’s total of  3,292.
  • The Average Sale Price in June 2019 of $472,700 rose only slightly at $300.00 over last year/June 2018’s $472,400, and was up just $1,500 from the previous month/May 2019’s $471,200.  
  • The “Median” Sale Price (the price smack dab in the middle of all sales) in June 2019 of $420,000 was up modestly from last year/June 2018’s $417,900 by $2,100, and exactly the same as the previous month/May 2019’s $420,000 .   

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

  • North Portland:  $417,900              0.2%   (May 405,000)
    •                                                     YTD Median: $405,000
  • NE Portland:  $491,500                   0.0%   (May $534,500)
    •                                                     YTD Median: $429,700
  • SE Portland:  $434,700                   3.4%   (May $433,500)
    •                                                     YTD Median: $375,000
  • Gresham/Troutdale:   $374,900     5.8%   (May $368,200)
    •                                                     YTD Median: $353,500
  • Milwaukie/Clackamas:  $484,200  3.3%   (May $444,600)
    •                                                     YTD Median: $414,000
  • Oregon City/Canby:   $460,900      6.2%   (May $435,700)
    •                                                     YTD Median: $413,000
  • Lake Oswego/West Linn:$702,000 0.2%   (May $695,600)
    •                                                      YTD Median: $580,000
  • West Portland:    $611,000             1.3%   (May $637,800 )
    •                                                     YTD Median: $525,000
  • NW Wash County:  $535,000         -1.9%   (May $536,900 )
    •                                                      YTD Median: $510,000
  • Beaverton/Aloha:     $411,100       5.8%   (May $414,200)
    •                                                     YTD Median: $390,000
  • Tigard/Wilsonville:   $472,800        2.0%   (May $472,100)
    •                                                      YTD Median: $440,000
  • Hillsboro/Forest Grove: $433,200  3.4%   (May $423,400)
    •                                                      YTD Median: $380,000

LAKE OSWEGO:

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

    •  468 Active Listings  (May 450)
    •  230 New Listings     (May 318)
    •  170 Pending Sales   (May 187)
    •  166 Closed Sales      (May 161)
    • Average Sale Price for June: $702,600  (May $695,600)
      • NOTE: Higher-Priced vs Lower-Priced Homes Sales can skew the “Average” in any given month.  Lake Oswego has quite a variety, so this tends to be a less meaningful stat, generally speaking, in this niche.
    •  79 Average Days on the Market   (May 64)

 

Market Activity July 1-7, 2019

When we have a major holiday it tends to affect the real estate activity for that week. With the 4th of July last Thursday there were just 14 new listings and 11 closed sales, but the buyers were still out in strong numbers. 23 houses went pending. Our market is going strong!

Following is the breakdown for you according to RMLS:

New on the Market (July 1-7, 2019)

Address Type Price BR Baths Sq Ft
47 Eagle Crest Dr #8 Condo $199,500 2 1 932
219 Cervantes Condo $239,900 2 2 1100
1470 Boca Ratan Dr Townhouse $415,000 4 2 1867
16494 Inverurie Rd Detached $479,000 3 1 1302
14333 Sherbrook Pl Detached $588,000 3 2 1475
20 Northview Ct Attached $624,900 3 3.5 2809
3781 Tempest Dr Detached $630,000 3 2.5 3927
3903 Tempest Dr Detached $640,000 3 2.5 2410
41 Tanglewood Dr Detached $659,900 4 3 3001
1941 Green Acres Ln Detached $744,900 4 2.5 2459
26 Wilbur St Condo $780,000 3 2.5 2802
19333 Riverwood Ln Detached $925,000 4 3 3110
4277 Upper Dr Detached $1,595,000 4 3 4000
4233 Upper Dr Detached $1,595,000 4 3 4000

Pending Sales (July 1-7, 2019)

Address Type Price BR Baths Sq Ft CDOM
3896 Boticelli St Condo $275,000 2 1.5 1132 4
5602 Kenny St Detached $399,000 3 2 1202 29
45 Condolea Ct Condo $425,000 2 2.5 2157 9
5751 Washington Ct Detached $442,900 5 2 2120 48
15360 Twin Fir Rd Detached $460,000 3 1 1020 9
138 Kingsgate Rd Detached $475,000 3 2.5 1680 8
1117 Hemlock St Detached $499,900 3 2 1680 91
1450 Hemlock St Detached $499,500 3 2 2368 3
1659 Oak St Detached $549,000 3 2.5 1885 5
2440 Greentree Rd Detached $549,900 3 1.5 1881 4
8 Sibelius Ct Detached $595,000 4 2.5 2445 4
15790 Murwood Ct Detached $599,000 3 2.5 2075 72
17475 Westview Dr Detached $609,000 3 2.5 2602 27
1041 C Ave Detached $630,000 3 2 1580 7
1058 Hemlock St Detached $649,900 4 3 2077 75
4920 Mulholland Dr Attached $659,900 3 2.5 2498 79
17790 Westview Dr Detached $689,900 4 3 3387 17
5950 Harrington Ave Detached $749,900 4 3.5 2816 48
16176 Matthew Ct Detached $839,900 4 2.5 3474 27
917 Laurel St Detached $849,950 4 3.5 3182 141
3232 Wembley Park Rd Detached $850,000 4 3.5 2841 32
17878 Hillside Dr Detached $899,900 5 3 3594 40
1385 Morning Sky Ct Detached $1,149,000 3 2 3690 119

Sold/Closed (July 1-7, 2019)

Address Type List Price Sold Price Sq Ft CDOM
3982 Carman Dr Condo $349,900 $339,900 1360 42
4 Goya St Detached $427,250 $427,250 3,012 2
45 Greenridge Ct Townhouse $465,000 $456,570 1652 6
6330 Shakespeare St Detached $520,000 $509,000 1792 50
1588 Cherry Ln Detached $749,996 $548,000 2001 207
19040 Olson Ave Detached $600,000 $550,000 2642 24
1305 Hallinan Detached $599,000 $599,000 2510 2
17433 Schalit Way Detached $664,000 $655,500 2350 6
114 3rd St Detached $885,000 $755,002 1140 11
18183 Westminster Dr Detached $800,000 $765,000 3191 26
3137 Douglas Circle Detached $1,750,000 $1,705,000 4378 20

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.

Featured Property: 5959 Suncreek Dr

What a beautiful house! I am super excited to introduce you to 5959 Suncreek Dr in the Westlake neighborhood of Lake Oswego. Here are the stats:

$829,000
3315 square feet
4 bedrooms + den, 2.5 baths
Built in 1988 and totally remodeled
Kitchen, baths, furnace and central air all new in 2016
Since 2016 paint inside and out, electric panel, insulation, garage door openers, hot water heater

Built by Olsen Homes, this house is turn-key and features a master on the main level.

Located on a quiet cul-de-sac, the house is adjacent to Southwood Park and enjoys views of the greenspace.

If you are not familiar with Westlake, this is a highly desirable neighborhood because of its convenience to I-5 and 217. It also features a huge park where summer concerts are held.

I’ll be holding this house open this Saturday and Sunday (July 13th and 14th) from noon to 3:00 each day. Come on by!

Market Activity ~ June 24-30, 2019

There are a total of 305 homes for sale in Lake Oswego right now. Last week 18 New properties entered the market, 27 moved to Pending status, and 26 were “Closed”/Sold.

Following is the breakdown for you according to RMLS:

NEW on Mkt (June 24-30, 2019)

Address List Price # Beds # Baths Total SF Prop Type
3834 BOTTICELLI ST $279,500 2 2 1055 CONDO
16250 PACIFIC HWY #46 $360,000 2 2 1305 CONDO
45 CONDOLEA CT $425,000 2 2.1 2157 CONDO
6216 WAYZATA CT $440,000 3 2 1261 DETACHD
15360 TWIN FIR RD $460,000 3 1 1020 DETACHD
138 KINGSGATE RD $475,000 3 2.1 1680 DETACHD
805 BULLOCK ST $519,900 4 2 2482 DETACHD
21 PARTRIDGE LN $599,000 4 3 2492 DETACHD
1621 WOODLAND TER $625,000 4 2.1 2933 DETACHD
1426 GREENTREE CIR $689,900 4 3 3216 DETACHD
949 CUMBERLAND RD $750,000 4 2.1 2420 DETACHD
1771 CAMPUS WAY $778,000 3 3 3247 DETACHD
1982 WEMBLEY PARK RD $840,000 6 4 4561 DETACHD
14066 EDENBERRY DR $1,050,000 4 3.1 3835 DETACHD
4715 FIRWOOD RD $1,099,000 4 3 3607 DETACHD
4721 FIRWOOD RD $1,099,000 4 2.1 3575 DETACHD
489 8TH ST $1,695,000 5 5.1 3700 DETACHD
705 TERRACE DR $2,695,000 4 3.1 3623 DETACHD

PENDING SALES (June 24-30, 2019)

Address List Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #18 $199,999 2 1 932 CONDO 36
202 CERVANTES / Grnd $205,000 2 2 890 CONDO 50
5225 JEAN RD #603 $300,000 3 2 1400 CONDO 122
5737 WASHINGTON CT $478,500 4 1.1 1508 DETACHD 2
32 AQUINAS ST $479,990 3 2 1518 DETACHD 7
1308 CORNELL ST $495,000 4 2 1750 DETACHD 8
17468 FIR RD $550,000 3 2.5 1820 DETACHD 5
19061 INDIAN SPRINGS RD $557,500 4 3 2341 DETACHD 48
225 HIDALGO ST $574,900 4 2.1 2251 DETACHD 7
5955 WASHINGTON CT $575,000 5 2.1 2554 DETACHD 45
15136 GLEN EAGLES CT $599,000 5 3 3150 DETACHD 163
17781 OVERLOOK CIR $599,900 4 2.1 2741 DETACHD 4
17617 SYDNI CT $615,000 4 2.1 2651 TOWNHSE 36
17435 UPPER CHERRY LN $639,000 3 2.1 3384 DETACHD 80
14371 UPLANDS DR $739,000 3 2 2358 DETACHD 54
13202 ROGERS RD $759,950 4 2.1 3117 DETACHD 39
8 OTHELLO ST $799,900 6 4 3690 DETACHD 1
35 HIDALGO ST $879,000 3 3.1 3926 DETACHD 325
17590 BLUE HERON RD $879,900 3 3.1 2160 DETACHD 5
2358 SUMMIT DR $880,000 3 2.1 2995 DETACHD 14
5327 CARMAN GROVE LN $918,000 4 3 3125 DETACHD 99
5476 SOUTHWOOD DR $950,000 5 3 3858 DETACHD 11
19375 SW EASTSIDE RD $1,150,000 4 3.1 4439 DETACHD 3
2008 RIDGEWOOD RD $1,170,000 4 4.1 4268 DETACHD 9
841 NORTHSHORE RD $1,339,000 3 3 2388 DETACHD 189
3096 WEMBLEY PARK RD $1,499,500 5 4 4165 DETACHD 137
15880 OSWEGO SHORE CT $1,585,000 4 3.1 4084 DETACHD 432

SOLD (June 24-30, 2019)

Address Opening Price Closed Price # Beds # Baths Total SF Prop Type CDOM
17 OSWEGO SMT / Grnd $125,000 $143,000 1 1 764 CONDO 4
4 TOUCHSTONE #114 $184,900 $170,000 2 2 984 CONDO 6
88 OSWEGO SMT / Upper $175,000 $172,000 1 1 764 CONDO 5
55 OSWEGO SMT / Main $175,000 $180,000 1 1 721 CONDO 3
4 TOUCHSTONE #119 $199,000 $200,000 3 2.1 1351 CONDO 5
170 OSWEGO SMT / Grnd $259,950 $255,450 2 2 1506 CONDO 19
12864 BOONES FERRY RD $389,900 $388,900 2 2.1 1182 CONDO 34
4201 COBB WAY $500,000 $510,000 4 3 2242 DETACHD 3
17 GROUSE TER $650,000 $634,000 4 2.1 3202 DETACHD 7
14 NORTHVIEW CT $695,000 $675,000 4 3.1 3279 ATTACHD 62
1925 GLENMORRIE DR $674,900 $675,000 4 3 2697 DETACHD 3
14580 UPLANDS DR $699,000 $684,000 3 3 2120 DETACHD 39
17488 MARDEE AVE $699,900 $699,900 4 2.1 2168 DETACHD 2
17184 CARLSON CT $725,000 $711,500 4 3.1 3318 DETACHD 9
14058 CHATHAM CT $739,000 $735,000 3 2.1 2235 DETACHD 9
17797 OVERLOOK CIR $749,900 $750,000 4 3 3208 DETACHD 2
1590 BONNIEBRAE DR $749,000 $751,000 4 3 3163 DETACHD 44
79 TANGLEWOOD DR $750,000 $775,000 4 3 3130 DETACHD 3
181 3RD ST #5 $849,000 $810,000 2 2 1725 CONDO 306
197 FURNACE ST / Upper $839,000 $839,000 2 2.1 2091 CONDO 0
5475 WESTFIELD CT $924,900 $902,000 4 2.1 3335 DETACHD 10
267 FURNACE ST $1,098,000 $1,050,000 3 3 3493 DETACHD 16
13047 KNAUS RD $1,195,500 $1,125,000 4 3.2 4200 DETACHD 600
1949 CEDAR CT $1,699,000 $1,500,000 5 5.1 6330 DETACHD 64
15845 OSWEGO SHORE CT $2,150,000 $1,900,000 4 4.1 5500 DETACHD 372
2088 CREST DR $3,799,000 $3,280,000 4 5.1 7737 DETACHD 1337

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.

2019 Fourth of July in Lake Oswego!

Celebration is kind of Lake Oswego’s thing~

  • Enjoy Lake Oswego’s own Millenium Concert Band Wed, 7/3 at 7PM: INFO HERE
  • 2019 Star Spangled Parade & Celebration 7/4  10AM-1PM:  INFO HERE
  • Laser Light Show in the Sky!  7/4  7:30-10:30PM Lake Oswego hosts this event in Millenium Plaza Park for a spectacle of lights like you’ve never seen, plus balloon twisting and libations. Bring the whole crew and set up your folding chairs for a fun evening! INFO HERE

Time to Talk FIRPTA

FIRPTA has been around for along time, but today, it’s become something that Realtors are making an effort to make sure that their clients are fully informed about. FIRPTA is the Foreign Investment in Real Property Tax Act. It is a way for the IRS to collect capital gains from non U.S. citizens who are selling real estate, but don’t live in the United States.

It is particularly important to buyers because if not handled correctly, it has huge financial consequences.

FIRPTA requires that a non resident foreign person pay 10% (for sales of $300,000 to $1,000,000) or 15% (for sales over $1,000,000) of the sales price of the property to the IRS at closing. This will force the non resident foreign person to file a tax return to get back any money that was over collected.

It’s pretty logical. I’d say that there’s a high likelihood that if this was not done, that taxes owing as capital gain would never be collected because the person and the money would be outside of the United States.

So, this may seem pretty mundane, but here is the kicker. If the money is not collected and paid to the IRS, then it becomes a liability to the person who bought the house. Yes, people who seem perfectly innocent can then be hit with an IRS bill in the thousands of dollars. Not so mundane any more, right?

When handled correctly, buyers and sellers will see a disclosure about this issue right up front. Then an affidavit is signed by the home seller to state whether they are a non resident foreign person or not. This affidavit is held by the title company involved to be safe guarded for 6 years on behalf of the buyer of the home. It is a way to protect buyers by showing that every effort was made to comply with FIRPTA. When this is done, the buyer is not liable to the IRS.

This is one reason it’s a good idea to use a Realtor. We take classes and stay informed about issues that are important in the home buying process. We are here to make your experience smooth and successful in every way possible.

As always, thanks for reading the blotter.
Dianne

Market Activity June 17-23, 2019

We had a great week of real estate activity in Lake Oswego last week. 23 properties came onto the market, 24 moved into pending status, and 26 closed/sold.

Following is the breakdown for you according to RMLS:

New on the Market (June 17-23, 2019)

Address Type Price BR Baths Sq Ft
45 Eagle Crest Dr #516 Condo $190,000 0 1 600
4 Touchstone #143 Condo $249,000 3 3 1351
3944 Carman Dr Condo $329,000 2 2.5 101
1308 Cornell St Detached $495,000 4 2 1750
7190 Childs Rd Detached $535,000 3 2.5 2316
225 Hidalgo Detached $535,000 3 2.5 2316
19211 Indian Springs Rd Detached $599,900 4 3 2132
17921 Cedar Rd Detached $617,000 6 3 2872
14664 Rainbow Dr Detached $635,000 3 2.5 3122
2 Morningview Ln Detached $685,000 4 3.5 2898
5350 Dawn St Detached $795,000 3 3 2420
4553 Snowbrush Ct Detached $819,000 5 3.5 3808
12511 Shelby Ct Detached $925,000 5 3.5 3641
5476 Southwood Dr Detached $950,000 5 3 3858
19253 Childs Ct Detached $989,000 3 3 2675
2008 Ridgewood Rd Detached $1,170,000 4 4.5 4268
772 8th St Detached $1,195,000 4 2.5 3081
3540 Red Cedar Way Detached $1,295,000 4 3.5 4023
13366 Briarwood Ln Detached $1,345,000 4 3 3243
13344 Briarwood Ln Detached $1,345,000 4 3 3243
1640 Country Commons Detached $1,595,000 4 4.5 5373
13322 Briarwood Ln Detached $1,650,000 4 4 3921
17613 Kelok Rd Detached $2,095,000 4 3 4750

Pending Sales (June 17-23, 2019)

Address Type Price BR Baths Sq Ft CDOM
12 Cervantes Cir 7-A Condo $200,000 2 1.5 912 2
10 Cervantes Cir 7-B Condo $209,900 2 1.5 912 33
51 Galen St Condo $250,000 2 2 993 19
233 Cervantes Cir Condo $275,000 2 1.5 1216 189
245 Cervantes Cir Condo $279,999 2 2 1292 5
5060 Foothills Dr F Condo $349,000 2 2 1252 6
45 Greenridge Townhome $465,000 3 2.5 1652 6
47 Oriole Detached $479,000 3 2.5 1882 18
16722 Lake Forest Blvd Detached $509,900 4 2 1968 15
2380 Dellwood Dr Detached $549,999 4 3.5 2407 5
13388 Auburn Ct Attached $609,000 3 2.5 2492 134
1640 Maple St Detached $625,000 3 2 2091 6
4120 Orchard Way Detached $739,000 4 3 3123 22
5655 Southwood Dr Detached $769,900 4 3 2946 1
4224 Albert Circ Detached $808,000 3 2.5 2588 4
197 Furnace St Condo $839,000 2 2.5 2091 0
6044 Clairmont Ct Detached $849,500 4 2.5 3430 274
114 3rd St Detached $885,000 2 1 1140 11
13707 Fielding Rd Detached $899,000 4 3 3337 865
5728 Bay Creek Dr Detached $945,000 5 2.5 3598 25
2464 Palisades Crest Dr Detached $1,100,000 5 3.5 4012 47
17525 Cherry Ct Detached $1,299,000 5 3.5 4559 64
18135 Crestline Dr Detached $1,495,000 4 2.5 2673 64
3137 Douglas Cir Detached $1,750,000 4 3.5 4378 20

Sold/Closed (June 17-23, 2019)

Address Type List Price Sold Price Sq Ft CDOM
4647 Lakeview Blvd D1 Condo $189,900 $189,300 753 19
4 Touchstone #120 Condo $214,900 $214,900 1,351 4
155 Oswego Summit Condo $265,000 $265,000 1506 13
3814 Botticelli St Condo $274,900 $269,900 1055 41
5054 Foothills St Condo $334,900 $327,000 1252 28
48 Greenridge Ct Townhouse $450,000 $437,500 2147 14
13188 Vermeer Dr Detached $529,000 $511,000 1862 16
4261 Collins Way Detached $525,000 $525,000 1476 7
17622 Sydni Ct Townhouse $540,000 $530,000 2182 0
23 Spinosa Detached $595,000 $535,000 2767 171
18667 Pilkington Rd Detached $600,000 $557,700 2512 84
1804 Oak Knoll Ct Detached $675,000 $590,000 2667 69
15518 Heritage Ct Detached $625,000 $640,000 2700 2
6 Scarborough Dr Detached $619,000 $655,000 2513 5
5554 Luce Ln Detached $799,900 $750,000 3269 68
15717 Murwood Ct Detached $769,000 $769,000 2386 3
14292 Meadow Grass St Detached $795,800 $795,800 2759 5
3710 Marquis Ct Detached $968,950 $845,000 3827 126
4581 Hastings Pl Detached $825,000 $851,100 2985 5
649 3rd St Condo $859,900 $859,900 2274 201
12391 Clara Ln Detached $950,000 $1,023,000 2972 5
324 9th St Detached $1,299,900 $1,100,000 2743 46
1835 Cedar Ct Detached $1,199,000 $1,100,000 3165 15
892 8th St Detached $1,299,000 $1,250,000 2747 122
792 2nd St Detached $1,269,000 $1,269,900 2786 87
1051 Sunningdale Rd Detached $1,695,000 $1,703,000 4298 2

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.