Buying a House on the Lake

west-bayWhile waterfront living is not for everyone, it is certainly a feature that draws people to Lake Oswego.  Think about it.  You are 15 minutes from downtown Portland, but you can water ski in the morning before you go to work.  Or if you don’t water ski, you can canoe, and swim, and just enjoy the serenity of living with a view of the water.  If you are someone who thinks living on the lake sounds like a wonderful idea, there are a few things that you’ll want to consider.  I am going to discuss the 3 specific areas of the lake and the current pricing for those 3 areas.  I am not going to go into the history of the lake or the details of its management.  For that, I’d like to refer you back to a previous post :  About the Lake.

The lake has 715 single family homes and 4 condominium developments.  Of those properties, there are currently 43 houses for sale and 11 condos.

main-lake-1Let’s start with the Main Lake. This is where you will find the highest prices.  The most expensive house for sale in the lake right now is a private island that is accessed from Northshore Rd.  It’s priced at $19,500,000.  The house has 13,500 square feet, with 5 bedrooms, 6 full baths, and 2 half baths.  The island is pretty good sized.  I recall years ago calculating that it could be divided into multiple home sites.   So there is a good deal of value in the land and not just in the house.  The least expensive house on the main lake is priced at $829,000.  It has 2484 square feet with 4 bedrooms and 2 full baths.  OK.  That is just amazing.  Why?  Because the availability of buildable lots on the lake is extremely limited.  3 years ago there was quite a lot of buying and tearing down of old houses in order to build a new house.  And the going price on the tear downs was running about $1,400,000, which made land value alone over a million dollars.  So to see this house for sale for $829,000, that’s pretty amazing.

main-lake-4There are a couple of characteristics to houses on the main lake that affect the home that buyers select.  First, the North shore of the lake has much better sun exposure.  If you want to have full  sun while you swim, you should look seriously at the North side.  The South side has a large hill immediately South of it, which creates shade and less full sun.  In addition, with the sun coming from the South, the front of the house will get more sun than the back, and the lake is on the back of the house.  You should also know that on the North side there is a rail road track that runs very close to many of the houses.  So if you think that the sound of a train will bother you, then you should be looking on the South side of the lake.

Beside the main lake, there are also two bays:  West Bay and Lakewood Bay. The bays are not as expensive as the main lake.  They have narrow inlets from the main lake that open out to create a smaller versions of the main lake.  They are more shallow than the main lake.  Lakewood Bay is used on the 4th of July for a water skiing exhibition.  The most expensive house currently for sale on a bay is priced at $2,775,000.  It has 4ooo square main-lake-3feet, with 4 bedrooms and 3 and 1 half baths.  The least expensive is priced at $1,395,000.  It has 3190 square feet, with 4 bedrooms and 3 full and 1 half baths.  One of the unique areas on the bays is the Cabanas.  These are homes that are built out over the water.  They have a very small front yard and no backyard.  Instead, they have decks that hang out over the water.  You could literally fish off of your back deck.  In addition, many have attached boat houses.  Just like you enter a garage from a home, these cabanas allow you to get into your boat right from your house.  It is an easy-care lifestyle for those who would rather go boating than mow a lawn.

Last are the houses on the Canals. There are 2 true canals and 1 that is more of an inlet.  The Main Canal was originally the creek that fed Oswego Lake from the Tualatin River.  The advantage to this canal is that while it has been deepend and excavated to allow boats, it is still a moving body of water.  It continues to be the route for the water than comes into Oswego Lake from the Tualatin River.  The other canal is Blue Heron.  Blue Heron is lovely, especially where it widens out just before it goes into the lake.  The canals have the most affordable waterfront houses.  The most expensive is currently $1,179,000.  It has 4800 blue-heronsquare feet, with 5 bedrooms and 3 full plus 1 half baths.  The least expensive is $599,000.  It needs quite a bit of work, but still strikes me as an incredible deal with 3458 square feet.  It has 3 bedrooms and 3 full baths.

Most of the lake is developed with single family homes, but there are Condominiums as well.  There are 3 condominium developments plus a short stretch of Northshore that is a collection of duplexes, four-plexes, and very small condo complexes.  All of these condominiums have some access to the lake, whether in the form of boat slips, docks, and grassy yards with picnic facilities, with the exception of the Lakewood Bay Condominiums and Lofts.  That development sits next to the lake, with great views, but does not actually own any waterfront.  The City owns the land between the condominiums and the lake and it is developed as a small waterfront park.  Pricing for one of the condos along the lake goes from a high of $699,850 for 985 square feet with 3 bedrooms and 1 full plus 1 half bath, to a low of $219,990 for a condo that has 852 square feet with 2 bedrooms and 1 bath.  The difference in pricing with these units has a lot to do with how well they can actually see the lake.  The expensive ones have full views and perhaps even a private boat slip.  The less expensive ones are going to be in the back of the complex with a peek-a-boo view, if any view at all.

main-canalI hope this helps you to get a sense of what pricing is like to live on Oswego Lake.  I’ve been around Lake Oswego for a very long time.  One of the things I see is that when people want to live on the lake, they often start out in a condominium or along a canal.  And then as they mature and their income increases, they move to get onto the main lake.  I also know of one couple who buys the run down houses and lives in them while they fix them up.  They have lived in many homes on the lake, and made a good deal of money too.

There are two more things I want you to keep in mind.  First, when you buy a house (not a condo) on the lake, you will have to pay a 1-time fee of $5000.  Second, remember that the sewer interceptor project is going to require that the water level be drawn down for a period of several months.  This is going to happen in the next couple of years.  For details, please go to one of our previous postings, Where did the Lake go?

So as the nice weather begins to make being out doors nicer and nicer, you may want to think about ways to enjoy Oswego Lake.  And one of those ways is to find a way to actually live on it.

Market Activity for April 6th to 12th, 2009

daffodils2It feels like the new listings are coming onto the market in a fairly consistent way with 15 to 20 new listings, not “refreshed” but actually new, each week.  Last week we saw 16 new listings.  There were 4 pending sales and 5 closed listings.  I keep waiting to see evidence of the spring market kicking in.  That would be reflected in an increase in both pending and closed sales.  So far, it remains a bit sluggish.   On the plus side, we have one pending sale at close to $1,000,000.  The remainder of the pending and closed sales continue to favor the more moderately priced homes.  I am also continuing to see that the cumulative days on the market continue to embrace both extremes.  It seems like houses that were over-priced, and that have gradually bitten the bullet to bring the price down to a point where price meets market demand, are selling with very long market times.  The other extreme are the new listings that are able to look at current market conditions, price realistically, and are selling in a very short period of time.

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

NEWLY LISTED (April 6—April 12, 2009)

Address List Price # Beds # Baths Tot. SF Prop Type List Date
Address List Price # BR # BTHS Total SF Prop Type List Date
4 TOUCHSTONE $93,000 2 2 979 CONDO 4/10/2009
3433 MCNARY PKWY $169,900 2 2 1,008 CONDO 4/8/2009
18055 CENTRAL AVE $299,000 2 2 1,202 DETACHD 4/10/2009
15256 BOONES WAY $339,900 2 2.1 1,600 ATTACHD 4/12/2009
1716 HALLINAN ST $369,500 3 3 1,916 DETACHD 4/10/2009
4105 DOUGLAS WAY $384,900 7 2.1 2,856 DETACHD 4/12/2009
54 AQUINAS ST $499,900 3 2.1 2,802 DETACHD 4/7/2009
6 NORTHVIEW CT $525,000 4 3.1 3,188 DETACHD 4/10/2009
73 TANGLEWOOD DR $539,000 4 3.1 3,576 DETACHD 4/9/2009
1025 C AVE $549,000 3 2 2,261 DETACHD 4/7/2009
2925 ORCHARD HILL PL $549,000 3 2.1 2,418 DETACHD 4/9/2009
4 DA VINCI ST $599,950 5 3 3,100 DETACHD 4/6/2009
13456 PROVINCIAL HILL WAY $639,900 3 2.1 2,771 DETACHD 4/6/2009
18402 ANDUIN TER $699,995 5 3.1 4,302 DETACHD 4/6/2009
18025 SKYLAND CIR $1,425,000 4 3.2 5,379 DETACHD 4/6/2009
616 CABANA LN $2,795,000 5 4 3,800 DETACHD 4/6/2009

PENDING SALES (April 6—April 12, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
PROP TYPE
DOM
Address List Price # BR # BTHS Total SF Prop Type CDOM
3190 DUNCAN DR $259,900 3 2.1 2,401 DETACHD 115
17079 CHERRY CREST AVE $430,000 3 2.1 3,002 DETACHD 154
615 LAKE BAY CT $599,000 3 3 2,542 DETACHD 323
716 MCVEY AVE $959,998 3 2 2,348 DETACHD 805

SOLD (April 6—April 12, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # BR # BTHS Total SF Prop Type CDOM
4640 LOWER DR $189,900 $115,000 2 1.1 1,170 CONDO 572
127 OSWEGO SMT $184,900 $179,595 2 2 1,212 CONDO 0
5063 FOOTHILLS DR $230,000 $225,000 2 2 991 CONDO 8
16 PARTRIDGE LN $418,900 $398,000 3 2.1 2,304 DETACHD 48
731 F AVE $939,000 $605,000 4 2.1 2,668 DETACHD 327

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.

Open House for Sunday, April 12th

Yes, it does say open house and not open houses.  It must be Easter Sunday because there is only one house being promoted for an open house this Sunday, in Lake Oswego, by the RMLS.  I hope everyone will go by and tell this Realtor that they are giving it a great effort by being there on Easter.  The property is at:

26 Westridge, $569,000, 2862 square feet, 4 BR, 3 BTHS, open noon-2:00

Happy Easter

Featured Neighborhood: Forest Highlands

mt-hoodTwo weeks ago I posted information about Tryon Creek State Park and mentioned that there are two neighborhoods in Lake Oswego with trail access into the Park. One is First Addition and the other is Forest Highlands. In our archives you’ll find a neighborhood profile for First Addition, and now you will also find this one for Forest Highlands.

Forest Highlands is located on the North side of Lake Oswego. It’s Southern boundary is Country Club Rd. It’s Western boundary is Boones Ferry Rd. It’s Northern boundary is the city limits, and it’s Eastern boundary is First Addition. It is 1.198 square miles in size.

The most striking characteristic of the neighborhood is that the houses are mostly situated on large lots. To put this into perspective, the average density of the population of Lake Oswego is 3410 people per square mile. In Forest Highlands it is 1353 people per square mile. Fewer people and fewer homes means that the area feels spacious: not at all like a subdivision. It feels like an area of fine estates. That is not to say that all of the houses are mansions.

red-fox-hills-signThere is, in fact, a beautiful condominium development in Forest Highlands, Red Fox Hills. The condominiums are all townhouse style: they are attached on the sides but do not have neighbors above or below. Amenities include expansive lawns and gardens as well as a pool and a recreation facility. Current pricing ranges from $226,000 for a 2 bedroom, bath and a half unit, to $399,000 for a 3 bedroom, 2 full bath unit. All units have garages.

For detached homes the range is much more broad. The least expensive house currently listed is $439,800. Built in 1973, it has 1812 square feet with 3 bedrooms and 2 baths. It’s on a cul-de-sac and the lot is .28 of an acre. The most expensive currently listed is $2,995,000. It was built in 2006 with 7582 square feet, 6 bedrooms and 5 and a half baths. It’s on 1.89 acres.

Besides large lots, another characteristic of the area is that many homes have Mt. Hood views. The entire neighborhood is located on a gentle slope that faces East. Not all houses have views, but a surprising number of them do.

Then I like the street names: Hideaway Ct, Tippecanoe Ct, Dapple Grey Ln, Pebble Beach Ct, Rockinghorse Ln. Who wouldn’t want to live on Hideaway Ct? Except for Livingood Lane over in the Palisades neighborhood, I think Tippecanoe Ct is my favorite street name in Lake Oswego.

tryon-creek-park-signAnd then there is that wonderful proximity to Tryon Creek Park. The entrance from Forest Highlands is at the turn about at the end of Boca Ratan Dr (right behind Red Fox Hills).

It’s just a very pretty area. As you know if you have been looking at real estate in Oregon, or if you live in Oregon, our land use laws have created fairly high-density housing in order to preserve more of our farms and forests. So when a client asks me to recommend homes with larger lots, lots as big as an acre, the first neighborhood that comes to my mind in Lake Oswego is Forest Highlands.

Market Activity Update – March 16 – 22, 2009

Lake Oswego saw 15 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days).  We had 8 go pending, and 9 that closed.

This is a great time to buy! (no smoke here : )  Rates are great, new & intriguing loan programs are popping up all over the place, and houses appear to be finally jiving with the “reality meter” for Buyers. 

Feel free to call or email anytime.  We love hearing from our local and out-of-state readers, and enjoy meeting you and getting you settled in Lake Oswego!

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

NEWLY LISTED (March 16—March 22, 2009)

Address List Price # Beds # Baths Tot. SF Prop Type List Date
100 KERR PKWY $132,500 2 1.1 823 CONDO 3/16/2009
15868 PARKER RD $187,500 2 1 780 DETACHD 3/17/2009
11 OSWEGO SMT $194,900 2 2 1,212 CONDO 3/16/2009
45 EAGLE CREST DR $210,000 2 2 1,046 CONDO 3/21/2009
12844 BOONES FERRY RD $257,000 2 2.1 1,398 CONDO 3/16/2009
2 SUMMIT RIDGE CT $354,900 2 2.1 1,750 ATTACHD 3/18/2009
5214 LOWER DR $459,900 4 2.1 2,904 DETACHD 3/19/2009
12735 Alto Park RD $495,000 3 2 1,685 DETACHD 3/20/2009
17860 Sundown CT $499,900 4 3.1 3,480 DETACHD 3/20/2009
1866 KILKENNY DR $511,100 4 3.1 3,600 DETACHD 3/19/2009
15535 VILLAGE DR $799,000 5 3 3,421 DETACHD 3/21/2009
17212 CHAPIN WAY $850,000 3 2.1 2,541 DETACHD 3/17/2009
2 GROUSE TER $989,000 4 3 4,446 DETACHD 3/17/2009
1149 LAKESHORE RD $1,295,000 4 2.1 2,606 DETACHD 3/20/2009
1005 COUNTRY CLUB RD $1,999,000 5 4 5,000 DETACHD 3/18/2009

PENDING SALES (March 16—March 22, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type List Date CDOM
4 TOUCHSTONE DR $137,500 3 2.1 1,351 CONDO 1/26/2009 52
15570 WALUGA DR $325,000 3 3 1,577 DETACHD 3/21/2009 265
16 PARTRIDGE LN $398,000 3 2.1 2,304 DETACHD 1/30/2009 48
1043 HALLINAN ST $399,900 4 2.1 2,484 DETACHD 9/3/2008 196
13222 DEERFIELD CT $649,000 4 2.1 3,022 DETACHD 1/22/2009 331
14133 AMBERWOOD CIR 750000 – 800000 4 2.1 3,200 DETACHD 6/12/2008 278
1667 VILLAGE PARK LN $899,900 6 3.1 4,743 DETACHD 2/18/2009 279
1961 SUMMIT DR $915,000 3 2.1 3,218 DETACHD 6/21/2008 268

SOLD (March 2—March 8, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address Orig Price Sale Price # Beds # Baths Tot. SF Prop Type List Date CDOM
6291 HARRINGTON AVE $249,900 $239,900 3 2 1,472 DETACHD 1/6/2009 10
4070 WESTBAY RD $350,000 $279,000 1 1 1,828 DETACHD 7/15/2008 0
17304 MARJORIE AVE $333,000 $317,125 3 1.1 1,340 DETACHD 2/3/2009 16
4 OTHELLO ST $434,900 $390,000 4 3 2,184 DETACHD 11/5/2008 111
1480 HEMLOCK ST $488,850 $410,000 4 3 2,246 DETACHD 3/24/2008 305
221 HIDALGO ST $419,500 $420,000 3 2.1 2,628 DETACHD 2/16/2009 13
178 PINE VALLEY RD $475,000 $455,000 5 3.1 2,999 DETACHD 2/12/2009 6
17454 CANAL (boat esmnt) CIR $789,900 $545,900 4 3 2,275 DETACHD 4/19/2008 261
1670 PINE ST $679,987 $579,900 4 3.1 3,286 DETACHD 11/5/2008 110

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.

Open Houses for Sunday, March 15th

According to the RMLS, there will be 21 houses held open in Lake Oswego this Sunday, including my listing at 4447 Golden Lane in Mt. Park.  It’s a very nice1600 square foot townhouse with 2 bedrooms and 2.5 baths.  I’ll be there from 2 to 5 pm.  I’d love to have you come by.

44 Eagle Crest Dr, $129,900, 798 sq. ft., 1 BR, 1 BTH, open 1-3

4447 Golden Ln, $264,900, 1600 sq. ft., 2 BR, 2.5 BTHS, open 2-5

5054 Foothills Dr, $278,500, 1312 sq. ft., 2 BR, 2 BTHS, open 1-3

1685 Mapleleaf Rd, $365,000, 1433 sq. ft., 3 BR, 2 BTHS, open 1-4

15 Masaryk St., $375,000-$399,000, 3680 sq. ft., 4 BR, 3 BTHS, open noon-3

5675 Childs Rd, $419,000, 1644 sq. ft., 2 BR, 2.5 BTHS, open 1-4

2838 Greentree Rd, $429,950, 1781 sq. ft., 4 BR, 2.5 BTHS, open 1-3

14431 Orchard Springs Rd, $439,900, 1960 sq. ft., 4 BR, 2.5 BTHS, open 2-4

41 Hillshire Dr, $499,000, 2670 sq. ft., 4 BR, 3 BTHS, open 1:30-3:30

8 Walking Woods Dr, $499,900, 3402 sq. ft., 4 BR, 3 BTHS, open 1-4

5807 Ridgetop Ct, $519,900, 2660 sq. ft., 5 BR, 2.5 BTHS, open 1-4

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

3254 Duncan Dr, $575,000, 3997 sq. ft., 4 BR, 3.5 BTHS, open 2-4

550 Middlecrest Rd, $749,900, 2240 sq. ft., 3 BR, 2.5 BTHS, open noon-2

15422 Boones Way, $879,000, 2586 sq. ft., 4 BR, 2.5 BTHS, open 1-5

18051 Kelok Rd, $899,000, 3670 sq. ft., 5 BR, 3.5 BTHS, open 11-1

3030 Westview Ct, $948,000, 3415 sq. ft., 4 BR, 2.5 BTHS, open 2:30-4

18106 Pilkington Rd, $1,095,000, 3575 sq. ft., 4 BR, 4.5 BTHS, open 11-1

17600 Upper Cherry Ln, $1,163,000, 3867 sq. ft., 4 BR, 3.5 BTHS, open 2-4

100 Girabaldi St, $1,199,000, 4669 sq. ft., 5 BR, 3 full + 2 half BTHS, open 1-4

785 7th St, $1, 290,000, 4043 sq. ft., 4 BR, 3.5 BTHS, open 1-4

Have a great weekend!

Market Activity Update – March 2nd – 8th, 2009

Lake Oswego saw 13 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days). There were actually 27 properties showing “new” on RMLS in Lake Oswego and as you can see, only 13 of them were truly new listings. We had 3 go pending, and 4 that closed.

There are all told, 300 residential properties for sale in Lake Owego on RMLS right now ranging from $76,500. to $19,500,000.

Now that we are into Daylight Savings Time, and are seeing the first hints that Spring is on the way, market activity typically begins to increase.  There are many reasons for this, but the beautiful flowering of trees and gardens we’ll see shortly, teasers of sunny stretches (that make us think it is Summer already!), and of course the perception of longer days are not to be underestimated… I call these “human factors”.  But then, all home buying and selling is based on human factors. Speaking of which…  Is there a change you have been wanting to make in your life through buying and/or selling a home?  If so, we would of course be happy to serve you in making your dreams a reality.  Feel free to call or email anytime…  We love hearing from our local and out-of-state readers, and enjoy meeting you and getting you settled in Lake Oswego!

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

NEWLY LISTED (March 2—March 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address List Price # Beds # Baths Tot. SF Prop Type List Date
44 EAGLE CREST DR $124,950 1 1 798 CONDO 3/4/2009
86 KINGSGATE RD $161,000 2 2 840 CONDO 3/2/2009
48 EAGLE CREST DR $208,000 2 2 1,489 CONDO 3/8/2009
197 OSWEGO SMT $264,197 2 2 1,383 CONDO 3/3/2009
605 Ash ST $279,900 3 2 1,528 DETACHD 3/4/2009
2001 BONNIEBRAE DR $299,000 3 2.1 1,819 ATTACHD 3/2/2009
1140 HALLINAN CT $339,895 3 2 1,875 DETACHD 3/8/2009
5785 SW CARMAN DR $364,800 3 1.1 1,934 DETACHD 3/4/2009
907 BULLOCK ST $369,950 4 2 2,020 DETACHD 3/4/2009
5675 CHILDS RD $419,000 2 2.1 1,644 DETACHD 3/5/2009
2838 GREENTREE RD $429,950 4 2.1 1,781 DETACHD 3/3/2009
550 MIDDLECREST RD $749,900 3 2.1 2,240 DETACHD 3/4/2009
100 3RD ST $2,495,000 3 3.1 3,600 DETACHD 3/2/2009

PENDING SALES (March 2—March 8, 2009)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
PROP TYPE
DOM
Address List Price # Beds # Baths Tot. SF Prop Type CDOM
5063 FOOTHILLS DR $230,000 2 2 991 CONDO 8
3190 DUNCAN DR $289,900 3 2.1 2,401 DETACHD 80
1265 ROCKINGHORSE LN $444,000 4 3 2,402 DETACHD 237

SOLD (March 2—March 8, 2009)

ADDRESS ORIG. PRICE SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address O/Price Close Price # Beds # Baths Tot. SF Prop Type CDOM
136 OSWEGO SMT $142,000 $140,000 1 1 764 CONDO 10
3433 MCNARY PARKWAY $189,900 $167,000 2 2.1 1,208 CONDO 105
95 KINGSGATE RD $325,000 $314,500 3 2.1 1,669 DETACHD 51
353 ASH ST $409,900 $409,000 3 3.1 2,765 DETACHD 96

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. CDOM stands for cumulative days on market, which includes any re-listing and measures from the initial listing date.

Market Activity Update – February 16 – 22, 2009

Lake Oswego saw 16 new properties hit the market last week (these are properties that are brand new on the market -or- have been off the market for a minimum of 30 days). We had 7 go pending, and 4 that closed.

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

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

NEWLY LISTED (February 16—February 22, 2009)

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

PENDING SALES (February 16—February 22, 2009)

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

SOLD (February 16—February 22, 2009)

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

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.

Market Activity for February 9-15, 2009

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

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

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

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

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

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

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.

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

Observations on Current Inventory

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

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

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

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

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

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

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

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

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

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

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