Tag: Oregon 1st

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News & Notes

thinkingA few tips from Linda:

* When pricing your home, please take all that your Realtor has shown you in the way of comps, and let yourself have some time to consider your options. There are various pricing strategies, but the most common one favored by Sellers is over-pricing. That is just a well-known fact to anyone in this business. It’s why, when a Realtor sells their own home, they usually ask for a reality-check from their peers : ) It’s natural, if you love your home, to believe it will fetch more than, perhaps, what your Realtor is telling you it will. It’s also natural, as the Seller, to be concerned about offers coming in below your “fair” price and therefore lowering that price… Much to your chagrin. I get it. I’ve sold my own homes too. BUT, I will tell you that, if you overprice your home, it will likely cost you money by:
– Sitting on the market too long, and giving the impression that “something must be wrong with this one”,
– Causing you to eventually have to lower the price anyway… probably lower than what you would have priced it at originally given these other factors, and the factor of time, and
– Keep Buyers away who are only searching in price ranges below your higher number.

* In a transaction where you are the Buyer, and “lender issues” are causing you to bump up uncomfortably close to your “on or before” closing date, your Realtor will most likely talk with you about writing up an addendum to “extend the closing date” to accommodate your lending timeline. You need to know though, that this is not a sure deal, and the Seller can say no. If your Seller says no, then you need to think seriously about terminating the transaction in writing before that date if you cannot “perform” (i.e., can’t get a loan).
– If your lending issues are related to you trying to get a better rate (as in… you qualified and would have closed on time, but you decided to try for a different loan package in the middle of the transaction), and your Seller does not agree to extend the date, you need to know that you may lose your Eanest Money. The contract states that you need to be able to secure a loan, so Buyers are generally protected if they can’t… BUT, not closing on time for this reason would not be related to that provision. You could secure a loan, but chose to try for a “better” one. Many Seller’s Agents will ask to see a statement from the Underwriter in these kinds of instances to check on just this kind of sticking point.
– If your loan problems are our of your hands, and you think you have good communication with the other parties, so decide not to bother creating an addendum extending the closing date (your lender could be slow, or you could really be having problems getting a loan), you could, again, potentially lose your Earnest Money, as the contract states “time is of the essence”, and in fact, that is a legal term that means that deadlines in the contract trump all other provisions. It has happened that a Buyer could not obtain a loan, had passed the closing date, and didn’t bother to get an extension addendum signed as they were still trying to make it happen & thought the Sellers were on the same page with them….. Later on, even though they really could not get funding, it was decided that the Sellers could keep the Earnest Money because there had been neither an addendum nor termination completed.

As always, Dianne and I are here for you, and would be happy to assist you in your home-buying or -selling adventure if you are not already working with another Realtor. We encourage you to listen to your Realtor. They are here to help you.
Enjoy the Oregon sunshine!

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Market Activity Jan 21-27, 2013

Last week in Lake Oswego we had 17 houses come onto the market, 18 houses receive accepted offers, and 9 closed sales.
Here are further details on last week’s Market Activity:

NEWLY LISTED (Jan 21-27, 2013)

Address Type Price BR Bths SF
18 Crestfield Ct Condo $105,000 2 1 923
245 Cervantes Condo $110,000 2 2 1265
16250 Pacific Hwy #79 Condo $125,000 1 1 859
5060 Foothills Dr Condo $239,000 2 2 1252
1287 Boca Ratan Dr Condo $275,000 3 2 1670
2256 Glenmorrie Dr Detached $325,000 3 2 1628
497 Livingood Ln Detached $390,000 3 2.5 2144
4917 Mulholland Dr Attached $420,000 2 2.5 2403
2709 Orchard Hill Pl Detached $440,000 3 2 2098
762 Maple St Detached $479,000 3 2.5 2417
2464 Marylhaven Pl Detached $539,000 4 2.5 2898
13536 Streamside Dr Detached $649,000 4 3.5 2857
17393 Grandview Ct Detached $659,900 4 3.5 3672
13315 Hidden Bay Ct Detached $700,000 5 2.5 3671
2860 Upper Dr Detached $768,950 5 3.5 3768
15150 Glen Eagles Ct Detached $799,900 3 2.5+.5 2839
17340 Cardinal Dr Detached $885,000 4 3 3417

PENDING SALES (Jan 21-27, 2013)

Address Type Price BR Baths SF DOM 66 Oswego Summit Condo $74,900 1 1 764 12 3958 Carman Dr Condo $134,900 2 2.5 1133 260 3285 Childs Rd Detached $207,100 4 3 2780 183 6462 Frost St Detached $309,900 3 2.5 2205 117 5675 Childs Rd Detached $359,900 2 2.5 1644 99 14598 Wilmot Way Detached $369,000 4 2.5 1960 10 979 Devon Ln Detached $385,000 3 3.5 2162 192 1645 Aspen St Detached $425,000 3 2.5 1916 5 13340 Auburn Ct Attached $432,900 3 2.5 601 13366 Auburn Ct Attached $434,000 3 2.5 2492 82 13080 Princeton Ct Detached $463,900 5 3 3661 180 2011 Ridgewood Ln Detached $480,000 5 3.5 3012 716 4673 Lakeview Blvd Detached $500,000 3 2 2061 5 3423 Lake Grove Ave Detached $612,750 4 3.5 4324 420 1420 Hoodview Ln Detached $745,000 4 3 3323 5 2618 Palisades Crest Detached $749,900 5 3.5+.5 5169 198 567 6th St Detached $825,000 4 3.5 2568 7 786 7th St Detached $879,000 3 3.5 2825 84

SOLD (Jan 21-27 2013)

Address Type List Price Closed Price Sq Ft CDOM
5195 Firwood Rd Detached $251,000 $251,000 $196,000 1886 246
1237 Hallinan Circle Detached $251,000 $269,900 $258,000 1284 4
4231 Woodside Circle Attached $298,500 $267,500 1943 174
4150 Upper Dr Detached $251,000 $329,000 $285,000 1738 27
6474 Frost St Detached $251,000 $347,500 $310,000 2216 110
36 Nova Ct Detached $251,000 $360,000 $352,500 2,256 20
4360 Upper Dr Detached $251,000 $415,000 $405,000 2434 20
15225 Candlewood Ct Detached $251,000 $469,900 $430,000 2758 239
18175 Pilkington Rd Detached $251,000 $574,900 $602,500 3164 13

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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Open Houses 1/27/12

There are 19 houses on this Sunday’s open house tour. Enjoy!

Address Type Price Bedroom Bath Open
245 Cervantes Attached $110,000 2 2 12 to 4
1659 Oak St Detached $379,500 3 2.5 1 to 3:30
2709 Orchard Hill Pl Detached $440,000 3 2 1 to 3
1429 Greentree Circle Detached $459,500 4 2.5 1 to 4
15655 Fieldstone Dr Detached $589,500 4 2.5 1 to 3
5533 Fieldstone Ct Detached $599,500 4 2.5 1 to 3
5028 Woodcrest Ln Lt 14 Detached $618,888 4 2.5 12 to 4
1921 Glenmorrie Ln Detached $624,000 3 3 1 to 4
1015 Middlecrest Rd Detached $669,900 3 2.5 1 to 3
13315 Hidden Bay Ct Detached $700,000 5 2.5 1 to 4
5501 Rachel Ln Detached $749,740 4 2.5+.5 1 to 3
831 Northshore Rd Detached $800,000 3 2.5 1 to 4
16805 Scott Ct Detached $892,000 4 3.5 2 to 4
329 10th St Detached $949,980 4 2.5 1 to 3
17469 Kelok Rd Detached $975,000 3 2.5 1 to 3
310 Iron Mountain Blvd Detached $1,100,000 4 2.5 1 to 4
13068 Knaus Rd Detached $1,450,000 5 3.5+.5+.5 2 to 4
112 Northshore Circle Detached $1,650,000 3 3.5 11 to 4
1015 Southshore Blvd Detached $638,500 4 3 2 to 4
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Moving to Oregon

migration_map_2012

United Van Lines, the nation’s largest household goods mover, has just come out with their annual study of migration within the United States. This study is not based on total moves. It is based upon percentages. They have been doing this study since 1977.

So what happened in 2012? Oregon is the leading state for in-migration in the country. The only part of the country with a greater percentage of moves into their area was the District of Columbia. Oregon made this list with 61% of Oregon-involved moves being people moving into the state and just 39% of moves from people moving out of the state. Here are the top 5:

1. District of Columbia
2. Oregon
3. Nevada
4. North Carolina
5. South Carolina

Michael Stoll, an economics professor at UCLA, sights factors such as lower housing costs, temperate climate, diversified economies, and high-tech clusters as reasons that people choose to move to the leading states.

My opinion? I think it can be attributed to Microbreweries, Food Carts, easy access to snow boarding, hiking, camping, the beach, and Oregon wine country. And then there is the cult-hit, Portlandia. Portland, and the Portland food scene, have been written up several times in the New York Times with glowing reviews. This is a wonderful place to live, and it’s getting discovered.

In this past year I have personally helped two families make the move to Portland from out of the state. In both cases, they did some research and chose Lake Oswego because of the schools.

I think all of this is good news for our real estate market. It’s pretty basic economics of supply and demand. High demand supports high property values, and after the recent recession it feels good to hear some encouraging news.

If you are considering a move to Oregon, take a look at Lake Oswego. I think you’ll like what you learn. And if you need a great Realtor to help you with the move, please give Linda or myself a call. We would love to hear from you.

Best regards,
Dianne

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Market Activity~Jan 14-20, 2013

Activity is good with 17 New on the market, 8 Pending and 10 Sold during the last 7-day period in Lake Oswego.

Here are further details on last week’s Market Activity:

NEWLY LISTED (Jan 14-20, 2013)

Address List Price # Beds # Baths Total SF Prop Type
26 CRESTFIELD CT $84,900 2 2 989 CONDO
1547 BOCA RATAN DR $188,950 2 1.1 1008 ATTACHD
885 MCVEY AVE $219,900 3 1 1292 DETACHD
14598 WILMOT WAY $369,000 4 2.1 1960 DETACHD
16901 LAKERIDGE DR $375,000 4 3 2080 DETACHD
13901 SUNDELEAF DR $379,900 4 3 1900 DETACHD
686 SUNNY HILL DR $499,900 4 2.1 2392 DETACHD
4673 Lakeview BLVD $500,000 3 2 2061 DETACHD
1021 YATES ST $500,000 3 2.1 1985 DETACHD
559 2ND ST #206 $570,000 2 2 1420 CONDO
19342 RIVERWOOD LN Lot 6W $579,900 4 2.1 2806 DETACHD
13059 AMBER PL $589,800 5 3 3240 DETACHD
18020 JENIFERS WAY $589,800 4 2.1 2966 DETACHD
1255 BAYBERRY RD $674,900 3 2 2140 DETACHD
96 GARIBALDI ST $769,900 3 3.1 4819 DETACHD
567 6TH ST $825,000 4 3.1 2568 DETACHD
18132 SIENA DR $1,089,000 4 3.1 3565 DETACHD

PENDING SALES (Jan 14-20, 2013)

Address List Price # Beds # Baths Total SF Prop Type CDOM
86 KINGSGATE RD E201 $96,300 2 2 938 CONDO 13
4071 JEFFERSON PKWY 102 $169,900 3 2.1 1228 CONDO 3
1041 HEMLOCK ST $299,900 4 3 2623 DETACHD 170
980 C AVE $415,000 3 2 1312 DETACHD 110
621 COUNTRY CLUB RD $449,900 4 2.1 3303 DETACHD 185
1172 TROON RD $559,000 4 3.1 2504 DETACHD 220
18096 Pilkington RD $599,900 3 2.1 3182 DETACHD 272
568 9TH ST $799,900 3 3.1 2825 DETACHD 759

SOLD (Jan 14-20 2013)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
36 AQUINAS ST $339,999 $305,000 3 2 1606 DETACHD 94
16747 BONAIRE AVE $349,900 $330,000 3 2 1610 DETACHD 86
1610 ASH ST $375,000 $365,400 3 2 2181 DETACHD 48
39 TANGLEWOOD DR $435,000 $417,000 4 3 3124 DETACHD 91
3838 RIVERS EDGE DR $525,000 $498,900 4 2.1 2806 DETACHD 57
444 10TH ST $549,000 $520,000 4 2 1876 DETACHD 88
2420 PALISADES CREST DR $699,500 $545,000 4 2.1 3471 DETACHD 188
5193 DENTON DR $635,000 $604,000 4 2.1 3076 DETACHD 114
543 2nd ST $699,000 $675,000 2 2 1816 CONDO 111
18137 MEADOWLARK LN $1,350,000 $1,150,000 4 4.1 5935 DETACHD 38

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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Open Houses ~ Jan 20, 2013

There is a whole lot of Buying activity in real estate this weekend, and there are 22 Open Houses in Lake Oswego Sunday! Perhaps one is “the one” for you:

Address L/Price # Beds # Baths Total SF Style Time
14598 WILMOT WAY $369,000 4 2.1 1960 DETACHD 1-4PM
1288 ROCKINGHORSE LN $382,500 3 2 1742 DETACHD 2-4PM
979 DEVON LN $385,000 3 3.1 2162 DETACHD 1-4PM
13005 PRINCETON CT $413,000 3 2.1 2294 DETACHD 1-4PM
15495 TANAGER DR $429,000 4 2.1 2255 DETACHD 1-3PM
136 D AVE $439,000 2 2.1 1754 DETACHD 12-1:30PM
600 MAPLE ST $445,500 3 2.1 2416 DETACHD 1-3PM
1429 GREENTREE CIR $459,500 4 2.1 2599 DETACHD 2-4PM
13080 PRINCETON CT $463,900 5 3 3661 DETACHD 12-3PM
4890 SAGE HEN CIR $499,900 4 2.1 2832 DETACHD 1-3PM
17802 TREETOP LN $529,000 4 3.1 3655 DETACHD 1-3PM
15655 FIELDSTONE DR $589,500 4 2.1 2750 DETACHD 12-2PM
2302 OVERLOOK DR $589,900 4 2.1 3125 DETACHD 1-3PM
5533 FIELDSTONE CT $599,500 4 2.1 3115 DETACHD 12-2PM
12424 ORCHARD HILL RD $599,950 3 3 2889 DETACHD 1-4PM
1131 DEVON LN $599,990 3 3.1 3179 DETACHD 1-3PM
1921 GLENMORRIE LN $624,000 3 3 2375 DETACHD 1-3PM
1015 SOUTHSHORE BLVD $638,500 4 3 3882 DETACHD 2-4PM
831 NORTHSHORE RD $800,000 3 2.1 2200 DETACHD 1-4PM
329 10TH ST $949,980 4 2.1 3647 DETACHD 1-3PM
17469 KELOK RD $975,000 3 2.1 2675 DETACHD 1-3PM
112 NORTHSHORE CIR $1,650,000 3 3.1 3632 DETACHD 11AM-4PM
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News & Notes

A few tips from Linda:

* Be cautious when looking into a “Lease Option” opportunity if one presents itself. For the Seller, it most always means that the bank can, at any time, call for all monies owing from you on the property per your mortgage’s “Due On Sale” clause, as you are technically transferring a form of ownership in an Option. I.e., you could be called upon to pay in full. Contrary to popular belief, setting up a Trust does not get you around the Due On Sale clause either. Best to consult with your Realtor, and/or attorney before embarking on an adventure like this : )
* Remember that all repairs agreed to in a transaction in the State of Oregon must be performed by a licensed, bonded contractor.
* Make sure to give your Lender plenty of time to “close” your transaction when writing your offer. Talk to your Realtor, and make sure to consult with your Lender to see about how long they need. Lately it is typically around 45 days, but each situation is different. Should you not meet your “on or before” closing date as per your Offer contract, the Seller could possibly accept another offer and keep your earnest money… just sayin’ : ) Now, most people will compromise and agree to an addendum extending the closing date, but you cannot guarantee that the Seller will agree to that… If they have, let’s say, received a better verbal offer than yours during the time it has taken to get from agreement to “not meeting” the closing date, they may just decide to opt to take that larger offer. Just a note of caution.

Let’s take a look at the recently released data on real estate for 2012.
Below is some information for you on the overall Portland area, as well as specific Lake Oswego/West Linn (RMLS lumps them together) activity:

According to the RMLS Market Action Report for the Portland Metro Area December, 2012. At 1,760, closed sales were 9.2% higher than December 2011 sales of 1,612. pending sales (or “Accepted Offers”) were down, however, with 1443 in December of 2011, and 1384 in December 2012… putting the market down by 4.1%.

  • 2012 racked up 32,300 new listings, 24,010 accepted offers, and 23,438 closed sales.
  • Compared to 2011, new listings are down 5.2%, pending sales are up by 16.2% overall, and closed sales are up 19.1%.
  • The average sale price in 2012 was $275,000, which is 4.4% higher than 2011’s $263,300.
  • ***AND… Total time on the market has dropped by 21.5% from 143 to 112 days.
  • The overall economic improvement and increase in volume has positively affected the numbers for total dollar volume which rose to $6.45 billion in 2012 from 2011’s $5.2 billion.
  • For our Property Blotter readers, the combined area of Lake Oswego and West Linn reported the following totals for 2012:
    • 2085 New Listings (68 in Dec’12)
    • 1389 Pending Sales (81 in Dec’12)
    • 1364 Closed Sales (108 in Dec’12)
    • An Average Sale Price of $434,800. ($512,100 in Dec’12!!)
    • Prices rose 1.5% in 2012 over 2011’s totals
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Market Activity Jan 7-13, 2013

As much as I love the holidays, I also love getting back at it with the new year. Yep, my phone is ringing!

Lake Oswego there were 7 new listings, 15 pending sales, and 8 closed sales.

Here are further details on last week’s Market Activity:

NEWLY LISTED (Jan 7-13, 2013)

Address Type Price BR Bths SF
66 Oswego Summit Condo $74,900 1 1 764
668 McVey Ave #35 Condo $156,500 1 1 656
980 C Ave Detached $415,000 3 2 1312
607 Ash St Detached $550,000 3 2.5 2200
4033 Westbay Rd Detached $1,195,000 4 3.5 3691
13400 Fielding Detached $1,600,000 3 1.5 3189
448 Country Club Rd Detached $1,795,000 4 3.5 4873

PENDING SALES (Jan 7-13, 2013 2012)

Address Type Price BR Baths SF DOM
55 Oswego Summit Condo $64,000 1 1 721 246
620 Middlecrest Rd Detached $249,000 2 1 884 20
5099 Galen St Detached $249,000 4 2.5 2246 109
232 Greenridge Dr Attached $257,000 3 2 1492 125
16909 Tracy Ave Detached $279,950 4 2 1499 88
6438 Frost St Detached $319,900 3 2.5 2205 3
3545 Upper Dr Detached $334,000 3 2 1350 101
1572 Highland Dr Detached $334,500 3 2 1950 6
18275 Pilkington Rd Detached $349,423 3 2 2088 9
5675 Childs Rd Detached $369,900 2 2.5 1644 87
2390 Greentree Rd Detached $429,000 3 2.5 2380 6
1231 Bayberry Rd Detached $439,000 3 2 1980 17
17702 Overlook Circle Detached $465,900 5 2.5 3490 32
539 2nd St #108 Condo $469,000 2 2 1339 27
18175 Pilkington Rd Detached $574,900 4 3.5 3164 13

SOLD (Jan 7-13, 2013)

Address Type List Price Closed Price Sq Ft CDOM
34 Cervantes Cir 4-F Condo $119,500 $110,000 912 21
5225 Jean Rd #314 Attached $159,900 $155,000 1500 139
44 Greenridge Ct Attached $209,900 $194,000 1996 407
668 McVey #72 Condo $279,500 $250,000 1184 76
18892 Indian Springs Cir Detached $329,000 $278,250 1611 129
17970 Saint Clair Dr Detached $467,950 $460,000 2,549 157
1 Dover Way Detached $799,000 $775,000 3559 32
8 Dover Way Detached $975,000 $950,000 6244 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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Open Houses for 1/13/13

Tomorrow will be cold, but clear. A great day to see some houses. There are 18 scheduled on the RMLS Open House Tour. Have a great weekend!

Address Type Price BR Baths Open
47 Eagle Crest Dr #42 Condo $104,500 2 1 1 to 3
4263 Harvey Way Detached $349,000 3 2 1 to 4
1670 Fircrest Dr Detached $425,000 4 3 1 to 3
1429 Greentree Circle Detached $459,500 4 2.5 2 to 4
17802 Treetop Ln Detached $529,000 4 3.5 1 to 3
15655 Fieldstone Dr Detached $589,500 4 2.5 1 to 3
5533 Fieldstone Ct Detached $599,500 4 2.5 1 to 3
18096 Pilkington Rd Detached $599,900 3 2.5 1 to 3:30
12424 Orchard Hill Rd Detached $599,950 3 3 1 to 4
1015 Southshore Blvd Detached $638,500 4 3 2 to 4
4102 Chad Dr Detached $672,000 4 2.5 1 to 4
831 Northshore Rd Detached $800,000 3 2.5 1 to 4
16805 Scott Ct Detached $892,000 4 3.5 2 to 4
329 10th St Detached $949,980 4 2.5 1 to 3
2070 Wembly Park Rd Detached $998,000 5 4.5 1 to 3
1217 Lake Front Rd Detached $1,195,000 3 2.5 2 to 4
112 Northshore Cir Detached $1,650,000 3 3.5 11 to 4
5501 Rachel Ln Detached $749,800 4 2.5+.5 1 to 3