I was reading an article recently regarding the $8,000. tax credit for first time home buyers, and the writer expressed shock at how many people are completely unaware of it. I have noticed in my own practice recently that the larger PR machine has evidently not been doing a very good job at educating the public, as some of my clients reveal innocence on this subject as well when they discuss their leisurely plans to purchase “sometime in January of next year” etc. (the tax credit is only applicable if the home purchase is completed before December 1st of this year.) I also have heard more & more folks lately talking about attending “First Time Home Buyer Classes” presented usually by Realtors and Mortgage Brokers as a service to the public.
It seems to me that there is a real need for information out there right now. I thought I’d give a little primer below on at least the basics of what to expect during your first home-buying experience. Hope you find it helpful!
(Note: The sequence below does not apply to each and every transaction as each is individual and scenarios/time lines obviously vary. Your Realtor will be doing many more things behind the scenes than I indicate below as well, but I am sticking to outlining YOUR experience and how you can expect that to unfold… generally speaking.)
Retain services of a mortgage professional (lender) to give you best options for financing, and have an approval letter ready for you when you make an offer. Discuss “closing costs” with your mortgage professional, and review the “good faith estimate” that they will provide to you. (If you have a relationship with a Realtor first, ask them to recommend good resources for you.)
Work with your Realtor to find the home that meets your needs.
Work with your Realtor to determine appropriate offer & details/then write it up.
Realtor submits offer to Seller along with approval letter from lender and earnest money check. Note: The EM check is to show good faith, and is applied to the sale should your offer be accepted and proceed to close. Talk with your Realtor about what amount will put your best foot forward. (*Sometimes Promissory Notes may be used, and/but I highly recommend using an EM check to be taken most seriously.
Receive response/acceptance/counter from Seller in time frame you specified on the offer (in a normal transaction you typically ask for response within 24 hours, but if it is a “short sale”, the process of hearing back that you are indeed accepted by all parties concerned can take months.)
Upon mutual acceptance (usually within 1-3 days), schedule an inspection ASAP (you have 10 business days to conduct inspections & may back out if concerns arise during this time). Your Realtor will help you with this- Ask him or her for good resources to guide you through the process of inspecting the home. Prices vary, but a 2000 square foot house will often run around $400. more or less, and size as well as other factors come into play in the cost of an inspection.
Upon mutual acceptance, your earnest money check is sent to the Escrow Office, and held by them on your behalf until closing, or until nullification of the offer if this occurs within your inspection period.
Realtor writes and negotiates any Inspection Addendum items during this period according to your wishes (you will work with your Realtor to discuss and determine any give and take in the negotiation process that may occur. Your Realtor will offer you information and give professional advice, negotiating on your behalf and with your permission. You are in the driver’s seat, and you make the final decisions albeit under good counsel.
Upon mutual acceptance & reaching the end of your inspection period, your Realtor notifies the lender who orders the appraisal.
Your Realtor continues to work with the lender as the lending process moves forward. As long as the appraisal comes back at or above sale/offer price, you will proceed to closing through the underwriting process of the lender. Should the property not appraise for at least the sale amount, the lender will bring this to your attention and there will be some decisions for you to make around the sale price and your desire for the home (you are not required to pay any monies over and above the appraisal amount, and lenders will not lend more than the appraised value generally speaking.)
You may be requested by the underwriter to provide additional information on a case by case basis. Your Realtor will work with you and help in any way possible and appropriate to facilitate the flow of information required from you, but you are in the driver’s seat as far as responsibility to provide the necessary information to the lender.
When all underwriter/lender requirements have been met, the file is signed off by the underwriter, and passed to Escrow. The whole lender process usually takes around 3-4 weeks.
Escrow processes all paperwork, title insurance, and all distribution of funds between you and the seller as per the contract provisions agreed upon between you and the Seller. Documents are drafted, and a “signing date/time” is scheduled. (“Signing” is not the same as “Closing”.)
Your Realtor will often attend your signing with you to help with any questions that arise, and to offer moral support. (Frankly, I just love being a part of the exciting culmination of the home buying adventure!)
Escrow will then send signed documents back to the lender, and to the county. The transaction will then “close” or “fund & record” in 1-2 days after signing, at which time you will receive a call that you are a homeowner!
Your Realtor will usually meet you at your new home and deliver you the keys. (More fun!)
The whole process from offer to close usually takes around 30 days… sometimes 40-45. It can take a little longer depending on the lender, and sometimes it takes less time than that. You and your Realtor will assign a “no later than” date on your offer in conjunction with talking to the lender about their current load & closing time line. All parties are then obligated to “perform” within that time frame, or draft an addendum extending the closing date if that proves necessary and IF all parties agree to do it. (Because there always exists the possibility that one party may not agree to sign an extension addendum, and the contract specifically states “on or before” a particular date, the closing date is a binding contractual agreement and should be taken very seriously. As a buyer, your earnest money is at stake if you should not “perform” to contact terms.)
The above may be missing some pieces of the puzzle as each transaction is different, and various issues can arise during the process, but hopefully this give you a basic idea of how it will go!
Lots of houses continue to come onto the market, as is typical in the spring. Even with the holiday weekend there were 25 new listings in Lake Oswego. We also saw 21 houses receive offers and go pending and 2 closed sales.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (May 18—May 24, 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
100 KERR PKWY
$94,900
1
1
617
CONDO
5/21/2009
45 EAGLE CREST DR
$139,900
1
1
768
CONDO
5/20/2009
86 KINGSGATE RD
$149,900
2
2
849
CONDO
5/20/2009
276 CERVANTES
$183,000
3
2
1,209
CONDO
5/21/2009
235 CERVANTES
$188,000
2
2
1,100
CONDO
5/21/2009
16250 PACIFIC HWY
$220,000
1
1
841
CONDO
5/19/2009
16428 SW BONAIRE AVE
$269,950
3
1
1,240
DETACHD
5/19/2009
16250 PACIFIC HWY
$274,500
2
2
1,305
CONDO
5/19/2009
4 WHEATHERSTONE
$334,950
3
2.1
1,692
CONDO
5/18/2009
6321 ALYSSA TER
$339,000
3
2.1
1,582
ATTACHD
5/18/2009
14141 GOODALL RD
$389,900
3
2.1
1,907
DETACHD
5/22/2009
19221 REDWING CT
$397,500
3
2
1,374
DETACHD
5/22/2009
147 6TH ST
$425,000
3
1
1,584
DETACHD
5/18/2009
668 MCVEY AVE
425000 – 450000
3
1.1
992
CONDO
5/20/2009
16950 LAKERIDGE DR
$479,000
4
2.1
2,305
DETACHD
5/23/2009
4938 MULHOLLAND DR
$529,900
3
2.1
2,498
ATTACHD
5/19/2009
4959 BILFORD LN
$547,500
3
2.1
2,456
DETACHD
5/19/2009
475 COUNTRY CLUB CT
$549,000
3
2.1
1,705
DETACHD
5/18/2009
5400 BAY CREEK DR
$550,000
4
2.1
2,856
DETACHD
5/22/2009
686 SUNNY HILL DR
$569,500
4
2.1
2,300
DETACHD
5/21/2009
4305 UPPER DR
$749,000
4
2.1
3,474
DETACHD
5/20/2009
1755 SOUTHSHORE BLVD
$949,000
5
3.1
4,757
DETACHD
5/21/2009
943 SW ATWATER RD
$975,000
4
2.1
3,874
DETACHD
5/21/2009
14480 KRUSE OAKS BLVD
$1,149,000
4
3.1
4,661
DETACHD
5/18/2009
18042 SKYLAND CIR
$1,499,000
4
3
4,800
DETACHD
5/22/2009
PENDING SALES (May 18-May 24, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
45 EAGLE CREST DR
$134,900
2
1.1
1,056
CONDO
6
4000 CARMAN DR
$149,900
2
2
925
CONDO
699
4000 CARMAN DR
$179,900
2
2
1,100
CONDO
72
1602 BONNIEBRAE DR
224900 – 254876
2
1
864
ATTACHD
256
103 KINGSGATE RD
$299,900
3
2.1
1,352
DETACHD
56
18543 LONGFELLOW AVE
$305,000
3
1.1
1,279
DETACHD
97
5918 SEVILLE AVE
$315,000
4
2
1,752
DETACHD
14
45 TANGLEWOOD DR
$345,000
5
3.1
3,166
DETACHD
71
15 MASARYK ST
$349,900
3
3
3,680
DETACHD
131
111 3RD ST
$399,900
2
2
1,206
CONDO
276
815 10TH ST
$399,950
3
2
2,190
DETACHD
298
606 2ND ST
$420,000
4
3
3,022
DETACHD
34
17825 SARAH HILL LN
$464,900
4
2.1
2,525
DETACHD
5
2 PIMLICO TER
$479,900
4
2.1
2,301
DETACHD
21
14412 MEADOW GRASS ST
$500,000
4
2.1
3,563
DETACHD
364
5026 HARTFORD PL
$524,900
5
2.1
3,253
DETACHD
319
17445 LAKE HAVEN DR
$539,900
4
3
2,949
DETACHD
9
1245 BAYBERRY RD
$559,000
3
2
1,728
DETACHD
342
5590 KODERRA AVE
$599,900
4
2.1
3,072
DETACHD
10
5322 Langford LN
$759,000
4
2.1
3,218
DETACHD
178
17970 ROYCE WAY
$995,000
4
4.2
5,226
DETACHD
285
SOLD (May 11-May 17, 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
4724 SW FIRWOOD RD
$299,900
$279,900
3
1.1
1,240
DETACHD
296
13805 REGENCY CT
$419,000
$373,000
4
2.1
2,045
DETACHD
29
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.
This last week Lake Oswego saw 23 new properties placed on the market, Pending sales at 12 and 4 Sold/closed. We’re still seeing buyers out for all price ranges, and the trend continuing of newer listings selling as well as homes that have been on the market for extended periods… it is one or the other it seems!
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (May 11—May 17, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
45 EAGLE CREST DR
$134,900
2
1.1
1,056
CONDO
5/14/2009
3433 MCNARY PKWY
$157,500
2
2.1
1,208
CONDO
5/11/2009
86 KINGSGATE RD
$159,900
2
2
924
CONDO
5/11/2009
45 EAGLE CREST DR
$259,900
3
2
1,348
CONDO
5/13/2009
222 CERVANTES
$259,990
3
1.1
1,464
CONDO
5/15/2009
16850 CORTEZ CT
$285,000
4
1.1
1,232
DETACHD
5/12/2009
16501 LAKE FOREST BLVD
$319,900
3
1
1,429
DETACHD
5/13/2009
13024 ROGERS RD
$389,900
4
1
1,826
DETACHD
5/15/2009
12519 27TH PL
$399,000
3
2.1
1,975
DETACHD
5/11/2009
4181 COBB WAY
$429,900
4
3
2,248
DETACHD
5/14/2009
17825 SARAH HILL LN
$464,900
4
2.1
2,525
DETACHD
5/15/2009
14 TANGLEWOOD DR
$499,999
5
3
3,384
DETACHD
5/14/2009
2062 CEDAR CT
$525,000
3
1
1,800
DETACHD
5/15/2009
17445 LAKE HAVEN DR
$539,900
4
3
2,949
DETACHD
5/11/2009
4040 VIRGINIA WAY
$595,000
4
2.1
2,484
DETACHD
5/11/2009
18490 RAY RIDGE DR
$679,900
4
3
3,426
DETACHD
5/15/2009
17455 BLUE HERON RD
$850,000
3
2
2,572
DETACHD
5/13/2009
3967 CANAL RD
$1,150,000
4
4
3,800
DETACHD
5/12/2009
2625 SUMMIT DR
$1,337,500
4
3.1
4,212
DETACHD
5/11/2009
624 ATWATER RD
$1,438,000
5
3.1
4,465
DETACHD
5/11/2009
18977 BARTON RD
$1,695,000
4
3.1
4,648
DETACHD
5/15/2009
397 FURNACE ST
$1,850,000
3
2.1
2,864
DETACHD
5/13/2009
13701 GOODALL RD
$2,475,000
4
4.1
6,028
DETACHD
5/14/2009
PENDING SALES (May 11-May 17, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
CDOM
1897 BOCA RATAN DR
$237,100
3
2.1
1,739
ATTACHD
4/13/2009
33
5101 JEAN RD
$242,000
3
1
1,012
DETACHD
1/22/2009
233
200 Burnham RD
$264,850
2
2
1,313
CONDO
6/30/2007
682
1615 HALLINAN ST
$279,000
3
1.1
1,500
DETACHD
2/17/2009
86
1107 CEDAR ST
$324,999
4
3
2,485
DETACHD
5/11/2009
4
18307 LONGFELLOW AVE
$329,900
3
2
1,457
DETACHD
5/7/2009
262
18929 TERRY AVE
$356,950
4
2
2,065
DETACHD
3/30/2009
44
2317 STONEHURST CT
$749,900
4
2.1
4,455
DETACHD
5/1/2009
374
13874 TAYLORS CREST LN
$750,000
4
2.1
3,701
DETACHD
5/11/2009
3
5513 RACHEL LN
$799,999
4
2.1
3,149
DETACHD
4/16/2009
435
18224 Bella Terra DR
$1,294,000
4
4
4,050
DETACHD
4/11/2008
397
SOLD (May 11-May 17, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
List Date
CDOM
4 TOUCHSTONE
$93,000
$86,000
2
2
979
CONDO
4/10/2009
10
5235 OAKRIDGE RD
$324,900
$290,000
3
2.1
1,576
DETACHD
11/18/2008
129
5441 DENTON DR
$599,000
$599,000
3
2.1
3,331
DETACHD
1/26/2009
242
17706 MARYLBROOK DR
$685,000
$623,500
3
2.2
3,039
DETACHD
12/14/2008
392
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.
There is such a panoply of amenities in Lake Oswego that Dianne and I have been talking about incorporating profiles of local favorites from time to time. I thought I’d begin with a very special person who I would be lost without… my local “dog-whisperer”, Valerie Pulley.
Ever notice that periodically certain topics tend to pop up any time you turn on the television or are in conversations with different groups of people? Lately it seems it has been the subject of pets, and dogs in particular. We all know what a Portuguese Water Dog is now, thanks to “Beau” at the White House. I know our own friend & blogging cohort, Ron Ares, wrote a post most recently about his own dog, Nyree (left), adopted by the Ares family to save her from becoming a casualty of foreclosure. I’ve seen pieces on local and national news about the amazing number of dogs that have been abandoned or taken to shelters as fallout from the current economy, and it is heartbreaking to consider.
Recently, a friend of mine who has been experiencing the stress of the economy herself, told me a story that made me race out the door, camera and notepad in hand. My friend’s dog was badly in need of grooming, being a breed that really needs some professional upkeep. It had been awhile, and though she felt horrible about it, she just didn’t have the funds to spare. We both frequent the same wonderful dog groomer, Valerie Pulley, and she told me that Valerie was so concerned about her pooch that she called & asked my friend to please just come in and consider it her gift. Valerie knew the dog needed her attention, and decided that this was the most important thing. Well… word about special people like Valerie spreads quickly in a community like Lake Oswego, and while I don’t want to encourage others to solicit favors : ) I DO want folks to know about her, and others like her, and so a few words about this exceptional person:
Valerie has been a professional dog groomer since 1994 when she completed her schooling in Phoenix. Her mother was a dog breeder, and Valerie’s plan in the beginning was simply to assist her mother. It didn’t take her long to realize that she had a special talent, and wanted to make this her career. Valerie just loves dogs, and they tend to sense it. Her own Staffordshire Terrier, Fedore, is her pride & joy, I’ve been taking my crazy black Standard Schnauzer, Kato (right) , to Valerie for years, and she is the only one who can calm him down enough to let his toenails be clipped. Turns out others have noticed this talent as well, and dog owners from far and wide bring their “hard to handle” pets to Valerie for tender loving care. Valerie mentions that “Some dogs have been kicked out of every grooming salon in Portland for biting, scratching, and generally squirming and freaking out. They bring them to me because I am the only one they’ve found to be able to handle them.” I ask her why she thinks this is, and she says “I’m just not afraid of them, and I care about them.” She has been working in the Lake Oswego area for around 12 years now, spending some of her career at the Lake Oswego Dog Shoppe, and now is working for Groomingdales in Tualatin on Nyberg Rd., just about five minutes from my house & a toe over the Lake Oswego borderline. A customer notices that I am interviewing Valerie and volunteers “I come here all the way from Sherwood. They’re so nice & so good I wouldn’t go anywhere else.” For my part, I’ll go anywhere Valerie is… and Kato is very grateful.
There were quite a few new listings last week: 27 in all. That is not counting the 14 that I found to be “refreshed”. In other words the listing was pulled and then put in again to look new in the data base. We had a fairly good number of houses that went pending: 14 total. And then there was just one closed sale. While the market is certainly starting to pick up, it is still off of the pace of the spring market in 2007 and 2008. I was also glad to see the pending sale in Cheryl Ct. There is so much high-end inventory that every single sale that happens is important.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (
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
45 EAGLE CREST DR
$168,950
2
2
1,056
CONDO
5/4/2009
200 BURNHAM RD
$204,900
1
1
943
CONDO
5/4/2009
19138 PILKINGTON RD
$275,000
3
1.1
1,099
DETACHD
5/4/2009
4214 WOODSIDE CIR
$309,900
3
2.1
1,841
ATTACHD
5/8/2009
5918 SEVILLE AVE
$315,000
4
2
1,752
DETACHD
5/9/2009
3269 PHYLLIS CT
$379,900
3
1.2
1,818
DETACHD
5/4/2009
534 2ND ST
$399,000
2
2.1
1,394
CONDO
5/7/2009
5523 ROYAL OAKS DR
$475,000
2
2
1,817
DETACHD
5/5/2009
18042 JENIFERS WAY
514900
3
2.1
2,559
DETACHD
5/8/2009
5502 KODERRA AVE
539900
4
2.1
3,058
DETACHD
5/8/2009
5948 BAY POINT DR
539950
4
2.1
2,421
DETACHD
5/6/2009
5525 RACHEL LN
542900
3
2.1
2,375
DETACHD
5/8/2009
17997 BRAEDEN CT
544900
3
2.1
2,142
DETACHD
5/8/2009
18020 JENIFERS WAY
546900
4
2.1
3,086
DETACHD
5/8/2009
17985 BRAEDEN CT
554900
3
2.1
2,559
DETACHD
5/8/2009
3061 WESTVIEW CT
560000
4
3
3,396
DETACHD
5/5/2009
5568 KODERRA AVE
566900
4
2.1
2,997
DETACHD
5/8/2009
16920 GREENTREE AVE
579000
4
2.1
2,830
DETACHD
5/10/2009
952 A AVE
599000
3
2
2,912
DETACHD
5/4/2009
5590 KODERRA AVE
599900
4
2.1
3,072
DETACHD
5/8/2009
11 CELLINI CT
599950
5
3
3,392
DETACHD
5/8/2009
2110 GREENTREE RD
879000
4
3.1
2,852
DETACHD
5/6/2009
2044 RIDGEWOOD RD
895500
4
2
2,466
DETACHD
5/8/2009
1224 TYNDALL CT
965000
5
3.1
4,157
DETACHD
5/6/2009
589 7TH ST
979000
4
3.1
4,382
DETACHD
5/9/2009
18026 SKYLAND CIR
1475000
5
3.1
4,134
DETACHD
5/9/2009
1835 PALISADES TERRACE DR
1899500
4
3
3,380
DETACHD
5/5/2009
PENDING SALES (May 4-May 10, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
44 EAGLE CREST DR
$124,950
1
1
798
CONDO
63
4 TOUCHSTONE
$134,900
3
2.1
1,350
CONDO
138
83 OSWEGO SMT
$179,000
2
2
1,140
CONDO
280
5831 SEVILLE AVE
$199,900
4
1
1,320
DETACHD
253
668 MCVEY AVE
$218,000
3
1.1
1,184
CONDO
61
1897 BOCA RATAN DR
$237,100
3
2.1
1,739
ATTACHD
24
925 IRON MOUNTAIN BLVD
$269,900
3
2
2,070
DETACHD
639
1716 HALLINAN ST
$369,500
3
3
1,916
DETACHD
28
108 RIDGEWAY RD
379000
3
1
1,468
DETACHD
493
1462 Worthington ST
424000
4
3
1,800
DETACHD
60
4070 WESTBAY RD
449996
3
2
1,828
DETACHD
6
17102 CAMPUS WAY
475000
4
3
2,621
DETACHD
56
1065 LUND ST
799000
5
3.1
4,584
DETACHD
78
1937 CHERYL CT
1225000
4
3.1
5,065
DETACHD
273
SOLD (May 4-May 10, 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
1961 SUMMIT DR
$1,180,000
$825,000
3
2.1
3,218
DETACHD
268
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.
We’re seeing activity at all phases and in all price ranges. Take a look at the spread- New listings, Pending sales, and Sold properties are coming in well represented from the lower to the higher ends of the price spectrum, and more higher-end homes are coming on the market. What we want to see is that “Sold” number start to climb, and this week we are at 8 of them, with 15 in Pending status, and 17 New properties coming on the market.
We’re also seeing that same trend continuing of properties achieving Pending status after only a week to 2 months, while the remainder of them are properties that have been on the market for 200 & 300+ days. Dianne and I both believe this is a “priced-right” signal, in that newer listings are priced to market demand, and more seasoned listings are finally at prices that meet the buyer where the buyer is comfortable.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (April 27—May 3, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
4000 CARMAN DR
$149,500
2
2
935
CONDO
4/28/2009
5051 FOOTHILLS DR
$209,900
2
2
991
CONDO
4/30/2009
4325 COUNTRY WOODS CT
$334,900
3
2
1,346
DETACHD
4/27/2009
1858 SOUTHSHORE BLVD
$449,900
4
2
1,762
DETACHD
4/27/2009
4070 WESTBAY RD
$449,996
3
2
1,828
DETACHD
5/1/2009
2 PIMLICO TER
$479,900
4
2.1
2,301
DETACHD
4/27/2009
17144 Warren CT
$529,000
4
2.1
2,725
DETACHD
4/27/2009
13500 TWIN CREEK LN
$572,500
4
2.1
3,049
DETACHD
5/2/2009
4076 Orchard DR
$719,000
4
3.1
3,991
DETACHD
4/30/2009
1785 PALISADES TERRACE DR
$960,000
5
4.1
5,052
DETACHD
5/1/2009
17814 MARYLCREEK DR
$985,000
4
3.1
4,307
DETACHD
5/1/2009
3940 Canal RD
$999,900
4
3.1
3,922
DETACHD
5/3/2009
900 FAIRWAY RD
$1,094,000
4
3.1
3,508
DETACHD
4/28/2009
2778 GLENMORRIE DR
$1,750,000
5
4.3
6,263
DETACHD
5/3/2009
3917 SOUTHSHORE BLVD
$2,390,000
3
4.1
3,975
DETACHD
5/1/2009
1719 LAKE FRONT RD
$3,888,850
4
5.1
5,251
DETACHD
5/3/2009
1901 PALISADES TERRACE DR
$5,950,000
5
4.1
7,284
DETACHD
4/27/2009
PENDING SALES (April 27-May 3, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
List Date
CDOM
4000 CARMAN DR
$144,000
2
2
932
CONDO
4/19/2009
8
16446 INVERURIE RD
$259,900
3
1
2,100
DETACHD
1/21/2009
303
15450 SW KIMBALL CT
$260,000
4
1.1
1,104
DETACHD
10/4/2008
208
4724 SW FIRWOOD RD
$279,900
3
1.1
1,240
DETACHD
7/7/2008
296
2130 WEMBLEY PARK RD
$299,900
3
1.1
1,544
DETACHD
1/14/2009
280
6025 KENNY ST
$299,900
3
1.1
1,258
DETACHD
4/16/2009
11
605 COUNTRY CLUB RD
$399,900
4
2.1
3,422
DETACHD
3/28/2009
163
2 OTHELLO ST
$405,000
4
3
2,265
DETACHD
11/18/2008
166
2957 GLEN EAGLES RD
$429,900
4
3
3,288
DETACHD
2/3/2009
87
54 AQUINAS ST
$499,900
3
2.1
2,802
DETACHD
4/7/2009
25
569 6TH ST
$550,000
4
2
2,168
DETACHD
4/22/2009
359
5868 SUNCREEK DR
$659,000
4
2.1
3,174
DETACHD
2/23/2009
68
5392 SOUTHWOOD DR
$774,900
5
3
3,871
DETACHD
4/15/2009
14
3515 UPPER DR
$1,098,000
4
3.1
4,061
DETACHD
3/27/2009
275
18253 Siena DR
$1,197,950
5
4
4,281
DETACHD
4/11/2008
382
SOLD (April 27-May 3, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
# Baths
Total SF
Prop Type
List Date
CDOM
47 EAGLE CREST DR
$139,900
$130,000
2
1
947
CONDO
1/30/2009
56
3844 BOTTICELLI ST
$219,900
$219,373
2
2
1,132
CONDO
3/31/2009
5
17079 CHERRY CREST AVE
$430,000
$390,000
3
2.1
3,002
DETACHD
11/3/2008
154
1009 CUMBERLAND PL
$525,000
$395,000
4
3
2,294
DETACHD
11/12/2008
332
4676 WINTHROP CT
$639,900
$525,000
4
2.1
3,112
DETACHD
11/18/2008
172
5772 BAY CREEK DR
$599,000
$543,000
4
3
3,242
DETACHD
2/5/2009
58
14133 AMBERWOOD CIR
$850,000
$740,000
4
2.1
3,200
DETACHD
6/12/2008
278
18475 CRESTLINE DR
$1,548,500
$1,420,000
4
4.1
4,660
DETACHD
10/27/2008
148
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.
When looking for a new home and desiring easy care and potential community amenities such as pool, larger grounds, meeting space etc (without the responsibility of upkeep), most people will consider either a condo or a town home. Most also aren’t necessarily familiar with several relative factors important to the selection process, so I thought I’d highlight just a few for you here.
First of all, there is a difference between a condo and a town home ~
Let’s start with condos: A condo (condominium) is a kind of home ownership wherein the purchaser owns the air space inside the unit and joint interest in the common areas, typically the grounds, parking lot, any structures and amenities such as swimming pool, meeting rooms etc. Condo owners belong to an HOA (homeowners association) and pay dues for common expenses such as insurance and maintenance of common areas.
Townhomes are what we call “attached” homes, considered not free-standing and usually containing two or more stories. A purchaser owns the structure and the land on which it sits, and like a condo, generally joint interest in the common areas . Often with town homes you will have a small backyard or patio area which is in excess of what many condos provide, so gardeners or pet owners often find this more attractive. As in condo ownership, the town home owner typically pays monthly dues for upkeep of common areas and other amenities. It is wise to check into the insurance setup of on HOA to find out if it is supplied and therefore included in the monthly dues, or whether the town home purchaser needs to secure their own hazard insurance on the property.
Generally speaking, condos and town homes are attractive for more reasons than just low maintenance and the amenities they afford. They usually are priced well below what one would pay for a similar detached single family residence… or “house”. One thing to give attention to however, is finding out how much the HOA dues are, and what they cover. Does the HOA offer parking? water & sewer? trash collection? cable TV? Take these things into consideration and ask yourself how positively you are offset financially (or not) by being free of these normal expenses of home ownership.
Another thing to take into consideration is the solvency and efficiency of the HOA. I have listed condos and town homes and experienced neighbors in surrounding HOA’s visiting on Open House days, exploring the option of getting out of their own nearby complexes! This is reportedly due to the perception of either oppressive or mis-managed HOA’s. I’ve heard stories of frequently raised dues, extreme restrictions, and just plain inattentiveness… while the HOA next door treats its members with appreciation and service. Bottom line- check out the HOA:
Call & obtain copies of at least the two most recent board meeting minutes,
Obtain financial statements,
Take a look at the Bylaws and Regulations,
Find out how much the HOA has in reserves so you have an idea of whether they are in need of maintenance funds,
Talk to a few neighbors and get a feel for their level of satisfaction ,
Find out whether you might or might not be able to rent your unit out in the future if you so choose,
Ask how many units are in the complex, and how many are allowed to be rental units,
Does the HOA allow gardening in the back patio area?
Are there any restrictions that will impact your lifestyle?
Determine if there are any lawsuits anticipated or pending,
Ask whether there are any big improvement projects planned which will require capital infusion (i.e. significant dues increases).
Condos and town homes are wonderful options for home ownership, and can be a great place to start as first time buyers, as well as a fantastic way to downsize once the kids are gone. Talk to your Realtor about what makes sense for you, and be sure to get all the facts!
Last week brought us 20 genuinely new listings, 10 Pending sales, and 6 closed sales. It was a very slight up-tick in all 3 areas. Probably the normal activities associated with the spring market, but still well behind the spring sales of the last few years.
NEWLY LISTED (April 20—26, 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
47 EAGLE CREST DR
$137,500
2
1
932
CONDO
4/26/2009
65 OSWEGO SMT
$169,900
2
2
1,140
CONDO
4/23/2009
65 CHURCH ST
$179,900
2
1.1
1,040
CONDO
4/23/2009
4000 CARMAN DR
$179,900
2
2
1,100
CONDO
4/21/2009
578 S STATE ST
$209,500
2
1
914
CONDO
4/20/2009
17928 ROYAL CT
$299,900
3
2
1,272
DETACHD
4/22/2009
16266 LAKE FOREST BLVD
$374,999
3
2
1,860
DETACHD
4/20/2009
440 BOCA RATAN DR
$419,900
3
2
1,932
DETACHD
4/20/2009
14798 DAVIS LN
$424,900
3
2.1
1,670
ATTACHD
4/22/2009
2851 PARK RD
$429,950
4
2.1
2,674
DETACHD
4/20/2009
875 LEE ST
$499,900
3
2
2,442
DETACHD
4/23/2009
9 SW WESTMINSTER DR
$597,000
4
2.1
3,814
DETACHD
4/24/2009
13275 TWIN CREEK CT
$599,000
4
2.1
3,041
DETACHD
4/25/2009
5382 ROYAL OAKS DR
$600,000
4
2.1
2,970
DETACHD
4/21/2009
17950 MEADOWLARK LN
$665,000
5
3
2,710
DETACHD
4/21/2009
2814 VALE CT
$719,900
4
3
3,192
DETACHD
4/25/2009
14135 EDENBERRY DR
$799,900
4
2.1
3,174
DETACHD
4/24/2009
17512 GREENBLUFF DR
$1,074,900
4
4
3,777
DETACHD
4/21/2009
1901 CHERYL CT
$1,399,500
4
4.1
4,863
DETACHD
4/20/2009
13575 GOODALL RD
$1,599,000
4
4.1
4,271
DETACHD
4/26/2009
PENDING SALES (April 20-26, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
table >
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE
$93,000
2
2
979
CONDO
10
100 KERR PKWY
$132,500
2
1.1
823
CONDO
35
204 CERVANTES
$248,900
3
1.1
1,138
CONDO
79
925 IRON MOUNTAIN BLVD
$269,900
3
2
2,070
DETACHD
626
5054 FOOTHILLS DR
$278,500
2
2
1,312
CONDO
295
820 MCVEY AVE
$299,900
3
1.1
1,446
DETACHD
489
18601 WAXWING ST
$425,000
4
2
1,908
DETACHD
26
1699 VILLAGE PARK LN
$675,000
3
2.2
2,936
DETACHD
44
5868 SUNCREEK DR
$694,000
4
2.1
3,174
DETACHD
56
115 BERWICK RD
$998,000
4
3.1
4,000
DETACHD
39
SOLD (April 20-26, 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
6317 CARMAN DR
$275,000
$219,000
3
1.1
1,344
DETACHD
77
1043 HALLINAN ST
$499,900
$385,000
4
2.1
2,484
DETACHD
196
1265 ROCKINGHORSE LN
$499,900
$395,000
4
3
2,402
DETACHD
237
845 LAKE FOREST DR
$459,000
$399,000
3
1.1
1,359
DETACHD
68
17960 RIDGE LAKE DR
$720,000
$607,500
4
2.1
3,124
DETACHD
271
1667 VILLAGE PARK LN
$1,100,000
$845,000
6
3.1
4,743
DETACHD
279
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.
Well, the cherry trees are in full bloom, temps are in the 80’s, and real estate activity continues to move forward… a gradually enlivened, seasonal bustle.
Lake Oswego saw 22 new properties hit the market last week. We had 10 go pending, and 2 that closed. So, nothing earth shattering in the “sold” department, but encouraging nonetheless.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (April 13—19, 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
100 SW KERR PKWY
$97,900
1
1
617
CONDO
4/13/2009
4000 CARMAN DR
$144,000
2
2
935
CONDO
4/19/2009
82 OSWEGO SMT
$234,900
2
2
1,212
CONDO
4/17/2009
1897 BOCA RATAN DR
$249,480
3
2.1
1,739
ATTACHD
4/13/2009
6025 KENNY ST
$299,900
3
1.1
1,258
DETACHD
4/16/2009
17683 NICOLE LN
$324,900
3
2
1,200
DETACHD
4/13/2009
16824 SW INVERURIE RD
$389,900
3
3
1,896
DETACHD
4/13/2009
3009 WEMBLEY PARK RD
$395,000
3
1.1
1,754
DETACHD
4/13/2009
18220 BICKEL CT
$399,000
3
3
2,075
DETACHD
4/18/2009
1023 LUND ST
$419,000
4
2.1
2,313
DETACHD
4/18/2009
68 TOUCHSTONE
349900 – 424880
5
4.1
3,148
DETACHD
4/14/2009
510 2nd ST
$439,000
2
1.2
1,520
CONDO
4/13/2009
19061 INDIAN SPRINGS RD
$479,900
4
3
2,341
DETACHD
4/16/2009
4920 MULHOLLAND DR
$555,000
3
2.1
2,498
ATTACHD
4/17/2009
15943 WHITE OAKS DR
$559,500
4
2.1
2,746
DETACHD
4/16/2009
4672 AUBURN LN
$575,000
3
3.1
2,732
ATTACHD
4/15/2009
4114 GLACIER LILY ST
$599,000
4
2.1
2,470
DETACHD
4/19/2009
5421 Bay Creek DR
$649,500
4
2.1
3,241
DETACHD
4/17/2009
133 FURNACE ST
$695,000
2
2.1
1,927
CONDO
4/16/2009
5392 SOUTHWOOD DR
$774,900
5
3
3,871
DETACHD
4/15/2009
301 IRON MOUNTAIN BLVD
$1,150,000
4
3.2
3,004
DETACHD
4/14/2009
19007 EASTSIDE RD
$1,390,000
4
3.1
4,651
DETACHD
4/14/2009
PENDING SALES (April 13-19, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
Tot. Baths
Total SF
Prop Type
List Date
CDOM
13880 SUNDELEAF DR
$234,500
2
1
976
DETACHD
1/23/2009
84
1635 ASPEN ST
$319,900
3
2.1
1,618
DETACHD
3/24/2009
285
3 CELLINI CT
$449,000
4
2.1
2,531
DETACHD
1/19/2009
86
11 BECKET ST
$465,000
3
2.1
4,030
DETACHD
4/9/2009
111
80 TANGLEWOOD DR
$469,000
5
3
2,713
DETACHD
10/11/2008
371
855 7TH ST
$469,900
4
1
1,392
DETACHD
8/18/2008
240
13470 PETERS RD
$474,900
3
2.1
2,324
ATTACHD
4/1/2009
15
19431 KOKANEE CT
$529,000
4
2.1
2,250
DETACHD
4/9/2009
8
595 D AVE
625000
3
2
3,760
DETACHD
2/2/2009
309
1915 SW CHILDS RD
1594950
5
5.2
5,689
DETACHD
3/14/2008
397
SOLD (April 13-19, 2009)
ADDRESS
ORIG. PRICE
SALE PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
O/Price
Close Price
# Beds
Tot. Baths
Total SF
Prop Type
CDOM
92 GALEN ST
$119,500
$100,500
1
1
689
CONDO
42
615 LAKE BAY CT
$669,900
$505,000
3
3
2,542
DETACHD
190
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.
As many of you know, Dianne and I tour Lake Oswego every Tuesday. We use this scheduled time to view properties that are new on the market, and also to take a look at some we may have missed along the way. Our aim is to be inside every property we possibly can in our community in order to better serve our clients and readers.
Yesterday I meant to take you along with us as we toured, but forgot my camera (darn it!). I did, however, decide to pass along a few properties that we both believe are worth noting. So, here we go:
(All square footage and house info used is from listing agents’ data in RMLS so, deemed reliable, but not guaranteed by the Property Blotter.)
3190 Duncan Drive – This property is 2401 SF, 3 bedrooms, 2 1/2 baths, built in 1986, and is bank-owned. It is at the bottom end of a long, steep, private drive shared by a couple of properties, and sits on a hill/perched above Boones Ferry Rd., which you can hear when outside, but not really see too well through the beautiful, natural greenery surrounding the home. Practically speaking, you enter from the driveway side into the kitchen area. Double attached garage, deck, large laundry room… generous living room w/fireplace opening to a dining room… flows nicely. Nice master on the main with walk-in closet and jetted tub. Large bath and bedrooms upstairs… You’d want to do some updating, especially in the kitchen and with flooring/new carpeting, but this just seems like a great opportunity in Lake Oswego for someone at $259,900!
4411 Lakeview Blvd.– This home is a split level (sometimes I confess not to like them personally), but this one is a nice layout with a very open entry where you feel like you’re in the living room as you are entering/not in a little hallway as some tend to feel. It is 1828 SF, 4 bedrooms, 2 baths, built in 1972 and remodeled. It has seasonal lake views, and is basically across the street from the water. It is close to the intersection of Bryant and Lakeview, and so is close to schools, shops etc etc etc. It is just a really nice house with a great flow, and tasteful updates. Enter the back from a sitting room off the kitchen with beautiful picture window. The backyard is large & very relaxing.You’ll hear the train when it passes (I happen to LOVE the sound), but you’ll be in good company! …other homes on Lakeview currently for sale range from $425,000 to $7,500,000. The listing agent states: “Sellers will entertain offers between $299,000 and $338,876.” This home is also listed as a “possible short sale w/one lender”. I am told that the Broker’s Price Opinion (BPO) has already been finished, and the listing agent’s experience is that the Rep is very responsive. Seems like a great deal to me, especially at the bottom end of the range that is specified!
18791 Indian Creek Way – This property is 1965 SF, 3 bedrooms, 2 baths, built in 1977 and remodeled. When we say remodeled, this one is really gorgeous. Dianne and I both looked at each other and said “This is nicely done.” The living room and fireplace are inviting, the feel is open and airy, there are stainless gas appliances, a wine fridge, 2 gas fireplaces, hardwoods, vinyl windows… lots of them, skylights, and a beautiful backyard patio surrounded by English Gardens (it was evidently featured in Sunset magazine) great for entertaining. The home is advertised as having Bryant Woods pool membership, and proximity to the grade school and middle school is excellent. The price on this one is $439,900. Compare what’s out there… this one is special. 1921 Park Forest Ct– This home is 2531 SF, 3 bedrooms, 2 1/2 baths, built in 1975 & remodeled. The owners have relocated, and I have to say that both Dianne and I were very impressed with this one. The owners took great care in special details, and this home includes high-end features like a gourmet kitchen with beautiful slab quartz countertops, a spa w/fireplace, walk-in stone & tile steam shower, air jet tub & heated floors. The plank wood floors are a favorite of mine. The windows in the living room are large and feature beautiful tree’d views, the baseboard detail is stonework throughout the home, and there is a hot tub outside which is included “as is”. This one is situated above SouthShore Rd in back. Greentree Pool and Lake Easement is advertised as available. The entry to this home is deceiving… Once you’re in the door you feel like you’re on vacation. There is a water feature to your left as you enter, and the beautiful quartz kitchen with spacious pantry to your right. Walk in and the fireplace and windows say “relax”. The owners wanted that “spa feel” throughout. The asking price is $529,000.
17675 Cardinal Drive – This home on the Blue Heron Canal is 3458 SF, 3 bedrooms and 3 baths, built in 1966 and is advertised as a fixer. Dianne and I took a look at it yesterday, and were very impressed with the waterfront location. The living room is open and the window views are out onto the deck & water. The home needs extensive cosmetic fixing such as wallpaper removal, flooring updates, kitchen updates, etc. We are not inspectors, but truly, the feel is of a solid home that has been well lived in with just not much attention to updating. At $599,000 on the canal, I’d say this one deserves some attention.
Hope this information is useful to you. As always, feel free to email or call for more info or some help in locating or viewing these properties. There are lots of great buys out there!