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.
Ok, call me the harbinger of good weather every time it’s my turn to list the Open Houses for you… but it’s true! Sunday is supposed to be gorgeous! Great house-hunting weather. There are 17 really diverse properties to see on Sunday in Lake Oswego. Happy hunting.
Here are those that will be held open according to RMLS:
100 SW Kerr Way $97,900 1 Bd, 1 Ba Open 1-3
4041 Jefferson Pkwy $229,000 1 Bd, 1 1/2 Ba Open 2-4
4465 Golden Ln $299,900 2 Bd, 2 1/2 Ba Open 12-4
3 St. Helens Cir $359,000 2 Bd, 2 Ba Open 1-3
1685 Mapleleaf Rd $365,000 3 Bd, 2 Ba Open 1-4
17311 Ashley Ct $385,000 4 Bd, 2 1/2 Ba Open 1-3
14371 Holly Springs Rd $414,900 4 Bd, 2 1/2 Ba Open 2-4
108 Ridgeway Rd $425,000 3 Bd, 1 Ba Open 1:30-3
3254 Duncan Dr $549,900 4 Bd, 3 1/2 Ba Open 2-4
161 C Ave $549,900 2 Bd 2 1/2 Ba Open 1-4
4 Da Vinci St $599,950 5 Bd, 3 Ba Open 1-3
580 Weidman Ct $695,000 5 Bd, 3 1/2 Ba Open 1-3
2888 Vale Ct $699,000 5 Bd, 3 Ba Open 1-3
15543 Village Dr $ 799,000 4 Bd, 2 1/2 Ba Open 2-3:30
2 Grouse Ter $ 799,000-$850,000 4 Bd, 3 Ba Open 1-3
943 SW Atwater Rd $999,500 4 Bd, 2 1/2 Ba Open 1-4
It 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.
It is supposed to by sunny and near 70 degrees on Sunday. Get out there and have some fun! If looking at properties is on your agenda, there are 12 to see on Sunday in Lake Oswego. Enjoy!
Here are those that will be held open according to RMLS:
18791 Indian Creek Way$439,900 3 Bd, 2 Ba Open 1-3
3311 Fir Ridge Rd $459,000 3 Bd, 2 1/2 Ba Open 1:30-3:30
41 Hillshire Dr $499,000 4 Bd, 3 Ba Open 1:30-3:30
4691 Chelsea Ln $619,900 4 Bd, 2 1/2 Ba Open 1-3
5868 Suncreek Dr $694,000 4 Bd, 2 1/2 Ba Open 1-3
2900 Wembley Pk Rd $697,000 4 Bd, 2 1/2 Ba Open 1-3
2 Grouse Ter $799,000-$850,000 4 Bd, 3 Ba Open 2:30-4
3030 Westview Ct $948,000 4 Bd, 2 1/2 Ba Open 2:30-4:00
13237 Knaus Rd $999,000 3 Bd, 3 1/2 Ba Open 1:30-3:30
3114 Douglas Cir $1,795,000 4 Bd 4 Ba Open 1-3
975 Lake Front Rd $1,899,000 3 Bd, 3 Ba Open 2:30-4:00
2500 Glen Eagles Rd $2,695,000 5 Bd, 4 1/2 Ba Open 12:15-3:30
Last week in Lake Oswego there were 16 new listings, 8 houses that went pending, and 2 closed sales. A trend I have been watching appears to be continuing. When I look at Days on the Market, it seems like houses are either selling very quickly or very slowly. 3 of the 7 pending sales went into escrow in a week or less of market time. 3 more sold within about 2 months. The last two had extended market time of 236 and 426 days. Of the closed sales, one sold in 4 days and one sold in 243 days. I think this is reflective of changing attitudes of sellers. People who listed their homes in late 2007 and early 2008 are being stubborn about accepting the decline in values that has occured and are either sitting on high prices or dropping prices in such away that they are behind the market trends. Whereas sellers listing today, who are listening to their Realtor and pricing their homes at values that will meet market conditions, are realizing quick sales at or near their asking prices. Buyers are smart. They are watching the market and recognizing value when they see it. Correct pricing is King.
NEWLY LISTED (March 9—March 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
4 TOUCHSTONE
$159,900
3
2.1
1,350
ATTACHD
3/11/2009
4000 CARMAN DR
$184,500
2
2
1,100
CONDO
3/9/2009
166 OSWEGO SMT
$229,900
2
2
1,506
CONDO
3/13/2009
668 MCVEY AVE
$260,000
3
1.1
985
CONDO
3/12/2009
140 TOUCHSTONE CT
$339,900
3
2.1
1,964
ATTACHD
3/12/2009
4366 WOODSIDE CIR
$349,000
3
2
1,762
ATTACHD
3/12/2009
16890 CORTEZ CT
$349,000
4
3
2,016
DETACHD
3/13/2009
4420 GOLDEN LN
$349,000
3
3.1
2,165
ATTACHD
3/10/2009
5402 CARMAN DR
369900
3
1
1,720
DETACHD
3/9/2009
45 TANGLEWOOD DR
399999
5
3.1
3,166
DETACHD
3/12/2009
1462 Worthington ST
424000
4
3
1,800
DETACHD
3/9/2009
2961 DELLWOOD DR
525000
3
3
2,476
DETACHD
3/14/2009
2550 SOUTHSHORE BLVD
550000
4
3.1
3,472
DETACHD
3/11/2009
1699 VILLAGE PARK LN
675000
3
2.2
2,936
DETACHD
3/9/2009
115 BERWICK RD
998000
4
3.1
4,000
DETACHD
3/13/2009
356 9TH ST
1199000
3
3.1
3,647
DETACHD
3/10/2009
PENDING SALES (March 9—March 15, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQFT
PROP TYPE
DOM
Address
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
4 TOUCHSTONE
$76,500
3
2.1
1,351
CONDO
7
127 OSWEGO SMT
$184,900
2
2
1,212
CONDO
0
5487 TUALATA CT
$259,000
3
2
1,200
DETACHD
236
790 BOCA RATAN DR
$259,900
3
2
2,112
DETACHD
35
1140 HALLINAN CT
$339,895
3
2
1,875
DETACHD
3
845 LAKE FOREST DR
$399,000
3
1.1
1,359
DETACHD
68
662 9 th ST
$975,000
5
3.1
4,108
DETACHD
63
14066 Goodall RD
$1,629,000
4
3.1
4,220
DETACHD
426
SOLD (March 9—March 15, 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
16978 CANAL CIR
$350,000
$350,000
3
2
1,962
DETACHD
4
22 HOTSPUR ST
$799,000
$627,325
6
3.1
4,259
DETACHD
243
<
Criteria: Statistics given above are obtained from the Realtor’s Multiple Listing Service by searching condos, attached homes, manufactured homes and detached homes in the 97034 and the 97035 zip codes. DOM means Days on the Market and CDOM means Cumulative Days on the Market.
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.
There is currently in Lake Oswego a very large volume of new construction, “spec” homes that are for sale. A spec house is a house built by a builder who does not yet have a buyer at the time it is built. The idea is that they will be able to sell the house while it is being built or as soon after it is constructed as possible. In a good real estate market it is pretty low risk and allows builders to make a good living. But when the market is slow, like it is right now, it is extremely high risk and forces builders into bankruptcy and the unsold homes into foreclosure. There is a local lender, Banner Bank, that is trying to do something about this problem.
What they are doing is offering 30-year, fixed-rate mortgages, at 3.875% (APR is 3.973%) to buyers who purchase one of the spec houses on which they are holding the construction loan. They have over 250 houses that this applies to in Oregon and Southwest Washington, 46 of which are here in Lake Oswego.
These loans are made possible because Banner Bank has borrowed money from the US Government that is available as a result of the TARP (Troubled Asset Relief Program) money. While I hate the fact that our country is in the mess that it is currently in, I am pleased to see that the government stimulus is finally trickling down to a tangible level.
The properties upon which these loans can be made here in Lake Oswego inlcude some very nice condominiums in First Addition, a great new neighborhood in Palisades, and quite a few luxury homes. It really is an opportunity that will benefit people who are ready and able to buy right now. While standard interest rates are currently hovering at right around 5%, getting an interest rate at 3.875% would have a direct impact on how much house you can afford to buy. Here’s an example: buying a $600,000 house, putting 20% down, and getting a standard loan at 5%, would give you a house payment of $2576 (principle and interest). Using the same scenario, but using the 3.875% interest rate, that same home would now have a payment of $2,257. The savings in over $300 per month.
This program is available in amounts up to $1,000,000 with no increase in rate for a jumbo mortgage. A jumbo mortgage in standard lending is a loan amount that is greater than $417,000 and can have interest rates that are substantially higher than rates for homes that are under $417,000. So the savings becomes even greater if the loan is in the jumbo category.
Buyers do need to qualify for these mortgages with verifiable income and sound credit. If a buyer has less than 20% to put down, there are additional options for them that involve a slightly higher interest rate of 4.875%.
It is also important to know that this program is currently being offered with a deadline of March 22nd. The program exists because Banner Bank wants to get these houses sold and they want them sold now.
If you would like additional information about this program, please visit the Banner Bank website by clicking here. If you would like addtional information about the homes that are for sale and that are offering this financing, please contact either Linda or myself, and we would be happy to send you a list of properties.
It 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.
There is currently in Lake Oswego a very large volume of new construction, “spec” homes that are for sale. A spec house is a house built by a builder who does not yet have a buyer at the time it is built. The idea is that they will be able to sell the house while it is being built or as soon after it is constructed as possible. In a good real estate market it is pretty low risk and allows builders to make a good living. But when the market is slow, like it is right now, it is extremely high risk and forces builders into bankruptcy and the unsold homes into foreclosure. There is a local lender, Banner Bank, that is trying to do something about this problem.