Along with the gorgeous fall color, October brings property tax statements. If you live in Oregon, you will be receiving your statement in the mail in the next week or so. Property taxes are pretty misunderstood, and not because people are dumb. The simple fact is that they are confusing. I am going to take a shot at explaining them and clearing up some basic issues.
The tax year runs from July 1st to June 30th, but you receive your tax statement in October for payment on November 15th. No wonder people are confused! Not only does the tax year not correspond with the calendar year, but you get your statement at a completely odd time as well. (Is this some sort of a conspiracy?) So when you pay your taxes in November you are paying in arrears back to July 1 and ahead to June 30. You can pay your taxes in one lump sum and receive a discount, or you can pay it in thirds with the final third due in May.
Don’t fall behind in your property taxes. The tax assessor is the only entity that can step ahead of your mortgage lender in lien position. This means that if you fall behind, the county can actually foreclosure on your home even if you are current on your mortgage. This is why mortgage companies pay attention to whether or not your property taxes are paid and will be all over you if you let them slide. I recommend to all first-time buyers, and to buyers who are not yet financially seasoned homeowners, that they arrange for their taxes to be paid as a part of their house payment. This builds a reserve account that is built up all year so that when November rolls around the full year’s tax bill is on hand, and the taxes are paid on your behalf by your mortgage company. It makes paying your taxes quite automatic.
Yes, your property taxes will probably go up this year even though your house value has likely gone down. Right now, this is the most confusing issue about property taxes and is getting a lot of play in the media. This is happening because of the restriction that was placed onto annual tax increases in the mid-1990’s. At that time house values were going up quickly and property taxes were going up at the same pace. This was creating financial hardship because people’s incomes were not keeping pace. A ballot measure was passed that restricted annual tax increases to not more than 3% per year plus any bond measures passed through public vote. Bond measures are those ballot measures that supply funding to build libraries, schools, zoos, etc. Lots of bond measures have been passed in the last 15 years, including an $80,000,000 bond measure that re-built the two High Schools here in Lake Oswego.
When you receive your tax bill you will see two values: tax assessed and market. The tax assessed value has increased under restrictions for the last 15 years. These restrictions have kept the increase to about 3-6% per year. At the same time the real market value has increased at the rate of the actual market and there were many years with 10-15% appreciation. You will not see any decrease in property taxes until or unless the market value falls below the tax assessed value. And because the market value so far out-paced the tax assessed value, they are still pretty wide apart. And that is why your property taxes will likely be going up this year.
It’s good to know that buying or selling a home does not trigger a tax increase. The tax assessed value goes with the house to the new home owner. So the new sale at a value that is much higher than the tax assessed value will not have an impact on the annual property taxes. (Other than becoming a part of general statistics used in the tax assessor’s office to track valuations). There are, however, two things that can trigger higher taxes. I have already mentioned publicly voted bond measures that pass. These have no dollar limitations. It is completely at the discretion of the voters. The second is major remodeling. This is not the sort of remodeling where you re-do the kitchen or put up a fence in the yard. (I am providing general information here. What the tax assessor uses to trigger a tax increase because of remodeling is at his/her discretion, and not mine ) This is the sort of remodeling where you add square footage to the house, or gut a house and re-build it from the studs out. This will bring in lots of building permits and the tax assessor will be right in there to see how it affects the value. A total remodel can trigger tax assessments that make the home virtually a new house.
The taxation process is political. And that means it was built from problems that needed to be solved and a solution that was from compromises. So it’s not perfect. The biggest area that I see as imbalanced is that the basis for the 3% annual increase happened in the mid-1990’s. Older homes that had lower market values 15 years ago continue to benefit from those values. And homes that were newer or in expensive neighborhoods continue to have taxes that are higher in comparison. Having said that, it is my experience that on average taxes in Lake Oswego/Clackamas County still remain lower than taxes in Multnomah County (Portland), and there is no transfer tax like you find in Washington County (Beaverton/Tigard).
Without going on and on on this topic (because that would be pretty easy to do), I hope this explanation is helpful to you as you receive your tax statement in the coming weeks. And if you are re-locating to the area, I hope it helps you to understand what to expect.
There were 17 New properties that came on the market, 13 that went to Pending status, and 4 that Sold in Lake Oswego last week according to RMLS.
We hope that our weekly real estate status updates regarding activity in Lake Oswego are helpful to you.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 12—Oct.18, 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
5957 SEVILLE AVE
$184,900
1
1
1,199
DETACHD
10/12/2009
450 S STATE ST
$185,000
2
1
800
CONDO
10/12/2009
24 WHEATHERSTONE
$199,950
3
2.1
1,692
CONDO
10/12/2009
668 MCVEY AVE
$219,500
1
1
636
CONDO
10/12/2009
13680 SHIREVA DR
$289,900
3
2
1,504
DETACHD
10/13/2009
5219 DAWN AVE
$289,900
3
1
910
DETACHD
10/13/2009
16000 PACIFIC HWY
$319,000
2
2
1,200
CONDO
10/12/2009
5957 SEVILLE AVE
$339,900
1
1
1,199
DETACHD
10/12/2009
3068 DUNCAN DR
$473,900
4
4
3,281
DETACHD
10/12/2009
13175 THOMA RD
$579,900
3
2
1,920
DETACHD
10/12/2009
5678 SW CHARLES CIR
$625,000
4
4
3,455
DETACHD
10/16/2009
5767 SUNCREEK DR
$769,000
3
3
3,363
DETACHD
10/18/2009
567 6th ST
$769,000
4
3.1
2,558
DETACHD
10/14/2009
19463 LORNA LN
$805,000
4
3.1
4,024
DETACHD
10/14/2009
19422 LORNA LN
$805,000
5
3.1
4,011
DETACHD
10/14/2009
18209 SIENA DR
$1,178,950
4
3.1
3,617
DETACHD
10/12/2009
1075 CHANDLER RD
$1,850,000
5
5
5,946
DETACHD
10/16/2009
PENDING SALES (Oct. 12 -Oct. 18, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
44 EAGLE CREST DR
$158,900
3
2
1,085
CONDO
123
36 CERVANTES CIR
$159,900
2
1.1
912
CONDO
337
16600 BRYANT RD
$249,900
3
2
1,877
DETACHD
106
5424 WASHINGTON CT
$299,900
2
1
1,296
DETACHD
68
1991 MAPLELEAF RD
$309,900
3
2
1,456
DETACHD
14
26 BRIARWOOD RD
$344,900
4
2.2
2,554
DETACHD
133
315 LAKE BAY CT
$389,900
2
2
1,277
DETACHD
8
905 COUNTRY CLUB RD
$409,900
4
2.1
2,817
DETACHD
238
18410 DEERBRUSH AVE
$475,000
4
2.1
2,217
DETACHD
78
4691 HERITAGE LN
$499,000
4
2.1
2,716
DETACHD
324
400 LAKE BAY CT
$529,000
3
2.1
1,680
DETACHD
198
540 NORTHSHORE RD
$599,000
4
3
2,746
DETACHD
153
17225 KELOK RD
$1,350,000
4
3.1
4,161
DETACHD
0
SOLD (Oct. 12-Oct. 18, 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
CDOM
10 CONDOLEA DR
$250,000
$220,000
2
2
1,312
ATTACHD
398
5044 GREENSBOROUGH CT
$449,000
$411,100
3
2.1
2,124
DETACHD
49
95 D AVE
$608,500
$576,500
4
2
1,809
DETACHD
83
17960 SARAH HILL LN
$1,179,000
$910,000
5
3.1
4,800
DETACHD
163
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.
Sunday is supposed to be our best day of the week… i.e., Sunshine! Get out and enjoy touring some Open Houses in Lake Oswego, and give Dianne or me a call if you are not working with a Realtor and end up finding the house of your dreams! We’d be happy to represent you, and always have time for you.
There are 26 properties on tour in Lake Oswego tomorrow according to RMLS:
Here are a few local events & opportunities currently offered Lake Oswego residents. Wish you were here? We do too! Enjoy:
Scam Jam 2009 ~ The FBI Citizen’s Academy Alumni Association invites you to learn to protect yourself from identity theft. Other topics to be covered include investment fraud, repair scams, financial exploitation and more. Join LOPD and take part in this free event on Saturday, October 17 at Reed College, 3203 SE Woodstock Blvd, Portland.
Unsung Hero Award ~ Lake Oswego is sponsoring this refreshing opportunity to nominate a Lake Oswego neighbor who makes a difference in the lives of those around them. You may nominate someone by picking up a form at City Hall or by calling 503 635 0257. The deadline is October 31st.
Homecoming Parades ~
Lake Oswego High School’s parade: Friday, October 16th 1:30PM – 2:30PM
Lakeridge High School’s parade: Friday, October 23rd 2PM – 3PM
A Avenue will be closed to all eastbound traffic from Chandler to 1st Street during the parades.
Vote for Your Favorite Photo ~ Now that Lake Oswego’s first Photo Contest was a huge success, it is time to vote for your favorite of two finalists which were selected from each category. Lake Oswego residents may vote here: VOTE! Voting closes on October 15th.
Sensitive Lands ~ Lake Oswego is offering a Workshop and FAQ site in response to the tremendous interest of citizenry in the Sensitive Lands policies under discussion now.
Last week brought us 14 new listings, 7 pending sales, and 13 closed sales.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Oct. 5—Oct.11, 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
99 OSWEGO SMT
$144,900
2
0.1
1,116
CONDO
10/7/2009
36 OSWEGO SMT
$179,900
2
2
1,140
CONDO
10/11/2009
550 S STATE ST
$210,000
2
1
920
CONDO
10/7/2009
7 PEACOCK PL
$289,950
3
2.1
1,400
DETACHD
10/8/2009
1284 HIDE A WAY LN
$369,900
4
3
1,931
DETACHD
10/5/2009
461 COUNTRY CLUB RD
$395,000
2
1
1,498
DETACHD
10/5/2009
1640 WORTHINGTON ST
$398,000
4
3
2,394
DETACHD
10/8/2009
119 3RD ST
$429,900
3
2
1,204
CONDO
10/11/2009
6666 CHILDS RD
489900
3
1
2,034
DETACHD
10/5/2009
1575 IVY CT
515000
4
3
2,432
DETACHD
10/10/2009
275 EVERGREEN RD
600000
3
3.1
1,731
ATTACHD
10/6/2009
13888 SHIREVA DR
650000
5
3
3,756
DETACHD
10/7/2009
540 C AVE
849000
3
3.1
3,539
ATTACHD
10/9/2009
13100 BOONES FERRY RD
950000
3
2.1
3,210
DETACHD
10/9/2009
PENDING SALES (Oct. 5 -Oct. 11, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
Close Price
List Price
# BR
# BTHS
Total SF
Prop Type
CDOM
7202 SW MONTAUK CIR
$99,000
2
1
968
CONDO
74
578 S STATE
$149,900
2
1
914
CONDO
343
4105 DOUGLAS WAY
$266,000
7
2.1
2,856
DETACHD
501
3480 DEVONSHIRE DR
$272,500
2
2.1
1,649
ATTACHD
112
4330 COUNTRY WOODS CT
$280,000
3
1
1,200
DETACHD
86
18179 SW PILKINGTON RD
$299,900
3
2
1,300
DETACHD
5
17518 REDFERN AVE
$449,500
3
2
1,831
DETACHD
459
SOLD (Oct 5.-Oct. 11, 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
668 MCVEY AVE
$179,850
$145,000
2
1.1
976
CONDO
1022
15868 PARKER RD
$187,500
$150,000
2
1
780
DETACHD
168
166 OSWEGO SMT
$229,900
$199,000
2
2
1,506
CONDO
180
3290 WEMBLEY PARK RD
$309,900
$282,000
5
3
2,614
DETACHD
29
45 TANGLEWOOD DR
$399,999
$305,550
5
3.1
3,166
DETACHD
165
5037 CENTERWOOD ST
$379,000
$330,000
3
1.1
1,340
DETACHD
98
16953 KARA LN
$409,900
$415,000
4
2.1
2,614
DETACHD
10
17473 REDFERN AVE
$719,950
$575,000
4
2.1
3,052
DETACHD
105
7 CELLINI CT
659000
644000
5
3.1
3,560
DETACHD
10
1670 VILLAGE PARK LN
779000
759500
4
2.1
3,466
DETACHD
53
5250 DAWN AVE
1095900
840000
4
3.1
4,333
DETACHD
836
1755 SOUTHSHORE BLVD
949000
850000
5
3.1
4,757
DETACHD
104
785 7TH ST
1290000
1100000
4
3.1
4,043
DETACHD
1327
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.
The buzz in real estate right now is the $8000 tax credit for first-time homebuyers. While there is talk of the credit being extended, at this point that is an unknown. This puts pressure on anyone thinking that they may want to take advantage of it. In order to benefit, you must close on your purchase by November 30th. Because putting a loan in place now takes about 45 days, and because there is a long holiday weekend for Thanksgiving, a buyer who is going to receive this credit needs to make an offer on a home in the next week or so.
This has got me reflecting on what sort of a home I would be interested in if I were in a position to take advantage of this opportunity. After going through the current inventory in Lake Oswego, here are 4 properties that I believe are great homes that would be ideal for a first-time buyer.
113 Kingsgate Rd Priced at $275,000, this house has 3 bedrooms, 2 full baths, and a 2-car attached garage. It’s located on the South slope of Mountain Park, so it is really convenient to the Kruse Way corridor, I-5, and Hwy 217. Oak Creek Elementary School is just down the street, and PCC Sylvania Campus is close by. While the lot is smaller (about 4000 square feet) it is extremely private. So you can have the easy care of a small yard, but the benefit of privacy. That’s a tough combination to find. Probably the most striking feature of the house (besides the master on the main, the hardwood floors, the wet bar, and the gas fireplace) is the 2-story vaulted ceiling. Architecturally, this house is wonderful and unique. This is not a cookie-cutter house. When you walk in the door, you will say “Wow”.
4447 Golden Lane Priced at $229,000, this is an end-unit condo with 2 bedrooms, 2 full baths, and a 2-car, attached garage. It has expansive South facing windows so that the interior is light and bright even on those short, winter days. The kitchen has new granite counters and there are new laminate floors. Like the property above, this home is on the South slope of Mountain Park. Living in this location, you benefit from the Mountain Park recreational facilities. There are 15 miles of walking trails, tennis courts, a swimming pool and a weight room. Living in a condominium means that you don’t have to take care of a yard or worry about maintenance of the exterior. It’s ideal for someone with a busy job or who likes to travel a lot.
15139 Tree Rd Priced at $298,900, this house has 3 bedrooms , 2 full baths, and a 2-car garage. It’s in a great location at the end of a dead-end street. There are hardwood floors throughout. It has a formal living room, but what I like is the openness of the greatroom for the kitchen, dining room, and family room. There is a masonry fireplace made with used bricks that is warm and inviting. I like to point out to anyone buying a one level home that the demand for these homes will only increase. As the population ages, the need for homes that appeal to older people is going to get bigger. So I do believe that one-level homes make great investments.
18690 Don Lee Way Priced at $299,000, this house has 3 bedrooms, 2 baths, and a 2-car garage. It’s on a lot that is nearly a quarter of an acre and just spectacular. It’s in great condition with a new roof, new siding and windows, and a new furnace. There are hardwood floors in dining room and the living room, and there are tile floors in the kitchen and in the entry. The kitchen and both bathrooms have been updated. The fireplace has a very classy looking slate surround and built-ins on both sides.
I think what is striking about all of these houses is what good condition they are all in. Under $300,000 in Lake Oswego is the lower end of the pricing spectrum. You would normally think that this would also mean that you have to compromise by buying a house that perhaps needs some updating or some work to improve it. That is not the case here. You can buy not only an affordable home, but a home in great condition. Add to that the fact that you can then get an $8000 tax credit from the Federal government and you are talking a perfect storm of opportunity.
I hope you have enjoyed learning about these properties. If you would like more information, or if you’d like to make an appointment to view any of these properties, please contact Linda or myself and we would be happy to be of help to you.
There were 34 properties classified in RMLS as “New” on the market last week, but only 12 of them truly are, and are listed as such for you below. We had 14 properties go to “Pending” status, and 21 “Sold”!
Ah… the beauty of the Portland area in the Fall… just the time for a new start in a new home. Lake Oswego is so gorgeous once all the leaves begin to turn. With some rain last week, we are again back to sunshine and seasonably pleasant temperatures around 69/70. Nights are getting chilly though… and there is that beautiful smell in the air. So fresh. We’ll get pictures up here for you once the leaves turn. For now, enjoy your property search/sale adventures, & don’t forget to email or call Dianne or myself if you need a Realtor and are not currently working with one. We would love to meet you.
Here is the latest market activity for Lake Oswego (see below the tables for additional notes):
NEWLY LISTED (Sept. 28—Oct.5, 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
3433 MCNARY PKWY
$162,750
2
2.1
1,208
CONDO
10/2/2009
3826 BOTTICELLI ST
$210,000
2
2
1,055
ATTACHD
10/2/2009
18179 SW PILKINGTON RD
$299,900
3
2
1,300
DETACHD
10/2/2009
15430 PARTRIDGE DR
$379,000
3
2.1
2,207
DETACHD
10/3/2009
2245 GLEN HAVEN RD
$379,000
3
1.1
1,276
DETACHD
10/1/2009
980 C AVE
$399,500
3
2
1,312
DETACHD
9/30/2009
1457 BOCA RATAN DR
$445,000
3
2
1,568
DETACHD
9/28/2009
1430 CHERRY CREST DR
$525,000
4
3
3,302
DETACHD
10/2/2009
827 8TH ST
$898,000
5
3.1
3,852
DETACHD
9/29/2009
507 ASH ST
$988,000
3
3
3,000
DETACHD
9/28/2009
2479 PALISADES CREST DR
$1,495,000
4
3.1
6,640
DETACHD
9/28/2009
2201 HAZEL RD
$1,550,000
4
3.1
5,446
DETACHD
10/1/2009
PENDING SALES (Sept 28 -Oct. 5, 2009)
ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
Address
List Price
# Beds
# Baths
Total SF
Prop Type
CDOM
7202 SW MONTAUK CIR
$99,000
2
1
968
CONDO
74
3433 MCNARY PKWY
$114,900
2
2.1
1,208
CONDO
142
4000 CARMAN DR
$125,900
1
1
767
CONDO
38
141 OSWEGO SMT
$169,900
2
2
1,140
CONDO
77
16573 BONAIRE AVE
$274,900
4
2
1,560
DETACHD
43
4662 CARMAN DR
$289,900
5
2
1,754
DETACHD
13
16250 Pacific Hwy (Hwy 43)
$319,850
2
2
1,200
CONDO
1200
5554 ROYAL OAKS DR
$399,885
3
2
1,861
DETACHD
2
2161 CREST DR
$407,500
4
2.1
2,648
DETACHD
139
1032 LAUREL ST
$424,000
4
2
2,384
DETACHD
86
14666 UPLANDS DR
$499,000
3
2.1
2,568
DETACHD
114
95 D AVE
$585,000
4
2
1,809
DETACHD
83
353 D AVE
$725,000
4
2
3,228
DETACHD
749
5250 DAWN AVE
$855,000
4
3.1
4,333
DETACHD
836
SOLD (Sept 28-Oct. 5, 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
CDOM
45 EAGLE CREST DR
$139,900
$110,000
1
1
768
CONDO
125
3688 SPRING LN
$179,900
$164,500
2
2
1,120
CONDO
81
4 TOUCHSTONE
$179,500
$170,000
2
2
984
CONDO
19
5064 FOOTHILLS DR
$299,900
$262,000
2
2
1,308
CONDO
63
1432 LAUREL ST
$275,000
$265,000
2
1
920
DETACHD
85
17100 BRYANT RD
$278,900
$310,000
3
3
2,032
DETACHD
18
605 COUNTRY CLUB RD
$399,900
$317,500
4
2.1
3,422
DETACHD
163
13899 MAJESTIC CT
$439,000
$360,000
3
2
2,357
DETACHD
86
17760 SW CARDINAL CT
$404,900
$375,000
3
2.1
2,147
DETACHD
60
17221 ROBB PL
$427,500
$380,000
3
2
1,812
DETACHD
12
14431 ORCHARD SPRINGS RD
$439,900
$385,000
4
2.1
1,960
DETACHD
212
3560 TEMPEST DR
$449,900
$437,875
3
2.1
2,847
DETACHD
14
4722 HASTINGS PL
$489,900
$479,000
4
2.1
2,151
DETACHD
505
6110 CHILDS RD
$550,000
$482,000
4
3
3,258
DETACHD
138
14412 MEADOW GRASS ST
$500,000
$490,000
4
2.1
3,563
DETACHD
412
17473 REDFERN AVE
$719,950
$575,000
4
2.1
3,052
DETACHD
105
5421 Bay Creek DR
$649,500
$580,000
4
2.1
3,241
DETACHD
138
17386 BLUE HERON RD
$679,000
$650,000
4
3.1
4,063
DETACHD
796
18051 KELOK RD
$899,000
$799,000
5
3.1
3,670
DETACHD
401
17878 HILLSIDE DR
$895,000
$855,000
5
3
3,462
DETACHD
34
301 IRON MOUNTAIN BLVD
$1,150,000
$950,000
4
3.2
3,004
DETACHD
125
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.
Gorgeous day today (Sat)… Gorgeous day tomorrow!
Is it Fall? Yes. Could there be a few raindrops in between the blinding sunshine? Yes! Is it fun to take in the change of season? Absolutely! (sorry for all the exclamations… against all my better judgement that says “winter is coming…” I really enjoy Fall : )
We have 29 properties on tour in Lake Oswego tomorrow according to RMLS. Get out & enjoy!
Tax Credit ~ The First-Time Home-Buyers’ $8,000. Tax Credit is, of course, the talk of the town (the nation, actually). It is acknowledged that it is and has been helpful in spurring the real estate market (activity in related price ranges is steady if not occasionally feverish… especially lately!) There is much talk about extending the deadline from the current November 30th date to an as-yet-undetermined date in 2010. While it is generally agreed that the housing market is turning the corner, and a large part of this growth is related to the tax credit, there is also concern being expressed about dispersing more government money in light of recent history. So… nothing is decided as of now. There are talks about plans to:
Extend it to all home-buyers,
Not extend it at all,
Increase it to $15,000.,
Extend it and keep the terms the same,
Offer it only to service members who have been out of the country,
Etc.
The important thing to remember if you are a first-time home-buyer, or care about one, is that right now there is an opportunity to get an $8,000. tax credit. That means real money coming to you when you file for 2009. We do NOT know how the debate will play out regarding extending or not extending it… AND right now there is still time to take advantage of it, but you must act now.
Oil Tanks (Reminder & Update) ~ The standards for levels of contaminants are under review. In particular, ethyl benzene and naphthalene have been changed to a “carcinogenic” classification, and therefore cleanup requirements are also changing. There is now concern over the possibility of fumes potentially penetrating a home from underground & causing harm. Remember, if you have an oil tank underground on your property that has not been decommissioned, or if you are a Buyer considering a property with one: Underground oil tanks have a life of approximately 40 years. After that, they leak… and what they leak is toxic. Homeowners can be held liable for damage to soil from leaking tanks, and therefore, proper soil testing and decommissioning through a DEQ-certified environmental service is the wise choice. If you are a Seller in this situation, I would highly recommend just doing this now and getting it out of the way. It makes your home more attractive to potential Buyers, removes an objection, and protects you and the environment at the same time.
Loans ~ There are truly all kinds of loans out there right now for all kinds of Buyers. FHA loans are a current favorite, and the FHA 203 (b) is a little easier to qualify for than most conventional loans these days. There are also “Flex” loans for teachers (administrators & school nurses can also apply!), police, and firefighters. Other than the FHA loan I mentioned, you usually want a credit score of 640 or higher, and for all of them you’ll need 3 to 3.5% down. Talk to your favorite mortgage broker for more information, or give me a call and I can refer you to some great resources.
Homes on Slopes ~ Some precautions, in light of current information gained from recent slides in Portland, Lake Oswego and surrounding areas are worth noting:
At no point should drain water be discharged onto slopes in an uncontrolled manner. Investigate energy dissipation devices to prevent erosion at discharge points.
Make sure that any fill used on the slope is “engineer-fill”. Not all fill is able to handle the specialized drainage requirements of sloped properties.
Make sure gutters remain clear in order to prevent over-saturation in areas not able to handle runoff.
Keep drainage ditches or berms clear during the rainy season so that they do not direct water into areas where erosion & damage may occur.
Keep drain inlets, outlets and weep holes at foundation, retaining walls, driveways etc clean at all times. Remove debris to prevent clogging.
Notice any wet spots on the property. This may indicate either natural seepage, or leaking water or sewer line problems. Seek professional advice immediately.
Regularly check irrigation systems. Drip systems are preferred on hillsides.
Make sure roof drainage is not connected to a subsurface disposal system unless it has been approved by a geotechnical engineer.
Keep water from accumulating next to foundations, retaining walls or basements.
Guard against over-saturation on the hillside, as once this has occurred, damage can result very quickly and without warning.
The tax year runs from July 1st to June 30th, but you receive your tax statement in October for payment on November 15th. No wonder people are confused! Not only does the tax year not correspond with the calendar year, but you get your statement at a completely odd time as well. (Is this some sort of a conspiracy?) So when you pay your taxes in November you are paying in arrears back to July 1 and ahead to June 30. You can pay your taxes in one lump sum and receive a discount, or you can pay it in thirds with the final third due in May.
Yes, your property taxes will probably go up this year even though your house value has likely gone down. Right now, this is the most confusing issue about property taxes and is getting a lot of play in the media. This is happening because of the restriction that was placed onto annual tax increases in the mid-1990’s. At that time house values were going up quickly and property taxes were going up at the same pace. This was creating financial hardship because people’s incomes were not keeping pace. A ballot measure was passed that restricted annual tax increases to not more than 3% per year plus any bond measures passed through public vote. Bond measures are those ballot measures that supply funding to build libraries, schools, zoos, etc. Lots of bond measures have been passed in the last 15 years, including an $80,000,000 bond measure that re-built the two High Schools here in Lake Oswego.
Here are a few local events & opportunities currently offered Lake Oswego residents. Wish you were here? We do too! Enjoy:
113 Kingsgate Rd Priced at $275,000, this house has 3 bedrooms, 2 full baths, and a 2-car attached garage. It’s located on the South slope of Mountain Park, so it is really convenient to the Kruse Way corridor, I-5, and Hwy 217. Oak Creek Elementary School is just down the street, and PCC Sylvania Campus is close by. While the lot is smaller (about 4000 square feet) it is extremely private. So you can have the easy care of a small yard, but the benefit of privacy. That’s a tough combination to find. Probably the most striking feature of the house (besides the master on the main, the hardwood floors, the wet bar, and the gas fireplace) is the 2-story vaulted ceiling. Architecturally, this house is wonderful and unique. This is not a cookie-cutter house. When you walk in the door, you will say “Wow”.
4447 Golden Lane Priced at $229,000, this is an end-unit condo with 2 bedrooms, 2 full baths, and a 2-car, attached garage. It has expansive South facing windows so that the interior is light and bright even on those short, winter days. The kitchen has new granite counters and there are new laminate floors. Like the property above, this home is on the South slope of Mountain Park. Living in this location, you benefit from the Mountain Park recreational facilities. There are 15 miles of walking trails, tennis courts, a swimming pool and a weight room. Living in a condominium means that you don’t have to take care of a yard or worry about maintenance of the exterior. It’s ideal for someone with a busy job or who likes to travel a lot.
15139 Tree Rd Priced at $298,900, this house has 3 bedrooms , 2 full baths, and a 2-car garage. It’s in a great location at the end of a dead-end street. There are hardwood floors throughout. It has a formal living room, but what I like is the openness of the greatroom for the kitchen, dining room, and family room. There is a masonry fireplace made with used bricks that is warm and inviting. I like to point out to anyone buying a one level home that the demand for these homes will only increase. As the population ages, the need for homes that appeal to older people is going to get bigger. So I do believe that one-level homes make great investments.
I think what is striking about all of these houses is what good condition they are all in. Under $300,000 in Lake Oswego is the lower end of the pricing spectrum. You would normally think that this would also mean that you have to compromise by buying a house that perhaps needs some updating or some work to improve it. That is not the case here. You can buy not only an affordable home, but a home in great condition. Add to that the fact that you can then get an $8000 tax credit from the Federal government and you are talking a perfect storm of opportunity.