Tag: statistics

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Price Per Square Foot

Price per square foot is a handy tool when trying to calculate value for a house. It is commonly used by Realtors, home buyers and sellers, and Appraisers. It can also be a bit misleading. So I thought it was time to take a good hard look at it.

Two weeks ago I got an e-mail from a reader wanting to know if Lake Oswego had an average price per square foot that houses were selling for. Trying to be helpful, I went back into the previous week’s sold properties (3/7-3/13) and found that they had sold for an average of $133 per square foot. However, this lumped all of the solds together (condos and detached houses), and was only a 1 week snap shot. Wanting to delve deeper, I re-did this exercise and broke it up into condos, detached houses, and waterfront. Again, these are averages.

This snap shot reflects sales in the last 30 days:
Condos
18 condos have sold in the last 30 days. The least expensive per square foot was $68. The most expensive was $389. The average sold price per square foot was $158.

Single Family Homes
33 single family homes have sold in the last 30 days. The least expensive per square foot was $92. The most expensive was $279. The average was $174 per square foot.

The average/average (in other words both condos and detached houses) was $167 per square foot.

Now, some clarification. These are some widely swinging values. What separates the low values from the high values are variables such as age, condition, and location. A house that is brand new is generally worth more than a house that is 50 years old. A house in a high-demand location like First Addition is going to be worth more than a house on a busy street in Lake Grove. These averages do not take into consideration these variables.

When you value a house using price per square foot, you really need to be comparing that property to others that are as similar to it as possible. But averages are interesting. It kind of creates a lens through which to look. If the average for houses in LO is $174 per square foot, and you are looking at a house that is priced either greater or less, why is there the difference? Is it worth more because it’s a fantastic house? Are you getting a chance to get a screaming great deal?

Waterfront
I purposely left out waterfront properties from these averages because I think that they have their own unique valuation. We happen to have both a lake and a river in Lake Oswego, so waterfront is an important part of our market. To look at waterfront averages, I went back 6 months in order to have enough properties in the study to make it useful. I found a low per square foot of $73 (OK, that is just amazing!) and a high of $571. The average sold price per square foot was $287.

Then there is the issue of measuring
With all of this emphasis on value per square foot, one of the realities is that measuring a house is not an exact science. Two highly qualified professionals can measure the same house and arrive at different numbers. Do you count a staircase twice? After all it exists on more than one level. Yet, it really is only floor space that is used as a single level. Then there are tricky floorplans with cut outs and overhangs that can not be measured from the ground. To measure, you end up doing estimates based upon other measurements of either the interior or surrounding walls that can be measured. I am currently involved in a sale that is new construction. The builder, based upon architectural plans, has a measurement of 3650 square feet. The appraiser who was at the house last week found a measurement of 3823 square feet. Just using the average in LO as I calculated above, that’s an additional value of $30,000.

Ultimately my perspective is that looking at price per square foot can be helpful, but it needs to be taken with some understanding that it is not an exact science. As a buyer or a seller, you also need to factor in the obvious things like age, condition, and location, but also how much do you love the house. Is it worth to you what is being offered? Because ultimately a house is worth what a seller is willing to sell it for and what a buyer is willing to pay for it. These are human decisions and not scientific ones.

Thanks for reading. Send us your questions and allow Linda and I to address them here. We would so much rather be writing about things that are of interest to you. Again, thanks for reading.
Dianne

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Market Activity Report ~ March 28 – April 3, 2011

Last Week Lake Oswego saw 19 New properties enter the market, 14 move to Pending status, and 13 Closed sales.

See below for further details according to RMLS:

NEWLY LISTED (March 28-Apr 3, 2011)

Address List Price # Beds # Baths Total SF Prop Type
3930 LAKE GROVE AVE 4A $109,000 2 1 952 CONDO
16250 PACIFIC HWY 71 $129,900 2 2 1305 CONDO
57 GREENRIDGE CT $199,900 2 2 1314 ATTACHD
4316 BOTTICELLI ST $209,000 2 2.1 2098 CONDO
12828 SW BOONES FERRY RD $224,500 2 2.1 1136 ATTACHD
5432 KENNY ST $230,000 3 1 1352 DETACHD
1740 KILKENNY DR $299,950 4 2.1 2000 DETACHD
1851 KILKENNY DR $349,900 4 3 2654 DETACHD
1766 FERN PL $365,000 3 2 1937 DETACHD
7 DEL PRADO ST $479,900 4 3 2232 DETACHD
40 CONDOLEA CT Main $485,000 3 3 2958 CONDO
4080 COLTSFOOT LN $515,000 3 2.1 2884 DETACHD
3435 LAKE GROVE AVE $549,000 4 3 2751 DETACHD
16491 CHAPIN WAY $879,000 4 3 3648 DETACHD
11 HILLSHIRE DR $939,000 5 4.1 5163 DETACHD
17301 BERGIS FARM DR $1,060,000 4 3.1 4737 DETACHD
2133 HAZEL RD $1,175,000 5 3.1 4099 DETACHD
14001 GOODALL RD $1,329,000 4 3.1 5397 DETACHD
882 North Shore RD $1,850,000 4 4.1 3842 DETACHD

PENDING SALES (March 28- Apr 3, 2011)

Address List Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR 41 $69,900 2 1 932 CONDO 36
16200 PACIFIC HWY Main $160,000 2 2 1190 CONDO 11
45 EAGLE CREST DR 308 $169,000 2 2 1124 CONDO 49
16200 PACIFIC HWY 17 $195,000 2 2 1200 CONDO 626
16725 CARNEGIE AVE $244,900 3 2 2022 DETACHD 298
151 KINGSGATE RD $250,000 3 2 1585 DETACHD 61
1 HIDALGO ST $349,900 2 2.1 2489 DETACHD 235
720 TIMBERLINE DR $359,900 3 2.1 1906 DETACHD 15
14402 ORCHARD SPRINGS RD $359,900 5 3 2175 DETACHD 45
2310 STONEHURST CT $559,000 4 2.1 3365 DETACHD 38
5836 SUNCREEK DR $575,000 4 2 2500 DETACHD 151
721 7TH ST $929,000 4 3.1 4228 DETACHD 75
4011 WESTBAY RD $950,000 5 3.1 4518 DETACHD 365

SOLD (March 28- Apr 3, 2011)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
100 KERR PKWY 16 $80,325 $73,000 2 1.1 823 CONDO 51
668 MCVEY AVE 81 $129,900 $77,700 2 1.1 992 CONDO 146
18263 BENFIELD AVE $209,900 $175,000 3 1 912 DETACHD 48
4281 CHAPMAN WAY $301,907 $285,000 3 2.1 2010 DETACHD 81
18591 WAXWING WAY $324,900 $312,000 3 2.1 2145 DETACHD 303
57 CONDOLEA TER $379,900 $370,000 2 2.1 2172 CONDO 48
13364 AUBURN CT $450,000 $405,000 3 2.1 2451 ATTACHD 296
6 MORNINGVIEW LN $659,000 $489,600 4 3 3998 DETACHD 262
13644 TWIN CREEK LN $549,900 $520,000 4 2.1 2758 DETACHD 209
16219 WHITE OAKS DR $549,000 $525,000 4 2.1 2862 DETACHD 18
19019 BRYANT RD $625,000 $630,000 4 3.1 3326 DETACHD 130

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 ~ Sunday, April 3, 2011

Happy Springtime in Lake Oswego! There are 42 homes being held Open according to RMLS. I know that there are a selection of homes in the Hallinan area that are involved in a “Cooperative Open” because my listing at 979 Devon Lane is one of them! (This beautiful property w/Mt Hood & valley views just reduced by $25,000!). We’ll have information on the other homes involved, so come see one & then see all of us! There is also a beautiful “find” at 1851 Kilkenny Drive nearby being held Open that you may want to check out; gorgeous lot & view, tons of updates, and stellar location! (as in: “value” : )

Of those Open, there are 8 properties between $100,000 & $300,000., 14 between $300,000 & $500,000., 16 between $500,000 & $1,000,000., and 4 over a million.
Here you go… Enjoy!

Address L/Price # Beds # Baths Total SF Style Open
6927 MONTAUK CIR $129,000 2 1 968 CONDO 1-3PM
1400 BONNIEBRAE DR $169,500 2 1 864 TOWNHSE 1-3PM
5061 FOOTHILLS DR G $180,000 2 2 991 CONDO 2-4PM
48 EAGLE CREST DR 5F $195,000 2 2 1370 CONDO 1-3PM
16250 PACIFIC HWY 61 $209,000 2 2 1305 CONDO 2-4PM
53 ORIOLE LN $250,000 3 2.1 2072 DETACHD 1-3PM
7 BRITTEN CT $280,000 4 2 2046 TOWNHSE 1-3PM
19250 MAREE CT $299,000 3 2.1 1519 DETACHD 1-3PM
14251 CAMDEN LN $349,000 3 2.1 2179 DETACHD 12-3PM
1851 KILKENNY DR $349,900 4 3 2654 DETACHD 11AM-1PM
1053 HALLINAN ST $349,900 3 2.1 1944 DETACHD 1-3PM
1621 LARCH ST $364,900 3 2.1 3040 DETACHD 1-3PM
1830 CLOVERLEAF RD $367,000 5 2 1795 DETACHD 12:30-2PM
775 BOCA RATAN DR $414,900 4 3.1 2727 DETACHD 11:30AM-1:30PM
960 LAKE FOREST DR $419,900 3 2 2838 DETACHD 1-4PM
979 DEVON LN $425,000 3 3.1 2162 DETACHD 1-4PM
2360 Greentree RD $429,000 3 2.1 2207 DETACHD 2-5PM
17790 WESTVIEW DR $459,900 4 3 3361 DETACHD 1-3PM
19487 SW DOGWOOD CT $469,900 4 3 3105 DETACHD 10AM-5PM
19443 KOKANEE CT $474,700 4 2.1 2807 DETACHD 12-4PM
19319 SW DOGWOOD CT $499,900 4 2.1 3105 DETACHD 10AM-5PM
14674 RAINBOW DR $499,950 4 3 3108 DETACHD 12-3PM
3718 RIVERS EDGE DR $529,900 3 2.1 2536 DETACHD 1-3PM
19285 MEGLY CT $539,900 5 3 3275 DETACHD 10AM-5PM
3 BOLIVAR ST $569,900 5 2.1 4780 DETACHD 1-4PM
19200 MEGLY CT $569,900 6 3 3490 DETACHD 10AM-5PM
1217 TYNDALL CT $599,000 4 4 5181 DETACHD 2-4PM
5511 FIELDSTONE CT $658,950 4 2.1 3037 DETACHD 1-3PM
15566 VILLAGE PARK CT $659,900 5 3.1 4692 DETACHD 1-3PM
17884 KELOK RD $668,000 5 3.1 4124 DETACHD 2:15-4PM
17896 KELOK RD $668,000 5 5.1 4323 DETACHD 2:15-4PM
5533 FIELDSTONE CT $668,950 4 2.1 3115 DETACHD 1-3PM
5321 AMBERWOOD CT $669,900 4 3 3315 DETACHD 2-4PM
15622 FIELDSTONE DR $698,950 3 2.1 3113 DETACHD 1-3PM
5320 SOUTHWOOD DR $728,000 4 3 3646 DETACHD 1-3PM
18020 SKYLAND CIR $895,000 4 3.1 3210 DETACHD 1:30-3:30PM
18209 SIENA DR $994,000 5 3.1 3839 DETACHD 1-3PM
215 CHANDLER PL $995,000 3 2.1 3118 DETACHD 1-4PM
18222 SIENA DR $1,189,000 4 3.1 3998 DETACHD 1-3PM
18024 SKYLAND CIR $1,595,000 4 3.2 4131 DETACHD 12-3PM
1300 SKYLAND DR $1,750,000 4 4.2 6311 DETACHD 1-3PM
2572 GLEN EAGLES PL $1,895,000 5 4.2 6490 DETACHD 1-3PM
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Spring is Poetry

Spring makes poets of all of us!  I thought you might enjoy some of the poetry I was able to find from the lofty among us… as well as the rest!   ~ Happy Spring ~

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Here’s a classic from Rumi:

 

 

 

 

 

The Music We Are

Did you hear that winter’s over? The basil
and the carnations cannot control their

laughter. The nightingale, back from his
wandering, has been made singing master

over the birds. The trees reach out their
congratulations. The soul goes dancing

through the king’s doorway. Anemones blush
because they have seen the rose naked.

Spring, the only fair judge, walks in the
courtroom, and several December thieves steal

away, Last year’s miracles will soon be
forgotten. New creatures whirl in from non-

existence, galaxies scattered around their
feet. Have you met them? Do you hear the

bud of Jesus crooning in the cradle? A single
narcissus flower has been appointed Inspector

of Kingdoms. A feast is set. Listen: the
wind is pouring wine! Love used to hide

inside images: no more! The orchard hangs
out its lanterns. The dead come stumbling by

in shrouds. Nothing can stay bound or be
imprisoned. You say, “End this poem here,

and wait for what’s next.” I will. Poems
are rough notations for the music we are.

 

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Market Activity Report: 3/21-3/27

New listings were way down last week with just 12: probably due to Spring Break. Pending sales were strong at 16, and closed sales were also solid at 14. It’s nice to see more pendings and solds than new listings. Must be the sweet smell of spring.

See below for further details according to RMLS:

NEWLY LISTED (Mar 21-27, 2011)

Address Type Price Sq FT BR Baths
45 Eagle Crest Dr #520 Condo $135,000 768 1 1
5322 Charleton Ct Detached $274,900 1633 3 2.5
7 Britten Ct Attached $280,000 2046 4 2
5978 Fernbrook Circle Detached $309,000 1612 3 2.5
1820 Kilkenny Dr Detached $379,000 3040 4 3
2360 Greentree Rd Detached $429,000 2207 3 2.5
17360 Hunter Ct Detached $478,500 3322 4 2.5
1454 Glenmorrie Dr Detached $505,000 3372 3 2.5
557 2nd St Condo $625,000 1833 2 2.5
1700 Village Park Ln Detached $769,900 4945 4 4
12439 SW 22nd Ave Detached $849,900 4118 4 3.5
340 Ridgeway Rd Detached $1,495,000 3796 4 3

PENDING SALES (Mar 21-27, 2011)

Address Type Price Sq Ft BR Baths CDOM
79 Galen St Condo $69,900 995 2 2 208
668 McVey Ave #82 Condo $109,250 992 2 1.5 46
54 Galen St Condo $119,485 995 2 2 346
5064 Foothills Dr H Condo $209,900 1252 3 2 14
10 Polonius St Detached $264,900 2028 4 3 3
1571 Woodland Terr. Detached $299,900 2400 3 2 106
44 Da Vinci St Detached $339,900 2005 4 2 14
151 Del Prado St Detached $399,000 2447 4 2.5 191
18929 Indian Springs Rd Detached $410,000 3380 4 3 51
6 Churchill Downs Detached $439,950 2922 5 3.5 320
920 Evergreen Rd Detached $475,000 1622 2 2 413
17645 Oak Meadow Ln Detached $510,000 3510 4 2.5 392
5 Cellini Ct Detached $649,900 4895 5 3.5 300
691 Carrera Ln Detached $699,000 3704 5 3.5 255
17833 Marylcreek Dr Detached $749,000 5495 5 4.5 45
18260 River Edge Ct Detached $789,000 4711 4 3.5 160

SOLD (Mar 21-27, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
4631 Lakeview Blvd $93,000 $51,000 Condo 753 177
49 Oswego Summit $75,000 $67,500 Condo 720 127
18021 Tualata Ave Auction $176,400 Detached 1410 338
575 Hemlock St $289,000 $285,000 Detached 1175 289
5204 Rosewood St $344,900 $337,000 Detached 1683 11
30 Wilbur St $412,900 $355,000 Detached 2664 79
326 Lake Bay Ct $439,500 $390,000 Detached 1400 159
13595 Knaus Rd $489,000 $469,000 Detached 3339 226
547 2nd St #202 $559,000 $535,000 Condo 1529 388
2607 Palisades Crest Dr $760,000 $750,000 Detached 5650 244
1309 Horseshoe Curve $849,000 $800,000 Detached 3087 58
585 2nd St #404 $999,000 $835,000 Detached 2147 396
744 9th St $1,075,000 $950,000 Detached 4255 465
13795 Cameo Ct $1,400,000 $1,100,000 Detached 7190 706

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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Market Activity Report March 14-20, 2011

Last Week Lake Oswego saw 15 New properties enter the market, 14 move to Pending status, and 10 Closed sales.

See below for further details according to RMLS:

NEWLY LISTED (Mar 14-20, 2011)

Address List Price # Beds # Baths Total SF Prop Type
6927 MONTAUK CIR $129,000 2 1 968 CONDO
218 CERVANTES $159,000 2 1.1 1320 CONDO
45 EAGLE CREST DR 508 $189,000 2 2 1046 CONDO
18462 DON LEE WAY $299,500 4 2 1904 DETACHD
720 TIMBERLINE DR $359,900 3 2.1 1906 DETACHD
17017 CANAL CIR $375,000 4 2.1 2665 DETACHD
7 PARTRIDGE LN $415,000 3 3 2472 DETACHD
15434 PARTRIDGE DR $422,000 4 2.1 2334 DETACHD
4 NANSEN SMT $545,000 4 2.1 3255 DETACHD
13554 ROGERS RD $609,000 4 2.1 2922 DETACHD
17170 WALL ST $719,900 4 3.1 3446 DETACHD
467 9th ST $750,000 3 2.1 2800 DETACHD
18020 SKYLAND CIR $895,000 4 3.1 3210 DETACHD
18122 MEADOWLARK LN $927,000 3 2.1 2898 DETACHD
1870 CREST DR $1,450,000 4 3.1 4598 DETACHD

PENDING SALES (Mar 14- 20, 2011)

Address List Price # Beds # Baths Total SF Prop Type CDOM
115 OSWEGO SMT $130,000 2 2 1212 CONDO 69
4948 MEADOWS RD $199,900 3 2 2491 DETACHD 214
12847 SW 61ST AVE $272,000 3 2 1635 DETACHD 292
928 LAKE FRONT RD $285,000 4 3 2300 DETACHD 127
14480 CAMDEN LN $313,960 3 2.1 1944 DETACHD 230
5866 RIDGETOP CT $385,000 3 2 1866 DETACHD 25
1692 FIRCREST CT $450,000 4 2.1 2569 DETACHD 0
19263 MEGLY CT $544,900 5 3 3213 DETACHD 174
17754 TREETOP LN $550,000 5 3.1 3668 DETACHD 7
5088 Woodcrest LN $599,900 4 2.1 3063 DETACHD
2757 LAKEVIEW BLVD $725,000 4 3 3321 DETACHD 540
16686 MAPLE CIR $819,000 4 3.2 3311 DETACHD 70
3178 DOUGLAS CIR $819,900 5 4.1 5256 DETACHD 89
100 GARIBALDI ST $875,000 5 3.2 4572 DETACHD 50

SOLD (Mar 14-20, 2011)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
4000 CARMAN DR 46 $99,900 $107,000 2 2 999 CONDO 14
16250 PACIFIC HWY 77 $169,000 $113,450 2 2 1327 CONDO 1208
3952 CARMAN DR $149,800 $149,800 2 2.1 1146 ATTACHD 225
18148 BELMORE AVE $245,000 $245,000 3 1 1008 DETACHD 7
4703 CAMBRIDGE CT $412,000 $395,000 3 2.1 2914 ATTACHD 438
1862 KILKENNY DR $424,900 $400,000 3 2.1 2500 DETACHD 762
17802 HILLSIDE WAY $449,800 $400,000 4 2.1 2965 DETACHD 351
19245 SW MEGLY CT $584,900 $539,000 5 3 3490 DETACHD 246
5157 DENTON DR $719,900 $633,000 4 2.1 3087 DETACHD 174
735 TERRACE DR $1,300,000 $1,200,000 3 2.1 3090 DETACHD 221

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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Lake Oswego Open Houses ~ Sunday, March 30, 2011

There are 25 homes being held Open on Sunday according to RMLS.  The cherry trees are starting to bloom, and spring is ever so close.  Get out and breathe some of that gorgeous air of promise, and see if one of these beauties is “the one” for you!

Here you go:

Address L/Price # Beds # Baths Total SF Prop Type Open
221 CERVANTES $129,000 2 1.1 1180 TOWNHSE 2-4PM
218 CERVANTES $159,000 2 1.1 1320 TOWNHSE 2-4PM
5061 FOOTHILLS DR G $180,000 2 2 991 CONDO 2-4PM
53 ORIOLE LN $250,000 3 2.1 2072 DETACHD 1-3PM
19420 MARLIN AVE $264,800 3 1 1166 DETACHD 12-4PM
15245 BOONES WAY $289,900 3 2.1 1600 TOWNHSE 1:30-3:30PM
19250 MAREE CT $299,000 3 2.1 1519 DETACHD 1-3PM
14251 CAMDEN LN $349,000 3 2.1 2179 DETACHD 1-4PM
1970 GREENTREE RD $399,900 4 3 2428 DETACHD 1-4PM
1416 CHERRY CREST DR $419,900 4 3 2792 DETACHD 1-4PM
775 BOCA RATAN DR $424,500 4 3.1 2727 DETACHD 1-3PM
785 5TH ST $445,000 3 2 2112 DETACHD 1-4PM
17790 WESTVIEW DR $459,900 4 3 3361 DETACHD 11:30-1:30PM
6 WESTRIDGE DR $484,500 4 2.1 3169 DETACHD 1-4PM
4927 HASTINGS DR $532,000 4 2.1 2418 DETACHD 2-4PM
1217 TYNDALL CT $599,000 4 4 5181 DETACHD 2-4PM
3 BOLIVAR ST $599,900 5 2.1 4780 DETACHD 1-3PM
1100 UPPER DEVON LN $649,900 4 3.1 3672 DETACHD 12-3PM
5511 FIELDSTONE CT $658,950 4 2.1 3037 DETACHD 11:30-1:30PM
5533 FIELDSTONE CT $668,950 4 2.1 3115 DETACHD 11:30-1:30PM
5321 AMBERWOOD CT $669,900 4 3 3315 DETACHD 1-3PM
15622 FIELDSTONE DR $698,950 3 2.1 3113 DETACHD 11:30-1:30PM
2351 PALISADES CREST DR $849,000 5 2.1 4498 DETACHD 12-3PM
18209 SIENA DR $994,000 5 3.1 3839 DETACHD 1-3PM
18222 SIENA DR $1,189,000 4 3.1 3998 DETACHD 1-3PM
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News & Notes

This Time of Year: Winter is widely viewed as a great time to buy a home. Sellers typically perceive demand at this time of year to be slow, and therefore Buyers can secure deals that may not be available during other times of the year. I spoke with the owner of a local moving company today, and she was breathless. She told me that they are so busy right now they are having a hard time keeping up…. What she is seeing in her business is an uptick in home purchases… and no wonder! Low interest rates/low prices/a few years of pent-up demand… tis the season!

If you want to take advantage of the annual winter-slowdown as a Buyer, here are some things you will want to do:

– Secure the cash for your down-payment.
– Check your credit score and correct any mistakes.
-Get to know your chosen neighborhood; have your Realtor assemble data on recent sales… in short, be prepared with the facts.
– Walk or drive around your chosen neighborhood. Talk to residents if possible…. Get an idea of what it’s like to live there.
– Be prepared to negotiate. While you can expect to secure a great deal in this market and season, listen to your Realtor regarding how far to go & not go… you want the home you fall in love with, and stepping over a certain line could alienate you from it’s current owners.

While rates are at near-historic lows, they are expected to rise. According to Pat Goodell and Academy Mortgage, rates are expected to rise before prices bottom… and rates affect your financial picture more than price. Here is a scenario that should interest you:

Say a couple wants a P & I mortgage payment today of approximately $1025. At 4.5% they could get a $202,000 loan today.

Here is what that same payment will get them at higher interest rates:

4.5% $202,000
7.5% $146,500
9.5% $102,000
12.5% $ 96,000

So… the point is that a 3% increase in rates can reduce our subject couple’s purchasing power by 25%.

I hope this information has been helpful.
As always, please feel free to call or email with questions, or to ask for help.
Happy house-hunting!

Very Best,
Linda

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Market Activity for March 7-13, 2011

Last Week Lake Oswego saw 17 New properties enter the market, 18 move to Pending status, and 8 Closed sales. This is virtually identical to last week which had 17 new, 17 pending, and 8 closed.

I also want to point out the attached homes on Oakridge and Trillium Woods. That’s the property at Oakridge and Quarry that has been sitting waiting for development for so many years. Three of the new listing are in this development and one pending sale, which you will see sold with no market exposure. It was likely a pre-sale. I am glad to see that land getting not only developed, but apparently offering a product with appeal.

See below for further details according to RMLS:

NEWLY LISTED (March 7-13, 2011)

Address Type Price Sq FT BR Baths
5064 Foothills Dr H Condo $209,900 1252 3 2
4263 Woodside Circle Attached $244,900 2026 3 2
19420 Marlin Ave Detached $264,800 1166 3 1
16964 Maple Circle Detached $295,900 744 2 1
44 Da Vinci St Detached $339,900 2005 4 2
1053 Hallinan St Detached $349,900 1944 3 2.5
4697 Oakridge Rd LT5 Attached $362,920 1738 3 2.5
4699 Oakridge Rd LT6 Attached $376,380 1738 3 2.5
5365 Lakeview Blvd Detached $419,000 1754 4 2.5
4681 Trillium Woods LT8 Attached $433,200 2135 3 2.5
4 Icarus Loop Detached $449,900 2743 4 2.5
4398 Glacier Lily St Detached $450,000 2936 4 2.5
4927 Hastings Dr Detached $532,000 2418 4 2.5
14867 Twin Fir Ct Detached $559,000 3641 7 3.5
17614 Blue Heron Detached $818,950 3150 4 3
17151 Wall St Detached $865,000 4141 7 4
1 Dover Way Detached $899,000 3731 4 3

PENDING SALES (March 7-13, 2011)

Address Type Price Sq Ft BR Baths CDOM
33 Crestfield Ct #33 Condo $44,900 689 1 1 418
5530 Bonita Rd Detached $239,000 1200 3 1.5 64
5031 Tualata Ln Detached $249,900 1492 3 2 300
19211 Marlin Ct Detached $258,500 2091 2 3 9
4382 Woodside Circle Attached $275,000 1250 2 2 37
837 Oak St Detached $295,000 2006 3 2 3
30 Wilbur St Attached $349,900 2664 2 2.5 79
535 B Ave Attached $399,000 1691 2 2.5 592
1677 Laurel St Detached $415,000 2445 4 3.5 117
17491 Blue Heron Dr Detached $419,900 2429 4 2 404
4683 Trillium Woods LT7 Attached $436,150 2135 3 2.5 0
12751 Sierra Vista Dr Detached $469,900 2097 3 2 31
5434 Rosalia Way Detached $497,900 2600 4 2.5 245
3885 Upper Dr Detached $529,000 3122 4 2.5 342
19019 Bryant Rd Detached $625,000 3326 4 3.5 130
553 2nd St #208 Condo $635,000 1816 2 2.5 786
17301 Canal Circle Detached $749,000 1812 3 2.5 342
2990 Glen Eagles Rd Detached $795,000 3650 4 2.5 125

SOLD (March 7-13, 2011)

Address Orig. Price Sold Price Type Sq Ft CDOM
44 Eagle Crest Dr #9 $74,900 $74,000 Condo 908 5
12511 SW Boones Ferry Rd $204,900 $150,000 Detached 1625 187
186 Oswego Summit #186 $212,000 $192,500 Condo 1506 94
5827 Bonita Rd $399,900 $299,900 Detached 1771 245
18667 Pilkington Rd $399,900 $315,000 Detached 2512 241
942 Clara Ct $549,000 $349,000 Detached 3123 194
18212 Westview Dr $589,900 $550,000 Detached 3464 195
163 Iron Mountain Blvd $1,200,000 $900,000 Detached 4314 102

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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Showing Tips

So you’ve put your house on the market and are planning to jump on the spring bandwagon and take advantage of the thawing market. Let’s talk about how best to show your home & what your options are.

You’ll be talking with your agent about the listing’s “Showing Instructions”. You have several options including “Call 1st”, “Call Agent”, “Call Owner” and “Appointment Only” among others. My recommendation to my clients is to veer toward the “Call 1st” option if at all possible. My reason for this is that you want to remove as many barriers as possible to getting a potential Buyer into your home. While there is often very reasonable rationale for choosing others of those options, the one that makes it easiest for your potential Buyer is “Call 1st”. This Showing Instruction lets the Buyer’s agent know that he or she may call your number, and if no one answers, leave a message with the approximate time of the desired showing and the request for a call back that if that time will NOT work for you. This makes it very easy for the Buyer’s agent and the Buyer…. and that’s what you want! It also gives you the opportunity to say “No… 2PM this afternoon would work better for me.”

Now let’s talk about how you leave your home when you have a showing. Obviously you want your home to he “the one” for the Buyers looking it over. I know you’ve heard all the admonitions before about making things neutral so that Buyers can picture themselves and their “stuff” there; taking down family photos/neutral wall colors/cleared counter-tops etc. I also want you to consider those things that are probably invisible to you as a homeowner… Pretend you have never been in your home before, and walk in the front door. Is the entry open with a clear view to the rest of the home? Is the porch littered with shoes or other “normal” things like miscellaneous gardening objects (trowels, gloves…), dead potted plants, etc? Are your toothbrushes in cups on the counter for visitors to admire? Dentures in a glass? Are your medications out on the counter in the bathroom or your vitamins out on the kitchen counter?? Is there a stinky kitchen sponge decorating your sink? Are those pesky box beetles trying valiantly to get in under your back door & warm up a little? (PLEASE call Orkin…) How about your mud room… is it muddy? If so… transform it into a showplace for cleanliness w/ hooks for clothing & bench-seats for cleaning up…. but leave the mud for peoples’ imaginations. The whole thing is about creating ambiance. I’ll say it: “The way you live in a house is not the way you ‘sell” a house.” Just do a little “I’ve never been here before” exploring around your home… it will probably amaze you!

How to make it all easier?
There are professional organizers who can come in and help you with streamlining your home. I’ve used this method with clients, especially busy ones. It lifts a huge weight off a Seller’s shoulders during the process of sorting and deciding what is staying and what is going into storage during the sale period or to Goodwill.

Once that phase of preparation is complete, I suggest hiring a professional cleaning company to come in and do a once-over on your home. It is more of what we discussed above; things you don’t tend to notice as you live in the house. After this, attempt to keep things the way they are… hopefully streamlined and clean. Then just keep a bottle of window cleaner handy and go through the house lightly touching all the sinks’ hardware so it shines before you leave. Once the initial work is done in preparing your home for sale, maintenance is key, and not as hard as you think.

My main message here? You’ve heard all of the obvious advice on staging, colors etc. Remember to look at the little things. They make a big difference!