Tag: statistics

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Foreclosure Freeze/Shortsales/Market Conditions

The news has been full of headlines about the new crisis in the mortgage industry, this time affecting foreclosures. So it seems like an opportune time to look at not only foreclosures, but also shortsales and the latest market update from RMLS.

The Foreclosure Freeze
There is now discussion that the foreclosure process, which has pretty much swamped the big lenders like Bank of America and Wells Fargo, has been mishandled. The accusation is that the paperwork involved in the foreclosures was often reviewed and processed by unqualified people and by people who did not read what they were signing. I do not know if this is true or not, but I do know that I have counseled people who are in foreclosure who have not only felt powerless, but have felt that the bank was not answering their letters, returning their phone calls, or being responsive. Obviously there is going to be anger for a person in this position. That combined with the current media coverage does make me feel that we will see litigation.

Gregor Watson, a principal with McKinley Partners, recently gave a best to worst case assessment of what this means:
Best case: this is only a technical glitch. It will require some re-tooling of the process, but the process will get back on track and foreclosures will resume. This is needed to allow the glut of foreclosures to work their way through the market and then be out of the inventory.
Medium case: people will enter into significant litigation that could take years to sort out. This could slow and extend the downturn of the housing market.
Worst case: the housing market is brought to a halt because Title Companies refuse to insure mortgages involving foreclosed homes. (This would not bring the entire market to a halt: simply the foreclosures. Still, a big problem)

On the positive side the Philidelphia Inquirer reported yesterday that Bank of America intends to begin resuming foreclosure proceedings stating that they have a legal right to do so despite accusations that documents used in the process are flawed. This bodes well for the possibility that the better scenario may result. We shall see….

Shortsales
When the whole shortsale phenomenon began a few years ago I will admit that I was a skeptic. It reminded me of the buy-a-house-with-credit-cards schemes. Just too simple to be true. Really? You could just ask your bank to forgive part of your mortgage so that you could sell it for less? Really? As time has gone by I have come to see that not only are shortsales here to stay, they are a significant part of the market.

I think shortsales do present remarkable opportunity, as do foreclosures. It allows a house to be sold for market value and not have an asking price that is based upon a value/debt that is several years old. But shortsales are not for everyone. I want to make if very clear that if you are a homeowner considering a shortsale, you need professional and legal advice far beyond the scope of what I am discussing here. So I want to directly address buyers.

The buyer best suited to benefit from a shortsale is the investor. This is because the shortsale is so uncertain and the process takes months. A buyer who is shopping for a home may have the patience for this, but is usually not in a position to wait 3-5 months and then learn that they lost the house to another bid or that the shortsale was not approved. Whereas an investor is not waiting with a moving truck full of furniture. If it works, it works. If not, that’s OK too. For the investor able to be patient, it can present real opportunity. I have personally seen several homes here in Lake Oswego that sold for values that made my jaw drop in the shortsale scenario. Just know what you are getting into.

Keeping it Local
Here in Lake Oswego we currently have an active listing inventory of 626 listings (condos and houses). Of those 37 are Bank-owned Foreclosures and 70 are shortsales. And this means that about 82% of the market is neither a foreclosure nor a shortsale. It’s a home owned by someone who is not in it upside down and who has perhaps even taken loving care of it. So there is a house out there for you whether you are an investor, a home buyer looking for a personal residence, or even a home buyer looking for a personal residence with the patience of an investor.

Also keeping it local, the latest RMLS Market Action Report offers the following information about area 147, which is Lake Oswego and West Linn Combined
Total active listings = 1025
Total pending sales = 84, a decrease of 24.3% over the same time one year ago
Average sales price = $432,200
Average days on the market = 186
Change in values over the same time last year = -9.3%
Change is closed sales, year to date = -22.3%

I consider myself to be a very positive person. The thing to do in this economy is look for how it can work in your favor. That may mean waiting, but that may also mean pouncing on opportunity. The subject today is pretty complex. Please contact Linda or myself for more information, to ask questions, or to get property information. We are here to be of help.
Dianne

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Lake Oswego Market Activity ~ Oct 11-17, 2010

Pretty robust activity last week.  Lake Oswego saw 17 New listings, 19 Pending sales, and 8 Closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Oct 11-17, 2010)

Address List Price # Beds # Baths Total SF Prop Type
3433 MCNARY PKWY #204 $107,500 2 2 1008 CONDO
73 GALEN ST #73 $115,950 2 2 995 CONDO
4000 CARMAN DR #3 $119,900 1 1 836 CONDO
221 CERVANTES $144,000 2 1.1 1180 CONDO
6120 SHAKESPEARE ST $185,000 3 1.1 999 DETACHD
12802 BOONES FERRY RD $287,500 3 2.1 1548 DETACHD
7 BLOCH TER $292,000 3 2.1 2062 ATTACHD
17350 KELOK RD $379,000 3 1.2 1415 DETACHD
15824 BOONES WAY $384,900 3 2 1895 DETACHD
5490 ROYAL OAKS DR $425,000 3 2 1761 DETACHD
1094 ERICKSON ST 424900 – 474876 4 3 2769 DETACHD
3210 FIR RIDGE RD $499,000 4 3.2 2832 DETACHD
1132 TROON RD $569,000 3 2.1 1585 DETACHD
13711 FIELDING RD $719,000 3 4 4649 DETACHD
754 5TH ST $775,000 3 2 2186 DETACHD
18260 RIVER EDGE CT $835,000 3 3.1 4711 DETACHD
199 FURNACE ST (Upper) $2,590,000 3 3.1 5772 CONDO

PENDING SALES (Oct 11-17, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
16250 PACIFIC HWY #77 $139,000 2 2 1327 CONDO 1115
200 BURNHAM RD #204 $149,000 2 2 1313 CONDO 890
85 OSWEGO SMT #85 $159,000 2 2 1212 CONDO 290
212 RIDGEWAY RD $169,900 1 1 778 CONDO 483
18462 DON LEE WAY $179,900 4 2 1904 DETACHD 369
848 6th ST $262,000 2 1 1648 DETACHD 413
5713 SW KENNY ST $279,900 3 2 1384 DETACHD 42
427 9TH ST $299,900 4 2 2130 DETACHD 30
1073 HALLINAN ST $349,000 3 2.1 1828 DETACHD 124
2021 CEDAR CT $350,000 4 3.1 4114 DETACHD 205
32 CHURCHILL DOWNS $379,900 4 2.1 3016 DETACHD 247
3541 RED CEDAR WAY $404,900 3 3 1963 DETACHD 14
5916 SUNBROOK DR $459,900 3 2.1 2617 DETACHD 9
17930 MEADOWLARK LN $539,900 4 4 3300 DETACHD 282
5188 MADRONA ST $549,000 3 3 3183 DETACHD 36
17455 BLUE HERON RD $575,000 3 2 2572 DETACHD 519
15915 WALUGA DR $598,950 3 2.1 2939 DETACHD 261
444 6TH ST $899,000 4 4.1 4541 DETACHD 314
15444 Boones WAY $998,500 3 2.1 3364 ATTACHD 0

SOLD (Oct 11-17, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #59 $105,000 $76,500 3 1 1024 CONDO 203
200 BURNHAM RD #200 $229,000 $90,000 1 1 897 CONDO 1362
4000 CARMAN DR #A5 $117,500 $102,000 2 2 973 CONDO 202
2245 GLEN HAVEN RD $328,500 $270,000 3 1.1 1276 DETACHD 346
16149 PEARCY ST $329,000 $305,000 3 2 1250 DETACHD 35
13045 PRINCETON CT $429,000 $417,000 3 2.1 2900 DETACHD 5
3188 S GLENMORRIE DR $519,750 $495,000 3 3 3066 DETACHD 133
3114 DOUGLAS CIR $1,350,000 $1,145,000 4 4 5542 DETACHD 700

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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News & Notes

  • Mortgage Rates: One thing to remember about what you hear on the news is that good news for the economy in general means rates are going to rise for buying a house.  Bad news for the economy means rates stay where they are if they are low or get lower.  Here’s what MBS Quoteline is saying:  ” The Fed’s recent announcement that it may purchase additional Treasury securities (quantitative easing) to stimulate the economy has magnified the importance of economic news and increased daily volatility. Investors now evaluate each fresh piece of data in terms of its expected impact on Fed policy, and mortgage rates receive an extra benefit from weaker than expected data. In general, weaker economic growth leads to lower future inflation, which is favorable for mortgage rates. In addition, investors now expect higher levels of bond purchases by the Fed after weak data, and the increased demand also would be positive for mortgage rates. Of course, stronger than expected economic news will have the opposite effect and will push rates higher more quickly than usual.”
  • Selling Tip Of The Week: Color is important when selling your home.  I’m sure you’ve heard that it is good to use neutral tones on the walls, and your Realtor can advise you on the latest/most popular shades, but I’ve noticed that some people misinterpret “neutral”.  Neutral does not mean white.  I know that white is fun to play with tone on tone, but if you do too much white, it will make your home feel “cold” and people will have a difficult time “feeling the love”  : )     So, if you’ve got white walls that you think look realy clean and make your rooms look bigger, and off white or white carpet throughout…   you need to talk w/your Realtor about some light taupes or other schemes to bring some warmth into those rooms.
  • Buying Tip Of the Week: Pay attention to the garage in your new home.  What are you going to use it for?  I say there are two kinds of people… those who park in their garage and those who store “stuff” in it.  Does the garage in the home you’re contemplating meet your needs?  I recently had a Buyer about ready to write an offer when they realized that her beloved long-ish minivan would not fit in the garage.  Now she had a choice to make…  the home that fit the rest of the family’s needs… or the car?  In many older homes, garages were not made to fit the longer/larger vehicles of today.  So…  try your car out in the garage if you have any questions about it.  And if you have trouble squeezing it in, you might consider “carriage doors” that open out, as they are mounted on the outer side of the frame as opposed to the inner side which is where up & down sliding doors are mounted, thereby reducing your space.
  • “Should-I-Buy-Now-Or-Wait?-Calculator” – Here is a nifty tool from First American Title Company (came to me courtesy of Pam Edwards in the Clackamas Office… Thanks, Pam!). It allows you to calculate the difference between buying now & waiting… So, let’s say you found a home that is priced at $500,000.  You know rates are good now and are expected to rise, and/but you are thinking that maybe the house will come down in price (let’s say you think it may eventually come down to $450,000.) and so you are considering holding off on your offer.  This tool will allow you to punch in parameters and see just how much the picture would change if interest rates go up and your home lowers in value.  Pretty cool!  Here’s the link:  “Should-I-Buy-Now-Or-Wait?-Calculator” There are some additional tools there as well: Buy or Rent, for instance.

Very Best,

Linda

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Market Activity 10/4-10/10

Market activity in Lake Oswego last week brought us 19 new listings, 7 pending sales, and 6 closed sales.

See below for further details:

NEWLY LISTED (Oct 4-Oct 10, 2010)

Address List Price Bedrooms Baths Sq feet Prop Type
668 MCVEY AVE $129,900 2 1.5 992 CONDO
159 OSWEGO SMT $175,000 2 2 1,506 CONDO
1416 CHERRY CREST DR $259,000 5 3 2,559 DETACHD
14138 KNAUS RD $296,573 4 2 2,001 DETACHD
53 ORIOLE LN $304,900 3 2.5 2,072 DETACHD
17952 Cardinal DR $309,900 3 2 1,702 DETACHD
743 10th ST $325,000 2 1 1,019 DETACHD
5311 CHILDS RD $349,000 4 2 1,764 DETACHD
28 PREAKNESS CT 350000 5 4 2,871 DETACHD
72 CONDOLEA WAY 375000 2 2.5 2,958 CONDO
880 BOCA RATAN DR 399900 5 3 2,364 DETACHD
5916 SUNBROOK DR 459900 3 2.5 2,617 DETACHD
1189 SUNNINGDALE CT 484900 3 2.5 2,072 DETACHD
18064 JENIFERS WAY 549950 3 2.5 2,639 DETACHD
22 SW DEL PRADO ST 559900 5 3.5 4,056 DETACHD
5371 LANGFORD LN 694950 4 2.5 2,950 DETACHD
18094 PILKINGTON RD 739950 3 3.5 3,505 DETACHD
5087 LAKEVIEW BLVD 749000 4 2.5 3,200 DETACHD
4256 LAKEVIEW BLVD 1095000 4 3.5 3,117 DETACHD

PENDING SALES (Oct 4-Oct 10, 2010)

Address List Price Bedrooms Baths Sq feet Prop Type
44 CRESTFIELD CT $75,000 2 1 923 CONDO
86 KINGSGATE RD $94,900 2 2 924 ATTACHD
15139 QUARRY RD $224,900 3 2 1,328 DETACHD
5160 TUALATA LN $304,900 3 2 1,470 DETACHD
1740 YARMOUTH CIR $510,000 2 2.5 1,960 DETACHD
13596 STREAMSIDE DR $579,900 4 2.5 3,430 DETACHD
2811 ARROWHEAD CT $1,000,000 4 3.5 3,740 DETACHD

SOLD (Oct 4-Oct 10, 2010)

Address Original Price Closed Price BD/BATH Sq feet Prop Type CDOM
6125 FERNBROOK ST $264,999 $230,000 3/1.5 1,271 DETACHD 180
1684 BOCA RATAN DR $248,900 $240,000 3/2.0 1,611 ATTACHD 531
17683 ARBOR LN $339,900 $305,000 3/2.0 1,946 DETACHD 70
875 LEE ST $378,900 $345,500 3/2.0 2,200 DETACHD 483
2329 STONEHURST CT $539,900 $530,000 4/3.0 3,275 DETACHD 12
5700 CHILDS RD $749,900 $749,900 4/2.5 2,865 DETACHD 98

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 ~ Sept 27-Oct 3, 2010

Market activity last week brought Lake Oswego 10 new listings, 9 pending sales, and 12 closed sales according to RMLS.

See below for further details:

NEWLY LISTED (Sept 27-Oct 3, 2010)

Address List Price # Beds # Baths Total SF Prop Type
44 CRESTFIELD CT $75,000 2 1 923 CONDO
572 S STATE ST #8C $180,000 2 1 914 CONDO
5054 FOOTHILLS DR #69E $215,000 3 2 1252 CONDO
44 ORIOLE LN $270,000 4 2.1 2224 DETACHD
3541 RED CEDAR WAY $404,900 3 3 1963 DETACHD
17890 KELOK RD $417,900 4 2.1 3095 DETACHD
4978 MULHOLLAND DR $419,000 3 2.1 2498 ATTACHD
135 5th ST $539,900 4 1 2200 DETACHD
17606 WOODHURST PL $598,000 5 3.1 4488 DETACHD
15578 VILLAGE DR $799,000 3 2.1 3630 DETACHD

PENDING SALES (Sept 27-Oct 3, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
79 GALEN ST $69,900 2 2 995 CONDO 35
668 MCVEY AVE #54 $140,000 3 1.1 992 CONDO 5
2 MOUNTAIN CIR $160,000 2 1.1 1504 ATTACHD 21
6447 MCEWAN RD $169,900 2 1 912 DETACHD 115
6173 WASHINGTON CT $314,000 3 2 1440 DETACHD 10
1462 GREENTREE CIR $389,900 4 2.1 2507 DETACHD 138
571 2ND ST #307 $631,000 2 2 1561 CONDO
16461 CHAPIN WAY $749,900 4 2.1 4271 DETACHD 488
3151 DOUGLAS CIR $1,185,000 5 4.2 4400 DETACHD 125

SOLD (Sept 27-Oct 3, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
512 S STATE ST $129,900 $90,000 1 1 829 CONDO 106
510 S STATE ST $117,500 $95,100 1 1 829 CONDO 58
16790 LAKE FOREST BLVD $155,000 $120,000 2 1 780 DETACHD 32
4201 COLLINS WAY $279,000 $278,000 3 2 1230 DETACHD 53
15265 BOONES WAY $324,500 $300,000 2 2.1 1560 ATTACHD 21
4664 FIRWOOD RD $379,900 $347,900 3 2 1640 DETACHD 53
231 LAUREL ST $425,000 $388,000 3 3 2244 DETACHD 119
17778 MARYLCREEK DR $459,900 $400,000 3 2.1 2741 DETACHD 49
325 3RD ST $499,900 $441,500 2 2.1 1937 ATTACHD 189
15 SCARBOROUGH DR $549,000 $494,000 5 3.1 3310 DETACHD 58
1050 Schukart LN $599,000 $561,015 3 3.1 5847 DETACHD 207
17281 KELOK RD $1,195,000 $845,000 3 3 2682 DETACHD 370

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 ~ Sept 13-19, 2010

Market activity last week brought us 16 new listings, 2 pending sales, and 14 closed sales.

Two of the New Listings, Eagle Crest & Southwood, had been off the market for just a little less than 30 days & took a $30,000 price drop & approx $10,000 respectively.  Cameo was only off the market for a few days, but took a $250,000 price drop.  All show as New Listings with new Realtors as well.

See below for further details.

NEWLY LISTED (Sept 13-19, 2010)

Address List Price # Beds # Baths Total SF Prop Type
44 EAGLE CREST DR #1 $110,000 2 1 908 CONDO
3433 McNary PKWY #504 $189,900 2 2.1 1136 CONDO
37 ORIOLE LN $274,900 2 2 1520 DETACHD
1095 CORNELL ST $299,500 2 1 1416 DETACHD
427 9TH ST $299,900 4 2 2130 DETACHD
4760 LOWER DR $345,000 4 3 2500 DETACHD
13901 SUNDELEAF DR $350,000 4 0.3 1877 DETACHD
151 DEL PRADO ST $439,000 4 2.1 2447 DETACHD
326 LAKE BAY CT $474,900 3 2 1410 DETACHD
777 BERWICK CT $475,000 3 2 2324 DETACHD
14361 SHERBROOK PL $569,000 3 2.1 2100 DETACHD
5705 SOUTHWOOD DR $598,000 4 2.1 3360 DETACHD
15566 VILLAGE PARK CT $709,900 5 3.1 4692 DETACHD
193 FURNACE ST $769,950 2 2.1 2215 CONDO
13795 CAMEO CT $1,400,000 4 5.2 7190 DETACHD
1677 LESLIE LN $2,599,000 5 5.1 7534 DETACHD

PENDING SALES (Sept 13-19, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
4664 FIRWOOD RD $349,900 3 2 1640 DETACHD 53
17670 MARYLBROOK DR $499,000 4 3 3067 DETACHD 261

SOLD (Sept 13-19, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
47 EAGLE CREST DR #31 $84,950 $71,000 2 1 1009 CONDO 104
205 CERVANTES $164,900 $120,000 2 1.1 1216 CONDO 145
16200 PACIFIC HWY #8 $279,900 $221,500 2 2 1208 CONDO 120
3388 EDGEMONT RD $359,900 $250,000 3 2.1 1968 DETACHD 283
4236 HARVEY WAY $399,500 $348,000 3 2.1 1870 DETACHD 110
15580 PARTRIDGE DR $378,000 $350,000 3 2.1 2245 DETACHD 267
17518 REDFERN AVE $409,000 $365,000 3 2 1831 DETACHD 715
24 PARTRIDGE LN $449,000 $450,000 4 2.1 3224 DETACHD 40
5678 CHARLES CIR $580,000 $520,000 3 4 3455 DETACHD 495
14158 KIMBERLY CIR $530,000 $530,800 5 3 3648 DETACHD 40
19288 SW Megly CT $579,900 $562,400 5 3 3594 DETACHD 149
1425 CHANDLER RD $978,000 $750,000 4 3 3384 DETACHD 43
4912 FIRWOOD RD $999,900 $950,000 4 4 5640 DETACHD 21
19000 BRYANT RD $965,000 $965,000 5 3.1 5874 DETACHD 3

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 Aug 30-Sept 5, 2010

Market activity last week brought us 16 new listings, 12 pending sales, and 13 closed sales.

See below for further details.

NEWLY LISTED (August 30-Sept 5, 2010)

Address List Price Bedrooms Baths Prop Type
49 OSWEGO SMT $85,000 1 1 CONDO
3924 CARMAN DR $199,000 2 2.5 ATTACHD
23 GREENRIDGE CT $235,000 2 1.5 ATTACHD
5713 SW KENNY ST $284,900 3 2 DETACHD
4347 SILVER CT $312,000 3 2.5 CONDO
9 ORIOLE LN $335,000 3 3 DETACHD
132 MIDDLECREST RD $364,900 3 1 DETACHD
12139 SW ORCHARD HILL WAY $399,000 4 2.5 DETACHD
200 BURNHAM RD 429000 3 2 CONDO
1900 GREENTREE RD 449000 4 3 DETACHD
2634 ORCHARD HILL PL 449500 3 2.5 DETACHD
1033 YATES 549900 4 3.5 DETACHD
17590 BLUE HERON DR 850000 4 3 DETACHD
100 GARIBALDI ST 999500 5 3.5+.5 DETACHD
4464 LAKEVIEW BLVD 1399000 3 4 DETACHD
1300 FAIRWAY RD 4490000 4 3.5 DETACHD

PENDING SALES (Aug 30-Sept 5, 2010)

Address List Price Bedrooms Baths Prop Type
512 S STATE ST $99,900 1 1 CONDO
45 EAGLE CREST DR $119,900 1 1 CONDO
41 GREENRIDGE CT $175,000 3 2.5 ATTACHD
74 GREENRIDGE CT $259,900 3 2.5 ATTACHD
541 2ND ST $499,000 2 2 CONDO
15 SCARBOROUGH DR $499,000 5 3.5 DETACHD
577 2ND ST $535,000 2 2 CONDO
339 6TH ST $549,900 3 3.5 ATTACHD
1050 Schukart LN 599000 3 3.5 DETACHD
3030 WESTVIEW CT 795000 4 2.5 DETACHD
490 COUNTRY CLUB RD 869900 5 4 DETACHD
16772 ALDER CIR 1995000 4 3.5 DETACHD

SOLD (August 30-Sept 5, 2010)

Address Orig./Price Close/Price Bedrooms Prop Type Baths CDOM
5857 CARMAN DR $190,000 $162,000 2 DETACHD 1 92
668 MCVEY AVE $329,998 $252,000 3 CONDO 1.5 647
116 TOUCHSTONE TER $299,000 $270,000 3 CONDO 2.5 327
1851 KILKENNY DR $450,000 $305,000 4 DETACHD 3 2
75 CONDOLEA WAY $389,000 $369,000 3 CONDO 3 133
1480 Hemlock ST $388,800 $369,000 4 DETACHD 3 92
16 PARTRIDGE LN $419,000 $385,000 3 DETACHD 2.5 104
13909 MAJESTIC CT $399,900 $415,000 4 DETACHD 3 126
26 INDEPENDENCE AVE $574,000 495,000 4 DETACHD 3 117
5722 CHARLES CIR $599,900 560,000 4 DETACHD 2.5 69
17446 BRYANT RD $795,000 730,000 4 DETACHD 4 1515
13777 Cameo CT $1,950,000 1,400,000 5 DETACHD 4.5 411
95 IRON MOUNTAIN BLVD $1,550,000 1,400,000 4 DETACHD 5.5 631

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 ~ Aug 23-29, 2010

We had 15 New properties enter the market in Lake Oswego this last week, 5 go to Pending status, and 7  Closed/Sold.

Here’ your weekly update (see below the tables for additional notes):

NEWLY LISTED (August 23-29, 2010)

Address List Price # Beds # Baths Total SF Prop Type
79 GALEN ST $69,900 2 2 995 CONDO
5180 W SUNSET DR $289,000 1 1 736 DETACHD
2240 SOUTHSHORE BLVD $309,000 3 1 1120 DETACHD
19189 INDIAN SPRINGS RD $347,000 4 3 2156 DETACHD
580 2ND ST $395,000 2 1.2 1464 CONDO
5644 WINDFIELD LOOP $399,000 3 3 1800 DETACHD
2355 GREENTREE RD $449,900 3 2 1992 DETACHD
4978 MULHOLLAND DR $459,000 3 2.1 2498 ATTACHD
17787 BLUE HERON DR $469,950 4 3 2448 DETACHD
310 DURHAM ST $475,000 3 2.1 1940 ATTACHD
1119 OAK ST $524,900 4 2.1 2123 DETACHD
877 CORNELL ST $739,000 3 3 3100 DETACHD
5320 SOUTHWOOD DR $795,000 4 3 3646 DETACHD
844 5TH ST $829,000 3 3 2590 DETACHD
17010 Chapin WAY $1,115,000 4 3.1 4032 DETACHD

PENDING SALES (Aug 23-29, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
1684 BOCA RATAN DR $248,900 3 2 1611 ATTACHD 531
18929 INDIAN SPRINGS RD $324,900 5 3 3380 DETACHD 7
1480 Hemlock ST $388,800 4 3 2246 DETACHD 92
26 INDEPENDENCE AVE $515,000 4 3 3694 DETACHD 117
13595 KNAUS RD $599,000 4 2.1 3339 DETACHD 15

SOLD (August23-29, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
1728 ASPEN CT $279,900 $250,000 3 2.1 1852 DETACHD 385
139 TOUCHSTONE CT $279,900 $270,000 2 2.1 1846 ATTACHD 33
4490 LAKEVIEW BLVD $299,900 $290,000 3 2 1727 DETACHD 90
3068 DUNCAN DR $424,000 $369,750 4 4 3281 DETACHD 272
12748 SW 22ND AVE $699,000 $435,000 4 2.1 2584 DETACHD 373
12819 ALTO PARK RD $1,097,500 $927,000 4 4.1 3944 DETACHD 115
1097 CHANDLER RD $1,439,000 $1,390,000 4 4.1 5313 DETACHD 42

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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A Market Snapshot

This morning’s Oregonian had a cover story on the decline of the housing market (such a nice story to wake up to). I thought it might be helpful if I localized the information and provided you with some stats.

Is our glass half empty? Or is our glass half full? Today I am comparing the inventory of various price ranges including what is currently for sale, what has sold in the last 6 months, and, in the case of detached homes, how that compares to the same time period a year ago:

Detached Houses
Price Range For Sale Now Sold in last 6 months Months of Inventory Sold in same 6 months of 2009
$100,000-$200,000 4 4 6 2
$201,000-$300,000 36 42 5 21
$301,000-$400,000 83 68 7 49
$401,000-$500,000 76 47 9 30
$501,000-$600,000 82 47 10 24
$601,000-$700,000 52 26 12 14
$701,000-$800,000 57 16 22 17
$801,000-$900,000 34 11 19 8
$901,000-$1,000,000 19 8 15 9
$1,001,000-$1,500,000 54 11 30 17
$1,501,000-$2,000,000 25 0 Indefinite 4
$2,001,000-$2,500,000 7 1 44 2
$2,501,000-$3,000,000 4 1 25 1
$3,001,000-$15,000,000 11 1 68 0
Condos
$50,000-$100,000 20 11 2
$101,000-$200,000 63 39 9
$201,000-$300,000 33 21 9
$301,000-$400,000 10 7 6
$401,000-$500,000 16 5 19
$501,000-$600,000 9 1 56
$601,000-$700,000 7 4 11
$701,000-$800,000 0 0 –
$801,000-$900,000 3 0 Indefinite
$901,000-$1,000,000 2 0 Indefinite
$1,001,000-$2,000,000 1 0 Indefinite
$2,001,000-$3,000,000 1 0 Indefinite

Observations on new construction:
As of today there are 42 listings for new homes that are listed in price from $449,900 to $3,700,000. In the last six months 11 new homes have been sold, the most expensive of which was for $965,000. There are currently 10 new homes listed for sale that are priced over $1,000,000. That is a huge reduction from 3 years ago when I recall counting them and finding over 100 homes that were new construction for sale priced at over $1,000,000. The builders are learning to work with this economy and are building their spec homes in much more affordable price ranges. There are a couple of new subdivisions in LO right now with home prices in the high 400’s and low 500’s.

My Observations
I think the most interesting bit of information I see in this is that the sales have actually increased substantially, although at lower prices. In the February to August time frame 199 houses sold in 2009 versus 283 that sold in 2010. That is a nearly 50% increase. Yes, some credit can be given to the tax credit that expired in June, but I think that there is another factor at play. As prices have come down, buyers who assumed that they previously could not afford Lake Oswego are now finding opportunities in homes that they can afford. The decline in prices is perhaps a boon to the LO housing market in general.

Another observation is that the condo market is really soft as the price goes up. Condos appeal to people seeking an ease of living with Home Owner’s Associations taking care of the yards and exterior maintenance, but another part of the condo market is people who buy into condos because they have been priced out of detached homes that they can afford. As detached home prices have come down, this has given buyers the opportunity to purchase a single family residence as opposed to a condo in the same price range. I see the condos that are currently for sale in the $700,000+ pricing and wonder just how many years it will be before they get an offer.

Highest and Lowest
The least expensive detached home currently for sale in LO is 912 square feet, built in 1963, with 3 bedrooms and 1 bath. It’s priced at $180,000. The most expensive home is still the 5 acre, private island in Oswego Lake. With 13,500 square feet, 4 bedrooms, 6 full and 2 half baths, it was built in 1930 and is priced at $15,000,000.

I hope this information is helpful to you. Please let me know if you have any observations of your own.
Enjoy the day!
Dianne

Photo courtesy of bing.com

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Market Activity ~ Aug. 16-22, 2010

We’ve got 21 New properties on the market in Lake Oswego as of this last week, 14 that have gone to Pending status, and 8 that have Closed/Sold.    I left a couple of properties as “New” even though they had not been off the market for at least 30 days (which is my usual rule for that) because they had both new representation AND significant price reductions…   The rest are truly fresh listings.

Healthy activity. You’ll note in the “Sold” section below, that most of these were not on the market for that long, relatively speaking.  Summertime season. It’s also always interesting to note the Opening price as compared to the Closed Price.  One sold for $30,000 more than it was listed for… not sure what was up there. But most prices took a drop; some pretty significantly.

Here’ your weekly update (see below the tables for additional notes):

NEWLY LISTED (August 16-22, 2010)

Address List Price # Beds # Baths Total SF Prop Type
58 GALEN ST $80,000 1 1 689 CONDO
100 KERR PKWY #34 $155,000 2 2 823 ATTACHD
4 TOUCHSTONE #120 $178,900 3 2.1 1350 CONDO
3854 BOTTICELLI ST $200,000 2 1.1 1132 CONDO
5055 FOOTHILLS DR $250,000 2 2 1252 CONDO
4948 MEADOWS RD $259,900 3 2 2491 DETACHD
464 5TH ST $290,000 2 1.1 1092 ATTACHD
6062 BURMA RD $314,900 4 2 1875 DETACHD
13990 SHIREVA CT $325,000 3 2 1651 DETACHD
12623 SW BOONES FERRY RD $349,950 2 2 1652 DETACHD
14101 GOODALL RD $350,000 4 2 1816 DETACHD
19026 SW INDIAN SPRINGS RD $359,900 5 3 2841 DETACHD
5717 BONITA RD $400,000 4 2 2572 DETACHD
2697 LOOKOUT CT $429,000 3 2 2219 DETACHD
6051 SUMMER WOODS $495,000 4 2.1 2642 DETACHD
17973 SAINT CLAIR DR $577,000 4 3 3323 DETACHD
13566 STREAMSIDE DR $598,000 3 2.1 3123 DETACHD
4055 ORCHARD DR $649,999 5 0.4 3350 DETACHD
5157 DENTON DR $719,900 4 2.1 3087 DETACHD
5231 DENTON DR $739,900 4 2.1 3031 DETACHD
330 NORTHSHORE RD $799,000 4 3 3324 DETACHD

PENDING SALES (Aug 16-22, 2010)

Address List Price # Beds # Baths Total SF Prop Type CDOM
44 EAGLE CREST DR $89,900 2 1 908 CONDO 408
54 CERVANTES CIR $139,000 2 1.1 912 CONDO 83
200 BURNHAM RD #206 $139,000 2 1 1199 CONDO 1521
5857 CARMAN DR $180,000 2 1 972 DETACHD 92
16000 PACIFIC HWY #25 $189,000 2 2 1200 CONDO 308
6011 SHAKESPEARE ST $195,000 3 1 1318 DETACHD 1
5060 FOOTHILLS DR C $229,950 3 2 1252 CONDO 32
1818 COUNTRY CLUB RD $235,000 4 2 1596 DETACHD 131
668 MCVEY AVE #20 $239,998 3 1.1 992 CONDO 647
1073 HALLINAN ST $349,000 3 2.1 1828 DETACHD 64
4243 ALBERT CIR $354,000 4 3 2257 DETACHD 11
19 FALSTAFF ST $425,000 4 2.1 3207 DETACHD 169
3210 FIR RIDGE RD $525,000 4 3.2 2832 DETACHD 125
17700 UPPER CHERRY LN $2,495,000 5 5.1 6907 DETACHD 10

SOLD (August16-22, 2010)

Address O/Price Close Price # Beds # Baths Total SF Prop Type CDOM
26 CONDOLEA DR $229,900 $185,000 2 2 1420 CONDO 131
580 8TH ST $255,000 $285,000 2 1 852 DETACHD 12
4524 AUBURN LN $535,000 $480,000 3 3.1 2732 ATTACHD 169
16884 SUMMER PL $524,900 $520,000 4 2.1 2911 DETACHD 22
18282 ANDUIN TER $625,000 $554,000 4 2.1 3765 DETACHD 1
5783 VICTORIA CT $599,900 $572,000 3 2 2500 DETACHD 21
5529 WESTFIELD CT $629,000 $629,000 3 2.1 2968 DETACHD 4
1973 CHERYL CT $1,695,000 $1,450,000 5 4.1 6436 DETACHD 53

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