Insurance & Adventures in Home Ownership

slide_1bWe’ve given you plenty of coverage of the exciting and unusual weather experienced lately here in Lake Oswego. I hesitate to scare the bajeezeez out of anyone contemplating living here, and/but believe that even though this is unusual weather, the story I’m about to share is extremely valuable for just that reason, and highlights the importance of giving great consideration to the type of insurance you decide to carry when purchasing a home.

Last Friday at about 1:00AM, 23-year old Sammy Abazzaz and a group of his friends were relaxing and having a late-night snack in the second-floor kitchen of Sammy’s Lake Oswego home when a mudslide hit its rear filling the level below with moving earth, throwing granite counters at them and opening a crevasse at their feet sending some plummeting beneath it.  Sammy’s parents were in British Columbia celebrating the new year and rushed home upon hearing of the catastrophe. All the occupants are reported to have escaped and are deemed relatively “OK” with the exception of one broken arm and lots of nightmares I’m sure.  According to the Oregonian,  Sammy relates: “It came through almost like an avalanche, through the windows and the house”.  Heavy rains and a plugged drainage point on the hill above the home reportedly caused the slide.

slide_6Scott Burns, a professor of geology at Portland State University advises:  “The important thing is to get people in Portland and the rest of this area to ask the question, ‘What can I do to prevent landslides on my property?’ ”  “There was just a lot of storm water going down the streets and going in every direction,” said Bill Burns, an engineering geologist with the state Department of Geology and Mineral Industries. “There was just so much water, it was just over-taking the system.”

slide_3The family reportedly had homeowners insurance, but not the additional protection of landslide coverage which is typically excluded from most policies. I would pose that in addition to being the most diligent and informed homeowner you can possibly be, you also need to acknowledge that sometimes “stuff happens”, and therefore it is prudent to assess any “potential” hazards (even if you believe them unlikely) and protect yourself with appropriate insurance. This means you may end up being the one inquiring as to the availability of such add-ons, and so need to come armed to any discussion with data to guide your inquiries and decisions. To that end, let me provide you with some basic information, which I suggest you view as a primer, and not as the replacement for consultation with your insurance agent who, unlike me, is the “insurance expert”:

  • Most homeowners policies will not include: floods, mold/fungus, earthquakes, mudslides/landslides, sinkholes, war or nuclear accidents.
  • If you do have, or are considering flood insurance, check to see if you are covered for a landslide should the slide be carried by a body of water. Some flood policies cover mudslides ONLY under these circumstances.
  • Cost of coverage is based on where you live & other factors. (visit: http://www.Floodsmart.gov). A typical quote for someone NOT in a flood plane according to my own insurance office only will cover up to $250,000 in structural damage, and $100,000 for content damage.  ** For $200,000/structure and $80,000/contents in a recent “preferred location” quote in SW Portland, the price tag I’m told was $326/yr.
  • Generally speaking, “property damage” is not intended to include a detached garage, outbuildings, tool sheds etc. These may be covered, but usually at around 10% of the amount of coverage applicable to your home.
  • The most common policies in the United States cover losses due to fire, lightning, fallen trees, tornadoes, wind storms, hail explosions, smoke, vandalism and theft. The amount of coverage that you have is an item for discussion between you and your insurance agent.
  • Water seepage from the ground up into your home is usually considered a maintenance issue and not covered in standard or flood policies.  Waterproofing and appropriate drainage work is recommended if this is an issue.
  • Although the term “Acts of God” is bandied about by most of us, it is not a term that’s actually included in homeowners insurance policies.

We all live on planet earth, so accordingly, we are susceptible to all kinds of unexpected occurrences.  Importantly, let me repeat-

  • Get/Stay informed.
  • Gather information about your property and any “potential” hazards.
  • Take appropriate mitigating actions to remove any threat(s) if possible.
  • Consult your insurance agent for the best advice on protecting yourself, your home and your family.
  • Should you not already have a trusted insurance agent/advisor, request some references from your Realtor.

Home ownership is an adventure.  Suit up, and enjoy it!

Lake Oswego Real Estate Activity Report – December 22-28, 2008

Lake Oswego saw two properties enter the market last week.  Feet of snow and ice may stop delivery companies and impair mall traffic the week of Christmas, but the real estate market moves forward! (albeit slightly)

One property went “Pending”, and we have no sales for the week.

Here is the latest Lake Oswego real estate market activity report (see below the tables for additional notes):

NEWLY LISTED (DECEMBER 22-28, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
LIST DATE
12826 Boones Ferry RD 299900     2           2.1           1398       CONDO   12/23/2008
570 7TH ST                  739000    4           2.5           2528       DETACHD 12/23/2008

PENDING SALES (DECEMBER 22-28, 2008)

ADDRESS
LIST PRICE
TOT. BEDS
TOT. BATHS
TOT. SQ FT
PROP TYPE
DOM
1428 PINE ST 449000            3            3.1                 2738            DETACHD     782

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.

If links to ACTIVE properties do not bring up property information, the listing may no longer be active, but rather expired, cancelled, pending, or sold.

Open Houses for Sunday, December 28th

Well, we still have lots of snow on the ground, but roads are generally passable thanks to some rain & melt-off. So… It’s Open House time!  You know those visiting relatives you’ve always wanted close by???  Pile them in the car on Sunday & take a tour.   Here is what’s on tap according to RMLS:

18530 Pilkington Road $319,000     3 Bd, 2 Ba,   Open 1-4

624 Livingood Lane      $574,900     4 Bd, 3Ba,    Open 1-3

16359 Chapin Way $1,439,000  4 Bd, 3 1/2 Ba,  Open 12:30-3:30

Local Flavor + Holiday Wishes For You!

Wow! A newscaster said yesterday that we are experiencing the biggest snow event since 1964!  For those of you who tune in to the Blotter from out of state, I am attaching a few photos so that you can see what we are talking about. Dianne has posted some for your amusement as well. We usually focus on real estate pretty much exclusively in our Blog, but with this kind of excitement, we can’t resist giving you a little local flavor.

Real estate is happening in Lake Oswego however, as you can see from Monday’s Activity Report.  I experienced an inspection last week in a foot of snow… before it REALLY got going : )  But that is another story. For now… here’s what life in Lake Oswego has been like-

Main roads are kept pretty passable with mostly packed snow, and are sanded regularly (Oregon does not use salt), but side streets, especially hilly ones, are let’s say…  invigorating! Kids who have been out of school an extra week this Winter Break are sledding everywhere. Lots of folks have bagged their aspirations of mobility as evidenced by the feet of snow burying their cars on the sides of many roads.  Others who are able and so inclined have headed for Mt. Hood where skiing is incredible, and road crews are always ahead of the curve. Trees laden with snow and ice have released some of their burden in the form of limbs in yards and on roadsides. But hey… it’s pretty!

Christmas has taken on a completely different tone this year.  Instead of filling the malls, people gather in kitchens around batches of cookies. Fireplaces are the center of many homes where friends, family and a variety of hot beverages and toddies complete the picture.  The uptick in Internet shopping in the area has kept UPS busy all over! This year is definitely one we will never forget.

Dianne and I would like to take a moment to wish you the very best of the Holiday Season. Whether your beliefs are Christian, Jewish, Hindu, Muslim, Buddhist,+++ or you simply harbor a fondness for Santa, this is a season of hope and love which we all can share. We also want to say thank you to our clients who’ve trusted us with their real estate needs this past year. We are grateful for your business, your loyalty, and your faith in us. We look forward to the New Year ahead, and want to wish you and yours every happiness. Thank you for reading the PropertyBlotter!

Merry Christmas & Happy Holidays.

Snowapalooza 2008

I wrote a post about the rainy season in Oregon not too long ago, so I was trying to avoid writing something about the past ten day’s snowfall. I mean, don’t we have anything more significant to talk about than the weather? But this has gotten to be too big of a deal not to mention it.

Snowfall in the Portland area happens, but it is light and some years, rare. We get so little snow that it only takes and inch or two to shut down schools. Most years it is comical how easily people in the Portland area will use a dusting of snow to create a good excuse to take the day off and go sledding with the kids. And snow at Christmas, well that is nearly always wishful thinking. Be careful what you wish for….

In the past 10 days we have had about a foot of snow and half an inch of ice. It is amazing. The temperatures have been below freezing for days in a row. It feels more like North Dakota than Lake Oswego. Well, maybe 12 inches is baby stuff for someone from North Dakota, but for us, it’s truly an event. It’s Snowapalooza 2008.

I am posting several photos that were taken in my yard. I am also posting a photo of my 20 year-old son’s friends who showed up at my house early in the event for some midnight barbequing. Oh to be twenty and so enthusiastic!

Temperatures are supposed to get up into the 40’s and 50’s over the weekend. So this will all soon be just a memory. In the mean time we are living in a winter wonderland.

Open Houses for December 13th and 14th

For the brave souls out there who are happy to venture forth in this weekend’s winter weather, there are several open houses for your holiday enjoyment.

On Saturday the 13th there is one open house:

3844 Botticelli, a townhouse with 1129 square feet, 2 bedrooms and 1 1/2 baths, priced at $237,500. It will be open from 1-3pm.

On Sunday the 14th, there are 6 open houses:

1265 Rockinghorse Lane, a home with 2402 square feet, 4 bedrooms and 3 baths, priced at $444,000. It will be open from 2-4pm.

3030 Westview Ct, a home with 3415 square feet, 4 bedrooms and 2 1/2 baths, priced at $959,000. It will be open from 12:30-2pm.

943 Atwater Rd, a home with 3874 square feet, 4 bedrooms and 2 1/2 baths, priced at $1,225,000. It will be open from 12-2pm.

17512 Greenblulff Lot 1, a home with 3777 square feet, 4 bedrooms and 4 baths, priced at $1,425,000. It will be open from 1-4pm.

16359 Chapin Way, a home with 4158 square feet, 4 bedrooms and 3 1/2 baths, priced at $1,439,000. It will be open from 1-4pm.

17554 Greenbluff Lot 2, a home with 5042 square feet, 4 bedrooms, 4 full baths and 2 half baths, priced at $1,850,000. It will be open from 1-4pm.

With rain and the chance of snow in this weekend’s forecast, we will hold positive thoughts of clear streets and safe driving for anyone who ventures out. For the rest of us, it’s time for hot chocolate in front of a blazing fire. Enjoy.