Property Blotter

This is Earthquake Country

Dianne Gregoire — Thu, 02 Feb 2012 13:47:53 +0000

Earthquake fault

Cascadia Subduction Zone

While not as famous as our neighbor to the South, Oregon is very much earthquake country.

Some background
When recently visiting LO City Hall, I found a wealth of interesting information on a variety of topics, one of which is a handy little magazine called “Living on Shaky Ground“. It’s published by Oregon Emergency Management and is available for free.

We happen to live right on top of the Cascadia Subduction Zone. This zone has a history of 8.0 and 9.0 (we are talking HUGE earthquakes) that goes back 10,000 years with these big quakes happening on average every 250 years. It’s now been 312 years since the last big quake. So it’s not a matter of if, it’s a matter of when.

So, what can you do? In particular, when it comes to your home and buying a house.

When buying a home inspect, inspect, inspect

A good home inspector will look at the house from a perspective of its structural soundness. If the inspector has concerns, he or she should recommend further inspection be done by a seismic engineer.

I was recently involved in the potential sale of a home that was partially built on stilts with a very sloped lot. I was representing the buyer. Our home inspector determined that the substructure of the stilts provided for East and West support (or shaking) but not for North and South. Basically the Nouthern stilts all sat on the same retaining wall with no lateral bracing. In an earthquake, any shaking from the North to the South would cause that retaining wall to fall over and, yep, the house would go down the hill. Needless to say, my buyer chose to end that transaction and ended up purchasing an entirely different home.

If a more in-depth inspection is required by a seismic engineer, expect to spend about $250 for a sight visit. At this visit you will be able to walk the property and get a naration of what the engineer thinks. If you want to proceed and you want specific observation put into writing, that would include corrective measures to create a secur home, expect to spend several thousand dollars.

Consider getting earthquake insurance

There are limitations to what homes can qualify for earthquake insurance. Most insurance companies will not issue it to older homes. But if your home was built in the last 50 or so years, it may be eligible. And if it is, it is not that expensive to add as a rider to your home owner’s policy. Look into it.

Consider getting your home retrofitted

Newer homes are built to modern codes and standards that do take earthquakes into consideration. So newer homes are going to be more seismicly sound. However, older homes can be retro-fitted. Strapping the house to the foundation, installing cripple walls in the crawlspace, bolting the mudsills to the foundations: these are just a few of the possible corrective measures to make an older home more seismicly worthy.

Some thoughts

In 1993, Oregon had 3 strong earthquakes. I was awoken from sleep by the “Springbreak Quake”, a 5.6 magnitude quake centered about 25 miles South of Lake Oswego in Scotts Mills. That same year Klamath Falls in Southern Oregon had 5.9 and 6.0 earthquakes. Being awoken from sleep by an earthquake makes you feel like you have been through something quite extraordinary. I can not even imagine the shock and destruction of experiencing an 8.0 or 9.0 quake.

Preparedness is the key. Do some research, think about preparing your family and your home for living through an earthquake.

I have recently read quite a bit that the way to react to an earthquake is to get into what is called “The Triangle of Life”. This involves laying against furniture or large objects so that your body is contained in the triangle created between the top of the object and the floor. According to the Oregon Emergency Management Office this is NOT the best response. They recommend DROP, COVER, and HOLD ON. Get underneath a sturdy object, on your knees and crouching on the floor, tuck your head between your arms, and hold onto the object that is protecting you. Almost all scientific, government, and relief organizations, including the Red Cross, are now recommending this method.

Let’s hope it doesn’t happen. Proper Prior Planning being one of my favority policies, do take earthquakes seriously. For a copy of “Living on Shaky Ground”, click here.

As always, thanks for reading.
Dianne

Market Activity Jan. 23-29, 2012

Dianne Gregoire — Tue, 31 Jan 2012 19:35:18 +0000

Last week in Lake Oswego there were 14 new listings, 22 pending sales, and 5 closed sales. Of the pending sales, 4 had been on the market for more than a year.

See below for further details.

New Listings for January 23-29, 2012

4000 Carman Dr #21, a condo, $106,000, 2 BR, 2Bths, 973 SF

236 Ridgeway Rd, a condo, $156,000, 2 BR, 1 Bth, 914 SF

668 McVey Ave #57, a condo, $299,000, 3 BR, 1.5 Bths, 914 SF

16834 Cherry Crest Ave, detached, $329,600, 4 BR, 2.5 Bths, 2598 SF

4583 Trillium Woods Lot 13, a townhouse, $416,200, 3 BR, 2.5 Bths, 2004 SF

1902 Woodland Terrace, detached, $423,500, 3 BR, 3 Bths, 2138 SF

19 Falstaff St, detached, $429,900, 4 BR, 2.5 Bths, 3222 SF

537 2nd St #106, a condo, $459,900, 2 BR, 2 Bths, 1292 SF

72 Condolea Way, a condo, $495,000, 3 BR, 2.5 Bths, 2958 SF

625 4th St, detached, $559,000, 4 BR, 3 Bths, 3300 SF

5035 Rosewood St, detached, $579,900, 4 BR, 3.5 Bths, 3174 SF

19245 Megly Ct, a townhouse, $599,000, 5 BR, 3 Bths, 3490 SF

5604 Grand Oaks Dr, detached, $649,000, 5 BR, 3 Bths, 3676 SF

17951 Meadowlark Ln, detached, $824,900, 4 BR, 3.5 +.5 Bths, 5065 SF

Pending Sales for January 23-29,2012

47 Eagle Crest Dr #4, a condo, $43,500, 2 BR, 1 Bth, 436 DOM

16250 Pacific Hwy #50, a condo, $99,500, 2 BR, 2 Bths, 94 DOM

4640 Lower Dr, a condo, $99,900, 2 BR, 1.5 Bths, 291 DOM

4 Touchstone, a condo, $107,910, 3 BR, 2.5 Bths, 14 DOM

210 S State St #6, a condo, $149,000, 2 BR, 1 Bth, 86 DOM

5055 Foothills Dr C, a condo $184,999, 2 BR, 2Bths, 527 DOM

5830 SW Burma Rd, detached, $189,000, 3 BR, 1 Bth, 103 DOM

18914 Longfellow Ave, detached, $199,000, 3 BR, 1.5 Bths, 116 DOM

4305 Silver Ct, a townhouse, $207,500, 3 BR, 2.5 Bths, 409 DOM

5270 Red Leaf St, detached, $249,000, 3 BR, 2 Bths, 1 DOM

16475 Bonaire Ave, detached, $255,000, 3 BR, 1 Bth, 243 DOM

975 Southshore Blvd, detached, $285,000, 3 BR, 2.5 Bths, 4 DOM

1685 Cloverleaf Rd, detached, $290,000, 3 BR, 2.5 Bths, 204 DOM

14101 Goodall Rd, detached, $345,000, 4 BR, 2 Bths, 11 DOM

4525 Trillium Woods Lot 16, a townhouse, $409,900, 3 BR, 2.5 Bths, 24 DOM

17026 Crestview Dr, detached, $439,000, 4 BR, 3 Bths, 9 DOM

4527 Trillium Woods Lot 15, a townhouse, $439,900, 3 BR, 2.5 Bths, 134 DOM

183 Furnace St, a condo, $495,000, 2 BR, 2.5 Bths, 31 DOM

345 3rd St, a townhouse, $499,900, 3 BR, 4 Bths, 112 DOM

850 Schukart Ln, detached, $699,000, 4 BR, 3 Bths, 267 DOM

1427 Horseshoe Curve, detached, $879,000, 2 BR, 2 Bths, 240 DOM

1300 Skyland Dr, detached, $1,199,000, 4 BR, 4.5 +.5 Bths, 344 DOM

Closed Sales for January 23-29, 2012

3950 Carman Dr, a condo, listed for $140,450, closed for $126,000, 2 BR, 2.5 Bths, 60 DOM

1228 Maple St, detached, listed for $399,000, closed for $250,000, 3 BR, 2 Bths, 522 DOM

13120 Thoma Rd, detached, listed for $345,000, closed for $350,088, 3 BR, 2 Bths, 32 DOM

18014 Gimley Ct, detached, listed for $599,900, closed for $442,900, 5 BR, 3.5 Bths, 198 DOM

4180 Casey Ct, detached, listed for $739,950, closed for $740,000, 4 BR, 3.5 Bths, 7 DOM

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

News & Notes

Linda Rossi — Thu, 26 Jan 2012 04:24:13 +0000

Here are some Market Notes for You~

According to the just-released RMLS Market Action Report for December 2011, the combined area of Lake Oswego and West Linn reported:

601 Active Listings
103 New Listings
84 Pending Sales
104 Closed Sales
An average Sale Price of $456,200.
Average Time on the Market: 166 Days

Also:

For the Year, Average Sales Price for the Portland Metro area overall fell 6.7% as compared to 2010
For December 2011 as compared to 2010, Closed Sales increased by 10.3%
and Pending Sales increased by 19.3%,
but there were 11.7% fewer Newly Listed residential properties

Market Activity for Jan 16-22, 2012

Dianne Gregoire — Mon, 23 Jan 2012 20:46:39 +0000

Last week brought 14 new listings onto the market in Lake Oswego, 13 pending sales, and 5 closed sales. See below for further details.

New Listings for January 16-22, 2012

16250 Pacific Hwy #45, a condo, $129,500, 2 BR, 2 BTH

5225 Jean Rd #603, a condo, $179,900, 3 BR, 2 Bth

12808 SW Boones Ferry Rd, attached townhouse, $279,000, 3 BR, 2.5 Bth

14101 Goodall Rd, a detached house, $345,000, 4 BR, 2 Bth

10 Hillshire Dr, detached, $384,900, 4 BR, 3 Bths

17083 Fernwood Dr, detached, $389,900, 5 BR, 3 Bths

17026 Crestview Dr, detached, $439,000, 4 BR, 3 Bths

15939 Twin Fir Rd, detached, $589,000, 3 BR, 2 Bths

885 8th St, detached, $687,000, 3 BR, 2 Bths

5677 Bonita Rd, detached, $769,900, 4 BR, 3.5 Bths

655 7th St, detached, $799,000, 3 BR, 2.5 Bths

789 E Ave, detached, $829,000, 3 BR, 2.5 Bths

1644 Lake Front Rd, detached, $1,055,000, 4 BR, 4 Bths

17342 Ridgeview Ct, detached, $1,250,000, 4 BR, 3.5 Bths

Pending Sales for January 16-22, 2012

247 Cervantes, a condo, $120,600, 2 BR, 2Bths, 100 DOM

12459 Boones Ferry Rd, manufactured, $149,900, 3 BR, 2.5 Bths, 32 DOM

5786 Washington Ct, detached, $172,500, 3 BR, 2 Bths, 95 DOM

6380 Washington Ct, detached, $232,500, 3 BR, 2 Bths, 71 DOM

5387 Red Leaf St, detached, $249,900, 3 BR, 2 Bths, 5 DOM

15 Condolea Dr, a condo, $265,000, 3 BR, 3 Bths, 193 DOM

12511 Boones Ferry Rd, detached, $299,000, 3 BR, 2 Bths, 43 DOM

12 Walking Woods Dr, detached, $369,000, 3 BR, 3 Bths, 73 DOM

1736 Palisades Terrace Dr, detached, $423,000, 4 BR, 3.5 Bths, 204 DOM

4581 Trillium Woods Lt 14, attached, $437,840, 3 BR, 2.5 Bths, 0 DOM

1850 Egan Way, detached, $462,900, 6 BR, 3.5 Bths, 88 DOM

3899 Daniel Way, detached, $509,000, 4 BR, 2.5 Bths, 10 DOM

3000 Upper Dr, detached, $679,000, 3 BR, 3 Bths, 98 DOM

Closed Sales for January 16-22, 2012

18411 Longfellow Ave, detached, sold for $152,000, listed for $175,000, 3 BR, 1 Bth, 134 DOM

3984 Carman Dr, a condo, sold for $154,750, listed for $167,500, 3 BR, 2.5 Bths, 33 DOM

19221 Redwing Ct, detached, sold for $298,500, listed for $329,500, 3 BR, 2 Bths, 121 DOM

4403 Oakridge Rd Lot 21, attached townhouse, sold for $389,900, listed for $399,900, 3 BR, 2.5 Bths, 114 DOM

5148 Woodcrest Ln lot 4, detached, sold for $620,000, listed for $606,900, 5 BR, 4 Bths, 274 DOM

Open Houses for 1/22/12

Dianne Gregoire — Sat, 21 Jan 2012 18:34:20 +0000

11 houses are scheduled to be held open this Sunday. Enjoy.

12844 SW Boones Ferry Rd, a condo, $175,000, 2 bedrooms, 2 and a half baths, open 2 to 4

17083 Fernwood Dr, a house, $389,900, 5 bedrooms, 3 full baths, open 1 to 4

17930 Meadowlark Ln, a house, $499,900, 4 bedrooms, 4 full baths, open 1 to 3

5542 Dunmire Dr, a house, $529,900, 4 bedrooms, 2 and a half baths, open 11 to 4

5515 Dunmire Dr, a house, $536,900, 4 bedrooms, 3 full baths, open 11 to 1

5595 Luce Ln, a house, $579,900, 4 bedrooms, 3 full baths, open 11 to 4

15633 Fieldstone Dr, a house, $618,950, 4 bedrooms, 2 and a half baths, open 1 to 3

5533 Fieldstone Ct, a house, $628,950, 4 bedrooms, 2 and a half baths, open 1 to 3

1708 Oak St, a house, $639,000, 4 bedrooms, 3 full baths, open 1 to 3

2311 Oswego Glen Ct, a house, $899,999, 4 bedrooms, 4 full baths, open 1 to 3

4110 Canal Rd, a house, $970,000, 4 bedrooms, 3 and a half baths, open 1 to 3

Bouncing on the Bottom

Dianne Gregoire — Wed, 18 Jan 2012 23:10:04 +0000

I know this is risky. There are all sorts of possibilities that I’ll be wrong and you will be able to come back to me a year from now with “It’s only gotten worse. You were WRONG.” But I am going to take the risk and put this in writing. I think that the housing market is bouncing on the bottom. If there is downturn yet to do then I think it will be minor. And there is even a chance that there will be upturn.
No, I’m not a Nationally recognized economist. Really, what do I know? What I know is that I am down here in the trenches living in this house market. And I see 2 signficant changes.
First, the cash investors are out buying BIG TIME. I am working with 2 cash buyers right now both wanting entry level houses of $150,000 or less. This is partly due to low house prices as compared to high rent rates making the return on rentals look good. But this is the same formula that will turn renters into home buyers. It’s starting to make sense to buy entry level houses because the rents are now getting as high or higher than a house payment.
Second, when I show property I am now finding that more and more houses are going pending. It’s like Christmas is over, the prices and interest rates are incredibly low, so now is the time. Lockbox activity (meaning the number of times lockboxes are opened by Realtors to access listings)has skyrocketed. It always goes up after the holidays, but not like I’ve seen it in the last two weeks.
I am also seeing more positive economic news in the media, including this short article from the Oregoninan on January 10, 2010:

Home values in Portland are predicted to rebound
Portland-area home values fell 3.5 percent during 2011 but are expected to stabilize and even post an increase in 2012, real estate research firm Clear Capital reports.
The California company forecasts a 1.9 percent increase in home values in the Porltand-Vancouver-Beaverton area.
In the company’s ranking of 50 major metro areas’ home prices, that moves Portland from No. 27 in 2011 to No. 14 in 2012. Exactly half of the markets are expected to post home price increases. The Portland market is also among 20 considered to be stable in 2012 with predicted increase or decrease of less than 2.5 percent.
The company also reported 15.5 percent of homes sales in 2011 were bank-owned forcloseures.
U.S. home prices fell 2.1 percent in 2011 and are expected to gain 0.2 percent in 2012, the firm reports.
The Seattle area was one of the hardest-hit markets in 2011, posting a 15.1 percent decline in prices. Clear Capital predicted the city’s real estate would lose 7.5 percent in 2012.

Certainly time will tell. I understand I might be wrong, wrong, wrong. But there is also a pretty good chance that I am right. We will see…
Dianne

Market Activity ~ Jan 9 – 15, 2012

Linda Rossi — Tue, 17 Jan 2012 03:09:33 +0000

There were 8 New properties entering the market, 8 in Pending status, and 7 marked as Sold during the last week according to RMLS.
See below for further details:

PENDING SALES (Jan 9-15, 2012)

Address	List Price	# Beds	# Baths	Total SF	Prop Type
3930 LAKE GROVE AVE C1	$99,900	2	1	952	ATTACHD
12844 SW BOONES FERRY RD	$175,000	2	2.1	1152	ATTACHD
5347 RED LEAF ST	$249,900	3	2	1456	DETACHD
875 PALISADES TERRACE DR	$349,000	4	3	2165	DETACHD
919 CUMBERLAND RD	$425,000	4	3	2828	DETACHD
4434 LAKEVIEW BLVD	$575,000	3	3	2620	DETACHD
17787 KELOK RD	$895,000	4	2	3085	DETACHD
16805 SCOTT CT	$949,000	4	3.1	4321	DETACHD

PENDING (Jan 9-15, 2012)

Address	List Price	# Beds	# Baths	Total SF	Prop Type	CDOM
16211 INVERURIE RD	$196,100	4	2.1	1819	DETACHD	84
4760 LOWER DR	$229,900	3	3	2324	DETACHD	148
705 ELLIS AVE	$269,900	3	2.1	1872	DETACHD	7
207 HIDALGO ST	$339,000	4	2.1	2604	DETACHD	94
525 2ND ST	$385,000	2	2	1120	CONDO	247
4725 CAMBRIDGE CT	$425,000	2	2.1	3056	ATTACHD	137
5148 Woodcrest LN Lot 4	$639,900	5	4	3110	DETACHD
3926 EDENS EDGE DR	$899,900	5	3.2	4585	DETACHD	2

SOLD (Jan 9-15, 2012)

Address	O/Price	Close Price	# Beds	# Baths	Total SF	Prop Type	CDOM
200 BURNHAM RD	$93,500	$82,000	1	1	959	CONDO	64
16774 GRAEF CIR	$189,900	$170,000	2	1.1	1168	DETACHD	3
655 7TH ST	$375,000	$320,000	3	1.1	1558	DETACHD	109
227 4TH ST	$347,500	$342,700	4	2	2352	DETACHD	8
52 CONDOLEA CT	$485,000	$478,000	2	2.1	2958	CONDO	60
19345 Riverwood LN 5 West	$605,900	$638,324	4	3.1	3367	DETACHD	0
1592 VIEW LAKE CT	$1,195,000	$699,000	3	3	2889	DETACHD	647

Open Houses ~ Jan. 15, 2012

Linda Rossi — Sat, 14 Jan 2012 20:45:52 +0000

Check out this nice assortment of detached Homes & Townhomes being held Open in Lake Oswego Sunday!

Address	L/Price	# Beds	# Baths	Total SF	Prop Type	Time
1400 BONNIEBRAE DR	$150,000	2	1	864	TOWNHSE	1-3PM
18609 KRISTI WAY	$219,000	4	1	1400	DETACHD	1-4PM
7 BRITTEN CT	$235,000	4	2	2046	TOWNHSE	1-3PM
16212 LAKE FOREST BLVD	$239,000	3	2	1267	DETACHD	1-3PM
21 BRITTEN CT	$299,000	3	2.1	1972	TOWNHSE	12-2PM
4251 WOODSIDE CIR	$304,900	3	2	2032	TOWNHSE	12-2PM
18630 Kristi WAY	$314,900	3	2	1725	DETACHD	2-4PM
4793 AUBURN LN	$377,900	3	2.1	2083	TOWNHSE	1-3M
5542 DUNMIRE DR	$529,900	4	2.1	3204	DETACHD	11-4PM
5515 DUNMIRE DR	$536,900	4	3	3287	DETACHD	11-4PM
5595 LUCE LN	$579,900	4	3	3613	DETACHD	11-4PM
15633 FIELDSTONE DR	$618,950	4	2.1	3047	DETACHD	12-2PM
5533 FIELDSTONE CT	$628,950	4	2.1	3115	DETACHD	12-2PM
850 SCHUKART LN	$699,000	4	3	4378	DETACHD	1:30-4PM
568 9TH ST	$799,900	3	3.1	2825	DETACHD	12-3PM
582 9TH ST	$799,900	3	3.1	2841	DETACHD	12-3PM
755 6TH ST	$825,000	4	3.1	3973	DETACHD	12-3PM
18024 SKYLAND CIR	$1,299,000	4	3.2	4131	DETACHD	1-3PM

Market Activity Jan. 2-8, 2012

Dianne Gregoire — Tue, 10 Jan 2012 21:30:51 +0000

The first full week of 2012 brought 14 new listings, 7 pending sales, and 5 closed sales.
See below for further details:

NEWLY LISTED (Jan. 2-8, 2012)

Address	Type	Price	Sq FT	BR	Baths
56 Galen St	Condo	$98,000	995	2	2
1400 Bonniebrae Dr	Attached	$150,000	864	2	1
5776 Kimball St	Detached	$179,900	1084	3	2
18609 Kristi Way	Detached	$219,000	1400	4	1
705 Ellis Ave	Detached	$269,900	1872	3	2.5
18407 Deer Oak Dr	Detached	$299,600	1812	3	2
886 9th St	Detached	$349,000	870	2	1
4523 Trillium Woods Lt17	Attached	$409,000	2004	3	2.5
3899 Daniel Way	Detached	$509,000	3115	4	2.5
5595 Luce Ln	Detached	$579,900	3613	4	3
1227 Lake Front Rd	Detached	$929,000	2616	4	3
720 Maple St	Detached	$950,000	3966	2	2.5
1000 Upper Devon Ln	Detached	$995,000	3535	3	3.5
455 Furnace St	Detached	$1,699,000	4000	4	3.5

PENDING SALES (Jan. 2-8, 2012)

Address	Type	Price	Sq Ft	BR	Baths	CDOM
5225 Jean Rd #511	Condo	$156,000	1400	2	2	22
1716 Aspen Ct	Detached	$249,000	1528	2	2	174
420 G Ave	Detached	$345,000	2363	4	2	7
1278 Hide A Way Ln	Detached	$350,000	2632	4	2.5	123
1736 Palisades Terrace	Detached	$423,000	3079	4	3.5	186
17110 Lowenberg Terr	Detached	$639,000	2732	4	2.5	1078
1592 View Lake Ct	Detached	$699,000	2889	3	3	647

SOLD (Jan. 2-8, 2012)

Address	Orig. Price	Sold Price	Type	Sq Ft	CDOM
6 Condolea Dr	$198,000	$178,000	Condo	1312	299
5733 Fernbrook Way	$235,000	$220,000	Detached	1250	76
14066 Edenberry Dr	$619,000	$520,000	Detached	3835	12
919 Lake Shore Rd	$539,000	$539,000	Detached	1817	55
17475 Canal Circle	$895,000	$900,000	Detached	2290	22

Open Houses Jan. 8, 2012

Dianne Gregoire — Sat, 07 Jan 2012 20:45:55 +0000

There are 10 houses scheduled to be held open in Lake Oswego this Sunday. Enjoy!

Address	Price	Bedrooms	Baths	Type	Open
16212 Lake Forest Blvd	$239,000	3	2	Detached	1 to 3
1127 Cedar St	$239,000	2	1	Detached	12:30 to 4
6263 Childs Rd	$259,900	3	2	Detached	2 to 4
765 Maple St	$349,900	3	2	Detached	12 to 2
1590 Larch St	$365,000	6	2.5	Detached	1 to 3
19061 Indian Springs Rd	$368,000	4	3	Detached	1:30 to 4
4625 Firwood Rd	$599,900	3	3	Detached	12 to 3
15633 Fieldstone Dr	$618,950	4	2.5	Detached	12 to 2
5533 Fieldstone Ct	$628,950	4	2.5	Detached	12 to 2
850 Schukart Ln	$750,000	4	3	Detached	3 to 5