West Linn Real Estate Activity – November 17-23, 2008
Ron Ares November 24th, 2008
Eight homes in the West Linn market went Sale Pending in the last week before Thanksgiving–a welcome result before the holidays.
It’s also worth noting that the three active listings on Evergreen have had sale price reductions of up to $215,000–perhaps making them an inviting target for someone wanting to live in the Ridge (off Summit & Bridgeview in the Rosemont Summit neighborhood). Let Jody or I know if you want more details.
NEWLY LISTED
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DATE LISTED
|
| 3585 SUMMERLINN DR |
$254,900
|
3
|
2
|
1,515
|
CONDO |
11/21
|
| 2283 CHARMAN ST |
$274,500
|
3
|
2
|
1,050
|
DETACHD |
11/17
|
| 2485 19TH ST |
$279,900
|
3
|
2
|
1,340
|
DETACHD |
11/22
|
| 2464 DONEGAL CT |
$289,950
|
3
|
2
|
1,532
|
DETACHD |
11/17
|
| 5230 CROWN ST |
$349,900
|
4
|
2.1
|
2,088
|
DETACHD |
11/17
|
| 2045 DILLOW DR |
$384,950
|
3
|
3
|
2,176
|
DETACHD |
11/18
|
| 1955 ARENA CT |
$469,500
|
3
|
2.1
|
2,790
|
DETACHD |
11/20
|
| 22990 SW MOUNTAIN RD |
$622,500
|
4
|
3.1
|
3,206
|
DETACHD |
11/16
|
| 23012 S BLAND CIR |
$635,000
|
5
|
3.1
|
4,698
|
DETACHD |
11/17
|
| 2306 FALCON DR |
$649,950
|
3
|
2.1
|
3,171
|
DETACHD |
11/18
|
| 6487 EVERGREEN DR |
$675,000
|
4
|
2.1
|
3,550
|
DETACHD |
11/16
|
| 6476 EVERGREEN DR |
$680,000
|
4
|
3.1
|
3,541
|
DETACHD |
11/16
|
| 6470 EVERGREEN DR |
$680,000
|
4
|
3.1
|
3,541
|
DETACHD |
11/16
|
| 3456 CHELAN DR |
$724,500
|
5
|
3.1
|
3,677
|
DETACHD |
11/19
|
| 23435 SW ELDERBERRY LN |
$795,700
|
3
|
2.1
|
3,018
|
DETACHD |
11/19
|
| 3664 FAIRHAVEN DR |
$1,175,000
|
5
|
4
|
4,826
|
DETACHD |
11/20
|
| 23225 SW BOSKY DELL LN |
$1,750,000
|
4
|
3.2
|
2,948
|
DETACHD |
11/17
|
PENDING SALES
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 20763 S VIEWPOINT RD |
$249,900
|
3
|
3
|
2,222
|
ATTACHD |
132
|
| 18361 WILLAMETTE DR |
$255,000
|
3
|
2
|
1,152
|
DETACHD |
88
|
| 25185 SWIFT SHORE DR |
$310,000
|
3
|
2.1
|
2,521
|
DETACHD |
149
|
| 2947 CARRIAGE WAY |
$369,000
|
3
|
2.1
|
1,835
|
DETACHD |
526
|
| 30625 SW RIVERWOOD DR |
$399,900
|
3
|
3
|
2,408
|
DETACHD |
14
|
| 2050 TOMPKINS ST |
$408,900
|
3
|
3.1
|
2,614
|
DETACHD |
311
|
| 2993 Winkel WAY |
$499,900
|
4
|
2.1
|
2,969
|
DETACHD |
446
|
| 30683 SW PEACH COVE RD |
$649,000
|
3
|
2.1
|
2,409
|
DETACHD |
529
|
SOLD
| ADDRESS | ORIGINAL PRICE | SOLD PRICE |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 1088 Meek WAY |
$409,900
|
$379,900
|
4
|
3
|
2,097
|
DETACHD | |
| 2744 Ridge Lot 47 LN |
$799,900
|
$734,500
|
4
|
3.1
|
3,575
|
DETACHD |
Criteria: Homes in the 97068 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.
Related posts:
“three active listings on Evergreen have had sale price reductions of up to $215,000–perhaps making them an inviting target”
Does the phrase “Catching a falling knife” mean anything?
I have to ask our hosts… and this is honestly a serious question… Who is buying these $800K+ homes? Sure we have a few Blazers in town who have managed to at least keep some of their money. And yes, there will be some who have been around for a long time who own businesses of significant revenue. However, I think the Californians have pretty much stopped coming, real estate isn’t yielding the amazing amount of volume and accelerating prices to increase commissions, and as a corollary, mortgage brokers and ancillary activities are probably hurting too. The auto business has driven off a cliff.. etc. etc.
So where is the money coming from?
What was the profile of the typical $800K+ home buyer in 2006? What is it now in 2008? Are they putting down 20% or more? Are they really high income or still just high leverage? Where are they moving from? What is their take on the economy? What’s the feeling regarding the future among smaller developers like Centurion Homes?
3664 FAIRHAVEN DR for $1.175M?: Who has $235K in cash for a down payment and can take on a $940K mortgage and $16K+ annual property tax bill? An $8K a month payment is a pretty chunk of change.
Hi Stuart,
Year to date, 44 buyers in the $700K+ range (including 16 in the $1M+ market) have purchased. In 2007’s first three quarters, 77 buyers did the same, so the buyer pool has definitely shrunk.
As a percentage, however, this segment is performing better in comparison to 2007 than the $300-$500K price range.
Looking at the limited information with respect to financing in the sales results, it’s a mix of all cash and mostly conventional financing, plus a handful of seller-held contracts and lease-options.
From my experience, candidates for these homes are junior (and senior) execs moving in from out of state on relocation programs and people who are bringing equity from a successful (to-date) real estate experience, usually held for a period of many years.
Ron!
That is very useful data. I appreciate it. Ah the life of the pampered “executive”. Would that we were all getting our “bailouts”
I had always had a suspicion that high end properties (especially the ones we all drive by for years that still aren’t selling) were cash deals such that the owners could afford to hold out for price. It may well be then that the $800K+ market is not really relevant to what is, or is not, happening in the broader “mere peon” market. Perhaps it should merely serve as caution to anyone who might consider a “stretch” to get into that segment of the market if they are not large down payment cash buyers with an ability to hold for a long time without much up or down pricing activity?