West Linn Real Estate Sales – December 8-14, 2008
Jody McLeod December 15th, 2008
There was a strong showing of West Linn listings last week with a slight uptick on sold homes over the previous week.
Interesting note: the home listed on Lorinda Lane was originally priced at $3,300,000 in May 2007 and is now at $1,499,000. How low will it go? There just aren’t that many buyers out there (especially in this price range) and sellers seem to -finally- be catching on to this. Pricing a home realistically from the beginning and being willing to negotiate on price are important in this real estate market. It will be interesting to see the end result.
NEWLY LISTED
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DATE LISTED
|
| 4250 SUMMERLINN DR | $192,000 | 1 | 1 | 945 | CONDO | 12/13 |
| 20775 S VIEWPOINT RD | $234,899 | 3 | 3 | 2,208 | ATTACHD | 12/10 |
| 5670 SUMMIT ST | $390,000 | 4 | 2.1 | 3,063 | DETACHD | 12/8 |
| 1781 BUSE ST | $399,900 | 5 | 2.1 | 2,804 | DETACHD | 12/8 |
| 6100 CHURCHILL DOWNS DR | $435,000 | 3 | 2.1 | 2,441 | DETACHD | 12/8 |
| 19522 OLD RIVER DR | $439,900 | 3 | 2 | 2,313 | DETACHD | 12/9 |
| 2453 MARYLHURST DR | $479,000 | 4 | 2 | 2,073 | DETACHD | 12/8 |
| 3365 COEUR D ALENE DR | $595,000 | 3 | 2.1 | 2,980 | DETACHD | 12/8 |
| 19772 WILDWOOD DR | $630,000 | 4 | 3.1 | 3,602 | DETACHD | 12/9 |
| 1940 HALL ST | $649,000 | 4 | 3.1 | 4,400 | DETACHD | 12/11 |
| 30811 SW RIVER LANE RD | $715,000 | 4 | 3 | 3,020 | DETACHD | 12/9 |
| 2687 BEACON HILL DR | $799,950 | 4 | 3.1 | 3,721 | DETACHD | 12/11 |
| 2501 LORINDA LN | $1,499,000 | 5 | 6.2 | 10,636 | DETACHD | 12/11 |
PENDING SALES
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 1745 4TH AVE | $299,900 | 3 | 2 | 2,080 | DETACHD | 279 |
| 2520 REMINGTON DR | $795,000 | 4 | 3 | 3,600 | DETACHD | 28 |
SOLD
| ADDRESS | ORIGINAL PRICE | SOLD PRICE |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 1888 6TH AVE | $269,900 | $190,000 | 2 | 1 | 936 | DETACHD | 89 |
| 20763 S VIEWPOINT RD | $295,000 | $240,000 | 3 | 3 | 2,222 | ATTACHD | 132 |
| 2902 Winkel WAY | $599,900 | $475,367 | 4 | 3 | 2,935 | DETACHD | 12 |
| 1950 ALPINE DR | $749,000 | $630,000 | 4 | 3 | 3,317 | DETACHD | 474 |
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.
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.
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Wow! 2501 Lorinda Lane certainly has an interesting sales history on Zillow:
Sale History
08/10/2008: $2,710,000 **
01/28/2008: $2,703,758 *
08/22/2006: $3,300,000 *
11/29/2005: $2,800,000 *
09/09/2005: $1,500,000 *
07/24/2000: $1,013,330 *
01/29/1999: $1,091,583 *
04/03/1998: $1,195,000
What gives here? Is the house bank owned now? Was this an inflated no-doc fraud scheme (where you inflate the price, borrow no money down and the seller is actually a partner in the fraud)?
Or is it just the 2005 buyer looking to get out?
Certainly looks weird.
Nice to see prices starting to trend towards a little more rational. Maybe dj will see his predicted $120/sqft after all?
Which means 2501 Lorinda Lane should dip below $1.3M. ouch!
Stuart, your research is just amazing. I didn’t realize the house on Lorinda Lane has such a checkered sales history until you pointed this out. With the recent Madoff wall-street hedge fund ponzi-scheme scandal that has dominated financial headlines in the past week, there appears to be some fraudulent funny business going on with this home. Let’s see, the home sold for $1.5M in Sept. 2005, and then resold for $2.8M in Nov. 2005 – almost double in value within 2 months ?????? And then, it goes up another 20% in 9 months after that ? And today, they are selling the home for $1.5M ? It has to be fraud.
$120/sqft ? Nope – looks more like we’re headed towards $110/sqft now. Good luck to all the sellers out there, because you’re going to need plenty of it if you expect some clueless buyer to offer you your asking price.
LOL dj. I’ll see your $110 and raise you $100!
Seriously though, I’ll still stick by my $140/sqft. I think it’s reasonable that a middling (tax grade 4 or 5) 2300 sqft house on 35% normal ratio lot of 6500+ sqft should be selling for about $325K. Fixtures, fittings and amenities such as decks, hot tubs, oversized garages, larger lots etc, may add more to the price, but $140 feels about right as a ballpark figure. 2300sqft for $325K, 3000sqft for $420K, 4000 sqft for $560K and 10,000 sqft at $1.4M sounds about right. That takes us back to near 2003/2004 pricing and more in line with normal appreciation of house prices.
And then we can look forward to many property tax bond measures sneaking onto the ballot at the very last minute through a simple majority vote in order to bolster vested Government employee interests.
Who knows, maybe we’ll even get a state sales tax and be like California, except with lousy weather!
Here is an excellent explanation of “funny financing” and why prices will, in some overextended cases have to drop significantly. I believe the “funny financing” is more prevalent in the current mid-range ($500K to $800K in West Linn) where people overleveraged themselves, but it’s an educational read for those who think a cut in rates will fix the problem.
http://www.doctorhousingbubble.com/option-arms-for-dummies-why-45-percent-mortgages-rates-will-do-absolutely-nothing-for-these-toxic-assets/
Stuart, thanks for the link. It was a very interesting and technical read. I must admit that I am not very well versed in ARMs, Option ARMs, interest-only payments, balloons, clowns etc (I guess you can call me an old-school 30yr fixed fanboy), so this article served as an interesting educational piece for me. There was one sentence that really summarized the point of the article: “The most important thing about buying a home is the price.” Well said, but perhaps not obvious to many of the buyers who disregarded this fact of life and are now stuck with white elephants they can’t unload without taking a hard kick in the shorts. It will be interesting to see how the mythical 4.5% interest rate plays out in the marketplace and whether or not it will help stabilize home prices. According to the article, it doesn’t sound very promising.