West Linn Real Estate Activity, March 2-8, 2009
Jody McLeod March 9th, 2009
There were quite a few homes coming on the West Linn market last week; many more than what sold. The homes that sold averaged $183 a square foot and were on the market for an average of 91 days.
Here is a printout of new listings for last week.
If you would like to search all of the homes currently listed in West Linn, go to www.westlinnlistings.com to view an interactive map and do some browsing. The search does not require you to sign up or give any information and you can search homes by neighborhood.
NEWLY LISTED
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DATE LISTED
|
| 4340 SUSSEX ST | $199,900 | 3 | 2 | 940 | DETACHD | 3/2 |
| 2650 Snowberry Ridge CT | $219,900 | 2 | 2.1 | 1,322 | CONDO | 3/2 |
| 5575 SUMMERLINN WAY | $229,950 | 2 | 2 | 1,283 | ATTACHD | 3/3 |
| 20570 S NOBLE LN | $239,900 | 3 | 2.1 | 2,200 | ATTACHD | 3/6 |
| 1690 DODGE WAY | $249,900 | 3 | 2 | 1,066 | DETACHD | 3/3 |
| 18640 MIDHILL CIR | $269,000 | 3 | 2 | 1,900 | DETACHD | 3/5 |
| 1590 ROSEMONT RD | $319,000 | 5 | 2.1 | 3,030 | DETACHD | 3/5 |
| 3633 WILD ROSE LOOP | $320,000 | 3 | 2.1 | 1,788 | DETACHD | 3/2 |
| 2040 MAPLE TER | $349,000 | 4 | 3 | 2,022 | DETACHD | 3/2 |
| 22045 CHELAN LOOP | $349,900 | 2 | 2.1 | 1,689 | ATTACHD | 3/2 |
| 4233 CALAROGA CIR | $374,900 | 4 | 2.1 | 2,740 | DETACHD | 3/6 |
| 1021 SW BORLAND RD | $417,000 | 2 | 2.1 | 2,440 | DETACHD | 3/5 |
| 1590 ROSEMONT-2 tax lots RD | $439,000 | 5 | 2.1 | 3,030 | ATTACHD | 3/4 |
| 1093 EPPERLY WAY | $499,999 | 3 | 2.1 | 2,852 | DETACHD | 3/6 |
| 2275 ROGUE WAY | $549,900 | 4 | 2.1 | 3,274 | DETACHD | 3/3 |
| 2269 ROGUE WAY | $574,900 | 3 | 2.1 | 3,250 | DETACHD | 3/3 |
| 2273 ROGUE WAY | $579,900 | 4 | 2.1 | 3,265 | DETACHD | 3/3 |
| 2498 CRESTVIEW DR | $599,900 | 4 | 2.1 | 3,227 | DETACHD | 3/6 |
| 6260 HAVERHILL CT | $639,000 | 4 | 2.1 | 3,456 | DETACHD | 3/2 |
| 2298 HASKINS RD | $639,900 | 4 | 3.1 | 3,263 | DETACHD | 3/3 |
| 2251 ROGUE WAY | $639,900 | 4 | 3 | 3,544 | DETACHD | 3/3 |
| 2293 ROGUE WAY | $639,900 | 4 | 3.1 | 3,240 | DETACHD | 3/3 |
| 2276 ROGUE WAY | $644,900 | 4 | 2.1 | 3,414 | DETACHD | 3/3 |
| 2051 MOUNTAIN VIEW CT | $684,450 | 3 | 2.1 | 3,118 | DETACHD | 3/7 |
| 23026 S BLAND CIR | $699,000 | 5 | 3.1 | 4,580 | DETACHD | 3/2 |
| 1030 SW BORLAND RD | $795,500 | 4 | 4 | 4,100 | DETACHD | 3/5 |
PENDING SALES
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 20697 S NOBLE LN | $205,900 | 3 | 2.1 | 1,510 | ATTACHD | 111 |
| 1514 HOLLY ST | $299,900 | 4 | 2 | 3,276 | DETACHD | 0 |
| 1078 MEEK WAY | $429,900 | 4 | 3 | 2,173 | DETACHD | 122 |
| 2110 RIDGEBROOK DR | $599,900 | 4 | 2.1 | 3,620 | DETACHD | 650 |
SOLD
| ADDRESS | ORIGINAL PRICE | SOLD PRICE |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
TYPE OF HOME |
DOM
|
| 1125 ROYAL CT | $299,000 | $299,000 | 4 | 3 | 2,172 | DETACHD | 6 |
| 30625 SW RIVERWOOD DR | $599,000 | $360,000 | 3 | 3 | 2,408 | DETACHD | 81 |
| 25650 CHERYL DR | $605,000 | $382,000 | 4 | 3.1 | 2,718 | DETACHD | 218 |
| 5421 WINDSOR TER | $730,000 | $412,500 | 6 | 2.1 | 3,514 | DETACHD | 67 |
| 4798 COHO lot 66 LN | $783,587 | $788,614 | 3 | 2.1 | 2,799 | DETACHD | 0 |
| 2570 REMINGTON DR | $949,900 | $850,000 | 6 | 4.1 | 5,101 | DETACHD | 120 |
| 1011 SW SCHAEFFER RD | $1,999,950 | $1,580,000 | 4 | 4.3 | 6,879 | DETACHD | 148 |
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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Averages are misleading. In the sub $400K market, the average of the 3 homes sold was $143
The Remington Drive property sold at $281/sqft. Must have been the Saddam Hussein gold plated bathrooms that clinched it! Schaeffer road, having 4 acres and being Petes Mountain can be discarded as fairly irrelevant to the general buying market.
Ignore these two outliers, and you get $145/sqft. Another $5 and we’ll be close to reality equilibrium for the sub $800K market.
Stuart, couldn’t have said it any better myself. Schaeffer is in a league of its own and not relevant for an apples-to-apples comparison of the general market. And there appears to be some funny business going on with the Coho lot – above asking price + 0 DOM – looks like some kind of private-party property transfer that was not accessible to the general public, hence can also be discarded from any ‘comps’ for the West Linn market. I agree with you, Stuart, that the ideal pricing is around $140/sqft for a standard size lot and standard home, and we appear to be very close to that right now. The fact that some of the new listings are still being put on the market for $185+/sqft is beyond my comprehension.
The Coho Lane property is new construction by Renaissance Homes that was not listed in the MLS as a spec, or completed house.
In other words, the buyer chose a lot and house design, and Renaissance built the home to their specification. The base price of the home was $783K and the upgrades took it to $788K.
After closing, the listing agent entered it into the MLS for market comparison purposes. Ergo, zero Days On Market.
Interesting Ron. I guess somebody still has money (or at least did when they started the process). $788K still seems an insane price to pay for almost 2800 sqft. I don’t think the lot size is very large, so are we sure the square footage is correct?
Do you think it would sell for the $788K today if it was relisted?
Cheers!
Stuart
The sq. ft. is probably correct. Typically, the footprint is not affected by upgrades and custom features in new construction. But I have no actual knowledge of the home and have no idea what upgrades were made or what price they would command.
It still doesn’t make sense. If this is indeed the Renaissance home subdivision, then according to Zillow, these are the recent transactions:
2744 Ridge Ln, 3645sqft, $734,500 ($200/sqft)
2768 Ridge Ln, 3349sqft, $769,900 ($230/sqft)
The Coho lot seems very expensive at $281/sqft. The only way to explain it away is if this particular lot size is much larger than the other available lot sizes in this subdivision. Then it would make sense. Otherwise it raises eyebrows because it skews the current reality of the West Linn market.
http://www.renaissance-homes.com/pdfs/rosemontPlat.pdf
Lot 66 is listed at 7,288 Sq Ft. My guess is that the property sqft measurement is incorrect.
No self respecting developer in West Linn (having contributed so much to election activities) would build a near-code dwelling size on such a lot. Especially with the usually accepted PUD justifications for exceeding the 35% code that are so often raised, and rubber stamped, at City Hall.
More like 3,799 rather than 2,799 would be my guess. $207 per sqft is still very high.