Comments on: West Linn Real Estate Activity, March 2-8, 2009 http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/ News, Statistics, and Commentary about West Linn Oregon Real Estate Tue, 09 Mar 2010 00:49:22 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Stuart http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-594 Stuart Mon, 16 Mar 2009 00:28:19 +0000 http://www.move2westlinn.com/?p=488#comment-594 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. 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.

]]> By: dj http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-593 dj Sat, 14 Mar 2009 21:51:16 +0000 http://www.move2westlinn.com/?p=488#comment-593 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. 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.

]]> By: Ron Ares http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-592 Ron Ares Thu, 12 Mar 2009 19:22:31 +0000 http://www.move2westlinn.com/?p=488#comment-592 The sq. ft. is <em>probably</em> 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. 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.

]]> By: Stuart http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-591 Stuart Thu, 12 Mar 2009 18:39:23 +0000 http://www.move2westlinn.com/?p=488#comment-591 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 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

]]> By: Ron Ares http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-590 Ron Ares Thu, 12 Mar 2009 01:30:36 +0000 http://www.move2westlinn.com/?p=488#comment-590 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. 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.

]]> By: dj http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-589 dj Mon, 09 Mar 2009 21:43:30 +0000 http://www.move2westlinn.com/?p=488#comment-589 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. 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.

]]> By: Stuart http://www.move2westlinn.com/2009/03/09/west-linn-real-estate-activity-march-2-8-2009/comment-page-1/#comment-588 Stuart Mon, 09 Mar 2009 15:27:13 +0000 http://www.move2westlinn.com/?p=488#comment-588 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. 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.

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