West Linn Real Estate Market Activity – May 18 – 24, 2009
Ron Ares May 26th, 2009
Welcome back from the Memorial Day weekend.
The pre-holiday real estate market activity was up for West Linn with 24 new listings and 20 pending or sold properties.
If you’re gasping at the price reductions on Lancaster, Beacon Hill, and Pete’s Mountain, they were bank-owned properties and I went all the way back to their pre-foreclosure listing prices.
Here are the market activity results for the week of May 18 – 24, 2009:
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 20130 LARKSPUR LN |
$169,000
|
2
|
2
|
1,068
|
$158
|
CONDO |
5/18/09
|
| 2353 19TH ST |
$260,000
|
3
|
1.1
|
1,374
|
$189
|
DETACHD |
5/23/09
|
| 4708 RIVERVIEW AVE |
$298,800
|
3
|
2
|
2,344
|
$127
|
DETACHD |
5/18/09
|
| 4322 GRANT ST |
$299,900
|
4
|
2.1
|
1,508
|
$199
|
DETACHD |
5/18/09
|
| 1625 SHADOW WOOD DR |
$309,900
|
5
|
3.1
|
2,166
|
$143
|
DETACHD |
5/20/09
|
| 6565 LOWRY DR |
$310,000
|
3
|
2
|
1,720
|
$180
|
DETACHD |
5/18/09
|
| 22491 CLARK ST |
$344,500
|
4
|
2.1
|
2,469
|
$140
|
DETACHD |
5/21/09
|
| 6820 APOLLO RD |
$399,900
|
4
|
3
|
2,706
|
$148
|
DETACHD |
5/19/09
|
| 19877 BENNINGTON CT |
$424,000
|
4
|
2.1
|
2,320
|
$183
|
DETACHD |
5/18/09
|
| 19910 ROAN CIR |
$425,000
|
4
|
4.1
|
2,962
|
$143
|
DETACHD |
5/21/09
|
| 2475 HILLCREST DR |
$449,900
|
3
|
2.1
|
2,548
|
$177
|
DETACHD |
5/22/09
|
| 3663 LANDIS ST |
$490,000
|
3
|
2.1
|
3,030
|
$162
|
DETACHD |
5/20/09
|
| 2590 KILKENNY CT |
$499,900
|
3
|
2.1
|
3,760
|
$133
|
DETACHD |
5/24/09
|
| 1975 SUNBURST TER |
$510,000
|
4
|
2.1
|
2,622
|
$195
|
DETACHD |
5/24/09
|
| 3845 FAIRHAVEN DR |
$559,000
|
4
|
2.1
|
3,201
|
$175
|
DETACHD |
5/19/09
|
| 3292 NOMIE WAY |
$560,000
|
4
|
3.1
|
4,035
|
$139
|
DETACHD |
5/22/09
|
| 23012 S BLAND CIR |
$575,000
|
5
|
3.1
|
4,698
|
$122
|
DETACHD |
5/20/09
|
| 1915 TAYLOR CT |
$597,000
|
4
|
3.1
|
3,645
|
$164
|
DETACHD |
5/18/09
|
| 3982 S ROXBURY DR |
$669,000
|
4
|
2.1
|
3,651
|
$183
|
DETACHD |
5/18/09
|
| 2125 ALPINE DR |
$675,000
|
4
|
3.2
|
3,900
|
$173
|
DETACHD |
5/19/09
|
| 2215 CARSON DR |
$739,900
|
6
|
3.1
|
4,422
|
$167
|
DETACHD |
5/18/09
|
| 2510 SW BUCKMAN RD |
$749,500
|
3
|
2
|
2,183
|
$343
|
DETACHD |
5/21/09
|
| 31178 SW RIVERWOOD DR |
$789,000
|
4
|
3
|
2,395
|
$329
|
DETACHD |
5/24/09
|
| 19690 WILDWOOD DR |
$1,549,000
|
5
|
5.1
|
7,697
|
$201
|
DETACHD |
5/22/09
|
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 18460 VISTA CT |
$234,900
|
3
|
1
|
1,248
|
$188
|
DETACHD |
5/18/09
|
| 6827 APOLLO RD |
$330,000
|
3
|
2
|
2,168
|
$152
|
DETACHD |
5/22/09
|
| 2040 MAPLE TER |
$344,900
|
4
|
3
|
2,022
|
$171
|
DETACHD |
5/21/09
|
| 2675 LANCASTER ST |
$360,000
|
4
|
2.1
|
3,011
|
$120
|
DETACHD |
5/18/09
|
| 1892 6TH AVE |
$364,500
|
2
|
2
|
1,338
|
$272
|
DETACHD |
5/19/09
|
| 2961 WINKEL WAY |
$365,750
|
4
|
2.1
|
2,236
|
$164
|
DETACHD |
5/20/09
|
| 2965 WINKEL WAY |
$369,900
|
4
|
2.1
|
2,451
|
$151
|
DETACHD |
5/20/09
|
| 21260 SERANGO DR |
$425,000
|
3
|
3
|
3,288
|
$129
|
DETACHD |
5/22/09
|
| 2050 Leslies Way |
$475,000
|
4
|
3.1
|
2,913
|
$163
|
DETACHD |
5/18/09
|
| 2684 BEACON HILL DR |
$519,000
|
4
|
2.1
|
3,200
|
$162
|
DETACHD |
5/19/09
|
| 2276 ROGUE WAY |
$619,900
|
4
|
2.1
|
3,414
|
$182
|
DETACHD |
5/20/09
|
| 2739 RIDGE LN |
$699,900
|
4
|
3
|
3,378
|
$207
|
DETACHD |
5/23/09
|
| 655 MARYLHURST DR |
$775,000
|
4
|
2.1
|
3,235
|
$240
|
DETACHD |
5/20/09
|
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DOM
|
| 20643 S NOBLE LN |
$219,000
|
$207,475
|
3
|
2.1
|
1,492
|
$139
|
ATTACHD |
112
|
| 2459 TULANE ST |
$239,900
|
$225,000
|
3
|
2
|
1,244
|
$181
|
DETACHD |
64
|
| 20570 S NOBLE LN |
$323,000
|
$239,285
|
3
|
2.1
|
2,200
|
$109
|
ATTACHD |
19
|
| 4177 IMPERIAL DR |
$379,000
|
$287,000
|
3
|
2.1
|
2,346
|
$122
|
DETACHD |
34
|
| 2667 Lancaster ST |
$399,900
|
$372,500
|
4
|
2.1
|
3,069
|
$121
|
DETACHD |
72
|
| 2871 BEACON HILL DR |
$875,000
|
$564,000
|
4
|
3.1
|
4,324
|
$130
|
DETACHD |
35
|
| 25165 SW PETES MOUNTAIN RD |
$1,995,000
|
$825,000
|
4
|
5
|
7,089
|
$116
|
DETACHD |
19
|
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:
Bank owned, or not, that is the price that these properties, in this market, at this particular time, could be sold for.
This weeks average is now $131 per square foot. Potential buyers, sellers, and agents should seriously take note. This is a surprising drop and may well be a temporary anomaly as we trend down to what I had predicted to be $140 per square foot.
However, the bond market fell over today, inevitably pushing mortgage rates up.
If you could get a 30 year fixed rate mortgage at 5% last week and were looking for a $400K conforming note ($2147 P&I) with a $100K downpayment, but now rates go to 6%, your $2147 payment now only buys you a $358K mortgage, knocking $42K off the $500K total you could have paid for a house.
Maybe that’s already being baked in to the prices, or perhaps we have another 8% drop (or more) to go?
$120 per square foot anyone?
Well said, Stuart. The interest rate spike will definitely have an impact on pricing. I’m just amazed at how quickly prices are falling. It took almost 1 year for prices to go from $200+/sqft to $170/sqft, and yet it took about 4 months to go from $170 to about $130/sqft. And, all this despite the first-time home-buyers credit and the low interest rates. Given this, buyers will be very sensitive to any increases to interest rates as it ups the monthly payment, and hence will be factored into any offers that will be made to sellers (i.e. lower offers). In addition, we will continue to see homes in the <$500K range sell, while those above this threshold will linger on the market for months looking for a buyer. This is because of the $417K limit before going “jumbo”. Stuart, I think your $120/sqft prediction is pretty much a reality at this point.