West Linn Real Estate Market Activity, June 22-28, 2009
Jody McLeod June 29th, 2009
Four homes sold last week in the West Linn market, and the average price per square foot of sold homes hit nearer the mark that has been predicted by our readers. How low will it go?
Here’s the new real estate activity in West Linn for the week of June 22 through 28, 2009:
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 2412 MARGERY ST | $224,900 | 3 | 1.1 | 1,044 | $215 | DETACHD | 6/26 |
| 5889 PERRIN ST | $325,000 | 3 | 2 | 1,713 | $190 | DETACHD | 6/24 |
| 22045 CHELAN LOOP | $349,900 | 2 | 2.1 | 1,689 | $207 | ATTACHD | 6/22 |
| 1769 REGENCY ST | $359,000 | 3 | 2 | 1,664 | $216 | DETACHD | 6/23 |
| 22751 CLARK ST | $385,000 | 4 | 2.1 | 2,825 | $136 | DETACHD | 6/26 |
| 4000 MAPLETON DR | $399,900 | 3 | 2.5 | 2,096 | $191 | DETACHD | 6/22 |
| 1950 PINTO CT | $472,200 | 4 | 2.1 | 3,413 | $138 | DETACHD | 6/24 |
| 1093 EPPERLY WAY | $479,900 | 3 | 2.1 | 2,663 | $180 | DETACHD | 6/24 |
| 2390 MICHAEL DR | $479,900 | 4 | 2.1 | 2,834 | $169 | DETACHD | 6/23 |
| 4543 DAMON DR | $523,900 | 3 | 2.1 | 3,336 | $157 | DETACHD | 6/25 |
| 1891 6TH AVE | $525,000 | 3 | 3 | 1,929 | $272 | DETACHD | 6/27 |
| 3427 PONDEROSA LOOP | $539,000 | 4 | 2.1 | 2,982 | $181 | DETACHD | 6/26 |
| 2109 GREENE ST | $559,000 | 5 | 3.1 | 3,519 | $159 | DETACHD | 6/24 |
| 2903 Rawhide ST | $573,700 | 5 | 4 | 3,540 | $162 | DETACHD | 6/23 |
| 3070 S ROXBURY CT | $619,000 | 3 | 2.2 | 3,226 | $192 | DETACHD | 6/22 |
| 1371 Skye Pkwy | $639,000 | 4 | 3.1 | 3,884 | $165 | DETACHD | 6/26 |
| 1025 9TH ST | $749,900 | 4 | 3.1 | 3,925 | $191 | DETACHD | 6/24 |
| 2043 MOUNTAIN VIEW CT | $848,950 | 5 | 3.1 | 4,100 | $207 | DETACHD | 6/24 |
| 21430 BRANDYWINE LN | $1,850,000 | 4 | 4.2 | 5,221 | $354 | DETACHD | 6/22 |
| AVERAGES | $593,236 | 3,031 | $193 |
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 1590 ROSEMONT RD | $319,000 | 5 | 2.1 | 3,030 | $105 | DETACHD | 109 |
| 2365 ROGUE WAY | $339,900 | 3 | 2.1 | 1,903 | $179 | DETACHD | 88 |
| 18901 TRILLIUM DR | $365,000 | 3 | 2.1 | 1,848 | $198 | DETACHD | 74 |
| 6040 CAUFIELD ST | $439,000 | 4 | 3.1 | 2,736 | $160 | DETACHD | 35 |
| 1590 ROSEMONT RD | $439,000 | 5 | 2.1 | 3,030 | $145 | ATTACHD | 110 |
| 1907 SUNBURST TER | $499,900 | 4 | 2.1 | 3,275 | $153 | DETACHD | 114 |
| 3845 FAIRHAVEN DR | $539,900 | 4 | 2.1 | 3,201 | $169 | DETACHD | 36 |
| 1030 SW BORLAND RD | $599,900 | 4 | 4 | 4,100 | $146 | DETACHD | 286 |
| 2350 Haskins RD | $600,000 | 4 | 2.1 | 3,230 | $186 | DETACHD | 250 |
| AVERAGES | $460,178 | 2,928 | $160 | 122 |
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | $ +/-% |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DOM
|
| 2675 LANCASTER ST | $625,000 | $360,000 | 42.4% | 4 | 2.1 | 3,011 | $120 | DETACHD | 368 |
| 21260 SERANGO DR | $559,000 | $432,500 | 22.6% | 3 | 3 | 3,288 | $132 | DETACHD | 417 |
| 2985 Winkel WAY | $504,900 | $465,000 | 7.9% | 5 | 3 | 3,142 | $148 | DETACHD | 308 |
| 2918 Winkel WAY | $589,000 | $482,889 | 18.0% | 4 | 3 | 2,935 | $165 | DETACHD | 638 |
| AVERAGES | $569,475 | $435,097 | 22.7% | 3,094 | $141 | 433 |
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:
2675 LANCASTER ST. This one is interesting. It looks like new construction that was last purchased on 10/30/2008 for $418500.
It must have been purchased by an investor wanting it flip it. But
instead got stuck holding the bag and had to sell at a loss for $360K.
The two houses on Winkel Way I don’t quite understand. The CMAP web site doesn’t show any prior sales. So are these BRAND NEW homes from DR Horton? Or are they existing home sales?
Thanks.
David- RMLS has different sales data than what you found for Lancaster. It only shows that it was sold in November 2006 for $265,000. At that time, it was a small, 1950’s home. However, when I delve a little deeper into other sources, it looks like half of the lot (was orginally two joined lots) was sold off for $165,400 in April of 2007. Then I see the sale you mention in October 2008, and it looks like the purchaser was a bank and would be considered a private sale (therefore not on RMLS).
As for the two homes on Winkel Way, they are new homes that haven’t been built yet. They will be built “on spec” for the buyers. They are DR Horton homes.
Judy, thanks for the explanation. So DR Horton is now selling brand new houses for $150 a square foot. I don’t think they’re selling these at a loss, but they are making substantially less money per square foot than before.
I would guess that their cost including the lot to be somewhere near $100 a square foot or less. Probably less. A local builder’s cost will be less as they have less overhead. So they’re still making about 100K per house for these 3000 sq foot houses. Not bad, but way less than before.
Interestingly, DR Horton appears to be the only production builder that is putting up spec homes right now. The local builders like Renaissance, Legend, and Arbor are all requiring deposits first. I’m not sure what Centex is doing, but Horton must be feeling bullish enough to build, even at greatly reduced margins.
Yahoo: “Where not to buy real estate” – “5 Housing Markets That Have Further to Fall ”
Detroit, New York City, Phoenix, Portland, Ore. Minneapolis:
“The Pacific Northwest bubble was among the last to burst, which could mean the market will be among the last to recover.”
http://realestate.yahoo.com/promo/5-housing-markets-that-have-further-to-fall.html;_ylc=X3oDMTFuNTBiYnQ0BF9TAzI3MTYxNDkEX3MDOTc2MjA0NjUEc2VjA2ZwLXRvZGF5BHNsawNmdXJ0aGVyLXRvLWZhbGw-
Maybe I’ll be on the high side with my $140/sqft estimate. Maybe. Although I think I am seeing a little compression in the sub $400K point now, possibly leading to values stabilizing a little (at least in West Linn). Perhaps it will be the “splendiferous” properties that start tanking to drag the averages down. There just aren’t that many truly wealthy people in Oregon, who want to live in West Linn and take on the costs of living in the city.
Ron or Judy, do you know what happened to Legend Home’s development on Winkel Way? DR Horton is on the other side of the street still building and selling.
I saw some data showing Legend missed one or more payments on a 2.2 million dollar loan. Legend’s web site doesn’t show Winkel Way as a “future community” Did they bail out of the Winkel Way development?
What’s going to happen to their lots?
Curious,
David
David,
I can’t seem to find out much information either, although Legend did sell one home on Winkel Way back in January 2008 (3154 Winkel Way). I’m would imagine all building on developments would be on hold until everything gets figured out, but as of yet, no sales data on RMLS.
Oh, BTW, my name is Jody, not Judy. No worries – it happens more than you know!
Jody, I am so sorry. I just realized that I typed Judy in my two previous comments!
And thank you for the reply. I wish that there was a similar web site for tracking Lake Oswego real estate data on a weekly basis like yours for west linn. I’m very much interested in LO as well.
I believe the lots at Maxfield have reverted back to Legend Homes’ lender.