West Linn Real Estate Market Activity – June 29 – July 5, 2009
Ron Ares July 6th, 2009
June finished with a flurry of activity, putting 15 homes under contract and closing on 6 others in West Linn. Just 14 new properties came on the market–not unexpected due to the holiday weekend.
Check back later this week for a run-down of the first half of 2009’s results for the West Linn real estate market.
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 18368 VISTA DR |
$217,900
|
3
|
2
|
1,256
|
$173
|
DETACHD |
7/5/09
|
| 21625 MOUNT HOOD TER |
$239,999
|
3
|
2
|
1,376
|
$174
|
DETACHD |
6/29/09
|
| 1776 BUSE ST |
$259,900
|
3
|
1
|
1,380
|
$188
|
DETACHD |
7/3/09
|
| 1983 13TH ST |
$289,900
|
3
|
2
|
1,644
|
$176
|
DETACHD |
6/30/09
|
| 2191 HIDDEN SPRINGS CT |
$324,900
|
4
|
3
|
2,534
|
$128
|
DETACHD |
6/29/09
|
| 3430 COEUR D ALENE DR |
$449,900
|
3
|
2
|
2,209
|
$204
|
DETACHD |
6/29/09
|
| 22911 CLARK ST |
$449,950
|
5
|
2
|
2,827
|
$159
|
DETACHD |
6/30/09
|
| 3303 RIDGE LN |
$515,000
|
4
|
2
|
2,948
|
$175
|
DETACHD |
6/29/09
|
| 19432 WILDERNESS DR |
$519,900
|
3
|
2
|
2,683
|
$194
|
DETACHD |
6/29/09
|
| 3838 FAIRHAVEN DR |
$599,900
|
5
|
3
|
3,883
|
$154
|
DETACHD |
7/3/09
|
| 2474 CRESTVIEW DR |
$614,885
|
5
|
3
|
3,416
|
$180
|
DETACHD |
7/2/09
|
| 4090 IRELAND LN |
$709,900
|
4
|
3
|
3,021
|
$235
|
DETACHD |
7/1/09
|
| 21231 S SWEETBRIAR RD |
$799,000
|
4
|
1
|
3,009
|
$266
|
DETACHD |
6/30/09
|
| 3410 CASCADE TER |
$879,000
|
4
|
3
|
4,157
|
$211
|
DETACHD |
7/2/09
|
| AVERAGES |
$490,717
|
4
|
2
|
2,596
|
$187
|
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 3501 SUMMERLINN DR |
$179,900
|
2
|
2
|
1,477
|
$122
|
CONDO |
113
|
| 6282 DAVENPORT ST |
$219,000
|
3
|
1
|
1,080
|
$203
|
DETACHD |
75
|
| 1235 DOLLAR ST |
$234,900
|
3
|
2
|
1,567
|
$150
|
DETACHD |
51
|
| 4330 EXETER ST |
$249,900
|
3
|
2
|
1,896
|
$132
|
DETACHD |
241
|
| 19605 HIDDEN SPRINGS RD |
$253,000
|
4
|
2
|
2,378
|
$106
|
DETACHD |
92
|
| 3611 RIDGEWOOD WAY |
$304,900
|
3
|
2
|
1,644
|
$185
|
DETACHD |
115
|
| 1380 7TH ST |
$344,500
|
4
|
2
|
1,924
|
$179
|
DETACHD |
34
|
| 22751 CLARK ST |
$385,000
|
4
|
2
|
2,825
|
$136
|
DETACHD |
5
|
| 22990 SW MOUNTAIN RD |
$455,100
|
4
|
3
|
3,206
|
$142
|
DETACHD |
227
|
| 4089 S WILD ROSE DR |
$457,900
|
4
|
2
|
3,273
|
$140
|
DETACHD |
154
|
| 1097 Epperly WAY |
$471,900
|
3
|
3
|
2,766
|
$171
|
DETACHD | |
| 1837 Joseph Fields ST |
$476,900
|
3
|
3
|
2,785
|
$171
|
DETACHD | |
| 5665 SUMMIT ST |
$624,900
|
4
|
3
|
4,525
|
$138
|
DETACHD |
508
|
| 1400 SW BORLAND RD |
$625,000
|
4
|
3
|
4,200
|
$149
|
DETACHD |
63
|
| 889 SW HOFFMAN RD |
$800,000
|
4
|
2
|
3,659
|
$219
|
DETACHD |
434
|
| AVERAGES |
$405,520
|
3
|
2
|
2,614
|
$156
|
162
|
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | $ +/-% |
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DOM
|
| 25185 SWIFT SHORE DR |
$400,000
|
$298,000
|
-26%
|
3
|
2
|
2,521
|
$118
|
DETACHD |
372
|
| 6565 LOWRY DR |
$310,000
|
$310,000
|
0%
|
3
|
2
|
1,720
|
$180
|
DETACHD |
10
|
| 1255 SWIFT SHORE CIR |
$435,000
|
$387,000
|
-11%
|
5
|
3
|
3,241
|
$119
|
DETACHD |
101
|
| 6117 CHURCHILL DOWNS DR |
$439,500
|
$424,500
|
-3%
|
3
|
3
|
2,530
|
$168
|
DETACHD |
46
|
| 1785 Joseph Fields ST |
$588,310
|
$432,950
|
-26%
|
3
|
2
|
2,733
|
$158
|
DETACHD | |
| 2946 Winkel WAY |
$669,900
|
$599,900
|
-10%
|
5
|
4
|
3,797
|
$158
|
DETACHD |
110
|
| AVERAGES |
$473,785
|
$408,725
|
-14%
|
4
|
3
|
2,757
|
$150
|
128
|
Criteria: Homes in the 97068 zip code, listed, ending 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:
Closed sales once again show the new reality that is bringing transaction prices closer to realistic incomes with associated necessary down payments.
It will be interesting to see what the 889 SW HOFFMAN RD closes at in relation to it’s $800K listing. Seeing as it has been on the market for almost 15 months, any number would be a guess. However, being in the Pete’s Mountain wealth belt, it can’t really be considered “West Linn” proper.
Selling homes over $500K looks like it’s still tough work. Tough for Realtors to market (when there are no buyers), bad business for Mortgage Brokers (to get jumbo loans) and see eroding commissions as transaction values hemorrhage.
I’m sticking with $140/sqft as the bottom.
About 889 Hoffman, I actually spoke to Peter regarding this property. It’s a short sale. The owners took out home equity loans and couldn’t handle the payment. I would be very curious about what the final price is also. It’s a price that the bank has settled for.
David
Forgot to clarify. By Peter I meant Peter Dillingburger the listing agent.
Sorry for the spam. Look at 3410 CASCADE TERRACE. I just checked the CMAP web site. It shows that this house was sold for 1,050,000 in 6/22/2005! The LISTING price is already close to the loan amount (assuming that they put down 20%). This got to be a short sale.
So million dollar houses are in trouble as well.
David
The home on Cascade Terrace is not highlighted as a short sale, but rather as a corporate relocation.
It would appear to be quite an opportunity for a buyer in that price range.
I agree – if one has the means, Cascade Terrace is looking quite attractive. It’s in a gated community which exudes exclusivity, and probably has a bit of unique charm that stands apart from the cookie-cutter McMansions that have gone up around West Linn in the past 8 years. Unfortunately for me, it will be a while before I can come close to affording a home like that. The annual carrying costs alone (utilities, taxes, maintenance etc) must be astronomical… The DR Horton homes on Winkel Way seem to be anticipating the market, and are trying to price their homes ahead of the competition. They are asking around $160/sqft, but selling for $140-$150/sqft. $140/sqft is reasonable, but not a great deal given the closing costs and length of time for any recovery to help with housing appreciation. $130/sqft makes more sense to give the buyer a cushion in case they have to bail out. $120/sqft would be something to jump on if the buyer likes the property.
When a property is bank owned, will it be listed as such on RMLS?
Pete,
Bank-owned properties are tagged as such in the MLS. Public-facing real estate broker websites that show listings have a pre-defined set of fields that can be displayed on the internet, and the bank-owned field is not one of them.
However, an agent can set up a custom search set to deliver to their clients which can either filter out, or include only bank-owned properties.
Cascade Terrace is an OK buy if you have to have the lot size and gated community notion inside the West Linn city limits. Like dj, I wouldn’t want the holding costs though. Almost $1000 a month in property taxes? Nearly as much as my monthly mortgage payment and yet I can walk to Starbucks on Salamo too
That’s a seriously illiquid real estate liability hanging around your neck unless you are extremely wealthy and can carry the property without a problem even if you need to move in an economic downturn like now. Which leads me to wonder…..
The pitch is “relocating”, but what does that really mean? Is it “I’ve made my 25th million and I’m relocating off to retirement and a massive estate property because I can pay cash and my investments passively make me $1M a year spending money.” Or is it “My highly paid and over-bonused job went buh-bye and now I can’t make the payments on my 1st, 2nd, and HELOC, so I need to relocate to Oregon City….” I know, I’m cynical. Don’t hate.
Absolutely hilarious, Stuart
Mind you, a lot of people who own these large homes may could fall into the following categories: (1) business owners (2) executives of medium-to-large corporations (3) health care professionals (i.e. brain surgeons) (4) trust-fund babies/generational wealth (5) “Keeping up with the Joneses” wannabes. Point is, if one has the means to afford such a home, including all the carrying costs, and can manage the property even during an economic downturn, then bravo. The individual/family worked hard to get to where they are at (or even if its generational transfer of wealth – that’s just the way the dice roll…). so they deserve to enjoy the fruits of their effort. On the other hand, if one is stretching themselves to the limit just to make the monthly payments, to the point where you have to decide whether to pay for car maintenance or pay your property taxes (i.e. house-poor), then that particular individual has no business owning a home that is beyond their means. Unfortunately creative financing the past few years helped people severely stretch their borrowing limits to crushing debt loads. While a lot of the blame for the mess is aimed at Wall Street, mortgage brokers, NAR/David Lereah, etc. etc., the homeowners, speculators and investors are just as much to blame for the bubble as the media-sanctioned villains. If you used your home as an ATM, well, the funds need to be paid back. It isn’t ‘free’ money. It is for this reason that many buyers today are extremely gun-shy about pulling the trigger now because the prices are resetting, and the smart buyer is not convinced yet that homes have hit bottom. And guess what – even if we have hit bottom, we will stay there for a while, giving buyers even more time to wisely consider a purchase. And for those sellers that say “well, I NEED this price to break even or minimize my loss”, well, sorry – that’s not the buyers problem….
Thanks dj – funnily enough I went to Starbucks on Salamo today and they had a sign up saying they will not be accepting personal checks any more. I guess like so many other businesses in West Linn that no longer take checks, there are too many rubber checks being written in this city. Like I said to the Baristas:”Your customer’s BMW or Mercedes is probably leased, and he’s probably behind with his mortgage and HELOC. I’d want cash too.”