West Linn Real Estate Market Activity – August 31 – September 6, 2009
Ron Ares September 8th, 2009
The net real estate inventory in West Linn stayed flat last week, with the 21 new listings being offset by an equal amount of pending and closed sales.
Surprised by the late summer sale activity? I am, somewhat. Perhaps homebuyers have discovered some new-found consumer confidence.
Below are new listings, pending sales, and closed sales for the week August 31 through September 6.
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 4730 ALDER ST | $129,950 | 2 | 1 | 992 | $131 | DETACHD | 9/1/09 |
| 20020 MARIGOLD CT | $146,500 | 2 | 2 | 1,068 | $137 | CONDO | 9/5/09 |
| 2658 YORK ST | $169,900 | 4 | 2 | 1,440 | $118 | DETACHD | 8/31/09 |
| 2032 VIRGINIA LN | $179,900 | 2 | 2.1 | 1,152 | $156 | ATTACHD | 9/4/09 |
| 4875 WILLAMETTE FALLS DR | $209,900 | 2 | 1 | 1,260 | $167 | DETACHD | 9/3/09 |
| 1776 BUSE ST | $249,900 | 3 | 1 | 1,380 | $181 | DETACHD | 9/1/09 |
| 1407 ROSE MARIE DR | $264,900 | 3 | 2.1 | 2,068 | $128 | DETACHD | 9/1/09 |
| 2332 BUCK ST | $249,900 | 3 | 1.1 | 1,885 | $133 | DETACHD | 9/1/09 |
| 1818 6TH AVE | $316,900 | 3 | 1 | 1,296 | $245 | DETACHD | 9/2/09 |
| 2225 SAINT MORITZ LOOP | $299,900 | 2 | 2.1 | 2,125 | $141 | ATTACHD | 9/4/09 |
| 1056 Epperly WAY | $459,900 | 3 | 3 | 2,486 | $185 | DETACHD | 9/3/09 |
| 2185 RIVER HEIGHTS CIR | $484,900 | 4 | 2.1 | 2,912 | $167 | DETACHD | 8/31/09 |
| 3262 TOP VIEW CT | $488,000 | 4 | 4 | 3,132 | $156 | DETACHD | 9/6/09 |
| 1201 12th ST | $499,000 | 4 | 2.1 | 2,723 | $183 | DETACHD | 9/3/09 |
| 3880 ROSEPARK DR | $524,500 | 4 | 2.1 | 3,152 | $166 | DETACHD | 9/1/09 |
| 1975 ALPINE DR | $549,900 | 3 | 2.1 | 3,050 | $180 | DETACHD | 9/1/09 |
| 2330 Crestview DR | $599,950 | 4 | 3 | 3,500 | $171 | DETACHD | 9/4/09 |
| 3955 CALAROGA CIR | $650,000 | 4 | 3 | 3,000 | $217 | DETACHD | 9/3/09 |
| 19781 WILDWOOD DR | $699,000 | 3 | 2.1 | 3,302 | $212 | DETACHD | 9/3/09 |
| 19637 DERBY CT | $699,000 | 4 | 3.1 | 4,441 | $157 | DETACHD | 8/31/09 |
| 3918 NORTHHAMPTON CT | $939,000 | 4 | 3.1 | 4,102 | $229 | DETACHD | 9/3/09 |
| AVERAGES | $419,562 | 2,403 | $170 |
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 3890 SUMMERLINN DR | $158,250 | 2 | 2.1 | 1,364 | $116 | CONDO | 8 |
| 6282 DAVENPORT ST | $219,000 | 3 | 1 | 1,080 | $203 | DETACHD | 136 |
| 20185 S HOODVIEW AVE | $237,000 | 3 | 2.1 | 1,560 | $152 | ATTACHD | 8 |
| 2553 PIMLICO DR | $329,000 | 3 | 1.1 | 1,741 | $189 | DETACHD | 11 |
| 2945 WINKEL WAY | $346,474 | 4 | 2.1 | 2,400 | $144 | DETACHD | 49 |
| 2914 WINKEL WAY | $359,900 | 5 | 3 | 2,236 | $161 | DETACHD | 74 |
| 2977 Winkel WAY | $434,900 | 3 | 2.1 | 2,978 | $146 | DETACHD | 346 |
| 23012 S BLAND CIR | $497,500 | 5 | 3.1 | 4,232 | $118 | DETACHD | 408 |
| 428 SW RIVERBEND DR | $595,000 | 3 | 3 | 2,444 | $243 | DETACHD | 174 |
| 3424 CHELAN DR | $599,900 | 4 | 2.1 | 3,157 | $190 | DETACHD | 426 |
| 2337 TAYLOR DR | $629,900 | 3 | 3.1 | 3,282 | $192 | DETACHD | 172 |
| 2739 RIDGE LN | $699,900 | 4 | 3 | 3,378 | $207 | DETACHD | 453 |
| 18575 OLD RIVER DR | $749,900 | 4 | 3.1 | 3,179 | $236 | DETACHD | 172 |
| AVERAGES | $450,510 | $2,541 | $177 | $187 |
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | % CHANGE | # BEDS |
# BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME | DOM |
| 2621 YORK ST | $210,000 | $169,900 | -19% | 2 | 1 | 810 | $210 | DETACHD | 217 |
| 5741 PERRIN ST | $349,000 | $267,500 | -23% | 3 | 2 | 1,372 | $195 | DETACHD | 269 |
| 1072 Epperly WAY | $462,320 | $446,385 | -3% | 3 | 3 | 2,184 | $204 | DETACHD | 0 |
| 6470 EVERGREEN DR | $869,900 | $614,080 | -29% | 4 | 3.1 | 3,541 | $173 | DETACHD | 1054 |
| 1356 ROSEMONT RD | $749,900 | $645,000 | -14% | 5 | 3.1 | 3,708 | $174 | DETACHD | 165 |
| 3315 BARRINGTON DR | $724,900 | $660,000 | -9% | 5 | 3.1 | 4,219 | $156 | DETACHD | 54 |
| 3410 CASCADE TER | $879,000 | $894,000 | 2% | 4 | 3.1 | 4,157 | $215 | DETACHD | 8 |
| AVERAGES | $606,431 | $528,124 | -13% | 2,856 | $190 | 252 |
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.
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I’m a little surprised at the number of 500+K homes sold this week.
The real shocker in this week’s data is 23012 BLAND CIR. It’s PENDING. The list price is 497K. According to the CMAP web site the last transaction occurred in 4/2/2009 at 657K!
The new houses on WINKEL WAY is selling quite well given the low price (around $150 a square foot for brand new homes). It’s a good deal I think. I actually looked at one of these DR HORTON homes on winkel. The houses are ok. Nothing fancy but not shabby either. The lots are pretty small though. But that’s the norm in most new houses for these “production builders”. Just pack them in must be the motto.
David
23012 BLAND CIR has to be a foreclosure/REO. I would imagine our hosts could confirm the story, but I would guess that the recent sale has more to do with accounting practices and the lender posting the outstanding mortgage balance after a few re-fi’s since the last “real” sale.
Other sales could be the last rush before “back to school” combined with some builders starting to capitulate?
6470 EVERGREEN DR new construction (2008) 2 years and 10 months to sell?
1356 ROSEMONT RD – New construction (2008)
3315 BARRINGTON DR – Bought in 2002 for 525K, then sold in August 2007 for $615K – possibly a distressed sale at that time? Now sells for $660K, which with a 6% commission means the seller (my guess “investor”) just about got their money back.
3410 CASCADE TER is interesting for a sale just above the “aspirational” zone, but considering it sold in 2005 for just over $1M, $894K is probably a fairly good deal given that it’s a half acre lot – and gated (I think). With a 6% commission, the seller lost $210K – maybe their entire equity?
Pending sales will be interesting to see what the actual closing prices are, but a couple of them seem to be 40K+ sqft lots, so will skew the average a little.
I agree with David regarding Winkel Way. It will be interesting to see what they actually close at. If you look at DRHorton’s site for this development, they have certainly gone smaller and less expensive. A good sign of things to come. Maybe we’ll even get back to regular 30% use ratios. Doesn’t a 2400sqft home on a true 8000sqft lot sound like a much nice idea than arguing PUD-based “exceptions”…..?
Stuart,
Yes, Bland Circle was bank owned. It started out at $859,000 in July 2008, and then the bank took it back and re-listed it in July 2009 for $575,000 . Seems like someone is getting a great deal. It’s a large house with awesome views.
I’m surprised – as David mentioned, a number of homes sold or went pending are above the $500K threshold that I’ve been saying for weeks is essentially a dead market. What happened ? Is the economy improving ? Have we hit bottom ? Is the first-time home-buyers credit working, where those who have sold their homes to first-time buyers are now in a position to purchase these larger, more expensive homes ? Will the trend continue upwards, or will it stall a few months after the credit expires ? What happens if interest rates push upwards ? Again, I’m really surprised at this week’s results. I’m wondering how much of the mortgage is being refunded back to the buyer, kind of like we’re seeing with 3410 CASCADE Terrace, where the home went for above asking price. I seriously doubt there was a bidding war on the property.
Yes I have an obsession with the most expensive house on the market in West Linn.
That monster mansion on 22903 S BLAND CIR. I talked about that one before. It was listed for close to 4.5 million. I was poking around the RMLS and I noticed the price reduction. It’s now listed for 3.99 million. A 500K reduction!
I have to wonder if the owner is in trouble. Expensive homes like that can stay on the market for a long time. Cutting the price by half a million in just half a year seems like the owner is motivated (aka in trouble).
David
LOL David!
If the price of other properties has come down, then the seller can move to a similar property. Maybe they are looking at trading up(?) at which point, moving now might not be such a bad idea. There is a lovely little 23,000 sqft place for sale in Beverly Hills for $35M that might be interesting.
I’m not sure the “lifestyles of the rich and shameless” have much to do with the lives of us mere peons in the “regular” and “aspirational” markets, although it is nice to watch from relative safety of a modest home with positive equity. I simply can’t fathom buying a $1M+ house without being sure that you could hold such an “asset” indefinitely, even if you need to move. Such properties never really seemed to move that well during the bubble, and they certainly are not moving now! It is amazing that there are 43 $1M+ homes listed on RMLS for 97068 as we speak. 3570 GHIGLIERI CT at just under $4M asking just beats out the Bland Circle 12,000 sqft “battleship”. One must ask how many “Jail-Blazers” want to live in West Linn? I mean, it’s not like we have a row of Bentley/Hummer/Mercedes dealerships on Salamo!