West Linn Real Estate Activity – November 2-8, 2009
Jody McLeod November 9th, 2009
Without much further adieu, here are the latest numbers for West Linn’s real estate activity. One short note, the $ per square foot in the new listing category is a bit skewed by the two, million-dollar homes in the list. If you toss those two out, then the average is about $158 per square foot.
Here are this week’s statistics:
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 4427 CORNWALL ST | $144,900 | 2 | 1.1 | 1,120 | $129 | CONDO | 11/4 |
| 2620 SNOWBERRY RIDGE CT | $214,500 | 2 | 2 | 1,416 | $151 | CONDO | 11/5 |
| 1901 ROCKRIDGE DR | $319,900 | 4 | 2.1 | 2,520 | $127 | DETACHD | 11/4 |
| 2552 PIMLICO DR | $325,000 | 3 | 2 | 1,640 | $198 | DETACHD | 11/5 |
| 31178 SW RIVERWOOD DR | $330,000 | 3 | 2.1 | 2,395 | $138 | DETACHD | 11/2 |
| 19737 SUNCREST DR | $425,000 | 3 | 2.1 | 2,552 | $167 | DETACHD | 11/7 |
| 21335 HORTON CT | $499,500 | 4 | 2.1 | 3,271 | $153 | DETACHD | 11/5 |
| 3838 FAIRHAVEN DR | $539,900 | 4 | 3.1 | 3,800 | $142 | DETACHD | 11/3 |
| 21215 S SWEETBRIAR RD | $600,000 | 4 | 4 | 4,030 | $149 | DETACHD | 11/7 |
| 3955 CALAROGA CIR | $645,000 | 4 | 3 | 3,100 | $208 | DETACHD | 11/2 |
| 2475 BELLEVUE TER | $749,900 | 4 | 3.1 | 4,364 | $172 | DETACHD | 11/2 |
| 2630 LORINDA LN | $1,695,000 | 4 | 4.1 | 5,410 | $313 | DETACHD | 11/2 |
| 25484 SW PETES MOUNTAIN RD | $3,250,000 | 6 | 7.1 | 9,721 | $334 | DETACHD | 11/5 |
| AVERAGES | $749,123 | 4 | 3 | 3,488 | $183 |
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 2632 PIMLICO TER | $158,900 | 2 | 2 | 1,224 | $130 | CONDO | 110 |
| 5470 GROVE ST | $300,000 | 3 | 2 | 2,684 | $112 | DETACHD | 29 |
| 5182 NELCO CIR | $419,900 | 4 | 2.1 | 2,736 | $153 | DETACHD | 11 |
| 1936 SUNBURST TER | $788,950 | 5 | 3.1 | 4,121 | $191 | DETACHD | 138 |
| 22718 SW JOHNSON RD | $1,295,000 | 4 | 4.2 | 5,767 | $225 | DETACHD | 898 |
| AVERAGES | $592,550 | 4 | 3 | 3,306 | $162 |
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | % CHANGE | # BEDS |
# BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME | DOM |
| 1605 BRITTON ST | $279,900 | $279,900 | 0% | 3 | 2 | 1,526 | $183 | DETACHD | 10 |
| 21280 SERANGO DR | $558,500 | $399,000 | 29% | 3 | 3 | 2,945 | $135 | DETACHD | 150 |
| 2040 TANNER CREEK LN | $749,900 | $647,000 | 14% | 4 | 2.1 | 4,010 | $161 | DETACHD | 58 |
| AVERAGES | $529,433 | $441,967 | 17% | 3 | 2 | 2,827 | $160 | 73 |
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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898 D.O.M. LOL! Talk about the “cost of holding” a depreciating asset.
It is interesting that the max house price selected for the new tax credit is right at the $800K entry point to “Homes of Rich and Shameles” (Or at least chronically over-leveraged).
I doubt the credit will have any measurable effect on the housing market. It’s a nice bonus if you are going to buy a house, but to think it will prop up prices, or elevate sales, is absurd.
The Market’s essentially dead above $500K. Perhaps we should reconvene in April 2010?
Stuart, I completely agree with you on the tax credit extension. What caught my eye this week is the property on 2040 Tanner Creek Lane. This home is extra exclusive because it sits in an exclusive gated community within an already exclusive Barrington Heights neighborhood. If you do a quick Zillow lookup on this home, you will see some fascinating numbers on the sales history: March 1998: $517K; Aug. 2000: $660K; July 2005: $730K. This same property sold for $648K this week – this is less than what the home went for in 2000, when markets were more sane !!!! In fact, if you take into account inflation for the past 10 years, the home actually sold for <$600K. This home is on a luxurious 26,000 sqft lot (that's 0.6 acres, folks!), and therefore at $161/sqft, why would anyone even consider the new Renaissance homes that are built on paltry 7000 sqft lots, asking $180-$200/sqft (this, before you include upgrades) ? Like you said, Stuart, the market above $500K is still in a lot of turmoil and has to reset from the bubble days. But, with the brilliant $6.5K move-up tax credit we now have available, we should start seeing some bidding wars on these properties
21215 S SWEETBRIAR RD a foreclose at 600K. Oh man the high end market is in a real world of hurt. Here is the price history on this house: 3/20/2006 sold for 1,050,000. Bank took it back on 10/21/2009 for 991,512. And now it’s for sale for 600K? 150 square foot for 2 acres and a house built in 2005. That is a very very good deal. Too bad it’s out of my price range.
When that house gets sold, it’s going to set a new LOWER bar for all the acreage houses for sale in the Stafford Area. Those million dollar mansions on 1 or 2 acres are going down.
David
What caught my eye this week is the property on 2040 Tanner Creek Lane. This extra exclusive home in an exclusive gated community of Barrington Heights has taken a huge hit on its sales price. A quick Zillow history on this home: March 1998: $517K; Aug. 2000: $660K; July 2005: $730K. This same property sold for $648K this week – this is less than what the home went for in 2000, when markets were more sane !!!! In fact, if you take into account inflation for the past 10 years, the home actually sold for <$600K. This home is on a luxurious 26,000 sqft lot, and therefore at $161/sqft, why would anyone even consider the new Renaissance homes that are built on paltry 7000 sqft lots, asking $180-$200/sqft (this, before you include upgrades) ? With the brilliant $6.5K move-up tax credit we now have available, perhaps we will start seeing some bidding wars on these $500K+ properties
Bidding wars? I doubt it. Next you’ll be telling me that government health-care will be “free”.
Additionally. The 2008 $11,211 property taxes for 2040 Tanner Creek Lane would probably be a disincentive to many. Although at a rough 1.7% of value tax rate the sale price of $648K may well be slightly under the AV, but not by much.
With the 7% to 8% tax hikes thanks to everyone in West Linn voting themselves and income (bonds etc.) the owner will soon be paying $1000 a month in property taxes! bargain purchase price notwithstanding. Ouch!
BOPTA is going to be busy.
Stuart, what’s a $1000/month in property taxes when I’ve got access to a $6500 one-time move-up tax credit to get me into a new home. Yes sir, I’ve got a gift from the government and I intend to purchase a home because it’s my civic duty and I need to do my part to bail out my fellow neighbors who overpaid for their homes. Oh, and on the subject of property taxes, I happily give the government our hard-earned tax dollars because they know how to efficiently spend the tax revenue, incurring deficit spending today for the promise of a better future tomorrow. Think about the children. Yippee !!!