West Linn Real Estate Market Activity — February 7 – 14, 2010
Ron Ares February 15th, 2010
The second week of February looked very similar to the first week — a handful of new listings, a smattering of pending sales, and one closed transaction.
Some readers might be interested to know that of the pending sales, half (Larkspur, Leonard, Hall and Miles) are bank-owned properties (REO).
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 4442 NORFOLK ST | $239,000 | 2 | 2 | 1,610 | $148 | DETACHD | 2/11/10 |
| 2385 SNOWBERRY RIDGE CT | $259,900 | 3 | 2 | 1,515 | $172 | CONDO | 2/13/10 |
| 19482 VIEW DR | $299,900 | 3 | 2.1 | 2,652 | $113 | DETACHD | 2/12/10 |
| 2637 WOODSPRITE CT | $334,000 | 4 | 3 | 2,160 | $155 | DETACHD | 2/11/10 |
| 334 S WILDA RD | $375,000 | 2 | 1 | 1,735 | $216 | DETACHD | 2/12/10 |
| 19082 OLD RIVER DR | $389,900 | 3 | 1.1 | 1,800 | $217 | DETACHD | 2/12/10 |
| 2035 CARRIAGE WAY | $399,900 | 3 | 2.1 | 2,714 | $147 | DETACHD | 2/11/10 |
| 19943 DERBY ST | $414,950 | 4 | 2.1 | 2,497 | $166 | DETACHD | 2/10/10 |
| 31636 SW WILLOW ISLAND LN | $425,000 | 2 | 0.1 | 1,200 | $354 | DETACHD | 2/14/10 |
| 3093 KENSINGTON CT | $550,000 | 5 | 3.1 | 4,048 | $136 | DETACHD | 2/12/10 |
| 2652 BEACON HILL DR | $565,000 | 4 | 2.1 | 2,856 | $198 | DETACHD | 2/10/10 |
| 4077 S WILD ROSE DR | $624,721 | 3 | 2.1 | 3,527 | $177 | DETACHD | 2/12/10 |
| 2020 ALPINE DR | $624,900 | 5 | 3.1 | 3,204 | $195 | DETACHD | 2/12/10 |
| 4033 S WILD ROSE DR | $665,000 | 5 | 3.1 | 3,586 | $185 | DETACHD | 2/8/10 |
| 21467 WATERFORD PL | $799,000 | 4 | 2.1 | 4,000 | $200 | DETACHD | 2/8/10 |
| AVERAGES | $464,411 | 2,607 | $185 |
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 20130 LARKSPUR LN | $85,000 | 1 | 1 | 723 | $118 | CONDO | 514 |
| 2255 LEONARD ST | $215,000 | 3 | 2.1 | 1,796 | $120 | ATTACHD | 54 |
| 2539 CAMBRIDGE ST | $224,900 | 3 | 2 | 1,296 | $174 | DETACHD | 319 |
| 1900 HALL ST | $380,000 | 5 | 3.1 | 4,825 | $79 | DETACHD | 282 |
| 21305 MILES DR | $388,900 | 4 | 3 | 3,157 | $123 | DETACHD | 192 |
| 3486 CHELAN DR | $439,000 | 4 | 2.1 | 2,611 | $168 | DETACHD | 186 |
| 4023 IMPERIAL DR | $469,900 | 3 | 2.1 | 2,711 | $173 | DETACHD | 255 |
| 21335 HORTON CT | $470,000 | 4 | 2.1 | 3,271 | $144 | DETACHD | 97 |
| AVERAGES | $334,088 | 2,549 | $137 | 237 |
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | % CHANGE | # BEDS |
# BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME | DOM |
| 1471 MARYLHURST DR | $359,500 | $305,000 | -15% | 3 | 3 | 1,886 | $162 | DETACHD | 7 |
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:
- West Linn Real Estate Market Activity — February 1 – 7, 2010
- West Linn Real Estate Market Activity — February 15 – 21, 2010
- West Linn Real Estate Market Activity — February 22-28, 2010
- West Linn Real Estate Market Activity – February 23-March 1, 2009
- West Linn Real Estate Market Activity — January 11 – 17, 2010
1900 HALL ST at $380K ($80/sq foot)? Sweet mother of god! Zillow shows this sales history: 05/03/2007: $699,000 07/17/1998: $325,000. I realize that it’s a REO but $80 sq foot for a house built in 1988 is a bit ridiculous! I mean I’m a housing bear but I’m not *that* bearish.
David
1900 Hall is an REO, as Ron mentions. I wonder if it’s trashed inside, which could be one reason it is priced so low. Or, the bank probably could have kept cutting the asking price by $10K every 2 weeks until the home found a buyer. With 282 days on the market, it certainly is a strong possibility. I thought home prices would have stabilized at $145 – $155/sqft, but it’s looking like it’s trending lower. Will the spring season bring out more buyers other than the value shopper ? With the tax credit expiring in the next 2.5 months and historically low interest rates, I would expect sales activity to pick up, especially in the sub $400K range. The big question will be whether or not buyers have (1) credit scores (2) sufficient funds for down-payments and closing costs and (3) confidence in their employment/business. The cash investors are a very small minority and are looking to pick up bargains, like 1900 Hall. I agree with you David – $80/sqft is too much bear for me too. Let’s hope this is an anomaly and not a trend.
1900 HALL ST: Is it possible that we are starting to see the “price it low and start a bidding war” strategy and the sale number will come in much higher? Zillow showed it as recently sold at $699K. ($145/sqft)
Stuart, never thought of that scenario ! And it’s a good one too, albeit risky if one doesn’t get a high enough offer…. But something definitely to consider and quite possible. I guess banks have the luxury of rolling the dice on these homes.
The last time we saw a “price it low to start a bidding war” house was 21215 S SWEETBRIAR RD. It’s a REO also. Big recently built McMansion on 2 acres. Bank priced it at $600K and the winning bid was $635K. Last sale price on that house was 1.2 million.
It worked in bringing in offers, but then the final offer was only 635K. The bank probably wrote down 300-350K in losses over that deal.
David
Check out this article titled: “A New Foreclosure Hot Spot is Breaking Out” Where could this Hot Spot be ?
http://www.businessinsider.com/oregons-expanding-foreclosure-rate-could-make-it-the-next-california-2010-2
I think the article is more sensationalist than anything, as I feel the author fails to prove his point on why Oregon is the next hotspot for foreclosure activity. The article contains no data to support the fact that Oregon is worse off than any other state. All he does is focus on local Oregon data with a snapshot in time to make his point, without comparing Oregon other states. The way the article is written, one can argue that every state is the next California, since property values have declined pretty much all across the US. Therefore for anyone reading this article should take it with a large grain of salt.
1900 Hall St – If you look back, you’ll see that the bank had listed it for $599,900 in May 2009. Photos show that it’s not the greatest house inside. But definitely not trashed as you might think. This sale will show how low banks have to go to unload their REO’s.
Seems like a thin review of the Fed’s housing report. Not sure how he draws the conclusion that rampant, California-proportion foreclosure activity is just around the corner.