West Linn Real Estate Market Activity — March 22-28, 2010
Ron Ares March 29th, 2010
A relatively quiet beginning of the spring season for West Linn, with just 2 closed sales. A few more will likely trickle in over the next few days to complete the month of March.
Newly Listed
| ADDRESS |
LIST PRICE
|
# BEDS
|
# BATHS
|
TOTAL SQ FT
|
$ PER SQ FT | TYPE OF HOME |
DATE LISTED
|
| 20910 FAWN CT | $109,900 | 1 | 1 | 720 | $153 | CONDO | 3/23/10 |
| 20020 MARIGOLD CT | $150,000 | 2 | 2 | 1,068 | $140 | CONDO | 3/26/10 |
| 2828 TREE TOP LN | $151,500 | 2 | 1.1 | 1,141 | $133 | CONDO | 3/24/10 |
| 1757 DOLLAR ST | $289,900 | 3 | 2.1 | 1,604 | $181 | CONDO | 3/26/10 |
| 1736 SW GREENWAY CIR | $300,000 | 4 | 2 | 1,644 | $182 | DETACHD | 3/26/10 |
| 1753 JAMIE CIR | $319,000 | 3 | 2 | 1,841 | $173 | DETACHD | 3/26/10 |
| 6283 TACK CT | $334,850 | 3 | 2.1 | 1,862 | $180 | DETACHD | 3/22/10 |
| 2112 WEBB ST | $335,000 | 4 | 2.1 | 2,492 | $134 | DETACHD | 3/24/10 |
| 19436 WILDERNESS DR | $349,943 | 3 | 2.1 | 2,139 | $164 | DETACHD | 3/26/10 |
| 1353 TROON DR | $374,950 | 4 | 2.1 | 3,121 | $120 | DETACHD | 3/23/10 |
| 2005 16TH ST | $399,000 | 3 | 2 | 2,338 | $171 | DETACHD | 3/24/10 |
| 707 MARYLHURST CIR | $425,000 | 4 | 3 | 1,933 | $220 | DETACHD | 3/25/10 |
| 3500 CHELAN DR | $450,000 | 3 | 3.1 | 2,977 | $151 | DETACHD | 3/22/10 |
| 1344 TROON DR | $475,000 | 3 | 2 | 2,600 | $183 | DETACHD | 3/23/10 |
| 3651 LANDIS ST | $489,000 | 3 | 2.1 | 2,911 | $168 | DETACHD | 3/24/10 |
| 2282 Rogue WAY | $514,900 | 4 | 2.1 | 3,100 | $166 | DETACHD | 3/26/10 |
| 2254 Rogue WAY | $524,900 | 4 | 2.1 | 3,000 | $175 | DETACHD | 3/26/10 |
| 3424 CHELAN DR | $524,900 | 4 | 2.1 | 3,157 | $166 | DETACHD | 3/26/10 |
| 3053 S ROXBURY DR | $549,000 | 4 | 3.1 | 3,108 | $177 | DETACHD | 3/22/10 |
| 2805 POLO CT | $549,900 | 4 | 2.1 | 3,369 | $163 | DETACHD | 3/26/10 |
| 2984 SUNBREAK LN | $569,000 | 4 | 2.1 | 3,111 | $183 | DETACHD | 3/23/10 |
| 1140 BLANKENSHIP RD | $729,000 | 5 | 3 | 4,050 | $180 | DETACHD | 3/26/10 |
| 5005 MAPLETON DR | $999,000 | 4 | 3 | 3,387 | $295 | DETACHD | 3/24/10 |
| AVERAGES | $431,028 | 2,464 | $172 |
Pending Sales
| ADDRESS |
LIST PRICE
|
TOTAL BEDS
|
TOTAL BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME |
DOM
|
| 5640 SUMMERLINN WAY | $136,500 | 1 | 1 | 874 | $156 | CONDO | 39 |
| 2003 MARYLHURST DR | $229,900 | 3 | 2.1 | 2,294 | $100 | DETACHD | 52 |
| 1735 Dollar | $239,900 | 3 | 2.1 | 1,305 | $184 | CONDO | 297 |
| 22115 CHELAN LOOP | $369,900 | 3 | 2.1 | 1,740 | $213 | ATTACHD | 97 |
| 1895 DEANA DR | $399,000 | 3 | 2.1 | 2,386 | $167 | DETACHD | 103 |
| 3150 SABO LN | $399,000 | 4 | 3 | 2,572 | $155 | DETACHD | 26 |
| 2101 PEREGRINE CT | $575,000 | 5 | 3.1 | 5,000 | $115 | DETACHD | 626 |
| AVERAGES | $335,600 | 2,310 | $156 | 177 |
Closed Sales
| ADDRESS | ORIGINAL PRICE | SOLD PRICE | % CHANGE | # BEDS |
# BATHS
|
TOTAL SQ FT |
$ PER SQ FT
|
TYPE OF HOME | DOM |
| 2525 SUNSET AVE | $298,388 | $290,000 | -3% | 5 | 2.1 | 2,157 | $134 | DETACHD | 127 |
| 1225 12TH ST | $449,000 | $432,000 | -4% | 4 | 2.2 | 3,157 | $137 | DETACHD | 17 |
| AVERAGES | $373,694 | $361,000 | -3% | 2,657 | $136 | 72 |
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 — March 29 – April 4, 2010
- West Linn Real Estate Market Activity — March 8-14, 2010
- West Linn Real Estate Market Activity — March 15-21, 2010
- West Linn Real Estate Market Activity — March 1-7, 2010
- West Linn Real Estate Market Activity – December 28, 2009 – January 3, 2010
Hi Ron, I have a question for you – with the $8k / $6.5K tax credit about to expire in 1 month, coupled with historically low interest rates and motivated buyers eager to unload their heavily discounted homes, why isn’t West Linn seeing more sales activity ? I’m sure it’s not just West Linn, but the Portland metro area in general that is seeing anemic sales. In the past, I’ve argued, along with fellow arm-chair real-estate gurus David and Stuart, that inflated and unrealistic pricing on the part of the seller has stalled the market. But now it seems that selling prices are at more realistic levels, so why aren’t we seeing more sales activity ? Perhaps the buyer’s profile is not so much the first-time home-buyer or the move-up buyer, but rather cash-rich investors looking for a deal ? I really hope things pick up in April…. comments from my fellow arm-chair gurus most welcome
That’s a great question.
My weekly wrap-ups inevitably miss some of the closed sales because brokers often don’t change the status of the listing until a few days after the closing. I have considered delaying the display of closed sales by a week to get a truer measure.
That said, I think 2010′s 1st quarter will be up 15%+ over 2009 and slightly under 2008′s start. I will run those numbers next week.
I have no way of measuring the use of tax credit impact, but anecdotally, my clients who are taking advantage of the credits are buying homes priced between $175,000 to $300,000 — not exactly West Linn bread-and-butter pricing.
Here’s hoping interest rates settle quickly after the Fed stops its mortgage security purchases this week.
“$175,000 to $300,000 — not exactly West Linn bread-and-butter pricing”
Yet with a West Linn median household income of $92K by 2007 estimates (likely lower today?) the rule of thumb with a 2.5x mortgage plus 20% down puts our median household sale price at $300K.
Should be bread-and-butter once enough ego’s have been bruised adequately. http://www.city-data.com/city/West-Linn-Oregon.html shows the median sale price heading for $300K.
A home might be thought of as an “investment” but as history shows, the value of “investments” can rise and fall, while the holding costs pretty much only ever get worse (taxes, insurance, repairs, etc.)
Thanks Ron for your feedback. I’m guessing that with home prices the way they are, a lot of first-time buyers who were probably priced out of the market a few years back are now able to afford an entry-level home in West Linn. But I guess it’s a trade-off between a town-home in West Linn or a detached home in another city. But, if it’s a family with kids, perhaps they would be attracted to the school district. But I see your point though. And Stuart, you make an excellent point about median income and home affordability. I think 2.5x is a bit conservative, more like wisdom from the book “The Millionaire Next Door”, but I’m guessing that the reality is more like 3x-3.5x income to mortgage. Although I do slightly disagree with the “investment” purposes. First, i would discount the bubble we just went through between 2003-2007 as a severe anomaly to historic trends. The sooner we can get past the carnage it created, the better for everyone. Second, unless we are getting free shelter from somewhere, in most cases, we have to pay for our primary shelter. So, if one purchases a home vs. rents an equivalent home, then in the “long” term, they will be better off. The return on investment will be paltry (probably 3% – cost of living adjustment, based on historical data), but at least you get some equity out of the home when you sell after a long time. True you have lost opportunity cost with the 20% + fees, that could be applied to other investments (stocks, etc.) that could generate higher returns, but in normal markets (again, ignore the bubble years), you should at least be able to get your down payment back plus 3% for every year you have lived there, plus any principal you have paid down and 25% of your interest that you pay on the mortgage. So, as long as the mortgage costs are lower than renting, it’s probably a good idea to by. If renting an equivalent home is cheaper than buying, then definitely rent.