Oregon's Lake Oswego High-Dollar Sales Continue
by Blanche Evans
Portland, Oregon's prestigious Lake Oswego area continues to escalate in value and home sales, say local Realtors. "Mature evergreens and a sparkling blue lake surrounded by great homes - that's Lake Oswego," says Realtor Kathy Whitman. "Historically, it has the best schools in the state, and Lake Oswego enjoys beautiful views of Mt. Hood, great shopping and gorgeous flowers!" Whitman says, "Lake Oswego has for years been the highest priced area in Portland, but recently has seen an additional upsurge. Particularly new/newer homes are hard to find and sell well. Updates of older homes are important in order to bring top dollar." Says Realtor Charlie Phillips, "Lake Oswego's average price for October was $393,100, up by 13 percent. The greater Portland metro area saw the number of pending sales rise 10.3 percent compared with the same period one year ago. Comparing year-to-date figures at the end of October 2004 to the same period in 2003 reveals closed sales up by 0.8 percent. However, new listings continued to decline, falling 0.9. Active listings fell from September with only 7,514 homes available at the end of October, enough to last only 2.7 months. At the current rate of turnover this is a strong seller's market with a shrinking inventory of homes for buyers to choose from. Multiple offers are not uncommon with many homes selling above the asking price. Prices for the area as a whole over the past 12 months were up 8.9 percent, averaging $244,600. (Note: West Linn and Lake Oswego are combined for the purpose of computing these stats.)" Explain Realtors John and Priscilla DeCosta, "The supply of homes is less than three months' supply. Million-plus homes are selling rapidly. Multiple offers are presenting challenges. Buyers are settling for smaller lots and anything within walking distance to downtown Lake Oswego is super hot. The lakefront market is hampered by lack of supply, and low interest rates are driving sales. Lack of job growth is being over-run by jobless imports of purchasers looking for lifestyle. Agents are remarking about large number of sale fails." They advise, "Large wonderful lots are obtainable only by remodeling. Remodeling is at all time high, (kitchens , master baths, family rooms and home theaters are all the rage), Overall, well-qualified buyers have to move quickly to get the best deals. Many homes are selling in less than a week. Recreational lifestyle is very popular. Walking, biking, kayaking, hiking and beachcombing are attracting well-healed empty nesters. Excellent schools are attracting the families. People are moving in from all over the country." |
