Jane Lee Portland OR Real Estate

Lake Oswego features 600 acres of parks and open spaces

I met with a buyer client this week who will be moving to Portland from Chicago if she gets the job she flew here to interview for.  Cross your fingers for her!!  She doesn’t know much about the area.  She instructed me to set up a tour for homes in Beaverton, as she had heard that’s a nice place to live and has good schools.  Her two boys are 3 and 5 years old.  I only had the afternoon available for touring with her.  I chose 6 homes to view.  By the time I met with her she had already taken a 4 hour tour of the metro area earlier in the day with friends of hers.  “Not enough feeling of open space in Beaverton”, she reported.   She loved Lake Oswego & West Linn, in particular, for their sense of openness.  Beaverton seemed to be wall to wall homes to her.  Needless to say, we scratched our tour and met for coffee instead.  I changed her online search areas to exclude the more urban-feeling areas in favor of Lake Oswego, West Linn, Happy Valley and Clackamas, all appealing to her need for greenery and space.

An article I’d read in the Lake Oswego Review (2/17/11) came to mind as we talked about parks and green spaces.  Sandy Intraversato, co-chair of the Lake Oswego Parks and Recreation Advisory Board, had written about the “Parks Plan 2025” which is in the development process and will be a guide for parks, recreation and natural systems for the next 15 years.  Sandy reported that 1400 community members have become involved to provide their input.  That’s a darn good showing for a population of around 38,000!

Lake Oswego Schools are hurting for funds, like many other school systems, and Lake Oswego Mayor Jack Hoffman states that “the parks department has a bull’s eye on its back”, referring to it being a possible target for budget cuts to make a difference in the school funding crisis.  Sandy points out that “while no one diminishes the importance of schools in the community, many consider our parks and recreation system the city’s crown jewels.”

When I think back to raising my own kids in Lake Oswego, I like to remember the many adventures we had on the shores of the Willamette River at the  beautiful 26 acre George Rogers Park.

Our premier downtown space is 26 acres located on the corner of Ladd and South State Street. This community park site includes two baseball/softball fields, a soccer field, access to the Willamette River, a memorial garden area, restrooms, playground, and two outdoor tennis courts. The upper shelter has 4 picnic tables, lights, and electricity. Maximum capacity is 70. The lower shelter has 7 picnic tables, and 4 barbeque pits. Electricity is available upon request. (Click here for other Lake Oswego parks)

My son played Little League at the ball field and I still head to the outdoor tennis courts for summertime games.  There’s a super playground we frequented that always seems full of kids.

Sandy tells us that the Lake Oswego system includes over 600 acres of park and open space property and recreation facilities.  She bets that “each community member interacts with some part of our system on a weekly, if not daily basis.”  (I know I do, as I live next to Tryon Creek Park and take daily walks there with my dog.    No wonder my client enjoyed her tour of Lake Oswego!!

It’s encouraging to hear that the Lake Oswego Citizens Advisory Committee has been told, from its surveys, “that parks, recreation and natural areas are very important to Lake Oswego’s quality of life.  The key benefits collectively identified were protecting important places (habitat, historic sites, etc.), enhancing health and wellness, bringing people together and making the city visually appealing.”

My hope is that Lake Oswego is able to find support for its schools without taking away from the maintenance of its popular parks, recreation and open spaces that residents highly value and newcomers find so appealing.

Jane Lee is a Real Estate Broker with eXp Realty in Lake Oswego, Oregon

Jane@portlandpowersearch.com

503.806.0517

Lake Oswego, Oregon

Having lived very happily in Lake Oswego for 25 years, I can point you in some fun directions for an enjoyable visit to this pretty little city. I say start your day off with a steaming cup of Illy coffee, accompanied by a sweet treat, at my favorite coffee shop, Chuck’s Place. I appreciate the comfortable atmosphere there, thanks to the friendly hands-on service from the owners Chuck and Lisa Shaw Ryan. You can sense how much they care about their community. (Lisa is even running for city council!) They moved recently to a larger space at 2^nd and B Avenue after building up a devoted clientele in their small shop for 10 years across from Safeway. I have luxuriated many times this past summer under the warm sun at one of their new outdoor patio tables.

After your morning coffee, move on to Grahams’ bookstore, half a block away, for some high quality shopping. This landmark business has been around for 57 years! Paul Graham, the owner, says “people in this town are really concerned about the health of the local stores, restaurants and services. They like having a wonderful, diverse community center.” I’ve bought many beautiful gifts, interesting cards and all our gorgeous photo albums there. In a pinch I’ll zoom into the office supply section in the back for an emergency print cartridge or file folder. Check out their bookstore selection upstairs.

You’ll find lots of other shops in Lake Oswego to wander through, too numerous to mention here. Afterwards, head to St Honore Boulangerie, a rustic French bakery where I love to meet friends or clients for lunch. You’ll get to sit at a sweet little marble table, feeling the old-world charm that will transport you to France for awhile. I love their Jambon Parisien, an exquisite Black Forest ham sandwich on a baguette with the perfect crunchy crust and chewy innards. All of their breads are uniquely baked in their custom-built clay fire brick ovens using traditional techniques. There are lots of creative sandwiches, salads and quiches to choose from. Any size sweet tooth you might have can be satisfied with their delectable and artistically designed desserts.

"A" Avenue in downtown Lake Oswego, Oregon

I recently came across this article in the Wall Street Journal. With all of the negativity in the media about the housing market, it was refreshing to see that some journalists are seeing a silver lining. For those of you in secure financial positions, this really is a fantastic time to buy a home. But don’t take my word for it…take a look at what the Wall Street Journal had to say!

10 Reasons To Buy a Home

By Brett Arends , The Wall Street Journal

Enough with the doom and gloom about homeownership.

Sure, maybe there’s more pain to come in the housing market. But when Time magazine starts running covers that declare “Owning a home may no longer make economic sense,” it’s time to say: Enough is enough. This is what “capitulation” looks like. Everyone has given up. After all, at the peak of the bubble five years ago, Time had a different take. “Home Sweet Home,” declared its cover then, as it celebrated the boom and asked: “Will your house make you rich?” But it’s not enough just to be contrarian. So here are 10 reasons why it’s good to buy a home.

1. You can get a good deal. Especially if you play hardball. This is a buyer’s market. Most of the other buyers have now vanished, as the tax credits on purchases have just expired. We’re four to five years into the biggest housing bust in modern history. And prices have come down a long way– about 30% from their peak, according to Standard & Poor’s Case-Shiller Index, which tracks home prices in 20 big cities. Yes, it’s mixed. New York is only down 20%. Arizona has halved. Will prices fall further? Sure, they could. You’ll never catch the bottom. It doesn’t really matter so much in the long haul.

Where is fair value? Fund manager Jeremy Grantham at GMO, who predicted the bust with remarkable accuracy, said two years ago that home prices needed to fall another 17% to reach fair value in relation to household incomes. Case-Shiller since then: Down 18%.

2. Mortgages are cheap. You can get a 30-year loan for around 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago they were about 6.3%. That drop slashes your monthly repayment by a fifth. If inflation picks up, you won’t see these mortgage rates again in your lifetime. And if we get deflation, and rates fall further, you can refi.

3. You’ll save on taxes. You can deduct the mortgage interest from your income taxes. You can deduct your real estate taxes. And you’ll get a tax break on capital gains–if any–when you sell. Sure, you’ll need to do your math. You’ll only get the income tax break if you itemize your deductions, and many people may be better off taking the standard deduction instead. The breaks are more valuable the more you earn, and the bigger your mortgage. But many people will find that these tax breaks mean owning costs them less, often a lot less, than renting.

4. It’ll be yours. You can have the kitchen and bathrooms you want. You can move the walls, build an extension–zoning permitted–or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible. You’ll feel better about your own place if you own it than if you rent. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Mrs. Thatcher had just begun selling off public housing to the tenants. “You can tell the ones that have been bought,” said my local guide. “They’ve painted the front door. It’s the first thing people do when they buy.” It was a small sign that said something big.

5. You’ll get a better home. In many parts of the country it can be really hard to find a good rental. All the best places are sold as condos. Money talks. Once again, this is a case by case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. But few places are so favored. Generally speaking, if you want the best home in the best neighborhood, you’re better off buying.

6. It offers some inflation protection. No, it’s not perfect. But studies by Professor Karl “Chip” Case (of Case-Shiller), and others, suggest that over the long-term housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, especially if you’re young and raising a family and thinking about the next 30 or 40 years. In the recent past, inflation-protected government bonds, or TIPS, offered an easier form of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

7. It’s risk capital. No, your home isn’t the stock market and you shouldn’t view it as the way to get rich. But if the economy does surprise us all and start booming, sooner or later real estate prices will head up again, too. One lesson from the last few years is that stocks are incredibly hard for most normal people to own in large quantities–for practical as well as psychological reasons. Equity in a home is another way of linking part of your portfolio to the long-term growth of the economy–if it happens–and still managing to sleep at night.

8. It’s forced savings. If you can rent an apartment for $2,000 month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? A lot of people won’t. Most, I dare say. Once again, you have to do your math, but the part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. As a forced monthly saving, it’s a good discipline.

9. There is a lot to choose from. There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That’s below last year’s peak, but well above typical levels, and enough for about a year’s worth of sales. More keeping coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice, as well as great prices.

10. Sooner or later, the market will clear. Demand and supply will meet. The population is forecast to grow by more than 100 million people over the next 40 years. That means maybe 40 million new households looking for homes. Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed–either deliberately, or by inaction. This is already happening. Even two years ago, when I toured the housing slump in western Florida, I saw bankrupt condo developments that were fast becoming derelict. And, finally, a lot of the “glut” simply won’t matter: It’s concentrated in a few areas, like Florida and Nevada. Unless you live there, the glut won’t have any long-term impact on housing supply in your town.

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Jane Lee is a Real Estate Broker with eXp Realty in Lake Oswego, Oregon

Jane@portlandpowersearch.com 503.806.0517

Jane Lee
Phone Number: 503.806.0517
E-mail:Jane.Roundtree@PortlandPowerSearch.com

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