We work with many homebuyers moving to Lake Oswego from out of state. What brings them here?

•Family or friends who live here and sing its praises

•Job relocation to the Portland metro area

•This blog which has helped many clients “discover” Lake Oswego

•Desire to live in a safe community with good schools

And the list goes on….

We love sitting down with homebuyers looking to relocate to not only educate them about the area but also to share our enthusiasm for this place we call home. Here are some of the questions we most often get asked:

How much home can I buy with the budget I have? Currently there are 182 homes for sale in Lake Oswego ranging from $237,000 for a 2-bedroom 2-bath 984 square foot condo/townhome to $11,500,000 for a 9-bedroom, 11-bath 19,444 square foot home. The median sale price of $1,030,000 might get you a 4-bedroom 3-bath 3,004 square foot home in the Palisades neighborhood with easement rights to the Palisades Park Community Club. It’s important for buyers to know what their priorities are in buying a home as certain amenities like lake access, walkability, views, are going to cost more and may mean that concessions will have to be made. When my wife and I first moved here, being on the water was our number one criterion which meant we ended up in a dated cottage on one of the canals. We gave up square footage and traded Formica countertops for quartz. But that was okay with us because lake access was most important. So one of the first things we do when working with buyers is identify their priorities in a home. Part of that job involves educating them to the options they have here as not all cities have access to a lake or community pools or neighborhoods that are walkable to restaurants and shopping. The fact that we have lived and worked here for over 35 years means we can inform buyers of the options and their costs and let them make informed decisions.

What if I still own my home in another state – can I make a contingent offer? Coming in with a contingent offer on a home can weaken your position, especially if a home if new on the market. If however, a home has been sitting for a while, sellers may consider it. A better option, if a buyer has equity in their home is to obtain a bridge loan or a home equity line of credit. Buyers assume a short-term cost but it strengthens their position. Of course, they would only want to take up that option if they were confident that the market in their home state is strong and that their house there will sell fairly quickly.

Having easement rights is important to me – do all houses have them? Not all houses have easement rights. Neighborhoods like Westlake and the First Addition do not have easement rights. Areas on the south side of the lake like Westridge, Bryant Woods, most of River Grove do not enjoy easement rights. The Hallinan and Glenmorrie areas also have little to no easements. Easement rights were established to attract buyers in the 30s, 40s and 50s. Some homes have none; others have rights to several easements. There are a few ways to determine what areas have easement rights. You can check easement boundaries on this map. You can type in a street address on the Lake Corporation website. In addition, a real estate listing will mention if a particular home for sale has easement rights. You can read more about easements in several of our earlier blogs here or here.

How much is an easement worth? Before the popularity of paddleboards and kayaks, the appraiser of a home would probably add $5,000 to the value of a home for easement rights. Now an easement can add value to a house anywhere from $25,000 to $100,000. More and more buyers are wanting that amenity which is driving its value.

What are the best schools? Best neighborhoods? The great thing about Lake Oswego is you can’t go wrong when it comes to schools and neighborhoods. The Lake Oswego School District was once again named the best school district in Oregon with an overall grade of A+. With two high schools, two junior highs and seven elementary schools, students have all kinds of opportunities, including the district’s only elementary school world language immersion program. Neighborhood amenities vary from views, walkability, community pools, freeway access, so it’s important to work with an experienced Realtor who can narrow your search in the neighborhoods that have the amenities you desire.  

How are property taxes calculated here? Measure 50 passed in 1997 and stabilized all property values in the state with the allowance that they could go up a maximum of 3% per year if they appreciated. Some municipalities can increase their taxes by passing bonds for schools, police, public improvements. Property tax bills provide a real market value and an assessed value. Taxes are determined based on the assessed value which is set by the county. The only way they can be reassessed is if the homeowner does a major remodel or tears the house down and builds a new home.

Thinking of moving to Lake Oswego? Get your questions answered by reaching out to one of us.

Kevin Costello kevin.costello@cascadehassonsir.com 503.939.9801

Riley Costello riley.costello@cascadehassonsir.com 971.322.6205