52 Reasons to Love Lake Oswego

While every neighborhood in Lake Oswego offers its own amenities, like the walkability of the First Addition or the views and often larger lot sizes in Skylands, Dellwood Drive in the Palisades neighborhood has always been one of those “highly desirable” streets.

Why?

Just drive down it and you’ll fall in love with the character of the homes, different architectural styles, the larger lot sizes, tree canopy and beautifully landscaped yards.

What you might not realize is that homes on this street also have deeded rights to the Palisades lake easement (read more about easements here).

Our new listing at 2550 Dellwood Drive comes with all this PLUS features that make it possible to enjoy indoor-outdoor Lake Oswego living at its best.

An exquisite state-of-the-art remodel, this stunning traditional 4-bedroom, 4 bath home blends timeless character with modern updates. Situated on beautifully landscaped grounds complete with a pool and hot tub, outdoor fireplace, and elevated lounge space, it is a true entertainer’s dream! Indoor living mirrors the home’s exceptional outdoor appeal, with vaulted ceilings and exposed wood beams in the family room and kitchen. Quartz countertops, stainless steel appliances, double ovens, a fireplace, and a sunlit breakfast nook framed by bay windows complete the space.

The main level also features a living and dining room with fireplace, three bedrooms, including one with a private en-suite and two that share a full bath.

Upstairs, the spacious primary suite is a serene retreat with vaulted wood-beamed ceilings, peaceful views of the backyard, and a spa-like bathroom with tub and heated tile floors.

A private laundry area and direct access to a separate upstairs office provide an ideal setup for remote work or creative pursuits.

Off the garage, a well-designed mudroom, additional full bath, and secondary laundry room add everyday convenience. A wine fridge and extra built-in refrigerators make entertaining effortless.

If you’d love the opportunity to tour this home, please give one of us a call. We’re happy to show it to you and answer any questions you may have.

Kevin Costello 503.939.9801  kevin.costello@cascadehasson.com

Riley Costello 971.322.6205 riley.costello@cascadehasson.com

The tragic collapse of the Champlain Towers South condominium in Surfside, Florida, in June 2021 did more than highlight structural risks—it exposed a major financial vulnerability shared by many homeowners’ associations (HOAs): inadequate insurance coverage. The Surfside HOA had deferred critical maintenance due to funding shortages and was underinsured. That reality sent ripples across the mortgage and real estate industries, especially among lenders and buyers of condominiums.

In response, Fannie Mae and Freddie Mac revised their lending guidelines. Starting in 2022, they began requiring lenders to confirm that condo associations maintain adequate master insurance coverage and are not underfunded for reserves and deferred maintenance. If a condo project fails to meet these criteria, it is considered ineligible for conventional financing. In short, if the HOA is underinsured or financially unstable, buyers can’t use Fannie Mae-backed loans to purchase units in that community.

For homebuyers in Oregon this has real consequences. A buyer may find a condo they love, but discover mid-escrow that it’s “non-warrantable,” meaning it doesn’t meet Fannie Mae’s updated guidelines. That disqualifies them from traditional loans, potentially derailing the purchase.

We are seeing this happen. Condo buildings are being flagged because their HOAs haven’t completed structural inspections for years and are holding reserves far below recommended levels. Lenders are refusing to finance units until documentation is provided.

So, what are a buyer’s options?

• Non-warrantable condo loans: Portfolio lenders, such as local credit unions, may still finance the purchase, though typically at higher interest rates.
• FHA loans: These require the condo to be on the FHA approved list, which is limited.
• Cash purchases: A viable path for those who can.

Ultimately, the Surfside collapse prompted a necessary tightening of standards, but it also made due diligence even more critical for Oregon condo buyers. Reviewing HOA financials and insurance coverage isn’t optional anymore—it’s essential. Buyers should work closely with experienced Realtors and lenders who understand these new guidelines and can help them navigate the complexities of condominium financing in the post-Surfside landscape.

Let us be your real estate experts to guide you through whatever homebuying or selling decision you are considering. We have the experience, expertise, connections and hyperlocal market insight to make your next move your best one.

Kevin Costello kevin.costello@cascadehasson.com 503.939.9801

Riley Costello riley.costello@cascadehasson.com 971.322.6205

1.What’s the average cost of a home in Lake Oswego? Over the last twelve months, the average sales price out of 486 detached homes in Lake Oswego was approximately $1,461,733 with the lowest priced home at $365,000 and the highest at $14,000,000.

2. Can I live on the lake? Yes you can. There are approximately 750 waterfront homes on Oswego Lake. Current waterfront homes for sale range from $3,595,000 to $9,900,000.  

3. Do you have to live on the lake to be able to use the lake? A recent court decision ruled that Oswego Lake, after years of being considered a private lake, should be open to the public at the steps located at the base of Millennium Plaza Park. This is a small access point, making only swimming, kayaking and paddle boarding an option. The City of Lake Oswego is now responsible for making that possible. The Lake Oswego Corporation has filed an appeal on the ruling and is asking for more time to manage the access to ensure safety and protect water quality. Here is a link to the city’s website providing updates on this issue.

There are other options for residents to access the lake even if they don’t own a waterfront home as mentioned in one of my earlier posts. One of the most popular ones is buying a home with easement rights. There are close to 3,000 homes deeded lake access by joining one of 20 lakefront easements. Each easement is managed separately by its members and each only has a limited number of spots. Buying a home with easement rights does not guarantee you’ll have access—you may have to sign up on a waiting list for an opening before joining.

There are other options if you are a current, paid, easement member.  You can moor a boat at LO Landing, located in the two-story office building next to the LOC marina.  They may also have a waiting list, but typically their slips turn over more rapidly than those at the easements.  You can reach them at 503 545-8870 or lo500@comcast.net  

You also have the option to “day use.”  Limitations are: 

You must pull your boat from the lake prior to the LOC Marina’s closing time (7 pm nightly during the summer).

The LOC does not have parking for your truck or trailer on the premises.

Boats entering the lake must either have an intact and unaltered wire clip or be decontaminated prior to launch.

4. What are the best neighborhoods? My general answer to that is you can’t go wrong in Lake Oswego. Unlike other cities, neighborhoods aren’t divided between safe or unsafe, good schools or not good schools. Lake Oswego has an exceedingly low crime rate no matter where you live.

The school district itself as well as its teachers were just ranked the best in the state of Oregon by Niche in its 2025 rankings based on data from the Department of Education, with each of its individual schools receiving an A or A+ grade. School spirit runs high, however, so if you talk to kids and parents, you’ll probably find differences of opinion.

But like I said in the beginning, you can’t go wrong. Check out some of my earlier blogs for more information on particular neighborhoods in Lake Oswego.

5. What are the best schools? Excuse my redundancy, but my general answer to that is you can’t go wrong in Lake Oswego. The Lake Oswego School District was named the best school district and best teachers in the state of Oregon by Niche, in its 2025 rankings based on data from the U.S. Department of Education. The latest standardized test scores released by the Oregon Department of Education showed that the Lake Oswego School District scored in the top 5% of public school districts for math, reading and language arts and science proficiency as well as in the top 5% of graduation rates.

My advice is to visit the schools you are considering and see if you child can shadow a student to get a feel for whether one setting or another is the right fit.

6. Are Lake Oswegans pretentious? This is a question that shows up on several of the online forums where people are considering moving here. Much of that reflects the stereotype afforded a more affluent community like Lake Oswego.

A market analysis for Lake Oswego indicated that the median household income is $121,540, the median age is 48.4 and 71.9% hold a four-year college degree or higher.

Does more money mean more pretentious? My experience has been that it’s not a given. In fact, I have seen many more examples of Lake Oswegans using their resources to be generous rather than pretentious. I remember attending a Lakeridge High School choir concert where parents raised over $2,200 in a pass-the-hat donation in support of visiting Jefferson High School’s Choir. Read one of my previous blogs for other examples of how the community rises to the occasion to meet needs in and around them.

7. Why would I live in Lake Oswego over other Portland area suburbs? Lake Oswego is not your sleepy suburb—it’s a vibrant community with engaged citizens and active city government invested in a mission to enhance the quality of life for its residents. As a result there are a host of resources from extensive bike and pedestrian paths to recreational opportunities to excellent school district to a thriving downtown core infused with retail, cultural, entertainment, and artistic opportunities to a record-shattering library program to….the list goes on and on which is the WHY of why you should pick Lake Oswego as your home.

8. Why should I live in Lake Oswego when I can get more house for less money elsewhere? Read the answer to the above question–you get what you pay for. When you buy a home in Lake Oswego, you are buying much more than just a house. You are buying into a community, a lifestyle, and an investment. Appreciation is about 8.1 percent each year, although there were significant upswings in 2016 (16.4 percent) and 2006 (19 percent). Even though there is a large cost of entry, there is a proven return on the backside that is worth it.

9. What do Lake Oswegans do for fun? As we mentioned in a previous blog, “In real estate, the mantra is “location, location, location.” Well, if that’s the case, then everyone should live in Lake Oswego, Oregon! Considered a suburb of Portland, Lake Oswego has a lifeblood all its own…but it is also conveniently located to so much else the Portland metro area and the state of Oregon has to offer.” With an overactive Parks and Recreation Department and Public Library, residents don’t have to leave home to access recreational and educational opportunities and the new Recreation and Aquatic Center promises to elevate that even more! However, with the beach only 84 miles away and Mt. Hood only 85, they can be building sandcastles or heading down the slopes in just a couple of hours.

10. How easy is it to meet people? Let’s just say we have clients who moved here only a couple years ago and are now so well connected, they could probably run for mayor! My wife and I uprooted ourselves over 35 years ago and moved here not knowing a soul. But after joining Rotary, becoming a Chamber of Commerce member and attending town events, we felt like we had put down roots in a short amount of time. There are lots of opportunities to get involved so if you’re looking to make friends, they’re here waiting to meet you.

 If you have questions about moving in, out or within Lake Oswego, give us a call or email us. We’d love to put our 30+ years of experience as Realtors in Lake Oswego to work helping you with your next move.

Kevin Costello kevin.costello@cascadehasson.com 503.939.9801

Riley Costello riley.costello@cascadehasson.com 971.322.6205