2009 brought a lot of press to the real estate market across the country.  Construction softened as buyers sat on the side lines.  Builders dumped land and many went under.  How did Lake Oswego’s new construction real estate market shake out?

At minimum, builders are hoping 2010 will bring buyers back to the middle to upper luxury market of Lake Oswego.  With just under 100 new homes marketed in 2009, this upscale quality driven buyer still exists they are just few and far between.  High end Homes by Eslinger closed 8 of the 32 homes sold, followed by Rennaissance, Monogram, Silver Oak and Schenbrien.  Still a tough builders market as 5 (16%) of the sold homes were bank owned.  New construction saw an average sales price of $964,753 down substantially from the highs of the past 2 years.  In the price range many trickle up transactions need to happen to move one of these.  Not an entry level market here.

Good news is that Lake Oswego new home inventory has come down and there are only about 60  remaining., with most builders are working closely with contract lenders to offer below market interest rates and terms that are favorable to the buyer.

Lake Oswego is not alone in the lessons learned by builders, buyers, and sellers.  Prudent financial decisions move ahead of the emotion.  Builders have slowed build outs, giving way to the custom home.  The custom home market is headed back to just that; custom to that buyer. 

Looking for more information about the real estate market in Lake Oswego – call me 503-495-5231.

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