Top of the charts:
Five of the Portland area's most expensive home sales in 2015 have Lake Oswego addresses
For the second year in a row, Lake Oswego houses occupied several of the top spots in the Portland Business Journals list of the most expensive homes sold in the Portland area in 2015.
The two most expensive houses on the list were in Hillsboro, including a property on Southwest River Road that sold to homebuilder D.R. Horton Inc. for $5.7 million. In fact, most of the Top 15 were located in southwest Portland or in the suburbs, including one in Tigard, one in Aurora, one on Southwest Iron Mountain Boulevard just north of Lake Oswego and two in West Linn.
Among the buyers: Trail Blazers star Damien Lillard, who closed on his $2.8 million West Linn home in May.
Five of the houses have addresses in Lake Oswego, which comes as no surprise to local realtor Bill Futrell. Futrell, a principal broker at Windemere Stellars Lake Oswego office, says 15 houses sold for more than $2 million each in the area during the past year.
More Lake Oswego properties would likely have made the Business Journals list if it had been a little longer, he says.
Its been very active and weve continued to have low inventories throughout the year throughout the Portland metro area overall but in Lake Oswego as well which has kept our prices climbing, Futrell says. Its been a super year for most of the active realtors in the area.
Justin Harnish of Harnish Properties represented either the buyer or seller in four of the five top Lake Oswego transactions. The most expensive Lake Oswego home on the list came in at No. 5: a 5,207-square-foot house on Ridgecrest Drive, which sold for $3.555 million. At the bottom of the list at No. 15: a 6,289-square-foot house on Chandler Road that sold for just under $2.4 million.
Harnish says hes optimistic about where the real estate market is headed in 2016.
Its my opinion, based on what sold in 2015 and specifically in the fourth quarter, that 2016 will be a strong year for the luxury market, Harnish says. I believe that with rates trending upward and gains being harvested from the capital and global markets, buyers will want to park their money in luxury real estate as a long-term investment.
In fact, Harnish adds, in Lake Oswego alone in the past 30 days, there have been two non-waterfront sales at the $3 million mark and Harnish Properties represented both.
Futrell agrees with Harnishs prediction.
I think our pricing is still going to climb in a rather generous fashion in the next 12 months, he says. I dont think Lake Oswego is going to see much slowdown. Its still a very popular place because of the schools and other aspects of our community, so I think well see a healthy 2016.