One million dollars. No one doubts that's an astronomical sum. And yet, about one in four of all homes for sale in Lake Oswego are priced at seven figures. This finding vaulted Clackamas County, which includes Lake Oswego, into the rarefied ranks of being among the fastest-growing luxury home markets in the country, according to the just-released 2018 Luxury Home Index by Realtor.com. The real estate database also found that Multnomah County is among the top three areas in the U.S. where pricey homes sell fast. What perks do top-tier residential properties have? Everything from monster-size master bedrooms to an underground tunnel linking to a second home (yes!).
--Janet Eastman
503-799-8739
Realtor.com
The "good" news for sellers? In Clackamas and Multnomah counties, the luxury home entry price has risen more than 50 percent since January 2011, says Realtor.com Chief Economist Danielle Hale. The "good" news for buyers: Luxury seekers in both counties can still snag a home in the top five percent of sales starting at under $1 million. Whew! That's a relief. (This photo shows a two-story contemporary house with 3,337 square feet of living space that was built in 2016 on 0.3 acres at 13707 Fielding Road in Lake Oswego. It is listed at $1.2 million by Brian Bowman and John Taylor of Taylor Group Realty.)
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In Clackamas County, the top 5 percent of sales in June 2018 were priced at $898,200 and up, while in Multnomah County, the top 5 percent started at $864,800, Hale says. More news: Getting into the top 5 percent of home sales got a little easier in Multnomah County in June 2018 since prices slipped 2.1 percent for the luxury entry price, but Clackamas saw luxury sales prices jump 10.2 percent from one year ago. (This photo is of a traditional-style 1985 house at 31267 SW French Prairie Road in Wilsonville, listed at $1,199,000. The 0.44-acre property includes the 5,945-square-foot house with river view or waterfall and golf course views, plus an indoor pool, private tennis court, sauna and loft, say listing agent Lisa Willett of Hasson Co.)
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Have patience: Looking at the top 5 percent of what's currently for sale, luxury listings are sitting on the market a bit longer than lower priced listings with days on market for median listings at 40 days in both counties and time on the market for luxury listings at 69 days in Multnomah County and 83 days in Clackamas County. (Photo shows 10387 SE Crescent Ridge Dr. in Portland, which is listed at $960,100. The remodeled, three-level house with 6,140 square feet of living space with views of greenbelt, city, bridge and mountains, say listing agents Stephen FitzMaurice and Jennifer Tangvald of Premiere Property Group)
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Sales above $1 million declined in 2017, but have surged back in 2018, jumping by more than 30 percent in Multnomah and Clackamas counties combined, according to Realtor.com. (The Old Portland-style house, built in 2002 on 4.85 acres at 19420 SE Tillstrom Road in Damascus in Clackamas County is listed at $975,000 by Peggy Hoag of Hoag Real Estate.)
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Reality check: A residential property priced at $1 million will cost about $4,874 a month for principal, interest (30 year fixed at 4.8 percent), property taxes and perhaps homeowners association fees after a down payment of $200,000. An example: This 5,034-square-foot house, built in 2005 on 0.38 acres, at 7812 SW Taylors Ferry Road in Portland. For $999,950, a buyer would also benefit from the traditional-style house's universal features. There is a wheelchair accessible main floor, wide hallways and doors, roll-in show and caregiver quarters, says listing agent Cornell Mann of Great Western Real Estate Co.
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The Luxury Home Index defines the entry-level luxury price tier as the top 5 percent of all residential sales among 90 U.S. counties. Here's a sampling of Portland-area homes listed around $1 million or more, starting with Aurora ($950,000): The Spanish-style house, built in 1977 on 1.24 acres with river frontage at 25989 NE Butteville Road, has 1,841 square feet of living space including a master suite with a private bath, deck access and fireplace.
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Beavercreek ($1.1 million): Two-story daylight ranch, built in 1955 on 15 acres at 20265 S Lower Highland Road, has 3,725 square feet of living space with a totem-pole entry plus a furnished log cabin, shop, ponds, creeks, 75-yard shooting range and covered bridges, says listing agent Gayle Bell of RE/MAX HomeSource
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Boring ($1.175 million): Two-story Craftsman-style house, built in 2007on 2 acres at 27904 SE Viva Lane, has 4,970 square feet of living space including a home theater plus an assessor dwelling unit over the three-car garage and a swimming pool with automatic safety cover and hot tub, says listing agent Stephen Belmore of John L. Scott Sandy.
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Canby ($999,000): Three-story farmhouse, built in 1992 on 29 acres at 12255 S Adkins Circle, has 3,770 square feet of living space plus on a private road, swimming hole, picnic benches, fire pit and Milk Creek that runs along the western edge of the property, say listing agents David Riener and Zach Riener of RE/MAX Equity Group
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Cornelius ($998,500): Single-story, traditional-style house, built in 1995 on 14 acres at 3914 SW Lafollett Road, has 3,120 square feet of living space plus an RV garage, he/she cave with a guest suite and full-wall custom entertainment center and a seasonal duck pond, says listing agent Tawnya Poe of Westwood Property Group
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Damascus ($1,099,900): Three-story renovated Craftsman-style house, built in 1977 on 2 acres at 11705 SE 222nd Dr., has 4,100 square feet of living space with a detached second residence or office building four-car garage and covered RV slip, says listing agent C. Morgan Davis of Keller Williams-PDX Central.
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Eagle Creek ($1,075,000): Two-story log house, built in 1979 on 31 acres at 40955 SE Wildcat Mountain Dr., has 2,644 square feet of living space plus a shop, horse stall, detached office and sauna, greenhouse, apartment, sport court and beaver pond, say listing agents Rick Brainard and Mary Bullock Watts of the Hasson Co.
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Estacada ($1 million): Two-story contemporary house, built in 1992 on 2.92 acres at 20696 S Springwater Road, has 3,006 square feet of living space and a 180 degree view of the Clackamas River Valley, says listing agents Chris Bonner and Lee McKnight of the Hasson Co.
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Fairview ($990,000): Two-story contemporary house, built in 2002 at 4060 NE Fairview Lake Way, has 3,986 square feet of living space including an oversized bonus room and extra deep garage, says listing agent Lance Kunkel of Jim Kunkel Realty
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Gresham ($1,095,000): Two-story Mediterranean house, built in 2007 on 0.51 acres at 3841 SE Deer Creek Way, has 5,716 square feet of living space plus a deck with views of the golf course and Mount Hood, says listing agent Mike Agee of RE/MAX Equity Group
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Happy Valley ($1 million): Three-story traditional-style house, built in 2000 on an 8,712-square-foot lot in the gated Altamont community at 9147 SE Anton Court has 6,735 square feet of living space including a gym and sauna, says listing agent Heidi Torkko of Pink Dot Properties.
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Hillsboro ($969,000): Two-story Victorian era-style house, built in 1991 on 2 acres at 11855 SW Campbell Road, has 3,029 square feet of living space plus a wraparound deck, casita with a kitchen, pole barn, RV storage and two fire pits, says listing agent Lisa Nishioka of Xanadu Real Estate
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Milwaukie ($950,000): Two-story custom house, built in 2007 on a quarter acre at 1237 SE River Forest Lane, has 3,577 square feet of living space including an upstairs bonus room, say listing agents Steve Nassar and Greg Long of Premiere Property Group
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Lake Oswego ($1,015,000): Two-story traditional-style house, built in 1987 on 0.39 acres in Palisades Lake Estates at 1813 Palisades Lake Court, has 4,119 square feet of living space and a lake-view deck, says listing agent Pat Bangerter of the Hasson Co.
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Molalla ($1.1 million): Three-story renovated Craftsman-style house, built in 2007 on 2 acres at 32285 S Highway 213, has 5,199 square feet of living space plus an underground tunnel that connects to a second house, says listing agent Nate Allbritton of Coldwell Banker Bain.
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North Plains ($989,000): Three-story, traditional-style house, built in 1997 on 6 acres at 15505 NW Old Pumpkin Ridge Road, has 4,841 square feet of living space at the end of a private drive winding through majestic fir trees, fields and gardens, says listing agent Clint Currin of RE/MAX Equity Group
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Oregon City ($1,195,000): Two-story traditional-style house, built in 2005 on 2.4 acres at 20886 S Vista Del Lago Court, has 6,273 square feet of living space including two master suites with soaking tubs and walk-in closets, and a wraparound porch plus a full basketball court, say listing agents Valerie Hunter and Damien Pogue of H & H Preferred Real Estate
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Portland ($1,089,600): Three-story Craftsman lodge-style house, built in 1908 on 1.6 acres at 10001 SW Riverside Dr., has 4,986 square feet of living space with land to add a tennis court and possibly subdivide into two additional lots, says listing agent James Alderman of Windermere Realty Trust.
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Portland ($950,000): Two-story, remodeled contemporary condo, built in 1999 at 2445 NW Westover Road #214, has 1,588 square feet of living space with a double-height living room, French doors to the terrace and two master suites, says listing agent Patricia Miller of Windermere Realty Trust
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Portland ($950,000): Two-story Old Portland, built in 1935 on 4 acres at 7701 SE 162nd Ave., has 3,468 square feet of living space plus two horse barns and as zoned R-10, can fit 16 lots, say listing agents Marc Fox and Matthew Soukup of Keller Williams Realty Portland Premiere
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Portland ($950,000): Two-story, Dutch Colonial house, designed by architect Joseph Jacobberger and built in 1905 at 2311 NE Schuyler St., has 4,727 square feet of living space with R2 zoning, new garage with bath perfect for studio, shop or office and a landscaped park-like a 10,018-square-foot lot, say listing agents Nick Krautter and Tara Stone of Keller Williams-PDX Central
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Portland ($1,149,000): Two-story floating house, built in 1981 at 6901 SE Oaks Park Way #15, has 3,254 square feet of living space plus a deck with a boat lift, says listing agent Karla Divine of Divine NW Realty
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Sandy ($1 million): Single-story ranch-style house, built in 1996 on 5.06 acres at 15800 SE Ten Eyck Road, has 2,021 square feet of living space with a deck and views of the Sandy River, says listing agent Kristina Cochran of the Broker Network
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Sherwood ($1,075,000): Single-story remodeled farmhouse, built in 1915 on 3.7 acres at 12041 SW Tooze Road, has 3,573 square feet of living space plus a building for "toys or business," say listing agents Leann Bennett and Chelsea Ausland of Metro West Realty. ?Plant your grapes or hops for winery/brewery or wedding venue/farm store/Baker/Car-RV repair? Buyer to get approval from county."
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Tigard ($950,000): Three-story traditional-style house, built in 1994 on 0.29 acres at 15435 SW Ashley Dr., has 5,264 square feet of living space with a 20-foot-high foyer, say listing agents Linda Quinn and Anne Stewart of eXp Realty
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Troutdale ($995,000): Three-story custom house, built in 1992 at 30485 NE Hurt Road, has 6,937 square feet of living space plus separate living quarters in lower level and guest quarters with a kitchenette above the barn, says listing agent Val Thorpe and Jennifer Auge of Hasson Company
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Tualatin ($977,777): Three-story, remodeled Craftsman-style house, built in 1998 on 0.29 acres at 9630 SW Iowa Dr., has 3,678 square feet of living space plus a basement wine cellar with a tavern-inspired tasting area and full bar, says listing agent Jennifer Benelli of Luxe Christie's International Real Estate
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Tualatin ($1,019,000): Two-story farmhouse, built in 1900 on 5 acres at 22727 SW Stafford Road, has 2,414 square feet of living space plus there's a petite barn, chicken coop, green house, flower cutting garden and seasonal creek, say listing agents Justin Harnish and Errol Bradley of Harnish Properties
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West Linn ($1,028,800): Two-story contemporary house, built in 2018 on 0.35 acres at 830 Marylhurst Dr., has 3,666 square feet of living space plus a pool sized lot overlooking the valley, says listing agent Pat Bangerter of Hasson Company
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Wilsonville ($1,039,000): Two-story Craftsman-style house, built in 2001 on 2.43 acres at 12370 SW Wilsonville Road, has 4,898 square feet of living space including a "dialed in" media room off the bonus room, say listing agents Rick Brainard and Mary Bullock Watts of the Hasson Co.
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Woodburn ($977,000): Two-story farmhouse, built in 1975 on 10 acres at 5791 S Schneider Road, has 4,567 square feet of living space plus a detached mother-in-law quarters and pole barn, says listing agent Anna Kraskoff of Premiere Property Group,
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Danielle Hale of Realtor.com says: "Although U.S. median listing prices show signs of slowing growth, luxury prices are moving in the opposite direction in many places. For the second consecutive month, we've seen more markets with double-digit, entry-level luxury price growth than in the past four years."
Seattle (King County, Wash.) luxury grew by 13 percent in June compared to the same time last year, pushing its luxury entry point to $1.5 million, according to Realtor.com. This marks Seattle's 11th consecutive month of growth between 12 and 14 percent, propelled by high tech wages.
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