HOME FOR SALE – 2288 NW Maser Drive, Corvallis, Oregon -Attractive and Light

Beautiful home on landscaped lot maximizes natural light and tree-top views. A nice mix of formal and casual spaces utilizes square footage to fullest lives well. Recently updated kitchen opens into family room. Bonus space is perfect for play, office or guest area with adjacent full bath. Spacious bedrooms are spread out in a floor plan that maximizes privacy and creates tons of storage. Outdoor spaces provide room for play, gardening or quiet relaxation. 3 bedrooms, 3.5 baths, approximately 2504 sq. ft., .22 acre lot

Beautiful home in a desirable Northwest Corvallis neighborhood is close to local schools, Martin Luther King Jr. Park, Benton County Fairgrounds, Oregon State University, CH2M Hill, medical facilities, and shopping. Enjoy easy access to downtown Corvallis and Philomath. This solidly built 3 bedroom, 3.5 bath home has cedar siding and concrete tile roof and is situated above the trees on a professionally landscaped .22 acre lot with extensive block work and bubbling water feature.

Formal living room and dining room combination is the ideal area for adult dinner parties and entertainment. Powder room bathroom and access to the 2 car attached garage finishes the main level’s floor plan.

Just a few steps up find yourself in a more casual atmosphere where large windows and skylights maximize the natural light. Family room with skylight, brick niche and wood stove is open to the kitchen and bonus room. Light, bright, and spacious, the kitchen has been recently updated with breakfast bar, dual fuel stainless steel range and high end range hood, skylight, arched window above the sink, eat-in dining area with tree top views, and access to the south facing deck, great for barbeques and outdoor entertaining. Bonus room is perfect space that you could use for play, crafts, home office, guest suite, or an area that suits your needs. Bonus room has an attached full bath and backyard access to the north facing deck with hot tub.

On this home’s mid level, find 2 spacious bedrooms, full bath, and a large laundry room mudroom combination, complete with folding table, tons of storage, sink, clothing hanging area, and backyard access, with seating bench.

The spacious master suite is situated away from the rest of the home’s floor plan, providing you with all the privacy you deserve. Enjoy tree top views, large walk-in closet with organizers, and master bath.

Take advantage of the outdoor spaces. Backyard has plenty of room for play, gardening, quiet relaxation, or any of your backyard dreams, complete with storage/gardening shed.

MLS#624174

Search for more homes for sale in Corvallis here.

HOME FOR SALE – 4015 NW Elmwood Drive, Corvallis, Oregon – Contemporary Custom Home

Contemporary styling is beautiful, warm and inviting. They say the kitchen is the heart of the home and this gourmet kitchen proves it with space for all. Tons of storage, specialty cabinets and plenty of counter-tops. Designed for fun, formal and informal living areas provide the spaces you need. Upper level suite with second full kitchen is perfect for long term guests or any large gathering. Sumptuous master suite provides a quiet respite. Outdoors find extensive decking, sport court and private yard space. 5 bedrooms, 4 baths, approximately 5,144 sq. ft.

Located in a desirable northwest Corvallis neighborhood this beautiful custom home is close to local parks, schools, Oregon State University campus, CH2M Hill, shopping, medical facilities, and has easy access to downtown Corvallis.

Relax or entertain in the formal living room with large windows, mirrors, and skylights that maximize natural light and wooded views.

The formal dining room is an entertainer’s delight. Floor plan is open to the kitchen with two doorways and a pass-through counter-top allows food, drink, and guests to flow smoothly between rooms. A custom built-in-buffet has two inset chaffing dishes to keep food warm so you can spend more time with friends and family. Upper glass fronted cabinets are mirrored and lit, making it the perfect place to display precious glassware. Lower cabinet storage is ideal for silverware, linens, place settings, and specialty serving dishes. Dining room also has access to the large backyard deck, making it an optimal setting for outdoor parties and summertime barbeques.

The ultimate chef’s dream is here in this kitchen with plenty of space to accommodate many hands. Complete with black appliances including side-by-side refrigerator, double wall oven, dishwasher, microwave, trash compactor, and an in-island cook top. Storage is abundant with step in pantry, countertop appliance hideaway and specialty cabinets. Custom cabinets include pullouts, divided utensil drawer, spice rack pullout, wine storage, cookie sheet and cutting board storage cabinet, and extra deep divided drawer. Prep is a breeze with designated area, complete with small sink and inset marble pastry board. Prep area is also multifunctional and can double as a bar during dinner parties. Built-in work station is ideal for office area, home work, or recipe headquarters. Large eat-in dining area keeps family meals informal and comfortable. Surrounded by skylights and large windows gives you the feeling of patio and terrace dining. Two additional closets near the kitchen can be used for more pantry goods and appliance storage or anything else you may want tucked away.

Just a few steps up from the main level you can find peace and tranquility in the master suite. Vaulted ceilings, large windows, private deck, and spa style bath lets you enjoy wooded views and feels like the ultimate getaway in your own home. Take advantage of ample storage with two walk-in closets, complete with a tie rack and two built-in dressers. Enjoy tree top views from the large jetted tub in the spa style bathroom. Two vanities, makeup counter with large mirror, shower, countertop storage nook and built-in magazine rack completes the package.

Additional 2 bedrooms down the hall, full bath with skylight, two linen closets and a laundry chute complete this level’s floor plan.

Bring family and friends together in the downstairs family and game room. Enjoy game nights, TV and movie watching, or casual hanging out, and the wet bar keeps the party going by providing an area for snacks and drinks. Feel warm and cozy with a fire in the woodstove with fossil embedded stone surround. Game room also opens up onto private patio and lawn, great for summertime get togethers and backyard games.

Additional bedroom, full bath, and laundry area with storage cabinets, built-in ironing board, and a collapsible table for laundry folding completes the downstairs level’s floor plan.

Get the party started here. Head upstairs to the great room style family room, complete with second full service kitchen and large, private patio. Vaulted ceilings, huge expanse of windows, and skylights maximize the natural light. Upstairs floor plan also has secondary suite, bonus room, and full bath. This space may serve a variety of purposes including extended family living, self-contained guest area, or provide for large social gatherings.

MLS#623846

Search for more homes for sale in Corvallis here.

Home For Sale – 4614 SW 47th Place, Corvallis, Oregon – Light, Open, and Charming

Beautiful, light and open floor plan lives big! Newer 5 bedroom, 2.5 bath home is located on a quiet cul-de-sac and is private and secure. Convenient to local schools and parks including Starker Arts Park and recently renovated Sunset Park, Corvallis Country Club and Golf Course, Oregon State University campus, hiking and biking trails, and has easy access to Corvallis and Philomath. 5 Bedrooms, 2.5 Baths, approx. 2538 sq. ft.

A great place to live, with plenty of opportunity for play and relaxation. As you enter from covered porch you’re greeted by beautiful black walnut wood flooring, vaulted ceilings, wide expanses of glass and a warm and inviting gas fireplace.  The great room kitchen has painted wood cabinets and granite countertops; a planning station and generous amounts of counter top area and cabinets –a place for everything and everything in its place. Plenty of lighting and glass block accents make it light and appealing.  The kitchen –  family room lay-out provides for plenty of room for friends and family to gather round.  Island with seating provides a great prep area.  Breakfast nook opens out to backyard and covered patio. An ideal area of barbeque, out door relaxation and play.  Additional spaces that round out the main level include one bedroom — perfect for office or den, a half-bath and spacious laundry room.

Upstairs find rest and relaxation in the spacious master suite. Features include double door entry and private adjacent bath with seperate shower and tub, double sink vanity, seperate toilet room.  There’s a spacious walk-in closet with organizers.  Three additional bedrooms and a full bath upstairs round out this level.

Other features include: closet organizers, ceiling fans, view of Mary’s Peak from one bedrooms, spacious linen closet and a laundry chute, 2 car attached garage.  There are no age restrictions in this neighborhood.

View Property in MLS

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HOME FOR SALE – 9066 NW Lessie Place, Corvallis, Oregon – Pacific Northwest Dream Home on 1.34 acres

Beautiful in every way, open, light and airy floor plan invites the sunshine in. Gourmet kitchen is the hub of the home and features top of the line stainless steel appliances, granite counter-tops, island, breakfast bar, and walk-in pantry. Main level bedroom/office and full bath, to-die-for master suite with huge walk in closet and attached bath is a half flight up. 3 bedrooms and a full bath are clustered together just a half flight down from the main. Spacious family room is just a few more steps down. Outdoor living includes spacious decks at every level with steps down into the large grassy yard. Setting is private and sunny, bordered with trees to enhance privacy and you’ll love the sound of the nearby creek.  3 car attached garage and room for RV or shop.  5 bedrooms, 3 baths, approximately 3352 sq. ft., 1.34 acres.

 Enjoy living close to Corvallis’ McDonald-Dunn Forest, managed by Oregon State University’s College Of Forestry. Within McDonald-Dunn Forest you can spend some time exploring Peavy Arboretum. Hike trails to Cronemiller Lake, picnic at the Firefighter Memorial Shelter, and learn about the native plant species that inhabit the arboretum. Located in a desirable area in northwest Corvallis on a cul-de-sac, this 5 bedroom, 3 bath home was built in 2007 and has territorial and wooded views, an ideal private setting that is open and light.  Convenient to all that Corvallis has to offer, with easy access to shopping, Good Samaritan Hospital and the Corvallis Clinic medical facilities, local schools and parks, and downtown Corvallis.

Make your home here in the great-room style living room. Large windows, vaulted ceiling, and skylights maximize views and natural light creating an atmosphere that’s warm and inviting as well as spacious and open. A nice combination of hickory hardwood flooring and carpet define spaces and provides additional warmth. Gas fireplace with stone surround, keeps it warm and cozy.

Let your inner chef reveal itself in this gourmet kitchen. Open to dining room with breakfast bar, island, walk-in pantry with glass door and sensor light, granite counter-tops and tile back splash with decorative accents, custom Beech cabinetry with an antique glazed finish, and top-of-the-line stainless steel appliances; Viking professional grade side-by-side refrigerator, Jenn-Air microwave, Electrolux electric convection double wall oven, Thermador warming drawer, Electrolux 6-burner gas cook-top, and Electrolux dishwasher.

Host your parties at home, this floor plan flows. Ideal for entertaining with the dining room open to both the living room and kitchen. Dining room has large windows, vaulted ceiling, and access to the covered decks and backyard.

A spacious bedroom/office (an excellent choice for guests), full bath, laundry mudroom combination and direct access to the house from the garage complete the main level floor plan.

Find your moment of relaxation. Leave the world behind…Spacious master suite has large windows to maximize views and natural light, serene master bath, and a walk-in closet that can easily hold enough for all four seasons. Enjoy a nice hot bath after a hard day’s work in the soaking tub, complete with wooded views. Master bath also has large step-in shower, dual sink vanity with granite counter-tops, ceramic tile flooring, and access to both the master bedroom and walk-in closet.

Take some time for you in a place you can call your own. Basement family room is an ideal place for fun for people of all ages. Spacious with large windows and storage alcove, the possibilities are endless; craft area, playroom, home office, man cave, teenager’s hideaway, adult lounge, home gym, or YOUR dream space. Access to large covered deck allows you to maximize the space in which you live.

A place where your backyard dreams can come true. Located on 1.34 acres, this home has manicured landscaping in the front, fire ring, stone retaining walls, and large expanse of lawn in the back, surrounded by your own personal forest. Enjoy the natural music of the nearby creek from areas both inside and out. Plenty of room for play, gardening of any kind, specialty landscaping, and more.

MLS#623491

Search for more homes for sale in Corvallis here.

The problems with housing market data: What does it all really mean?

I recently came across this blog post about housing market data, headlines and statistics. Honestly, I couldn’t agree more to what has been presented in terms of the daily news and how data is manipulated. Average, median and other “statistics” have even less contextual meaning in a “small” community because of the relatively small sample size and nearly no market significance when compared to an individual property. 

The “quality” of the data has an impact.  Is the reporting accurate? Do the reported sale prices include concessions (things the seller gives up to make the sale happen)?  When a market has a limited data sample, the variances and inaccuracies have a larger impact.

Price per square foot has to be one of the worst benchmarks ever.  Homes are not produce.  They do not sell by the pound.  Bananas are produce… Square footage is only one factor in determining price: style, location, fit & finish all affect price (and therefore price per square foot), lot size has an impact.

Another less than meaningful statistic is the “average number of days on the market”.  There are too many factors influencing this number including: method of calculation for number of days; does a re-list count as new? does the days-on-market include the escrow period (it does here,  and as such it’s a variable controlled by the needs of the clients, certainly not the “market”).  There are plenty of other factors influencing how long a specific property is on the market (e.g. new construction listed prior to build out; poor location; unique style; condition of improvements, potential to obtain financing; price point…).

National statistics have very little meaning in a local market.  It’s a little like trying to use the average temperature in the U.S. and compare it to a specific location. Not meaningful, especially if you’re in the warmest or coldest location.  What’s more important is how robust is a local economy?  How is the job market? What are the supply and demand levels? 

As stated in the post, these kinds of statistics become more meaningful when compared to similar properties in similar neighborhoods.  

The bottom line?  The public needs to be very careful before they embrace any “news” with broad based statistical data.  It’s interesting, but of limited value in a given market. 

If you are interested in what’s happening in the Corvallis, Albany or other areas of the Mid-Willamette Valley, I’d be happy to help you figure out what the statistics mean to you.

IndyMac, Loan Modifications, Short Sales and Foreclosures–Way more complicated than it seems and maybe more complicated than it should be…

Two recent video blogcasts from a mortage industry source are taking issue with “deals” made between some Banks and the FDIC.  The video implys that there may be some individuals with “influence” involved and that huge profits stand to be made subsidized, by the American Tax Payer… You and me.

This information has been getting quite a bit of attention within the industry.   The first video caught enought attention that the FDIC contacted the “ThinkBigWorkSmall” guys to rebut some of the statements made (so they got someones attention).

Orginal IndyMac Video and FDIC Rebuttal

FDIC Responds to TBWS Indymac Video. 02.16.10

The format of the presentation has put some people off (loud guys); but listen to the message. I’d be really interested to hear opinions about this. 

1. What is a reasonable profit for a reasonable risk  (in other words, by taking on the potential for loss, is the bank “entitled” to whatever profits they can get, no matter how they get them?
2. When the bank purchased the loans at a discount, regardless of default/non-default, was that all the profit to which they were entitiled (interest, servicing fee)?
3. Have the ”deals” made in bank “bail outs” created a banking environment that prevents “good business” from being worth doing?
4. Do the American people end up financing the bank bail out over and over again?
5. Do the entities in the banking industry (and their potential “friends” in high places, really want to fix the economy?
6. Are some of the “cures” worse than the “disease”?
7. Do videos like this hurt or harm the potential for the issue to rise to the forefront and be addressed or does the mode of delivery create a credibility gap?
8. What do you think?

Additional links that may be useful in wading through–credibility of the sources to be determined by you.

Wall Street Journal Article

New York Times Article

The Consumer Story

Other Consumer Info

Why OneWest always forecloses

FDIC pays Banks to foreclose

The Great Highway Robbery

Indymac Purchase Agreement

Indymac Loan Sale Agreement

Indymac Shared Loss Agreement

Please note: comments made on the TBWS  site are not necessarily mine and are not monitored by me.  Comments to this blogsite are monitored for appropriate content prior to posting.

Corvallis, Oregon Housing Market Ranked 9th Most Over Valued – Is that a Fair Assessment?

Recently, I answered a posted question on Trulia.com, which related to a CNNMoney.com post that ranks Corvallis, Oregon as the 9th most overvalued housing market.  I’ve been asked about the study in person a few times… here’s what I think.

The study was done by IHS Global Insight and PNC Financial Services. The terminology used are “overvalued” and “undervalued”.  The study ranks Corvallis, Oregon as  the 10th  most “overvalued” market  in the study (there were only 399 markets included in the study—one has to wonder about the sample size) .

On one hand I’m completely aghast at the use of the terminology.  The definition of market value is “a price at which buyers and sellers are willing to do business” (Webster’s ninth new Collegiate Dictionary).  So, by the very definition of market value, how can a market be “over” or “under” valued? The published article is unclear about what the “percent” relates to (percent of what?).  Is it the number of homes on the market that are “over/under valued?” Or is it the total number of homes in the community (if so, where did they get that “value” from)?  Is it a comparison of number of home on the market or sold in relation to the median house price?  None of the data I reviewed tells you what any of it really means.  I searched the web in general  and the web site for both PNC Financial Services and IHS Global Insights could not locate to the actual study.

With only a surface evaluation at my disposal, I have to say, I am more than a little skeptical about comparisons or rankings of such diverse cities.  Seriously, Corvallis is in a list with Honolulu, Hawaii; Bangor Maine;  and Bakersfield, California? Not much commonality. Perhaps it would make more sense to compare college towns to college towns (See the Coldwell Banker  Home Price Comparison Indexes — there’s one  index for College Towns and one for select markets) or towns with similar features and sizes.

The study says it is based on select data: “These judgments are determined by comparing median home prices, local interest rates, population densities and income, plus historical premiums or discounts that areas have exhibited over time.”

 If you want to look at the “premiums” that Corvallis has to offer and length of time for the “history”, I have to say, Corvallis is not the same place it was 20 years ago. What are the “historical premiums or discounts”, and who is deciding which of these factors is significant. The term “overvalued” may be relative to who is doing the shopping and what the current “premium” list is…

How long is the history? It does not appear that there is any consideration for supply and demand; and important factor in a community like Corvallis.

Interest rates are very much based on national pricing (at least as long as Fannie Mae and Freddie Mac are still around) not locally set, so the rate climate really has a limited effect. 

Corvallis is a very small market. Median home prices fluctuate (and drop) when the upper end of the market is slow and/or when there is limited inventory in the entry level available. For a significant portion of 2009, entry and mid level housing was more active than any other price point because of low interest rates, inventory and tax incentives. When more homes sell in the entry and median levels, the median and/or average is bound to move down. It is simply how the math works (Median is the center point between the highest high and the lowest low, more weight at the lower end, drives the median down.) Based on what I know about individual home sales and the market in which I work, I am not clear on how the median can be a valid statistical point in our market. The sample is simply too small.

The variance in the study between 2006 and 2010 for Corvallis is under 5%–many of the communities on either end of the scale exhibit much wider variances between  the 2006 study and the 2010 study. That (almost 5%) is not much of a difference when you are comparing the same figure to other communities. To me it is an indication of a comparatively stable market (relative to the overall economic climate). Other communities, especially those where the bottom dropped out, show wider variations. The communities that are now rated extremely undervalued took big employment hits, have high foreclosure rates, did not control growth and/or a combination of those factors.  

Do not get me wrong. I do not think that any community that is immune to the impact of the current economy. However, I do not think that we are in for the fall that one might derive from this report. Jobs will determine that.

It was not until this last housing cycle that homes were considered short-term investments. In the past, most investors were looking at purchasing investment properties on the basis of cash-flow.  Appreciation was a bonus. Flipping was done only by the most experienced investors and with appropriate types of financial backing.

The last paragraph of the article is the most significant. “The bottom line, at least for a few years, is that the average buyer should forget about home purchases as investments. The good news is that, long-term, their home values should appreciate.” That sounds more like a return to normal to me.

I’d like to know what you think?  Please post your comment or question.

HOME FOR SALE — 712 NW 32nd Street, Corvallis Oregon

Desirable Oregon State University campus close location combined with tons of character plus BONUS detached studio create a charming and flexible home for you and yours. Open and light floor plan lives big. Oak flooring and arched passages create a warm and inviting atmosphere. Studio/bonus space provides many uses, from craft space to play room to home office, you choose. Garden shed is great for tool storage/bikes and work area. Private back yard has plenty of room for play, relaxation and gardening with fig, apple and cherry trees. 2 bedrooms, 1 bath, approximately 810 sq. ft. plus bonus room of approximately 240 sq. ft.

Located in a desirable neighborhood, close to the Oregon State University campus, local parks and schools, shopping, dining, and downtown Corvallis. Enjoy being within close distance to the First Alternative Co-op, Sam’s Station, and Schmidt’s Garden Center.

Warm and inviting atmosphere is created with an open and flexible floor plan that includes living room, kitchen with eat-in area, mud room with laundry, bedroom, full bath, and master bedroom. Oak flooring and arched passages add to the charming character of this home.

Private and detached studio/bonus room provides many uses, from craft space, play room, home office, guest quarters, home gym or more, you choose!

Garden shed is a great place for tool and bike storage, work area, or could be converted to a play house. Large, private backyard has plenty of room for playing, relaxation, barbeques with covered patio, hanging out with friends, and gardening with raised planting beds and fruit trees.

MLS#622143
Related links to the extended home buyer tax credit:

Home Buyer Tax Credit De-Mystified

Expanded and Extended Tax Credit Information

Search for more homes for sale in Corvallis here.

Don’t Miss Out!

Some existing homeowners who purchase a replacement personal residence may qualify for a tax credit as well.  Here’s a link to a guide that can help you determine if you qualify or not. Timing is crucial and of course, check with your tax advisor for complete details. This eligibility test works for either existing homeowners or first time homebuyers.

Tax credit timing:  You must be in a contract by 4/30/2010 and close by 6/30/2010 to qualify.  We are not anticipating this credit to be extended.  The industry leaders that worked so hard to accomplish getting this credit passed, have publicly stated that they will not be asking for more.

If you’re interested in buying, time is running out; you need to get into the market sooner rather than later.  I specialize in residential real estate in Corvallis, Albany, Philomath, Lebanon and surrounding areas of the mid-Willamette Valley in Oregon.  I’d be happy to help you work your way through the process.

Check to see if you qualify for a home buyer tax credit (first time or current homeowner)

Note: Test provided by Alishia Jones, Mortgage Loan Officer, Bank of America, Corvallis, Oregon.

HOME FOR SALE — 550 NW Witham Drive, Corvallis, Oregon

Solid single level in great location just blocks from Oregon State University and with easy access to downtown Corvallis. Great floor plan with separate family room that opens out to backyard. Kitchen and dining area combo has large windows, neutral counter-tops and  new vinyl flooring. Overall the feel is light and bright. Wood burning fireplace in living room. Generous use of wood floors in bedrooms and living room. Large .23 acre lot with established landscaping, sprinkler system, and wide paved side yard. 3 bedrooms, 1.5 baths, approximately 1,327 sq. ft.

Solid single level home located just blocks from the Oregon State University campus is perfect for Beaver fans, and is a great buy for investors, first time home buyers, or those down sizing. The count down is on for home buyers who are eligible for federal tax credits. Take advantage of other local amenities like the Benton County Fairgrounds, local parks, hiking and biking trails, and Irish Bend Covered Bridge and enjoy easy access to shopping and downtown Corvallis.

Open floor plan feels spacious and bright. Kitchen and dining area have large windows, neutral countertops, and new vinyl flooring. Living room is warm and cozy with wood fireplace with stone hearth and large windows to bring in the natural light. The family room is a great multipurpose area for play, tv, crafts, office space or you decide; complete with new carpet, large windows, and access to patio and backyard.

Master bedroom is light and bright with hardwood floors and large window. Attached half bathroom connects to the main bathroom allowing the master bedroom access to the shower and bathtub.

Enjoy outdoor spaces with paved side yard and large backyard with patio. Large nearly quarter acre lot is big enough for gardening, play structures, or other backyard dreams. Complete with sprinkler irrigation system to keep established landscaping green and lush year round.

Other amenities include:
•    Attached 2 car garage with laundry facilities
•    Air conditioning and gas forced air
•    2 additional bedrooms
•    Generous use of hardwood flooring
•    Approximately 1,327 sq. ft.
•    .23 acre lot

MLS#621852

Related links to the extended home buyer tax credit:

Home Buyer Tax Credit De-Mystified

Expanded and Extended Tax Credit Information

Search for more homes for sale in Corvallis here.