Justin Harnish has been selling high-end Oregon real estate for two decades and he, like many other experts, expected home sales to flatten this year. He was wrong.
His agency Harnish Properties sold the record-breaking $7.5 million Lake Oswego estate and three others among the top 10 most expensive home sales in the state.
“It’s exciting that we’re still in a 10-year run,” says Harnish, who estimates his agency will close 2019 with $150 million in sales.
Despite warnings, he doesn’t see next year changing. “Rates are low, inventory is low and people are out,” he says.
He notes that some markets and price categories have cooled, especially residential properties in the $1.5- to $3-million range, while activity above $3 million is active.
Harnish Properties
$7.5 million for gated Lake Oswego estate
The gated lake estate on one acre at 4375 Southshore Blvd. sold for $7.5 million on Oct. 14, 2019, making it the most expensive residential transaction in Oregon this year, according to the real estate database Redfin.
The three-story, traditional-style house, built in 1935 in Lake View Villas, has 6,300 square feet of living space plus a studio apartment, stone patios, four-car garage, tennis and bocce ball courts, a pool, hot tub, creek-like water feature, boat house and dock.
"One of few level, waterfront lots of its size on lake with development potential of five tax lots," say listing agents Justin Harnish and Errol Bradley of Harnish Properties.
Property taxes are $47,784 a year.
Homeowners association fees are $234 a month.
Harnish says low interest rates don’t impact top-end sales since many are cash offers. Some properties trade hands without being listed. A “shadow market” is when a broker privately matches a seller with a buyer.
Still, just for comparison, if financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment for this $7.5 million property would be $28,214 a month after a $1.5 million down payment.
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Total Real Estate Group
$6,995,000 for Pearl District condo
The Pearl District condo at 1075 N.W. Northrup St. #2715 sold for $6,995,000 on Dec. 9, 2019.
Two units in the Cosmopolitan on the Park were united as one custom home prior to the 28-story building being completed in 2016.
The home has two kitchens, 4,300 square feet of living space and an almost 360-degree view from three decks, according to listing agent Kara Wart of Total Real Estate Group.
Property taxes are $64,994 a year.
Homeowners association fees are $2,366 a month, which includes 24-hour concierge service, a landscaped courtyard on the 4th floor, fitness center and guest suites.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $26,314 a month after a $1.4 million down payment.
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Luxe Christie's International Real Estate
$4,155,000 for waterfront Lake Oswego mansion
The waterfront home at 920 Westpoint Road in Lake Oswego sold for $4,155,000 on Sept. 20, 2019.
The four-level, remodeled English-style house, built in 1936 on the peninsula of the main lake, has formal living and dining rooms, a family room, gym and 6,337 square feet of living space.
The 7,840-square-foot lot includes a tiered backyard with a patio and a lawn and fire pit on lower lake level plus a covered slip with lift and floating dock, says listing agent Terry Sprague of Luxe Christie's International Real Estate.
Property taxes are $38,197 a year.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $15,631 a month after a $831,000 down payment.
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Harnish Properties
$4,125,000 for resort-like compound on North Shore Main Lake
The gated estate at 910 Northshore Road in Lake Oswego sold for $4,125,000 on Nov. 1, 2019.
The two-story, traditional-style house, built in 1940 on 0.52 acres on Oswego Lake's North Shore, has a media room with a bar, exercise area and 5,203 square feet of living space.
"A unique opportunity to have almost all living areas on the main floor; master suite, den, kitchen, great room, laundry and three guest suites," says listing agent Justin Harnish of Harnish Properties.
The "resort-like compound," he adds, includes a pool, hot tub, sauna, dock, flat waterfront yard and boat house with a roof-top deck.
Property taxes are $32,394 a year.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $15,518 a month after a $825,000 down payment.
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Harnish Properties
$4 million for Lake Oswego Cabana house
610 Cabana Lane in Lake Oswego sold for $4 million on Jan. 31, 2019.
The two-story contemporary house, built in 2013 on Oswego Lake's Lakewood Bay, has a gourmet kitchen, great room, dual master suites, guest suites and 4,796 square feet of living space.
The 7,840-square-foot lot also has a covered outdoor living, boat lift and oversized three-vehicle garage, say listing agents Justin Harnish and Errol Bradley of Harnish Properties.
Property taxes are $37,838 a year.
Homeowners association fees are $217 a month.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $15,048 a month after a $800,000 down payment.
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Strategic Realty
$3,925,000 for Northwest-style house in Bend
61794 Tam Mcarthur Loop in Bend sold for $3,925,000 on April 17, 2019.
The Northwest-style house, built in 1995 in the gated west-side neighborhood of Broken Top, has five luxury suites, nine fireplaces, a gymnasium, 7,538 square feet of living space plus a guest house.
Beyond the heated driveway on the 0.75-acre property is an enclosed courtyard designed for privacy and entertaining and a spa-inspired heated pool and hot tub, says listing agent Kerry O'Neal of Strategic Realty.
Property taxes are $26,242 a year.
Homeowners association fees are $149 a month.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $14,765 a month after a $785,000 down payment.
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Cascade Sotheby's International Realty
$3,750,000 for 11.42-acre property in Bend
The 11.42-acre property at 61664 Belmore Loop in Bend sold for $3,750,000 on July 25, 2019.
The Northwest contemporary house by Norman Building & Design, was built in 2008 in the Highlands at Broken Top.
The home has black Brazilian slate tiles within floor heating, a media room with a 120-inch drop down high-definition projector, wet bar, 100-bottle wine cooler, double beer tap and 5,824 square feet of living space.
The outdoor living space has ceiling heaters and a gas fireplace plus there is a pool, hot tub, five-car garage and RV bay, says listing agent Julie Moe of Cascade Sotheby's International Realty.
Property taxes are $24,194 a year.
Homeowners association dues are $468 a month.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $14,107 a month after a $750,000 down payment.
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Harnish Properties
$3.45 million for modern house in Dunthorpe
1510 S.W. Buddington St. in Dunthrope sold for $3.45 million on Nov. 8, 2019.
The three-level modern house, built in 2012 and recently renovated, has a gourmet kitchen and 7,981 square feet of living space.
The one-acre estate has a great room has walls of glass and doors to the covered outdoor kitchen, pool and hot tub plus a 1,000-square-foot "man cave" with automatic sliders that open to the courtyard fireplace and water feature, say listing agents Justin Harnish and Errol Bradley of Harnish Properties.
Property taxes are $29,117 a year.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $12,979 a month after a $690,000 down payment.
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Hasson Company
$3.3 million for Cape Cod estate in Lake Oswego
1142 Crestline Court in Lake Oswego sold for $3.3 million on Nov. 22, 2019.
The two-level, Cape Cod-style house, built in 2001, has five bedroom suites plus an office, study and bonus rooms, craft room and 6,440 square feet of living space.
The 1.76-acre, level estate has valley and sunset views, a tennis pavilion, water feature, covered patio, lawn and gardens, say listing agents Kathy Hall and Kevin Hall of Hasson Company.
Property taxes are $45,693 a year.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $12,414 a month after a $660,000 down payment.
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Luxe Christie's International Real Estate
$3,280,000 for Dutch Colonial in Lake Oswego
2088 Crest Dr. in Lake Oswego sold for $3,280,000 on June 28, 2019.
The three-level Dutch Colonial-style house, built in 2005, has black walnut and marble floors, a home theater, wine cellar and 7,737 a square foot of living space.
The 1.38-acre property on Uplands Ridge has views of the original tee box of the 15th hole, Mount Hood and Oswego Lake, says listing agent Terry Sprague of Luxe Christie's International Real Estate.
Property taxes are $45,346 a year.
If financed traditionally with a 30-year fixed mortgage at 3.875% interest, the principal and interest payment would be $12,339 a month after a $656,000 down payment.
--Janet Eastman | 503-294-4072
jeastman@oregonian.com | @janeteastman
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