In a nutshell, you will pay a premium for the downtown location of First Addition. The question is, has the premium for that location reached it peak and will it continue to create additional value beyond other Lake Oswego neighborhoods in the future or is a better value to be found elsewhere.

As that relates to your lifestyle preferences (walkability, etc), I can't answer that for you. As it relates to the homes throughout the town in our current market, my opinion is that there is potential for a higher appreciation in some other non-first addition areas than there is in downtown right now. HOWEVER, that is just an opinion and I can think of several homes in First Addition that offer tremendous potential value down the road. That is either because they have great bones and the potential to step up in value or because they are really stellar homes that have come down in price due to competition. You have to look at each home on a case by case basis.

So, the expression, "You make your money when you buy" may really be the most true in this market. Decide what value you put on being in the heart of it all and then let that guide you to your target neighborhoods and getting the best home for your money: be it a fixer or a discounted beauty.

Incidentally, if you are from Colorado, it may seem to be a head scratcher as to why Lake Oswego's downtown can command such a premium. My opinion is that, outside of Portland proper, there are no other suburban neighborhoods with this level of civic and commercial 'pleasantness' in the area. Lake Oswego's downtown is lined with public art and upscale restaurants, boutiques and design shops. In the summer the Chamber of Commerce puts huge flower baskets on every light pole around the whole downtown and other main streets. Driving East down A Avenue, Mt. Hood is perfectly framed on a clear day. There is a Farmer's market on summer Saturdays and live music nearly every summer night in various parks. Comparatively low crime rates and consistently ranked excellent schools all drive the idyllic nature of this town. So that's why the prices are so high - it is more than the house or the lot, it is the lifestyle.

In real estate the old addage of "location, location, location" holds true in Lake Oswego as is does every where. First Addition's amenities oif close proximity and ability ti walk to to shopping, the library, city hall, coffee,dining, parks and such, combined with the quaint tree lined street and vintage flavor make it one of the most expensive area in LO. It was recently named one of the top 10 neighborhoods in the US by a national magazine.

If the older charm is what appeals to you, there are other neighborhoods that offer vintage feeling homes-
Lake Grove and parts of River Grove may fill the bill at more affordable prices. You give up some of the walkability to downtown, but often gain larger lot sizes If you have kids, Lake O schools are top rated throughout the community. Consider these areas to expand your options.

Hello Pts.

If you are considering a move to Lake Oswego, let me be one of the first to welcome you.

You asked a great question but in the end the only one who can truly answer that question is you. These are to very different neighborhoods each with their own personality.

First addition is a much older established community in the heart of Lake Oswego. Like all neighborhoods it has changed quite a bit over the last few years with a blend of newer construction and older bungalow style homes. Overall it retains much of that village feel and is within walking distance of downtown.

The neighborhood of homes on Ridgefield Ln are generally, newer, larger and more garage space. More typical of recent suburban neighborhoods. It does not have that “cozy” feel that you might have in First Addition and it is in my opinion for many people it would not be considered a walk to downtown.

I would recommend that if you have not already that you visit Lake Oswego and its neighborhoods. Certainly I would be amiss if I did not suggest that you connect with a realtor who is the familiar with the area and have a conversation about what you feel is important to finding the ideal home. Once you get here you visit the neighborhoods with your realtor and decide what is best for you. We are fortunate here to have several wonderful neighborhoods to choose from.

You may consider visiting my website. JaniceLorentz.com and checking the tab "Market Snapshot" to learn more about neighborhoods you are considering.

Janice Lorentz, Licenced Oregon Broker
Keller Wiliams Realty, SW Portland
503-709-5138