Thursday, January 5, 2012

Are City Policies Actually Reducing Property Values in LO?

To All COLA LO Members,

Recently new information on local Property Values is coming to light.   A current report from Zillow shows a dramatic decline in property values over the past 3 years.   Its insightful as it shows the potential for "underwater properties within the city. 

 The report can be found at :  LO Home Values

There is ongoing discussion within the community about the direction of the current city administration and its impact on our property values.   Residents are now questioning whether restrictions such as sensitive lands and tree codes are combining with city spending and debt to actually lower property values.  

Its a fact that the concerns over the cost and expenditures on Streetcar,  Foothills, and other projects have been communicated throughout the metro area.   At the same time residents are observing fees and utility rates increasing dramatically.   Many residents have expressed serious concerns about how tax/fee increases and higher utility rates are making LO relatively unaffordable, especially seniors.   Some residents believe this is part of a concerted strategy to increase density within the city by forcing residents into smaller homes. 

 There is also ongoing discussion of bringing in "affordable" subsidized housing into Lake Oswego by the current city administration.  Traditionally LO has been perceived as an expensive and wealthy community with entrance costs being quite high.    This program may change that view and lower property values by developing new government subsidized housing projects in Foothills and other parts of the community.   

Combined all of these directives under the current administration have dramatically increased the cost of ownership in LO and may actually be reducing interest and values within the community.    Its something to look at going into an election year as the current Council decides on priorities and spending.  

Please notify all contacts, members, and friends.   

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