Lake Oswego Real Estate Continues to Decline in Value According to Zillow

To All COLA LO members,

This past week Zillow released new data on LO real estate values and at the same time the Oregonian issued an editorial supporting a review of the Property Tax system at the state level.   This all comes at a time when many residents are asking why Property taxes are increasing while the value of their homes is actually declining.   Its an ongoing discussion within the community.  

Zillow reports that property values in Lake Oswego declined 5.9% year on year as of January 2012.   Their report and graphic can be found at LO Home Values.   The Oregonian is asking for a review of property taxes at the state level and mentions compression.   This past year the LO review reported that in some parts of the LOSD boundary compression has impacted the local option.    The details can be found at Local Option Hit. and Another Look.

During the past month several real estate brokers testified at the planning commission hearing that the public access issue to the lake had caused sales to be terminated and that the impact of this direction was or would actually lower property values on the lake.   It was an interesting concept that has many in the community wondering if the direction of this city administration is actually lowering property value.   Realtytrac provides further insight into the market in terms of foreclosures which now number about 1 in 7 sales according to their numbers LO Foreclosures.

Only time will tell but its clear that values continue to decline according to Zillow.   Please notify all members, contacts, and friends.