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    • Price cut: $200K (6/10)
    $2,695,000

    701 Terrace Dr, Lake Oswego, OR 97034

    4beds
    3,852sqft
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    Residential, Single Family Residence
    Built in 1969
    0.42 Acres Lot
    $-- Zestimate®
    $700/sqft
    $249/mo HOA

    What's special

    Lakefront traditionalExceptional indoor-outdoor livingFormal diningRecently rebuilt private boathouseDual walk-in closetsExpansive rooftop deckLandscaped grounds
    Set on a private 0.42-acre lot in Lake Oswego’s coveted Palisades neighborhood, this lakefront traditional offers sweeping Oswego Lake views and exceptional indoor-outdoor living. The 3,852-square-foot home features vaulted ceilings, sunken living room, formal dining, and an open kitchen / great room that flows seamlessly to outdoor entertaining spaces through French doors. A standout feature is the recently rebuilt private boathouse with an expansive rooftop deck complemented with a dock, boat lift, landscaped grounds, and irrigation supported by deeded water rights—an ideal setting for lakeside gatherings as bald eagles and herons pass overhead.The upper-level primary suite includes a sitting area, dual walk-in closets, and a well-appointed bath. Three large additional bedrooms and a dedicated office offer custom built-ins and generous space.Other recent capital improvements are dual HVAC systems, water heaters, and a whole-house generator, providing year-round comfort and reliability. Additional features include a large two-car garage and security system. With access to top-rated Lake Oswego schools, this is a rare opportunity to own a true legacy waterfront property.
    80 days
    |
    1,619
    |
    61
    |

    Zillow last checked:

    Listing updated:

    Listed by:

    Justin Harnish harnish@harnishproperties.com,

    Harnish Company Realtors

    Source: RMLS (OR),MLS#: 663841569MLS Logo

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      Facts & features

      Interior

      Bedrooms & bathrooms
      • Bedrooms: 4
      • Bathrooms: 5
      • Full bathrooms: 4
      • Partial bathrooms: 1
      • Main level bathrooms: 2
      Rooms
      • Room types: Den, Bedroom 4, Laundry, Bedroom 2, Bedroom 3, Dining Room, Family Room, Kitchen, Living Room, Primary Bedroom
      Primary bedroom
      • Features: Double Closet, Double Sinks, Jetted Tub, Suite, Walkin Closet
      • Level: Upper
      • Area: 378
      • Dimensions: 21 x 18
      Bedroom 2
      • Features: Builtin Features, Walkin Closet
      • Level: Upper
      • Area: 160
      • Dimensions: 16 x 10
      Bedroom 3
      • Features: Bay Window, Walkin Closet
      • Level: Upper
      • Area: 150
      • Dimensions: 15 x 10
      Bedroom 4
      • Features: Suite, Walkin Closet
      • Level: Main
      • Area: 154
      • Dimensions: 14 x 11
      Dining room
      • Features: Bay Window, Builtin Features, Formal, Hardwood Floors
      • Level: Main
      • Area: 160
      • Dimensions: 16 x 10
      Family room
      • Features: Bookcases, Builtin Features, Fireplace
      • Level: Main
      • Area: 352
      • Dimensions: 22 x 16
      Kitchen
      • Features: Deck, Eat Bar, French Doors, Gourmet Kitchen, Hardwood Floors, Granite
      • Level: Main
      • Area: 312
      • Width: 13
      Living room
      • Features: Fireplace, Sunken, Vaulted Ceiling
      • Level: Main
      • Area: 360
      • Dimensions: 24 x 15
      Heating
      • Forced Air, Fireplace(s)
      Cooling
      • Central Air
      Appliances
      • Included: Built In Oven, Convection Oven, Dishwasher, Disposal, Down Draft, Free-Standing Refrigerator, Gas Appliances, Instant Hot Water, Microwave, Plumbed For Ice Maker, Stainless Steel Appliance(s), Water Purifier, Electric Water Heater, Gas Water Heater
      Features
      • Ceiling Fan(s), Built-in Features, Suite, Walk-In Closet(s), Sink, Formal, Bookcases, Eat Bar, Gourmet Kitchen, Granite, Sunken, Vaulted Ceiling(s), Double Closet, Double Vanity
      • Flooring: Hardwood
      • Doors: Storm Door(s), French Doors
      • Windows: Double Pane Windows, Storm Window(s), Bay Window(s)
      • Basement: Crawl Space,Exterior Entry,Storage Space
      • Number of fireplaces: 2
      • Fireplace features: Gas
      Interior area
      • Total structure area: 3,852
      • Total interior livable area: 3,852 sqft

      Property

      Parking
      • Total spaces: 2
      • Parking features: Driveway, Garage Door Opener, Attached
      • Attached garage spaces: 2
      • Has uncovered spaces: Yes
      Accessibility
      • Accessibility features: Accessible Full Bath, Garage On Main, Main Floor Bedroom Bath, Utility Room On Main, Walkin Shower, Accessibility
      Features
      • Stories: 2
      • Patio & porch: Covered Patio, Deck
      • Exterior features: Dock, Garden, Gas Hookup, Yard
      • Has spa: Yes
      • Spa features: Bath
      • Fencing: Fenced
      • Has view: Yes
      • View description: Lake
      • Has water view: Yes
      • Water view: Lake
      • Waterfront features: Lake
      • Body of water: Oswego Lake
      Lot
      • Size: 0.42 Acres
      • Features: Private, Sloped, Sprinkler, SqFt 15000 to 19999
      Details
      • Additional structures: BoatHouse, Dock, GasHookup
      • Parcel number: 00250542
      • Other equipment: Air Cleaner

      Construction

      Type & style
      • Home type: SingleFamily
      • Architectural style: Traditional
      • Property subtype: Residential, Single Family Residence
      Materials
      • Brick, Cedar
      • Foundation: Concrete Perimeter
      • Roof: Composition
      Condition
      • Resale
      • New construction: No
      • Year built: 1969

      Utilities & green energy

      • Gas: Gas Hookup, Gas
      • Sewer: Public Sewer
      • Water: Public
      • Utilities for property: Cable Connected

      Community & HOA

      Community
      • Security: Security System Owned
      • Subdivision: Mcvey Southshore
      HOA
      • Has HOA: Yes
      • Amenities included: Boat Slip, Management
      • HOA fee: $2,985 annually
      • Second HOA fee: $7,500 one time
      Location
      • Region: Lake Oswego

      Financial & listing details

      • Price per square foot: $700/sqft
      • Tax assessed value: $3,124,301
      • Annual tax amount: $28,046
      • Date on market: 4/23/2026
      • Listing terms: Cash,Conventional
      • Road surface type: Paved

        Estimated market value

        Not available

        Estimated sales range

        Not available

        Not available

        Price history

        DateEventPrice
        6/10/2026Price change$2,695,000-6.9%$700/sqft
        Source: RMLS (OR) #663841569 Report a problem
        4/24/2026Listed for sale$2,895,000+277.4%$752/sqft
        Source: RMLS (OR) #663841569 Report a problem
        2/26/1998Sold$767,000+111%$199/sqft
        Source: Public Record Report a problem
        5/6/1996Sold$363,500$94/sqft
        Source: Public Record Report a problem

        Public tax history

        YearProperty taxesTax assessment
        2025$28,047 +2.7%$1,463,655 +3%
        2024$27,299 +3%$1,421,025 +3%
        2023$26,497 +3.1%$1,379,636 +3%
        2022$25,711 +8.3%$1,339,453 +3%
        2021$23,744 +2.6%$1,300,440 +3%
        2020$23,148 +2.5%$1,262,564 +3%
        2019$22,579 +5.2%$1,225,791 +3%
        2018$21,471 $1,190,088 +3%
        2017$21,471 +13.9%$1,155,425 +3%
        2016$18,858 $1,121,772 +3%
        2015$18,858 +3.5%$1,089,099 +3%
        2014$18,219 +3.2%$1,057,378 +3%
        2013$17,657 +2.9%$1,026,581 +3%
        2012$17,159 +3.5%$996,681 +3%
        2011$16,572 +1.7%$967,651 +3%
        2010$16,291 +1%$939,467 +3%
        2009$16,123 +6.7%$912,104 +3%
        2008$15,110 +4.6%$885,538 +3%
        2007$14,443 +4.3%$859,746 +3%
        2006$13,843 +0.3%$834,705 +3%
        2005$13,803 +4.1%$810,393 +3%
        2004$13,265 +4.9%$786,789 +3%
        2003$12,649 +4.4%$763,873 +3%
        2002$12,116 +1.9%$741,624 +3%
        2001$11,891 +10.5%$720,023 +3%
        2000$10,763 $699,051
        Find assessor info on the county website

        Monthly payment

        Est. payment

        Payment breakdown

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        All calculations are estimates and provided by Zillow, Inc. for informational purposes only. Actual amounts may vary.
        HOA fees may include property taxes on listings classified as Co-Ops. Contact the listing agent and/or owner for fee details.
        Mortgage interest rates are dependent on a number of factors, including credit score, down payment, and repayment length. Interest rate data provided by Zillow Group Marketplace, Inc. as of 1/1/1970 from various mortgage lenders with which we have lead or other similar arrangements; the Estimated Payment is an average of those rates.
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        Climate risks

        Neighborhood: McVey-South Shore

        Getting around

        40 / 100
        Car-Dependent
        19 / 100
        Minimal Transit
        53 / 100
        Bikeable

        Nearby schools

        GreatSchools rating
        Schools provided by the listing agent
        • Elementary: Hallinan
        • Middle: Lakeridge
        • High: Lakeridge

        Source: RMLS (OR). This data may not be complete. We recommend contacting the local school district to confirm school assignments for this home.

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