$1,350,000
15200 Lily Bay Ct, Lake Oswego, OR 97034
Lake Oswego Village-on-the-Lake: 3,260 sqft Cul-de-Sac Home with Bonus Room
3 Bed · 2.5 Bath · 3,260 Sq Ft
Value-oriented Lake Oswego home with lake easement eligibility and convertible bonus room.
3
Beds
2.5
Baths
3,260
Sq Ft
1990
Built
0.19 acres
Lot
2-car attached garage (driveway + on-street)
Garage
About 15200 Lily Bay Ct
15200 Lily Bay Ct is a genuinely practical way into Lake Oswego lifestyle without paying top turnkey premiums. Positioned at the end of a quiet cul-de-sac in the Village on the Lake area, this two-story traditional offers 3,260 square feet of living space, a private, sloped 8,276 sq ft lot, and a flexible bonus room with a walk-in closet that can serve as a fourth bedroom, guest suite, or dedicated workspace.
The main floor centers around a well-proportioned kitchen with granite counters, a cook island, stainless appliances, pantry and tile work — a layout that supports both everyday family use and easy entertaining. The home includes three bedrooms plus the convertible bonus space, 2.5 baths, and living areas sized for multiple furniture arrangements. Interior systems and finishes are serviceable, but the home is being sold priced to reflect the need for a new roof and a few repairs — an opportunity for a buyer to personalize finishes and capture immediate equity.
Outdoor living benefits from the cul-de-sac setting and yard privacy; the lot slopes thoughtfully to create usable yard zones and planting areas. The property is eligible to join the Village on the Lake easement, which may allow access to neighborhood lake amenities — a true local perk. Parking is convenient with a two-car garage, driveway space, and ample guest parking on the cul-de-sac.
Lake Oswego's schools, mature tree-lined streets, and nearby Lake Grove shopping/restaurants make this location desirable. If you’re seeking value in a top-tier suburb — whether as an owner who wants to renovate to taste or an investor targeting rehab upside — this home merits a close look. Please schedule inspections to confirm roof scope and other items flagged in the MLS remarks. Contact listing agent Justin Harnish at 503-699-8483 for showings and contractor recommendations.
Home Highlights
Property Features
Interior Features
- 3,260 sqft living area with flexible bonus room (walk-in closet)
- Granite countertops and center island
- Stainless steel appliances, built-in oven and cooktop
- Tile in wet areas, double pane windows with wood frames
- Security system (leased)
Exterior & Lot
- 8,276 sqft sloping lot on a cul-de-sac
- Eligible to join Village on the Lake easement (lake access option)
- 2-car garage plus driveway and on-street parking
- Private backyard areas and planting terraces
Location & Neighborhood
- Village on the Lake / Lake Grove neighborhood
- Close to Lake Grove shopping & dining (approx 1 mile)
- Short drive to Lake Oswego Golf Club and parks
- Quiet residential cul-de-sac setting
Walkability & Recreation
- Walkability Rating: 62/100
- Nearby trails, parks and neighborhood lake access potential
- Short drive to regional arterials for commuting
Neighborhood & Location
Village on the Lake / Lake Grove is a mature, family-oriented pocket of Lake Oswego with tree-lined streets, close-knit neighborhood associations, and convenient access to Lake Grove Village shopping and restaurants. Homes here are a mix of 1980s–1990s construction and updated remodels. Residents prize school quality, proximity to parks and trails, and neighborhood lake easement access when available.
Market Insights
Lake Oswego consistently trades as a premium suburban market within the Portland MSA. Buyer demand centers on neighborhoods with strong schools and access to local amenities like Lake Grove Village and neighborhood lake easements. Inventory has been relatively tight (estimated 2–3 months), producing a seller-advantaged environment for updated homes. This property is priced below many turnkey comparables to reflect a roof replacement and minor repairs — creating an attractive purchase point for a buyer willing to invest modest capex. Expect average Days on Market near 30 for well-priced properties in this pocket; fully updated homes continue to command $400+/sqft in the Village on the Lake submarket. Given current trends, an investor who completes necessary repairs should be able to competitively reposition the home for resale or strong rental demand.
Nearby Schools
Lake Grove Elementary School
Elementary · ≈1.0 mi
Lake Oswego Middle School
Middle · ≈2.0 mi
Lakeridge High School
High · ≈2.5 mi
Walkability & Recreation
Good access to neighborhood trails, parks, and potential private lake easement access — strong for weekend lake and outdoor activities.
Investment Highlights
- Eligible for Village on the Lake easement — potential neighborhood lake access
- Generous 3,260 sqft floor plan with convertible bonus room (can function as 4th bedroom)
- Cul-de-sac lot of 8,276 sqft offering privacy and additional on-street parking
- Priced to reflect roof replacement / minor repairs — room for upside after updates
Key Findings
- List price: $1,350,000; price/sf reported at $414
- Built in 1990; 3 bedrooms, 2.5 baths; 3,260 total sqft
- Lot is 8,276 sqft (approx. 0.19 acres), sloping and private on a cul-de-sac
- MLS notes need for new roof and minor repairs
- Property eligible to join Village on the Lake easement (lake access opportunity)
Things to Consider
- Immediate capital needed for roof replacement — obtain contractor bids and inspection
- Exact school boundary and zoning should be confirmed with LOSD and City of Lake Oswego
- Potential hidden maintenance items given age and stated repairs
Opportunity Analysis
Acquire a sizable Lake Oswego single-family home below turnkey market levels, perform necessary roof and cosmetic updates, and re-market to owner-occupiers seeking Lake Oswego schools and lake access — or hold as a long-term rental in a high-demand suburb.
Potential Use Scenarios
- Order full home and roof inspection immediately to quantify repair costs.
- If capex < 6-8% of purchase price, proceed with purchase and budget targeted cosmetic refresh + roof to achieve premium positioning.
- Consider listing post-rehab at $1.4M–$1.5M depending on finish level; if holding, aim for rent consistent with upper-tier Lake Oswego homes.
Risk Factors
- Roof cost and any uncovered structural issues
- Market softening could compress short-term resale gains
- Uncertainty in exact school assignments and neighborhood easement rights
Buyers should conduct independent due diligence before making any purchase decisions.
AI Valuation Estimate
Low
$1250K
Midpoint
$1350K
High
$1450K
$414/SF estimated price per square foot
Estimate anchored to list price of $1,350,000 and typical Lake Oswego price per sqft for comparable condition homes. Adjusted downward to account for roof replacement and visible deferred maintenance noted in listing remarks.
As of 2026-03-12
This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.
Market & Area Data
Market Trends
Demographics
Lake Oswego remains a high-demand suburban market with steady population and household income growth relative to the Portland metro average.
Nearby Points of Interest
- Lake Oswego Golf Club (approx 1.5 mi)
- Lake Grove Village shopping district (1.0 mi)
Close to Lake Grove shops and restaurants, neighborhood lake access easement opportunities, parks and local trails; short drive to I-5 and Portland metro employment centers.
School District
Market data is based on aggregated public records and may not reflect real-time conditions.
Property Details
Building Details
Lot & Site
Utilities
Zoning & Land Use
Allowed Uses
Tax & Sale History
Tax Assessment
Sale History
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