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701 Terrace Dr, Lake Oswego
$2,495,000
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- Price per sqft
- $647.72
- Built in
- 1969
- Property size
- 3,852 sqft
- Lot size
- 18,295 sqft
- Property type
- Residential
- Days on market
- 190
Overview
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.
Details
Interior
- Interior features
- Air Cleaner, Ceiling Fan, Garage Door Opener, Hardwood Floors
- Appliances
- Built-in Oven, Convection Oven, Dishwasher, Disposal, Down Draft, Free Standing Refrigerator, Gas Appliances, Granite, Instant Hot Water, Microwave, Plumbed For Ice Maker, Stainless Steel Appliance, Water Purifier
- Fireplace
- Yes
- Fireplaces
- 2
- Fireplace description
- Gas
- Cooling
- Yes
- Cooling description
- Central Air
- Heating
- Yes
- Heating description
- Forced Air
- Windows
- Double Pane Windows, Storm Window
Exterior and lot
- Lot size
- 18,295 sqft
- Exterior features
- Boat House, Covered Patio, Deck, Dock, Fenced, Garden, Gas Hookup, Outbuilding, Sprinkler, Storm Door, Yard
- Lot features
- Private, Sloped
- Architectural style
- Traditional
- Roof
- Composition
- View
- Yes
- View description
- Lake
Utilities
- Sewer
- Public Sewer
- Water source
- Public Water
Parking
- Garage spaces
- 2
- Parking
- Driveway
- Total parking
- 2
Schools
- High school
- Lakeridge
- Middle school
- Lakeridge
- Elementary school
- Hallinan
Location
- City
- Lake Oswego
- County
- Clackamas
- Subdivision
- Mcvey Southshore
Taxes and dues
- Annual taxes
- $28,047 (2025)
- HOA dues
- $249 / month
Location
701 Terrace Dr, Lake Oswego, OR 97034
Monthly payment estimate
$15,865 /mo
- Principal and interest
- $13,279
- Property tax (2025)
- $2,337
- HOA dues
- $249
- Total
- $15,865
Estimate only, and not an offer of credit. Assumes 20% down ($499,000) and a 30-year fixed rate at 7.00%. Property tax is the assessed annual amount from the listing, divided by twelve. Rates change daily. Insurance and mortgage insurance are not included. Speak to a lender for terms that apply to you.
