First Addition is where Lake Oswego began — and it remains the city's most walkable and most coveted address. Its grid of wide sidewalks and historic cottages, much of it dating from the late 1800s through the 1940s, sits within a short stroll of Millennium Plaza Park, the Farmers' Market, and Lakewood Center for the Arts. Few neighborhoods anywhere pair genuine heritage with this kind of everyday walkability.
Why First Addition endures
Scarcity and lifestyle. Close-in, walkable, historic homes are in limited supply and enduring demand, and First Addition offers all three alongside Lake Oswego's schools and downtown. Buyers here are drawn as much to the character of the streets as to the homes themselves — and well-presented properties are met with consistent, serious interest.
Where value is determined
Preserved cottage character, lot, and proximity to the plaza and downtown all shape value in this distinct micro-market — nuances a broad estimate can't read. First Addition is its own small world within an already high-end city. (For the wider market, see my Lake Oswego market overview.)
Positioning a home for sale
The most effective approach here honors the home's character while presenting it at its best, and leads with the walkable lifestyle that sets the neighborhood apart. Pricing to genuine, current neighborhood comparables — not citywide averages — is what separates a quick, strong sale from a home that lingers.
A candid conversation
Whether you're considering a sale or simply curious where your home stands, I'd welcome an honest, no-obligation conversation. You can request a valuation here, or reach me directly. I'm Michael Smira of Smira Group — John L. Scott, among the top 1% of brokers for the past twelve years, with a growing focus on Lake Oswego's finest neighborhoods.
Michael Smira, Realtor®
Smira Group — John L. Scott
(503) 935-2560 · michael@smiragroup.com
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