Redesigned mansion, once an Oswego Lake eyesore, sells at $9.45M

A deteriorated Lake Oswego daylight ranch transformed into a glass-fronted modern mansion sold Friday at $9,450,000.

The lakefront property with a pool on South Shore Boulevard was purchased by an out-of-state resident wanting an Oregon vacation home, said Terry Sprague of LUXE Forbes Global Properties, who represented the seller in the transaction.

The buyer was represented by Mark Ross of Ross Northwest Real Estate.

Sprague, who has been selling high-end residential properties in Lake Oswego for 18 years, said visitors see the expensive enclave south of Portland as the West Coast’s version of Nantucket, the wealthy island town in Massachusetts.

Lake Oswego and Nantucket are known for historic architecture and an enviable lifestyle.

“We are constantly working with our feeder markets through Forbes (brokerage network) in California, Arizona and Texas.“ Sprague told The Oregonian/OregonLive. ”People who live in these locations are drawn to the spring and summers of Oregon.”

Another factor: The South Shore Boulevard property was listed in March at $11,477,000. Sprague dropped the asking price in May to $10,399,000.

“Buyers have been confused by the complexity of the economy,” he said.

Now, he said, consumer sentiment is changing. “There’s been a tremendous amount of wealth created in the stock market,” and, with limited homes for sale, there is a growing fear of missing out, he said.

Marketing the lake

“Step into an unparalleled masterpiece where history and contemporary design converge on the shores of Oswego Lake,” stated Sprague in the real estate listing for the South Shore Boulevard property.

The two-story house has 3,707 square feet of living space. Large windows and slide-away glass walls frame the property’s nearly 280 feet of private shoreline and its modern boathouse.

The home was originally designed by acclaimed architect Wade Hampton Pipes in 1954, but by 2018, significant architectural and engineering elements had deteriorated, been damaged or been destroyed.

The owner at the time asked that the property listed in the National Register of Historic Places be removed from historic protection so it could be demolished.

The owner stated to the National Park Service, which oversees the historic register, that the house was not adequately secured to the foundation and it ceased to have many of the hallmarks relied upon to earn the coveted designation.

Instead of the home meeting the wrecking ball, the property was sold to Ralph Martinez in 2021 for $3 million. Martinez then worked with preservation experts to comply with national register requirements.

The three-year renovation completed in 2024 involved architect Curt Olson, builder Skip O’Neill, landscape designer Steve Shapiro and interior designer Chris Soderberg.

“People can easily identify the original Wade Pipes’ house and enjoy the cool midcentury vibe,” Sprague told The Oregonian/OregonLive. “It’s relaxing to hang out here because the design team did a really great job of selecting quality materials that feel contemporary and midcentury.”

Sprague said people who appreciate historic properties look at each one as a piece of art. “They are not focused on square footage or the predictability of a new house, but are drawn to a home with a provenance,” he said.

History of the house

Historians don’t dispute that architect Wade Pipes’ finest commission was the Oswego Lake house he designed around a central courtyard for his friends John and Elizabeth Bates.

The John M. and Elizabeth Bates House No. 4 with a two-story bay fronting the lake was the fourth and final residence Pipes designed for the couple.

Pipes planned not only the house but also the landscape, interior finishes and some of the furniture. Pipes’ contribution here represents “the culmination of his work as a pivotal figure in the Arts and Crafts movement in Oregon,” while also giving a nod to the Northwest Regional style, said historians.

Another nod to the past: The landscape had exposed boulders and stone blocks representing Lake Oswego’s 1860s’ beginnings as an iron producing town dotted with humble company housing and stores.