About 701 Terrace Dr
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.
Features of 701 Terrace Dr
| MLS® # | 663841569 |
|---|---|
| Price | $2,495,000 |
| Bedrooms | 4 |
| Bathrooms | 4.10 |
| Full Baths | 4 |
| Half Baths | 1 |
| Square Footage | 3,852 |
| Acres | 0.42 |
| Year Built | 1969 |
| Type | Residential |
| Sub-Type | Single Family Residence |
| Style | Traditional |
| Status | Active |
Community Information
| Address | 701 Terrace Dr |
|---|---|
| Area | 147 - Lake Oswego, West Linn |
| Subdivision | Mcvey Southshore |
| City | Lake Oswego |
| County | Clackamas |
| State | OR |
| Zip Code | 97034 |
Amenities
| Parking Spaces | 2 |
|---|---|
| Parking | Driveway |
| # of Garages | 2 |
| Garages | Attached |
| View | Lake |
| Is Waterfront | No |
| Waterfront | Lake |
| Has Pool | No |
Interior
| Interior Features | Ceiling Fan(s), Garage Door Opener, Hardwood Floors, Air Cleaner |
|---|---|
| Appliances | Built-in Oven, Convection Oven, Dishwasher, Disposal, Free-Standing Refrigerator, Gas Appliances, Granite, Microwave, Plumbed For Ice Maker, Stainless Steel Appliance(s), Down Draft, Instant Hot Water, Water Purifier |
| Heating | Forced Air |
| Cooling | Central Air |
| Fireplace | Yes |
| # of Fireplaces | 2 |
| Fireplaces | Gas |
| # of Stories | 2 |
| Basement | Crawl Space, Exterior Entry, Storage Space |
Exterior
| Exterior | Brick, Cedar |
|---|---|
| Exterior Features | Covered Patio, Deck, Fenced, Garden, Gas Hookup, Outbuilding, Sprinkler, Storm Door(s), Yard, Boat House, Dock |
| Lot Description | Private, Sloped |
| Windows | Double Pane Windows, Storm Window(s) |
| Roof | Composition |
| Foundation | Concrete Perimeter |
School Information
| Elementary | Hallinan |
|---|---|
| Middle | Lakeridge |
| High | Lakeridge |
Additional Information
| Date Listed | April 23rd, 2026 |
|---|---|
| Days on Market | 139 |
| Short Sale | No |
| RE / Bank Owned | No |
| HOA Fees | 2985 |
| HOA Fees Freq. | Annually |
Listing Details
| Office | Harnish Company Realtors |
|---|---|
| Contact Info | harnish@harnishproperties.com |