Bend, OR Real Estate News

By Troy Batson, Bend Oregon Real Estate
(The Lowes Group)
Active Residential Listing Report ~ March 1, 2009                                                     BEND                 REDMOND                 SISTERS                  PRINEVILLE Total Active Res. Listings -         1,664                       701                        155                           327 Current Res. Short Sales -            313 (19%)             137 (20%)               11 (7%)                   35 (11%) Current Res. Bank Owned -          164 (10%)               61 (9%)                   5 (3%)                    24 (7%) I will be compiling this report monthly in hopes of identifying the bottom of our Central Oregon market. With almost 30% of the Bend, Oregon active residential listings being short sales and foreclosures it looks like we have a ways to go.  Until the...
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By Troy Batson, Bend Oregon Real Estate
(The Lowes Group)
Market Statistics Report Listings as of 03/01/09 at 8:06am Property Type  Residential    Property Subtypes  Condominium, Manufactured Home, Mfg Hm w/Acreage, Res w/Acreage, Residential, Townhome    Area  Bend/Tumalo/Alfalfa Statuses  Active, Contingent, Pending, Sold (2/1/2009 to 2/28/2009)      Residential            2- Bedrooms          3 Bedrooms          4 Bedrooms          5+ Bedrooms          All Bedrooms          Active     #Units 235 1043 450 93 1821       Average List Price $316,912 $429,129 $649,999 $996,457 $498,202       Average Market Time 213 187 203 191 194       Average Square Feet 1304 2063 2944 4044 2284            All Off Market     #Units 22 135 64 5 226            Pending     #Units 18 91 44 5 158       Average List Price $226,022 $282,333 $406,394 $348,760 $312,56...
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By Cheri Smith
(Total Property Resources)
Shevlin Reserve, which features 12 sleek and sophisticated  modern, single-level townhomes in NW Bend, now has 4 bank-owned townhomes available ranging from $350,000 to $595,000. That's great news for buyers but bad news for owners that paid nearly $900,000. Modern design typically strives to integrate the indoor and outdoor environments and Shevlin Reserve does just that. The single level townhomes have a low profile and are situated on larger lots. They feature modern and sustainable touches like concrete radiant heat floors, wool carpet, stainless steel countertops in the kitchen, floating cabinets, Italian light fixtures, and a wall of 23 foot tall windows in the living room that open onto the outdoor living area via German engineering. Some of the townhomes have Cascade Mountain vi...
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By Keller Williams, Central Oregon Realty
(Keller Williams Central Oregon Realty)
It comes as no surprise given all that Keller Williams has to offer us as agents. Keller Williams agents have 24 hour access to streaming video and audio real estate training and information to keep updated with current industry trends. Check it out at and Keller Williams University https://secure.kw.com/kwu/ and KW Connect. http://kwconnect.kw.com/connect/ Keller Williams® Realty is the 3rd largest real estate company in the USA with 692 market centers and over 73,000 agents. Keller Williams® treats the agents as partners and paid out $52,627,682 in profit sharing in 2008 alone. http://www.kw.com/kw/wealth-building.html Keller Williams offers the Best Education and Training in the industry. Keller Williams® is built by agents and for the agents. http://support.kw.com/pages/eagentctour/...
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By Troy Batson, Bend Oregon Real Estate
(The Lowes Group)
The Bend, Oregon real estate market is showing signs of life this month.  February, a notoriously slow month, has already seen 42 residential home sales and 144 pending sales.  The majority of the single family homes being sold and currently pending fall under the $300,000 mark.  The average sells price of the 42 homes sold in February is $250,000.  With Spring just around the corner I expect these number to continue to improve throughout the summer. Bend, Oregon homes for sale continue to be effected by the increasing number of foreclosures and short sales in a negative fashion.  This price pressure will continue until the foreclosure rates decrease and return to normal levels.  The good news for home buyers is the rent versus buy scenario has finally become a reality in Bend, Oregon. ...
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By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
  I am excited to hear the presenters this morning at the Real Estate Forecast breakfast in our wonderful little town of Bend, OR.  Forecasting is always tough but this year with the unknown impacts of the American Recovery and Reinvestment Act of 2009, the Homeowners Affordability and Stability Plan, TARP I, II and III and TALF it is hard to make a call.   During the week I got input about forecasting from 3 sharp students of the economy that I want to share with you too.  The first insight comes from a very experienced commercial broker who will appreciate being recognized as wise but may not appreciate being called a gray-hair oracle.  He reminds us that while the timing of the recovery’s beginning is still very uncertain, the order in which parts will recover is likely to follow lon...
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By Lisa Broadwater, GRI, CDPE - Bend, Sisters, Tumalo, Redmond
(Cascade Sotheby's International Realty)
Last summer, I started tracking the Sisters real estate market. This year, I'm expanding to also track the Tumalo Residential with Acreage market. As a horse-property specialist, Tumalo has always been of particular interest to me because that's where you'll find many of the most desirable horse properties in Central Oregon. Nowhere else can you find quite this combination: larger parcels, often 10 acres or more (which, because of their zoning --exclusive farm use-are very difficult to subdivide, giving the area a more rural feel), impressive Cascade Mountain views (some of the best in the county), temperate climate (it's often the mildest in the region) and convenient location (close to Bend, Sisters and Redmond). Granted, tracking Tumalo is an admittedly subjective undertaking since, ...
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By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
Good morning! Well I didn't write the subject line this morning, but it is appropriate.  For some (Messrs. Obama, and Reid and Mrs. Pelosi) it smells like roses.  For others it just plain smells.  We now have it passed by both the house and the senate and Pres Obama is to sign it into law on Tuesday in a ceremony in Denver, CO, so I choose to be hopeful of its benefits but not blind to its high risks.  Let's do a quick run down on the good the bad and the ugly related to The American Recovery and Reinvestment Act of 2009 in reverse order. Ugly: $787 Billion of spending that will all be borrowed by the treasury on top of record deficit spending anticipated for 2009 and 2010. If you were to spend a dollar every second of every day you would reach $787 billion in 24,956 years!  Or at $1,00...
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Yesterday President Obama signed the American Recovery and Reinvestment Act into law. That act includes the Homeowner Affordability and Stability Plan, which could be a very positive thing for the housing market.  After a quick scan of the Executive Summary and Q&A, I think it looks great. Some of the highlights include: 1. Provide Access to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices. 2. Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners. 3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac. So what does all that mumbo jumbo really mean and how might it help you if you're a homeowner struggling to make your payments? Here is some additional information from  th...
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By Cheri Smith
(Total Property Resources)
You must have heard by now that the house and senate passed a modified version of the stimulus bill that includes a tax credit for first time home buyers. The final version of the bill that passed includes the following: 1. A tax credit of 10% of the purchase price up to $8000. 2. Only first time home buyers purchasing a primary residence are eligible. The definition of a first time buyer includes someone who has not owned a home in the last 3 years. 3. The credit can be applied to a home purchased between January 1, 2009 - November 30, 2009. (I've also read that the home must be purchased by December 31, 2009 so check with your accountant or tax advisor) 4. The credit does not have to be paid back as long as you live in the home for 3 years or more. If you sell before owning the home f...
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By John Ropp, Principal Broker ABR, CRS, GRI, SFR
(The Broker Network)
It has been quite some time since I last posted a blog entry on Active Rain. I figured today would be as good of time as any to get back in the swing of blog posts here. I'll keep it short and to the point. Team Ropp/Quinn has stayed very busy the last 6 months with both work and play. We have relocated our office to a new downtown Bend location! What a move it has been for all of us! Our intent was twofold; one was to lead market trends and downsize our overall square footage and shrink our over head, and two was to have a better street presence downtown amongst all the local festivals, street fairs, art walks and bike races, to name a few. Our new address is 550 NW Franklin Blvd Ste 188 Bend, OR 97701. We also have a new website that has taken a lot of effort to get up and running. It...
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By Troy Batson, Bend Oregon Real Estate
(The Lowes Group)
I had a client today ask me how bad the home prices in Bend, Oregon have fallen.  I told him it depends on the location of the home in Bend, knowing that to be the case, but not really having the numbers to back it up.  I knew, without checking, that Northwest homes had faired far better than the Northeast homes, but I wasn't exactly sure about the home prices in the Southeast and Southwest Bend area.  So off to the MLS I went to run some reports. Turns out Bend, Oregon median home sale prices have dropped 30% from January '08 to January '09.  I was surprised to find out the Southeast median home sale price dipped only 14%, and that the coveted Northwest area came in at an 18% decline over last year.  I was not surprised to discover that the Southwest and Northeast median home sales pri...
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By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
Big news starting into the week is action following the progress announced Friday in Washington on the Stimulus Bill.  While a compromise has been reached in the senate finance committee, the path to completion is far from smooth. German Chancellor Bismarck said in the 1800’s: “There are two things you don’t want to see being made—sausage and legislation.”  This is certainly still true today. The senate has failed to publish any legislative language on the compromise so we are operating from news reports.  We do have access to a spreadsheet supplied by Senator Ben Nelson, D-Neb who has been working for the compromise (click on link). This data is stated in thousands of dollars and shows how much it is to spend nearly a trillion dollars.  Remember that a trillion is a million millions! I...
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By Cheri Smith
(Total Property Resources)
Located in the heart of Bend between downtown and The Old Mill District. This bank owned Mill Quarter townhome is listed at $479,900. With a mix of contemporary and industrial styling, this home features granite counters, cork flooring, central vac, and Viking appliances. The townhome is a 3 bedroom, 3 bath with 2400 square feet. Square footage includes zoned office space on the lower level with a separate entrance on the street.         Property not listed by agent presenting the information.  
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By Cheri Smith
(Total Property Resources)
78 homes sold in January (compared to 77 in December), 126 are pending, 65 are contingent, and 1830 are currently for sale. Surprisingly there are more homes on the market than there were in December. None of the three homes that are pending in the higher price range are newly pending. In the $950,000 - $999,999 range, the home is a 3400 square foot riverfront home just north of downtown that has been pending since September 16, 2008. In the $1,250,000 - $1,499,999 range, a Deschutes Landing riverfront townhome. This townhome is one of their redesigned floor plans that includes a 2-car garage and it has been pending since November 24, 2008. This townhome isn't completed so it could be pending for awhile. In the $1,750,000 - $1,999,999 range, the pending sale is a home that has been pend...
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By Troy Batson, Bend Oregon Real Estate
(The Lowes Group)
Market Statistics Report - Jan. '09 Listings as of 02/03/09 at 2:06pm Property Type  Residential    Property Subtypes  Condominium, Mfg Hm w/Acreage, Res w/Acreage, Residential, Townhome    Area  Bend/Tumalo/Alfalfa Statuses  Active, Contingent, Pending, Sold (1/1/2009 to 1/31/2009)        Residential            2- Bedrooms          3 Bedrooms          4 Bedrooms          5+ Bedrooms          All Bedrooms          Active     #Units 207 1014 453 87 1761       Average List Price $336,790 $459,106 $655,179 $1,045,722 $524,147       Average Market Time 208 189 201 189 194       Average Square Feet 1324 2106 2929 3988 2319            All Off Market     #Units 16 122 51 3 192            Pending     #Units 12 70 35 1 118       Average List Price $254,225 $296,761 $380,713 $575,000 $319,694   ...
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By Cheri Smith
(Total Property Resources)
Today was a day for statistics, a class I didn't particularly enjoy in college. Real estate statistics are a breath of fresh air compared to epidemiological statistics. How is the Bend real estate market? Well, that depends on whether you are a buyer or a seller. If you're a buyer, our inventory is still high and there's a good selection of homes in all price ranges. Add to that the fact that the median sales price is roughly back to what it was in 2005 and interest rates are still low, it's a pretty good time to be a home buyer. There are plenty of foreclosures and short sales to consider as well, although many of them that I've seen are in rough shape. If you're a seller, it's tough out there. Depending on when you purchased your home, you might not have any equity and in fact, you mi...
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By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
Special Alert The Fed in the past hour released an announcement following their Open Market Committee meeting.  As expected, they kept the Fed Funds Rate Target at 0.0 - 0.25%.  No surprise here but there was one dissenting vote (Lacker - wanted to buy Treasury bonds rather than MBS) and some interesting comments.  Traders have waited anxiously to see what they would say about inflation.  For two week now the chatter has been all about inflation and what the stimulus activity might do to inflation.  The announcement (reprinted in its entirety below) includes 3 or 4 very important sentences hinting about their future actions.  Here are the 3 sentences and my comments in brackets: The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low level...
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By Dave Woodland, Your Bend, OR Friendly, Knowledgable Mortgage Professional
(Signet Mortgage)
Gung hay fat choy!  Wishing you prosperity and good luck in the New Year! Rates continue to be the focus of discussion and while the bond market has stayed the course, mortgage rates have crept up just a bit, but still very near the lowest rates in our lifetime.  The upward move has been more of a business decision at the banks rather than based on costs of funds, building in some cushion.  This has been attributed to high volumes of loans in the process right now.  Banks can control the volume with pricing.  The answer for you, your friends and clients is to recognize that we are still within a quarter-point of the very best rates we've ever seen and to plan on longer lead times to loan closing and you'll be fine.  This week, Tuesday and Wednesday are the meetings and announcement from...
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By Cheri Smith
(Total Property Resources)
Pronghorn was recently recognized as America's finest golf community by Travel + Leisure Golf in the annual "America's Top 100 Golf Communities" issue. Sunriver Resort was also included in the list of America's Top 100 Golf Communities. Sunriver and Pronghorn were the only 2 courses in Oregon to make the list. Editors at Travel + Leisure Golf reviewed and ranked golf communities across America based on six criteria including: golf amenity; residential architecture and style; location, including natural setting and proximity to cultural activities; management, service and programming options; nongolf amenities, such as a full service spa, equestrian center or marina; and environmental stewardship. The complete list can be viewed here: http://www.travelandleisure.com/tlgolf/
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