Is Bend Rising From the Ashes?

Two recent publications have the City of Bend rising to the top of their lists.

The Oregon Business Journal reported in an article titled “The Bend Housing Bounce” highlighted the Northwest Crossings neighborhood. Northwest Crossings has weathered the downturn better than most by providing well appointed new homes in a vibrant mixed use neighborhood. Northwest Crossings currently accounts for 21% of new housing permits issued for Bend. Joining Northwest Crossings are Yelas Constructions homes at Marken Heights and various builders in the Shevlin Pines development out toward Shevlin Park.

The Business Insider has an article “The 15 Best Housing Markets For The Next Five Years”

This article highlights 15 markets which are poised for growth over the next five years, listing Bend in the number one position. Their reasoning covers the dramatic decrease in home prices from the first quarter of 2007 and a strong median family income. It is exactly that drop in prices and a strong rental market that has brought buyers back to our market. Many see this as opportunity buy well, similar to Bend in the mid eighties. This rating comes with a word of caution in a side note about Bend’s continued high unemployment rate. The article predicts an annualized growth rate from 2011- 2016 of +11.9%.

Central Oregon offers a great lifestyle in a variety of styles, the things that made us popular before and during the boom years are still here waiting for you today. To get more information about what we have to offer feel free to contact me.

The Roller Coaster called Bend, Oregon…

What a roller coaster ride, one day Bend, Oregon is predicted by Bloomberg Businessweek will be one of the fastest recovering markets by 2014 then Zillow reports that Bend is leading the nation in home value depreciation.


While the news of our market is mixed these days there are positive trends to report from Bend. Using data from the Central Oregon Association of Realtors MLS through Trendvision, the inventory of homes on the market has shrunk by 47% when compared to July of 2008 and 33% from last July. Currently there are 1587 properties on the market in Bend, down from 2363 last July. Looking back the last six months has produced the lowest inventory levels since 2004.

Sellers appear to be facing the reality of the current market conditions and are pricing their homes closer to today’s values. The differential from original list price versus sold price has increased 5.3% from last year at this time.

With sellers pricing their properties more realistically the days on market has dropped to the lowest in two years. The average time a home is on the market has decreased to 135 days versus 150 days last year.

So what’s it all mean, have we hit bottom? No one knows for sure, are we close? It sure has all of the appearances of being close to the bottom. What could we use as a gauge? How about using properties under $300,000, the ones that are good homes and are well priced have been getting snapped up quickly. Above $300,000 and on into the upper reaches of our market remain soft but there too if the property is well priced it disappears rapidly.

Another signal is the return of buyers from outside the area, buyers who see value in the properties here and wish to buy before the best values are gone. With the list price to sales price ratio shrinking the days of finding the killer deal is fading. One more positive signal is the success by a select few builders who have returned to the market to fill the niche for buyers who wish to have a new home.

In spite of our fall from grace Bend remains and will continue to be a great place to live! While our real estate market may bounce along the bottom for a bit of time our dry climate, the large variety of outdoor activities, enjoying that we are one of the great beer cities of the west and the access to flights from the Roberts Field that allows for quick access to all points beyond Bend are among what makes Bend a desirable place to live. Bend is a great place to live just as it has been since long before its recent popularity.

USDA Rural Loan Guarantee Program Has Funding Extended ...

Great news for folks trying to purchase rural properties in Central Oregon.

Two weeks ago on May 26, 2010, the Department of Agriculture, authorized the issuance of Conditional Commitments for USDA’s Section 502 Single Family Housing Guaranteed Loan Program beginning immediately and continuing until $2.5 billion in loan limits is exhausted. If you are looking to purchase property outside of the Bend urban boundries this program maybe of great benefit to you!!

There are many properties close in to Bend and far from Bend that will qualify for these programs. Let me do the homework for you in your search for these properties!

Have you ever wanted to start your own…

Sitting just west of Tumalo with larger than life Cascade mountain views and high visibility this 1.8 acre parcel is a prime location for you to build a rural business. With multiple use agriculture (MUA 10) zoning you can run a small nursery, produce patch, grow flowers to go or animal sitting business. Neighboring business include Cascade Gardens Nursery, Bend Distilleries future tasting room and a small hop farm. What will be your vision for this property?

The property is fenced and has 1.6 acres of irrigation rights that supply an underground irrigation system. There is 434 feet of Highway 20 frontage to give your business plenty of exposure. The 1152 square foot home on the property is a very solid with an attached shop and carport which could be easily converted to retail or office space to run your business.

This property qualifies for USDA Rural Direct and Guarantee loan programs. Funding from these programs can be used to purchase and renovate the property at a low down payment and interest rate. Congress is set to restore funding to these programs next week.