October 2012 Market Report for the Awbrey Glen Neighborhood in Bend, Oregon

As mentioned in a post a few days ago, I am going to attempt to bring you a monthly activity report that should keep you up to speed with how real estate is doing in your favorite Bend, Oregon neighborhoods. Today we are going to focus on a great golf course community in the Awbrey Glen neighborhood.

With October gone it will not be too long before the residences of Awbrey Glen see the return of the local elk herd. This herd numbers forty to fifty of these magnificent creatures. It is not uncommon to see them bunched up on the fairways as they migrate back and forth from just south of The Inn of the Seventh Mountain to the Deschutes River which lies just to the north border of Awbrey Glen. I am sure this is a nightmare for the groundskeepers come spring time as they wake the course up for season.

Spread around the Awbrey Glen Golf Club are comfortable homes of varying styles. Of the six homes actively listed for sale, five have views of the golf course. The homes currently listed in Awbrey Glen range in size from 2200 square feet up to 4000 square feet. The currently homes that are listed sit on lots from just under a third of an acre up to a little over a two thirds of an acre. If you are a golfer looking for a great community to live and golf in these homes should be on your watch list.

If you have questions about Awbrey Glen homes or the Bend real estate market and need a source for information, please contact me, I am glad to assist you in making informed decisions about Bend.

                                                   List Price                                 Average
             Listings   Low              High       Average    Median    $/Sqft     DOM
Active          6     $539,950   $1,999,000  $914,168   $699,000     $181        72
New             3     $399,900     $575,900   $508,267   $549,000     $165        21
Contingent 0     $0               $0              $0              $0                $0               0
Pending     2     $585,000     $610,000   $597,750   $597,500     $189        99
Sold            2     $405,000     $726,500   $565,750   $656,750     $188        329

Interest rates and opportunity...

If you were in Bend the last time we saw the housing market take a tumble, you would have witnessed scene reminiscent of today’s struggles. Many watched as the homes they purchased in the late 1970’s and early 80’s fall in value by as much as 40%. Such a dramatic drop in values presented those with the means the opportunity for some incredible bargains, which they turned into huge profits in later years. Most folks who wanted to purchase these bargains found them unobtainable as interest rates soared into double digits preventing most from taking advantage of what was at that time the “opportunity of a lifetime”.


As history has repeated itself and “opportunities of a lifetime” are once again plentiful. Your advantage in this go around, interest rates! What once crippled the housing industry has swung the other direction to a point so low one would not have imagined it possible just a few short years ago. Since late April interest rates are at historic lows and hover below 5%. As this week comes to a close rates have remained steady with a thirty year fix rate loan coming in at 4.72%. While under writing standards are as tough as they have ever been, we are seeing folks take advantage of today’s market to seize what will be tomorrows “I wish I would have bought that…” moment.

Many industry experts had anticipated a rise in rates this past spring, yet with the stumbling of the European financial markets our bond markets have remained a strong value for investors to invest their money. Common sense would say that as the markets stabilize interest will slowly begin to climb. As the rates climb the window of affordability for buying will shrink, the ability to snap up properties at a great value may slip away.

Will you be one of those that follow past cries saying “I could have bought that property five years ago for…”? While our market will not see rapid appreciation any time soon, now is the time to buy low so in five years you will be the one selling high.

More Great Views From Brasada Ranch

Brasada Ranach Spectacular Mountain Views, Uncrowded Spaces

Wow how the mighty have fallen….Great Deal Near Drake Park....

This home just hit the Bend market it sold in October of 2006 for $1,475,000, today it is bank owned and offered at $600,000. This four bedroom home with 2.5 bathrooms is located near Drake Park and is situated close to all that makes Bend so special. If this is something that piques your interest call me to arrange a showing.

Yikes, since I posted this earlier today there are seven offers on this property. Moral of the story if you find something you like and it is an outstanding value be prepared to step up to the plate and make an offer quickly!

Things must turning around …

One of the things I find great about Bend is the ability to enjoy a truly fine morning of powder skiing and the ability to be back in the office by noon. Today we had one of the few truly deep snow experiences of this ski season. It was one of those Pacific Northwest storm days with piles of deep snow drifted everywhere. For those who know where to go the snow was deep, deep enough for true face shots!! Not quite the type that suffocates you with mouthfuls of fine powdery snow but the type that would cover your goggles and blind your path for a short time.


Could this be the end to the El Nino cycle? Could things be turning around? An omen from above? It has been said in the El Nino years the snow producing weather pattern does not return until the spring season. I say bring on the daffodils, the Easter Bunny and bucket loads of powder. It is never too late to have a great powder season.

Will your lender be seeking a deficiency judgment against you ….

The other day I was interviewing with a prospective client about their distressed property and the options available to them. After researching their options on the internet they were confused about whether a lender has the right to pursue a deficiency judgment against them if they were to short sell their home. Not wanting to go through the ordeal of selling their home only to have the unresolved debt stall their fresh start they asked for my take on the subject.


The first recommendation was that they seek professional counsel from a qualified real estate attorney and CPA. I then shared some of the research that the Oregon Realtors legal hotline had recently provided its members. The hotline offered that currently in Oregon since the short sale of a property is a voluntary modification of terms of the loan agreement, the new agreement can contain any terms the parties agree to. In a voluntary modification like a short sale the deficiency is the unpaid balance of the note. A note holder can sue in court for the unpaid balance of the note unless the maker of the note bargains for and gets “full satisfaction” of the note. Should the borrower get only the note holders verbal agreement to waive their lien and not foreclose that would leave the borrower exposed for the unpaid balance.

To get “full satisfaction” the borrower needs to ask for it!! Otherwise the lender is allowed to waive their lien on the property, forego foreclosure and continue to hold the note as an unsecured debt. Since the note is no longer secured by the property and has become a personal debt, the lender is no longer bound by the foreclosure laws of Oregon. The lender is now free to pursue a judicial judgment for the unsecured debt. In Oregon the statue of limitations for pursuing a judgment is ten years, with the possibility of an extension for another ten years. Just when you thought you would be rebuilding your credit in the next two to four years this dog could be following you around for the next ten years if you do not ask for and receive in writing “full satisfaction” to your lien.

You like the home but wish it had newer kitchen, larger bedrooms or a newer roof….

You have been searching and have found a property you really like but it needs a little love or maybe the rooms are too small and you want to expand them to make it the home you desire. Since 1978 HUD has provide a program design specifically for the buyer who is has found a home they like but needs some immediate attention. The program is designed to help provide a loan package for you to purchase and rehabilitate a home that has been completed for at least one year. The beauty of the program is that it rolls both the purchase price and renovation costs into one loan with a down payment as low as 3.5%.


There are two versions of this program available 203(k) and the 203(k) streamline. Both offer a loan to value rate maximum of 96.5% on the purchase and 110% on the renovation. The streamline program offers fewer restrictions, in this program there is no minimum renovation expense but it does have a capped at $35,000. All properties must be appraised prior to the loan and a value must be determined for the work to be performed. All work done must start within thirty days of closing and be completed within six months of closing. If you can keep your costs down to $15,000 no inspection of the completed work is required.

There are limits to the scope of work that can performed, slab granite counter tops won’t make the grade but a new roof, new appliances, upgrades to heating/cooling systems, flooring, new windows and much more are acceptable.

Ask your mortgage broker to explain the full benefits of how this program can benefit you! If your broker is unfamiliar with the program contact me and I would be glad refer you to a mortgage specialist who is familiar with all aspects of this great program.

Up Coming Dates to Consider

Larry Wallace over at True North Mortgage sent out an email this morning highlighting some important dates some important dates for homebuyers.

March 31st: The Fed is scheduled to stop subsidizing home loan interest rates.
It is entirely possible that they will extend the subsidy, should they choose not to extend look for higher interest rates and higher monthly payments.

April 30th: Tax credit for purchasing a home. The home has to be “in contract”, (i.e. accept offer to purchase) or lose the credit.

June 31st: Tax credit for home purchase must close escrow or lose the credit.

Spring/Summer: FHA mortgage insurance will become more expensive. The effective date is still pending.

Spring/Summer: FHA to reduce allowed seller paid closing costs from 6% to 3%. This will mean the buyer needs to provide more cash at closing. The effective date is still pending.

Missing these dates will make a home purchase much more expensive, it could even leave priced out of buying a home!!

You can contact Larry at larryw@bendbroadband.com or at his office 541-323-8783

Happy Holidays!!!

Happy holidays to all!!!

While Santa may not be bringing us a white Christmas here in Bend, he did leave early present today with eight inches of light new snow and clearing skies up at Mt. Bachelor.

This past Sunday and Monday had brought some much needed very wet snow, which has glued itself nicely over the many heavily traveled rocky areas of Mt. Bachelor. Though the coverage has improve tremendously the last few days caution still needs to be exercised on the exposed ridges that face to the south and in the trees. Rocks on the ridges and fallen trees from last year’s ice storm have left some unexpected surprises when skiing off in the Outback and Northwest territories.

All in all, the skiing has been fantastic for early season. Today with the boot top to knee deep powder shots would have to rate as one of the better in this very young season.

The rest of this holiday week looks to be mostly sunny and cold, terrific for those of you who have waited to start your season.

For those of you checking out the ideal property for your own ski chalet or future retirement home, call me. There are some awesome properties available that are outstanding values. Interest rates are starting to inch up, making now the time to make your move. I can help those of you who are looking to move up find a home and take advantage of the current tax rebates programs that are available only until this coming April.

TO ALL A HAPPY HOLIDAY SEASON and A FUN FILLED NEW YEAR!!!