Jan
25
The 2009 Real Estate Outlook for Bend Oregon
Posted by valiant5 under Bend, For Buyers, For Realty Professionals, For Sellers, Regional News
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I have had more people than I can count ask me my opinion on the Bend Real Estate market. One long time resident emailed me to tell me that Bend™s current real estate market reminded him of the late 70™s early 80™s. I lived in Central Oregon as well back then and he reminded me of a sign that was stationed just outside of Bend that said, ˜Last person out of Bend, please turn the lights out.™
He went on to say that he thought our market was headed back to that dismal no mans land again. He predicted that our prices would fall to unbelievable lows. While doomsday predictions seem to be everywhere you turn, I think that a little bit of reason is called for.
To begin with, many draw parallels to the tough economic times we had back in the late 1970™s early 1980™s. They talk about how real estate was dead and no one had jobs, and that there was a mass exodus out of Bend.
That is all well and good; however they are forgetting one tiny little detail that really discredits their whole argument. Back then, no one knew Bend Oregon, and furthermore, no one cared about Bend Oregon. It was a simple little logging community with a couple of ski runs on Mt Bachelor.
Fast forward to the early 2000™s. Bend was literally introduced to the entire nation. It even garnered some international attention. Bend was repeatedly voted as being one of the best places to invest in real estate. Bend was written up in countless glossy magazines and aired on national TV programs. It was touted for having one of the best living environments in the world. It was bragged how it had more Entrepreneurs per capita than any city in the nation. It was voted one of the best places to live for recreation, for retirement, for dog lovers, for independent restaurant owners, for cycling, for living with nature and a ton of other accolades.
Then the housing market took its inevitable turn. Fame is a two edged sword and Bend was no exception to this rule. Suddenly the most popular town in the United States began showing up on the most overpriced communities in the nation. Bend became a poster child for unsustainable real estate appreciation.
Since that time, we™ve seen prices settle between 35-40% from its high. The old timers talk about how Bends time in the sun is over. I beg to differ and here™s why. As mentioned earlier, during our last recession period of the 70™s and 80™s, no one knew anything about Bend. We couldn™t be further from that old scenario today. I get inquiries from people all around this nation asking for info on life here. In other words, Bend was discovered by the world! People found out about how great of a place Bend is to live.
While realizing that we have suffered from sinking home prices, so has the rest of the nation. As long as the media continues their obsession with the nations sinking real estate market, every community will feel the results of that¦not just Bend.
However, the minute that a turn in the tide is felt, and people get the sense that we™ve all hit bottom¦what communities will they rush to begin investing in? Will it be the communities that no one has heard of? Or will it be those communities that were the hottest commodities prior to our current real estate decline?
Ask any realtor in Bend right now, and they™ll tell you that while sales are slow, we have a ton of Buyers sitting on the fence just waiting for what they perceive as the bottom of the market. What happens when this real estate cycle changes? Which communities will see the greatest benefit from investor™s capital? The short answer is Bend, Oregon. Why? For all the reasons that helped get Bend discovered in the first place. Those reasons are as relevant today as they were during the boom when the world found Bend. That in the end is the difference between the Bend of the 70™s and 80™s and the Bend of today.
When you look at our home prices compared with places like Jackson Hole, Vale, Aspen, and Sun Valley, where prices are unbelievably more expensive than Bend, Bend looks like a fire sale bargain. It would not surprise me at all if during the peak of Bend™s popularity it caught the attention of some big real estate developers who have their eye on our community right now and are bidding their time to jump into our market.
That might also explain why Bend has ended up on a couple of those most overvalued real estate lists while the aforementioned recreation communities are peculiarly absent. Call it a gut feeling. Pound for pound our area has much more to offer in the way of infrastructure, location, weather and amenities especially when you consider that their real estate prices are extravagantly more expensive than ours.
How much longer will Bend and the nation™s real estate market stay in its current state? Only time knows for sure, but if you™re in the market right now looking for a home to call your own, my money would be on Bend, Oregon.
This home is a very special retreat. It has 3 bedrooms, 2 1/2 baths and has nearly 1700 square feet. It is one of the best floor plans for this square footage that I have ever seen. The feeling it gives you is that of a peaceful refuge. It has a bit of a nostalgic, old world feel about it. You have both a Living Room, Family Room/Bonus area, a Formal Dining Room and a Breakfast Nook. Most of the downstairs area is beautiful Hardwood Floors. The Brick accented Fireplace, Central Air Conditioning and Central Vacuum System add some upscale touches to this adorable home. You also get RV Parking with cement parking pad and electric hookup, a nice patio which overlooks a pond and waterfall and a completely landscaped yard with backyard fencing and automatic sprinkling system. Wait until you see the HUGE Cascade Mountain Views from this home. They are some of the best in the whole neighborhood! This home is ready to go and has many more features to discover. It is being offered at $289,900. You can view more details by visiting its personalized website at 
As you drive up to the ornate electronic gate, you know you’ve arrived at a very special home. Designed and built by a family of Builders and Designers with over 30 years of building luxury homes under their belt, this beautiful, award winning home represents the completion of the exclusive community of Benham Estates in Bend Oregon and the very best of what defines a Luxury home. The first thing you™ll notice is the generous size of each room. It™s open floor plan allows for spectacular entertaining. The Kitchen is simply a work of Art with expansive room, counter space, ovens and oversized Sub-Zero fridge your inner Chef desires. It™s main level Master Bedroom Suite offers a wonderful retreat complete with luxury Bubble Tub, Walk-in Tiled Shower, Vanity, romantic Fireplace, and Skylight Accents. The East Living Wing provides a Family Room, two Guest Bedrooms and Full Bathroom. A garage is typically an afterthought but that is not the case with this Award Winning Garage which features Designer Flooring, 3 Bays with Oversized Doors, Shop Area and Storage Room. Enjoy over ½ an acre of lush landscaping. For ultimate security and privacy the entire property maintains an ornate, Brick and Iron Fence. There are many more features to look forward to when you tour this outstanding home. For more information you can visit this residence’s exclusive website at 
We™ve finally reached the end of 2007. This was the year that national news on Real Estate was downright depressing. Bend, Oregon enjoyed unparalleled publicity, and home prices saw significant appreciation during the first part of this decade. With all the gloomy real estate statistics, did the Bend market come crashing down? Our 2007 MLS recorded home sales revealed that Bend Oregon Real Estate sales were on par with the total number of Bend homes sold in 2001. I was a real estate agent in 2001 and we agents were not complaining about how slow the market was. In 2001 our total number of homes sold was 1925 units. So what was the news for 2007? Our total was 1929. At our peak sales record in 2005 we sold 3644 units. That is a 48% decrease from our peak, but less than 16% for our 10 year average. As real estate agents we™d love that number to be less but given the intensity of all the doomsday talk about real estate, 16% is not a horrific number. What is also interesting is that, of the homes that sold in 2007, those sold in under 30 days fetched 98.72% of their listing price, whereas those that were on the market for 120 days or longer received 95.75% of their listing price. It must be noted that the list price at time of sale does not calculate any price reductions the homes might have taken before an offer was received, however most of those homes that sold in less than 30 days were likely sold with their original asking price intact. 
Winter is here with a flurry of snow! One of the things I love about Central Oregon winters is that we are not socked in with snow through the entire winter. Many people who are thinking of moving here from warmer climates often ask me how much snow we get. Here in Bend, we typically get light dustings. More substantial snowfalls typically happen 3 or 4 times throughout the whole of winter. It is rare that we ever get over a foot or more of snowfall. (Unless you are looking at Sunriver or La Pine) Thankfully the cold is offset by days of wonderful Central Oregon sunshine that keeps things bright and cheery. This gives us locals and visitors full advantage of the countless
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