Bend Real Estate in the News

Bend touted for home ‘bargains’ – one for $6 million

Video Gallery Pricey Bend home draws national spotlight (7/29) 2: 04

This five-bedroom, seven-bath chateau style home in Broken Top gated community can be yours for $6 million

Also on KTVZ.com USA Today salutes Bend as real estate ‘bargain’

Broken Top home no longer priciest on the market

By Deanne Goodman, KTVZ.COM

Bend is in the national spotlight again, this time hailed as a great place to buy a home.

Tuesday’s USA Today article features one of the most expensive homes in Bend. But while the $6 million dollar Bend home was the most expensive on the market when the article was written, it was not by the time the paper hit newsstands. In that short time a more expensive home went up for sale.

With so many homes for sale right now, brokers say bargains are everywhere.

Could a $6 million home be considered a bargain? In another city definitely, but in Bend it’s among the most expensive homes ever on the market.

“With a property like this, we do need to reach out to the rest of the country and hit those high-end buyers” broker Dan Reedy said Tuesday.

The home has a wine cellar, golf course views, a media center and granite imported from Italy. Lucky for Reedy, the Broken Top property, on the market for about three months, got free national exposure in Tuesday’s edition of USA Today.

The article pinpoints Bend as a great place to buy a home. Realtors couldn’t agree more.

“It’s definitely a buyer’s market,” said Tom Greene, president of the Central Oregon Association of Realtors. But he added, “If you have to sell, you have to be realistic. Our market is down anywhere from 29 to 39 percent. ”

Sales are down as well, but Greene believes the market will bounce back in a couple of years. “We hit that $270,000 median price two months ago, and now its back to up to $315,000.”

Greene says the only drawback to buying now is facing the overwhelming decision of choosing just one.

“The problem I’m seeing with Bend is that there’s 2,300 homes on the market,” he said. “Buyers are having trouble making up their minds.”

Whether it’s a high-end home or one closer to the median price, Realtors have the challenge of luring interested buyers, even in a scenic city like Bend.

USA Today takes a look at housing markets across the U.S. each week. Las Vegas gets the attention in next week’s article.

2008 COBA Tour of Homes

The time has come once again for the Central Oregon Builders Association’s Tour of Homes

July 18,19,20 and July 25,26,27, 2008

20th Annual Central Oregon Builders Association Tour of HomesTM

The Central Oregon Builders Association (COBA) is pleased to present the 20th Annual 2008 Tour of HomesTM sponsored by Columbia River Bank. The field of 73 homes is set for the 2008 Tour, and we anxiously await the tour dates of July 18, 19, 20 and July 25, 26, 27. Hours for the tour this year will be the same as past years Fridays Noon – 6, Saturdays & Sundays 10-6. Remembering that it will be the height of summer, we advise attendees to dress appropriately and to bring plenty of water in their cars.

The 20th Annual 2008 Tour of HomesTM tour guide will be available in each Tour home as well as being delivered in The Bulletin right before the Tour begins. If you are interested in advertising in the tour guide please contact The Bulletin at 382-1811.

The 20th Annual 2008 COBA Tour of HomesTM is annually presented in July with the generous support of our sponsors. The 20th Annual 2008 Tour of HomesTM is sponsored by Columbia River Bank, and supported by Earth Advantage, The Garner Group, W.L. May Company, Robberson Ford, Deschutes Heating & Cooling, Central Oregon Cable Advertising, The Bulletin, and KOHD News.

The 20th Annual 2008 Tour of HomesTM field is set at 74 homes. Our second largest Tour! Prices on the Tour range from $207,950 to $3,200,000!

I will be holding The Reserve At Broken Top open every day of the tour (Friday 12-6, Saturday 10-6 & Sunday 10-6)

Please come see me!

Wednesday is Neighborhood Preview Day #4

This week’s featured “affordable” neighborhood is Northcrest.

Here is what the Garner Group (the listing agency) had to say about it:

–Designed for the changing Bend real estate market, new homes in the new Northeast Bend neighborhood of Northcrest emphasize a combination of affordable prices and livable home designs. Convenient, efficient floor plans form the basis for a menu of standard finishes and upgrades that allows buyers to establish home ownership in a way that matches individual living and financial requirements.

Prices begin in the $190s. Five floor plans are currently offered ranging from 1,104 to 1,566 sq ft in single-level and two-story designs. All have three bedrooms, two or 2½ baths depending on the plan, two-car attached garages and Craftsman exterior finishes.

The Garner Group Realtors & Development LLC is the exclusive listing agent for new construction in Northcrest. The Hollman Company is building and developing the property, adding to a list of Bend new home neighborhoods that includes Foxborough Village, Larkspur Village, Empire Crossing, TriPeaks and Northpointe.

Four homes are currently under construction, one of which will be a model home, and several others are in the pipeline and listed for sale. Northcrest is adjacent to the west side of Boyd Acres Rd. north of Morningside Dr. This location is convenient to North End shopping and Parkway access, the new Les Schwab Tire Centers headquarters, light industrial parks in the Brinson Blvd.-Empire Ave. area, and Lava Ridge elementary and Sky View middle schools. —

There are currently 10 homes in Northcrest listed in the MLS ranging from $191,200 for 1104 square feet to $223,975 for 1566 square feet (there is only one house listed in this price range and it is currently Pending).

April MLS Statistics are up

I added a page for the April Multiple Listing Service statistics.

Just a quick run-down of what the numbers say though:

In March the number of pendings was 5.3% of the actives (1892 active listings and 100 that went pending)

In April the number of active listings continues to increase (which means more inventory to get rid of) but the number of pendings increased in a slightly greater percentage than the actives. With 7.7% of the actives going pending.

Keep in mind that trying to compare month-to-month statistics, which are volatile (at best), isn’t necessarily a true indicator of what is going on in the market. The numbers can fluctuate immensely from month-to-month which is why comparing year-end statistics is a more accurate approach. However, since it’s only the beginning of May, and we’re trying to get a handle on what is going on in the market currently we have to work with what we have.

The encouraging section of these statistics are the homes in the $200,000-$350,000 price range (which, if memory serves correctly, was the price range of the majority of new developments that flooded the area over the past couple of years.)  The pendings in this price range are 10.1% of the actives.. still a far-cry from being a thriving Sellers Market.. but there is more inventory moving in this price range than any other. (good news for the first time home-buyers or those wanting to purchase investment homes in this price range)

Click here for the full PDF of statistics