Bend Real Estate in the News

31 07 2008

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


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

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.





Great Investment Opportunity

23 07 2008

If you are looking to snatch up a great buy in Bend that will generate some cash flow then I have just the property for you.

This turn-key vacation rental is located at the top of the Old Mill District in Bend. a 2 minute walk to the movie theater and shops and a 5 minute walk (carrying a flotation device) to the Deschutes River.

The owners are investors with too many properties and they just need to dump one – It comes fully furnished and all of the reservations that are on the book are yours as well.

It is a fully functioning business with a website. Listed at $244,900
Contact me if you have any questions, or would like more information, or want to see the property.





8 Reasons to buy a house

14 04 2008

I have spoken with many people recently who are leery of purchasing a home in the “tumultuous” times that we’re facing. I know that there is a lot of doom and gloom that is broadcast, and there are definitely some changes that need to be made in our economy, but I would also hate to see people miss out on an opportunity to buy a house that might not be available in the future.

In real estate there are always “if only I would have…”s. “if only I would have bought 20 lots back in 1990 when they were dirt cheap” (pardon the pun) “if only I would have sold in 2006 when the market was at it’s peak” “if only I would have refinanced when the rates were so low”.. the list goes on and on…

The bottom line with investing in real estate, especially in Bend, is that you will never regret buying a home. You might regret missing the bottom of the market by a month or so, or you might regret selling a little too late, but never owning a home.

Let me clarify this, you will never regret buying a home that you will live in. There are a lot of people that regret buying houses solely for investment purchases (homes they plan to flip, or rent out, or people that just try to buy low and turn around and sell again) these people are taking risks with their money (what any good investor would do) but, as with any investment, if you don’t stand to lose much, you probably don’t stand to gain much.

Now back to my original statement: You will never regret buying a home that you will live in. The reason for this is multi-faceted:

1. Invest in the Future… If you are currently renting that means you are paying out a specified amount of money every month in which the only return on your money is a place to live. If you purchase you are paying out a specified amount of money every month (sometimes more than renting, but not necessarily.. I’ll post on this later) but you are building equity with every dime you pay in. This means that your payments go toward something you can cash out of in the future (and most likely make money)

2. Tax deduction, tax deduction, tax deduction... Was that clear enough? All of the interest on your mortgage payments, as well as any points you paid in at closing & property taxes are all tax deductible. My husband and I were pretty much exempt from all income tax this year based on this (and a few other things we had working for us). This is an especially important benefit if it makes the difference between you being in a lower tax-bracket, it can literally save you thousands of dollars.

3. Interest rates are still historically low… This makes it relatively inexpensive to take out a mortgage. The lower the interest rate, the less you actually pay for your house and the sooner you can pay the mortgage off. Use a free mortgage calculator like the one at mortgagecalculator.com to get a rough estimate of what you can afford.

4. You don’t have to pay for a realtor… I never cease to be amazed at the number of people that go out house hunting without the aid of realtor, I guarantee if you asked them why they made the decision to go it alone they would tell you it was to save money. But the reality of the situation is that the seller pays the buyers commission, your only obligation as the buyer is to write your agent a thank you note from the comfort of your new home (this isn’t actually an obligation, it’s just super nice). The job of a real estate agent is to look out for their clients’ best interest, so the seller’s agent is looking out for the seller, you need someone that is going to make sure you get the best deal possible.

5. You’ll be able to use the equity in your home for low-cost loans for other purposes… You can access the paid-up equity you accumulate in your home in the form of a home equity loan or a home equity line of credit. Because they are secured, home equity loans and lines of credit generally carry a lower interest rate than other types of consumer loans, such as auto loans. The interest on them is generally tax-deductible, as well.

6. You’ll have the stability and emotional security of owning your own home… No more worrying about dictatorial or negligent landlords, rent increases or the possibility your building will be sold and redeveloped or turned into a condo. You’ll be able to live in your house as long as you like, fix your monthly payments for as long as 30 years and you’ll be in charge.

7. You’ll be able to redecorate and renovate any way you like, any time you like. Rules about the paint colors you can use will be a thing of the past. And you’ll be able to tear out walls, install a powder room and make any other improvements you want. Best of all, if you decide to sell, you’ll recoup at least part of the cost of the improvements.

8. Best buyers market in over 20 years… There are more options and at better prices right now in Bend than there has been in over 20 years. There are new developments going in that are offering brand new homes at unbelievable prices. One example of this is Mirada on the east side of Bend, the developer was able to purchase a large parcel of land at an unbeatable price, therefore he’s out less money and can sell the homes for less. These houses are priced under $200,000 with quality finishes like hardwood floors & tile counter-tops.

There are so many reasons to purchase and an even greater number of great deals to be had.. don’t be one of the ones that looks back on this year and says “if only I had bought a house back then”.