August 2016

Found 9 blog entries for August 2016.

Real Estate AppraiserA growing concern with appraisals has impacted Bend OR real estate transactions within the last few months. The concern does not revolve around the value of the property, but instead, whether or not the home can be evaluated by a licensed appraiser within the time allotted within the contract. Changes to lending requirements implemented last October due to federal regulations (i.e. TRID) have extended the timeframe for most home buyers using a loan to purchase their property. Escrow timeframes under TRID have increased from 30 days to 45 on average. Real estate professionals have adjusted to the lengthened timeframe for most property purchases when loans are involved to accommodate TRID requirements. However, the newest problem, just seen within the last

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Home prices in the Bend real estate market have joined numerous other major cities in surpassing the housing boom peak of 2006-2007. Other major U.S. cities that have set new highs according toHousing Bubble CNBC News today include Portland, Seattle, San Francisco, Denver, Dallas, Austin, Boston, Pittsburg, and Charlotte. Bend’s average home price May through July, 2016 of $432,000 exceeds the previous high of $429,000 reached in the same months in the peak in 2007*. And with June 2016 marking 50 consecutive months of national price appreciation, the U.S. overall is within just 1.1% of a new national record high.

But the big question everyone is asking, is the Bend real estate market in another housing bubble like the one back in 2007? The answer is yes… and no.

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Bend Real Estate TrendsFor those of us who have lived in Bend over 5 years, we have seen many changes impacting our town. Visually, there are new parks and schools, a 4 year college under construction, new homes being built, and many new cars on the road. But what has truly happened to Bend single family home values over the last 5 years? TrendVision data from Central Oregon MLS provides the following information:

  • The average active listing price has gone from $425,000 to $623,000 -  up 46.6%
  • The average sold price has gone from $237,000 to $439,00 - up 85.2%
  • The months of inventory based on closed sales has gone from 5.6 to 2.4 - down 57.6%
  • The price per square foot of sold homes has gone from $123 to $216 - up 75.6%

When July 2011 is compared with July

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Real Estate Tallest BuildingCan you imagine a building so tall that you could watch the sunset twice?  At the Burj Khalifa in Dubai you can watch the sunset at the base of the building, then take the elevator to the observation deck on level 148 (highest in the world) and watch the sunset all over again.  Of course it doesn't hurt that the elevators can wisk you to the to the observation deck at 1823 feet in less than a minute.  Currently the world's tallest building, the Burj Khalifa measures 2717 feet in height (828 meters), including 163 floors above ground, 58 elevators, a 304 room Armani hotel, 6 exclusive restaurants, and 900 residences. It took 6 years, 12,000 workers, and 22 million man hours to complete.  But despite all the amazing technology that went into this

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Three Fingered JackWest of Sisters off of Hwy 20 and down several roads is the access point to the Canyon Creek Meadows trailhead. Along this 4 mile loop, hikers can view the recovering forest which was burned in 2003's B&B Complex fire, the stunningly beautiful Canyon Creek Meadow with its lovely creek and wildflowers, and spectacular vistas of Three Fingered Jack towering over all. A side trail can add 3 miles to the trip, but can also bring hikers to the glacial pool and saddle of Three Fingered Jack, an extinct and heavily glaciated 100,000 year old volcano, and offers amazing views of Mt. Jefferson, Mt. Washington, the Three Sisters, Broken Top, and Mt. Bachelor. If you are lucky, you may spot Mountain Goats which were reintroduced into the Mt. Jefferson Wilderness in

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Bend Oregon Classic Car ShowThis weekend is the annual Central Oregon Classic Chevy Club car show. Known as "Flashback Cruz 2016," the show will be held August 12, 13 and 14th in downtown Bend's Drake Park.

This show is a great event for any classic car enthusiast and will feature cars built before 1979. Many awards will be given to participants including best paint, best engine, best interior, best ride on Les Schwab Tires, plus Best of Show.

The Central Oregon Classic Chevy Club has been a fixture in Central Oregon for 31 years. The club has provided scholarships in automotive technology to Central Oregon Community College attendees since 1995.

 

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Bend Oregon Real Estate New ConstructionAnyone who lives in Bend cannot help but be aware that new construction is occurring all over the city. It is hard to find a Bend neighborhood that does not have a new home going up, if not there, then just a few blocks away.

With all the new homes being built, what are the Bend real estate trends that we see? According to TrendVision, data through July, 2016 reflect strong sales in Bend new construction. When comparisons are made to July, 2015, the sales of new homes in Bend are up 26% with the average price per square foot up 28.9% during the same time from $190 per square foot in July 2015 to $245 per square foot in July 2016. The days on market remain unchanged over the same period.

Reflecting a strong sellers' market, the price of new homes in

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Bend Oregon Real Estate TrendsThe Bend real estate market continues its upward trend. Per data provided from the Central Oregon Multiple Listing Service, the average price for a single family Bend home on less than an acre is now almost $405,000. Twelve months ago this price was $371,000. July pending home sales (those in contract to purchase but not yet closed) also are up over 10% compared with July 2015. And the number of homes that have closed escrow remain extremely strong.

What is driving home prices in Bend? As we have documented before, a serious lack of inventory continues to be the driving force behind our home value increase. There is less than 2.5 months of supply of single family homes in Bend.  This encompasses all prices from starter homes to luxury real estate. A

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Green Lakes Broken TopThere are a multitude of reasons that the 8 mile Green Lakes hike is so popular.  The stunning waterfalls that hikers pass, the sound of Fall Creek's rushing water, the beauty of numerous wildflowers, and the outstanding views of South Sister and Broken Top at the final destination at Green Lakes all create an experience that is hard to surpass.

Green Lakes Water FallThe moderate hike into the Three Sisters Wilderness requires a permit, which is available at the trailhead off Cascade Lakes Highway. The hike has roughly 1100 feet elevation gain and takes 4-5 hours round trip, depending on how much time hikers take to enjoy the experience.

Once hikers reach Green Lakes, there are many other trails which can allow access to the east shore of the main Green Lake and

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