Bend Real Estate Blog

Bend Premier Real Estate Top Producers for 2018

Bend Premier Real Estate Top Producers 2018

At a recent lunch meeting, the Bend Premier Real Estate top producers for 2018 were announced. All Bend Premier Brokers contributed to the success of the brokerage in 2018, but special recognition was given to those in various categories:

  • #1 Top Producer Dana Furlan
  • #1 Top Team - Pattie Serbus
  • #1 Top Individual Sale - Jen Chapman & Robert Curzon
  • #1 Rising Star - Danielle Gates

Recognition was also given to the top 10 in total sales:

  • Sherry Ortega
  • Cate Cushman
  • Jacque Martini Roberts
  • Kathy Hovermale
  • Rob Lindberg
  • Tina Roberts
  • Laura Curry
  • Eric Andrews
  • Liz Shatterly & Elizabeth Ueland (tie)

Brokers who offered additional, unique contributions were

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FIRPTA is a Real Estate Transfer Tax for Foreign Sellers

FIRPTA TaxThe Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) authorized the United States to tax foreign persons (and entities) on the sale of United States real property interests. This withholding tax is to be collected at the closing of the sale and amounts to 10% of the purchase price if the sale is over $300,000 but less than $1,000,000 and 15% of the purchase price if the sale is over $1,000,000. For sales less than $300,000, provided the buyer occupies the residence at least 50% of the time, there is no tax collected.  Typically in Oregon, this withholding tax is collected at closing by the escrow company and forwarded to the US Treasury.

The problem comes when the seller is a

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Is the Bend Real Estate Market Overpriced?

Leap into 2018 Bend Real Estate Trends

The figures are out and the trends we have been following over the past year were again seen in the December 2018 Bend residential real estate sales figures. December 2018 saw a dramatic reduction in Bend home sales on less than an acre compared with December 2017:

  • Numbers of homes for sale down 10.4% to 396
  • Numbers of homes sold down 15.9% to 159
  • Numbers of homes pended down 14.4% to 131
  • Average price per square foot on sold homes up 3.8% to $244
  • Sold price to original listing price difference down 2.1% to 95%
  • Average days of market up 2.8% to 111
  • Months of inventory up 8.6% to 2.5 (based on closed sales)
  • Average active price up 5.6% to $701,000
  • Average sold price up 14.3% to
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Bend Oregon Luxury HomesBend Luxury Home Sales Rise in 2018

The Bend high end real estate market grew considerably in 2018.  Million dollar homes, including those built for speculation, have sold at larger numbers than those in 2017 with the greatest percentage increase in the $1,300,000 to $1,699,999 range (up 42.9%). **

For available inventory, the numbers of homes in the $2,300,000 and up range grew by the largest percentage with 50% more properties available in 2018 than in 2017. The months of supply fell in all categories except the highest where the inventory levels are now at 17.2 months (up from 10.9 months in 2017).

Pending sales were also up with the greatest percentage increase in the $1,300,000 to $1,699,999 category with an increase of 63.9%  There were 59

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Bend Commercial Real Estate Impacted by Lack of Inventory

Historically, our local commercial real estate market trends above the national averages. Our Central Oregon area commands very aggressive CAP rates due to supply and demand; when you put a magnifying glass to our market, we have very little Industrial property For Sale/For Lease and it would appear that the Urban Growth Boundary expansion recently passed will not solve this immediate problem. Our local market in most cases this year has positive absorption rates for office and retail as well. Commercial Market Conditions

What’s Up on the National Front?

Our local commercial real estate market trends about a year behind what we experience in the residential market. This is consistently true and while residential

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Bend Real Estate Trends Mixed in November

Bend Real Estate Homes For SaleThe data has been published and Bend single family home trends show mixed results for November. When Bend home sales from November, 2018 are compared with the sales from November, 2017, the following changes can be seen:

  • Homes for sale down 7.3% to 456
  • Homes sold down 16.7% to 170
  • Homes pended up 4.1% to 153
  • Average price per sq ft up 6.6% to $243
  • Average days on market up 9.6% to 114
  • Average active price up .9% to $663,000
  • Average sold price up 11.7% to $516,000
  • Median sold price up 11% to $433,000
  • Months of inventory up 12.4% to 2.7*

Why are Bend Home Sales Slowing?

Closings were down significantly in November which can be contributed to the softening Bend home sales

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New Sunriver Real Estate Listing!

3 Big Sky Lane

This stunning property is definitely a must see! Beautiful lodge style home comes fully furnished and would be perfect for owner occupant to use as a vacation rental. This home boasts six bedrooms with three master suites, great room floor plan, and large bonus room with a wet bar. Large elevated deck great for entertaining. Whether you enjoy the great outdoors, want to sit in the hot tub or by one of the three fireplaces to enjoy a glass of wine with a good book, this home offers a sense of warmth and comfort. Located on the quiet North end of Sunriver offering just the right amount of privacy to make your vacation a dream come true!

  • 6 bedrooms
  • 5.5 bathrooms
  • 3448 square feet
  • .23 acres
  • 3 car
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Welcome Back Rachel!

Rachel Greenwald RhoadsBend Premier Real Estate is thrilled to welcome Rachel Greenwald Rhoads back to the brokerage. Rachel has spent the last two years working in commercial real estate and brings this expertise back to Bend Premier.

Rachel began her career as a residential real estate agent and had great success with residential sales for 6 years. It was while working in residential that she determined she needed the added experience with commercial real estate to best represent her clients in all their real estate needs.  Her tenacity in finding the best property for her clients or in representing them in their sale is a trait that makes Rachel a phenomenal real estate Broker. You can read more about Rachel in the Bend Premier Company page.

 

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Bend Oregon Home Sales Show Mixed Trends

Bend Oregon Real Estate TrendsWe have noted for the last few months that residential home sales trends in Bend have been changing.  The figures for October, 2018 reflect this change in a manner that we have not seen for some time.  While prices continue to rise, sales have dropped off significantly. The following data compares Bend single family home sales in October 2018 with those from October 2017:

  • Homes for sale down 12.9% to 505
  • Homes sold down 5.2% to 221
  • Homes pended down 16.1% to 188
  • Average price per square foot up 7.7% to $252
  • Average days on market down 1% to 104
  • Sold/Original listing price differential down 2.1% to 95%
  • Average active price up .9% to $641,000
  • Average sold price up 9.3% to $516,000
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The Bend Commercial Real Estate Market Shows Limited Inventory

The latest census predicts that the population of Bend will be 130,000 by 2030. With just under 95,000 people currently residing in the city limits, and just 2,380 acres recently added to the Urban Growth Boundary (UGB), new density philosophies will certainly be needed to accommodate this growth.

Bend Planners have identified a handful of “Opportunity Areas” throughout the city.  Several of these, The Old Mill Korpine property, the east Greenwood District and the Bend Central District (BCD) are currently being considered by the city to become urban renewal areas, and promise to drastically alter the face of this once sleepy logging town.

The BCD is gaining the most traction. Brooks

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