Posts made by author 'Lynnea Miller'

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. 

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 real estate sales experienced a sudden recessional impact in 2008, commercial real estate sales stayed consistent until roughly 2^nd quarter 2009 and then fell into distressed "short sa...

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Bend Real Estate Trends Mixed in November

The 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 seen earlier in the year; days on market and months of inventory are both up. While...

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Bend Oregon Home Sales Show Mixed Trends

We 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
• Median sold price up 6.5% to $433,000
• Months of inventory based on closed sales down 8% to 2.3*

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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 Resources recently purchased 1.76 acres between Franklin and Emerson, the former Murray and Holt Auto dealership, with the hopes of jumpstarting the BCD's urban renewal process. Some concepts have been considered a...

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Take the Path Off the Green Lakes Trail to Find this Hidden Gem

We have hiked the Green Lakes trail into the Three Sisters Wilderness many times over the years we have lived in Central Oregon. Located off the Cascade Lakes Highway, the hike to Green Lakes is among the most popular in the Cascades and is well worth the experience; we have blogged about this hike in the past -  see our Green Lakes Blog. Today, however, we took the path to the left at roughly 2 miles into the Green Lakes hike and walked another 1.5 miles to find Moraine Lake.

The path from the Green Lakes trail took us through old growth forest with beautiful trees and absolute silence. It is the...

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