Economy in Bend? (Eugene, Redmond, Baker City: sales, foreclosures, rental)

[neal93]

Originally Posted by Bendite

Neal93, yes I do live in Bend and while I think the economy will slump more before it picks up, I don't think it will get anywhere as bad as other regions of the country and I think it will recover fairly quickly. Oregon's economy has already gone through some major adjustments over the years as it's once primary industry (logging) has declined. In Bend itself, an architect would find particular opportunities in a couple of distinct areas - expertise in Craftsman style design and expertise in "green" , sustainable design.

Thank you very much Bendite. I assume there is still plenty of new building for all the new & future residents of Bend? What type of new construction do you notice locally? Has it slowed signifigantly or is it pretty steady? Is Bend dry enough for construction to continue year-round or does it stop in the winter? Not sure if the climate in general slows life down in the winter or do things seem to just keep going? Sorry for all the questions. Thanks for your response(s)...

[bobmulk]

I'd like to chime in...Bend and Central Oregon are pretty dry year round. It gets some snow--6-12 inches, but not blizzards and the roads are always kept clear. The worst spots are the mountain passes.

Bend and Central Oregon will continue to grow for decades. Deschutes County, Bend's location, has been the fastest growing county in Oregon since about 1970. Crook County is growing rapidly, too, due to spillover from Bend. This trend will continue for decades. The population of Deschutes County is projected to grow to a quarter million (currently at 150K as of 2006). Bend has been discovered by the Valley, Puget Sound and California. As baby boomers retire, many will flock to Bend. In addition, Bend will continue to attract a younger set for its desirable outdoor amenities.

All in all, the area will continue to grow and jobs will increase. Housing will do what it does everywhere, ebb and flow. If you're looking for a place that has a bright future, Bend is it.

[neal93]

Originally Posted by bobmulk

I'd like to chime in...Bend and Central Oregon are pretty dry year round. It gets some snow--6-12 inches, but not blizzards and the roads are always kept clear. The worst spots are the mountain passes.

Bend and Central Oregon will continue to grow for decades. Deschutes County, Bend's location, has been the fastest growing county in Oregon since about 1970. Crook County is growing rapidly, too, due to spillover from Bend. This trend will continue for decades. The population of Deschutes County is projected to grow to a quarter million (currently at 150K as of 2006). Bend has been discovered by the Valley, Puget Sound and California. As baby boomers retire, many will flock to Bend. In addition, Bend will continue to attract a younger set for its desirable outdoor amenities.

All in all, the area will continue to grow and jobs will increase. Housing will do what it does everywhere, ebb and flow. If you're looking for a place that has a bright future, Bend is it.

Thank you bobmulk. The prediction of overall growth sounds good to me. It makes a lot of sense based on the points you make. I come from the desert southwest & a little snow would be nice- glad to here Bend doesn't get too much, however. I hear the current population of Bend is about 70,000- is this accurate? Is Bend sprawled out or pretty much centered around a downtown area? Thanks for your input...

[Bendite]

Originally Posted by neal93

Thank you very much Bendite. I assume there is still plenty of new building for all the new & future residents of Bend? What type of new construction do you notice locally? Has it slowed signifigantly or is it pretty steady? Is Bend dry enough for construction to continue year-round or does it stop in the winter? Not sure if the climate in general slows life down in the winter or do things seem to just keep going? Sorry for all the questions. Thanks for your response(s)...

New construction has slowed quite a bit as there is a lot of inventory now that the housing market has slumped. Developments that started during the boom are still on-going but there is not a frenzy of building like there was during the rush of the past few years. I think that's where it could be difficult to really guage what is going on - a few years of frenzied building and now a significant slowdown, but that could mean the pace is really back to what would have been considered normal before the boom. There is certainly on-going construction and there seems to be more commercial construction than before. People build all year round here though it slows in the winter.

[k2dental]

I am currently living in Eugene and will be transferring dental offices next year to Bend. I am originally from Las Vegas but have lived several years in a small mtn community in Utah as well. My wife and I fell in love with Bend this summer when we visited while looking at my current Eugene job. The company that I work for has an office in Bend so I stipulated in my contract that they send me there next summer when the current dentist leaves. Anyway...

Bend reminded us of a Park City "esque" type of town with less snotty rich people. I am an avid skier, outdoorsman, etc., so the location really fits what I am looking for. Economically speaking for me as a dentist the job will only be temporary with my current company. After my contract is up we will decide whether we want to start a practice or buy one in Bend or move elsewhere. The dental market is saturated in Bend from what I can tell but nothing like Vegas or Utah. With the town growing and the baby boomers moving the future appears bright from a dental standpoint. Now here is my take on the RE market....

Coming from Vegas which was the big boom area for years and is now really declining. I don't listen to so called RE experts when it comes to the housing market. My wife and I decided not to buy a house in vegas during the boom time and had we, we would be 100,000 upside down in that house. We choose to rent until we settle somewhere. We will rent in Bend at least for 2 years. I gauge the housing market (anecdotally) by watching the housing rental market. Bend has an overabundance of very nice houses for rent right now. Check craigslist, rentbend.com, etc.. That tells me that there are a lot of people that bought during the boom and now are just trying to get some money back from their investments. I have also noted a trend in people lowering their rental rates each week. I'm talking 3,000 sq ft homes being rented for 1200/month. I also have followed homes for sale on craigslist and I have seen people lowering their prices every week. So IMO, I would wait out the Bend RE market for a few years. Just my opinion FWIW.


Well that is my rant. It's been a slow morning in the office. Good luck with your decision.

[Bart_3500]

The wife and I bought 3+ acres up in the Crooked River Ranch area 2 years ago. Sister in law moved up to the Redmond area a year or so ago. She says it' "COLD" in the winter, but she's from Anaheim so what can you expect. I'm looking forward to moving up there and building. One thing sister did say was that there are a ton of homes for sale. That, to me, means a buyers market. I may regret buying the 3+ acres but it mine and that's that.

[neal93]

Thanks for the input everybody. Sounds like things (economy, housing, etc.) may drop a little & then probably stabilize. By the time we move up there in 2009, things might be cheaper & probably better in many ways. Do you think housing will still be dropping at that point, or, I guess you never really know?

[bobmulk]

Neal93: Bend's population was 75000 as of last year. This year's estimates will be released next month and will probably show the population closer to 80000. Bend is pretty spread out. It's an Old West community and mentality where density hasn't really taken hold until just recently. A lot of homes are built on tiny lots, but there's a lot of homes on bigger lots, too.

Real estate by 2009 I believe will have rebounded. Builders are cutting back production, but population is still increasing. At some point, everything will reach an equilibrium and prices will go up again. Bend is trying hard to position itself like a Park City, Aspen or Steamboat Springs. In comparison, Bend's prices are nowhere near those cities. If they keep aspiring to that, then perhaps prices will accelerate rapidly again since it has a long way to go.

[neal93]

Just wondering what some basic costs of living are in Bend (& Oregon in general). Wondering about:

• Typical power bill for average house, in summer & winter?
• Typical natural gas bill for an average house, in summer & winter?
• Property taxes for average house?
• Sales tax (I've heard there aren't any)?
• State income tax?
• Cost of land- 1/2 acre homesite for example?
• Other unknown costs to someone who lives in the desert southwest?

[Bendite]

Originally Posted by neal93

Just wondering what some basic costs of living are in Bend (& Oregon in general). Wondering about:

• Typical power bill for average house, in summer & winter?
• Typical natural gas bill for an average house, in summer & winter?
• Property taxes for average house?
• Sales tax (I've heard there aren't any)?
• State income tax?
• Cost of land- 1/2 acre homesite for example?
• Other unknown costs to someone who lives in the desert southwest?

It's difficult to talk average in Bend as prices vary depending on what part of town the house is in - I live in a 2200 sq ft house, so that is probably around average size

Power in the summer - about $38; winter $62 (but we pay a little more because we buy energy blocks of sustainable wind -sourced energy)

Natural gas $35 summer and $275 winter (depends on the cost of the gas, so it may go up a little this year - I sure hope not!)

Water & sewer - about $62, depending on whether there's a lot of watering or not it could be higher or a little lower

Our property taxes this year were about $4200 (real market value just under $600,000 so our house is valued higher than the average home in Bend on less than an acre which was $350,000 in 2006)

No sales tax

Income tax 9%

Cost of land depends on where it is located and what improvements it has. I'd look at some real estate websites for some ideas as it really does vary.

Other thoughts: we moved here from Denver four years ago. Auto insurance and license plates were much less in Oregon than what we paid in Colorado. Food costs are about the same. Our natural gas bill is higher in the winter than we used to spend but I work at home now so we heat the house for more hours than we used to. Gasoline is more expensive