Prices dropping in Bend yet? (Portland, Eugene: house prices, job market, to buy)

[bigtexan99]

Anyone have a current read on real estate prices in Bend? Are they still dropping? Foreclosures?

[Dry Side]

Prices still being cut and foreclosures continuing to increase. Trend will continue through fall and winter then look for a glut of new listings come spring.

[Sign]

Originally Posted by bigtexan99

Anyone have a current read on real estate prices in Bend? Are they still dropping? Foreclosures?

The Bend area is SAD right now!
Yes, I would say the home prices are still falling and there's a glut of homes on the market.
As of today, I can give you one example:

4 Bed/ 2 bath/2-car garage (approx. 1900 sg. ft?), + large, detached RV garage on about 1 acre, single level newer (maybe less than 5 yrs. old) house near SUNRIVER, OR. Beautiful yard and a paved level driveway.
It's just one of MANY similar homes for sale / rent and they just had an open house. It's also been on the market for AT LEAST the past 6 months.
Currently they are asking $199K and it would appear......there are NO takers.
TONS of "For Sale" signs, price reduced signs and foreclosures in this area.

I would NOT be a bit surprised that a house like the one I mentioned above......would have likely fetched around $300K before the RE bubble burst and for THIS area of Oregon. Just my opinion though. I'm no RE agent.
The economy remains HORRIBLE in Central Oregon until further notice.
Actually......all of Oregon.

[Tanque Verde]

Bend's trendy downtown area, where million-dollar lofts were sold.

I wonder what they're worth today ?

Are the owners still making the payments or did they bail ?

[skypros]

What I have seen is LESS houses on the market.... and the prices look like they are rising (slightly)

[Dry Side]

Here are the August stats ..

Bend Real Estate Statistics August 2009 « Bend Oregon Real Estate

[Tanque Verde]

No jobs for the locals, yet the price of housing is going up. That's what I'd call a kick in the nuts for locals as they watch any opportunity they might have had for buying a home evaporate into thin air.

[Sign]

Originally Posted by Tanque Verde

No jobs for the locals, yet the price of housing is going up. That's what I'd call a kick in the nuts for locals as they watch any opportunity they might have had for buying a home evaporate into thin air.

Honestly......IMO, it really doesn't seem like home prices are going UP at all. Just the opposite, in fact.

[karlsch]

The Atlantic visits Bend: "People have tried to bribe me. I've been threatened, both verbally and with a gun," real estate appraiser Richard Hagar tells me, recounting the heady days of the Pacific Northwest's housing boom, when unscrupulous loan originators in places like Bend, Oregon would aggressively demand his work confirm a dictated appraisal value, often many tens of thousands above the actual market value.

The whole article here:
Robust Oregon Real Estate Market Poisoned by Fraud - Christina Davidson

[Dry Side]

Bend Prices continue to fall

Bend Bulletin Published: October 14. 2009 4:00AM PST

The median sales price of a single-family home in Bend dropped below $200,000 in September for only the second time in at least the past 4½ years, according to a report released Tuesday by the Bratton Appraisal Group of Bend. The $199,000 median sales price was 9.5 percent below August, 27.9 percent below September 2008 and 49.7 percent, or almost $200,000, below the $396,000 peak in May 2007.

There were 148 sales last month, up from 130 in August and 120 a year ago. The median sales price per square foot, considered by many to be a better measure of value, was $113, down from $118 in August and $139 a year ago.

In Redmond, the median sales price was $155,000, up 8.4 percent from August but down 24 percent from September 2008 and 46.4 percent from the market’s peak of $289,000 in November 2006, according to Bratton’s data. There were 69 sales last month, up from 61 in August and 40 a year ago. The median sales price per square foot was $86, down from $87 in August and $117 a year ago.