a few questions, including where i should look to live in eugene (Phoenix: sales)

[rua85]

I'm moving from az soon and am yet to spend much time in eugene. i will be renting for 6 months ad would prefer to pay 800 or under a month, and if i decide to stay ill probably look for a home with a budget of about 150,000.

I'm 24 and enjoy going out, having a good night life area within walking distance would be preferable, if not close enough for a cab ride would be good too. i have a big dog, he is not optional.. his breed is half american bulldog half boxer but if necessary i can pass him off as a boxer. im very active and cant wait for the hiking and kayaking. any ideas on where would be a good general area to look for a rental? also, i am aware eugene is very liberal, that cool with me, i am a libertarian but curious if my political views will be looked down on here... any thoughts or comments would be appreciated

[rua85]

also, having a nice dog park near by would be awsome

[Olduvai2020]

Finding an apartment that would allow a large dog can be problematic here, especially in the "under $800 range". A private rental through Craigslist would probably be your best bet; a pet deposit would likely be required. Generally speaking, Downtown, West University, Jefferson Westside and Whiteaker neighborhoods would have the greatest proximity to nightlife hot spots. Walkscore should give you a general idea of how walkable the area is.

Alas, I don't think there are any Eugene neighborhoods that would meet your criteria and have houses for $150K, except maybe seedier parts of Whiteaker by the railroad tracks. I have not seen any houses in walkable parts of Eugene in this price range, unless it's a total dump (or "handyman special" in real estate parlance) with likely structural problems, which you may not want. Renting may be a better option until prices fall further.

Re: dog parks... you can go to www.eugene-or.gov/parks, click on "Would you like a parks map?" button, and they will send you a free parks map, where dog parks are specifically identified. Or you can go here (http://www.eugene-or.gov/portal/server.pt?open=512&objID=642&PageID=1471&cached=tr ue&mode=2&userID=2 - broken link) for more information. Being libertarian should be no problem... Eugene seems to be pretty tolerant.

[rua85]

I didn't realize the huge difference in home prices between eugene and phoenix, looks like ill be renting a while.... thanks for the help!

[Olduvai2020]

Originally Posted by rua85

I didn't realize the huge difference in home prices between eugene and phoenix, looks like ill be renting a while.

Just to clarify my previous point, you can probably get an OK house for $150K in Eugene, but it will be in a non-walkable area in the Far West or Bethel neighborhoods, or outside of Eugene city limits altogether. Keep in mind that while the prices in Phoenix fell some 50% from the top of the real estate bubble, in Eugene they only fell by about 20% or so. My impression is that local RE prices are out of whack with the income level in the area, and have a lot further to fall.

[Mr Eugenified]

Originally Posted by Olduvai2020

...My impression is that local RE prices are out of whack with the income level in the area, and have a lot further to fall.

People have been saying that for years in Eugene. My guess is the prices are being held up by all the out of state people moving to the area. In my neighborhood, transplanted Californians are the large majority (including me)!

Compared to California prices, Oregon is still a steal! Plus the area is so beautiful, and the total tax burden is lower (sales tax, income tax, and real estate taxes combined).

Before anyone decides to complain about Californians moving here, remember how many people moved to California over last 50 years. It's normal that people will move around to get lower prices or better weather. There's nothing wrong or sinister about it.

[Olduvai2020]

Originally Posted by Olduvai2020

...My impression is that local RE prices are out of whack with the income level in the area, and have a lot further to fall.

Originally Posted by Mr Eugenified

People have been saying that for years in Eugene. My guess is the prices are being held up by all the out of state people moving to the area. In my neighborhood, transplanted Californians are the large majority (including me)!

Compared to California prices, Oregon is still a steal! Plus the area is so beautiful, and the total tax burden is lower (sales tax, income tax, and real estate taxes combined).

Before anyone decides to complain about Californians moving here, remember how many people moved to California over last 50 years. It's normal that people will move around to get lower prices or better weather. There's nothing wrong or sinister about it.

As a transplanted Floridian, I guess I'll have to agree with the general sentiment of your comment. However, I do not see how it addresses my argument that the local housing prices are out of whack with the local income level and have a lot further to fall. As evidenced by the Zillow statistics released earlier today, and the June nationwide existing housing sales report, the prices are indeed falling now that the homebuyer tax credit has expired.

[Mr Eugenified]

Originally Posted by Olduvai2020

As a transplanted Floridian, I guess I'll have to agree with the general sentiment of your comment. However, I do not see how it addresses my argument that the local housing prices are out of whack with the local income level and have a lot further to fall. As evidenced by the Zillow statistics released earlier today, and the June nationwide existing housing sales report, the prices are indeed falling now that the homebuyer tax credit has expired.

To simplify the issue for illustration purposes, if all the local people can not afford a house in Eugene, and lots of them leave for this reason, but plenty of out-of-staters move in, and they feel the prices are cheap, then...prices will not fall. They may even go up. See what I mean? Population figures will remain level since the incoming people will balance out the people who leave the state. And the incoming people will come with plenty of money in hand (lots of retirees moving into in Eugene, although the media never seems to pay much attention to this). This type of movement has slowed somewhat since CA prices dropped, but there are still plenty of people making this move.

Re the Zillow stats: The problem with these sort of stats in a small market like Eugene is that they are based on the median price of all houses sold in a specific month in that city. If the mix of houses change, for example from 50% expensive houses and 50% cheap houses, to 70% cheap houses and 30% expensive houses, then the median data will show a big price drop. In fact, the prices could have remained stable or even gone up. It's the mix that has changed.

In a big market like LA, the "sample size" is large enough that this does not have much effect. But in a small market like Eugene, plus or minus five expensive or cheap houses can make a big difference in the median price. The best way to know the real price trends are via "comps" (comparing very similar houses sold over a period of time). If you really want to track REAL price movements, then I recommend you spend the time to build your own set of data based on sales you find on the internet and open house visits. Sorry to say but the data that real estate agents will give you will ALWAYS be shaded one way or another. (I have worked with several agents in this area and found their comps to be totally unreliable and oftentimes just wrong).

That long-winded speech delivered , I have to admit that the data you show from Zillow for Jan 2009 to now (which is the period that I have owned my house in Eugene) shows a 3% drop. That sounds about right for my neighborhood and recent selling prices.

[Olduvai2020]

Originally Posted by Mr Eugenified

To simplify the issue for illustration purposes, if all the local people can not afford a house in Eugene, and lots of them leave for this reason, but plenty of out-of-staters move in, and they feel the prices are cheap, then...prices will not fall. They may even go up. See what I mean?

Yes, but that is not what is happening, since the prices in Eugene are in fact dropping (and inflation-adjusted prices are dropping even faster). And if you believe RMLS data, the inventory is growing rapidly, which is usually a precursor to lower prices.

Originally Posted by Mr Eugenified

Population figures will remain level since the incoming people will balance out the people who leave the state.

Actually, any area with unemployment rate significantly higher than the national average tends to lose population over time. See Detroit, Cleveland, etc. Eugene's has been well above national average for several years now, although Oregon's generous (and greatly extended) unemployment benefits have softened the impact somewhat.

Originally Posted by Mr Eugenified

And the incoming people will come with plenty of money in hand (lots of retirees moving into in Eugene, although the media never seems to pay much attention to this).

The reality is that many retirees are in fact selling their houses, because they are seeking different types of housing than the traditional suburban single-family housing. Somehow this huge demographic shift gets totally overlooked when talking about housing prices. This trends will accelerate as more baby boomers retire and cash out their equity.

Originally Posted by Mr Eugenified

Re the Zillow stats: The problem with these sort of stats in a small market like Eugene is that they are based on the median price of all houses sold in a specific month in that city.

No, Zillow does not base its estimates on median prices; you may want to read more about their methodology. You are correct to point out that median prices in a small market are prone to fluctuations because there is a different mix of houses sold every month. RMLS reports median prices, and those have been very choppy, with a general downward trend.

Originally Posted by Mr Eugenified

That long-winded speech delivered , I have to admit that the data you show from Zillow for Jan 2009 to now (which is the period that I have owned my house in Eugene) shows a 3% drop. That sounds about right for my neighborhood and recent selling prices.

I bought a house in South Eugene earlier this year, and I fully expect it to drop at least 20% over the next 3-5 years. Unfortunately, I could not find a rental property that would meet my needs; otherwise I probably would still be renting.

[haggardhouseelf]

We were all set to buy but are saving so much money renting, and feel that we would be losing so much if we bought, that we've decided to continue renting for at least another year, possibly more. We also like the amenities you enjoy when you rent, and not having to do yardwork or any maintenance. We also save a lot on utilities. We thought about buying a townhouse or condo, but when you factor in the HOA dues and restrictions that option looks less appealing. We're going to wait a bit.

OP - $150K won't get you much house in Oregon. I'm from Texas, where housing is dirt cheap comparatively, so I feel you. You could probably find a nice condo or townhome for that price, though, if you wouldn't mind dealing with a HOA... There were some sweet ones in South Eugene listed recently. Surrounded by woods and trees... like treehouses. One with an attached garage which we've found to be sort of rare with townhomes in Eugene for some reason. Usually the garages are detached, at least in our experience looking around anyway, or they do not have a garage at all.