Economy in Bend? (Redmond, Green, Jefferson: mortgage, credit, lawyer)

[ldm883]

I live in the Bend area and am in real estate. The market is just starting to settle in... prices are starting to come down, and it's really a great time to buy cause you can make just about ANY offers....I know some new home outfits that are even paying all closing costs.

Don't fret about the winters. The sun shines around 265 days a year, so even tho it gets cold, it's not that bad. I've lived where there's freezing rain and 3-6 feet of snow! Bend gets maybe a couple inches most years. I think it would be a great place for your line of work, and also central Oregon is one of the best places to raise a family. Bend has the lowest unemployment in the state. 2-3%'s below the national average.

[clh2773]

Bendite,
My family and I lived in Bend about 11 years ago when you could still get a piece of property up at Awbry Butte for 80,000 with a view. My husband was transferred to the Southwest and that is where we are at. We want to come back to Bend but I too am concerned about such rapid growth and the outrageous prices for homes with an economy that does not have the industry to support the pricing. I loved Bend and the weather did not bother me at all. I liked it. I love what they have done to downtown that was already a wonderful downtown area back then. How can they continue to build without supporting that growth with jobs? Any thoughts? I heard Les Schwab is moving their corporate offices to Bend from Prineville. Will that help. I read that they are hoping it might draw other businesses. But, what then to the small town feel that I love so much? Your thoughts as a resident are greatly appreciated.

[blazen]

Home prices in Bend are crashing. Absolutely nothing is selling. It was a mania driven by Californians and now their bubble has popped and nobody can sell their house.

Housing is a Ponzi scheme. It requires a greater supply of idiots willing to pay higher and higher prices for the same depreciating house.

Once the bubble bursts, it becomes quite ugly. Massive foreclosures, joblessness, forced home sales due to unemployment, more divorce, much higher crime, etc.

It's best to avoid these artificial booms because the bust always causes much more damage than had the boom never occurred.

Humans are greedy and the boom/bust cycle is as normal as inhaling and exhaling.

The bust is proportional or more so than the boom.

I expect housing prices to return to 1999 levels or lower.

Anybody dumb enough to buy now will probably lose at least 40% of the home value. That will put the majority of buyers into a complete loss of their down payment and job losses will cause massive defaults and foreclosures.

For the last several years, Bend has thrived almost exclusively from housing. Now the reverse is just starting to take hold.

Don't listen to slime ball realtors who say this is a good time to buy. Those sleazeballs will say anything to make a sale.

[naychur_luvva]

Blazen, what you state is true not only of Bend but of many other locations. I live in a So Cal town where the median house (2000 sq ft -- 4 bed) was going for about 750K about 18 months ago. Today the same type of houses can't find ***any*** buyers (my neighbor!) for even 600K! However, with every crisis there is also opportunity created. Even with the recent housing downturn factored in, the value of my 1997-purchased house is still about triple of what I paid. Like many Californians who are looking for "greener pastures", I want to cash-out (I'm a new retiree) and move to Oregon, etc. (yes, yet one MORE hated Californian )

So here is the 350K question: what is the median asking price of a "average" house in Bend?

Q#2: what type of housing can one get for about 600-800K? I'm looking for a house near the edge of town with some acreage (maybe 2-5 acres???).

Thanks for your (or anybody's) response in advance!

[bobmulk]

The median price of a home in Bend has been around $365K. I'm sorry, but I don't know what it is now. Prices have been dropping. I'm in real estate in the Valley and from what I hear and read, Bend is a tomb real estate-wise.

Prices there truly accelerated beyond what was sustainable. As a desirable, popular area, it was poised to explode. The population has been exploding for nearly forty years; guess it was Bend's time. It's probably going to take a couple of years for an equilibrium to occur.

Of course, one can always move to an outlying community. Redmond is wonderful. Prineville is up and coming. LaPine is more of a backwater but I believe a great place to invest.

Not sure what you could get for 600-800K since I'm not in Bend. I'm sure someone on this forum can help you, though. Might want to check out websites for major real estate companies like Prudential, Windemere or John L Scott.

[seven of nine]

Originally Posted by naychur_luvva

Blazen, what you state is true not only of Bend but of many other locations. I live in a So Cal town where the median house (2000 sq ft -- 4 bed) was going for about 750K about 18 months ago. Today the same type of houses can't find ***any*** buyers (my neighbor!) for even 600K! However, with every crisis there is also opportunity created. Even with the recent housing downturn factored in, the value of my 1997-purchased house is still about triple of what I paid. Like many Californians who are looking for "greener pastures", I want to cash-out (I'm a new retiree) and move to Oregon, etc. (yes, yet one MORE hated Californian )

So here is the 350K question: what is the median asking price of a "average" house in Bend?

Q#2: what type of housing can one get for about 600-800K? I'm looking for a house near the edge of town with some acreage (maybe 2-5 acres???).

Thanks for your (or anybody's) response in advance!

I would look more eastern in the state, the Bend area is overpriced and will remain so for a long time, look towards Baker City.

[abendinmyfuture]

I was just there visitng for New Years.. tried to look into rent on the WEB and in a few papers, (didnt manage to get the classifieds.) Cant seem to find any answers. What does rent look like for a 2 bed room place, in a decent area (want to stay out of the low rent areas if possible) any web site's to check out?

[ck5]

Originally Posted by 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.

The housing market has tanked, but that could be a good thing if your looking for a rental home nice and cheap. Service in this town stinks from fast food to retail, if your used to good quick service you will not find it here. Recreation is very good here in the summer months. May- August. Winter is ok there is some good cross country skiing and decent vertical @ Mt bachelor. If you are looking for a town with some excitement you will not find it here!!! One movie theatre a lot of McDonalds and Arby's. This town is about 10-15 years away from being a good place to live.

[NativeJodi]

Originally Posted by neal93

Just wondering if the new people moving to Bend are helping or hurting the economy? I know the cost of housing is going up. Are new people creating jobs or hurting more than they're helping?

Hurting. A lot.

[NativeJodi]

Originally Posted by bobmulk

The median price of a home in Bend has been around $365K....

I'd say it's that or a bit higher... but also be aware that this price will NOT buy you a 4 bedroom, 2000 sq. ft. home. Think more along the lines of a 3 bedroom with maybe 1500 sq. ft. And no yard or privacy.

A 4 bedroom with 2000 sq. ft. (but again, no real yard or privacy) will run you around $650k.