Economy in Bend? (sale, mortgage, homes)

[neal93]

Just wondering what the economy is like currently in Bend? I've been a little scared off about moving there. Housing prices seemed to skyrocket in 06'. Is '07 a bit more settled? Have prices actually declined? I've always thought that people moving to a new area often helped the local economy. I'm an architect & people seeking housing is my bread & butter. We currently live in the southwest & want to get out of the rat-race & heat. Hopefully Bend isn't too cold...

[sunnymom]

Bend is cold and the winters are long! I grew up in there.

[neal93]

Originally Posted by sunnymom

Bend is cold and the winters are long! I grew up in there.

Does that mean things shut down during the winter? Just wondering if the winters affect the local economy.

[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?

[Larry Caldwell]

Housing prices are just starting to drop. Give it a year or two for sellers to really get desperate, and realize that they either have to drop the price or sit on property for years waiting for it to sell.

[neal93]

Originally Posted by Larry Caldwell

Housing prices are just starting to drop. Give it a year or two for sellers to really get desperate, and realize that they either have to drop the price or sit on property for years waiting for it to sell.

Thank you Mr. Caldwell. Bend seems to be about as expensive as where we're living now. Hopefully in a year or 2 prices will drop as you speculate. I heard that housing prices have increased 80% in recent years. Expensive housing in a not so great economy isn't a place worth moving to. Just wondering if people there are just getting by or is the economy booming- or somewhere in between? Has the influx of new people helped or hurt things in general? Thanks for your input...

[Bendite]

I wouldn't say that the economy is exactly booming but there are a lot of wealthy people who live in Bend or own their second homes here so plenty of cash is keeping the economy bright. There is a significant problem for lower income service workers finding affordable housing, and we have a considerable homeless population for our size of town. Overall, the influx of new people has helped in some ways and hurt in others. Bend's infrastructure has been overwhelmed with the influx - schools are crowded, roads are crowded, utilities need to be expanded. In the rush for making lots of money during the past couple of years, developers built a lot of cookie cutter homeson teh east side of town and plenty of McMansions on the west side. As a result, Bend has developed a demarcation of haves and have nots over the years that is more pronounced than before. There have also been some good things about the growth - we have some fabulous restaurants and a number of cultural opportunities that would not be supportable without the population growth. Businesses, particularly in medicine, high tech and aviation, have employed people at good wages so there are more good paying jobs here than in the past. The sale of homes is declining rapidly, but the prices have yet to fall much yet. That will have to change soon. Developers are starting to offer deals such as paying the first 6 months of a mortgage or throwing in a paid vacation with a home purchase which means they have way too much inventory.

[neal93]

Originally Posted by Bendite

I wouldn't say that the economy is exactly booming but there are a lot of wealthy people who live in Bend or own their second homes here so plenty of cash is keeping the economy bright. There is a significant problem for lower income service workers finding affordable housing, and we have a considerable homeless population for our size of town. Overall, the influx of new people has helped in some ways and hurt in others. Bend's infrastructure has been overwhelmed with the influx - schools are crowded, roads are crowded, utilities need to be expanded. In the rush for making lots of money during the past couple of years, developers built a lot of cookie cutter homeson teh east side of town and plenty of McMansions on the west side. As a result, Bend has developed a demarcation of haves and have nots over the years that is more pronounced than before. There have also been some good things about the growth - we have some fabulous restaurants and a number of cultural opportunities that would not be supportable without the population growth. Businesses, particularly in medicine, high tech and aviation, have employed people at good wages so there are more good paying jobs here than in the past. The sale of homes is declining rapidly, but the prices have yet to fall much yet. That will have to change soon. Developers are starting to offer deals such as paying the first 6 months of a mortgage or throwing in a paid vacation with a home purchase which means they have way too much inventory.

Thank you Bendite. Just trying to get a feel for things before we decide to move & aren't able to reverse field. We're not from California but I just want to make sure that Bend (& Oregon) aren't in the same type of shape- too overwhelmed with a bad economy with no end in sight. I'm an architect & it sounds like a decent enough sized town that it will at least be self-sustaining, if not continuing to grow. What's your outlook? Do you live in the area?

[^Numi^]

I have grown up and been around Bend all my life. It snows, it's cool. There are nice people, good schools, and a GREAT Humane Society.

[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.