Prices dropping in Bend yet? (Portland, Eugene: real estate, foreclosures, renting)

[neal93]

We've been thinking about moving to the Bend area & were told a few months ago that prices for some reason hadn't started to drop yet. Just wondering what the current outlook is? Any affordable new housing in any particular areas?

[John Shaft]

Yes, they are.

I think people are clinging to the hope that somehow, their particular area is immune to the real estate slowdown, so there may be some resistance. But I have family who stays very abreast of RE property in Bend, and they have unequivocally told me prices are dropping. Maybe right now only significantly on the ultra-high-end, but they are coming down. There's no demand (see Roger Pollock's December auction with IIRC 19 homes in Bend...NOT ONE sold).

[WorkinStiff]

Wasn't Bend about the hottest market in Oregon two yrs ago???What's the RE markets in Portland, Salem & Eugene doing???

[Bendite]

Originally Posted by neal93

We've been thinking about moving to the Bend area & were told a few months ago that prices for some reason hadn't started to drop yet. Just wondering what the current outlook is? Any affordable new housing in any particular areas?

Prices are dropping, not so much on the really high custom-home end, but the somewhat high, mid and lower end housing is coming down. One of the better large development builders, Renaissance Homes, is having some issues with their financing of a couple of their developments here, but they do a nice job and they build green to some extent. They have a development in SW Bend and one on the NW side. The NW development is called Shevlin Pines (they are more upper-end homes but I think they are open to cutting deals because the homes and sites are just not selling) Another builder is Pahlish Homes and they have a couple of new developments on the east side. There are a few smaller builders doing little groups of homes. I saw the other day that there are three or four small developments going in on the NW side on a street called O.B. Riley Road.

[neal93]

I check responses to this question every couple of months in hopes that someone says prices are finally coming down substantially. If housing in Bend is so overpriced it seems that the prices will fall any time now. The prices here in Las Vegas have dropped about 25% over the last 12 months! No point moving unless it's to a place that has also dropped A LOT. Any observations?

[Bendite]

Prices continue to drop here, though maybe not as sharply as in other areas. It's definitely a buyer's market. Everyone has an opinion on where the market will go from here. I think there may be a leveling off during summer months and then prices will start to go down again. Realtors here say this is a great time to buy, but then they are probably starting to worry about how they'll make their next Lexus payment.

[delta07]

I too have been watching the Bend market closely, as my husband and I plan to relocate there in the next few months. We are thinking about renting at first, especially if we can find a short term rental. However, we would like to buy either on the west side, or near Pilot Butte. It seems as though those areas tend to remain high. The far northern or southern ends of town have reasonable prices, but they are also further from the center of town and work (hospital). We would like to live someone within walking or biking distance from downtown and the hospital. Is this possible on a $250K budget?

[BLAZER PROPHET]

I would think new, empty houses would be hard to move right now (and hence lower prices), but that existing houses may not be dropping too fast. Bend has a pretty stable economy and a lot of money flows there so there may not be as many sub prime loans and foreclosures. Some, to be sure, but not like Portland/Vancouver.

That said, I'd contact from banks and see what foreclosures they may have and make a bid.

[Nell Plotts]

Check stop foreclosure real estate for at forclosures.com Deschutes County, Bend for the real scoop.

[Bendite]

Originally Posted by delta07

I too have been watching the Bend market closely, as my husband and I plan to relocate there in the next few months. We are thinking about renting at first, especially if we can find a short term rental. However, we would like to buy either on the west side, or near Pilot Butte. It seems as though those areas tend to remain high. The far northern or southern ends of town have reasonable prices, but they are also further from the center of town and work (hospital). We would like to live someone within walking or biking distance from downtown and the hospital. Is this possible on a $250K budget?

My daughter & son-in-law just looked at a house in foreclosure that sold 18 months ago for $325k and the asking price now is $199k - east side, large yard, 3 bd. 2 ba, nice condition - so, yes, it is quite possible; probably more opportunities on the east side than on the west side for under 250k.