Redmond Home Values Summer-Fall 2014 (Bend: bank owned, short sale, rental market)

[BendLocal]

Originally Posted by kapetrich

Redmond is the new eastside-eastside of Bend!

Funny but there is truth in that!

[redguard57]

There is a rush to build new homes in Redmond, and those are much higher than new homes in Redmond in prior years. A new home in Redmond is easily in the 200s, even the lowest entry level Hayden homes are $155K or so, and with those companies the sticker price is never what you pay, it's always 10-20K higher in the end.

The value of the existing housing stock in Redmond is up but not drastically. Values have definitely recovered their pre-bubble losses, but if you bought in late 2005 to early 2007 you are probably still under-water, but not nearly as badly as you used to be.

[k2rider]

Redguard....sounds pretty much like it is down here in the San Diego area. My neighbor gought his 1300 sq ft house in 2007 for $440K. It droppped down to about $300K at one point and now is back up to about $420K again. Interestingly enough, they plan on moving to Bend area as soon as they find the "right" property. They have been working with a realtor for about a year now. They were sent some info on a property in La Pine just last week that they were going to go look at but it sold in less than 48 hours.

[skypros]

Update 8.25.14 (4 weeks from my original post)
Note: info is provided by doing a search on COAR for SFR "SingleFamilyResidense" (no mobile or attached housing)

$000,000 to $100,000 There are 3 on the market.... Same Junk that was on last month

$100,001 to $125,000 There are 3 on the market..... 1 less than last month.... The 3 are the same Junk

$125,001 to $150,000 There are 7 on the market.... last month there was 15, so we are down 8 homes in this price range in less than 1 month (there is 1 listed @ $145k that looks like it may be a good deal)

$150,001 to $175,000 There are 12 on the market.... 2 more than last month. Same 2 are the short sales. 1 is a Hayden to be built. 1 is in Terrebonne (is part of Redmond MLS). 1 has a 3-car garage, that says need updating, but it may be a good value.

$175,001 to $200,000 There are 35 on the market.... 1 more than last month. 1 is the same that was in Terribonne.... Same 5 are brand new and probably have not been built yet.... Allot of these are in ok locations and look to be good homes.

So to sum it up.... in Redmond, in 4 weeks we went from 66 homes in July to 60 homes in August (down 6 homes listed)

In Bend.... There are 19 homes that are under $200,000 that is 2 less than a month ago.

[Coniferian]

Hayden has been throwing up a bunch of homes just east of NW 19th - just about have it filled up. There are For Sale signs on the lots that don't even have foundations in yet. A big corner lot is for sale at Maple and 19th that I imagine they'll squeeze three homes into. Still quite a few lots around Antler and 31st that have sidewalks and utilities already in, but no construction started. Looks like they've been sitting empty for years.

[redguard57]

Those Hayden homes get sold in days. They actually encourage bidding wars.

[skypros]

Update 9.29.14 (aprox 2 months from my original post, and aprox 1 month from my last update)
Note: info is provided by doing a search on COAR for SFR "SingleFamilyResidense" (no mobile or attached housing)

$000,000 to $100,000 There is 1 home on the market (last month there was 3 on the market).... This is a small 496 sq ft, Older home that has been on the market for months.

$100,001 to $125,000 There are 3 on the market (same as last month)..... Same junk that has been on the market all summer

$125,001 to $150,000 There are 4 on the market.... (last month there was 7).... there is 1 listed @ $145k that looks like it may be a good deal.... This one is now "contingent Bumpable"

$150,001 to $175,000 There are 14 on the market.... (last month there was 12).... Same 2 are the short sales. 1 is a Hayden to be built. There is 1 for $169,000 on SW 35th PL that looks to be a good value. There is a $174,900 Fannie Mae home on NW Joshua Tree that I have seen (peeked in the window) This home started @ $199,900 (way over priced) It looks to be a home in very good condition..... This would be one that someone should put a "low" offer on and see if they can get it, as it has been reduced twice since it came on the market.

$175,001 to $200,000 There are 33 on the market.... (last month 35).... 6 are brand new Hayden's (1 more than last month) and probably have not been built yet and I think they are struggling to sell the "to be built" homes as they "were" offering a $10,000 off options with a "full price" offer..... Now they are trying another gimmick of $5,000 off on a "full price" offer and now a CHANCE to win $25,000 (and I am sure your chance is probably VERY slim) I am really struggling to find a "value" in this price range..... There maybe a few, but allot of realtors are not including the address in the listings.

So now that we are out of the summer selling season..... In Redmond 55 homes are listed.... Last month there were 60 homes listed.

In Bend..... there are 20 listings under $200,000.... 1 more than last month.... and none of them look all that desirable (IMHO)

I do see allot of sellers "reducing" their over inflated asking prices....... But, I think if you are looking to buy a home in Redmond and you want a nice home in a good location... You better be looking to spend more than $200,000

[Coniferian]

Hayden is framing the last lot at Maple and 19th, so that's full now. Not sure what's still for sale.

[kapetrich]

Anyone have insight on Hayden's builds? Quality wise...?

[Snownut]

Originally Posted by kapetrich

Anyone have insight on Hayden's builds? Quality wise...?

I actually applied for a supervisor position with them late last year. (They ended up not filling the position I applied for) My research at the time is they are typical cookie cutter but focused on the lower end of the market.

I am in a Pahlisch cookie cutter home now, lived in a cookie cutter home back east and consider the quality here "better" than back east as at least the home has 2x6 exterior walls and hardy plank siding not vinyl siding that rattled in the wind. Still inferior product to a quality custom home builder. So often (like in our case) budget and timing trump dream home desires.

I think the bigger track home builders have worked on balancing profits with curb appeal, profits and price.

Long term we will be looking for an older home on a bigger lot with some character! which no cookie cutter builder can produce.