Why so much real estate for sale on the coast? (Portland: custom home, buying)

[Tulippsy]

Well, there is one less house for sale on the Oregon coast because I bought one today!

[leastprime]

The coast has periodic ups and downs.
Mom had a home in PacificCity Oregon. I sold my half to my sister at an offer she could not refuse.
Reasons for the high inventory: Early 2000s, PC boomed from low cost loans from people who were able to cash out on refis of their primary home. Then when rates increased, 2006 housing collapsed on the coast as people started to protect their primary home in the Valley. With no buyers and increasing higher credit requirements banks were force to take homes. Add to this FEMA maps were redrawn which placed the lower priced homes in PC in the flood plain and forced the Tillamook Co. to place a moratorium on all permitted construction. So add the three together: No money(high priced money) + no buyers ( bank owned) + New FEMA maps = problems.

[seashelly]

Plus, it's an aging Coast. As with some of the established Coastal Homes, whether it be death, illness or just the costly maintenance repairs, many residents are rethinking home ownership.

[leastprime]

Originally Posted by Tulippsy

Well, there is one less house for sale on the Oregon coast because I bought one today!

Where

[Tulippsy]

Originally Posted by leastprime

Where

Gold Beach!

[leastprime]

Ah, the Tropics

[Tulippsy]

Originally Posted by leastprime

Ah, the Tropics

What did you expect? After all, I did move here from coastal south Florida. I hear the weather is very similar.😆

[skiffrace]

WOW!

That's my first reaction after a recent visit to coastal real estate listings.
I've been looking at those (primarily for entertainment) since 2007, and I've never seen anything even close to current numbers of coastal houses for sale. They multiplied by an order of magnitude!!!
During my previous visits, there were just a few modest houses for sale, and an occasional McMansion every now and then.
Now we have huge packs of $500, $600, $700K houses within blocks of each other.

What's even more surprising today how much land for sale there is!
Apparently, the speculators bought land in bulk during the Great Recession, and now hoping for big returns (without having to lift a finger)
On top of those, we have legions of little "investors" who hope to sell for double what they paid in 2010, after installing granite counter tops and bathroom tile.

Well, my friends, hurry up. If you don't buy NOW, you'll never be able to afford it later.

[Larry Caldwell]

Or you can rent one for $500/week.

[Hans64]

In Oceanside, and I imagine in many of the coastal resort towns, the vast majority of the properties are building lots, not homes. There are currently 32 homes for sale--the rest are all lots. While it is still a high number compared to the size of the community, I don't think it is out of line with most resort areas nationally. Many of these lots were created by one developer who delivered a big project that was ill timed. The development came on line right when the housing market crashed nationally.
I know Oceanside well and reasonably priced homes still sell at a good clip. Homes over $500k move much slower. Portland generally does not have income levels that support a home in town (which is now quite expensive) and a big vacation home.

As far as Central/Eastern Oregon vs. The Coast goes, I think these inland areas are great if you like winter sports. Otherwise not so much. Bend, which was mentioned upthread, has a very short summer--I've seen frost in mid-September.