Bend Oregon Real Estate Newsletter

A monthly publication of Bend Oregon Homes Online

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May 2012 – Bend Real Estate Newsletter

Is it a Seller’s market yet?

It’s the middle of May and the weather feels a lot like early summer. Daytime temperatures have reached the mid 80’s this past week throughout Central Oregon. Mid May is also the kick off to upcoming outdoor events starting with the popular Pole, Pedal, Paddle race. If you’re new to Bend, the Pole, Pedal, Paddle is an annual event held in Bend and attended by thousands. The event is a five stage race involving, two skiing disciplines plus cycling, kayaking and running. It all starts at Mount Bachelor ski resort and ends at the Amphitheater in the Old Mill District. It’s certainly a spectator favorite and will kick off the 19th of May this year. The warmer weather has also started the snowmelt in the higher elevations along with the ice melt on the high lakes. Opening day of the 2012 fishing season was a few weeks ago, but access to some of the upper lakes is still blocked by snow. All areas should be open and accessible by Memorial Day. Fishing is always good early in the season and in the Fall. The hot Summer months aren’t as productive, but still good fun.  For hikers and mountain bike riders the lower and mid elevation trails are open but maybe a little soft. Check with the proper authorities before venturing off into the mountains. More activities and events are on the way so stay tuned!

Is it a seller’s market yet? With the 2012 Bend real estate selling season now in full swing the answer could very well be “Yes” if you are shopping in the right price range. We have been watching the market trends closely for the past year and have seen a steady decline in listing inventories and also in default notices. We also have seen a rise in sales over the same time frame a year ago. As a matter of fact, Bend home sales in the first quarter of 2012 reached a five year high. The 250k and under price range is where the action is. There has been great interest in this section of the Bend and Central Oregon real estate market and it does not seem to be slowing down. This news is all the talk among local Realtors and their clients. Realtors representing sellers in this price range are receiving multiple offers.  We’re experiencing that Buyers are no longer in the drivers seat. Buyers that think nothing has changed and any offer will be accepted are getting left “homeless”. As inventories shrink prices are sure to go up. Homes in the upper price ranges have seen little change so far, but we expect this to change in time. Another indicator that Bend is turning the corner is the upswing and  increase in building permits. The number of permits issued in the first 3 months of 2012 was nearly twice as much as the same period in 2011. Good news for the local economy (i.e. new jobs) overall.

Bend Oregon real estate is increasing in demand. Bend has and will remain a great place for investors, retirees and those who want to relocate their families for a better quality of life. We encourage all “would be” buyers of Bend Oregon real estate to act quickly before prices go any higher.

Bend and Deschutes County real estate statistics for April  2012
The MLS has revised the way properties are categorized for statistical purposes.  No longer will properties over 1 acre be included, nor will manufactured homes, condos & townhomes. The stats. below reflect these changes, but will be skewed if compared to last month’s newsletter.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR April 2012**

Deschutes County homes for sale in April 2012 came in at 876 units up 3.4% from March 2012, but down 18.8% from the same time last year. 259 properties sold in April 2012, up slightly from the 252 homes sold in February 2012 and up from the 218 homes sold in April 2011. However, the median sold price fell, coming in at 167k for April 2012.  That was down from 175k in March 2012, but higher than last year’s median  price of 156k in April 2011. The avg. sold price was 217k in April 2012 down from 220k in March 2012 but up from 201k this time last year.

BEND OREGON REAL ESTATE STATISTICS FOR April  2012**

Bend Oregon homes for sale in April 2012 came at 428 units up just under 1.0% from March 2012 and down 16.1% from April 2011. Inventories appear to be sustaining lower levels, down from a year ago. 165 homes were sold in April 2012 down 6.6% from March 2012 but up a full 23.1% from  April 2011. Bend median sold prices rose to 205k in April 2012 from 199k in March 2012 and 199k from last April 2011. The avg. sold prices increased to 244k in April 2012, up from 233k in March 2012 and up from 225k in March 2011. We’re seeing some upper end homes selling this past month in Bend.
**Search criteria used for Deschutes County and Bend statistics are as follows: Residential only, lot sizes under 1 acre. Manufactured homes, condos and townhomes are excluded. Information courtesy of the Central Oregon MLS. All statistics are subject to change.

SHORT NOTES

Did you know…“Getting Away Together”, the popular PBS show recently featured Bend and Central Oregon?  You can see the entire episode of this reality travel series at Getting Away Together.

It’s Rodeo time!!! The 72nd Annual Sisters Rodeo is happening June 8-10th.  The PRCA rodeo is billed as “The Biggest Little Show in the World” Make plans now to attend.  The whole town of Sisters will treat you to western hospitality.  For tickets 1-800-827-7522 or check online at Sisters Rodeo.

If food is your thing (and I mean good food!) then the 10th Annual Bite of Bend is just around the corner!  Mark your calendar for June 23-24th.  Besides all the good food & samples, there’s the 5k Beer Run and the Cascade Culinary Institute’s “Top Chef Competition”.  More details, check out Bite of Bend.

Unique New Business – The Bend Tour Co. What’s different you ask?  How about touring around town on a Segway?  Opening just in time for the summer season.  Call for details 541-480-8477 or visit Bend Tour Company.

Now’s a great time to schedule your Bend and Central Oregon travel plans…see you this summer!

Darla Maddalone, Principal Broker – Bend Oregon Homes Online

April 2012 – Bend Real Estate Newsletter

Have we turned the Corner?

The weather in the Bend and Central Oregon area has been a little slow in switching completely from Winter to Spring this year but blue skies and warmer days are in the immediate forecast. As was the case last spring, late snow in the Cascades has pushed the snow pack to well over 100% of normal. Good news for snow sports lovers and farmers in the north irrigation unit of Central Oregon. Mt. Bachelor ski resort will running through May 27th this year for those who want to ski in the morning and sunbath in the afternoon. Locals and visitors alike are looking forward to this year’s warm sunny days, festivals and sporting events.

The Bend real estate market appears to have made the switch form the slow Winter season to the Spring selling and buying season. The amount of homes sold in March rose along with inventory. This seasonal change is right on schedule and is always an exciting time for buyers and sellers of Bend real estate. The inventory of homes for sale in Bend is down from the same time last year and is possibly due to the continuing decrease of foreclosures over the last year. In the first quarter of 2012 default notices in Deschutes County numbered 370. In the same period of 2011 the notices came in at 517 and a whopping 1,089 in 2010. Prices are still low and investors and first time homebuyers are competing aggressively in the under 200k price range. The majority of home sales in Bend are still in the lower price ranges. If the lower inventory continues, prices may start to rise.  Bend Oregon real estate buyers will not have as much selection, but deals on short sale and foreclosure properties are still readily available.  Another sign the Bend real estate market is improving is the increase in building permits issued in the first quarter of 2012. 89 permits for single-family home were issued in the first quarter, the highest in five years. That is a 89% gain over the previous year. Home builders and others in the new home construction industry are optimistic about the future and so are we. The low mortgage interest rates and lower construction costs are fueling the increase in demand for new homes.  For those investing in Bend Oregon real estate the recent news has been very positive. The competition by those who wish to rent has seen a decrease in the availability of homes in and round Bend. The result of the rise in demand is a 20% rate increase for a home today compared to the same time last year. Rents on 3 bedroom home in 2011 averaged $1,012 per month. So far in 2012 the rate is $1,231/mo. Perhaps now is the time to make your move to Bend Oregon!

Bend Oregon real estate is in demand. Bend has and will remain a great place for investors, retirees and those who want to relocate their families for a better quality of life. We encourage all “would be” buyers of Bend Oregon real estate to act quickly before prices go any higher.

Here are the Bend and Deschutes County real estate statistics for March  2012.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR March 2012**

Deschutes County homes for sale in March 2012 came in at 1249 units up 3.6% from February 2012. Good news for home buyers this selling season. But still down 13% from March 2011. 282 properties sold in March 2012 up 16.5% from February 2012 but down 8.7% from March 2011. The median prices were up to 178k in March 2012 from 175k in February 2012. From March 2011 the median price is up from 1175k. The avg. sold price was 225k in March 2012 down from 237k in March 2011.

BEND OREGON REAL ESTATE STATISTICS FOR March  2012**

Bend Oregon homes for sale in March 2012 came at 679 units up 2.0% from February 2012 and down 10.5% from March 2011. Lower inventories are good news for sellers. 199 homes were sold in March 2012 up 19.9%  from February 2012 and up 3.9% from  March 2011. Bend median prices rose to 200k in March 2012 from 194k in February 2012. The median price also shows an increase from 192k from back in March 2011. The avg. sold price dropped to 235k in March 2012 from 238k in February 2012 and dropped from 252k in March 2011.
**Search criteria used for Deschutes County and Bend statistics are as follows: Residential, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS. All statistics are subject to change.

SHORT NOTES

The annual Mt. Bachelor 2012 Pole, Pedal, Paddle is just around the corner!  Scheduled for May 19, 2012, this is truly one event you can’t afford to miss.  From skiing down the mountain, then racing by bike all the way to Bend, running 5 miles along the Deschutes River Trail and kayaking the Deschutes River…this is one premiere race.  Fun to watch, details at Bend PPP.

The 20th Annual Spring Home & Garden Show is coming to the Deschutes County Fairgrounds in Redmond May 4-6 (Fri.-Sun.).  Sponsored by the Central Oregon Builders Association, this is the perfect place to get all of your new decorating and gardening ideas.  Information online at Central Oregon Home Show.

Brookswood Meadow Plaza is adding exciting new restaurants!  Local Slice, a creation of Chow owner David Touvell is opening a pizzaria later this spring.  And LaRosa, the popular NW Crossing Mexican restaurant, is also expanding to the Plaza.  Check out all the new businesses in this neighborhood shopping area – Brookswood Meadow Plaza

It’s not too late to make your late Spring plans to visit Bend and Central Oregon!

Darla and Steve Maddalone, Bend Oregon Homes Online, LLC

March 2012- Bend Real Estate Newsletter

Spring is upon us!

Spring has arrived in Bend and Central Oregon a little early. Traditionally the weather for this time of the year is very interesting and unpredictable. One day it’s 70 degrees and sunny and the next day it’s snowing. Then the wind is blowing and its raining and snowing. The real interesting days are when it’s snowing and the sun is shining at the same time! Yes, Spring in Central Oregon is never dull and always full of surprises. The snow that has fallen in Bend this March has only stayed around for about 24 hours before melting away. One over night snow fall dumped about 7” on us about ten days ago…the morning drive to work for some Bend residents was an adventure. All this crazy weather brings a lot of snow to the Cascade Mountains and Mount Bachelor ski resort. This is when some of the best skiing and snowboarding of the season is available. All other snow sports are in full swing as well.

The Bend real estate market is about to break out of the slow season and into the selling season. In Bend and Deschutes County real estate sales are starting to increase but inventories are still dropping. Median prices for both areas have gone up or stayed the same. Bend median price came in at $194k, up for the third month in a row. With the inventory of residential property for sale in Bend being down to approx. a three month supply, prices will likely continue to rise. As we enter the selling season there will be more inventory and more buyers as well. The mood in Bend is that the real estate market has been skipping along the bottom and is now on it’s way up. You still may have a little time left to cash in on the low prices.

Bend is a great place for investors, retirees and those who want to relocate for the fantastic quality of living. We encourage all “would be” buyers of Bend and Central Oregon real estate to act sooner rather than later before prices continue higher.

We’re all looking forward to warmer weather and all the activities it will bring.

Here are the Bend and Deschutes County real estate statistics for February  2012.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR FEBRUARY 2012**

Deschutes County homes for sale in February 2012 came in at 1675 units down 1.9% from January 2012. Good news for pricing in the long run. Down 9.3% from February 2011. 269 properties sold in February 2012 up 0.7% from January 2012 and up 7.6% from February 2011. The median prices held at 155k in February 2012 from 155k in January 2012. Year over year, from February 2011 median price is up from 148k. The avg. sold price was 215k in February 2012 up from 188k in February 2011.

BEND OREGON REAL ESTATE STATISTICS FOR FEBRUARY 2012**

Bend Oregon homes for sale in February 2012 came at 894 units down 4.0% from January 2012 and down 3.4% from February 2011. Good for future appreciation. 178 homes were sold in February 2012 up 4.7% from January 2012 and up 15.6% from  February 2011. Bend median prices rose to 194k in February 2012 from 180k in January 2012. Year over year, the median price rose from 170k in  February 2011. The avg. sold price rose to 238k in February 2012 from 237k in January 2012 and rose from 211k in February 2011.
**Search criteria used for Deschutes County and Bend statistics are as follows: All Residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS. All statistics are subject to change.

SHORT NOTES

Don’t Miss – Bend’s Earth Day Celebration and Procession of the Species Parade! This year’s Parade and Fair will be held Sat., April 21st starting at 11am in downtown Bend.  It’s a great event & fun for the whole family.  Don’t forget to bring your camera!!

And speaking of cameras - Photo Walk of Bend is now offering local guided tours with professional photographers.  It’s a great way to explore downtown Bend, the historic district and the river front parks.  Tours depart daily at 10am, for more information – contact them

New Restaurants - Now open, La Magie Bakery in downtown Bend.  The pastries are luscious…located at 949 NW Bond St.  La Magie Bakery. Another addition to the restaurant scene is Barrio Bend opening at 163 NW Minnesota Ave.  This is the combination of the 2 mobile kitchens (formerly on the corner by Blacksmith Restaurant) Soupcon and El Sancho.  Same yummy food with more selection!  Barrio Bend

Spring break is a great time to visit Bend and Central Oregon!  We look forward to seeing you soon!

Darla and Steve Maddalone, Bend Oregon Homes Online

February 2012- Bend Real Estate Newsletter

Is it time to invest in Bend Oregon real estate?

As we start February and begin the “pre-spring” selling season, we see conditions for “want-to-be” investors of Bend & Central Oregon real estate that couldn’t be much better. Consumers all across America, including Bend, are feeling better about the economy and the improving employment situation. More confidence is also reflected in recent stock market increases. A month-over-month decrease in Bend area default notices has helped the inventory of homes “for sale” be absorbed by buyers who are looking for low prices. Other conditions are favorable for home buyers and investors as well. Low mortgage interest rates, plus more streamlined short sale and bank owned transactions are also a plus.

To do well you don’t need to be a seasoned real estate investor, but you do need to do your home work. It’s a good idea to determine what you expect to gain from your investment. Will it be to realize a return similar to a secure institutional investment (i.e. CD’s)? Will there be a steady positive cash flow? Will your Bend real estate investment rent quickly and stay rented for long periods of time? Would it be better to purchase something that has a tenant already? And will the property appreciate over the long run? Another important item to consider is how you will be paying for your future investment – cash or mortgage? For people purchasing with cash the process is not as complicated or costly (no financing fees is almost always a plus). For borrowers it’s a little more complicated. Weigh the returns on a Bend real estate investment against what you may receive from any other type of investment, such as low risk CD’s or mutual funds, etc. All properties need regular maintenance. Think about buying newer or recently remodeled real estate in good areas. If you decide to buy distressed property and do all the work that is necessary to achieve move-in condition, you still need to expect surprises.

You will also have to decide weather to manage the property yourself or have a professional property management company handle it for you. If you have a mortgage to pay every month, this is an area that could determine weather you make money every month -  if break even or have to feed what is suppose to be a positive cash flow investment. The amount of rent per month tenants can afford to pay for a home is an important factor. If the home you buy is full of expensive amenities, is large (more than 1600 sq.ft.) and in a high end part of town, the cost for the property will be high and so will the taxes. You may have trouble getting enough rent to satisfy your investment goals. Find out the size homes that are getting the best rents.

Right now, the real estate market in Bend is at it’s slowest time of the year. We’re all looking for things to pick soon in the Central Oregon real estate market.

Here are the Bend and Deschutes County real estate statistics for January 2012.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR JANUARY 2012

Deschutes County homes for sale in January 2012 came in at 871 units down 10.7% from December 2011. Good news for the long run. Down 16.2% from January 2011. 180 properties sold in January 2012 down 23.4% from December 2011 and down 10.4% from January 2011. The median prices fell to 155k in January  2012 from 165k in December 2011. From January 2011 median price is up from 146k. The avg. sold price was 215k in January 2012 up from 193k in January 2011.

BEND OREGON REAL ESTATE STATISTICS FOR JANUARY 2012

Bend Oregon homes for sale in January 2012 came at 512 units down 11.7% from December 2011 and down 10.3% from January 2011. Good for future appreciation. 120 homes were sold in January 2012 down 19.5%  from December 2011 and down 9.1% from  January 2011. Bend median prices rose to 186k in January 2012 from 185k in December 2011. The median price rose from 170k in  January 2011. The avg. sold price fell to 242k in January 2012 from 256k in December 2011 but rose from 216k in January 2011.
**Search criteria used for Deschutes County and Bend are as follows: Residential, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Winter Fun - Redmond’s Ice Skating Rink Opens!  Open 7 days a week until the end of March (weather permitting) the 4,000sf ice rink is located 1 block from downtown in Centennial Park.  There are free skate hours for those with their own ice skates, or skate rentals available in the afternoons.  Check it out…great fun for all!

New Businesses are sprouting up everywhere! All Mixed-Up, an independent locally owned Fro-Yo Shoppe has opened in NorthWest Crossing.  Find them at:  2754 NW Crossing Dr. or call 541-706-9009.

Cascade Village Shopping Center has added:  Little Pizza Paradise.  They’ll be serving up hand thrown pizzas made with choice toppings & fresh local ingredients.  Another new business that recently opened is Yo Wild.  Offering self-serve frozen yogurt & located in the heart of the Village in the former Cold Stone Creamery location.

Upcoming Events – Put this one on your calendar…the St. Patrick’s Day Dash.  Happening on Sat. (3/17/12) of course.  It’s a 5k family run.  Details and registration at St. Patrick’s Day Dash.

Here’s wishing everyone a Happy Valentine’s Day!

Darla and Steve, Bend Oregon Homes Online

January 2012 – Bend Real Estate Newsletter

Where is the Snow?

“Where is the snow?” is a question many visitors and locals have been asking all winter long. Unlike last year’s record setting snowfall in the Cascade Mountains, this years snow accumulation is slight at best. As of right now we have only 38% of normal snow pack. The amount of snow has been so paltry in several areas that some ski resorts have not been able to open. A few have barely enough snow too run on a limited basis. Mt Bachelor here in the Bend area has only 38 inches and has not seen any new snow for some time now. Unfortunately, the lack of snow in the Bend area and the Cascades will have a negative effect on the tourist industry and local economy. Just a minor bump in the road as the Bend economy is showing strength. Without adequate snow another problem will be less water for the farming communities north of Bend. But there is still hope for more snow in 2012. The heaviest snow fall in the Cascades and Bend area occurs in March making for great skiing and other winter sports. In the past low snowfall early in the season has been corrected in the last month of Winter and early Spring.

Now that the holidays are behind us things are a little dull around Bend but not for long. Winterfest is right around the corner. The 2012 version will start February 17th and run through the 19th. This is always a great event and a favorite of snow people from all around.

The Bend real estate market is in the middle of it’s slow season with only a few surprises to report. For Bend, the median price was up, sales were up, and inventory was down. That’s good news for sellers with inventory down and median price up. Another positive for the sellers is that default notices were down again for the fifth month in a row. Are the days of the low ball offer being accepted over? Could be! As of Wednesday 1-11-12 the inventory for residential property in Bend was only 3.5 months. Many in the industry see this as the beginning of a seller’s market. We’ll have to wait and see. For buyers of Bend real estate the good news is mortgage interest rates are very low and the pricing of homes is still at or near the bottom. Remember, lower inventory means less selection and empowers sellers when pricing and negotiating deals. The question for buyers is, do you get on board now before the ship to higher prices sails or wager things will go lower? Feeling lucky? The interest in Bend and the surrounding area as a place to retire, relocate or invest is still strong and getting stronger. The Bend real estate market will enter the 2012 selling season in a month or so. Soon after we will have the answers to the above questions.

Here are the Bend and Deschutes County real estate statistics for December 2011.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR DECEMBER 2011

Deschutes County homes for sale in December came in at 975 units down 17.7% from December 2010. Good news for the long run and down 7% from November 2011 a normal seasonal fluctuation. 224 properties sold in December 2011 down 3.4% from December 2010 and up 19.8% from November 2011. The median prices rose to 165k in December  2011 from 160k in November  2011. From December 2010 median price is up from 158k. The avg. sold price was up to 233k in December 2011 from 206k in November 2011 and up from 195k in December 2010.

BEND OREGON REAL ESTATE STATISTICS FOR DECEMBER 2011

Bend Oregon homes for sale in December 2011 came at 580 units down 7.6% from December 2010. Good for future appreciation. 141 homes were sold in Bend in December 2011 down 14.5%  from December 2010 and up 6% from November 2011. Bend’s median prices rose to 185k in December 2011 from 165k in November 2011. The median price rose from 169k in  December 2010. The avg. sold price rose to 259k in December 2011 from 221k in November 2011 and rose from 211k in December 2010.  **Search criteria used for Deschutes County and Bend are as follows: Residential, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Mark your calendar…Bend Winterfest is just around the corner! Scheduled for Feb. 17-19 (President’s Day weekend), don’t miss all of the snow sculptures, Metal Mulisha rail jam, Market place, live music stage, OMSI kids area and more!  Plenty of time to make your travel reservations!  Bend Winterfest

Another sweet addition to Bend…Tricia’s True Confections located in the “2nd Street Eats” deli (1289 NE 2nd St. Bend).  Tricia and hubby Jeremy own and operate both enterprises.  With Valentine’s Day just a few weeks away, this is the perfect place for delicious deli items topped off with luscious Chocolate truffles!  TriciasTrueConfections

New businesses to check out…What Lola Wants recently opened at 842 NW Wall St. downtown Bend.  They offer gifts, jewelry, clothing and more.  541-382-7884. Give them a call or stop by.  The Ale House by Brother Jon’s is a 2nd location that’s currently in the works for the famous “Brother Jon’s Public House” located on Galveston.  The new location is:  1051 NW Bond St. Bend.  More info. at Brotherjonspublichouse

We hope the New Year is off to a great start for everyone!

Darla and Steve Maddalone, Bend Oregon Homes Online

December 2011 – Bend Real Estate Newsletter

Last Newsletter for 2011!

Here we are at the end of another year and the last Newsletter for 2011. Only one more holiday and about two and a half weeks before New Years Day 2012. With the holidays comes the decorating of downtown streets and trees, and the city has done another great job. This also is the last weekend for a major event here in Bend. The U.S. Grand Prix Cyclocross is in full swing at the Deschutes Brewery course on the west side of town. The weather is, and has been, beautiful for weeks now and no one is complaining. Daytime temperatures have been above normal with night time temps being around average. We had approximately 2 inches of snow 3 weeks ago which melted by the end of the day. It’s quite a difference form last Winter. By this time a year ago we had an early, heavy snow and had shoveled off the driveway 6 or 7 times. The snow this year is in the mountains where some locals say it belongs.

The Bend Oregon Real Estate market is performing as expected. Inventory of  homes for sale is down as is typically  the case for this time of year. The interest in Bend real estate is still at a very high level and expected to carry over into 2012. Mortgage interest rates still remain at record lows and no one see’s them going up any time soon. Property values are expected to continue rising in 2012 as inventory shrinks.

There was an interesting article in the “Central Oregon Living” magazine recently penned by a local Realtor regarding property listings and the internet. More and more real estate shoppers are using real estate web sites like Zillow and Trulia to find homes that are for sale in  Bend and elsewhere. Unfortunately, many times these web sites are not very accurate. As Realtors, we spend a lot of time explaining to shoppers that the most accurate property listing web site is the MLS in the area they are interested in. The “for profit” sites often are not updated in a timely manner. It’s not uncommon to have a property show up as “for sale” according to the web site, when in fact it has been sold, terminated, expired, contingent or pending. This is a very frustrating situation for buyers and Realtors alike. Buyers can easily access the public section of the Bend and Central Oregon MLS and receive the most accurate listing information possible. You can also use our web site to search for listings – we have a direct data feed from the MLS. Or if you’re tired of shopping on your own, we can do it for you.

Here are the Bend and Deschutes County Real Estate stats. for November 2011

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR NOVEMBER 2011

Deschutes County homes for sale in November came in at 2012 units down 13.7% from November  2010. Good news for the long run.  Also, down 4.4% from October 2011 a normal seasonal fluctuation. 261 properties sold in November 2011 down 17.4% from November  2010 and down 23.5% from October 2011. The median prices fell to 165k in November 2011 from 175k in October  2011. From November 2010 median price is down from 170k. The avg. sold price was down to 219k in November 2011 from 230k in October 2011 and down from 226k in October 2010.

BEND OREGON REAL ESTATE STATISTICS FOR NOVEMBER 2011

Bend Oregon homes for sale in November  2011 came at 1109 units down 4.2% from November 2010. Good for future appreciation. 170 homes were sold in November 2011 down 9.1%  from November 2010 and down 19.8% from October 2011. Bend median prices were down to 171k in November  2011 from 200k in October 2011. The median price was down from 200k in November 2010. The avg. sold price dropped  to 231k in November 2011 from 249k in October 2011 and was down from 257k in November 2010. **Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

A Holiday Chocolate Tasting Room! Say it’s tru! Yes, Jem Chocolate, located right here in Central Oregon offers some of the best healthy raw chocolates.  They use pure ingredients, no processed sugar – all handcrafted in small batches.  Check them out, they ship nationwide too, more info. at:  Jem Raw Chocolate

And continuing in the Holiday spirit, you’ve got to experience the exotic creations from Indahphoria Chocolatier.  A local Bend business, taste the exotic creations – chocolate paired with beer, or chocolated with cheese…the list goes on.  Indaphoria

New kid on the block - Downtown Bend welcomes Bend d’Vine Wine Bar and Bottle Shop.  Here’s your opportunity to sample Northwest grown and locally produced wines.  They feature over 30 wines by the glass, along with small plate appetizers.  Located at 916 NW Wall St.  Bend d’Vine

Economic News - Excitement is in the air as word leaks out that Apple may be planning a new data center in Prineville.  Following in the footsteps of Facebook, this could be a great addition to the area!

As the year draws to a close, we’d like to wish everyone a Happy Holiday and all the Best in the New Year!

Steve and Darla Maddalone,  Bend Oregon Homes Online

November 2011 – Bend Real Estate Newsletter

The Holidays are coming!

It’s hard to believe Thanksgiving is less than two weeks away. We have now entered a part of the year in Bend known as the “shoulder season”. This is the time in between warm weather activities and the snow ‘n ice recreation many have been waiting for. When the snow starts falling around Bend, access to many areas will be closed off until spring. Most hiking trails and lakes beyond Mt. Bachelor will become inaccessible when the Cascade Lakes Highway is closed for the Winter. As the snow level drops the snow parks will become very active as Snowshoeing, Cross Country Skiing and Snowmobiling takes over the area. Hunting and fishing are still in full swing, but the end is near. Only the low elevation lakes and rivers that are open will be accessible. Ice fishing in Oregon is available but one should check with the Oregon Department of Fish and Wildlife before venturing out.

Over the Halloween weekend The Day of the Dead Cyclocross Festival and the Oregon Hand Made Bike Show was held in Bend and was a big success. Many competitors were in Halloween costumes as they competed around the Deschutes Brewery area cross course.  Today is Veterans day. As I am writing this newsletter the city is honoring our Vets with parade down Wall St . This is a special day for Central Oregonians and is an annual event. The city has started decorating the downtown for the holidays with the lighting of the city’s Holiday tree on the corner of  Newport and Wall Thanksgiving weekend. The final large event of 2011 will be in December. The U.S. Grand Prix Cycloross event will be in Bend the weekend of the 10th and 11th.  If you haven’t been to a Cyclocross event before, you have been missing a great show and competition.

The Bend Oregon real estate market has seen another decline in default notices in Deschutes County for the month of October. The recent decline in defaults notices and the seasonal slowing in the market has resulted in lower inventory of homes for sale in Bend. The median price for homes in Deschutes County had risen from September and sales remained nearly the same. The 2011 selling season is drawing to a close and inventory has dropped. However, there are still good values available. Distressed property sales do not make up the majority of sales any longer. They were 65% of the market  but have dropped to 45%. I believe this is due to the steady decline in foreclosures and short sales on the market. Bend remains the nucleus for real estate, tourism and overall growth in Central Oregon. The attraction is quality of living and opportunity for doing business in the states fastest growing area. Expect inventory and sales to drop off through the upcoming Winter. A few local market watchers predict this Winter will yield great buys. I think they’re right. We wish everyone Happy Holidays and a Great New Year! Here are the October real estate statistics for Bend and Deschutes County Oregon.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR OCTOBER 2011

Deschutes County homes for sale in October came in at 2104 units down 17.5% from October 2010. Good news for the long run. Down 8.7% from September 2011 a normal seasonal fluctuation. 329 properties sold in October 2011 down 3.5% from October 2010 and down .3% from September 2011. The median prices rose to 176k in October  2011 from 171k in September  2011. From October 2010 median price is up from 175k. The avg. sold price was up to 232k in October  2011 from 216k in September 2011 and up from 231k in October 2010.

BEND OREGON REAL ESTATE STATISTICS FOR OCTOBER  2011

Bend Oregon homes for sale in October 2011 came at 1146 units down 7.6% from October 2010. Good for future appreciation. 207homes were sold in October 2011 down 4.6%  from October  2010 and up 4% from  September 2011. Bend median prices stayed level at 200k in October 2011 from 200k in September  2011. The median price rose from 198k in  October 2010. The avg. sold price rose to 250k in October 2011 from 237k in September 2011 and stayed the same at 250k in October 2010.

**Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Upcoming Holiday Events! Hard to believe Thanksgiving & the Holiday Season is just around the corner.  Upcoming events:

Nov. 25 – Downtown Bend Holiday Tree Lighting.  Begins at 6:00pm at the corner of Newport & Wall St.

Dec. 2 - Holiday Art Walk from 5-9pm downtown Bend.  Over 50 businesses stay open for the event.

Dec. 3 – Bend Christmas Parade.  Bring the whole family – festivities begin at Non.  More details at Bend Christmas Parade

Bend Turkey Trot! Yep, you read that right.  Featuring both a 5k & 10k Walk/Run, the Turkey Trot starts 9:00am Thanksgiving Day.  This year features a scavanger hunt along the way, what a grea way to start the season.  Bend Turkey Trot

And if you miss the Turkey Trot, the 20th Annual 2011 Jingle Bell Run/Walk is being held the very next week on Dec. 3rd.  Additional details at: Jingle Bell Run/Walk

Business Happenings – - – You’re visiting town…ever wonder where to eat?  The answer is, check out the new restaurant website at SocialEatia.com.  It’s a great place to find local bargains and area eateries.  Bradley D’s Wings N Things – is a new Bend based food truck.  Serving chicken wings and pulled-pork sandwiches.  Find them on Facebook for locations.

It’s not too late to schedule your Holiday visit to Bend!  We enjoy seeing newcomers visit the area…see you soon!

Steve and Darla Maddalone, Bend Oregon Homes Online

October 2011 – Bend Real Estate Newsletter

Don’t blink you’ll miss Autumn!

Temperatures in the upper 80’s and then down to the mid 50’s in just a few weeks is news worthy. “Below average temperatures for October and rain likely” is what the forecast is for Bend and Central Oregon. No one is terribly happy about the abrupt weather change but what can you do? There is one group that is excited about the lower temperatures and high chance of precipitation – they are the skiers, snowboarders and ski resort people.  An early winter is just fine with them. This year Mt. Bachelor Ski Resort is hoping for a mid-November opening. Thanksgiving is their usual target date. The Forest Service is pretty happy about the change also. Wild fire season is over and any smoldering fires will surely be snuffed out by rain, snow and cooler temperatures. Yes, I did say snow. The higher elevations around Bend have had the first dusting of the season. Mt. Bachelor, Three Sisters and all the surrounding mountains are looking a little whiter lately.

Tourism in Bend increased for the 21st month in a row but the area surrounding Bend was down slightly. The side effects of the increase in tourism is hard to measure. Additional room taxes collected certainly help the city’s revenue flow. Many visitors discover Bend for the first time and vow to return again or even to relocate. Real estate, construction and the hospitality industry all benefit over time.  Judging by the turn out at the Bend Fall Festival and the Bend Film Festival, Bend Oregon is the place in the Northwest to go for great entertainment and recreation. A few upcoming events in October are the Bend Big Fat Tire Tour, Day of the Dead Cyclocross Festival and the Oregon Hand Made Bike Show. If you’re planning a visit to the area soon you’ll have plenty to do.

Bend Oregon real estate continues to roll along. The recent decline in default notices in Deschutes County are still having an effect judging by the lower inventory of homes for sale in Bend. The median price for homes in Bend and Central Oregon had risen through out the Summer but last month took a small step down as did overall sales.  The selling season is slowly closing down for 2011. Expect inventory and sales to continue dropping off for the upcoming Winter. Bring on the snow! Here are the real estate statistics for Bend and Deschutes County Oregon.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR SEPTEMBER 2011

Deschutes County homes for sale in September came in at 2304 units down 18.3% from September  2010. Good news in the long run. Down 3.8% from August 2011 a normal fluctuation. 318 properties sold in September  2011 down 18.3% from September 2010 and down 7.6% from August 2011. The median prices fell to 171k in September 2011 from 184k in August 2011. From September 2010 median price is up from 163k. The avg. sold price was down to 216k in September  2011 from 222k in August 2011 but up from 203k in September 2010.

BEND OREGON REAL ESTATE STATISTICS FOR SEPTEMBER  2011

Bend Oregon homes for sale in September 2011 came at 1246 units down 12.8% from September 2010. Good for future appreciation. 192 homes were sold in September  2011 down 12.7%  from September 2010 and down 16.5% from  August 2011. Bend median prices fell to 198k in September 2011 from 203k in August  2011. The median price rose from 190k in  September  2010. The avg. sold price fell to 235k in September  2011 from 239k in August and down from 230k in September 2010.  The 2011 selling season is drawing to a close but good values will still be available. Bend remains the nucleus for real estate, tourism and overall growth in Central Oregon. The attraction is quality of living and opportunity for doing business in the states fastest growing area.

**Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Elevation takes dining to new heights! Just opened, this is the Cascade Culinary Institute’s new restaurant on the COCC campus.  Serving lunch, tapas and dinner, this is your chance to experience exquisite cuisine.  Located at: 2555 NW Campus Village Way Bend, OR 97701.  Online at Elevation Make your reservations today!

Takoda’s Restaurant opening in Sisters! This is a family affair with the opening of a 2nd restaurant (the first is located along the McKenzie River).  Takoda’s will be serving pizza, burgers and other American fare.  425 W. US Hwy. 20 Sister, OR.  541-549-8620 for reservations.

If it’s October…Halloween isn’t far behind and so is the Pumpkin Co’s. Annual Corn Maize! This year features a “Star Wars” maize them.  Plus, do’t miss the Hay Rides, Pumpkin Cannon and Zoo Train.  Fun for the whole family & located just north of Redmond in Terrebonne.  Pumpkin Co.

Upcoming Events...“The Nature of Words” Central Oregon’s premier literary event will be held Nov. 2-6th in downtown Bend.  Over 9 guest authors are featured in this year’s presentation.  Details at The Nature of Words

Fall is the perfect time to visit Bend…we look forward to meeting you!

Steve and Darla, Bend Oregon Homes Online

September 2011 – Bend Oregon Real Estate Newsletter

20 MONTHS IN A ROW!

20 months in a row is the length of time tourism in Bend has hit new highs. July 2011 posted a 10.5% gain over July 2010 to set a new record! (Tourism statistics are based on transient room taxes and are year over year.) The area outside of Bend (in Deschutes County) also saw an increase of 12.8% for July. Since the economic down turn and troubled real estate industry, Bend and Central Oregon has been relying on tourism to keep the area going. The more people who visit the area the more stable the economy becomes. These new visitors leave a lot of money in Bend, and some will even make plans to relocate here in the future. The Summer weather across Central Oregon is not yet showing any signs of fading. But as we all know Fall is just a few weeks away and and cooler temperatures will be arriving soon. Wild fires have been in the news recently with most being the result of lighting strikes that occurred a couple of weeks ago.  There are 8 fires still burning, but all are expected to be contained in a few more days. With fire comes smoke – smokey haze one day and normal blue skies another. Some people are complaining of stuffy noses and scratchy throats. A small inconvenience for living in paradise. Wild fires are annual event in Central Oregon and tend to happen each year in late Summer. And last but not least, a few upcoming events for fall.  Don’t miss the Bend Fall Festival, USA Mountain Bike National Championships, and the inaugural Day of the Dead Cyclocross Festival. These are just three of the many reasons to plan a trip to Bend Oregon.

Bend Oregon real estate continues to have good news. Default notices in Deschutes County are still falling and so is the inventory of available homes for sale in Bend. The median price for homes in Bend and Central Oregon have risen through out the Summer. Very good news! The selling season is coming to a close for 2011. Expect inventory and sales to start dropping off for the upcoming Winter. Bring on the snow! Here are the statistics.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR AUGUST 2011

Deschutes County homes for sale in August came in at 2396 units down 20.7% from August 2010. Good news. Down 1.2% from July 2011 a normal fluctuation . 332 properties sold in August 2011 up 19.4% from August 2010 and up 13.7% from July 2011. The median prices rose to 185k in August 2011 from 170k in July 2011. From August 2010 median price is up from 151k. The avg. sold price was up to 223k in August 2011 from 222k in July 2011 but down from 238k in August 2010.

BEND OREGON REAL ESTATE STATISTICS FOR AUGUST 2011

Bend Oregon homes for sale in August came at 1284 units down 16.8% from August 2010. Good for future appreciation. 223 homes were sold in August 2011 up 23.9%  from August 2010 and up 26% from  July 2011. Bend median prices rose to 205k in August 2011 from 195k in July 2011. The median price rose from 175k in  August 2010. The avg. sold price fell to 241k in August 2011 from 247k in July and down from 277k in August 2010.  The 2011 selling season is drawing to a close but good values will still be available. Bend remains the nucleus for real estate, tourism and overall growth in Central Oregon. The attraction is quality of living and opportunity for doing business in the states fastest growing area.

**Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Bend Oktoberfest (and Wiener Dog races!) Don’t miss the 7th annual event being held Fri./Sat. Sept. 23rd & 24th.  Admission is free and there’s fun for all.  Details at:  Bend Downtown Oktoberfest

Sisters Mountain Bike Festival! Scheduled for Sept. 24-25, this weekend event is for bike riders of all abilities.  The festivities are being held in conjunction with the Sisters Fresh Hop Festival.  Sisters Mountain Bike Festival

BendFilm! Mark your Calendar! Coming Oct. 6-9, 2011 this is one of the best celebrations of independent film!  More information & details at  BendFilm

On the business front…

Savory Spice Shop is opening in the Old Mill District.  The spice shop will feature more than 400 herbs & spices and 140 blended seasonings & organic selections.  See them at:  374 SW Powerhouse Drive  #A-110.

Bend Electric Bikes has relocated.  They are now open at 223 NW Hill St. in Bend next to The Taco Stand.  Bend Electric Vehicles

Mt. Bachelor completing $3.5M in Upgrades. Ski season is just around the corner and Mt. Bachelor is planning an “umbrella bar:, new groomers and renovation of lodges food service areas…yeah!  Mt. Bachelor

Steve and Darla Maddalone, Bend Oregon Homes Online

August 2011 -  Bend Real Estate Newsletter

Summer has arrived in Bend and Central Oregon!

We finally have Summer weather across Central Oregon. Blue skies and temperatures in the mid to upper 80’s day in and day out. In the Cascades, the snow has melted enough to allow the MacKenzie Pass to open fully and most of the upper elevation hiking trails are clear. Summer activities in the Bend Downtown and the Old Mill District are in full swing including the city providing transportation for river floaters. For $2.50 you can hitch a ride back upstream all day long. Competitors in the Cascade Cycling Classic were glad to see the great weather. This year’s race was another success. Maybe one of the best ever. Another event that benefited from the mild Summer days was the Flashback Cruz-In. Hundreds of hot rods and and custom cars filled the downtown streets and Drake Park for the two day event. The Summer tourist season brings the local economy a welcome financial boost. Another record number of visitors for July makes 19 months in a row of gains. Proving once again Bend is a place where people want to be.

Bend Oregon real estate had some good news in July. For the third straight month default notices in Deschutes County fell. So far this year the filings have dropped approximately 29 percent compared to the same time last year. In July the notices were down 22% from June, and down 54%  from July 2010. Does this mean the days of foreclosures are coming to an end?  The jury is still out on that. Another pleasant surprise was the increase in Bend new home construction. The evidence of this can be seen in Bend’s Northwest Crossing subdivision where building slowed but never stopped . Applications for building permits also were up. A good sign things are changing. The recent increases in building and permit applications are still a far cry from where they were in the heydays. As for now there is nothing on the horizon that would indicate a return to the good old days. Here are the statistics for July 2011.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR JULY 2011**

Deschutes County homes for sale in July came in at 2426 units down 22.1% from July 2010. Good news for seller.  Inventory is up slightly, 2.4% from June 2011, a normal seasonal gain. 278 properties sold in July 2011 down 7.6% from July 2010 and  down 12.9% from June 2011. The median prices rose to 168k in July 2011 from 160k in March, April, May and June 2011. From July 2010 median price is up from 165k. The avg. sold price was up to 222k in July 2011 from 211k in June 2011. And up from 220k in July 2010.

BEND OREGON REAL ESTATE STATISTICS FOR JULY 2011**

Bend Oregon homes for sale in July came at 1302 units down 18% from July 2010. Good for future appreciation. 171 homes were sold in July 2011 down 5%  from July 2010 and down 13.2% from June 2011. Bend median prices rose to 195k in July 2011 from 193k in June 2011. The median price fell from 207k in July 2010. The avg. sold price rose to 246k in July 2011 from 236k in June and down from 257k in July 2010.  Bend remains the nucleus for real estate, tourism and overall growth in Central Oregon. The attraction is quality of living and opportunity for doing business in the states fastest growing area.

**Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

SHORT NOTES

Art in the High Desert – Bend’s own juried fine arts festival takes place Aug. 26-28, 2011.  Located in the Old Mill District and showcasing over 100 artists, it’s your chance to stroll through the booths & preview art at your leisure.  More details at:  Art in the High Desert

Cycling enthusiasts, take note – The 2011 USA Cycling Masters Road National Championships takes place Aug. 31-Sept. 4th.  The event brings nearly 1,000 riders age 30 & over!  Fun to watch too!  USA Cycling

Sisters Folk Festival – Don’t miss this annual event!  Scheduled Sept. 9-11, 2011, features performances by top folk artists and musicians throughout various venues in the town of Sisters.  Sisters Folk Festival

Bend Furniture and Design – Check out their new location near the “Flaming Chicken” roundabout – 1346 NW Galveston Ave., Bend.  More room and stuff!  Bend Furniture and Design

Backporch Coffee Roasters are on the move!  Their new location is right across the street on Newport Ave. in the old Ginger’s Kitchenware space.  They’ll add patio area and more…the move will be completed Sept. 15th.  Backporch Coffee Roasters

September and the Labor Day weekend is just around the corner.  It’s not too late to schedule that pre-Fall visit to Bend!

Steve and Darla Maddalone, Bend Oregon Homes Online

July 2011 – Bend Real Estate Newsletter

Can you ski Mt. Bachelor in July?

Yes! In 2011 the you could ski Mt. Bachelor over the July 4th weekend. This will be a year to remember for the snow sports enthusiast. The Cascades Mountains recorded record amounts of snow this Winter and early Spring. Mt Bachelor had the most ever snow fall totaling 665 inches of the white stuff over the course of the Winter. With the cooler than normal temperatures this spring the snow melt has been rather slow. So slow that the very popular Mackenzie Pass is still closed to everything but bikes and hikers. This once in a lifetime Winter gave the Bend Oregon ski resort a chance to open for the 4th of July weekend, so they did. And it was well received by skiers and boarders from around the Pacific Northwest. June also brought numerous events to Bend like the Bite of Bend a couple of weeks ago. There were paddle board races on the Deschutes River at the Old Mill, running events, mountain biking, triathlons, biathlons, and walks ushered in summer across the Bend and Central Oregon region. As I write today the Bend Summer festival is in full swing in downtown and in Sisters the renowned Outdoor Quilt show is in progress. There is always something to do or experience in Central Oregon.

As for real estate in Bend, default notices were down 25% in Deschutes County. Default notices are the first step in the foreclosure process. This doesn’t mean that all is well. There is still a lot of distressed property on the market in the form of short sales holding prices down. We are not seeing any real change in the Bend real estate market but with tourism having risen for the 18th month in a row and the promotion of the area in full swing its my opinion Bend will continue to skip along the bottom for the rest of the 2011 selling season. Maybe even ticking up a bit. No double dip in sight. Still plenty of time for investors or home buyers to get in on low Bend home prices. The low inventory will soon have an upward effect on prices. Here are the statistics for June 2011.

DESCHUTES COUNTY OREGON REAL ESTATE STATISTICS FOR JUNE 2011

Deschutes County homes for sale in June came in at 2369  units, down 22.2% from June 2010. Good news. Up 8.7% from May 2011 a normal seasonal gain. 300 properties sold in June 2011 down 18% from June 2010.  Down 13% from May 2011. The median prices rose to 164k in June 2011 from 160k in March, April and May 2011. From June 2010 median price is down from 172k. The avg. sold price was down to 214k in June 2011 from 217k in May 2011. And down from 231k in 2010.

BEND OREGON REAL ESTATE STATISTICS FOR JUNE 2011

Bend Oregon homes for sale in June came at 1259 units down 18.4% from June 2010. Good for future appreciation. 185 homes were sold in June 2011 down 12.7%  from June 2010 and down 15.1% from May 2011. Bend median prices rose to 199k in June 2011 from 185k in May 2011. The median price fell from 207k in June 2010. The avg. sold price dropped to 239k in June 2011 from 250k in May and from 265k in June 2010.
**Search criteria used for Deschutes County and Bend are as follows: All residential property, all property statuses, all lot sizes. Information courtesy of the Central Oregon MLS.

We’re watching the reduced inventory of homes for sale in both Deschutes County and Bend.   If the trend continues, we may see some price increases. Bend remains the nucleus for real estate, tourism and overall growth in Central Oregon. The attraction is quality of living and opportunity for doing business in the states fastest growing area.

SHORT NOTES

Balloons Over Bend! Coming July 22-24.  The balloons launch at 6am each day or stop by the “Night Glow” event at dusk on Saturday.  The festival and balloons launch from River Bend Park.  Admission is free, so bring the whole family.  BalloonsOverBend

Cascade Cycling Classic! Bike enthusiasts, don’t miss the 32nd annual CCC!  Our own Tour de France, it runs July 19-24th.  Especially exciting is the downtown Criterium scheduled for Saturday evening – 7/23.  Check the schedule here:  Cascade Cycling Classic

New Businesses – Now open is the Bend Yogurt Factory.  Located at the corner of Bond and Franklin in downtown Bend.  Lulu’s Home Organic Home & Gift recently opened at 130 NW Minnesota.  The store features sustainable & organic gifts, definitely worth the visit.  Bend D’Vine at 916 Wall St. is a wine shop and tasting bar scheduled to open next month.  Faveur, a new eclectic and unique boutique will open at 714 Franklin (next to Bend Burger Company).

Goody’s Chocolates – Factory Tour! The factory tour is now open and rated a “must see’!  They even have a Chocolate & Ice Cream Museum!  Find them at 1111 SE Division Bend.  Factory Tour

If you haven’t already planned a visit to Bend, now would be a great time!  We hope to see you soon.

Steve and Darla, Bend Oregon Homes Online

June 2011 – Bend Real Estate Newsletter

It’s June and time for adventure in Central Oregon!

The long and cool Winter / Spring in Bend Oregon has left locals and tourists with some recreation challenges. Record snow fall at Mt. Bachelor and the entire Cascade mountain range has caused a few problems for hiking and mountain biking enthusiast. Snow mobile riders, Nordic Skiers, Downhill Skiers, Boarders and Snowshoers are in the same boat. “Boat”. That word reminds me, I can’t get to my favorite lakes to enjoy a day of fishing for the tasty Kokanee that inhabit Paulina and East Lake. Both lakes by the way are located in the Newberry Caldera 45 minutes south of Bend. One advantage to the record snow pack is the runoff that occurs as temperatures rise. Extra water for farmers and ranchers allows more land to be irrigated creating more revenue for Central Oregon. Another plus is for lovers of water falls and white water rafters. The huge volume of water means larger rapids deep into Summer and bigger than normal water falls. So far the falls that are easily accessible are not disappointing their visitors – they are awesome and the snow melt has just begun. One negative to the heavy snow is the Mackenzie Pass and Cascade Lakes Hwy. aren’t open completely yet and no opening date has been set. Many upper elevation hiking and biking trails are still under snow or inaccessible.

Recent economic news for Bend Oregon has been of a positive nature. Tourism in Bend was up for the 17th straight month. This is an awesome statistic and along with a reduction in the local unemployment rate notables feel Bend’s economy has been rebounding. The increase of lodging taxes collected from Bend hotels, motels, Bend RV parks and other lodging establishments is how area tourism is evaluated. Bend has had a 12 month increase in lodging tax revenues of 12.7%.  Officials call this impressive compared to other areas like Steamboat Springs, Aspen, Las Vegas and states like California and Florida. This is important for the real estate industry in Bend.  As people discover Bend and Central Oregon from visiting the area, many become future investors or residents.

Here are the May 2011 statistics for Bend and Deschutes County

In Bend home sales were up from April by 10.5% to 210 units. Inventory of homes for sale in Bend increased 10% to 1,144 units. Avg. sold price for homes in Bend jumped to $252k from $224k in April. The median price for Bend homes in May stayed the same as April at $188K. The Avg. sq.ft. price for homes went up to $121.30 from April’s $115.50. Months of inventory for Bend homes on the market is up to 6.6 months from 5.9 in April. The rise in the average sold price and sq.ft. price indicates upper end home sales in Bend is on the increase.

In Deschutes County (regarded by many as the Bend Metropolitan Area) home sales increased 6.8% from April. The May inventory of homes for sale in Deschutes County was up 6.5% from the previous month. The average sold price for homes increased to $220k up from $199k in April. The May median price for homes in Deschutes County was $165k up from $160k the month before. The price per sq.ft. rose to $112.70 from $106.80  Months of inventory in the County stands at 6.6 months down from 6.7 months. The most encouraging statistics are the lower inventory numbers and the rise in the median and average price.  Has Bend Oregon Real Estate turned the corner? We’re seeing signs it has!

SHORT NOTES

Ride the River – through downtown Bend! Summer is officially here…the Deschutes River Shuttle starts June 17th!  What a great way to spend a day.  Fload the river all day for only $3 and let the BAT shuttle bring you and your flotation device (raft, tube, etc.) back to River Bend Park to do it all over again!  Fun!

The Bite of Bend – Our annual Food, Wine, Beer and Family Events Festival is almost here!  Scheduled for June 25 & 25, admission is free.  The whole family is invited and there is something for everyone.  Kids play area, tons of food booths and don’t forget the 2nd Annual Beer Run!  The Bite of Bend

Free Concerts? Yep, don’t miss the Les Schwab Amphitheater Free Sunday Summer Concert series!  Great entertainment in the Old Mill all summer long.  Enjoy.  Summer Concert series

New Around Town – Primal Cuts Meat Market is scheduled to open mid-June.  Bend’s newest westside butcher shop will be located at:  1244 NW Galveston Ave., Bend.  Specialties include a wide selection of meats and homemade sausages.  Raganelli’s Take & Bake Pizza will open soon in Tumalo on Cook Ave!  Call orders in ahead of time or stop by for takeout orders!

May 2011 – Bend Real Estate Newsletter

Spring has Arrived!

At last the weather in Bend and the surrounding area has become more like Spring. Daytime temps in the middle to upper 60’s (even saw some 70’s the other day) and night time temps, at or above freezing. It is still late Winter/early Spring in the upper elevations however, putting a damper on fishing, hiking and mountain biking. With a shortfall in State and County funds, snow removal in the upper elevation scenic areas will have to be handled by Mother Nature. Be patient. The old girl is not a speedy worker. I can’t even get to my favorite fishing hole due to snow, and I’m not happy. Mt. Bachelor had record breaking snow fall this year and is still open & operating. As I write this piece, the white stuff keeps coming down on the mountain and the die hard boarders and skiers are still at it.

A first for Bend and Central Oregon occurred this May 5, on Thursday. Wall St., between Oregon and Minnesota, was closed for the entire day for the inaugural Bend Cinco de Mayo festival. The event was sponsored by Amalia’s Mexican Restaurant, a downtown Bend favorite. We attended early in the evening and were treated to fine food and drink. Judging by the turnout and other reports it looks like Cinco de Mayo will be an annual feature here in Bend. Put it on your calendar for next year!

With May comes the kickoff of the Summer outdoor events season for Bend and Central Oregon. It’s once again time for the Pole, Peddle, Paddle on May 21^st. The annual event brings thousands of competitors, fans and visitors to Bend giving the area tourism industry is first substantial pay day. HOORAY for Summer!

HERE ARE THE BEND, OREGON REAL ESTATE STATISTICS FOR APRIL – 2011
The most recent Bend real estate statistics are in and show a few interesting surprises.

The April 2011 home sales in Bend fell 17.8% from March 2011 and were down 11.9% for the same month last year. The inventory of Bend homes for sale rose 7.2% from March to April, but was down 27.5% compared to the same time last year. Interestingly, the median price for homes sold in Bend rose to $185k in April from $180k in March, but was still down $5k from last year. The average sold price fell from $245k in March to $224k in April.

Bend’s average price per sq.ft. fell to $115.4 from $119.8. per sq.ft. In April, the days on market for Bend Oregon homes for sale fell to 150 days from163, which is a positive sign. Pending home sales in Bend dropped to172 in April from 203 in March. These statistics show in general that the Bend Oregon real estate market is still bouncing along the bottom. The year-over-year lower inventory of Bend homes for sale is encouraging. The drop in sales is disappointing, but may just be weather and energy related. It’s still a buyers market and distressed property sales lead the way. The Bend real estate market is made up of investors, second home buyers, future retirees and and some brave flippers. The foreclosure, short sale and bank owned inventory is expect increase as the season moves forward.

SHORT NOTES

2011 Pole, Pedal, Paddle!! You don’t want to miss this year’s event – May 21st!  The P,P,P is the official kick off to Bend’s summer season.  A mixture of athletic events along with colorful costumes…you just have to see it to believe it!  We’re expecting over 1,500 entrants this year.  PPP Bend

New Businesses and Happenings…The Bend Yogurt Factory is opening downtown at the corner of Bond and Franklin.  If self-serve frozen yogurt is your pleasure, look for them to open this June.  Glassy Elegance, handcrafted and affordable jewelry by Mary Nordquist is now available in Bend.  You can shop online or see her at Bend’s Saturday Market starting 5/28/11.  Glassy Elegance

They’re back! The Produce Patch, owned and operated by Cary and Connie has reopened for the new season in a new location.  They’re located in the former Harry & David story at the Bend Factory Stores – 61334 S. Third St., Suite 120 in Bend.  Glad to see them again!  The Produce Patch

West-side Bend’s newest store – Ace Hardware is expending and just opened their new location – 1538 NW Newport Ave.  Stop by for excellent selection & service!

April 2011 – Bend Real Estate Newsletter

Winter visits Central Oregon…AGAIN!

Looking out my office window it’s hard to believe we’re one week into April. Snow on the ground and below freezing temperatures. This is not normal. It’s been cold with snow off and on all week. 58 is the average daytime temperature for this time of year. With a little luck we may make 45 today. The weather has a lot of the locals scratching their heads with wonder. The only happy campers are the snow sports people. Mount Bachelor has been getting fresh powder almost every day adding to the already excellent conditions. The snow pack in the Cascades is 125% of normal making this a very good year for the aquifers, reservoirs and thousands of farmers, ranchers and others who rely on the snow melt for Summer irrigation and recreation. The lakes, rivers and streams will be at normal levels and fishing, boating and other water related activities should be terrific.

For the 15th straight month, tourism in the Bend area increased. The city through Visit Bend, the Visitor and Convention Bureau, has focused on promoting the area with what has proven to be great success. It’s no secret, many visitors become residents or second home owners in Bend. Some even relocate businesses or start new businesses here. The tourists contribute a great deal to the local economy and are deeply appreciated.

The real estate statistics for Deschutes County are in and buyers and sellers both have reason to be happy. The inventory for March rose 3.8% from February giving buyers more selection, but it’s still down 28.4% from March 2010. Home sales increased 41.5% in March from February and is up 9% from March 2010 – good news for would-be sellers. The median price rose from 148k in February to 160k in March. These statistics are form the Central Oregon Association of Realtors for all residential property, all property statuses, and all lot sizes in Deschutes County.

The real estate statistics for Bend show some slightly different numbers but is still all around good news. Inventory for March rose 4.9% from February adding to the selection, but was down 31.2% from March 2010 stabilizing prices. Sales increased 42.8% in March from February and up 8.5% from March 2010 indicating strong interest in Bend real estate. The median price rose to185k from 170k month-over-month. Average sq.ft. price rose to $120.5 from $112.2 sq.ft. month-over-month. The average sold price rose to 248k from 213k showing a gain in interest for higher priced homes. These statistics are from the Central Oregon Association of Realtors for all residential property, all property statuses, and all lot sizes in Bend Oregon.

The March statistics clearly show that the beginning of the selling season is underway in Bend and buyer interest has not decreased over the winter. Inventories in both Deschutes County and Bend are considerably lower than this time last year. Historically, lower inventories means higher prices when demand is strong. It’s just the start of the season and anything can happen. Stay tuned!

SHORT NOTES

Earth Day Street Fair and Species Parade! Mark your calendar, Saturday, April 23rd starting at 11:00am.  The parade is free and winds through downtown Bend ending at the main stage of the fair.  It’s a great event for the whole family.  Details Earth Day Fair

Goody’s Candy Store, one of downtown Bend’s favorites, plans to expand by building a chocolate, ice cream and candy factory in SW Bend.  It will have retail space for customers and plans to open by June 1.  Check out their “goodies”…yummy…  Goodys Chocolates

The Brew Shop is moving into the former Ernesto’s site.  This is a great location on NE 3rd St. Bend.  The Brew Shop is known for it’s beer and home-brewing supplies, and will establish a restaurant into its business.  Draft beers, pizza, and B-B-Q items are just the beginning.  Look for them to open June/July.  Brew Shop

Indian Summer – A new boutique featuring fine handcrafts as well as vintage and new goods from throughout the Northwest has opened at:  1900 NE Division St. Bend  Details Indian Summer

If you’d like to keep up to date on what’s happening in Bend and Central Oregon, we’ve started our Bend Real Estate Blog.  It’s updated at least weekly and you can view it here:  Bend Real Estate Blog

March 2011 – Bend Real Estate Newsletter

Hooray! We launched our new website.

Our new Bend Oregon Homes Online website is up and running! It took a lot of work to get where we felt comfortable launching the new site a few days ago. We have made moving between pages easier and more informative. You’ll first notice that every page has navigation buttons across the top and dozens of links down each side. Only the center content changes when you move from page to page. Moving around the site will now be much faster. Two of the navigation buttons across the top have additional dropdowns – the MLS home search and Relocation icons. As we add new pages more dropdowns will appear. Tour the site and you’ll see many new pictures and links. One exciting new feature is the MLS Map Search which pinpoints listings by map location thruout Bend and Central Oregon. You can also view Bank Owned properties on this page. Detailed information for each listing will appear below the map. Enlarging or repositioning the map is also possible. Seeing where homes are located instantly will certainly be a plus. This new feature will prove to be very helpful and a lot of fun. Additionally, we’re going to a separate page with numerous videos of the Bend and Central Oregon area in the upcoming weeks. Our goal is helping newcomers become familiar with the area before they arrive.

It’s now mid-March and the weather is typical for this time of year. We’re experiencing sun, snow, rain, wind and clouds – sometimes all at once. Spring skiing and other snow sports are enjoying an abundance of snow and favorable weather conditions. This time of year may not be too exciting for the locals, they have Summer on their minds, but winter enthusiasts are happy.

In the real estate market little has changed. Distressed properties, Short Sales, Bank Owned, and foreclosures are still dominating the market. One interesting fact is that this year listing inventories have been slow to rebound from the Winter. This may be just an anomaly, but if the demand stays the same and inventory does not increase soon prices will start to climb.

Bend real estate statistics for February 2011 are as follows:

Inventory is down 30.8% from Feb. 2010 & down 4.4% from Jan. 2011 indicating a possible slow down in foreclosures. There was a halt in foreclosures by major banks before the 2010 holidays. Sales however were up 5.0% year over year but down 14.9% from January. The avg. sold price was down to 210k from 233k in January. The avg.sq.ft. price was down to $110.4 per sq.ft. from $116.3 per sq.ft. in January. Days on market is down to 136 from 148 in January. And the median price fell to 170k from 179k in January. The small increase in sales over last year leads one to believe demand is still there. The decrease of sales from last month and the month before may be the normal winter slowdown. The avg. price and median price drop once again show inexpensive homes are what buyers want. As we mentioned earlier distressed home sales are leading the way.Criteria used to gather statistics- Feb. 2010 through Feb. 2011, Bend only, all residential-all property statuses-all lot sizes-COAR-MLS

SHORT NOTES

Wanderlust Tours and the Old Mill District may add a zip line! How does zipping across the Deschutes River on a hot summer’s day sound?  If all goes as planned, the new zip line could be up and running by summer.  www.wanderlusttours.com for updates.

Bend’s Infamous Pilot Butte Drive-In may add a new location on the west side of Bend this summer!  For those of you unfamiliar with the restaurant, they are famous for their 18 oz. burger, plus absolutely delicious breakfasts – bar none.  They are a true icon of Bend.  Pilot Butte Drive-in .

More Restaurant News – The venerable  Pine Tavern Restaurant in downtown Bend has just re-opened after a complete make-over and remodel.  See the new interior Pine Tavern Restaurant. Gotta B Gluten Free bakery has opened in Bend.  Offering breads, muffins, cakes and other yummy treats, they’re located at 215 NW Hill St.  541-383-4494 for details.  Los Agaves Mexican Grill is a wonderful new addition to the Sisters restaurant scene.  You can find them at:  291 E. Cascade Ave., Sisters.  Or call them 541-549-0777.

Spring break is just around the corner, it’s a great time to visit Bend and Central Oregon!  Hope to see you soon.

Steve and Darla Maddalone, Bend Oregon Homes Online

February 2011 – Bend Real Estate Newsletter

We are halfway through winter in Bend, and, from a weather standpoint, things have been unusual. Lots of snow and below average temperatures early in the season, then dry and above average temperatures in Jan. & Feb. We’re also at the tail end of the winter real estate selling season which is typically lackluster until late January. So far, interest in Bend real estate has remained strong and may even be on an upswing. New listings are increasing which is normal for this time of year and is encouraging. Now that the holidays are behind us, buyers have resumed their search for Bend property.

On a positive note, Central Oregon default notices dropped approximately 21% in January from December and 52% from a year ago January 2010. The report last month represents the third month of year over year declines. Distressed properties, short sales and bank owned, made up approximately 59% of sales in Central Oregon in 2010. Distressed properties appear to be the favorite for those shopping for great deals.

For 2010, the overall number of sales in Bend rose 8% from 2009 but the median price fell to levels not seen since 2003. Low priced homes are drawing a lot of attention, especially from price conscious investors and first time or move up home buyers. Something you need to know is a strategy listing agents and their clients are using to draw interest to their properties. It is to list properties at below market price to draw interest. Multiple offers resulting in a bidding war is created. The homes almost always sell for more than the listed price. This way of selling distressed property is becoming popular.

The January statistics for Central Oregon real estate have arrived and there aren’t any real surprises. The criteria for gathering and analyzing the information is as follows… City of Bend , all residential property, all property statuses (resale or new construction), all lot sizes. For January 2011 sales were up 27.6% from January 2010 and down 20.1% from December 2010. In January 2011 inventory for the first time in over 12 months was below 1,000 units at 968 down 100 units from Decembers 2010 total of 1068. Days on market was up to 148 from the previous months 142. Median price for Bend real estate came in at $182k in January from previous the months $165k. As we reported last month the steep drop in median price in December was just one month phenomenon due to more overall interest in lower priced homes than upper priced properties.

The average sold price for Bend was up to 235k from Decembers 205k. The average price increase in Bend leads one to believe more upper priced homes sold in January than December. The average price per sq. ft. for January was up to $116.5 from previous months $111.1 per sq. ft. New listings in Bend were up 225 from the previous 177 reflecting the beginning of the up coming selling season. The actual price a property sold for compared to listing price of the property is a stat. that every buyer should aware of. For the month of January 2011 and December 2010 the sold vs. listing differential was 97% up 1% from the months of Sept., Oct. and Nov. 2010. While all these statistics can be confusing, they represent what has happened in Bend and give us a look at where the market may be moving.

Indications that Bend is on the brink of growth and economic stability is the number of new businesses and expanding businesses in the downtown retail sector and restaurant occupancy rates. 8 new additions have kept the occupancy rate at 93%. When one business exits another is ready, willing and able to fill the spot keeping the downtown vibrant and attractive to locals and guests alike. Another indicator is the gain in tourism that Bend has experienced month after month. It´s all a positive influence and bodes well for Bend and Central Oregon.

SHORT NOTES

Two Bend Favorites – cycling and world class brew pubs are coming together!  You have to experience “Cycle Pub” a unique new enterprise that takes you on a tour of the street of Bend as a sort of “rolling pub” on wheels.  Don’t miss this one!  www.cyclepub.com

Yes, grapes do grow in Central Oregon and Maragas Winery is proof!  The winery’s 1st batch of 100% local wine is now ready to enjoy.  Samplings available in Bend at:  643 NW Colorado Ave. or at the winery tasting room:  15523 SW Hwy. 97, Culver.  www.maragaswinery.com

It’s about time – we can now enjoy authentic Vietnamese food in Bend! Family owned Pho Viet and Cafe has opened at:  1326 NE 3rd St. in Bend.  The reviews are excellent, so don’t miss this opportunity.  Call them at:  541-382-2929 or more details at:  www.phovietandcafe.com

Tate & Tate Catering opening in Bend at Northwest Crossing.  Finally, this popular Redmond catering company is opening a retail operation so you can enjoy both fresh and frozen grab-and-go food for lunch and dinner.  This is all fresh, hand prepared food…yummm!  www.tateandtatecatering.com

Now is the time to plan your spring or summer trip to Bend and Central Oregon.  We hope to see you soon!

Darla and Steve, Bend Oregon Homes Online

Bend Real Estate Newsletter – supplemental to January 2011

As promised in our last newsletter, here is our supplement regarding Bend real estate statistics.

The December 2010 Bend real estate statistical report was a mixed bag of information.  The median price of homes in Bend dropped to $169k from the previous month’s $200k.  The lower median price reflects that more lower priced homes sold than higher priced homes in December – and should not be misunderstood. This supports the recent increase in investor interest and demand for lower priced homes.  The result is that the number of December home sales in Bend was actually up 4.8% over November home sales.  Homes sold in December 2010 totaled 196, while the November 2010 total was 187 sales.  As one can see, a few completed transactions can make percent increases look pretty good.  The one statistic that is sometimes overlooked but is very important is the available inventory.  For December 2010, inventory was much lower than last year - which is a positive that should not be ignored.   The average price of homes sold was $202k, which is down from the previous month’s $257k.  This number supports the drop in the median price statistic - more lower priced homes sold in December than in the upper price ranges bringing down the average.

We use data supplied by the Central Oregon MLS.  Our formula for gathering data may be slightly different from others.  Minor differences in results from our information and others may occur.  For more information regarding the Bend real estate market, contact us.  Data compiled is from December 2009 through December 2010.  Criteria used – Bend only, all residential property, all property statuses and all lot sizes.

Bend Oregon Homes Online  (1-13-11)

Bend Real Estate Newsletter – January 2011

Welcome to 2011!

The New Year has arrived, and with it optimism for the nation´s economy and a refreshing new outlook. The stock market is up and retail sales for the holiday season higher than expected. People across the country seem to be turning more positive about the future – let´s hope for the best in 2011. Here in Bend, the weather has been a little cooler than normal with above average precipitation coming in the form of snow. The National Weather Service has been spot on with their predictions so far. Skiing, snowboarding and every other snow related activity has been in full swing since mid November. Mt Bachelor officially opened the day before Thanksgiving and Hoodoo Ski opened the Saturday after. At Sunriver resort, the vendors are saying this holiday season has been the busiest they have seen in recent years. People are spending more and staying longer.

The real estate market in Bend and Central Oregon is doing it’s normal winter slow down, but it isn’t completely asleep. We´re seeing clients use the Holiday season as an opportunity to explore the local real estate market and test the waters. In November, listing inventory was down and sales dropped off slightly. For the fourth month in a row, the median price for homes in Bend has risen. With inventories down about 35% from the same time last year, we see 2011 as possibly the upturn year for home values in Bend. The December stats are not out yet, but as they become available we will be writing a supplement to this newsletter. Recently, we have turned to the Central Oregon MLS and its expanded Trends page for all our monthly real estate stats. The reason for this move is that local information is always the best and most accurate data. While the internet is a good source for Bend real estate information, it can at times be incorrect or outdated. Many sites refer to Bend as the Bend metro area. This refers to Bend and ALL of Deschutes county real estate (including Redmond, Sisters, LaPine, etc) and is calculated as one entity. This gives the reader who thinks they’re looking at only Bend information an incorrect impression. Being the largest city in Central Oregon (80,000), Bend has a very active real estate market. However, the surrounding cities and towns in Deschutes County are not doing as well. For example, the median price for a home in Deschutes County for November was $170k, but for Bend the median price was $200k ? a substantial difference. As we noted earlier, November was the fourth increase in as many months for the median price in Bend ? but this up trend did not hold true for the surrounding towns. This is only one example of how out of area clients may not be seeing the real picture. If you have a desire for local stats. for a specific area, check out local sources like Bend Oregon Homes Online.

SHORT NOTES

Bend Winterfest! Our annual winter time celebration is just around the corner.  Scheduled for Feb. 18-20, 2011, it’s not too early to sign up for the 2011 Ice Carving and Snow sculpting Contest.  Or just plan on attending & joining in all the fun.  Information at:  www.bendwinterfest.com

Business Updates for the New Year – On a positive note, Bend’s GL Solutions is planning to double it’s work force in the next few months.  That means an increase of approx. 40 new employees for this software solutions company.  www.glsuite.com

Restaurant musical chairs – Giuseppe’s Italian Restaurant is closing, but reopening as Caldera Grill. You’ll find them at:  932 NW Bone St. in downtown Bend.  And The Decoy is changing names to:  Bond Street Bar & Grill.  More information at:  www.bondstreetgrill.com
Much to the pleasure of locals and visitors alike, the Deschutes Brewery just announced expansion plans!  They’ll be building more space next to their current downtown location!  www.deschutesbrewery.com
Not to be outdone is the former (and still famous) Breedlove Guitar.  Located in NW Crossing, the new owners are Iowa-based Two Old Hippies.  They will continue their guitar making and have expansion plans on the drawing board.  www.twooldhippies.com

This winter we have been working on our web site and will being launching the new and improved version in the near future. We´re still “under construction” but we think the effort will be well worth it. There will be some new features and more easy to access information for Bend and Central Oregon real estate and relocation.

We wish everyone a Happy and Prosperous New Year!

Steve and Darla Maddalone, Bend Oregon Homes Online

BEND REAL ESTATE STATISTICS FOR OCTOBER

This month we are reporting the Bend real estate statistics for October rather than writing the usual newsletter. Statistics for Bend real estate have been and are being reported in many different formats. They can be less than accurate because of the origin of the information. We will be using the statistics that are provided by the Central Oregon MLS right here in Bend used by every real estate agent in the Central Oregon area.

Deschutes County 15 month Chart

Deschutes County – As you can see in the 15 month chart above for sale (inventories) have declined, closed sales decreased slightly and pending sales are up. The median price is not shown but is at 176k up from 164k in September.

Bend Oregon 15 month Chart

The Bend 15 month chart above also shows a decline in inventory, a slight decline in closed sales and an increase in pending sales. The median price in the Bend market is 200k up from 190k in September.

SHORT NOTES

The Holiday Season is just around the corner - mark your calendar for the Friday after Thanksgiving (Nov. 26th).  It’s Bend’s annual Holiday Tree Lighting ceremony.  See you at 6:30pm at the corner of Wall St. and Greenwood Ave.  Bring the whole family!

What is the Bend Turkey Trot? Before indulging in your Thanksgiving meal, you may want to check out the Bend Turkey Trot 10k Run and 5k Run/Walk.  A benefit for Girls on the Run of Deschutes County, festivities start at 9am at the Les Schwab Amphitheater.  More information  www.BendTurkeyTrot.com

If it’s (almost) Winter…is it Time to Head to Mt. Bachelor? For all of you snowboarders and skiers waiting for the mountain to open, the mid-mountain snow depth is 25″.  Everyone is keeping their fingers crossed the mountain will be open by Thanksgiving.  For up to the minutes snow conditions and a live ski cam check out
www.mtbachelor.com/winter/index.html

Bend Indoor Markets - You have to stop by!  If you’re looking for local artisans and products or need a unique Holiday gift, this is the place to browse.  You can even take the kids by for a picture with Santa Claus!  See the schedule online at:   www.bendindoormarkets.com

We wish everyone a Happy Thanksgiving!

Steve and Darla Maddalone
Bend Oregon Homes Online

October 2010 – Bend Real Estate Newsletter

Bend … #7 on Forbes best small cities for business and careers!
9-28-10

Forbes has added another good reason for relocating to Bend. With Bloomberg Businessweek reporting 33% appreciation rate by 2014 and U.S. News and World Report naming Bend Oregon as one of the top 10 most affordable retirement locations in the nation, why would anyone wait to buy in Bend Oregon? Other incentives for relocation are real estate prices in Bend and Central Oregon are great, mortgage rates are as low as they have ever been, and a large inventory to choose from equals buying opportunities everywhere. And people have noticed. In Bend real estate sales were up 8.4% for September. For Deschutes County we had an increase of 26.4%. These are good numbers, but they’re still down slightly from the same time last year. Another positive sign is that months of inventory fell in both Bend and Deschutes County. And home values gained in these areas as well. It was recently reported that foreclosures were up in the Bend and central Oregon area, but it hasn’t dampened the mood of the market. Buyers are calling.

There are a number of interesting things happening in the short sale and banked owned portion of the Bend real estate market. It has become a common strategy for Realtors to list property at super low prices to attract interest from bargain shoppers. It works well. The result is multiple offers, all at once, at or near the asking price. The next part is where the games begin. After receiving the multiple offers, the listing agent contacts the potential buyer’s Agents. They are then instructed to have their buyer present their highest and last offer. This can really frustrate buyers who are now expected to participate in what has become a blind auction where they only have one bid opportunity and don’t know what the other offers are. For those who offered full price this is infuriating. In their minds offering what the seller wanted is a done deal – they feel they should be able to purchase the property for the listed price. Especially if theirs was the first offer. They also realize, without knowing what the highest offer is, they could be bidding against themselves. It also leaves their Realtor in a difficult position, they become the ones taking the heat and having to explain the situation. So far this practice has not been deemed illegal, but it sure does make it hard on all parties except the banks who may benefit from this practice. This strategy has begun being used on properties that have had large price reductions and may or may not be short sales or bank owned.

The present situation in the real estate industry has businesses and individuals pushing the envelope when dealing with the emotions and trust of consumers. Buying real estate has never been easy or without a certain amount risk or stress. It seems that having the goal post moved or the rules changed half way through the game may become the norm. Let’s hope it doesn’t. There will be new and not always pleasant changes in the way we deal with liquidating the nation’s huge inventory of distressed properties.

We work and live in Bend. What we comment on is what we see and hear in Bend Oregon. Because all real estate is local what happens here may not be happening anywhere else. Other changes have occurred in the way real estate transactions are being handled. We will be passing these on in future newsletters. If you have not been involved in short sales or bank owned real estate transactions lately you can and most likely will be surprised.

It’s Autumn In Bend and Central Oregon and with the change of season comes the anticipation of snow in the mountains and months of winter recreation. It was a great summer.

SHORT NOTES

2010 Fall Home Show – is just around the corner.  Scheduled for Oct. 15-17th, it will be held at the Deschutes County Expo. Center in Redmond.  Receive 2 for 1 tickets at www.coba.org .  Or check out the website:  www.CentralOregonHomeShow.com

If it’s October – it’s Halloween Time! For those of you not familiar with the Pumpkin Company’s Pumpking patch and corn maze, this year’s maze is truly amazing!  It is titled “Jurassic Ranch” – take a look and see if you don’t get lost.  The maze runs from Oct. 1st-31st and is located at:  1250 NE Wilcox Ave., Terrebonne.  www.pumpkinco.org

Bend’s 1st “evening’ Bakery – Never fear, if you’re looking to pick up that fresh loaf of bread or dessert on your way home from work – baked may be just the place to stop and shop.  Open from noon to 9pm, stop by 734 Columbia St., in Bend to satisfy your sweet tooth.  541-389-2390  www.facebook.com/bakedinbend

TuckMo Subs & Sandwiches – is now open on Bend’s eastside – locally owned, they’re located at the corner of Hwy. 20 & Dean Swift Rd.

Old Mill Brew Werks – is opening around Oct. 1 in the Old Mill District at:  384 SW Upper Terrace Dr.  They’ll be Bend’s 10th brewery in the region.

Summer may be over, but it’s still a great time to visit Bend and Central Oregon!  We hope to see you soon.

Steve and Darla, Bend Oregon Homes Online

August 2010 – Bend Real Estate Newsletter

33.6% appreciation by 2014!

Bloomberg Businessweek, using a survey of 384 metro areas across the country has forecasted a 33.6% rise in housing prices for Bend and the surrounding area by 2014. The Bend, Oregon area was second only to the Bremerton-Silverdale Washington area which came in at 44.7 percent. Add this to the recent U.S. News & World Report article of 384 metro areas, Bend was found to be one of the Top 10 most popular and affordable locations for retirement and relocation in the Nation. Conclusion… Things are looking up for Bend and Central Oregon’s real estate industry and the area´s overall economy. This is the kind of news professional real estate investors, speculators and businesses considering relocating or expanding in Bend like to hear. And they have been very active in the Bend area recently. It is also good news for Bend homeowners who have persevered during tough economic times. It has been hard to watch the retirement base of many Americans steadily shrink month after month. The statistics show that Bend real estate values have been skipping along the bottom for some time now. Gaining or loosing value only slightly from month to month. Another bright spot for real estate is the number of default notices filed in Deschutes County fell in July by 9.5% from June and by 6.3% from the same time in 2009. Fewer notices means fewer foreclosures and helps shrink the inventory of distressed properties for sale. Another sign that Bend’s economic future has started to improve is that tourism has been up from last year and is expected to trend higher through the rest of this year. To off set the loss of numerous construction and construction related jobs, Bend has stepped up its efforts to increase tourism by hosting more events throughout the year. Now we have the statistics to prove we’re on the right tract.

We want to touch on Bank Owned, and Short Sale transactions now that the market for these properties is the new “normal”. In the beginning of the real estate melt down, banks, homeowners, real estate agents, politicians and everyone else for that matter, had no clue of what was on the horizon. The government, real estate and financial industries were basically in denial. No one knew how to deal with the massive amounts of distressed property entering the Nation´s real estate markets and didn’t seem to care. It was every man and woman for themself. My how things have changed. Now we have government intervention, new classifications and certifications for real estate agents, and financial institutions with well trained staffs to handle any situation (well, most financials have well trained staffs). Credit counselors, bankruptcy lawyers, IRS attorneys, and the IRS itself are all getting in on the act. There is nowhere in the Nation that hasn’t been effected. In Bend and across the Nation, homeowners who are loosing their homes and facing ruined credit, possibly bankruptcy – and maybe a life long court judgement for thousands of dollars, seem to be the hardest hit by the melt down. We feel the real estate industry in Bend will slowly improve throughout 2010 and into 2011. Investors, speculators, retirees, second and vacation home buyers as well as locals and those relocating to Bend have been taking advantage of the low prices and great interest rates. It´s a great time to buy Bend Oregon real estate.  Move up to Bend, Oregon today!

SHORT NOTES

Bourbon Street Sea and Soul Food Restaurant – A taste of New Orleans blended with Bend!  You need to check out this new downtown favorite!  Located at 5 NW Minnesota Ave. in the heart of downtown.  We’ve tested the fare and give it a thumbs up!  www.bourbonstreetbend.com

Sugar Sports - A wonderful new store courtesy of former ski racer Stephany Brandt.  Located on Galveston Ave, offerings include yoga, active swim wear, skis, snowboards & related equipment.  Call them at:  541-323-2175 or visit their website http://sugar-sports.com/store

Dwellings - is now open!  This new furniture consignment store is located in SE Bend’s emerging specialty shop district.  They carry a “full spectrum” of furniture styles, so drive by and see their wares.  Located at:  380 SE Bridgeford Blvd., Bend, OR   541-306-3200

Up Coming Events - The Sisters Folk Festival, a 3-day celebration, will be held Sept. 10-12 at the Village Green Park in Sisters.  541-549-4979 for more information.  And don’t miss the Little Woody Barrel-Aged Brewfest coming Sept. 3-4.  Get all your information at:  www.thelittlewoody.com

We look forward to your visiting Bend and Central Oregon soon!

Steve and Darla Maddalone, Bend Oregon Homes Online

July 2010 – Bend Real Estate Newsletter

Good news for everyone from U.S. News and World Report. The recent downturn in Bend and Central Oregon real estate prices has made Bend a “Top 10” most popular and affordable location for retirement in the nation. Being in the top 10 out of 384 metropolitan areas is pretty impressive. For many thinking of retiring or relocating to Bend this should help answer some very important questions. One of those questions, “Am I getting the biggest bang for my real estate buck possible”? We say, “yes!” Clearly for quality of living and now, one of the best real estate values around, Bend must be on everyone’s short list of places for relocation, retirement or investment. The dark cloud hovering over the nation’s real estate industry has a silver lining for people thinking about relocating, or planning to invest, or retire to the Bend and Central Oregon area.

As we all know, the real estate industry across the nation has been on the media’s radar screen for some time. With the recent expiration of the Government’s real estate stimulus program all eyes have been on real estate related statistics. The public and others want to know how things are going. Statistics for property sales, mortgage applications, building permits, home prices, interest rates, pending sales, foreclosures, default notices, mortgage delinquencies and more, seem to be on everyone’s mind. Although the results have been somewhat gloomy from a national standpoint some areas are doing better and we remain optimistic.

At the time we are writing this month’s newsletter, the jury is still out on whether the nation´s real estate market can continue moving forward. Will it stall or, heaven forbid, reverse? In Bend, home prices have bottomed, bounced along, and now have started back up. We remain optimistic about the Bend and Central Oregon real estate market. One major reason for the optimism is that local political and business leaders are working diligently with area nonprofits to retain the quality of living and solid economy here in Bend. Another reason – Bend is the only place in the Pacific Northwest that has something for everyone, all of the time and at a price within reach. Millions of people visit the Bend area annually and many are planning to invest, relocate or retire here in the near future.

There is a new player in the Bend real estate market that should not be overlooked. It´s the historically low interest rates. We have seen 30 year mortgage rates at lower than ever levels. These low rates combined with a steady supply of low priced desirable Bend homes and property equals buying opportunities for more potential buyers. More wanna be Bend homeowners will now qualify for loans than ever before. The current low rates, in our opinion, should help soften the impact of the Government stimulus expiring.

SHORT NOTES

Deschutes County Fair! Get ready for 5 days of fun, food and great entertainment.  This year’s 2010 Fair runs Wed, July 28 to Sun, Aug. 1, 2010.  More information at: http://expo.deschutes.org/index.php/fair_expo/
We have a new quilt store in town - Stop by QuiltWorks LLC located in Bend at:  926 NE Greenwood Ave.  Locally owned, they offer a full range of supplies, plus quilting and sewing classes.  http://www.quiltworks.com
Have you tried Stand Up Paddle Boarding? Now’s you’ew opportunity with Bend’s own shop dedicated to this emerging water sport – Stand Up Paddle Bend located near the Old Mill at:  550 SW Industrial Way #115.  Or visit their online store for a preview.  www.standuppaddlebend.com
And the award goes to - Slick’s Que Co.! Named to the National B-B-Que News list of “Best of the Best Barbecue Restaurants in America” for July, 2010.  They’re located in Sisters, OR – stop by or check out their website: www.slicksque.com
“The Little Store Next Door” Riverside Market just celebrated their grand re-opening.  Great eats, craft brew on tap and the patio dining is wonderful.  www.riversidemarketbend.com

It’s not too late to plan your end of summer trip to Bend and Central Oregon!

Steve and Darla Maddalone, Bend Oregon Homes Online

June 2010 – Bend Real Estate Newsletter

Here we are in the first week of June and it’s starting to look like late Spring in Bend. We have finally broken out of the below average temperature pattern and into the warm, sunny days we’re used to. Even locals have been complaining for weeks while our weather forecasters have remained out of sight. Since our last newsletter, Bend hosted the National Beard and Moustache Championships and the Balloons over Bend events. The beard event was a huge success with over 200 competitors competing in four categories. Unfortunately, the Balloons event fell prey to the weather. Wind may have kept the flyers grounded, however there was plenty of fun for everyone at the accompanying festival. For those planning to visit Bend in June the famous Sisters Rodeo and the USA Road Nationals Cycling events are on tap providing fun and excitement for everyone.

The Bend real estate market is showing more signs of improvement with the recent up-tick in building permits and home sales. Prices seem to be holding firm and inventories are still ample for buyers who like selection. The lower priced properties are making up the bulk of sales along with Short Sales and the Foreclosure/Bank Owned properties. Sales of higher priced real estate have improved and the selection of homes in this category is also very good. We are still waiting to see if the market can stand on it’s own now that the government tax credit incentives have expired. We should know more in the coming months. Investors and landlords will be happy to hear that the rental market has seen an increase in demand and rents appear to be stabilizing. They may even be creeping upward in some areas. This is good news for those who have invested, or wish to invest in the Bend real state market. It’s not too late to get a great deal on investment or vacation homes here in Bend and Central Oregon.

For a long time now we have been inundated by negative reports regarding the nation´s real estate industry. As we all know the talking heads sensationalize the slightest bit of information into a negative sound bite because gloom and doom sells better than warm and fuzzy. When all we hear day in and day out is negative dribble, we begin to believe there is no hope for the recovery of real estate or anything else. It´s hard to get the facts unless you go to the source. Real Estate is local and has many facets to consider before drawing conclusions. Across the country, real estate markets are in all stages of recovery and Bend is one of only several that is expected to have increased property values for 2010.

While now may be a great market for a Bend “short sale” or “bank owned” property in your price range ? don´t overlook the traditional (non-distressed) home that´s for sale. One of the most overlooked segments of the current real estate market is the traditional sale. These sellers have finally come to accept the fact that to be competitive in this market, their pricing has to be competitive. There are some great values here too ? remember, many of the traditional sales feature properties that are in far better condition, and they can usually offer a quicker and easier transaction to close than a distressed property. It´s something to consider as you look at Bend real estate -?why not increase your chances for a great deal!

SHORT NOTES

BMW Rally – This year’s 38th Annual BMW rally will be held in Redmond at the Deschutes Co. Fair & Expo. Center.  Scheduled for July 15-18th, the event will draw BMW cyclists from around the country, plus there’s a full schedule of events.  More details:  www.bmwmoa.org/rally10
New Restaurant in the Old Mill District – Northwest Urban Grill just opened at:  803 SW Industrial Way, #202.  Serving modern northwest cuisine, menu items include – sunflower seed encrusted trout – stop by for dinner & happy hour.  541-728-0334 for reservations.
Builder of the Year Award – Northwest Energy Star named SolAire Homebuilders of Bend the 2009/2010 Oregon Builder of the Year – congratulations!  As a leader in the green building industry, their award reflects a true committment to quality for SolAire.  www.Solaire-HomeBuilders.com
Cascade Cycling Classis – Don’t miss Bend’s premiere, multi-day cycling event!  Scheduled for July 20-25th, there’s something for everyone.  The downtown criterium is a definite must see – don’t miss out!  More information online www.mbsef.org/CascadeCyclingClassic

Summer is a great time to visit Bend and Central Oregon, we hope to see you soon!

Steve and Darla Maddalone, Bend Oregon Homes Online

May 2010 – Bend Real Estate Newsletter

Last month we started our newsletter with a report on how the Spring weather was unseasonably cool and moist. An entire month has passed and we are still experiencing below normal temperatures and above average precipitation. There are actually a few areas in Central Oregon that have set new rainfall records. Not to worry anyone, we have seen this before and know that Summer weather will be arriving soon. May is time for warm weather events like the Pole, Pedal, Paddle. The event will take place May 15 and as usual will signal the start of the Summer activities season in Central Oregon. Hundreds of thousands of fun seekers from around the country will visit the Bend area between now and Labor Day. This year´s lineup of events and activities is larger than ever and the entire Central Oregon tourism industry is excited about the addition of the Beard and Mustache Championships plus the USA Cycling Road National Championships. You can find all of this years events on our web site (www.BendOregonHomesOnline.com à relocation services à recreationà entertainment)

The Real Estate market here in Bend has improved with the coming of Spring. Sales are up and prices are still bouncing along the bottom, so it´s still good for buyers. Inventories are growing, Short sales and Foreclosures are still the main attraction for would-be buyers, and low priced homes are dominating sales overall. We are seeing an increase in sellers not willing to lower their prices after the news that Bend has been singled out as an area that should experience an increase in home values in 2010. Yep, you read that right and homeowners are excited to hear the news.

We now have a clearer picture on a topic we visited in last month´s newsletter regarding “big hitters” buying large numbers of buildable lots in Bend. One firm out of California called Long Term Bend Investors, LLC backed by a California U.S. Congressman and a prominent California homebuilder has purchased 390 of these distressed lots in Bend and Redmond. The total amount of lots in the area purchased by investors in the last 6 to 9 months is estimated to be 600 to 900. Most of the investors are looking at a 3-5 year investment time and expect a 20% profit. Some even think they will double their money. Expect the cost of new construction to jump sooner rather than later as these investors will surely hold out for the highest price they can get as prices continually rise. One of the reasons Bend and Central Oregon had a huge increase in property values (from 2003 to 2007) was the lack of buildable land. Now, a large portion of ready to build property is in the control of a few investors. That being said, now is not the time to sit on your hands thinking there is no big hurry to buy Bend. We, and every one selling real estate in Bend Oregon, are becoming more confident in saying things are looking up for home values.

The Government´s First Time Home Buyer and Move Up Home Buyer tax credit program has now expired and will most likely never return. There is a new Government incentive for distressed properties called the Home Affordable Foreclosure Alternatives (HAFA) program. It is designed to speedup short sales by offering cash incentives to participating borrowers and lenders. The hope is to lower the number of foreclosures coming on the market which drag down the values of surrounding homes. The homeowner will receive $3000 in relocation money and lenders receive a smaller cash payment for their cooperation. There are other goodies involved that need to be studied before leaping into this one. Let´s all hope for the best.

Now is a great time to visit Bend ? the Pole, Pedal Paddle is the middle of May and the Balloons Over Bend schedule for the middle of June. We´ll see you there!

April 2010 – Bend Real Estate Newsletter

Well, the calendar says it’s Spring, but as I write this month’s Bend real estate newsletter a Winter storm warning has been issued for the Bend and Central Oregon area. It’s snowing heavily and 2 to 4 inches is likely to fall here in Bend. As much as 2 feet at Mount Bachelor and in the mountain passes. As we mentioned last month, it’s the beginning of the Bend real estate selling season and we are off to a good start. Inventories of homes and real estate for sale are building daily and buyers will have plenty of listings to choose from. Sales are up and prices may be inching up as well. Let me remind everybody that the “first time homebuyer” incentives are due to expire at the end of this month and there has been no indication that they will be extended. In Bend, buyers are still attracted to foreclosure, short sale and bank owned properties. The distressed property market in Bend is still getting the most attention from investors and others looking for a great deal. Don’t overlook the traditional real estate market. Remember, if they want to sell they must compete with the bargains the distressed market offers. And not having to deal with out of area banks is always a plus. Notices of Default have jumped up assuring buyers they still have a shot at getting a piece of Bend Oregon at a great price. To have foreclosures remain at a high level, the supply of “short sales” that don’t sell must also remain high. Consensus is that foreclosures and short sales will remain at the present high level the rest of this year. Banks would rather short sale a property than foreclose and incur more costs.

Investors have made their move and are snapping up large numbers of buildable lots and bare land. This is a sure sign that the Bend real estate market has bottomed and recovery is right around the corner. These “big hitters” don’t make bad investments very often and they are the ones to follow if you are unsure about purchasing. There has been recent news that might make Sellers of Bend real estate happy. Money Magazine ranked Bend and Deschutes County as the 10th best real estate market for home price appreciation in 2010. They estimated growth at 3.3 percent for the year. This news may or may not be a reason for sellers to raise prices, but some probably will. It almost certainly will make negotiations on prices more interesting when trying to strike a deal. No one should think for a second that we’re now in a seller’s market. Buyers are still calling the shots but the days of “take it or leave it” when talking price, are coming to an end. Sellers and their agents read the news papers and watch the evening news too and this news has lifted their spirits. Buyers will surely have ample opportunities for well priced Bend real estate. We’ll see how things go during 2010 and keep everyone informed.

And one last note, we’re proud to announce that Darla has earned the National Association of Realtors® coveted “Short Sale and Foreclosure Resource Certified” (SFR) designation. The SFR certification is the only one of its kind that focuses on both the Buyer and Seller sides of short sale and foreclosure property transactions.

SHORT NOTES
New, in the Old Mill District – A new, locally owned stationery and gift boutique has recently opened.  Named, Serendipity, the shop offers paper, greeting cards, ribbons, party supplies and gifts.  You can find them near Claire’s.  Their address is:  450 SW Powerhouse Dr.  Bend, OR      541-678-5607
Nashelle Design – is opening their new retail store April 15th.  Located in Bend’s Industrial District, they offer jewelry, home accessories and clothing.  Shop online or in person at:  61511 American Ln.  Suite 1,
Bend, OR           www.Nashelle.com
Amalia’s Mexican Restaurant – Just opened in downtown Bend.  Amalia’s serves traditional fare plus specialties such as lobster enchiladas.  As a fine dining establishment, they will also distill their own tequila.  You can find them at:  915 NW Wall St.  Bend  Or call 541-382-3244
Estelle’s Reflective Wear – is now in business.  Estelle’s is an online company that offers reflective wear for dogs, cats, horses and even people!  Whether you’re a cyclist, runner or ride horses check out their ware at:  www.EstellesReflectiveWear.com

Start planning ahead for the annual Pole, Pedal, Paddle event to be held May 15th!  Hope to see you in Bend.

Steve and Darla Maddalone
Bend Oregon Homes Online