Modern Is Not a Crime May 7, 2008

I have a confession to make. I love Modern architecture.  For some reason, modern is not very popular in Bend. That’s not to say you can’t find it in Bend, but most of the modern homes in Bend are currently For Sale. They were either built as spec homes that aren’t selling or were custom built for someone that is now trying to sell but can’t seem to find an interested party. There are certainly people in Bend that appreciate the design but overall, Bend has not embraced modern architecture like other places such as Seattle and Southern California.

 

The modern development, Grandview, next to Newport Market is a perfect example. I was really excited to see those going in and thought it was a very refreshing change from the Craftsman and NW Cascadian styles. Not only are they modern, they are eco-modern and estimated to use 54% less energy than a standard code built home. Other people seemed to think the development was “awful”, “hideous”, “the dumbest idea a developer in Bend has ever had”, and that they would “never sell.” Well, turns out they did not have much success, or any for that matter. They are now owned by the bank. I’m not sure if it’s because people did not embrace the idea of modern development or if it was the location. Newport is a busy street, which was probably a turn off for some, but it’s also a great location. They’re smack dab in the middle of several restaurants, coffee shops, and boutiques, and right next door to Newport Market. If you do like them, now is the time to buy them for a low price.

 

  

 

 

This leads me to wonder what kind of success Newport Landing will have. Newport Landing is another modern project going in near the roundabout at Newport Ave. and College Way. They’re off the street a bit more and that might add to the appeal for some, but they have a lot in common with the other project. From the Newport Landing website, Newport Landing will display “a fresh approach to residential architecture. Homes are characterized by open room arrangements, abundant windows, inviting deck and terrace areas, and modern design features such as free standing stairways and wall mounted fireplaces. Stone, tile, glass and wood finishes add an attractive palette of textures and colors to create an atmosphere of comfort and enjoyment within homes that serve as the centerpiece of an active Central Oregon lifestyle.” Sign me up! I love it!      

 

 

   

 

 

 

 

 

 

 

 

 

I must say that I do prefer the type of modern architecture that blends in with its surroundings and seamlessly transitions from the outdoors to the indoors. The Newport project and Newport Landing both stand out enormously with their bright colors and flashy exteriors. Shevlin Reserve is more my style. The homes are situated on larger lots with trees and some have Cascade Mountain views. They are all single level (some floor plans have a few stairs) with generous interior spaces and that indoor-outdoor flow I was speaking of. The custom door/window system in the great room can be opened, literally bringing the outdoors in. Yeah, I could live there.

 

 

 

 

                                                                                                                                   

Now when I really start making money, I’ll move into one of JM Garren’s masterpieces. Not only do they build exquisite homes, they are clean and green. They use high-quality green, renewable materials and practices whenever possible. They incorporate ultra-efficient heating/cooling systems and appliances, wool carpet, low VOC paints, and they don’t use MDF (which contains formaldehyde based glues) in their cabinets. They built a mid-century modern single level home in Broken Top that’s currently available for $1,695,000. 

Please forgive the formatting of this post. I don’t know if it’s the blog design I chose or wordpress itself but adding pictures and formatting them is a nightmare!

 

 

 

April Real Estate Statistics May 3, 2008

When I compile my real estate statistics, I include single family homes, townhomes, condos, multifamily homes, and farms. Some people only include single family homes, townhomes and condos. I prefer to look at the big picture and track all of the real estate activity. If you’re interested strictly in homes, townhomes, and condos, those numbers are included at the end of this post. Sales were up a little for April, compared to March and February. Check out this incredibly technical table I created:   

 

	Active	Pending	Sold
April	2003	201	102
March	2009	194	82
February	1867	116	62

More detailed statistics for April can be viewed here: April-2008

 

The price range seeing the most activity is still $200-$250,000. In that range, out of 195 homes for sale, 35 sold. That’s roughly a 5-6 month inventory. They say when the absorption rate is around 6 months you have a balanced market, meaning the market doesn’t favor either the buyer or the seller. The absorption rate is most accurately used to look at the market as a whole and not just a certain price range, but I simply want to show that certain segments of the Bend real estate market seem to be turning around. The slowest is the $900,000 plus range. Of the 222 homes for sale over $900,000, only 4 sold during the month of April. Now that’s around a 55 month inventory. Ouch. I suppose I’ll hold off on buying that Audi wagon. I think it’s very interesting to note that for a long period of time, the million + price range remained relatively untouched by the down turn in the market. Not the case anymore. The market as a whole has roughly a 19 month inventory (calculated by taking the number of active listings divided by the number of homes sold).  

 

For those of you only interested in homes/townhomes/condos, here you go. Basically, we have additional inventory in multifamily properties and farms but they don’t affect the sales much.

 

	Active	Pending	Sold
April	1949	199	102

 

“New” Home Selling Trend - Date My House April 23, 2008

In this buyers’ market, sellers and their agents must find creative ways to get properties sold. Price is often not enough so sellers have tried including boats, cars, vacations, and furniture to sweeten the deal. There’s a new show on TLC called “Date My House” that claims to try a different approach to capturing buyer interest.

Each week the host Bob works with a homeowner ready to do just about anything to get their house sold including opening the door to the “dating” scene. Design expert Nadia Geller determines what might turn potential buyers off and then gives the house a face-lift.

Apparently at this point, the house is ready to ”date”. The typical open house is transformed into a speed dating session that lets potential purchasers get acquainted with the house in a fun and relaxed setting. When a prospective buyer is selected, they are offered the chance to have a serious date with the house – anything from a small dinner party to a funky ’70s disco-themed gathering of friends – to see if this is really their dream house. At the end of each episode, will the date lead to a long-term committed relationship in the form of an offer, or will it be a case of “I’m just not that into you?”

I’m sure the show is entertaining to watch but I assure you, this is nothing “new”. We’re basically talking about staging and open houses. Brokers host cocktail parties, garden parties, brunches, and BBQ’s at their listings all the time to give potential buyers a better feel for how the home lives. I’m attending one tonight in fact in Broken Top.

An exerpt from the show’s website states “after six months on the market and zero offers, Geoff and Carin are desperate to sell their overcrowded home that is too small for their growing family. Enter Bob Guiney and his dating approach to selling a home.

“Bob and interior designer Nadia Geller tackle several home improvements including painting over red kitchen cabinets, finishing renovations and hiding all the children’s toys.”

It then goes on to say they plan the open house and hope they get the right buyer through. First I would like to say shame on Geoff and Carin’s real estate agent. It should not have taken 6 months on the market for Geoff and Carin to find out the red cabinets needed to be painted, partially completed projects need to be completed, and children’s toys should be put away for showings. This is part of the service I offer as a full-service, full-time real estate agent. I walk through the house with you, making notes about things that should be removed, updated, changed, rearranged, or put away. Perhaps they aren’t using a real estate agent and are trying to sell their home on their own. Perfect example of how having the right agent can save you time, money, and a whole lot of anguish.

Rocky Point Riverfront Townhomes April 23, 2008

         

I have to brag a little if I may. It’s no secret that the real estate market is slow. Many people that absolutely have to sell can’t and others that would like to don’t dare listing because they’re convinced they can’t sell. They won’t even try. At Rocky Point, we have 2 of the 3 riverfront townhomes under contract and have sold 3 of the 6 terrace townhomes. If this keeps up I’ll be out of a job!

We currently have 1 riverfront townhome remaining at $899,000. It’s 3112 square feet with 3 bedrooms, 3.5 baths. I think it’s a great family floor plan because of the separation of the bedrooms. It’s on 3 levels with 2 suites downstairs and the master suite and loft area upstairs.  The couple that bought 1917 Rivermist Dr. (lot 14) plan to use one of the downstairs bedrooms as an office. The purchasers of the other riverfront townhome have a young boy and he will use one of the downstairs bedrooms and the other bedroom may serve as a media room. The views really are fantastic, especially from the master upstairs. When the last one sells, it will be another 9 months or so before the next three riverfront townhomes are available. The builder would obviously much rather be in the position of selling out than having 10 completed riverfront properties sitting without selling.

We also have 3 terrace townhomes remaining at $449,000. They are all the B1 floor plan (view floor plan below) and are around 2251 square feet with 3 bedrooms, 2.5 baths.

The next group of floor plans will include a 2900 square foot townhome with the master on the main level and family room and 2 suites downstairs (view C2 Floor Plan), and a 2251 square foot townhome with all bedrooms upstairs (view B1 Floor Plan). All floor plans have views of the river from the master bedroom and great room and at least one deck overlooking the river. Contact me for more information about Rocky Point Riverfront Townhomes. 

March Real Estate Statistics April 19, 2008

There really wasn’t a whole lot of change from February to March. Sold properties are up a bit from January but not substantially. Most of the activity is in the $200-$300,000 price range, which partially explains why the median home price is currently about $290,000. You can view the March Statistics here:  March 2008 Real Estate Statistics

February Real Estate Statistics April 19, 2008

Yes, I realize it’s April! I sent out the statistics to my email group but forgot to post them on my blog so here they are now.  February 2008 Real Estate Statistics Pending home sales were up in February compared to January, so we should see a higher number of sold properties in March as the pending homes close. There was also an increase in the number of days homes spend on the market before selling, 278 for February, up from 166 in January.

Is Affordable Housing Back? April 17, 2008

It obviously depends on your definition of affordable, but it is again possible to purchase a new single family home for under $200,000 in Bend. I’m not referring to short sales or foreclosures either. Several subdivisions are under way in both NE and SE Bend and the lowest priced home I’ve seen is in the Mirada subdivision. For $179,900 you can purchase a 1152 sq. ft. single level home with 2 bedrooms, 2 baths, hardwood floors, tile countertops, and stainless steel appliances. Other neighborhoods with similar offerings include Gleneden starting at $194,000, Crosswinds at $194,900, Pine View at $197,500, Madison at $199,947, and Parkway Village at $199,950. Contact me for more information about any of these subdivisions.

   

Spring Maintenance Tips for Your Home April 17, 2008

Performing routine maintenance and repairs can save you money in the long run. Some of these tasks require physical labor and mechanical knowledge so if you’re not comfortable performing these tasks yourself, don’t be afraid to hire someone or ask for help.

 

·         During Central Oregon winters our roofs are hidden by snow. Spring is a great time to check the condition of your roof.

 

·         While inspecting the roof clean out your gutters and check for separation points and cracking. Heavy snow accumulation during the winter can be tough on gutters.

 

·         Clean or replace your furnace and A/C filters. A dirty filter can lower the efficiency of your system.

 

·         Clean the clothes dryer exhaust duct, damper and space under the dryer. Lint build-up can cause a fire.

 

·         Check the chimney of your fireplace or woodstove for creosote build-up. It’s much less expensive to hire a chimney sweep in the spring or summer.

 

·         Test the pressure relief valve on your hot water heater. It’s also a good time to drain a few gallons from the bottom of the tank to reduce the build-up of scale.

 

·         Test your smoke and carbon monoxide detectors and replace batteries if necessary.

 

Time Magazine Article Says “Don’t Wait to Buy” April 7, 2008

 A recent Time Magazine article concluded that by waiting one year to buy because you want to wait to see what the market does may not save you as much money as you might think. In fact, it might not save you anything at all. Consider a home priced today at $218,900. If you put 20% down and get a 30 year fixed rate mortgage at an interest rate of 5.5%, your monthly payment will be $994. Let’s say you wait one year and that same house decreases in value by 10% and you can purchase it for $197,000. Chances are pretty good that in one year, interest rates will have gone up and that same 30 year fixed rate mortgage could have a 6% interest rate. Your monthly payment is still going to be around $994 so really, you’ve saved nothing. If you’re emotionally and financially ready to purchase a home, now is a wonderful time to buy.  

 

Why Use a Buyer’s Agent? March 23, 2008

Did you know that it costs you nothing to have an agent help you purchase your next home? The seller pays both sides of the commission when they sell their home. And it’s important to have someone on YOUR side. When you’re driving around looking at properties, the names of the agents on the For Sale signs are agents representing the sellers. They want to get the highest sales price for their client while making as few concessions as possible. Doesn’t it make sense to have someone representing you? For me, it’s not just about finding a house you’ll like, it’s about getting to know you and finding a home that fits your lifestyle. Whether you want to live near work, the hospital, or a particular school, close to hiking and biking trails, or you’re looking for a neighborhood with its own pool and parks, I’ll help you find it.

As a buyer’s agent, my entire focus is on servicing you, the buyer, educating you on the market trends and market conditions and finding the right property for you. If you noticed a lot of YOU’s in there, it’s because it’s all about YOU!

As your agent, here are some of the things I will do for you:

Listen carefully to make sure I understand exactly what you want in your next home

Diligently search for homes that meet your criteria (YES, even FSBOs!)

Immediately send you info on homes that match your criteria, including new listings and price reductions

Preview homes in advance to rule out overpriced homes and homes that don’t meet your criteria

Set up showing appointments and plan touring routes

Provide you with a market analysis of recent sales to make sure the price is right for a particular neighborhood

Explain the home buying process thoroughly

Negotiate on your behalf

Communicate consistently so you know what’s going on

Provide referrals to reputable lenders so you’ll know exactly what you can afford