While studying for the CDPE I came accross this information regarding some of the consequences a seller faces when they have a property foreclosed vs. a successful short sale.   

After numerous false starts I am cautiously optimistic that the new owners of the Sunriver Village Mall are on to something. 

The new owners operate on an all cash basis...they paid cash for the mall and will pay cash for the improvements. In other words no debt to service. That is a big plus in this economic environment.

They will be injecting $4-$5 MILLION into the existing mall over the next 18 months starting IMMEDIATELY. These funds will be used for badly needed repairs and maintenance, new landscaping and signage, demolishing buildings that are long past salvageable and remodeling many of the existing buildings.

The new owners seem to be taking a more conservative and realistic approach to rebuilding our mall. In other words, lets fix and improve what we have first and go from there. I think they will find the community more open to this kind of strategy as opposed to the over the top redevelopment proposal from the previous mall owners. 

Lastly, the owners indicated that there would most likely be a residential component to the overall redevelopment plan but that would come later. I think its a good move on their part to start making immediate improvements and then incorporate mixed use/residential into the overall plan. There is nothing like forward progress to get people bought in and on board!

 For more detail go check out their latest Powerpoint presentation at:

http://www.villageatsunriver.com/redevelopment.html

Lets get straight to the million dollar question; "How is the Central Oregon real estate market doing?" Well, that is a good question and the answer is...it depends. It depends on whether you are looking to buy or sell and what part of Central Oregon you are referring to.

If you are looking to buy property in Central Oregon you are in luck. 2008 is one the best buyers markets we have seen in a very long time. Total sales volume and the total number of sales are down significantly across Central Oregon from the peak years of 2005/06. That is good news for buyers; inventories remain high and there is a great selection of homes for sale in all price categories. Inventory levels for Central Oregon as of June 6, 2008 range between 16 and 23 months depending on location. Add low interest rates to the mix and the fact that many sellers and developers are willing to negotiate and you have a great opportunity to find the right home at the right price.

The average sales price for homes across the region are also down significantly from 2006/07 peak levels and in many cases continue to fall. Through the first quarter of 2008 average sales prices were down an average of 10.26% compared to the first quarter of 2007. The exceptions are the Sunriver and Three Rivers South markets which recorded quarter over quarter price increases for the same time period.  According to 2007 Multiple Listing Service data, Sunriver also had the highest Average Sales Price and the lowest Average Days on Market in Central Oregon for 2007. Unlike the Bend, Redmond and La Pine markets, Sunriver is a resort community and predominantly a second home market. The Three Rivers South market encompasses everything in between Sunriver and La Pine to the south.

Of course there is always a flip side to high inventory levels and falling prices. If you are looking to sell property in Central Oregon, these market conditions create more of a challenge. The average number of days it takes to sell a property has been steadily increasing over the last several years. For example, in Bend the average days on market has increased from 120 days in 2005 to 185 days in the first quarter of 2008. This trend is similar across all of Central Oregon. The most important thing to remember is to make sure your property is priced in accordance with the market.

Check out the latest market statistics at Central Oregon Association for realtors for the 1^st quarter of 2008.  

As always I am readily available to answer your real estate questions in Central Oregon.

I am going to vent here.  I just don't understand how agents in this market can not be all over their listings and showings.  I have a modest number of listings and make sure I ask for feedback on all showings so I can share it with my client.  The very least an agent can do is to drop me an email or quick phone call telling me how the showing went.  Especially when I initiate the contact.  I always make a point to follow up after I show so that the listing agent has some idea of what buyers are saying about the listing. Isn't this reasonable customer service???    

On the flip side I showed about 20 houses a few weeks ago and only two agents contacted me for feedback on the showings.  I can't imagine what they are telling their clients.  In this market shouldn't agents be eager for info on a showing?  I just don't get it.  

Don't miss this opportunity to build your dream home on this wonderful peice of property.  Lots 4 & 5 are to be sold as one parcel for $399,000 on the Little Deschutes River.  Please view my  virtual slide show for some more amazing pictures.

As always please let me know if I can be of assistance with your real estate needs in Central Oregon!