Newsletters
A
little State of the Union at Eagle Crest Resort, if you please. In the
early 70's Marvin Gaye sang a still popular tune named "What's Going
On". It was answered several years earlier by a Jerry Lee Lewis
offering called "A Whole Lot of Shaking Going On." I think they must
have been real estate agents before they became entertainers.
The positives will follow these brief attention getters from the local media. Local inflation has dramatically slowed to less than 1/2 of 1% for the first quarter of 2007 as opposed to the 20 plus percent for all of 2005. The speculators and investors are not lining up three deep any longer and prices of homes, townhomes and lots at Eagle Crest Resort are not increasing. There are serious buyers looking for good offerings. They aren't in a hurry to make decisions as there are considerably more listings to work through than in the past three or so years. In 2005 this office of 14 agents averaged around 40 active listings each month, mostly in the Redmond area. We now have over 200 active listings.
The inflation accrued over 2003 thru 2005 has been extremely dramatic, possibly one of the highest in the nation according to one media source, and much of the inflation is being retained by sales recently closed. Two of our team sales this year can briefly emphasize that. A residential sale of ours in June of 2005 for $680,000 was resold in February of 2007 for $950,000. Another team sale also in June of 2003 for $369,000 was closed in June of 2007 for $619,000. There are now segments of sellers who are pressured to drop their asking prices. Builders with standing spec inventory are idle until their specs sell so they are dropping their listed prices. Builders not buying many lots are a catalyst for lot prices being reduced. Eagle Crest is primarily populated with adults who no longer have the kids in the home. Some have been residents for almost 20 years. We are now seeing their homes priced to sell so the owners can move back where the kids live or move closer to preferred medical treatament locations. So the general consensus in our real estatae community of agents is that there is a lot more to choose from and the buyers are taking their time while looking for the special place and best price. One broker explained his thinking by saying "If there are 10 listed properties similar to your size, quality and location then they are your competitors. Your price has to be one of the two or three most competitive to get the serious attention of quality buyers."
So what are some of the positives to look forward to? Deschutes County, Redmond and resorts are fortunes favorites. The population of Redmond is projected to double to 47,000 by 2025. Redmond has approximately 300 acres of available industrial land. The airport just finished expanding their parking lot and announced it was insufficient and is expanding their parking and terminal areas again. Interest rates are stable and buyers are still coming and purchasing at a rate slightly less than 2004. In 2004, we were all pretty happy with that year's sales volumes. So look for resort sales to increase in numbers but not to continue the recent high inflation trends. Lots will probably be slow until next spring. Townhomes and residences are getting good attention the last two months.
We still are offering addressed maps of all three phases of the resort and will mail them out to you on request. You may access general information about all of the listed properties on Central Oregon Multiple Listing Service by going to this website at www.donmontgomery.net and activating the MLS Central Oregon button. This is, of course, a solicitation to represent you on the purchase or sale of real estate in the tri-county area. Please contact either of us for information you may desire.
Don Montgomery, Broker Krista Beale, Broker
541-480-4901 541-480-9012
Coldwell Banker/Mayfield Realty
809 SW Canyon Dr., Redmond, OR
1-800-704-7368I
The positives will follow these brief attention getters from the local media. Local inflation has dramatically slowed to less than 1/2 of 1% for the first quarter of 2007 as opposed to the 20 plus percent for all of 2005. The speculators and investors are not lining up three deep any longer and prices of homes, townhomes and lots at Eagle Crest Resort are not increasing. There are serious buyers looking for good offerings. They aren't in a hurry to make decisions as there are considerably more listings to work through than in the past three or so years. In 2005 this office of 14 agents averaged around 40 active listings each month, mostly in the Redmond area. We now have over 200 active listings.
The inflation accrued over 2003 thru 2005 has been extremely dramatic, possibly one of the highest in the nation according to one media source, and much of the inflation is being retained by sales recently closed. Two of our team sales this year can briefly emphasize that. A residential sale of ours in June of 2005 for $680,000 was resold in February of 2007 for $950,000. Another team sale also in June of 2003 for $369,000 was closed in June of 2007 for $619,000. There are now segments of sellers who are pressured to drop their asking prices. Builders with standing spec inventory are idle until their specs sell so they are dropping their listed prices. Builders not buying many lots are a catalyst for lot prices being reduced. Eagle Crest is primarily populated with adults who no longer have the kids in the home. Some have been residents for almost 20 years. We are now seeing their homes priced to sell so the owners can move back where the kids live or move closer to preferred medical treatament locations. So the general consensus in our real estatae community of agents is that there is a lot more to choose from and the buyers are taking their time while looking for the special place and best price. One broker explained his thinking by saying "If there are 10 listed properties similar to your size, quality and location then they are your competitors. Your price has to be one of the two or three most competitive to get the serious attention of quality buyers."
So what are some of the positives to look forward to? Deschutes County, Redmond and resorts are fortunes favorites. The population of Redmond is projected to double to 47,000 by 2025. Redmond has approximately 300 acres of available industrial land. The airport just finished expanding their parking lot and announced it was insufficient and is expanding their parking and terminal areas again. Interest rates are stable and buyers are still coming and purchasing at a rate slightly less than 2004. In 2004, we were all pretty happy with that year's sales volumes. So look for resort sales to increase in numbers but not to continue the recent high inflation trends. Lots will probably be slow until next spring. Townhomes and residences are getting good attention the last two months.
We still are offering addressed maps of all three phases of the resort and will mail them out to you on request. You may access general information about all of the listed properties on Central Oregon Multiple Listing Service by going to this website at www.donmontgomery.net and activating the MLS Central Oregon button. This is, of course, a solicitation to represent you on the purchase or sale of real estate in the tri-county area. Please contact either of us for information you may desire.
Don Montgomery, Broker Krista Beale, Broker
541-480-4901 541-480-9012
Coldwell Banker/Mayfield Realty
809 SW Canyon Dr., Redmond, OR
1-800-704-7368I
