Just The Facts

Thought again about using emerging AI (Artificial Intelligence) and a chatbot, in this case  ChatGPT, to see if it could replicate the inimitable style of this newsletter and save us some real time. Instead, we’ve decided on an altogether different tack. Impossible as it may seem, this month we’ll stick to just the facts . . . no ancient photos of dudes en route to Mexico, no exotic tales of windsurfing in Brazil, not even a story about the elk in Bend. Like I said, this month it’s just the facts, the real estate facts, ma’am.

February 2023

The pain continues to linger, even though we did reach the magic 100 sale plateau (barely) for the first time in three months . . . there were  112 homes (single family residential on less than an acre) purchased. 27 of those were priced over one million dollars; 30% of sales were cash transactions.

As predicted, our median price slumped $25,000 (down to $659,400) in the last month; and down more than $100,000 from the all time high of $773,000 in March of 2022. Days on market likewise increased to 50 days . . . the highest total in more than three years.

Amidst all the rubble, in February, we continued to fight the twin evils of low inventory (just one month overall) and rising interest rates (topping out at around 7%). Not really a pretty picture . . . yet.

Luxury Bend . . . $3,150,000

Nope, not Tetherow this time; instead a stunning riverfront home with easy access to the Deschutes itself.

The main level featured three bedrooms and three baths. The luxurious primary suite, an office, and the requisite library were all up. The main house totaled 4209 square feet.

Also, over the garage, were guest quarters, a bath, and a small kitchen.

The home went pending in 54 days and closed at slightly more than $500,000 (five hundred thousand!) below the original list price (at $748 ) per square foot.

Affordable Bend . . . $370,000

Exceedingly tough to now find a home in Bend for less than $400,000 (there were only three last month).

This one . . . two bedrooms, one bath, 960 square feet, with an unpermitted garage conversion, and a cantankerous renter (requiring a 90 day notice to vacate) certainly didn’t have it all. In fact, it didn’t have much–

requiring “new siding, paint, roof, concrete, and landscaping.” Oh well, the location was rather nice, and perhaps the home did have some deeply hidden potential.

The house went pending in just 10 days and closed (at $385/ft.) at $13,000 below list.

I believe the golf ball collection was included in the sale.

Bend’s Median . . . $659,450

Perhaps just a bit of hyperbole! “Best VALUE in Bend! Largest home in Ludeman Crossing! Better than NEW!” Regardless, this 4,3, 2590 square foot home went pending in 51 days and closed at just $254/ft. I’m just not too excited about it.

It did feature a tankless hot water system, luxury vinyl flooring, and built in cabinetry.

A pretty big house on a tiny lot!

As always, a comparison of median prices on the two sides of Bend:

West side   $1,100,000 (yikes!)

East side     $579,500

An Auspicious New Listing . . . $6,950,000

Highlight of the month! We’ve got a remarkable new listing “coming soon” in The Highlands. It’s an exquisite NW contemporary on 11.4 acres, featuring wonderful Cascade mountain views and unparalleled privacy; all in a location just minutes from downtown. Here are a couple of “teaser” photos.

Obviously, we’re super excited to be representing this home. Unfortunately, we can’t provide more detailed information until the home goes live.

Looking Ahead

Hope springs eternal! But, I think we have another difficult month ahead . . . interest rates don’t show much sign of declining, pending sales for February were just over the 100 unit figure, and inventory remains exceedingly tight. On the positive side, we’re still seeing strong performance (and multiple offers!) from well-priced and unique properties. Conditions at Mt. Bachelor have been superb!