The Market Awakens Again for Bend, Oregon
The land segment in Bend and Central Oregon is alive again following six uncertain years, however faces challenges in the two years ahead, speakers said Tuesday at the annual Real Estate Forecast Breakfast.
“Bend is back,” said Nick Lelack, Director of the Deschutes County Community Development Department. “Bend is back, and that is great news for us to be able to share with everyone this morning.”
By nearly every measure, residential and commercial real estate regained much of its value. The amount of new single-family homes in Bend moved from under 200 in monetary year 2009-10 to more than 800 this year, So far, as stated by Mel Oberst, director of the city Community Development Department. The city’s fiscal year runs from July 1 to June 30.
The branch predicts it will be issuing more than 250 building permits, on average, for every month by promptly 2015.
But developers are building speedier than the city can create new lots, Oberst told the group of 380 at The Riverhouse Convention Center. Furthermore interest for building builders and workers is more amazing than the supply, said Gary North, VP of R&h Construction Co. North evaluated $400 million in work in Bend awaits contractors this year and in 2015. At the same time, he included, the recession trimmed the workforce by 45 percent.
“We’re going to have a collective challenge in how we execute all this work,” North said.
The low inventory of homes available for sale in light of increasing demand. Less than five months’ inventory exists for homes priced below $600,000 in Bend, and less than two months for homes priced at $250,000 or less.
Meanwhile, Bend should expect a population surge as economic conditions improve in California, Washington and Idaho.
Forecast is that almost 100,000 individuals in Bend by 2025 and 250,000 in the region.
Overall, we’re projected to grow by another city of Bend in the next dozen years.
To meet that surge, the city must have land on which to assemble, Oberst said. The city overall makes 400-500 new lots every year while designers are expending almost twice that number, he said.
“It doesn’t take a mathematician, and I’m not one, to deduce we’re not bringing on enough lots to equal the exhaustion of our asset,” Oberst said.
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