Not that long ago Bend resort sales reached peak levels, driven
in part by out-of-state buyers flush with accumulated real estate equity
complemented by often lax lending
standards.
Beginning in 2005 several new resorts came to market,
joining the existing legacy ones -- Sunriver, Eagle Crest and Black Butte Ranch
-- that had established Central Oregon as popular vacation and getaway home
area.
Among this “new era” of resorts were Pronghorn, Tetherow,
Brasada Ranch and Caldera Springs, the latter an expansion of the existing
Sunriver resort complex south of Bend.
Since
2005 this group of properties has accounted for a total sales volume of
$213,617, 292 according to statistics extracted from the Multiple Listing
Service of Central Oregon database.
Of the
four newcomers to the resort-vacation home market, Caldera Springs has led the
pack through the third quarter of 2014 with a total of 375 sales and volume of
$108,909,449, more than half the historic volume of the group.
Over
the period Brasada Ranch and Pronghorn weathered the most trouble in the form
of short sales and foreclosures. At
Brasada Ranch more than 40% of MLS reported sales through third quarter
2014 were short sales or bank owned, and
35% at Pronghorn.
As
for recent performance, Tetherow, just outside Bend's west boundary, has led all unit sales in 2013 and 2014 with
80 closings on volume of $20,448,313--more than double the volume of each of
the other three projects in the “new era” group. Median price at Tetherow thus
far in 2014 is $258,742.
Brasada
Ranch has recorded 83 sales in the 2013-2014 period, at a median of $125,450,
as the resort under fresh ownership of Northview Financial has mounted
aggressive marketing programs to attract visitors and potential owners.
Note: Table 1 is for newer resort-vacation home
projects. Table 2 with the bar chart includes all Central Oregon properties in
the resort-vacation home category.
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| TABLE 1 |
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| TABLE 2 |
Dislaimer: Information provided is deemed reliable but not guaranteed. Contact me at leemvnews@aol.com should there be a significant error that needs correction.
