Cheri Smith

I'm a very regular listener of OPB radio. My radio alarm clock is set to OPB and it's a programmed station in my car. Button number 1 in fact. As you can imagine, I was more than flattered when the executive producer of Think Out Loud, Sarah Rothenfluch, called me to invite me to be on the show as a guest. The topic was "Home Buying" and the $8000 tax credit for first time buyers. She called yesterday at 3:00pm to see if I could be on the show this morning at 9:00am. First I felt flattered, then incredibly nervous. That's not much time to prepare! She asked me a few questions over the phone then told me I'd be asked pretty much the same questions on the show. That gave me some confidence. I thought I handled the questions over the phone pretty well, and I'd have a little more time to prepare before the show.

When they called this morning, I went back to nervous. I was on the show via telephone. I sat in my office with the door closed while the rest of the agents in my office sat in the reception area and listened to me on the radio. Turns out, all of the questions Emily Harris asked were completely different than the questions I was asked on the phone. I really didn't feel prepared at all, but I survived. After they thanked me for being on the show and I hung up, my husband called to congratulate me. I could hear chatter outside of my door but I couldn't quite hear what they were saying. I opened my door and saw smiling faces and heard lots of applause and Well Done! Nice Work! etc. I breathed a huge sigh of relief. I did it. I really can't remember what I said because I was so nervous but I remember at least having an answer to all but one of the questions, which I do have an answer to now, and it's no. I'm still not brave enough to listen to the show online but if you want to, here's the link:

http://www.opb.org/thinkoutloud/shows/home-buying/#slakr007-09-30-09-10-23

There are currently 1546 active listings, 236 contingent sales, 211 homes pending, and 153 homes sold in August 2009. The median sales price is $225,000. I think it’s interesting that there are 326 homes for sale under $200,000 yet that’s not the most active segment of the market. The majority of the sales are over $200,000. Affordability is an issue in Bend. Now we have homes available for less than $200,000 but buyers are focusing on the higher priced homes. We even have about 100 homes for sale under $150,000.

Of the active listings, 86 are bank owned and 309 are short sales. Of the pending sales, 62 are bank owned (30%) and 40 are short sales (19%). Roughly 50% of pending sales are distressed sales. Of the homes that sold in August, 56 were bank owned (36%) and 26 were short sales (17%). Roughly 53% of the sales in August were distressed sales.

Some people like to gauge the market in terms of months of inventory. When the market is viewed this way, certain price ranges are doing much better than others.

Under $250,000: 470 active listings/88 sales = 5 months inventory

$250,000 – $500,000: 582 active listings/50 sales = 11 months inventory

$500,000 – $1million: 359 active listings/13 sales = 27 months inventory

Over $1million: 135 active listings/2 sales = 67 months inventory

While the number of sales in August 2009 is up compared to August 2008 (when just 117 homes sold) the current median sales price of $225,000 is down from $282,900 in August 2008.

If you’re a first time buyer, there are only 70 days left to take advantage of the $8000 tax credit. Remember, you must close on the purchase of a home by November 30, 2009.

View the complete statistics: August 2009 Statistics

(Sale Pending - 9/3/09) When this brand new modern home first hit the market at $219,900 I planned to write a blog post about it but it went pending after about a week on the market. It's back on the market with a new price - $199,900. The home has 2 bedrooms/2 baths, and 952 square feet. It does not currently have a garage but the seller has the plans for a 2-car garage and is willing to build it at cost. The home is located at 1405 NW Ithaca Ave. It is not a short sale or bank owned.

There are currently 4 condos on the market in the 919 Bond Building. The last time I wrote about these modern condos downtown I remember a list price of $1,500,000. They've had price reductions since then but most recently the prices were reduced from $1,100,000 to $825,000. One of the condos is listed at $849,000.

The floor plans include:

2 bedroom/2.5 bath with 2130 sq. ft. for $825,000

2 bedroom/2.5 bath with 2241 sq. ft. for $849,000

3 bedroom/3.5 bath with 2561 sq. ft. for $825,000

2 bedroom/2.5 bath with 2805 sq. ft. for $825,000

The interiors vary from condo to condo but most have CeasarStone countertops, Viking appliances, bamboo wood floors, Anegre/Wenge cabinetry, cut pile wool carpet in the bedrooms, in-floor heat in the master baths, air conditioning, floor to ceiling slider doors, built in BBQ, double sided fireplace, two master suites, wet bar, and come wired for stereo & security. Also included are two parking spaces in a covered secured lot, storage unit, & 2 ski lockers. Some have city and easterly views and others have Cascade Mtn. views.

This Mill Quarter townhome is located in the heart of Bend between downtown and The Old Mill District, perfect for a buyer that wants hip, urban living. The exteriors were inspired by east coast brownstones and the interiors have a modern, industrial style, complete with brick, steel, and concrete. The ICF (insulated concrete form) construction offers energy efficiency and soundproofing. The interior finishes include cork and concrete flooring, granite and tile countertops, dumb waiter, and stainless steel Viking appliances. This townhome is 1822 sq. ft. with 3 bedrooms/3 baths and is offered at $455,000. It's priced as well as a bank owned Mill Quarter townhome that sold earlier this year for $450,000.