Cheri Smith

Shevlin Reserve, which features 12 sleek and sophisticated modern, single-level townhomes in NW Bend, now has 4 bank-owned townhomes available ranging from $350,000 to $595,000. That's great news for buyers but bad news for owners that paid nearly $900,000. Modern design typically strives to integrate the indoor and outdoor environments and Shevlin Reserve does just that. The single level townhomes have a low profile and are situated on larger lots. They feature modern and sustainable touches like concrete radiant heat floors, wool carpet, stainless steel countertops in the kitchen, floating cabinets, Italian light fixtures, and a wall of 23 foot tall windows in the living room that open onto the outdoor living area via German engineering. Some of the townhomes have Cascade Mountain views.

Here's the catch (ah, you knew it was too good to be true didn't you) - 3 of the townhomes are not finished. There are 2 listed at $350,000 and they are far from being complete. They are framed and the windows are in but if you require much more than that to live happily you'll have some work ahead of you. These are the 2341 square foot floor plan with 3 bedrooms/2.5 baths. You can bring your own builder/contractor to finish the job or the bank has someone that can finish them. A third townhome, listed at $595,000, is nearly finished. When I visited, most of the cabinets, sinks, and flooring were in and the appliances were in the garage. The 4th townhome is completely finished. The 3rd and 4th townhomes are the 1801 square foot floor plan with 2 bedrooms/2.5 baths.

There is another great deal at Shevlin Reserve listed at $519,000. It's the 1801 square foot floor plan and it's completely finished. The owner just wants to sell and sell quickly. He paid much more when he bought it in 2006 but he owns it outright so you get the satisfaction of a short sale deal without all the hassles of a short sale. This townhome has walnut floors and the darker cabinets so the interior feels very warm. It also has Cascade Mountain views.

Shevlin Reserve townhomes are located off of Shevlin Park Rd. in NW Bend.

Yesterday President Obama signed the American Recovery and Reinvestment Act into law. That act includes the Homeowner Affordability and Stability Plan, which could be a very positive thing for the housing market. After a quick scan of the Executive Summary and Q&A, I think it looks great. Some of the highlights include:

1. Provide Access to Low-Cost Refinancing for Responsible Homeowners Suffering From Falling Home Prices.

2. Create A $75 Billion Homeowner Stability Initiative to Reach Up to 3 to 4 Million At-Risk Homeowners.

3. Supporting Low Mortgage Rates By Strengthening Confidence in Fannie Mae and Freddie Mac.

So what does all that mumbo jumbo really mean and how might it help you if you're a homeowner struggling to make your payments? Here is some additional information from the White House Q&A.

If you are current on your mortgage payments: The objective of the Homeowner Affordability and Stability Plan is to provide creditworthy borrowers who have shown a commitment to paying their mortgage with affordable payments that are sustainable for the life of the loan. Eligible borrowers who stay current on their mortgages but have been unable to refinance to lower their interest rates because their homes have decreased in value, may now have the opportunity to refinance into a 30 or 15 year, fixed rate loan. Borrowers whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Refinancing will not reduce the amount you owe to the first mortgage holder or any other debt you owe. However, by reducing the interest rate, refinancing should save you money by reducing the amount of interest that you repay over the life of the loan.

If you are behind on your mortgage payments: The primary objective of the Homeowner Affordability and Stability Plan is to help borrowers avoid foreclosure by modifying troubled loans to achieve a payment the borrower can afford. Lenders are likely to lower payments mainly by reducing loan interest rates. However, the program offers incentives for principal reductions and at your lender's discretion modifications may include upfront reductions of loan principal. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage. In addition, the plan provides incentive payments to the borrower if they make timely payments on the loan once it has been modified. The incentive will accrue on a monthly basis and will be applied directly to reduce your mortgage debt. Borrowers who pay on time for five years can have up to $5,000 applied to reduce their debt by the end of that period.

If you think you might qualify and would like to take advantage of this modification program, you'll need to gather information for your lender, including:

• Your montly gross income (from pay stubs, etc.)
• Most recent income tax return
• Information about any second mortgage on the house
• Payments on each of your credit cards (if you have balances)
• Payments on other loans such as student loans and car loans

Complete eligibility details will be announced on March 4th, 2009 when the program starts. Mortgage lenders will begin accepting applications after that. Only the mortgage on your primary residence is eligible for modification. Mortgages on second homes or investment properties are not eligible. Mortgage companies are not required to participate in this program but because the government is offering incentives, it is expected that most major lenders will participate.

You must have heard by now that the house and senate passed a modified version of the stimulus bill that includes a tax credit for first time home buyers. The final version of the bill that passed includes the following:

1. A tax credit of 10% of the purchase price up to $8000.

2. Only first time home buyers purchasing a primary residence are eligible. The definition of a first time buyer includes someone who has not owned a home in the last 3 years.

3. The credit can be applied to a home purchased between January 1, 2009 - November 30, 2009. (I've also read that the home must be purchased by December 31, 2009 so check with your accountant or tax advisor)

4. The credit does not have to be paid back as long as you live in the home for 3 years or more. If you sell before owning the home for 3 years, the entire credit will be recaptured upon the sale of the home.

5. Your taxable income must be less that $75,000 (single filer) or $150,000 (joint filers).

Here's a handy chart from the National Association of Realtors: First Time Homebuyer Tax Credit

The above terms were compiled based on everything I've read about the tax credit. Please check with your accountant or tax advisor to discuss how this tax credit might benefit you.

I'd like to clarify something - this money cannot be used towards your down payment. Once you purchase a home you are eligible to claim this credit on your 2009 tax return. You won't actually receive the refund check until 2010.

Located in the heart of Bend between downtown and The Old Mill District. This bank owned Mill Quarter townhome is listed at $479,900. With a mix of contemporary and industrial styling, this home features granite counters, cork flooring, central vac, and Viking appliances. The townhome is a 3 bedroom, 3 bath with 2400 square feet. Square footage includes zoned office space on the lower level with a separate entrance on the street.

Property not listed by agent presenting the information.

78 homes sold in January (compared to 77 in December), 126 are pending, 65 are contingent, and 1830 are currently for sale. Surprisingly there are more homes on the market than there were in December.

None of the three homes that are pending in the higher price range are newly pending. In the $950,000 - $999,999 range, the home is a 3400 square foot riverfront home just north of downtown that has been pending since September 16, 2008. In the $1,250,000 - $1,499,999 range, a Deschutes Landing riverfront townhome. This townhome is one of their redesigned floor plans that includes a 2-car garage and it has been pending since November 24, 2008. This townhome isn't completed so it could be pending for awhile. In the $1,750,000 - $1,999,999 range, the pending sale is a home that has been pending since December 10, 2008. It's a new 4400 square foot Awbrey Glen home.

34 of the 78 homes that sold in January were short sales or foreclosures. Let me grab my calculator... that's 44% if I round up. As for the pending sales, 52 of the 126 are short sales or foreclosures, so about 41%. Of the 1830 homes for sale in Bend through the MLS, 333 are short sales or foreclosure so 18%.

View the January statistics here: January 2009 Real Estate Statistics