Cheri Smith

The Luxury Property Network is hosting its second Luxury Homes on Tour event in Bend this Saturday, 9/27/08, from 12-6pm. Seventeen properties will be available for viewing. You'll also have the opportunity to register at each house for your chance to win a Sterling Silver Swirl Pendant necklace from Saxon's Fine Jewelers or a gift certificate to the Urban Beauty Bar. Pick up your tour map at Saxon's Fine Jewelers in the Old Mill District or at Urban Beauty Bar, 930 SW Brooks St.

The tour map can also be downloaded and printed by clicking here: 9.27.08 Luxury Homes on Tour

I will be hosting 1901 NW Rivermist Dr. during the tour. This is a one of a kind riverfront home built by Plush Homes. The home is 3101 sq. ft. with 4 bedrooms/3.5 baths, top of the line kitchen, main level master suite, river views, and conveniently located just north of downtown.

Directions to 1901 NW Rivermist Dr: From Hwy 97, take the Revere exit. Head west on NW Revere Ave, right on Harriman St., then left on Revere Ave to the end of the cul-de-sac. Access the home through the Rocky Point townhomes entrance on the left. From downtown, take Bond St. north. Continue north on Wall St., turn left at NW Revere Ave, right at Harriman, then left at Revere Ave to the end of the cul-de-sac.

As a seller, there are several different contingencies buyers might throw at you but one of the most common is an offer contingent upon the sale of their home.

If you as a seller receive a contingent offer, at the bare minimum, the buyer's house should be listed in the MLS. You should ask your agent to put together a CMA (comparative market analysis) for the potential buyer's house. Is their house priced aggressively? Are homes selling in their neighborhood? Are homes selling in their price range? Your agent should also request information about the number of showings the potential buyers have had and what kind of feedback they're getting. The last thing you want to do is accept the contingent offer if the buyer's house has no chance of selling.

If you decide to accept the contingent offer, make sure the offer gives a specific date for the sale of the buyer's home AND the closing date for the sale of your home. You might decide to give them 30 days to find a buyer, and another 30 days to close once they do. You can state that the closing of your home will occur 30 days after the close of theirs. If there hasn't been a lot of interest in your home during those first 30 days, you can give them an extension.

You'll also want to include a First Right of Refusal, or a release clause. This will allow you to continue to market your home for sale and accept another offer in a backup position. If another offer comes in, the first buyer then has 24-72 hours (depending on how you structured it) to decide whether or not to move forward with the purchase of your home. If they do not release the contingency, you can cancel the deal with them and accept the second offer. If they do release their contingency, you must move forward and sell your house to them. This is where accepting a contingent offer can make you kick yourself. Let's say the second offer is a higher price and they can close quickly. If the first buyer agrees to move forward with the purchase of your home even without having sold theirs, you must sell to that first buyer.

Make sure the buyer agrees to allow you to continue marketing your house for sale. I have heard of buyers requesting the seller withdraw the home from the MLS. This is not advisable. If the prospective buyer can't sell their house, you've essentially taken your home off the market during the contingency period and possibly missed other buyers.

It's a good idea to ask the buyer to release the other contingencies typically found in the contract (like the home inspection and loan contingencies) early on. Urge them to get the home inspection done right away and negotiate any needed repairs. There's nothing worse than waiting 3 months for the buyer's home to sell, having a home inspection done, and finding out that they buyer is not happy with the report and does not want to purchase your house after all. Get the home inspection done within the first couple of weeks so there are no surprises down the road. Even if the contingent buyer can't sell their home and purchase yours, you'll be ahead of the game with the next buyer because you'll have already completed the repairs.

One positive aspect of contingent offers is that the buyer usually writes a strong offer otherwise. They may offer more for your house than a buyer without a contingency because they know you're not going to be excited about the contingency. They will try to make it up to you by offering full price, or very close to it.

While a contingent offer is definitely not ideal, they can be structured to minimize the risks. Knowing that you can still market your home to other prospective buyers and accept offers can really motivate the buyer to get their home sold.

This weekend is one of my favorite Bend events: The Summer Festival. I don't usually go downtown for the various events because in my opinion, they all start to seem the same. As I walk along the sidewalk, trying not to get my toes run over by strollers and finding a way to get around someone that stopped right in the middle of the path to take a look at some artwork or jewelry, I just get frustrated and annoyed. I never stay more than about 30 minutes. I realize I probably sound like a grinch because most people love this stuff.

The Summer Festival is entirely different in my opinion. Musical acts from all over the US come to Bend to perform so there's a great variety of Jazz, Folk, Funk, Reggae, Rock, Big Band Swing, World, and other more "eclectic" genres. You can also enjoy great wines, beer, shopping, and dancing.

Downtown is roped off in different sections. If you're into Jazz and sampling world class wines from Northwest Vintners, head to Minnesota Ave. If local beers are more your style, head to the Main Stage on Wall St. If you've got kids, there's the always popular (even for adults) Working Wonders Fun Extravaganza in front of the Mirror Pond Gallery. The SOUK marketplace on Oregon Ave. features international shopping (furniture, clothing, jewelry) and World music. My favorite is the international stage, particulary the One World Taiko Japanese percussionists. I was (am?) a percussion player and totally appreciate these musicians. And last year, I had a hip-hop lesson from the Gotta Dance Studio. Yeah, it was a bunch of 10 year old girls and me but I had a lot of fun and thoroughly embarrassed my husband.

For more information about the Summer Festival events, visit the website: http://www.bendsummerfestival.com/default.aspx

July 9-13th is the Cascade Cycling Classic. This event attracts most of North America's top cyclists and is the longest consecutively run elite stage race in the country. The endurance of these athletes blows me away. Last year my husband and I took the dogs to one of the lakes along the Cascade Lakes highway and then sat near the finish at Mt Bachelor. We watched the gruelling final climb near Sparks Lake of the Pro Men's leg and it was incredible. My favorite event is the criterium downtown, which is on Friday evening. If you go, stake your claim on one of the corners so you can watch the cyclists go nearly horizontal as they lean into the turns. The wind created as they pass by literally blows your hair back. It's really exciting. This year I'll have a bird's eye view because I'll be watching from the Franklin Crossing building. Here's the website for the race stages: http://www.mbsef.org/CascadeCyclingClassic/?page=stages

Other events this weekend include the Sisters Quilt Show, Dinner Canoe Under the Stars, Rhythm on the Range, Raft & Brew, Crooked River Dinner Train, and the Smith Rock 15K. Visit the COVA website for details: http://www.visitcentraloregon.com/calendar.html

I hope you can get out and enjoy these Central Oregon events. It's why we live here, right?

I have to admit I was disappointed to see that there was virtually no change in the number of home sales from April to May. And since I'm busy and not feeling very witty, I'll leave it at that.

View the detailed statistics here: May Real Estate Sales

I attended an event at the 919 Bond Building last night. Man that place is swanky. I instantly felt hipper the second I walked through the doors. The 919 Bond building located downtown was developed by Taylor Pickhardt Development LLC and features 4 modern condominiums, a street level restaurant, The Loft of Bend private wine club, full service executive office suites, and a rooftop garden.

Volo restaurant on the main level is billed as an upscale yet casual restaurant serving contemporary American cuisine. We had the opportunity to sample some appetizers and I was not dissapointed. I can't remember exactly what they served but I do remember a mushroom puff that was great. There really aren't enough opportunities to eat "puffs" if you ask me. The wait staff (all impossibly beautiful) was very friendly and attentive and managed to meander through the large crowd without ever being in the way. And they always managed to swoop in and refill my wine glass before I completely swalloped the last sip. A true measure of excellent service.

The second level features a social club, called The Loft of Bend, and office suites. The Loft will be limited to 250 members and will cater to the growing ranks of destination resort residents in Central Oregon who want to meet downtown for a catered business meeting or to entertain guests. Each member will have their own temperature-controlled lockers for storing cases of wine. Adam Bledsoe is the owner and operator, and Drew Bledsoe and Chad Wold are partners in the venture. The Loft of Bend is scheduled to open by late June. The 14 office suites, 6 of which are already reserved, are full service. Monthly lease rates range from $820/month for 156 square feet to $1495 for 272 square feet and include membership to The Loft of Bend, access to rooftop garden, concierge service, wireless printer, fax machine and copier, all utilities including wireless internet connection, janitorial service, phone system, and a common area with kitchen and conference area.

And now for the condos. There are 4 condos in the 919 Bond building but they've already accepted reservations on 2 of them. They are all finished in a similar warm, modern style and have extraordinary views. My favorite was Condo Unit 304. It's 2,561 square feet with 2 bedrooms, 2.5 baths. This unit is west facing with so many floor to ceiling windows I wished I had my sunglasses. There is an enourmous deck off the main living area and by enormous, I mean 1338 square feet. I've shown houses smaller than that deck. For a price tag of $1,500,000, the interiors are finished with CeasarStone countertops, Viking appliances, bamboo wood floors, Anegre/Wenge cabinetry, cut pile wool carpet in bedrooms, in-floor heat in 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. The floor plan is available here: Condo 304 The other 3 available condos are Condo 301, Condo 404, and Condo 401.