Riverhouse Convention Center ballroom was packed for annual Forecast Breakfast
Don't 'miss the boat' by waiting to buy,
Forecast Breakfast speaker advises
Garner, Bratton speak at annual Chamber event
BEND, Ore.—Bend real estate appraiser Dana Bratton bravely predicted the Central Oregon real estate market will turn upward on April 25, 2008. Such educated tongue-in-cheek crystal gazing is a fixture of Bratton’s regular appearances at the annual Bend Chamber of Commerce Real Estate Forecast Breakfast, and this year’s program was no exception. The breakfast took place Feb. 25 at the Riverhouse Convention Center and attracted a sellout audience of about 800 people.
Other featured speakers were
Sandy Garner (left), president and CEO of The Garner Group Realtors & Development LLC, and Stephen Trono, owner of The Trono Co.Tracing home inventory and price trends, the president of Bratton Appraisal Group asserted that increasing population alone will create demand for 100 to 160 new homes per month in Bend. With building permits declining in number, this means the current oversupply of homes on the Bend real estate market will be gone in five months, he said.
“Strike now or miss the boat,” Bratton declared. Low mortgage interest rates, high inventory and price reductions make this a buyer’s market. He identified “strike points” of optimum value at $150/sq ft in Bend and $110/sq ft in Redmond.
Bratton also described market conditions for rental and commercial properties, ending with these recommendations:
1. Buy houses in Bend and Redmond.
2. Buy RS lots in Bend and Redmond.
3. Sell office and industrial buildings in Bend.
4. Hold office zoned land in Bend.
5. Buy RS zone or “Path of Progress” land in Bend.
6. Buy commercial land in Redmond.
7. Buy existing apartment units in Bend, Redmond and Prineville.
8. Refinance anything.
9. Buy an office condo.
Garner described changing trends in home buyer preferences that parallel age and demographic changes in the market. “Today’s buyers like working from home, health and fitness activities, tech toys, travel, entertaining and dining out,” she said. The veteran Bend real estate broker pointed to an American Institute of Architects study showing increased popularity of mixed-use neighborhoods, infill developments, recreational opportunities and availability of alternative transportation sources.
Neighborhoods should have a distinct brand with which residents can identify, Garner recommended. “Buyers want the neighborhood to reflect their self-image and provide a sense of belonging,” she said. Home design preferences are shifting to clean, contemporary urban designs that admit a lot of light and connect indoor and outdoor living spaces.
Trono described The Mercato, a large mixed-use project proposed for the former crane shed site in the Old Mill District. It will combine restaurant and retail space, offices and residential units in five buildings.
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