Recent Dumping of Snow in Welches January 2008!
Thursday, January 10, 2008
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Displaying blog entries 1851-1860 of 1904
The Resort at the Mountain Sells!
Thursday, January 3, 2008
The Resort at the Mountain recently sold in December after eighteen years of ownership by Ed Hopper, who has recently retired. The new owner is The Coastal Hotel Group which is a Seattle based management group. The company has interest in two other Oregon properties. One is the Inn at Otter Crest at Otter Rock and the other property is in downtown Portland called Hotel Fifty.
The goal of the new company is to change the resort from a three star to a four star resort. This will be completed by renovations of the golf course, current facilities including new guest rooms, existing rooms plus adding spa facilities. The new owners intend to increase the business by 40% or more with their plans.
These improvements and new ownership should help the local economy with increased jobs, increased revenue with shoppers for local businesses and restaurants. The CEO of Coastal Hotel Group, Yogi Hutsen, said this resort is truly a diamond in the rough.
As events unfold I will keep you posted.
Happy New Year! Summary of December Sales
Thursday, January 3, 2008
December was a bit slow. Closings for residential and Condo sales hit a total of six. Two condo units closed. One at Collins Lake in Government Camp and another in Whispering Woods in Welches at the Resort at the Mountain. As for the other four: two major fixer uppers under $80,000, one forest service cabin on leased land and one full time residential sale.
To put this in a national perspective. If you look at the entire market for 2005 and 2006, about a third of that market consisted of second home and investor buyers. The adjustable loan resets and credit crunch have removed much of that market for today and it is reflected in the 2007 numbers. I believe multiple listing is reporting about a 38% decline in sales from the prior year as of November for the mountain.
The mountain does not exactly fit that national mold. In most areas of the country the sales this year have nearly all been owner occupied. Luxury sales have held steady. Here, in our market, the second home buyers have propped us up from even fewer sales for the year. Nationally, many foreign buyers are swooping in to buy vacation homes in high end resort areas due to the declining dollar and increased inventory.
The market is returning to the way it was prior to the huge run ups in 2004 and 2005. It's back to reality and new rules of lending which were tossed out for a while.
It is really a great time to buy and here are a few reasons why:
1. Increased selection.
2. Few bidding wars
3. Repairs are easier to negotiate with more willing sellers
4. Historically low interest rates
5. Few Investors are in the market
6. Prices are soft and as populations in crease in Portland many buyers will be priced out of this market.
7. Minimal Land is available so prices will continue to climb.
Credit Crunch Reflected in Market!
Wednesday, December 19, 2007
I've just received the new multiple listing statistics for the month of November. Pending sales for the month were down by 60%. This probably reflects the credit crunch left over from August, September and October.
Year to date through November, sales are down by around 38%. Inventory of new listings for the year hit nearly 300 and with 130 sales at the end of November that gives sellers a 43% chance of selling their homes this year.
As inventory builds and sales have tapered off there is now a 14 month supply of homes. By definition, this is well into a buyer's market.
Bigger news may be that Countrywide will quit doing sub prime loans. If other lenders follow suit, and they probably will, this will eliminate an additional 10 to 20% of buyers from the marketplace therefore increasing seller competition for those buyers.
New for 2008 will be even more emphasis on credit scores. Watch your credit score! If it goes under 680 you will pay a higher interest rate and extra fees for your loan. This will apply to conventional loans and probably FHA will fall suit.
Interest rates are likely to rise as inflation possibilities increase. Historically, rates are fantastic. With a good credit rating and a down-payment, now is an excellent time to purchase!
Shadow Hawk Condo in Welches!
Tuesday, December 18, 2007
Looking for a convenient location just steps from the Salmon River in a secure setting complete with on site full time manager? This is the place. Bottom level unit with NO STEPS in a quiet complex complete with a pool, hot tub and sauna.
Well maintained and updated with newer carpeting, fresh paint and pride of ownership throughout. Sit on your covered deck and listen to the river. Just across the street is a 27 hole golf course at the Resort at the Mountain.
Only one hour from Portland and minutes to three premium ski areas. You'll love the hiking trails down the street in the Mt.. Hood National Forest. Only $184950!
Mortgage Relief Debt Forgivemess Act?
Tuesday, November 27, 2007
Have you heard of this act? This Act is for helping people in foreclosure on their primary homes or facing a short sale (working with a lender who will accpet less on the principle owed). Once that sale is complete or if you are foreclosed upon, the difference owed is treated as income to the individual and taxed as income creating a double wammy. 1. Loosing your home and 2. paying taxes on income you didn't receive
This "unfairness" has caught the interest of Congressmen. The House says this is not fair. So now we have this new Act getting debated. Hidden within this act is something that could affect all primary homeowners. If this Bill passes it will impact the homeowner's tax free deduction when selling your primary home (up to $500,000 for married couples, filing jointly, and $250,000 for singles). This bill requires a homeowner to live in their home five full years and not the current two years out of the past five, in order to get this tax free money. Shorter periods of occupancy would get prorated.
If this bill passes this could have a heavy impact on the sale of your primary home!
8.8% appreciation for October!
Monday, November 26, 2007
The constant druming of the "bad" real estate market is overwhelming for agents. Did you know the October rate of appreciation for our area is 8.8% according to the Multiple Listing Service!
Yes, pending sales were down 35% in October but there are buyers enjoying excellent interest rates and lots of choices who are buying right now.
Real Estate is Local!
Did you know that 2007 is the 5th best housing year on record?
Measure 49 Update for Buyers and Sellers!
Thursday, November 22, 2007
Read the latest on Measure 49 :
Buena Vista Homes Come to Auction in Sandy
Sunday, November 18, 2007
If you've traveled through Sandy recently the signs are hard to miss. Auction signs spring up on both East and West sides of the town signaling an auction of 32 homes owned by Buena Vista builders.
Twelve of the homes are located in Cascadia Village and the balance are in the Hamilton Ridge subdivision.
Details may be found at this link:
It's the case of overbuilding during economic changes and not selling your inventory. This impacts not only other single family homeowner's in Sandy who are trying to sell right now but also homes further up the mountain in Welches, Brigtwood and Rhododendron. Single family homes in subdivisions are up against some stiff competition with auctions and standing inventory from Rhodododendron to Gresham!
Mt. Hood Christmas Trees
Sunday, November 18, 2007
Looking for a great family event? Come to Mt. Hood and cut your Christmas tree in the Mt. Hood National Forest. Our family has taken this adventurous route in the past and it is FUN!
You can cut up to one tree 12 feet tall. Permits will be available starting the Monday before Thanksgiving at these locations:
Mt.Hood National Forest Headquarters
16400 Champion Way
Sandy, OR (SE 362nd and Hwy 26)
503-668-1700
Monday thru Friday
7:30am to 4:30pm (closed 11:30 to 12:30 for lunch)
Zigzag Ranger District
70220 E. Hwy 26
Zigzag, OR
503-622-3191
Monday thru Saturday in November 7:45am to 4:30pm
Through December 17th, Saturday and Sunday from 8am to 2pm
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