Oregon Trail School Bond Passes
Wednesday, November 12, 2008
Dr. Shelley Redinger , superintendent of the Oregon Trail School District sends this thank you:
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Residential Sales For October on Mt. Hood
Monday, November 3, 2008
Are we glad October is over? What a wacky month! Between the fluctuating stock market and election news I am more than ready for November! The weekend rain has done a good job of knocking another third of the leaves down for yard clean up. I am having my ususal fall back transition issues and getting my internal clock adjusted. What the hec am I'm doing up this early? I don't know.
So, here are the numbers! These are the sales for October for Government Camp, Welches, Rhododendron, and Brightwood:
The good news is that Government Camp had another sale over $500,000! This market has been hard hit with few sales of single family homes in the upper price range.
One forest service cabin closed this month. This segment also has lots to choose from and less buyers making it quite competitive. New lease fees are coming up this January so we will see what the increase does to inventory at that time.
Ok, it's on to November and election night is tomorrow. Hopefully once this is settled things will loosen up a bit.
Foreclosures on Mt. Hood
Thursday, October 23, 2008
Many buyers are searching for foreclosures in Government Camp, Welches, Rhododendron and Brightwood. The Mt. Hood area has relatively few foreclosures compared to other areas near the Portland metro area and Portland itself. The majority of homes that have shown up as foreclosures have been in the Timberline Rim subdivision.
Most of these foreclosed homes in Timberline Rim are under $300,000 and the majority fall in the low $200,000 range or less. When compared to subdivisions closer in such as in Sandy and the Happy Valley area, we have really not had the hard hits that many of these newer subdivisions have had. Lack of available land to develop with"new subdivisions" in the past couple of years has caused an escape from this problem.
foreclosures do bring values down. Banks price these homes to go out the door. These foreclosure sales will be used as comparable for conventional loans. New lending rules require home sales in the past two to three months to be used as the comparables whether foreclosures or not. They will help establish values for bank loans to buyers.This s the bad news.
The good news is that once the inventory of foreclosed homes are gone, existing home inventory gets adjusted to "market" and gets sold, values will stabilize and eventually we will be back to a more equal market for buyers and sellers.
Recession on Mt. Hood?
Tuesday, October 21, 2008
Sales for Welches, Rhododendron, Government Camp and Brightwood in September hit a total of 10 accroding to the Market Action section of the RMLS, multiple listing service. Pending sales were down 33% and our total sales hit a decline of 11.5% for the year.
On the ground we are seeing an average sale price decline and the upper end of the market from $500,000 on up has disappeared and completely flattened. This comes from a combination of things. A massive inventory, high interest rates for jumbo loans, the credit crunch taking lots of buyers out of this market and slower economic times.
The chief economist for the National Association of Realtors, Lawrence Yun and others see a recession through at least the next three quarters. Some areas of the country have already corrected back to 2002 and 2003 pricing levels. There is no doubt about it, our area needs to make this correction too in order to reduce inventory levels.
The biggest hoop to jump through as a seller and agent is the bank appraisal. foreclosures will be used for comparables and these sale prices will quickly adjust the market downward. This is a difficult pill to swallow for many sellers who are still thinking in terms of 2004 and 2005 but reality will strike so the sooner the adjustment is made the quicker the market will equalize.
It's an incredible time to buy properties if you qualify. Rates are still very low and with the amount of inventory available it's a feast of opportunity. We are fortunate to live in one of the most desirable areas of the country with a predicted quicker recovery than most states. The increased population to Oregon alone makes this a no brainer opportunity.
Clackamas County Chages Hours
Thursday, October 16, 2008
This is big news for buyers and sellers who are closing real estate transactions in Welches, Government Camp, Rhododendron or Brightwood. Clackamas County, as of November 1st of this year, will be closed on Fridays. Their new hours will be 7:00 AM to 6:00 PM Monday through Thursday. So, keep this in mind if you are recording documents or going to the county with questions or getting building permits.
Mt. Hood: Investor Lending to Change Parameters!
Friday, October 10, 2008
If you are considering using an investor loan to purchase properties in the Mt. Hood area of Brightwood, Welches, Rhododendron and Government Camp consider this, If your lender is selling their loan to Fannie Mae they are going to add on substantial fees to your loan after December 1st. Depending upon your downpayment, these fees could be anywhere from 3 to4% and maybe even greater. Some private mortgage insurers may stop insuring investor loans altogether.
So, if you are an investor you should find your property now and lock your rate in the next six weeks and close before December 1st to insure you don't get caught with higher fees or the inability to buy at all!
New Restrictions on Condo Lending
Friday, October 10, 2008
If you are looking at condos in the Welches, Rhododendron, Brightwood and Government Camp areas you will need to know the new future lending requirements on Condo projects. This may affect Golden Poles, Thunderhead Lodge, Eidelweiss, Sno-Bird, Collins Lake and Grand Lodges, Fairway Estates, Clear Hills, and Shadow Hawk condo units.
Rules are coming down the pike that if investors own more than 49% of the units, in other words, if they are not owner occupied or second homes, the project may not qualify for convenetional financing.
I am not sure of trhe exact date this may happen but be advised that we may see many owner carried contract sales in the future.
Market Action for August 2008
Tuesday, September 16, 2008
Traditionally August is one of the most active of our year in sales. Take a look at the market action from multiple listing for the month of August. The board of directors of the Multiple Listing Service have changed the calculation of the aveage days on market to the total market time which is now cummulative.Some agents would wait for a listing to expire or withdraw and relist as a new listing giving an unrealistic view of marketing time. This decision by the board will make more realistic figures for sellers and buyers to understand the market.
Sales for August were down 47% from the year before. Days on market will be showing up as longer due to the new cummulative amounts. August saw a total of 12 sales.
July 3rd Report: Inventory is way up!
Thursday, July 3, 2008
Summer has finally hit the mountain with warm temps and hazy Northern California smoke interrupting our Mt. Hood views. Along with the smoke rolling in we are seeing increasing inventory of properties rolling in. All price ranges are seeing jumps in active numbers. Take a look at the info below to see the current numbers. Average days on market have hit 106 with a 22 month supply of homes currently for sale. Of course some price ranges are moving better than others. The majority of the homes sold in the past twelve months were in the $225,000-$235,000 range.
If there was ever a great time to purchase on the mountain it is right now. Interest rates are historically screamingly low hovering at 6.3-6.5% and a large choice in inventory. It’s a buyer’s paradise.
We suspect as the 4th of July weekend moves on we will see the bargain hunters emerge.
Have a safe and happy 4th of July!
Mt. Hood Secluded Acreage with Contemporary Home!
Sunday, June 1, 2008
This secluded acreage has it all! Custom built home with tons of bells and whistles. Pride of ownership throughout. Bonus attached apartment for live in parents or returning grown children complete with private bath and kitchen with a separate entry. The home features over 3,000 square feet of living space with four bedrooms (including the apartment) and three and a half baths. There is a wonderful river rock fireplace in the huge family room complete with built in wet bar and a pool table area. A sliding glass door leads out to a private covered patio area and the hot tub.
Knotty pine accents and high vaulted ceilings bring the mountain flavor in. The gourmet kitchen is to die for and it's open to the dining room area. You have tons of cabinets and a gas stove for cooking. You'll love the ambiance of the river rock alcove wood stove to take the chill off cool mountain evenings. The pole barn/shop is a delight too for storage and hobby area. It's 36 X 24 with power of course!
Just down the street a little ways in the Mt. Hood National Forest with thousands of miles of hiking trails and the reknown Salmon River for exceptional fly fishing. Head the other direction to the premium ski slopes only 15 minutes away. And, if you're a golfer, there's a 27 hole golf course at the Resort at the Mountain, only two minutes away.
Displaying blog entries 1-10 of 28
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