A Lifestyle Story: Portland, OR. The coronavirus is changing the way people live in many ways. With more families isolating together, many are craving more spaces outside of their primary residence where they can relax in places like Central Oregon. (The home above at 61794 Tam McArthur Loop in Bend is listed at $3.7 million with Sotheby’s.) People see the valuing of time with family, friends, and time spent together in the great outdoors. Also, many professionals aren’t tethered to their desks because they’re working remotely. Consequently, the real estate industry is seeing some new trends. There’s an uptick in sales of second homes in markets that are drivable from cities.
According to industry statistics, the number of pending sales in the Bend area was up 53% in June. And some prices in Central Oregon are sky-high.
In Central Oregon, according to Bend Premier Real Estate, million-dollar home sales are breaking records. “Over the years, as various sections of Bend were developed, the luxury market expanded into Pilot Butte, Awbrey Butte, and the various golf communities in town such as Awbrey Glen, Broken Top, Pronghorn and Tetherow.” Bend realtors say they are in the midst of one of the most active summer selling seasons in years and struggling to find homes to list.
It’s part of a national trend. People are fleeing their glass-enclosed, high-rise apartments for larger second homes with outdoor space.
There has also been a surge of interest across California, spanning from San Diego all the way up to northern coastal regions, such as Montecito, Carmel and into Northern California’s wine country. Here’s a video of another hot spot; a $65 million dollar listing in Malibu, California.
According to Real Estate veteran, Karen Durrett, on the Northern Oregon coast, second homes are getting harder to find. The median price is also up.
Today’s record-low mortgage rates are also fueling interest. Since most experts forecast that mortgage rates will remain in the 3% range throughout the year, homebuyers are jumping on the low-cost mortgage train. This could help offset the higher house prices in some real estate markets.