Central Oregon Real Estate News

 

May 27, 2018

Just Sold one of the Atrium Luxury Condo’s in the Old Mill District Bend Oregon by Tuttle & Tuttle

We are so thrilled to sell on of the first few units in the celebrated Atrium.  Just steps away from The Old Mill District and all it has to offer, the views are outstanding and the urban feel is somewhat new for Bend.  Guess what?  We have more if you are interested!

SOLD $400,000

Own a luxury condominium in the Old Mill District. The Atrium features contemporary design in a stunning location with breath-taking mountain views. Old Mill shops and restaurants are close by. Hardwood floors, silestone counter tops, European cabinetry, radiant floor heating, and private balconies are only a few of the features you’ll find at The Atrium!

May 27, 2018

Sold in three days and over asking price in NE Bend, Oregon by Tuttle & Tuttle

Great NE neighborhood.  It is just off Bulter Market Road and blends into the new Mirada Subdivision.

$347,500

This beautiful home in NE Bend is a must see! Located in a desirable neighborhood, close to schools and neighborhood park. Open floor plan, ample natural light and high ceilings make for spacious single level living. Home features desirable gas fireplace, gas range, SS appliances, granite & tile counter tops and more. Access your fully fenced and spacious back yard through glass sliders in the great room and master bedroom.

May 26, 2018

Fairway Village Condo SOLD in Sunriver by Tuttle & Tuttle

The Fairway Village Condo’s are my favorite.  They are one of the view condo’s in Sunriver that have a garage and private pool.  This one was extra special as it had a view of the small lake on the golf course.  We also have a connection with this development.  Almost 27 years ago we were married in Sunriver and spent our honeymoon in the Fairway Village Condo’s!

This desirable Fairway Village condo is a must see. Golf course views, updates throughout, newly re-painted & all-inclusive HOA provides maintenance-free resort living. Wood vaulted ceiling in great room w/ wood burning fireplace & mantel made from re-purposed 100 year old barn wood are just a few features making this condo the perfect cozy Sunriver retreat. New high efficiency gas furnace & plantation shades on all windows provides more energy efficiency. Great location close to owner’s only North Pool.

SOLD $310,000

May 25, 2018

Owning a Second Home in Central Oregon and How it Works

Homeowners consider purchasing a second home in Central Oregon for a variety of reasons. A desirable lifestyle and countless options for recreation, entertainment and craft beverages ranging from beer to kombucha influence many homeowners to purchase Central Oregon real estate as either their primary or secondary residence. Buyers coming from out of town enjoy having their own personal space when visiting their favorite mountain town. Others use their second home as a vacation rental when not staying in the home themselves to offset the overall cost and generate income.

We encounter many buyers considering adding a second home as an investment property and vacation rental throughout Central Oregon. Bend offers the excitement of a small city with plenty of fine dining options, culture and entertainment options and a close proximity to recreation throughout the Cascade mountains. Sunriver reigns as the family-friendly vacation destination of choice for many travelers throughout the Pacific Northwest. Allow us to explain what you can expect when buying a second home in Central Oregon and how renting it as a vacation home works.

Considerations When Buying a Second Home in Central Oregon

Many considerations come into play when buying a second home in Central Oregon. Many articles you read about buying a second home discuss whether or not you’re rushing into the decision or if you can afford it. While these factors do weigh heavily on your decision, we know the questions on your mind at this point in the process include:

  • How do you plan to use the home?
  • Do you want to generate rental income from your home?
  • How do you choose the right property?
  • What are the financial benefits of renting your home?
  • Will you hire a property manager?
  • What’s your ideal location?
  • What are the initial and ongoing costs of owning a second home?

While many of these questions can only be answered by you, as personal vacation home owners and local realtors like Scott and I can assist you in retrieving additional information about the second home buying process in Central Oregon.

Initial and Ongoing Costs of Owning a Second Home

When considering the purchase of a second home, the initial and ongoing costs always play a role in the decision-making process. As with the purchase of any home, buyers must factor in closing costs and down payment. Before contacting a realtor, be sure to verify that you have enough cash to cover initial costs, while still having enough reserved for emergencies.

Ongoing costs of owning a second home in Central Oregon include your monthly mortgage payment, as well as taxes, utilities and insurance. Purchasing a condo or townhome can also include homeowners association fees. Whether you rent your property as a vacation home or strictly use it personally, maintenance costs will weigh into your budget. Take into consideration what kinds of help you’ll need, especially for owners with a primary residence out of the area. Will you hire a housekeeper, landscaper, property manager or hot tub maintenance company?

If you decided to rent your home as a vacation rental, take into consideration the costs of marketing your home to potential renters. Hiring a property manager can include marketing costs, as well as maintenance and housekeeping.  If you rent your home as a vacation property in Sunriver, for example, ongoing costs may include annual SHARC passes for guest use and purchasing a fleet of bicycles for the home.

Renting Your Second Home as a Vacation Property

Many homeowners considering buying a second home in Central Oregon do so for the investment benefit of renting it as a vacation property. Central Oregon generates a large amount of revenue from tourism, which includes vacation rental income. If you’re considering buying a second home, renting it as a vacation property offers many advantages.

Financial Benefits

Deciding to rent your second home as a vacation property in Central Oregon can be a financially wise decision based on the geographic location of the home, the home itself and the potential rental income generated. Vacation properties maintain their value and appreciate, especially when located in desirable areas like Sunriver, Bend, Redmond and throughout Central Oregon. Value fluctuates, as it does with many other investments, but real estate remains a great investment financially.

Some homeowners prefer their second homes to remain unoccupied when they aren’t using for their own personal enjoyment. If you opt to take this route and only rent your home no more than two weeks a year, the interest on the mortgage and the property taxes can be deducted from your gross income. For tax purposes, you can treat the mortgage on a second home the same way you would on a mortgage for your primary residence.

Potential rental income comes as the largest financial benefit for second homeowners in Central Oregon. If you occupy the property fewer than 10% of the days you rented it, or for less than two weeks, you can deduct all of the operating expenses of the home — that includes interest, cleaning fees, lawn maintenance, management fees and utilities. Rental fees vary depending on the seasonality of the area, but it’s possible to break even throughout the year.

Our colleagues at Sunset Lodging in Sunriver completed an extensive study on rental rates in the resort community of Sunriver. Through their research, we can see what the potential rental income would be on homes of varying sizes in the area. The following numbers represent annual income based on the number of bedrooms a home has:

  • 1 Bedroom — $6 – $12,000
  • 2 Bedroom — $12 – $18,000
  • 3 Bedroom — $14 – $22,000
  • 4 Bedroom — $18 – $35,000
  • 5 Bedroom — $40 – $60,000
  • 6 Bedroom — $55 – $90,000
  • 7 Bedroom — $70 – $105,000
  • 8 Bedroom — ~$130,000+

As you can see, the more bedrooms your second home has, the greater the net income. We’ve learned from Sunset that homes with at least five bedrooms are booked for longer stays than those with fewer bedrooms. Despite pet concerns, property managers recommend making your home pet-friendly as it’s generally deemed a net positive. For homes with fewer bedrooms, proximity to community amenities is more important than for those with more bedrooms. Condominiums typically earn less revenue and have additional HOA dues associated.

One financial concern for homeowners considering the purchase of a second home comes in home maintenance. However, by using a property manager to manage the rental and upkeep of your vacation home, can save you in third-party maintenance and housekeeping costs.

Finding a Second Home

One of the most important factors in purchasing an investment home comes in the location of the home. Choosing a home in an idyllic neighborhood can make all the difference in how much revenue you earn from renting your home as a vacation rental. For example, buyers hoping to invest in a Sunriver vacation home may consider a smaller home close to The Village or SHARC. Those considering bigger homes, over five bedrooms, have more leeway when it comes to location.

For homeowners considering a second home for personal use, location falls more to your personal preferences. Would you rather be close to your favorite golf course or close to downtown Bend? Does a secluded Tumalo property with amazing acreage appeal to your future retirement plan? Homeowners hoping to retire to their second home someday will want to select a location they enjoy with easy access to the amenities you desire most.

Beyond the neighborhood, the home itself has the most influence on your decision. Do you seek something that has a mountain modern feeling? Or does the craftsman style appeal more to your aesthetic? Does the minimal maintenance of a condominium community appeal to your lifestyle? Choosing a home within a condominium community offers many advantages for those seeking a second home with minimal maintenance and upkeep costs.

Choose a Local Realtor

When you’re ready to start looking at potential second homes in Central Oregon, engage a local realtor with the experience and knowledge necessary to assist you in finding your dream home. At Tuttle and Tuttle, we have owned a second home in Sunriver and rented it through a local property management company. We have also owned a Chalet in Eagle Crest Resort and used a VRBO program on our own. We have experienced exactly what you’re going through first-hand and can answer any questions you may have about how to own a second home in Central Oregon.

In addition to our experience renting our second home as a vacation rental, we’ve also been top performing agents in Central Oregon every year since 2014. We know Central Oregon and specialize in all Central Oregon Resort Properties. We’re skilled in marketing and negotiations. We’ll help you find the perfect second home to meet your needs in Central Oregon.

May 24, 2018

Home price index rises 41 percent in a decade in Bend, Oregon

Courtesy of BEND BULLETIN

Central Oregon real estate buyers, sellers and investors will have another way to peer into the market with the release of a new repeat-sales index.

The index, released this week by the Central Oregon Association of Realtors, shows the value of residential property has risen 41 percent since 2007. The index value was at 100 in 2007 and rose to 141 in 2017.

That eye-popping rise doesn’t take into account inflation, said University of Oregon economics professor Tim Duy. A similar index created by the U.S. Federal Housing Finance Agency shows Deschutes County single-family home prices are still a few points below the peak level of the last boom, after adjusting for inflation, he said.

The Realtors association hired ECONorthwest, a Portland consultant, to create the price index along with a quarterly market report, which also went out to members this week. “We were looking at different ways to really understand all the data in the market, how to look at that over a long period of time and compare ourselves to other markets,” said Kim Gammond, spokeswoman for the real estate brokers group.

Like the S&P CoreLogic Case-Shiller index, the Realtors index tracks repeat home sales over time. That approach controls for changes in the quality and sizes of homes that are sold, but it also means that new construction gets left out of the mix, according to ECONorthwest’s market report. So it’s helpful to use multiple metrics to track the market, the report said.

ECONorthwest points out that the price index shows a smoother growth curve than tracking average prices at different points in time. The index dropped to a low of 85 points in 2012 and began to accelerate by double digits in 2014. Last year, the index reached 141.3, up 13 percent from 2016.

“Prices are going up about 10 percent a year,” Gammond said. “That helps you make some financial decisions, whether you’re a buyer, or seller or investor.”

In the Portland metro area, prices are no longer growing by double digits, but that has yet to happen in Bend and Oregon’s other small metropolitan areas, said Josh Lehner, economist with the Oregon Office of Economic Analysis.

The state is expecting population growth to slow down this year, so that could affect demand and prices, he said. Higher interest rates and a lack of affordability also could dampen consumer demand, he said. The Realtors’ first-quarter market report showed the median sales price for existing homes in the Bend area was $415,000, and new construction was $396,540. Almost 25 percent of Bend homes sold during the first quarter were newly built, but that did not give them a price premium, ECONorthwest noted. That illustrates the strength of the Bend home market, the firm said.

In the Redmond area, the median existing-home price was $269,500, and the median new-home price was $302,360. “One notable difference between this submarket and the Bend submarket is that prices appear to have leveled off — median home prices are stable over the past five quarters,” ECONorthwest noted.

The full report is available on the Central Oregon Association of Realtors’ website under “market statistics.”

— Reporter: 541-617-7860, kmclaughlin@bendbulletin.com

May 17, 2018

Pending in Aspen Rim, Bend, Oregon in one weekend

$425,000

Desirable Aspen Rim just minutes to the Old Mill District and river trails is pending in just one weekend.  If you would like the same level of service give us a call today.

Exceptional move-in ready home in sought after Aspen Rim Renaissance Ridge. Enjoy the pool, park, pavilion, river trails, Brookswood Plaza and minutes to the Old Mill District. Home is in like new condition, many upgrades, granite, tile back splash, S/S appliances, gas fireplace, A/C, large master with stunning master bath plus 2 add’l bedrooms and a den/office, oversize garage, professionally landscaped with extensive patio pavers. Small HOA covers front yard maintenance and amenities.

May 9, 2018

Luxury Living in Bend and Sunriver | Choosing a Great Neighborhood

Luxury living in Bend and Sunriver can be found in nearly every area of the region. Whether you prefer a modern craftsman home in Northwest Crossing or a sprawling ranch in Vandevert Ranch, you’ll find the perfect luxury home to meet your needs. In addition to luxury housing, residents flock to Bend for the quality of life. From recreation to culture, Bendites find creative ways to live a life of luxury.

Choosing a Luxury Neighborhood in Bend and Sunriver

When seeking luxury living in Bend and Sunriver, Oregon, the neighborhood can make all the difference. Whether you seek the culture and activity of Bend’s westside or the quiet comfort of a rustic luxury escape in Vandevert Ranch, you’ll find the perfect neighborhood for your desires within the Central Oregon real estate landscape. Getting to know each of the luxury neighborhoods in Bend and Sunriver will assist you and your realtor in finding your dream home in Central Oregon.

Pronghorn

Located between Bend and Redmond, the Pronghorn neighborhood includes luxury real estate anchored by an award-winning golf course. True luxury living comes at Pronghorn with multiple dining venues, access to the spa and fitness center, pools, waterslides, tennis, pickleball and basketball courts. With resort amenities included in your ownership benefits, the reasons to purchase Pronghorn real estate stacks up. Enjoy a dedicated concierge, social events and activities when you call Pronghorn home.

Broken Top

Broken Top has been high on the list of luxury home communities in Bend for many years. Here, you’ll enjoy convenient access to Bend’s westside and all of the activity and culture occurring here. Choose a home with River Trail access nearby or walk along private paths. Broken Top includes a private golf course and pro shop, clubhouse, swimming pool, driving range and a private restaurant. This gated community is staffed 24 hours a day.

Northwest Crossing

Luxury living in Bend comes standard in Northwest Crossing. This master-planned community located on the west side of Bend includes nearly 90 businesses and 50 acres of public parks, miles of trails, restaurants, shops and schools. This neighborhood includes single-family homes, well-appointed apartments and townhomes, all surrounded by tree-lined streets and welcoming front porches. Northwest Crossing provides families and individuals a luxury community unlike any other in Bend.

Shevlin Commons

Located on the far west edge of Bend, Shevlin Commons includes sites for 66 homes, a community center, walking trails and a connected park. Shevlin Commons provides residents with a luxury living experience within the harmony of a natural setting. The surrounding parklands offer residents a unique location and convenient access to mountain biking and running trails. Architecturally stunning homes can be found within the Shevlin Commons neighborhood.

Awbrey Glen

Located on the western slope of Awbrey Butte, the Awbrey Glen neighborhood showcases amazing views of the Cascade mountain range. Nestled alongside the Awbrey Glen Golf Club, this neighborhood boasts easy access to Bend’s westside as well as outdoor recreation at Shevlin Park and along the Deschutes River Trail. Whether hiking, biking, swimming or golfing within the neighborhood, you’ll love the social and networking aspects of living in the Awbrey Glen neighborhood.

Awbrey Butte

Awbrey Butte combines luxury living with expansive views of the Cascade mountain range, including Mt. Bachelor on the southern side. Living in the Awbrey Butte neighborhood brings residents together for a variety of close-knit social clubs, wine tastings and gatherings at area country clubs. Neighborhood parks include Sylvan Park, which has picnic tables and two tennis courts. Guidelines govern the aesthetics of this sophisticated community, which allows you to appreciate the beauty of both your own home and those around you.

Tetherow

More than just an amazing golf course, Tetherow boasts a location nestled among the Ponderosa Pines of the Deschutes National Forest. This neighborhood in a planned resort community offers residents the perfect home base for adventure. Shoot up to Mt. Bachelor and enjoy the morning skiing and then head to Phil’s Trail for mountain bike action in the afternoon. In addition to adventure, homes in Tetherow offer stunning vistas of the Cascade Mountains and spacious lots.

Crosswater

Located 15 miles south of Bend in Sunriver, Crosswater is a 600-acre, gate-guarded community with an award-winning golf course and a wealth of luxury real estate. Choose from spacious homes with pristine natural spaces. If you love breathtaking views of the Cascade Mountains, meandering rivers, and tee times at the prestigious Crosswater Club, you’ll love the luxury lifestyle available to you at Crosswater.

Caldera Springs

The newest neighborhood development in Sunriver, Caldera Springs sits conveniently outside of Sunriver proper with easy access to Crosswater Golf Club, Mt. Bachelor and the Deschutes River. Caldera Springs includes 320 single-family homesites with lots of varying sizes. Nine miles of paved and natural paths make it easy to enjoy a walk or bike ride. Caldera Springs includes a large clubhouse, Caldera Links and Golf Park, a fitness center, tennis courts, basketball courts and the Quarry Pool.

Vandevert Ranch

For an exclusive and rural living experience, Vandevert Ranch offers residents a low-density gated community 16 miles south of Bend near Sunriver. The Little Deschutes River wanders through the community, which includes 50 acres of individual lots. 17 homes within Vandevert Ranch have been designed by leading log home architects of the west. Many of the homes in Vandevert Ranch are owned by the first buyers and some families plan to keep their homes for generations. Design review guidelines for Vandevert Ranch require homes be built of log, timber and stone — capturing the pioneer heritage of the ranch.

Luxury Living in Central Oregon

Living in Central Oregon can be as luxurious as you decide to make it. Choosing a home within one of Bend and Sunriver’s luxury neighborhoods places high-end amenities at your doorstep. Purchase a lot to build your dream home in Caldera Springs or walk from your Northwest Crossing home to La Rosa for a delicious dinner al fresco. At Tuttle and Tuttle, we specialize in Bend and Sunriver luxury real estate. Contact us today and we’ll assist you in finding the perfect home for your needs in one of your favorite Bend or Sunriver luxury neighborhoods.

Posted in News
May 4, 2018

For sale on the Deschutes River, stunning custom home, 4 suites, high-end furniture package

$995,000

Just bring your suit case, this home is stunning and could easily be in a luxury magazine.  It’s located just minutes from Sunriver, with unobstructed views of the Deschutes River in the Three Rivers South area of Bend, Oregon.  Close to river trails, mountain range, golf, river activities and more.  Based on the layout of the home it could easily be a vacation rental.  Please reach out for our estimated on what this property could generate in nightly rental income.  We have personally used local vacation rental companies like Sunset Lodging and have personally used VRBO.  We are here to assist you.

May 1, 2018

Sunriver, Oregon vacation rental with $89,000 in annual revenue, investment and personal enjoyment

$839,000

Seller currently has this in a VRBO / Homeway program. Per the seller annual gross revenue is $89,000.  The home has great separation of space for multiple families and a two gathering locations.  The deck is and yard is inviting and the property is located on the north end of Sunriver.

Please reach out to us on how owning a vacation rental in Sunriver works.  We personally owned a vacation home in Sunriver for many years prior to moving to Central Oregon full time.  We understand both, the local rental company structure and VRBO type programs.

April 29, 2018

Four acres just minutes from the Old Mill District in Bend, Oregon. Tuttle and Tuttle Luxury Homes

$795,000

This property is truly minutes from the Old Mill, river trails and a short walk to the Brookswood Meadow Plaza.  The home includes 4 plus acres that are partially fenced.  The back fencing includes gates as pass through to the remaining property.  Potential for a land partition. House is in outstanding condition, many upgrades, wood ceilings, copper back splash, amazing landscaping and ready for an offer.

It’s outstanding time to purchase real estate in Bend, Oregon.