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10 most expensive homes sold in central Oregon, Feb. 5th - 11th

By Real Estate Newswire

A house in Terrebonne that sold for $2 million tops the list of the most expensive residential real estate sales in central Oregon in the past week.

In total, 54 residential real estate sales were recorded in the area during the past week, with an average price of $747,770, $376 per square foot.

The prices in the list below concern real estate sales where the title was recorded during the week of Feb. 5 even if the property may have been sold earlier.

10. $975K, single-family house at 17685 Wilt Road

The property at 17685 Wilt Road in Sisters has new owners. The price was $975,000. The house was built in 1971 and has a living area of 2,395 square feet. The price per square foot is $407. The deal was finalized on Jan. 30.

9. $1 million, single-family home at 60992 Creekstone Loop

The 2,746 square-foot single-family house at 60992 Creekstone Loop in Bend has been sold. The transfer of ownership was settled in January and the total purchase price was $1,005,000, $366 per square foot. The house was built in 2003. The deal was finalized on Jan. 26.

8. $1.1 million, single-family residence at 55 S.W. Wall Street

The sale of the single-family residence at 55 S.W. Wall Street, Bend, has been finalized. The price was $1,125,000, and the new owners took over the house in February. The house was built in 2015 and has a living area of 1,721 square feet. The price per square foot was $654. The deal was finalized on Feb. 2.

7. $1.2 million, single-family home at 553 N.W. Greyhawk Ave.

The property at 553 N.W. Greyhawk Ave. in Bend has new owners. The price was $1,210,000. The house was built in 2000 and has a living area of 1,950 square feet. The price per square foot is $621. The deal was finalized on Jan. 31.

6. $1.3 million, single-family house at 2132 N.W. Newport Hills Drive

A sale has been finalized for the single-family residence at 2132 N.W. Newport Hills Drive in Bend. The price was $1,250,000 and the new owners took over the house in January. The house was built in 2015 and the living area totals 2,281 square feet. The price per square foot ended up at $548. The deal was finalized on Jan. 31.

5. $1.3 million, multi-family residence at 1460 N.W. Newport Ave.

The sale of the multi-family residence at 1460 N.W. Newport Ave. in Bend has been finalized. The price was $1,341,125, and the new owners took over the house in January. The house was built in 1920 and has a living area of 2,072 square feet. The price per square foot was $647. The deal was finalized on Jan. 31.

4. $1.4 million, single-family house at 18740 Ridgecrest Road

The 2,518 square-foot single-family residence at 18740 Ridgecrest Road has been sold. The transfer of ownership was settled in January and the total purchase price was $1,400,000, $556 per square foot. The house was built in 1979. The deal was finalized on Jan. 31.

3. $1.6 million, single-family home at 17762 Balsam Lane

The property at 17762 Balsam Lane in Bend has new owners. The price was $1,550,000. The house was built in 2003 and has a living area of 3,664 square feet. The price per square foot is $423. The deal was finalized on Jan. 31.

2. $1.6 million, single-family residence at 17305 Guss Way

The 3,526 square-foot single-family residence at 17305 Guss Way in Bend has been sold. The transfer of ownership was settled in February and the total purchase price was $1,620,000, $459 per square foot. The house was built in 1980. The deal was finalized on Feb. 1.

1. $2 million, single-family home at 11560 N.E. Canyons Ranch Drive

The property at 11560 N.E. Canyons Ranch Drive in Terrebonne has new owners. The price was $1,950,000. The house was built in 2006 and has a living area of 5,674 square feet. The price per square foot is $344. The deal was finalized on Jan. 31.

Deschutes Co. Apartment Vacancies Up, So Are Rents

by Mike Thomas KBND

 BEND, OR -- Apartment availability in Deschutes County is higher than it has been in 10 years. “Over the last couple of years, that vacancy rate has gone from 6.5% all the way up to about 10.5%, 11% which is where it's predicted to go the end of next year,” says Dan Kemp, Compass Commercial Real Estate Principal Broker, Partner, and Vice President of Brokerage. He tells KBND News new construction is outpacing the number of people moving to the area, “We're only absorbing about 290 on average per year. So, with so many deliverables in 2023 and another 680 units underway, that's going to lead to an increase in your vacancy rate.” Over 500 units came online last year, according to the latest Compass Points Commercial Real Estate market report.

The average price for a one-bedroom apartment in Bend is more than $1,800 a month, according to online sources. Kemp reports rents have climbed about 5% each year since 2014, but he doesn’t believe rates will increase much this year, and could even come down as more units open up. “As you have an increase in supply and you're not absorbing as many units and that vacancy rate goes up. What happens to rents is they typically start to equalize or even come down. What we're seeing is that rent growth is going to be slower over the next couple of years,” he says. Renters make up about 40% of Bend households, but Kemp believes that number could rise, “We've seen an impact on the first-time home buyer with the increase in interest rates that are going to lead towards more of those folks looking at staying in the apartment unit.”