4000sf Custom Home plus Shop on 2.5 Acres in Bend

This beautiful 4000sf custom home is on a private, serene 2.5 acre lot along the river-like COI main canal and has 1.25 acres of water rights. Horses are allowed.

It includes a 40' x 50' shop with RV hookups and utilities run to it. It is also framed for an apartment or office.

All this and it's in town, only only a short walk to distinguished Lava Ridge Elementary and SkyView Middle Schools and the new Les Schwab corporate headquarters!

$1,250,000

Call me today to schedule your private showing.

Renaissance Homes Chapter 11 Bankruptcy Letter

Renaissance Homes To File Bankruptcy

Randy Sebastian, president of Portland-based Renaissance Homes, disclosed in an email letter I received earlier today that the company plans to file Chapter 11 bankruptcy.

Sebastian's letter says that Renaissance plans to "conduct 'business as usual' while in Chapter 11" by selling off its existing inventory of completed houses, finishing those houses currently under contract but not yet completed and starting any new homes that are pre-sold.

According to wikipedia, "a chapter 11 filing is usually an attempt to stay in business while a bankruptcy court supervises the "reorganization" of the company's contractual and debt obligations." (For more on Chapter 11 bankruptcy, check out wikipedia).

Renaissance currently has several projects at various stages of development throughout the northwest, including Aspen Rim (Renaissance Ridge) in southwest Bend, Fremont Place in Bend's Northwest Crossing neighborhood and Shevlin Pines off Shevlin Park Road on the way to Shevlin Park in Northwest Bend.

Visit Renaissance-Homes.com for more information.

FREE Document Shredding Event To Benefit Local Food Bank

I'm very happy to announce that my associates and I at Steve Scott Realtors are partnering with SecureShred on Saturday, October 4, 2008, to provide residents the opportunity to safely destroy personal documents and gather donations for a local food bank. SecureShred, a division of Bend Garbage and Recycling, will offer on-site document destruction at no cost to the public.

You may bring all documents to be destroyed without removing staples, brads or paperclips. No advance sorting is necessary. The truck will destroy items right there on site, including binders!

In return, we ask that you bring a bag of non-perishable food items for the NeighborImpact Food Bank. Providing food to 32 local agencies in Crook, Deschutes and Jefferson counties, NeighborImpact is part of the Oregon Food Bank statewide network. Cash donations and checks will also be accepted in lieu of non-perishable food.

This event will take place at Steve Scott Realtors parking lot, 685 SE 3rd Street, Bend, from 8 a.m. until noon. If you have any questions, please call me at 541.410.9060.

Please note that this event is open to residential shredding only and does not include commerical businesses.

More Experts Expect Housing Bottom Next Summer

A group of so called experts predicted Wednesday that the nation's real estate market will stabilize next summer.

During a forum held in New York yesterday by Standard and Poor and the Chicago Mercantile Exchange, several well-respected economists agreed that the housing market will level off next summer as overall price declines make more houses more affordable to more prospective buyers and mortgage loan money becomes more readily available as the current credit crisis passes.

For more on this story, click here: http://money.cnn.com/2008/09/11/real_estate/bottoms_coming_up/index.htm?postversion=2008091115

Rates Fall Below 6% On Takeover Of Fannie, Freddie

Mortgage interest rates have fallen below 6% this week following the news Sunday that the Treasury Department will take over Fannie Mae and Freddie Mac. The rate on a 30 year fixed rate mortgage now stands at around 5.875%

Since the two entities' debt is now backed by the full faith and credit of the U.S., buyers of mortgage backed securities are now willing to accept lower yields, closer to those of treasury bonds which are perceived to be "risk free." This narrower yield spread in turn leads to lower interest rates on home loans.

Home Sales Dip In August

89 stick built houses on less than an acre in Bend have been reported sold to the MLS of Central Oregon. This is 18 fewer than were reported sold in July and 55 less than a year ago.

The median sale price also declined, from $289,000 in July to $278,865 in August but the median price paid per square foot actually increased. Buyers paid $154.9 per square foot in August versus $153.7 in July. In July 2007, the median sale price was $350,000 and the median price per square foot was $177.5.

Meanwhile, sellers were able to sell much faster in August than in July, or even more quickly than a year earlier for that matter. Of the 89 houses sold it August, the median days on the market (DOM) was just 92 days. In July it was 143 days and a year earlier the median DOM was 134 days.

I think two of the main reasons houses sold more quickly is that a) there are more bank-owned houses that are "priced to sell" and b) more home sellers realize that proper pricing is critical in today's market.

Home sales activity typically peaks in September and October, as sales contracts that were written in July and August are completed. But this is anything but a typical market so we'll have to wait and see how this fall compares.

There are plenty of nice houses to look at, interest rates are still good (at around 6.5% for a 30 year fixed), FHA loans are readily available with only 3% down (that's less than $8400 at August's median sale price) and home sellers are very motivated. If you've considered buying, give me a call at 410.9060 and let's get started!

Building A Better Central Oregon Seeking Nominations

I have been asked this year to sit on the Building A Better Central Oregon committee by the Central Oregon Association of Realtors.

The committee is responsible for reviewing selected commercial and residential construction and renovation projects that enhance the beauty and vitality of the central Oregon community.

The committee is currently seeking nominations.

The basic criteria for qualified properties or projects is that they 1) must have been completed within the past two years, 2) make a significant impact on and enhancement to the community and 3) be either new construction or renovation/restoration.

In addition, a project will be more highly considered if it is visible to the public, privately funded and incorporates locally sourced materials.

The Building A Better Central Oregon awards were created in the early 1980s as a way to recognize individuals who were investing in the the community by renovating and improving older homes. In the more than 20 years since its start, the program has grown substantially and now includes commercial and residential building projects, including new construction.

If you would like to submit a property/project for consideration, please contact me. Please be able to provide general information on the project along with photos. Renovations and restorations projects will require before and after photos.

Nominations are being accepted through September 21 and awards will be given out at an awards ceremony later in the Fall.