| Bend Oregon has seen some of the fastest
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| | an over supply of available lots. But
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| growth in the nation in the last few
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| | these lots should sell out this year.
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| years. Its population has grown steadily
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| | It's the authors' opinion that
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| and real estate prices have risen
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| | residential land inside the city limits
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| dramatically. The real estate market has
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| | will settle out around $450,000 an acre
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| cooled down some now but there are still
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| | next year when the city moves the city
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| some opportunities out there for the
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| | limits.
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| smart investor. The days of buying a
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| | Everyone seems to be waiting for the city
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| house, condo or land and then "flipping"
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| | to make a determination on where the new
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| it are over.
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| | city limits will be and what the zoning
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| The good investments are going to be
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| | will be. Several investors paid over
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| centered around the City of Bend's new
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| | $250,000 an acre on land outside the UGB
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| Juniper Ridge development in North Bend.
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| | thinking that it would be developable and
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| The City Commissioners are planning on a
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| | buildable today. That has not happened.
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| mixed use zoning and have already annexed
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| | Once the boundary proposal is official
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| 500 acres into the city limits. Most of
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| | you will see more activity in the market
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| this first phase will be light industrial
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| | for development land.
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| (IL) zoning and research and Development.
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| | Finished lots on Bends East side have
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| But the second phase will possibly have a
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| | been selling for around $160,000 each.
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| new four year college campus, some
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| | They are around 8,000 square feet.
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| commercial and residential.
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| | Larger lots sell for more. The minimum
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| This land is all owned by the city of
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| | lot size today is 4,000 square feet
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| Bend but there are several hundred acres
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| | according to city building code. The
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| of private property around the
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| | trend is towards larger homes on smaller
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| development that are for sale now or will
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| | lots.
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| be on the market shortly. These are the
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| | On site infrastructure has been running
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| properties that a smart investor can make
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| | between $25,000 and $30,000 per lot.
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| some money on.
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| | Large amounts of rock and or sewer pump
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| Most of this land is small hobby farms
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| | stations can add to the costs. Off site
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| from 3 to 20 acres. It is currently
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| | costs can also add up quickly. Today's
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| zoned for low density use. However, the
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| | cost to bring in a sewer main is around
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| city is in the process of rezoning most
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| | $100 per foot.
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| of this property and bringing it into the
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| | As of the end of February 2007 there were
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| city limits. A new sewer main is proposed
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| | 59 single family lots for sale in Bend
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| to border the south end of Juniper Ridge
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| | with an average size of 5,183 square
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| and run east to the sewer plant
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| | feet. The average asking price was
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| The city is supposed to make their
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| | $164,800. Past sales of bare land
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| proposed changes public on March 26,
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| | outside the city limits on the East side
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| 2007. This is two years later than what
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| | have been averaging $270,000 per acre.
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| was initially planned. Delays in
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| | Properties with homes and other
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| infrastructure engineering required by
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| | improvements have averaged $291,000 per
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| the state have been the cause. So this
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| | acre.
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| date is not etched in stone. However, it
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| | Bends real estate market is cooling its
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| should be made public soon.
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| | jets for a while but rest assured it will
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| The smart investor could be buying some
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| | heat up soon.
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| of the surrounding properties now and
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| | Bend is a great place to live and there
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| possibly doubling their money in a couple
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| | will continue to be more and more people
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| of years. Similar land has been selling
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| | moving here. The development of Juniper
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| in the last couple of years for $250,000
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| | Ridge by the city will add more jobs to
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| per acre and more. Investors should be
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| | the mix and the need for more housing.
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| tying up properties with contingencies
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| | Investments in land on the outskirts of
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| prior to that time. There are sellers
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| | Bend will pay huge dividends in the
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| out there willing to sell their property
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| | future. Much of the land will be zoned
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| with an extended closing date subject to
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| | for residential. But there is some land
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| rezoning
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| | that will become commercial or light
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| Development land currently inside the
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| | industrial. An investor does not have to
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| city limits (UGB) is listed for sale at
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| | develop the land. Just hold it for a
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| $500,000 to $600,000 per acre. However
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| | couple of years and resell it.
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| it's not selling at this time. There is
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