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