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Folks are trying to dig out today after record snowfalls hits the Welches area. I'd say there is a good two feet in my yard right now and it's getting heavy. Residents are in their driveways with shovels in hand. Here's the golf course and the Old Welches Inn.
Thursday evening there was an explosion in Government Camp at the Collins Lake Condo complex starting in a garage of one of the units. Details and video may be found at this link through KGW:
There is no full time staffed fire department in Government Camp. Units came up from Hoodland (15 minutes away), Sandy, and Boring to fight this fire. It was tough due to a solid sheet of ice.
Government Camp is a vulnerable area for fire protection not only in the summer but winter too.
HELLO BUYERS
In case you haven't noticed, interest rates plummeted to under 5.5% for 30 year fixed rates. The Fed meeting for "economy" control produced incredible opportunity for buyers who want to get in the market and act now for some of the best rates we've seen in FIVE years. If you've been sitting on the side lines, get off the bench.
BIGGER BONUS!
Greater inventory to choose from! Talk about the best of both worlds....low rates, a buyer's market, increased inventory: if this isn't a Buyer's Nirvana I am not sure what is.
OK, get ready. It looks like three evenings of plummeting temperatures coming up tonight, Sunday, Monday and Tuesday, dipping down to 18 degrees or so. We all remember what happened the last time temperatures plunged to the teens on the mountain. Many homes were flooded and suffered extensive damages. So take precautions now! Here are some handy tips from Liberty Mutual Insurance Company’s web site:
During a cold spell: If your pipes freeze: Before the cold weather hits
If your pipes burst:
This meeting will give information concerning the future widening of hiway 26 in the Wildwood-Wemme area. There will be an informational meeting January 24th at the Mt. Hood Lions Club on Woodsey Way and US 26th at 24730 Woodsey Lane presented by ODOT-Oregon Department of Transportation. You can stop by between 4:00 PM and 7:00 PM for an informative open house.
The good news is that the project has a new name and is actually combining two paving projects, The new name is US 26: Salmon River Bridge to East LoLo Pass Road Project. Paving will be completed at both ends of the project so traffic distruption will be at a minimum for local residents and travelers.
Upper Lever Fairway Estates Condo Unit with the most amazing views you've ever seen. Two bedrooms and two baths with 1200 square feet of living space. Check out the million dollar view! Located right on the Fairway at the Resort at the Mountain. Take a visual tour here. Very affordable at $234,950.
Timberline Rim is the largest subdivision on the mountain. The community of owners are mostly full time occupants who either work locally, commute to a job, have retired, or own a vacation home.
In comparing sales over the past year (1/13/2007-1/13/2008) to sales for the prior year (1/13/2006-1/13/2007) we see approximately 4% appreciation. The average sales price moved from $246,382 to $257,227 in that time frame. That's the good news. The tough news is that sales have declined 44% for the same time periods. Days on market have increased too from 66 days to an average 80 days. The past year averaged just over one Rim home selling per month where as the prior 12 months recorded a whopping 29 sales over the prior one year period.
Current inventory of Timberline Rim sits at 11 homes for sale.
The Resort at the Mountain recently sold in December after eighteen years of ownership by Ed Hopper, who has recently retired. The new owner is The Coastal Hotel Group which is a Seattle based management group. The company has interest in two other Oregon properties. One is the Inn at Otter Crest at Otter Rock and the other property is in downtown Portland called Hotel Fifty.
The goal of the new company is to change the resort from a three star to a four star resort. This will be completed by renovations of the golf course, current facilities including new guest rooms, existing rooms plus adding spa facilities. The new owners intend to increase the business by 40% or more with their plans.
These improvements and new ownership should help the local economy with increased jobs, increased revenue with shoppers for local businesses and restaurants. The CEO of Coastal Hotel Group, Yogi Hutsen, said this resort is truly a diamond in the rough.
As events unfold I will keep you posted.
December was a bit slow. Closings for residential and Condo sales hit a total of six. Two condo units closed. One at Collins Lake in Government Camp and another in Whispering Woods in Welches at the Resort at the Mountain. As for the other four: two major fixer uppers under $80,000, one forest service cabin on leased land and one full time residential sale.
To put this in a national perspective. If you look at the entire market for 2005 and 2006, about a third of that market consisted of second home and investor buyers. The adjustable loan resets and credit crunch have removed much of that market for today and it is reflected in the 2007 numbers. I believe multiple listing is reporting about a 38% decline in sales from the prior year as of November for the mountain.
The mountain does not exactly fit that national mold. In most areas of the country the sales this year have nearly all been owner occupied. Luxury sales have held steady. Here, in our market, the second home buyers have propped us up from even fewer sales for the year. Nationally, many foreign buyers are swooping in to buy vacation homes in high end resort areas due to the declining dollar and increased inventory.
The market is returning to the way it was prior to the huge run ups in 2004 and 2005. It's back to reality and new rules of lending which were tossed out for a while.
It is really a great time to buy and here are a few reasons why:
1. Increased selection.
2. Few bidding wars
3. Repairs are easier to negotiate with more willing sellers
4. Historically low interest rates
5. Few Investors are in the market
6. Prices are soft and as populations in crease in Portland many buyers will be priced out of this market.
7. Minimal Land is available so prices will continue to climb.
Displaying blog entries 1-10 of 10
