Encouraging real estate trends are being touted in
Barbara Myers of Windermere/Central Oregon Real Estate LLC said: “There is tremendous activity at the residential entry level right now with low inventory and multiple offers for competitively priced property at that price point.
“It is hard to find existing inventory under $100,000 currently, and there is a lot of competition for properties in that $100,000-$150,000 price range.
“The short sale process is much more streamlined nowadays and there is a shorter window in working through that supply and it looks like the market is set to strengthen further.
“We are also seeing some new construction, with companies like Hayden Enterprises way up on permit numbers already this year, and we may see more new building in the near future.
“We have a number of vacant lots still, but many have been picked up by investors who acquired finished subdivision product in bulk and probably won’t consider selling until lot prices firm up more significantly.
“There are encouraging signs with a lot lined up right now, including historically low interest rates, good qualified buyers and lowering inventory.
“Prices seem like they are back on an upward trajectory and we are seeing appraisals come in. There is definitely brisk activity and a general feeling of optimism in the market.”
Other factors have played into the overall attractiveness of Redmond, including the $65 million new Ridgeview High School touted as best in state, an expanded Central Oregon Community College campus presence including state-of-the-art new Technology Center, and the potential saving of many of the jobs lost when T-Mobile closed its 77,000 square foot facility, as top-rated Portland-based carrier Consumer Cellular moved into the vacated call center space.
Officials at Consumer Cellular anticipate ramping up within the next two or three years towards reaching the 650-700 jobs level which T-Mobile enjoyed during its peak and were originally looking to locate a new call center in the Phoenix area, but switched gears after being made aware of the Redmond opportunity, with the decision clinched due to a “move-in ready facility and high quality existing workforce”.
COCC’s new 30,140 square foot Manufacturing and Applied Technology (MATC) facility will include technology laboratories to support new programming in Green Technology and Non-Destructive Testing, a learning theater, group study spaces, a Center for Entrepreneurial Excellence and Development (CEED), and digital arts, media and computer labs, with the promise of boosting workforce development and new job prospects locally.
Commercial real estate expert Ken Streater, CCIM, of the ARIS Group sees a window of opportunity for investors currently in the Redmond market, adding: “There are more commercial real estate opportunities in the Redmond market right now and I would say still better opportunities than in Bend as we haven’t come back quite so quickly.
“Buyers can still pick up performing retail properties and distressed product at good pricing, but many of the opportunities are “off-market” as property owners may prefer not to be in the position they are in but don’t necessarily want that widely publicized.
“There is also a great vibe in downtown at the moment, and the central district is enjoying something of a renaissance helped by a pro-active city council and incentives such as municipal funding for façade upgrades.
“All in all I would say the community has a positive outlook for the future.”
