Visit Bend’s Doug La Placa tells Bend City Counselors via email that fiscal year 2013 room tax revenues rose 10% from just one year previous with revenues topping 3.88 million dollars
Central Oregon Tourism & Bend Oregon Real Estate Strong In 2013 | Central Oregon Economic News & Information
Visit Bend’s Doug La Placa tells Bend City Counselors via email that fiscal year 2013 room tax revenues rose 10% from just one year previous with revenues topping 3.88 million dollars. 2013 makes the second year in a row Bend has seen such record breaking numbers. In addition to strong tourism numbers, The Federal Housing Finance Agency reported a home price appreciation rate of 17% in Bend-Redmond for 2013. Read the full story “Bend’s Boom Back” here and learn more about local economic trends!
As a real estate broker who entered the field just about the time of the housing collapse, it feels odd to hear local entities already talking about a “boom.” While I appreciate the zestful nature in which economic recovery evidence is reported and talked about, in my opinion we are not experiencing any type of a boom here in Central Oregon. The very meaning of the word boom suggests unsustainability and although a 17% appreciation rate in home prices year over year is not sustainable, I’d argue that the recent jump in home prices is more part of a market correction than a so called boom.
Bend Oregon has never been considered a cheap place to live, however in 2010 Bend residents experienced record highs in home affordability. Now, just a few years removed from record highs in home affordability the dream of homeownership has become unattainable for many Central Oregon families. These higher prices and lower affordability will help slow the so called “boom,” helping bring balance back to the Central Oregon Real Estate market(s). The overall driving factors of Central Oregon’s economy have not changed and now Bend is returning to a more familiar level of home affordability. Current positive economic trends should be viewed more as a return to normal as opposed to a boom.
Based on market indicators and statistics my opinion leads me to believe that we are in the early stages of a long period of steady and reasonable appreciation within home prices and not some type of boom bust cycle.
Some themes I’ve noticed from living and working in the area, are how weather and other similar variables can make or break a quarter or year. In the past, numbers were strong no matter what…
Summer 2010 -Challenging Summer For Sunriver Businesses
The local Sunriver economy is sometimes a tough one to put your finger on. Some businesses thrive, others come and they go, one thing is consistent though, the inconsistency. Staying abreast of local topics I can across a article in the Sunriver Scene, that I wanted to share. It regards the Summer of 2010, and the business levels that different businesses and business sectors experienced. Some interesting facts in brief…
The Sunriver Owners Association reported a 7% increase in swimmers over 2009 levels.
Tom O’Shea, Managing Director of Sunriver Resort reported positive trends for 2010 that would help 2011. He also commented “it all depends how we come out of Winter.”
Larry Browning, owner of Discover Sunriver Vacation rentals, reported a 2010 that would likely finish within a percentage point or two of 2009.
Mavericks Fittness reported a 16% rise in usage, and a increase of 6% in revenue during the all important Summer months.
Visitors to Sunriver picked up 10,000 more Sunriver Maps than last year. The SROA speculates the change from a “?” to the word “map” influenced the large increase.
Some themes I’ve noticed from living and working in the area, are how weather and other similar variables can make or break a quarter or year. In the past, numbers were strong no matter what, now it seems people are trying to make dollars go further, and thus are more choosy with those dollars. However, it also seems that Sunriver loyalty remains high, and there is a special place for Sunriver in visitors hearts that keeps them coming back again and again. Information here, obtained from “Summer 2010 business levels in Sunriver fluctuated among various entities” Sunriver Scene, Oct 2010.