The Greater Sunriver Area of Three Rivers South Is Poised To Deliver Value to Central Oregon Real Estate
By now everyone has seen national real estate news reports about the bottom of the housing market & how real estate looks to be turning a corner for the better in 2013. Real estate industry insiders & experts are placing the bottom of the housing market anywhere from late 2011 through the last quarter of 2012… One thing is agreed upon across the industry however, the housing market is coming back & there is too much positive data supporting the notion of recovery for that positive data to be dismissed or mistaken as a fluke occurrence.
Many reports show that the Central Oregon housing market has been hit by the housing collapse much harder than national averages. Similarly, Central Oregon is also predicted to be a stronger than average performing market as the housing recovery continues. Central Oregon is considered a hot market because of what it offers to perspective buyers/residents… Families see Central Oregon as a place to get away from the hustle and bustle of a metro area. Investors are seeing incredible return on investment from the lower end Bend real estate and rental markets. Retirees are attracted to Central Oregon for recreation opportunities and medical needs. Many knowledgeable doctors and health care professionals are attracted to Bend for it’s unparalleled quality of life. World class Chefs, Golf professionals and Hospitality professionals are attracted by Central Oregon’s premier destination resort properties and all that the Central Oregon lifestyle offers. Bottom line-Central Oregon is a wonderful place to live and word is quickly getting out. Triggered by a larger than average dip in the housing market and driven by a above average demand for Central Oregon homes, it is easy to see why so much value exists within the Central Oregon real estate market as a whole.
Many people interested in becoming Central Oregon homeowners are looking for a vacation or second home. Every area in Central Oregon draws the second home/vacation home buyer, Bend, Powell Butte, Three Rivers South, Sisters etc… however, there are even many destination resorts specifically dedicated to serving the second homeowner/vacation home owner. Black Butte Ranch (out past Sisters, towards Portland), Brasada Ranch (out towards Prineville, Northeast of Bend Metro area), Pronghorn (east of Bend), Tetherow (located on the west-side on the road to Mt Bachelor from Bend aka S. Century), Eagle Crest (near Redmond) and Sunriver. There are so many desirable second home and vacation home areas in Central Oregon, but still the second home/vacation home markets are often overlooked as a Central Oregon real estate market driver.
When Central Oregon was hit by the housing collapse, not every area suffered the same loss in value. Certain areas within Central Oregon represent a better opportunity for home buyers than others areas because because certain areas & market segments in Central Oregon saw larger declines in value than others. One of those areas is the upper end of the vacation home/second home market within the Three Rivers South area. My opinion is based on compelling statistical data that I’ve compiled via the local Central Oregon MLS, here is my take…
Three Rivers South, Oregon is located in Deschutes County between LaPine and Sunriver in a area where the Little & Big Deschutes rivers converge with Fall river. The area shines in Central Oregon because of it’s recreational opportunities and slow paced, secluded feel. Three Rivers South (a US Census Designated Area) is approximately 9 square miles in size and is comprised of nearly 1,600 homes and 2,500 FTR (full time residents). Specific residential developments exist within the Three Rivers South area… More specifically, Oregon Water Wonder Land 1 & 2, DRRH or Deschutes Recreational River Home sites, Blue Eagle, Crosswater, Lazy River, Caldera Springs, Valley Ridge Acres, Fall River, Vandervert Ranch, Whispering Pines, Sundance, River Meadows, River Forest Acres etc…
During the boom year of 2006, homes over 500k in Three Rivers South were selling for upwards of $350 per square foot. In today’s Three Rivers South Real Estate market the same homes that were selling for upwards of $350 per square foot are now selling for less than $200 per square foot in some instances.
- Remember, Central Oregon averages and National averages show home values dropping by approximately 35%-40% during the housing bust.
- Three Rivers South Real Estate over 5ook has declined in value by more than 50%.
Luxury Real estate in Three Rivers South represents above average opportunity & value in the Central Oregon real estate market because it is among the areas to have lost the most amount of value during the housing collapse yet, it is a very popular area inside of a market predicted to appreciate above national averages.
Interested In Three Rivers South Real Estate… Search Here
Search Home Listings in Oregon Water Wonderland | Nice Area in Three Rivers with Homes For Sale On At Least 1/2 Acre!