A recent sale of #14 Antelope Lane on July 18th, 2015 for $189,000 helped define a portion of the real estate market in Sunriver.
Until the sale of #14 Antelope, there had not been another sale of the uniquely styled “Antelope” homes since May 16th, 2014. One year, that’s a long time between sales considering there were multiple Antelope units available for sale during that time frame. A long held real estate ideal states a listing should not last on the market longer than 6 months in a balanced market. As perspective, the entirety of the Sunriver real estate market averaged 116 days on market before selling and a 2 year high of 160 days so 365 day plus is way outside and above the normal.
Antelope Lane is located close to the shopping and dining available in The Sunriver Village. Conveniently located near the entrance of the resort for easy access to Central Oregon’s large cache of area recreation. The only single family residences currently for sale in Sunriver for under 200k, Antelope represents a nice entry point to the healthy Sunriver market. As single family residences, the Antelope homes only pay $112 SROA maintenance due but do not pay any additional HOA due to a umbrella condo or townhome association. The lack of additional HOA due is pretty awesome when you consider some condos for sale in Sunriver under 250k come with an additional complex association due of between $400-$1,300 per quarter (as much as $5,200 annually).
It may come as a surprise to learn the Antelope units are lingering on the market, especially when considering the large amount of opportunity and value that exist in the properties. Attempting to better understand the Antelope Lane market dynamic, lets begin compiling and analyzing market statistics available via Central Oregon Multiple Listing Service.
Two sales stand out
#11 Antelope sold for 265k on 5/16/14. It was a remodeled unit with extra square footage because the owners had framed in the courtyard portion of the unit. I was inside that unit and it was Ok but not real well done, the X factor beyond the framed in courtyard is the garage being added when the courtyard was framed in.
#17 Antelope for 272k on 9/13/13. Updated/upgraded unit, the court yard was not framed in as part of the remodel, yet the remodel feels like it was thought out better than #11 Antelope’s remodel. Sold for a extreme premium during a time when the lower end of the market was just starting to come back strong in Sunriver.
The highest sale ever for the Antelope units was on March 26th, 2005 for $225,000 (There are few larger homes that sold on Antelope Lane for more money but none of the Antelopes with the enclosed courtyards sold for more than 225k.) At that early point within Sunriver’s recovery cycle (13’/14′), the two Antelope sales upwards of 250k were anomalies. Again, my reasoning for the high dollar sales (relatively) was a lack of updated/turnkey inventory/competition at the time. Following the two sales, other Antelope owners interested in selling, undoubtedly aware of the recent high dollar sale amounts overpriced their Antelope home listings. As most inflated listings tend to do, the overpriced Antelope listings stalled on the market. By the time the overpriced Antelope units came on to the market for sale, the improving market had encouraged more sellers on the fence to sell and in turn increased competition in a impactful way.
The recent sale of 14 Antelope Lane on July 18th, 2015 for $189,000 will go a long way to bring balance to the Antelope Lane mini market.
Only two Antelope units remain for sale. Each are reasonably priced and because they are priced appropriately will likely sell within a reasonable timeframe (end of Summer/Fall.) From that point, value should continue to build back towards the historical 225k marker and likely beyond.
- Update; Both of the Antelope Lane homes mentioned as actively for sale have sold. 13 Antelope sold for $183,000 on 11/12/15 & 16 Antelope sold for $179,900 on 8/24/15.