Back in the day (before the economic melt-down), the sale of million-dollar homes in Central Oregon was pretty common. In 2007, for example, Sisters, Redmond and Bend (including Tumalo) had 118 sales of $1 million or more. Bend, was by far, the most popular locale for million-dollar buyers: It alone accounted for 95 of those sales.
In those days, a million dollars didn’t even buy you a home on Mirror Pond — one located two blocks away sold for $1 million in 2007. Meanwhile, $2,250,000 got you a new 3,600-square-foot home in the ultra-exclusive golf community of Pronghorn Estates. For $3.5 million, you could buy a 4,600-square-foot home on 38 acres in Tumalo (the seller of that property, by the way, got his asking price).
Fast-forward to 2010 — the low point in our million-dollar sales activity. At that point, there were just 18 million-dollar sales in Bend, Redmond and Sisters. The next two years weren’t much better, with just 20 and 19 million-dollar sales, respectively.
So here we are, eight months into 2013, and the million-dollar sales activity has definitely picked up. I got a hint of the change back in March, when one of my clients made an offer on a million-dollar property that wasn’t even on the market at the time. While finalizing terms with the seller, we were informed that another buyer had submitted a higher offer. When was the last time there was a bidding war on a million-dollar property?! And on a property that wasn’t even listed? (My clients declined to play that game, moved on and purchased another property in Tumalo. But that’s another story…)
By the end of July, there were already 19 Closed million-dollar sales in Bend, Redmond/Terrebonne and Sisters, with eight more Pending. By comparison, last year at this time, there were just nine million-dollar sales.
Here’s a chart to provide a quick overview:
And it isn’t just the sales of million-dollar homes on the upswing. Last summer, there were 93 Active million-dollar listings. This year, as of Aug. 22, there were 119 Active listings in Bend, Redmond/Terrebonne and Sisters priced at $1 million or higher.
Here are just a few of the wide-ranging options:
- a 3226-square-foot European-inspired home on a .46 acre lot in Pronghorn, built in 2010 ($1,050,000)
- a 3,698-square-foot contemporary home on just under an acre on Awbrey Butte with Cascade Mountain views, built in 2009 ($1,100,000)
- a 5,163-square-foot two-story home on 2.14 acres in the gated horse community of Cascade Meadows in Sisters, built in 1989 ($1,195,00)
- a 5,200-square-foot Southern Plantation home on 19.3 acres with 17 acres of irrigation, a shop, two barns, guesthouse, greenhouse and gated entry in east Bend, built in 2003 ($1,295,000).
- a 4,306-square-foot custom home under construction on .41 acre, located on the 12th fairway at Tetherow, with mountain views ($1,450,000)
- a 3,078-square-foot two-story home on .33 acre, located on Mirror Pond in downtown Bend, built in 1992 ($1,525,000)
- a 5,271-square-foot log home on 19.4 acres, with barn and covered riding arena, situated in a wildlife sanctuary, in Sisters ($1,650,000)
- a 4,211-square-foot home on 18.34 acres bordering public land, with five acres of irrigation, a five-stall barn, riding arena, five-bay RV storage, caretaker’s quarters and mountain views ($1,695,000)
- a 7,000-square-foot lodge-style home built in 1975 on 1.39 acres, with Cascade Mountain views, in Black Butte Ranch ($2,100,000)
- three homes, two shops, two ponds and a barn on 80 acres that have tentatively been platted for inclusion in Bend’s Juniper Ridge development, with 40 acres of irrigation ($2,999,950)
- a 10,771-square-foot prairie-style home built in 2001 on 9.78 acres, in Tumalo ($3,990,000)
The most expensive listing (by at least a million dollars) in Bend, Sisters or Redmond is a 280-acre ranch in Tumalo; it features a 4,416-square-foot home plus 95 acres of irrigation, seven wheel lines, two stocked ponds, three barns, and a guesthouse. The price tag? $6,700,000.
To find the most expensive Active Residential listing in Central Oregon, however, you’ll have to travel to Powell Butte, where there’s a 7,500-acre ranch listed for $25,000,000. Any takers?
If you’d like more information about the million-dollar market in Central Oregon, feel free to call or text me directly. I’d love to help you find the perfect Central Oregon property.
The Million-Dollar Question in 2012: What’s Happening with Central Oregon’s High-End Buyers?
About the Author
Lisa Broadwater, GRI, CDPE, is a Central Oregon-based real estate professional who specializes in listing and selling homes, especially in Sisters, Tumalo, Bend and Redmond.