Deb Tebbs Group

Cascade Sotheby's International Realty

Subdivision Planned for New Bend Community

Developers planning to construct 20 home lots on a parcel of land located south of COCC

A local development group has made plans to built a subdivision that will be located southeast of Central Oregon Community College. The 20-lot subdivision plans are a revival of a previous proposal from another developer. These plans came to a halt when the housing market and economy tanked out in 2008.

The new developers are Green Intentions LLC. They recently filed an application during mid-March with the city of New Bend to build the new subdivision. Their application details their plans for converting 5.4 acres of vacant land into 20 single-family homes, right off of Northwest College Way.

Property boundaries begin to the east of College Way, between Portland Avenue and Saginaw Avenue, and extends almost to Quincy Avenue.

Jim Guild, a development partner for Green Intentions, declined to comment Monday on the specifics. However, he did state that the group may be ready to make an announcement about their plans as early as this summer. Guild says that they are still in the process of getting their marketing strategy formulated.

Currently, the plan is still going through the motions of the city of New Bend’s development process. The developers filed blueprints with the city that shows plans for a new road. It will be located on Saginaw’s south side, right across from Cascade View Drive. The road will end in two separate cul-de-sacs, before it reaches Portland Avenue.

Aaron Henson, Bend’s Senior Planner, announced that there’s a public comment period for local community residents that’s running through Monday. Shortly after this, city planners just may give the new development project the seal of approval.

Henson says that the new proposal was almost identical to the previous application, which was filed back in 2006. He isn’t expecting many, or any, major issues or surprises.

Plans made by the previous owner also involved turning the vacant lot into a subdivision. According to official city documents, they were able to complete the new road’s preliminary grading and install the infrastructure for the sewage system before the real estate market crash in 2008. It was at that time that the previous developer’s approved plans lapsed.

According to property records of Deschutes County, in 2005, CHC Development LLC paid $1 million for the vacant land parcel. By 2008, CHC found themselves suing the city because flooding issues due to stormwater. In 2009, their case was closed. As noted in country and state records, they lost the vacant land in 2010 to foreclosure.

In 2012, Green Intentions purchased the parcel out of foreclosure for $825,000.

Development plans show that there are currently four dry wells installed along where one of the proposed cul-de-sacs will be located. Their purpose will be to prevent flooding on the site during rain storms by catching the stormwater.

Within the last year alone several projects have come about that could help completely change College Way’s landscape south of COCC in the new future. In November, John Gilbert, Bend developer, purchased a 3-acre, partially developed site. It’s located just across Green Intentions’ land on College Way.

Share this article

Big Predictions Being Made for Housing Market in Next 2 Years

The most recent monthly economic outlook from Fannie Mae shoes that home sales in the US are expected to see big gains. According to the funding experts, their predictions for market gains will occur within the next two years.

Economists at Fannie Mae have predicted that the sales of existing homes in the US will increase by 10.5 percent by the end of 2013. By 2014, sales are expected to increase by 6.2 percent. Sales in the single-family home market are predicted to increase 15.1 by the end of 2013, and 44.1 percent by the end of next year.

According to the report, home prices are expected to increase at the rate of the current housing recovery. This will have a huge impact on boosting the net worth of US homes. The amount of homeowners who are underwater borrowers is expected to diminish gradually, while reducing strategic default incentives.

Fannie Mae Mortgage Rate Predictions

Fannie Mae made another prediction related to mortgage rates. They believe these rates will remain at record-low averages throughout 2013. However, 30-year fixed-rate mortgages will continue increasing. During the first quarter of 2013, the average was 3.5 percent. This average is expected to increase to 4 percent by the last quarter of 2013. The mortgage rate prediction for the last quarter of 2014? It’s during this time that the rates are projected to increase by an average of 4.5 percent.

The amount of homebuyer mortgage applications is also expected to increase this year by 16.8 percent. By 2014, the amount of applications should increase by 17.1 percent. However, Fannie Mae is predicting that decline in the number of refinancing applications will more than likely cause the amount of mortgage loan originations to decrease by 14.5 percent in 2012, and 31.4 percent next year.

Share this article

Cascade Sotheby’s is Central Oregon’s #1 Real Estate Company in 2012

Cascade Sotheby’s came in at #1 in almost all categories according to data from MLSCO. Align yourself with the best, take a look at the latest real estate numbers below.

2012-central-oregon-companies-closed-volume past-12-months-closed-over-1-million past-12-months-closed-over-900k past-12-months-closed-over-700k past-12-months-closed-over-500k past-12-months-closed-over-300k

Share this article