Many Buyers are asking about bank owned or REO properties.  We do have them in small numbers as is shown by last months sales with 7 closings of bank owned homes.

There are persistent rumors floating around the industry that the banks are ready to begin liquidating a large inventory of foreclosed homes.  This is not likely to happen as the economists predict that any large number of distressed properties entering the market suddenly would devalue the entire market and create a severe economic downturn.

Stay in touch with your broker as new listings are coming on everyday and with interest rates remaining low this is a terrific time to invest in Coastal real estate.

This Toledo area mini-farm on a creek sold in March.

March was very active in most categories of Coastal Real Estate.  Average sale prices are going in an upward direction which is good news for Sellers.  At the same time Buyers are finding a wider selection of homes and land in most price ranges.  Our market reflects the trends we see in other areas as more Buyer traffic is attracted to our market when homes are sold in areas such as the I-5 corridor.  An interesting trend is beginning to show here as investors are active in the rental investment market.  Single family homes are attractive to Buyers as the demand for rental properties by tenants  is ahead of the supply.  This is a great time to be looking at Coastal Real Estate. So come on over.

More than ever the emphasis is on safety in this most hazardous occupation.  During the festivities there will be friendly competitions such as survival suit races in which participants are timed in a race which involves donning a survival suit, jumping in the Bay and swimming to a raft.

The Blessing of the Fleet follows and old Italian tradition of gathering in early Spring to express thanks for a bountiful harvest and to pray for the safety of those going to sea and for peace of mind for those waiting at home.

The third Saturday in March is a time when many fishermen are in port repairing gear and preparing for the up-coming Salmon, cod and shrimp seasons.

Come on over and enjoy a long time tradition here in Newport.

Site built single family residences are staying on the market for an average of 7.26 months or 218 days.  This relates in part to more accurate pricing and better preparation before listing as Sellers become more convinced of the need to have a home in market ready condition at listing time.

As previously stated in this blog, accurate pricing is the key to attracting Buyers. The days of over pricing in hopes of negotiating a true value offer are pretty much over.  With Internet marketing at our fingertips, Buyers are able to complete wide searches prior to actually setting foot in any properties.  The overpriced or poorly presented homes are eliminated from the Buyers search early on.

One additional factor is in play here and that is distressed properties such as bank owned, short sale and bankruptcy.  They are tending to move faster than standard properties and are selling for a slightly higher percentage of list to sale prices.  Probably due to more accurate pricing as lenders are starting to improve the approval process and are willing to do  a better job of pricing up front.

Now is a great time to check out real estate on the Oregon Coast.

Good time to be in touch with your real estate broker if you have the means and desire to go after bargain priced properties.

Investors from the US and Canada are beginning to let their presence be known in our market. They are searching for properties that make sense as month to month rentals. These will probably be “flipped” after two to three years.

Now is a great time to be shopping for real estate on the Oregon Coast.

Nye Beach offers a collection of fine food providers, wine shops, clothing shops, galleries, bakeries and lodging choices.  On the South end is the Newport Performing Arts Center home to music, theater and dance.  To the North on pedestrian friendly Coast Street one can experience a wide variety of attractions.  Nye Beach is a mixed use area where residential and commercial interests mingle happily.  From the Sylvia Beach Hotel, one of the oldest building in Newport, to the Green Stone Inn, one of the newest choices are abundant.

Most people arrive by car so parking is readily available at the Nye Beach turn around which is also great beach access.  The turn around is the site of the popular annual Clam Bake.  Nye Beach has all the charm one can imagine without being “touristy” and is popular with locals as well as visitors.  Be sure to put it on your list of places to see in Newport.