HomeMy WebLinkAboutTetherow Improvement Agrmt AmendmentDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-1960
(541) 388-6570 - Fax (541) 385-3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board Business Meeting of October 27, 2008
Please see directions for completing this document on the next page.
DATE: October 20, 2008
FROM: Anthony Raguine Community Development Department
617-473°)
TITLE OF AGENDA ITEM:
Consideration of Board Signature of Document No. 2008-576, an Amendment to Improvement
Agreement no. IA -07-6, for overnight accommodations at the Tetherow Destination Resort.
PUBLIC HEARING ON THIS DATE? No.
BACKGROUND AND POLICY IMPLICATIONS:
The applicant, Arrowood Development, submitted an application to amend Improvement Agreement
(Agreement) File No. IA -07-6, Document No. 2007-380, related to the required overnight
accommodations for the Tetherow Destination Resort. Through that original Agreement, signed by the
Board of County Commissioners (Board) on May 14, 2008, the applicant posted a $16 million bond to
financially assure 150 overnight accommodations. That agreement was amended by Document No.
2007-494 on September 12, 2007.
The 150 overnight accommodations were approved via land use File Nos. CU -07-11, SP -07-6, and TP -
07 -6. Via land use File No. MC -08-6, the applicant received approval to add 48 more units, bringing
the total number of overnight accommodations to 198. The additional 48 units were added by
identifying the great rooms as overnight lodging units because the great rooms include a pull-out sofa
and a separate bathroom facility.
According to the applicant, changing market conditions have necessitated a change in the type of
overnight accommodation originally envisioned for the resort (see attached Bratton Report,
Destinations Report, and Vacation Homes Press article) to a less costly alternative. As a result, the
applicant has revised the cost estimate for the overnight accommodations and reduced the overall
construction costs to $7.9 million. Should the Board agree, this change, along with the addition of 48
more overnight units, must be reflected in a written amendment to the original improvement agreement
as amended in the first amendment. As consideration to the proposed bond reduction, the applicant has
agreed to remove language in the Agreement allowing the transfer of the approved overnight
accommodations to a different set of overnight accommodations on a different lot.
The proposed amendment to the Agreement would: 1. Update the Agreement to reflect 198 overnigait
accommodations rather than 150; 2. Reduce the bond amount to $7.9 million; and 3. Remove overn ght
accommodation transfer language.
FISCAL IMPLICATIONS:
The fiscal implications may be in the event the applicant fails to build the overnight lodging and the
Board chooses to use the bond money to complete those units. Whether or not the amount of the bond
will be sufficient will have to be decided by the Board.
RECOMMENDATION & ACTION REQUESTED:
Staff believes the Board should determine if the reduction of the bond amount is appropriate. If the
Board agrees to approve the amendment, the action would be for Board signature of Document No.
2008-564, Amendment No. 2 to Improvement Agreement IA -07-6, an agreement to financially secure
the 198 overnight accommodations associated with the Tetherow Destination Resort.
ATTENDANCE: Anthony Raguine
DISTRIBUTION OF DOCUMENTS:
Anthony Raguine
Legal Counsel
Arrowood Development
c/o Tia Lewis
Schwabe Williamson & Wyatt
549 SW Mill View Way, Suite 100
Bend, OR 97702
AMENDMENT NO. 2 TO IMPROVEMENT AGREEMENT NO. 2007-380
Overnight Lodging
RECITALS
1. On July 23, 2007, the Deschutes County Board of County Commissioners ("Board") approved
Improvement Agreement No. 2007-380 by and between DESCHUTES COUNTY, OREGON, a
political subdivision of the State of Oregon ("County") and ARROWOOD DEVELOPMENT, LLC,
an Oregon limited liability corporation ("Developer").
2. Improvement Agreement No. 2007-380 ("Agreement") provided for the financial assurance of
the required 150 units of Overnight Lodging for the Tetherow Destination Resort ("Resort").
3. Since the time of the Board approval, Developer has amended the site plan approval to add 48
more keys in the great room area of the previously approved structures (MC -08-6).
4. Since the time of the original Improvement Agreement, the residential sales market and the
credit markets have changed substantially resulting in a severe decline in sales and an equally
severe decline in the number of loans available to finance these sales. To respond to market
changes, the Developer has revised the product type and cost estimates for the overnight
lodging units.
5. Developer desires to amend the Agreement to reflect the revised site plan, cost estimates and
financial assurance amount.
6. As consideration for these amendments, Developer has agreed to forgo the previously agreed
upon transfer of the security for the overnight lodging units as set forth in paragraphs 6 and 7 of
the original Improvement Agreement by deleting those paragraphs through this Amendment.
7 Except as set forth herein, all other terms of the Improvement Agreement approved by the
Board of July 23, 2007 shall remain the same an in full force and effect.
NOW, THEREFORE; that certain Improvement Agreement, Deschutes County Document No.
2007380 ("Agreement"), by and between DESCHUTES COUNTY, OREGON, a political subdivision of
the State of Oregon ("County") and ARROWOOD DEVELOPMENT, LLC, ("Developer"), dated August
29, 2007, is amended as set forth below, effective upon signature of all parties. The recitals are
incorporated by reference herein and all other provisions of the Agreement remain the same and in full
force.
3. Exhibits. The Exhibits listed below and attached to this Amendment No. 2 are hereby
incorporated herein by reference as a part of the Agreement and replace those Exhibits B and D
originally attached to the Improvement Agreement:
3.2 Exhibit B — Revised List of Overnight Lodging Required Improvements and Cost
Estimates.
3.4 Exhibit D - Security - Subdivision Bond No. (to be attached to the origina of
this Improvement Agreement at the close of escrow).
1 — AMENDMENT NO. 2 TO IMPROVEMENT AGREEMENT 2007-383 — Overnight Accommodations
Deschutes County Document No. 2008-564
4. Identification of Overnight Lodging Required Improvements.
4.2 These improvements consist of 198 separate rentable units for Overnight Lodging as
that term is defined in Deschutes County Code ("DCC") 19.04.040, and as approved
pursuant to Deschutes County file no. TP -07-990; SP -07-6 and MC -08-6.
6.1.1. The Transferred Units have been approved by the County and will—be
a new final plat for the lot(s) to which the Overnight Lodging Required
which remain encumbered by this Agreement, includes at least 150 units
and their estimated costs;
■ - -
the Transferred Units;
Transferred Units (Completion Date 1).
the Transferred Units. (Completion Date 2).
2 — AMENDMENT NO. 2 TO IMPROVEMENT AGREEMENT 2007-383 — Overnight Accommodations
Deschutes County Document No. 2008-564
7.1.3. Construct an additional 50 units within three years of recording of the final
Units (Completion Date 3).
7.2. At no time, however, shall Developer exceed the Completion Date set forth in Section 5.
16. Security for Overnight Lodging Required Improvements.
16.1. Developer shall provide the Subdivision Bond as security for completion of the Overnight
lodging Required Improvements, issued in favor of the County by a surety company
approved by the Deschutes County Administrator or his designee on before the close of
escrow but under the same terms as the bond form originally presented to the Board on
July 23, 2007 and deposited with the County in the amount of Seven Million Nine
Hundred Thousand Dollars ($7,900,000), the form of which is attached hereto as Exhibit
D (the "Security" or "Bond").
COUNTY:
Dated this day of , 2008. BOARD OF COUNTY COMMISSIONERS
ATTEST:
DENNIS LUKE, CHAIR
TAMMY MELTON, VICE -CHAIR
Recording Secretary MICHAEL M. DALY, COMMISSIONER
STATE OF OREGON )
) ss.
County of Deschutes )
Before me, a Notary Public, personally appeared DENNIS R. LUKE, TAMMY MELTON, AND MICHAEL
M. DALY the above-named Board of County Commissioners of Deschutes County, Oregon and
acknowledged the foregoing instrument on behalf of Deschutes County, Oregon.
DATED THIS day of , 2008.
Notary Public for Oregon
My Commission Expires:
3 — AMENDMENT NO. 2 TO IMPROVEMENT AGREEMENT 2007-383 — Overnight Accommodations
Deschutes County Document No. 2008-564
DEVELOPER:
Dated this _ day of , 2008. DEVELOPER:
ARROWOOD DEVELOPMENT, LLC
By:
Its:
STATE OF OREGON )
) ss.
County of Deschutes )
Before me, a Notary Public, personally appeared and
acknowledged the foregoing instrument as of Arrowood Development LLC.
DATED THIS day of
, 2008.
Notary Public for Oregon
My Commission Expires:
4 — AMENDMENT NO. 2 TO IMPROVEMENT AGREEMENT 2007-383 — Overnight Accommodations
Deschutes County Document No. 2008-564
e;: ,_:..- :: - -:cons
orica economises e - resi entialtr
an $-12% znarg n of profit as an assurance that,should there tie �n oc uz ce c
preeiatzox the. reinaiiiin . asset values °will not°have'
� en ... a level that �s Ic,
loans ; 1 l oweve�r, :the current unstable env r i �irie�it i #,p rcer ge has Si
:risen. ` As ':f ther exacerbation of this: issues< ` , er; a e :ode'. = a . 2°' ttie:=h ' i
end ha e fallen:.from theirpeak of Z96 sales per month to -last xanths total
epre en#u a_6O decli e` e .acfii arl erfihsy.-,earth ,iiiihber:iafsal
BRATTON REPORT - 9/4/08
'a: Comm! Oragan Aesocieikx. of Realtors. AN nigho Re9Mwd. For the exdusve use of 20AR mombe<s and thee deqifnaled c5enls only.
Formatted to print at end of each page
U
-CP362
Q_
O
CII
O
Z
$450
$400
$350
$300
$262"---",r---
$250\‘..„,...-4525:1„.....7''''
$200
Bend area SFR - Median Price in THOUSANDS
Note: Median is the midpoint with half above and half below.
................_......_......_.............._........................._........................_
$396
$37'
$345
$366
$354
""'76 -.--� ''' $343$350 5339 $337
5355\,,5e3:4,9„-....-
__-..,$358 $330' l $318
5332 V $35
x328 S'20 5312 '.— 5305�,
$293$287\- `
5270 5279
''kti.__ y346 56
.'/ ti'
$312 330
'.289 5289 - '---' 5330
3
S3D230rh $305
1 $ 69 5279
5240 5240
E 100
g2 Q22I I.q 222 122 3'I 222gggaa;s;2.2gt22I.T 2
T 4 a 8 0 2 8 a a i 2 a$ 4 m o 2 0 4 2 a s 4- a rR 0 2 0 4 5E i s 'a - a'
Month
From MLS for Bend area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
2
350
300
Bend area SFR - Number of Sales
Total sold 12 months prior to report date = 1136 - Total currently listed = 1559
Inventory* as of report date = 16 Months
............ .. _......__ ......._... ._._.... .................
u)
250 CD
261
25 278 252 251 244
200
234 261 249 201 7AD
O
4) 150
134 15._ 144
187 1
E 100
1a 182
138 129 139959 141 141 935 159 13 12 97 93 114 04
z112
5o
93 107
81 89
0
56
% 1 4? 4 a 4 g 4 4 4 4. 4 4! s 1 4 4 1 $ 4 4 4 4 S R 4 4 1!! 1 2 s 4
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7 8 2 a 4 - Q 8 z D 4 LL 2 a 2 4 -' Q 8 0 2 O 4 1r s a a 4 4 Q 8 0 2 O 4 la.:( .a $ 4 4 Q
Month
From MLS for Bend area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
'Inventory :. Current listings divided by prior 12 months' sales, rounded to the nearest whole month.
Bend area SFR - Days on Market
220 --._.._..-- --- --------....--
Y200
-- ---
crs 180
i9
181
159 172
O160
f1) 74920125
143 41 143
(ts
0 120
a
13^ 123 134 136 1 6
too
118 t , 124
1ti2 AL96 117 116 119 114
10—
g= •s q • g 86 $� 2 92
80
60
__
79 71 71
c '1'.9-t
N70 1'1? o m ! 1 W Y pf gQ?m 1 ? p 1 g 2 n n r n s Qa r. n= 4 n
I g 1 1 4 I
4 it S a a 4 m 8 2 a 4 ti 124-8O2O LLia24-y
O 2 o $ i 2 a i - a
Month
From MLS for Bend area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
Page 1 - Bratton Report 9/4/08
4
Bend area SFR - Median Sales Price per SF
205
190
Bend area SFR - Building Permits
211
141
8225 -
..._....._.... ...
.__..... . _. _........._. ...........
_
(n
8206
. 152 602.50k
>` 5200
142 148
11
Q
$181 5188179 $1Fs. $176 8183
a Alm.. 185 $1131 s
:o
U 0175
z2 63 74 71 76 2
98
78 .s_ 41
T1 29
2ii
7
26
2
2
16 $162
0
155
t65ta5
11 $1508161
3t
o 0
1i i
5133
5136
47
4 si 1!
o � ,r
4
S ¢
$'152
`a $125
37 4
0)
$100
R 4
4 Y$
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l 4 X f_ f '_ 4 I f, 4 4 g 9 4 4 s 4 4
4 4 T
i
4 LL S a i
4 4 4 t% 8 Z 3 LL a a S O 2 iLL 2 a 4 Q 1ii
G W
8 z° 4 'LL5 s
a
44 a
Month
From MLS for Bend area. Single family residential, not including condos, townhomes, manufactured homes and acreage.
Data subject to change.
250......................................................................................................................................................._.................................................._................................................................_........._.............._.__..__.............._........................................................_.................._..............................._..._...........................................
E 200
N
150
O
43 too
E 50
=
Z o
g
�z
220
205
190
Bend area SFR - Building Permits
211
141
118
150
. 152 602.50k
142 148
11
z2 63 74 71 76 2
98
78 .s_ 41
T1 29
2ii
7
26
2
2
42 38 44 44
3t
o 0
1i i
0•
¢
"1 1
4 -''
1 4 4 4 4 4 4! s I?'1? 1 4'2 4 4 4 4 4 4 4
o � S"c a
4 in 8 26-4'd.'2 Q i 4 •'' 4 N o i m 4 c§ 4 4 6 1
Month
NEW SINGLE FAMILY DETACHED. Not Including single family attached, multifamily or mobile homes
4'2
o °
z
4 si 1!
o � ,r
4
S ¢
r!
� 4
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-'
Page 2 - Bratton Report 9/4/08
6
Bend area SFR: # Sales vs. Current Listings
300 -'
261
# Sales last month (August)
o # Sales last 12 months
■ Currently Listed
150
100
50
0
0-$100K 6100- 6150- 5200- $250- 6300- 6350- 6400-. $450- $500- $550- $600- $650- $700- 9750- $000- $850- 6900- 6050-91 61 Mill
$150K $200K $250K $3005 53505 64005 94505 $500K 55505 0600K $6505 67005 57505 $800K $850K 99005 $9505 MITI
From MLS for Bend area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
Page 3 - Bratton Report 9/4/08
a%
o
CL
al
2
$350........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$300
$250
5200
$166
$150
4
4
.._..__.._—
Redmond area SFR - Median Price in THOUSANDS
Note: Median is the mi0poinl with hail above and hall below.
198,
$260
75
280
$275 $289
276 $274
260 '2 9 $2
7,
47
S252 $260
117
116
$249
118
f
103 104 97 104 68
$219 $214 $ 2 238.
.+��
216 223
99
r
53
—
$252 5256
$25D
51
6244
$221
223
623D
22
$225
$223
59 52 _' 55 49r X8 .� 31 34
$221
$175195
r_.--+
17n $$17n
$18
42
29
33 34 27
24
4
C a
LL
4 4 4 4 4 '4'.. 14 4 4 4 4 4 4 4 4 4 4W R 4 4 4 g 4 4 4 4 y1 . 4 4 4 4!
a 'i -I-a 8 O Z O 4 LL i <a -I 4 a 8 8 2 ❑ 4 u: i 6 s 4 4 Q 2 8 4 ❑ 4 it
S Q
Month
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
g
2
4 4
Q �
S202
4
4
4
4 4 4 4 4 4 4 4 4 1! 1 4 4 4 4 4 4 4 1 4 4 2 Q 4 4 4 "r.)".
e s 4 T 4 3 W y�y m ` s 4 , a 8 o c b m a a, c 4
rs � Q N O Z O � LL '� Q � Z D � LL S a i � � a
Month
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage.
n n r. r
`) 4 4 9 4
N O 2 ❑ 4 LL
Data subject to change.
4 4 4
Q�
3
4
>'
i
6
rn
0
N
_0
=
Z
175
150
125
100
7588-9
so
25
0
4
.._..__.._—
Redmond area SFR - Number of Sales
Total sold during 12 months prior to report date = 426 - Total currently listed = 635
Inventory* as of report date .= 18 Months
198,
126
1'r6
154 154 154
136
135
10+ 124 'f d3 98 94
117
116
124
119 S1<1 3a �� 131 12:
118
f
103 104 97 104 68
103 .1189 115- 106 0711$ 106-24 107"109
99
i3
X786 89
53
—
82 77 73 5a 46 56 48
51
89 80 9 72
2244
1 LL s a
59 52 _' 55 49r X8 .� 31 34
4'1
36
41
42
29
33 34 27
24
4
C a
LL
4 4 4 4 4 '4'.. 14 4 4 4 4 4 4 4 4 4 4W R 4 4 4 g 4 4 4 4 y1 . 4 4 4 4!
a 'i -I-a 8 O Z O 4 LL i <a -I 4 a 8 8 2 ❑ 4 u: i 6 s 4 4 Q 2 8 4 ❑ 4 it
S Q
Month
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
g
2
4 4
Q �
4
>
�
4
4
4
*Inventory = Current listings divided by prior 12 months' sales, rounded to the nearest whole month.
9
220
Y 200
ci
150
C
0 160
T lao
0 120
c
0 100
`a
N 6o
.e
60
............................................................................................................_........................................................................................................................................................._..................................................................................................................................................................................................................................
Redmond area SFR - Days on Market
198,
1'r6
154 154 154
136
135
116 + 140 141 157
117
116
124
119 S1<1 3a �� 131 12:
118
3
103 .1189 115- 106 0711$ 106-24 107"109
99
i3
X786 89
89 80 9 72
2244
1 LL s a
"W'222!TIIII 11 1g m4g4.gs"22.q 2 2 2 f f
- Q 8 o z 1 e s a s - 8 8❑ z 4 LL i a s 4- a 8 8 z 3 1 LL a Q4
s
Month
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
f
a
Page 4 - Bratton Report 9/4/08
1
LL
Ci)
45
N
11
C
Q
$200 _.
$180
$160
$140
$12$'10$116
Redmond area SFR - Median Sales Price per SF
-
Redmond area SFR - Building Permits
0 171
$1745
$164 8
3163 t
$16 • ' ,53
3137
7 y#22
138
�r$158 $159
148
150 $152 $ 41 $t3';
$132 13051
0
131
• a "
5135 "
3118 $,20
$,001035(Q6
$T,4
3 1710 #2
.3
5123 $118
$80
8
4 X 1 a`' T o g;
2 rq q "g s i a q 1 "g ! 2 g g 1 g s 4 1? > 1 g a 4 g `. g s S a q; g 4 a g 4 g g s 1
y�
2 i a a 0 4 , a N 8 2 8 -1 2 § a 5 4 4 N 8 2 8 4 X 3 i 4 4 a a0 8 2 a 4 a i a -•
2 -1 a
Month
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
E
a
o
Z
100
80
60
ao
20
0
4
.....................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
*
953
Redmond area SFR - Building Permits
69 79 72
X64 AL
58 63�
57 60 53
sa
50 59 47
7 50 i6 4fl
37 38
27
30 26 23 ,8 21
22 22 23
NSI
16 15 #6 15 1
5
3 1710 #2
.3
a s 4 a 4 4 g g 8 2
8 4 X rt 8 4 3 4 4 a/A 8 z 8 4 s s a 1 g S<I 1X 8 2
Month
NEW SINGLE FAMILY DWELLINGS. Not Including single family attached, multifamily or mobile homes
8
4 X 1 a`' T o g;
Page 5 - Bratton Report 9/4/08
12
Redmond area SFR: # Sates vs. Current Listings
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
Page 6 - Bratton Report 9/4/08
140—�
139
127
134
134
x
# Sales last month (August)
# Sales last 12 months
120
■ Currently Listed
102
100 ---7
80--"
67
61
60—"'
45
23
29
22
29
20 21
20—
3 3
0 a
8
�
:�
1
15
1
11
0
8
s..
0
0
13
5
'—" 0 1 0
9 9
8
5
4 4 4
, 0 0 0 0, 0 0 011 0 01! 0 0
!,
0 - $100K $100 - $150 • $200 - $250 - $300 - 0350 • 0400 - $450 - $500 - $550 - $600 - $650 • $700 - 0750 - $800 - $850 - 0900 • 5950.61 $1 Milk
9150K 9200K 9250K $300K $350K 9400K $450K $500K 9550K 9600K 9650K $700K $750K $800K $850K $900K $950K MITI
From MLS for Redmond area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
Page 6 - Bratton Report 9/4/08
Smaller Market Monthly Report for August 2008
The following graphs, #13 - #27, cover smaller market areas and therefore the graphs use quarterly figures.
However, the numbers on this page represent the most recent month's sales data for these areas.
SISTERS
Median Price SFR in Thousands = $600
Number of SFR Sales = 5
Days on Market for SFR = 252
Current Inventory* = 22 Months
SUNRWER
Median Price SFR in Thousands = $628
Number of SFR Sales = 6
Days on Market for SFR = 232
Current Inventory* = 28 Months
LaPUNE
Median Price SFR in Thousands = $143
Number of SFR Sales = 2
Days on Market for SFR = 99
Current Inventory* = 39 Months
JEFFERSON COUNTY & CRR
Median Price SFR in Thousands = $154
Number of SFR Sales = 9
Days on Market for SFR = 164
Current Inventory* = 20 Months
CROOK COUNTY
Median Price SFR in Thousands = $170
Number of SFR Sales = 19
Days on Market for SFR = 81
Current Inventory* = 23 Months
From MLS system. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
'Inventory = Current listings divided by prior 12 months' sales, rounded to the nearest whole month.
Page 7 - Bratton Report 9/4/08
1 3
$700
$650
Sisters area SFR - Median Price in THOUSANDS
Note: Median is the ?nidpont with half above and half beim
_...... __..... .................. ....._..___. .. _._ ....
5600
$550
"5'580
V
'E.: $500
a" $450
$422 $445 �s �, $445
�'`�
$424 • • $ }231 $470
0 $400
$350
338& — _�
$420 $40II \`
$300
$383 .�--t
$351 $37;0
$250
$325
5200
5150
8
a
8 p p 8 p8 8 8
N N N N N 8 N 8 ,4 S 8
o a o a o o a a o o a o 0
N 3 a N E £ v 3 v r
N O N N
Quarter
From MLS for Sisters area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
NOTE: Some changes in median price in rhe above graph may be due to the small number of data points instead of actual market changes.
1 4 Sisters area SFR - Number of Sales
Total sold during 12 months prior to report date = 85 - Total currently listed = 153
70
606d
0
(7/50
4o
30
45 2
30 '25
-Q 32
E 20
30 28 30 30
z
Z 10
�� 21 23
0
16
2
C
a
13.
8 $
CC g S N N 1 a g G N CC
O a a a a a a a a a a a a
5 3 e 3 e x S 3 e 5
Quarter
From MLS for Sisters area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
1 5
240
a
r)220
Sisters area SFR - Days on Market
...............................................................................................................................................................................................................................................................................................................................................................................................................................................................
234
Y
(il200Aill.
302
A
t 60
160
174
1 ..
cn
(1$ 140
_
a
120
136Ell 134
100
2 80
87 97 101
60
.4
N
a
�
8 CeC g CC C13
N N N N N N N N N� N S 8 8
a a a a a a a a a a a a a
v 3 r a 3 .c - a 3 t .o
N O - N V �- N d �
N
Quarter
From MLS for Sisters area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
Page 8 - Bratton Report 9/4/08
16
Median Price
Sunriver area SFR - Median Price in THOUSANDS
Note: Median is the midpoint with hall above and halt below.
5650
5600
$550
$500
$450
$400
5350
5300
1
Sunriver area SFR - Days on Market
—211
1Z2
628
28
at
0 I Do
as
95 60
a)
2 40
20
a
$547593
59
71
4
$482
$479
__.__-8518
2
0
$539
$534
.
0 0 0 0 0 0 0 0 a
=
fi It' 9 .T:
Quarter
From MLS for Sunriver area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
5535:
---------
5525
•
__-
WO
50
.
8
.
2
8
2
1
t
2
2
0
0
0
fr.
a
0
3
0
fr.
0
0
0
0
Quarter
From MLS for Sunriver area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
0
0
NOTE: Some changes in median price M the above graph may be due le the smali number of data points instead of actual market changes.
17
Number of Sales
100
80
60
40
20
0
Sunriver area SFR - Number of Sales
Total sold during 12 months prior to report date = 86 - Total currently listed = 199
58
50
51 55
45
38
40
33
36
2
25
0
0 0
R t
2 N §
„ @
g ..
0 0 0 0 0
Quarter
From MLS for Sunriver area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
18
220
4-ai 200
s -
03 180
2 160
C
0 140
Sunriver area SFR - Days on Market
—211
1Z2
at
0 I Do
as
95 60
a)
2 40
20
a
59
71
4
60
2
0
§
0
8
0
C7
.
0 0 0 0 0 0 0 0 a
=
fi It' 9 .T:
Quarter
From MLS for Sunriver area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
0
3
Page 9 - Bratton Report 9/4/08
19
$350
N $300
1J
CL
C
f)
::::
$15or
$100
N
0
ti
—_...__ ._..._...
LaPine area SFR - Median Price in THOUSANDS
Note: Median is the midpoint with half above and hall below.
......... ...._... ........... .......... ..
..
$264
$29'€
/
204 205
51:8
$165 i—
' $197 $193
_-----------_— $1 84 $185
89
$191
$130
_--_,��---- $157
$137
160
$1
o
gF,
3 N p
CN N
a a a a a a o a
a n 13 _ F
Quarter
From MLS for LaPine area. Single family residential, not including condos, townhomes, manufactured homes and acreage.
g
N
a a
n o
Data subject to change.
p
a
N
a
N
NOTE: Some changes in median pace 41 the above graph may be due to the smali number of data points instead of actual market changes.
20
Number of Sales
50
45
40
35
30
25
20
15
10
5
LaPine area SFR - Number of Sales
Total sold during 12 months prior to report date = 25 - Total currently listed = 82
.5
47
39
32
26
0
17
1
15
15
17
8
4 4:
S o 8
a a a a a
n c L
N a
8 8 S p^^ e^ o m
8 N N N 8 8 8
a a a a a a a a
rE'1 L G tEO Q N
O N r
Quarter
From MLS for LaPine area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
21
240
iij 220
cfcj 200
2 180
C
0 160
A 140
a120
C 700
co
"O eo
c60
G 40
........._................................_........................._...._........_.............................._......
LaPine area SFR - Days on Market
..._....._......._.__...__......_..............._........_._.........._......................................__......_._.._............
204 205
94— 198
160
1_7_0
139
1$9 141
137
#17 101 119
72
a
a
L
S S 8N N O IFI N S
o a a a a a a a a
T. tO pL_ '...-4V L<
Quarter
From MLS for LaPine area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
00
p
a
9
Page 10 - Bratton Report 9/4/08
22
$200
a190
Jefferson County & Crooked River Ranch SFR - Number of Sales
Total sold during 12 months prior to report date = 83 - Total currently listed = 139
...._._ .._......._... ..... ........... _.._._. ._...._..... ..._.......__. .._....... ..___ ..._. ...._.. ..__._ ___... ......... ...... ..__..__.
Jefferson County & Crooked River Ranch SFR - Median Price in THOUSANDS
Note: Median is the midpoint with half above and half below.
70
Aill
W
60
$ta�
'8.
O so
U $170
L
$16o
$,so
i5 $140
$130
$120
$110
$100
8
0
5167 $f709_
30
—_MD
. - - $17f1 ~-�-
20
I�� $164
Y1:6
6162
�, .
'��
24
y� S155
`"
4$,12.
0
174-
���
$133
24 Jefferson County & Crooked River Ranch SFR - Days on Market
220
14
RS
180
C 160
170
S
0
c
N
S N 8 8 § § 8 8 8
0 a a a a o a a 0 0
t c t '? n -
< N O V
Quarter
From MLS for Jefferson County & CRR areas. Single lamily residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
8
a a
a
N
NOTE: Some changes in median price in 100 above graph may be due to the small number of data points instead of actual market changes.
23
100
90
Jefferson County & Crooked River Ranch SFR - Number of Sales
Total sold during 12 months prior to report date = 83 - Total currently listed = 139
...._._ .._......._... ..... ........... _.._._. ._...._..... ..._.......__. .._....... ..___ ..._. ...._.. ..__._ ___... ......... ...... ..__..__.
co
60
70
Aill
W
60
'8.
O so
61
�-
rillillill
30
41
20
21 20
Z10
24
0
1b1
0
174-
a 16-
8 6-
a t
0 0 0 0 0 0 00 0 0 0 0 a
aa 2 5 a r
A
N r N O r {V
Quarter
From MLS for Jefferson County 8 CRR areas. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
24 Jefferson County & Crooked River Ranch SFR - Days on Market
220
YL 200
RS
180
C 160
170
o
140
145
134 140
>+
03
0 120
115 126 133
C
N 100
107 111
r
80
94 88 S8 43
60
3
0
g
a 0 0 0 0 0 a a 00 0 0 0
:2, aEi a < 5 n
p N CF.
Quarter
From MLS for Jefferson County & CRR areas. Single family residential, not including condos, lownhomes, manufactured homes and acreage. Data subject to change.
Page 11 - Bratton Report 9/4/08
25
$260
$240
U $220
$zoo
C $180
N$160
$140
$120
$100
S
a
Crook County SFR - Median Price in THOUSANDS
Note: Median is the midpoint with hap above and half below.
Crook County SFR - Days on Market
......... ................... .......... ..
Crook County SFR - Number of Saes
Total sold during 12 months prior to report date = 128 - Total currently listed = 245
5226
105
..
__ 5209 10 5207
5203 sate
5198
t
64
�,
5155 5176 $173
$1$2
s 51/0
A-.2.2,- .Je_.,_.��--'"'
—.0111111116..
$143
•
80
3/
30
20
8 8 8 S 8 S E S S S 2
0 0 0 0 0 0 0 0 0 0 0
N tE'l C tz H O N 3 d
Quarter
From MLS for Crook County area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
a
0
..
S
0
N
26
2
T
co
O
43
=
Z
130
110
SO
70
509
30
toG
N
o
1-3
Crook County SFR - Days on Market
......... ................... .......... ..
Crook County SFR - Number of Saes
Total sold during 12 months prior to report date = 128 - Total currently listed = 245
1
105
..
t
64
134
u.
\117
—.0111111116..
39
45
36
80
3/
30
20
102
N
a
N
aO C C S C S
N t�V N N 1 N N N N
O O O O o O O O oO
a
N 4 a a
Quarter
From MLS for Crook County area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
C
N
O
o
w
27
200 -
Y180
CO 160
c 140
0, 120
a
Q 100
c 80
00
so
N 40
20
S
0
........ ......._.
Crook County SFR - Days on Market
......... ................... .......... ..
1149
139
134
\117
—.0111111116..
107 116
80
02 89
102
77
71
•
8
0
N
8 8 8 8 8 8 8
0 0 0 0 0 0 0 0 0 0
a v` a n 'a
C N
Quarter
From MLS for Crook County area. Single family residential, not including condos, townhomes, manufactured homes and acreage. Data subject to change.
8
0
F
0
a
Page 12 - Bratton Report 9/4/08
Subdivision Home and Lot Sales
January 2007 - September 2008
Twardzik, David/Kathleen
Sommer, Andrew C Trust
Barrett, Matthew UKimberly K
Wilson, Garrett UJacqueline V
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Cowin, Wilbum O/Carol L
CuIliton, Sander E
Bowers, James S/Janis J
Sayeg, Thomas J/Joan M
Scanland, Thomas S Jr
Tattam, Edwin/Nicola
Knoell, Michael C/Robyn H
Linford, Richard D/Suzanne D
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Oberto, Joseph P/Lyle Lockett
Mcgahan, Christopher
Sage Builders LLC
Cone, Robert M/Karen V
Horton, Daniel T/Jeannie
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Fowler, Theodore C
Sironen, Richard A/Deborah A
Lee, Gregory A Co Trustee
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lability for its accuracy and/or content.
Western Title and Escrow provides this for informational purposes only and ass
o
Doudney, Nathan W
Pattison, Perry Dean/Ann Louise
Marlin, Bradley T/Wendy R
Lemp, Ronald L/Diedre M
Palmeri, Michael J
Palmeri, Michael J/Donna M
Brown, William R/Cynthia N
Brooks, Clifford James
Carlin, Edwrd Theodore
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Sanchez, Kenneth/Sandra Trustees
Dutcher, Robert/Marlene
Schmidt, David/Corby Q
Karver, Gerald P/Rebecca A
Vial, David R/Judith E
Berado, Susan Sano
Wilson, William S/Adele F
Thomas, Marshall M/LouAnn C
Wright, Albert L/Denise H
McClean, John/Maria
Corss, Troy A/Kathryn S
Hakela, Todd S/Denise H Co Trustees
Hays, Colleen R
Palmeri, Michael J
NTC and Co LLP
Wotlmuth, Jason R/Kimberly A
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Demarco Designs and Building
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Summers, Gary D
Rychart, Michael P/Pamela J
Porfily, Frank/Scotf/Profily Ventures
Rhoden, Jana
Elliot, Steve W
Smith, Keith W/Donna R
Jaehn, Rodney P/Luz Marina
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Brown, Michiel A
Shurtleff, David P
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Goldberg, Gary Et Al
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Osgood, Carol A
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Sage Investments LLC
Tedford, Jeffrey/Donna M
Tedford Exchange BX060704 LLC
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Elk Horn Land Development Inc
Sampson, Kathyrn E
Skaling, Deloris
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, John R/Kathleen
Brasada Ranch Inc
Birch, Frank Patrick
North Tricopro LLC
Slosser, Joseph
Pandit! Investments LLC
Wood Trade International LLC
Chance, Cindy A
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BRASADA RANCH Phase II (continued)
Scheel, Randall LNicki J
Brasada Ranch Inc
Snow, William BNicki L
K
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Miller, Gary J/June W Trustees Et Al
Dove Peak Development LLC
Handler, David B/Sharon H Trustees
Handler, David B/Sharon
Nelson, Leif E
Anderson, Ted L/Shirley T
Petrie, Allyson L
Todd, Michael S/Lee, Charles N
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Hunt, Richard C
Beal, Robert A/Ann M
Weiland, Douglas EiSauers, Debra Ann
Tone, Robert P/Marie V
Wilson, Larry W/Beverly Ann
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Heskett, Carmen K/Aaron C
Heskett, Carmen K/Aaron C
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Elk Horn Land Development Inc
Gordon, Jeffrey S/Lisa P et al
Brasada Ranch Inc
Okupniak, Richard/Joyce
Brasada Ranch Inc
Levkiv, IhorNoroberts, Ilya
Voroberts, Ilya/Levkiv, lhor/Lesya
Scheel, Randall LNicki J
Rivera, Keith A & Cottees, Victoria L
Picerking, Donald E Jr
Gary Norman Homes Inc
Meals, William HNoroberts, Ilya
Maruicio, Anthony/Charlotte J
Mauricio, Anthony
Mauricio, Anthony/Charlotte J
Mauricio, Anthony
Hammack, Michael L.
J. Scott Miller
Brasada Ranch Inc
Gordon, Jeffrey S/Lisa P Et Al
Newman, Barbara/Nunes, John
Doug Strain Construction Inc
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Western Title and Escrow provides this for informational purposes only and assumes no lie
Bryan, Lester D/Rebecca S
Sandrock, Robert M/Bonnie D
Fair, Frank M/Elisa Brenta
Brasada Ranch Inc
Page, Frederick L/Kathleen A
Central Electric Coop
Brasada Ranch Inc
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Nielsen, Paul/Margaret
Matthews, Gregory 13/Grover, Harold G
Hartley, Mdaeline R Ttee
Wiant, James Brandt/Laurel Lee
Brasada Ranch Inc
Coleman, David E/Lynn M
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FJ Real Estate LLC
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Caldera Springs Real Estate LLC
Handick, Bradley R/Kimberly E
Caldera Springs Real Estate LLC
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BRASADA RANCH Phase VI (continued)
Szigeti, Michael D/Lynn A
Hinds, Clifford UConstance L
Schinn, Ronald D/Kr
Easton, Michael Y/Cindy A
Legg, John Eibrilin Construction Inc
Geiger, Roy W
Cribbs, David F/Michelle J
Scheel, Randall JNicki J
Thomas, Aaron/Kelly
Gish, John C & Roberts, Starling S
Williams, Kenton W & Carol E
Rivera, Keith A & Cottees, Victoria L
Breeden, Richard A/Mary 8
Puentes, Phillip J/Denise Trustees
Reed, Franci URichman Construction LLC
Yockey, Samuel C/Kathryn Kay
Nagel, Charles C/Joyce M
Ricci, JonathaNRobin
Willett, Mark/Lisa
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Brasada Ranch Inc
Gordon, Jeffrey S/Lisa P
Brasada Ranch Inc
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-77
CALDERA SPRINGS Phase 1
Bayless, Ann F/George A Jr Co Trustees
Adelmant, Steve Trustee
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Jenkins, Steven D/Ila Dianne
Pulley, Kirk G/Janice P
Collins, Vicki M
Sullivan, Donald
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Cozzetto, James
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Norman Building and Design LLC
Richardson, Kelly/Loretta
Hartman, Richard
Sunforest Construction LTD
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CALDERA SPRINGS Phase II (continued)
Hurley, Steve/Buffi
Bowder, Brad, Sheri
Delaney, Michael/Erin Et Al
Brothers, Mark R/Deborah D
Brown, David UJen
Sun Forest Constructions LTD
BOP Properties Inc
Burke, Steven F/Nichole P
Robinson, Justin A/Cathleen
Smith, Gordon USharia L
Nordstrom, Mark T/Kelly L
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Guasco, Marlene/David F Trustees
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Spielmann, Karl A/Katherine 0
Keamey, Joseph F
High Timber Construction LLC
Kosakowski, Chris Trustee
Hammer, Neil R/Ann B
Horton, J Pat/Carolyn L
Green Lake Invesment LLC
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Lemman, Catherine
Beck, Charles ULynne A
Beck, Charles ULynne A Trustees
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Jura, Matthew C/Ahna
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Central Oregon Dev LLC
Nelson, Darren/Kimberly
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JD Property Dev LLC
Garcia, Pamela M
Martin, Lon D/Joan B
Winsor, Richard A/Deborah M
Spears, Nancy
Spittle, Andrew B
Tuscan Ridge Development II LLC
Kaczmarek, Jaymie L
Guertin, Mary/Kevin
Magidson, Steven R/Cynthia S Trustees
Magidson, Steven R/Cynthia S Trustees
Denton, Dennis E
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Fischer, Gerald W/Marlena K
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ESTATES OF PRONGHORN Phase III
Aronoff, Barry J
Pronghom Investors LLC
Aronoff, Barry J
Keithly, Russell C/Gretchen L
Sweeney, Owen & Churchill, Irene
Gepetto Properties LLC
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nvestors LLC
DLMM Properties LLC
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nvestors LLC
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nvestors LLC
Clapp, Russell M/Greta R
Barakel LLC
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Western Title and Escrow provides this for informational purposes only and assumes no liability for its accuracy and/or content.
RESIDENCE CLUB AT PRONGHORN VILLAS CONDOS (continued)
Blain -Willis Inc
Pronghom Development Company LLC
Jacob, Deborah M Trustee
Pronghorn Development Company LLC
Skeele, Jeff H/Linda J
GKP Iowa Inc
Mench, Richard C
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Sargent, Thomas E Trustee
Burrows, Thomas/Cindy
Company LLC
Horsley, Gregory C/Joel A
Company LLC
Danner, Gary/Kloos, Kathleen
Company LLC
Company LLC
Company LLC
Stone, Adam C/Christine A
Company LLC
Burrows, Thomas/Cindy
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TD Cascade Highlands LLC
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Harris, John/Ruth
TD Cascade Highlands LLC
Myers, George
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Ridiculous Enterprises LLC
Arrowood Development LLC
KLS Holidings LLC
Arrowood Development LLC
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Johnson, Brad J/Anna L
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Arrowood Tetherow LLC
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Cushing, John Aikin/Judith Bayard
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TD Cascade Highlands LLC
Liebman, Donald/Mary
Pacwest Development LLC
Davis, Cynthia L Trustee
Fraser, Keith W/Sarah J
Jacoby, Charles J/Frances J Trustees
Brown, Paul M
Schmidt, Carolyn B
Schofield, Pamela J/Wilson, Robert L Jr
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Vacation -Home Sales Plummet
Posted By topeditor On March 28, 2008 @ 2:00 pm In Global 1 18 Comments
After hitting a record in 2006, sales of vacation homes declined last year as would-be buyers
held off purchasing retreats, the National Association of Realtors said.
Vacation -home sales fell 31 % to 740,000 in 2007, from 1.07 million in 2006, according to the
group's annual Investment and Vacation Home Buyers Survey. And speculators continued to
exit the market: Homes bought purely for investment dropped 18% to 1.35 million last year,
compared with 1.65 million in 2006, the survey said. That compares with a 10% decline in
primary -residence sales, to 4.34 million in 2007 from 4.82 million in 2006. Vacation- and
investment -home sales combined accounted for 33% of all home sales last year, down from a
36% share in 2006, the group said.
Those who did buy vacation homes last year saw more affordable prices. The median price of a
vacation home was $195,000 in 2007, down 2.5% from $200,000 in 2006, according to NAR.
Twenty-eight percent of vacation -home buyers made the purchase with cash.
Also, there was a shift last year in the type of vacation homes buyers purchased, with a greater
share of them buying condominiums. Twenty-nine percent of vacation -home sales last year were
condos, up from 21% in 2006. And 59% of vacation -home sales were detached single-family
homes in 2007, down from 67% in 2006. In 2007, 7% of vacation -home sales were townhouses
or row houses, and 5% were classified as "other." —Amy Hoak