January Mailbag | The Source Weekly - Bend

January Mailbag

Answering your real estate questions

Q: I know Bend is experiencing a lot of growth, but it seems like a lot of commercial development is going on currently?

A: Agreed. There are a lot of projects currently going in around town, so this is certainly not meant to be a comprehensive list. The big one that just started was the new Highway 97 bypass on the north end of town, aka the North Corridor project. This will help ease the congestion coming into town and leaving town by turning the current highway into a "business loop" and continue 3rd Street on the existing highway. This will allow those travelling the "new" highway route to avoid all the traffic lights and retail traffic from Cascade Village Shopping Center. For additional information on the project check the ODOT website.

There are currently a bunch of other smaller projects worth noting throughout Bend, like the mixed-use project on the corner of Reed Market and 27th. This will include a new Cascade Lakes Brewery location, along with other potential spaces to include retail and restaurants. On that same topic a new building that has almost completed construction, replacing the old Sonic restaurant on South Third Street that burned down in March of 2019. An ice cream shop, Panda Express and UPS store are slated to open up once the entire project is complete in the near future.

Last week the city approved another proposed development in SE Bend, at Murphy and Brosterhaus, next to the Scandia RV Park. This project is to include a gas station, drive-thru restaurant and other potential spaces. This particular development has been contested by local neighbors who oppose this development primarily based on environmental and traffic concerns around the gas station piece of the development. Staying on the south end of town, across the highway, construction has begun on the new RV Park, located on Murphy just west of Highway 97 next to Romaine Village.

Q: My realtor suggested I "credit" the buyer at closing for a handful of small repairs I think I could have taken on and fixed for less money. Were they just making it easier on themselves?

A: Hard to tell without all the specifics, but not likely. For those who are unfamiliar, it's common during the inspection period for buyers and sellers to negotiate any needed repairs or fixes on the property prior to closing. When representing the seller, I too often will advise to credit the buyer as opposed to taking on any repairs. I prefer the credits to repairs for a few reasons, namely, liability. For instance, if you discover other issues while fixing one, you are required to disclose that information, as well as open up the possibility of re-negotiating the deal. The other piece is that often repair addendum requests include language that requires a "licensed and bonded" contractor/tradesperson to handle the repair, so unless you possess those licenses, you might not be able to "contractually" fix those items anyway. Finally, the scheduling portion: These repairs need to be completed prior to closing, and often times it can be difficult to get someone who is able to complete the needed work prior to closing. Allowing a seller to credit a buyer removes a lot of the stress and risk that accompany the inspection period and repair addendum negotiations.

Please feel free to reach out with your questions to [email protected]!