April 8th/9th Townhouse Open House Represents Coast’s Construction Boost
2016 was a year of growth for the real estate market, both in home prices and appreciation. Recovering from the 2007 housing recession, homes across the nation finally crossed the previous pricing peak set in 2006. First Option Mortgage noted that in 2016, sales of existing homes rose 5.9% from 2015 and sales of new homes rose 17.8%. Yet, while the market continues to grow, inventory remains lagging. Though Forbes doesn’t anticipate a complete turnaround in 2017, they suggest that signs point to “a small bump in housing supply–at least on the new home front.”
Along the coastline of northern Oregon, the residential real estate market is beginning to mirror what is occurring nationally. Shae Lambert, Associate Broker for Shorepine Properties, summarizes the current state of the market at the north Oregon coast: “We are seeing an exciting surge in early activity for second homes and vacation rental investments. We have been experiencing multiple offers and the really great listings are moving earlier than previous years.”
One of the issues that coastal buyers are encountering, however, is that the bulk of inventory for sale is existing homes. Shan Stassens, Partner of Winsome Construction shares, “We are getting a lot of inquiries on new coast projects. Older homes take a lot of abuse over time with the coastal weather, sand and vacationers. Buying a well built new home allows owners to enjoy the coast rather than spending time on home maintenance.”
One of the few locations providing a solution to the lack of new construction is Pacific Seawatch, an upscale community in Pacific City that overlooks Cape Kiwanda, Haystack Rock, the Pacific Ocean and the Nestucca River. Shae describes Pacific Seawatch as “a beautiful development with pristine views and amenities. With the reduced residential inventory here in Pacific City, people are shifting gears and deciding to build their dream home at an elevation well out of flood and Tsunami zones.”
Winsome Construction is adding momentum to this effort with new construction in progress on three lots and planned for two more. THIS weekend on Saturday, April 8th and Sunday, April 9th, the public is invited to experience this wave of new construction by attending an Open House for two of the three custom built townhomes nearing the final phases of construction. Though one of the properties has already sold, two townhomes still remain for sale and are available for custom selections. Individuals interested in purchasing either townhome will have the opportunity to select finishes from color board options or create a custom design for all flooring surfaces, paint colors, countertops, fixtures and hardware. The Open House is located at 36350 and 36360 Brooten Mountain Road, Pacific City, OR 97135. Tours will be available both days from 11 AM – 4 PM. Contact Wendy Stassens at 503.560.5189 for more information or review full property details by selecting each home’s address: 36350, 36360.