George Noorey

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George Noorey

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BEND, OR -- With low commercial vacancy rates and a shrinking inventory of buildable land in Central Oregon, experts say it’s a seller’s market. And Pat Kesgard, with Compass Commercial Real Estate, says timing is everything, "A number of investors bought properties in 2009, 2010, 2011, because it was a steal. And so now – a perfect example: I sold a building [in Bend] late last year, he paid $800,000 for it; he sold it for $1.8 million."

 

According to Kesgard, the current economic cycle is very similar to what the region saw in 2006, "When you look at where we are today: increasing interest rates, people have survived the downturn – those that did, they’re starting to sit there and go, ‘OK, when are we going to hit the peak of the bell-curve and start to go down? What are my options? What can I consider doing?’." Despite the similarities with a decade ago, Kesgard doesn’t believe we’re headed for another real estate bubble, "You have to qualify for loans now, banks can’t just arbitrarily take a high concentration of raw real estate land to be developed; so there are so many things in place, if there’s a bubble, it’s going to come from someplace else. It’s not going to come from housing; it’s not going to come from the lenders being over-leveraged in a certain category."

 
But, he tells KBND News the low vacancy rates will continue to put upward pressure on prices. To listen to our full conversation with Pat Kesgard, visit our Podcast Page or click HERE
 

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