BEND, OR -- Coastal property owners appear to be paying attention to predictions of a massive quake along the Cascadia Subduction Zone.
Pat Kesgard, with Compass Commercial Real Estate, tells KBND News, "We have several individuals that own commercial properties, either in California, Oregon or Washington, that are selling those properties and they want to move that money to Central Oregon, Spokane, Boise. They’re very concerned about earthquakes."
The actual danger associated with a potential Cascadia quake may only play a minor role. Kesgard says there are financial benefits to moving inland. "Your lenders in the valley, and up and down the west coast, they require seismic studies on buildings that are being financed. We don’t have that issue here, but it’s a big deal." He adds, "For a lot of these investors, they’ve gotten through the recession, so that was an economic hit that they survived. And, they’re going, ‘I don’t want to add risk; I want to minimize my risk.’ And, right now, price up and down the west coast are at their all-time highs."
Experts predict a major quake could strike the west coast within the next 50 years.