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|Articles - July 2010|
|Thursday, June 24, 2010|
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The forensics find the patient suffering from multiple wounds, some self-inflicted: the housing collapse, the subsequent recession, greed, need, bad timing, poor planning, overbuilding, speculation and more than a bit of magical thinking. The law of unintended consequences plus the economic collapse has spared no one. Most of the state’s destination resorts are in various stages of distress: slowed sales to no sales to foreclosures to bankruptcy.
The landscape is littered with foreclosures (currently more than 6,000 in Deschutes County alone), and the housing market in Central Oregon is woefully oversupplied. “Just in Deschutes, you have 15,000 approved lots,” says resort consultant Linda Swearingen.
National housing expert John McIlwain has seen it before: “One of the things the development community is really good at is spotting an opportunity and then overbuilding it.”
And then there’s the long-standing criticism that newer resorts are stealth subdivisions that circumvent land use rules and provide only low-paying jobs and few of the public amenities that create tourism, which is why they were allowed to build in rural areas in the first place. There is growing opposition from Oregonians, legislators, the environmental community, and increasing alarm from nearby cities, which have no say over the approval of resorts. Cities do not share in the tax rewards that go to the counties (in 2008-2009, Deschutes County resorts paid more than $35 million in taxes), which approve the resorts. But cities have to cope with the impact they have on their services, roads, infrastructure and housing stock. Redmond, for instance, is having difficulty attracting high-end housing because of the nearby resorts, which limits its property tax revenues, according to the League of Oregon Cities.
It will take years, if not decades, to soak up the current supply of real estate and recover prices. Residential property in Bend has fallen 75% from 2007 top prices, and commercial property values are half off their peak. A federal housing study released in late May showed that Bend suffered the sharpest housing price drop in the nation over the past year. Roger Lee, executive director of Economic Development for Central Oregon, has little sympathy. “The reset had to happen,” he says. “Prices were too high.”
Even the mighty Jeld-Wen, Oregon’s largest privately held company, is hurting. A major player in the resort industry, the company has developed three destination resorts in Oregon: Eagle Crest near Redmond, Brasada Ranch in Powell Butte and Running Y Ranch in Klamath Falls.
If Chris Pippin is a youthful player in the resort game, Jeld-Wen’s Jerry Andres is the old dog who has been around for decades developing properties for a behemoth company. Andres is not shy about ticking off the problems facing his firm’s Oregon resort properties: “We’ve cut services, we’re not growing. We’ve had layoffs and things are not over yet.” He says that Eagle Crest is about 65% built out, but at Brasada, “we’re selling for less than what we have in it.”
Friday, May 08, 2015
BY CHRIS NOBLE | PHOTOS BY JASON E. KAPLAN
Hagfish may not have evolved much over the last 300 million years, but their protein-heavy slime promises advances in super-materials.
Friday, April 24, 2015
BY CHRIS HIGGINS
As digital security breaches skyrocket, a cybersleuth everyman takes center stage.
Wednesday, May 20, 2015
BY KIM MOORE | RESEARCH EDITOR
An earthquake would completely destroy many Oregon businesses, highlighting the urgent need for the private and public sectors to collaborate on shoring up disaster preparedness, said panelists at an Oregon Business breakfast summit today.
Thursday, April 23, 2015
BY JASON NORRIS | GUEST BLOGGER
There are winners and losers with a strengthening U.S. dollar.
Thursday, April 30, 2015
BY LINDA BAKER | EDITOR
Earlier this week we posted an article from our May issue: It’s a Man's Man’s Man’s World. The story covered the gender divide in tech from the perspective of male workers. Twitter didn’t like it.
Wednesday, May 27, 2015
PHOTOS BY JASON E. KAPLAN
Oregon Business celebrated the 100 Best Green Workplaces with an awards luncheon yesterday at the Nines Hotel in downtown Portland.
Monday, April 27, 2015
BY AMY MILSHTEIN
Companies can benefit when they use software to meet staffing requirements and address employees' family and life commitments.
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Tonkon Torp helps seed sustainability at Gunderson.
Oregon-based Environments helps companies create inspired workspaces. “Simply put, we help companies future-proof their workspaces,” says Chris Corrado, president. Since 1988,Environments has witnessed firsthand the changing landscape of business. Native Portlander and Environments founder Corrado says, “We help our clients navigate the complex realities of the workplace today and plan for their future in a very mindful, strategic way. We think of ourselves as their partners in the process.”
One hundred years ago, the Willamette River might easily have been mistaken for a sewer. Unchecked industrial activity and decades of pollution made it unrecognizable compared to the clean river that now flows north for 187 miles from Eugene through the center of Portland.
Sussman Shank LLP served as lead counsel for both the sale of 9 assisted living, memory care, and independent living campuses in Washington, Oregon, and California to a publicly-traded REIT, and the acquisition of 11 single-tenant net lease properties. This transaction was unique because it included both the sale of licensed senior housing facilities and a complicated 1031 tax deferred exchange transaction.
The Oregon Entrepreneurs Network (OEN) will be presenting its third annual Entrepreneurial Summit on Friday, June 5 at Castaway in Portland, Oregon.
On June 13th Mayor Charlie Hales will attend nonprofit organization Dream Change’s inaugural Love Summit and will introduce one of its keynote speakers, Dan Wieden of Wieden+Kennedy advertising agency.