Where are you going to be when the real estate bubble in the larger cities goes bust? Will you get out with your profits or will you go down with the ship?
A lot of people I talk to about the real estate price growth we've seen say, "If I sold, where would I put my profits?! Where could I buy another house for less?"
The easy answer is: Lots of places. (But you wouldn't want to live in most of them!) There are plenty of rural areas, especially here in the Pacific Northwest, that have relatively low prices, but it's usually because there aren't the job opportunities or amenities that exist in the more cosmopolitan cities.
What if you don't need a job? Say you live off your investments or have an online business or even a business that would benefit from being in a recreation-based economy, would that change your search criteria?
About 18 years ago I was seriously looking to move out of Eugene (OR) and find someplace with more sun during the many days that Eugene is socked in with fog. I wanted as much sun as I could get, but I didn't want to deal with cold and snow, like in Bend. So, I drove from the Coast (foggy in summer, very rainy in winter) to the crest of the Cascades and up and down the Willamette Valley. What I found was Oakridge, a depressed timber town about to lose its last lumber mill - but it and the surrounding forest was in a beautiful setting!
Oakridge has come a long way since 1989. It's got a growing reputation as a mountain biking haven, with the basic infrastructure needed to build mtn. biking, road biking, hiking, and kayaking into a major attraction.
But Oakridge is only beginning to catch on and there lies the opportunity for those who 1) enjoy cycling, whether on or off-road, 2) either don't need a job or have the skills and capital to start a business to capitalize on the opportunities here, or 3) have some housing profits they'd like to roll over into a cheap market that has some growth potential.
Be advised that Oakridge is not for everyone, but then, we don't have room for "everyone." This is a city of roughly 3700 people, with some outlying areas containing another 1300, and it's all surrounded by National Forest lands. It's a valley with 5 streams converging to form the Upper Willamette River. Being mostly Forest Service land, the forest is lush and green with lots of spectacular old growth and healthy second growth trees. It has an airport and a rail line and a major highway that allows scenic access to Central Oregon and northern California, as well as Eugene, home of the University of Oregon (45 minute drive to the West).
Oakridge can never grow too large because it's surrounded by a tight Urban Growth Boundary and the USFS lands. This presents an opportunity for those pioneers who stake a claim here, because when the already-tight real estate market is discovered by the many recreationists who will eventually move here, prices can only go up.
If you want to see some local properties, go to www.OakridgeCascade.com . There are still some riverfront lots available and other buildable view locations, if you want to build to spec. There are lots of commercial highway frontage opportunities, too. I know of one or more that aren't listed yet.
The Oakridge City Council has become pretty friendly to the growing number of mtn. bikers here. The Chamber of Commerce Exec is a mtn. biker and event promoter. There is a well-maintained local ski area just 30 miles up the mountain at Willamette Pass. The town has a nice new outdoor amphitheater in a fine tree-shaded park by the river, with singletrack trails leading off in all directions.
A new event that might give you a taste of the area's fantastic trail riding opportunities is the www.MtBikeOregon.com Some great pix of the area on their Web site, too.
If you wait too long, I predict two things are going to happen:
#1) The real estate bubble will burst due to increasing interest rates and
overextended buyers, making it hard for you to find a buyer for
your present home (and walk away with big profits)
#2) Oakridge will continue to gel into a very attractive place to live and
enjoy a variety of outdoor recreation - and it will no longer be such
a bargain.
For the right person or family, this is a great opportunity to live in a beautiful place (with 300+ miles of local singletrack), help shape the growth and direction of the community, and watch your housing and other real estate investments grow in value.
It's worth checking out, don't you think?
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