NEW HOMESITES MARK SIGNIFICANT MILESTONE
As further indication that the demand for residential housing continues to escalate in Central Oregon, Brasada Ranch, a residential resort community located just outside Bend, recently received approvals and began improvement work on the new Hat Rock Homesites. Named for the distinct geological formation above on the Powell Buttes, the Hat Rock Homesites are perched at the top of the property, at the base of the buttes, and feature panoramic views of nine Cascade peaks from Mt. Bachelor to Mt. Hood. The 42 homesites will be some of the largest in Brasada Ranch (up to 1.3 acres) and represent the final phase of Brasada Ranch’s original master plan, approved in 2005. The first sixteen homesites will be available for sale mid-Summer 2014.
“We’ve come a long way since The Barn, our original real estate sales office, was the only structure on the property in 2005, and the release of the Hat Rock Homesites serves as a major milestone in our history,” said Brent McLean, Vice-President of Sales and Marketing for Northview Hotel Group, the operators of Brasada Ranch. “Every developer dreams of completing their master plan, though not all have the opportunity to do so. Given such a wonderful site, amenities, owners and team, our dreams are becoming reality.”
One of Brasada Ranch’s taglines is “Panoramic Living,” and for good reason. Terracing up the Powell Buttes, residents and guest alike enter the property at 3,200’, with the property topping out at 3,650’, creating a natural amphitheater that overlooks the high desert and towering Cascade Mountains to the west. The first 16 Hat Rock Homesites will range in size from 0.67 acres to 1.13 acres and be available for sale mid-summer 2014. Prices have not yet been finalized, though it is expected they will start from the mid $100s, making them extremely competitive compared to other premier residential and resort communities in Central Oregon.
As members of the Club at Brasada Ranch, homesite owners receive exclusive access to numerous Club events throughout the year, as well as the 17,000 square foot athletic Center, 18-hole Brasada Canyons championship golf course, Brasada Equestrian Center, Member’s Dining Room, and more than 900-acres of open space.
Brasada Ranch was purchased by Oregon Resort Acquisition Partners from JELD-WEN in November 2010. Since then, the new owners have invested over $10 million into the resort community, including new overnight cabins and suites, restaurants, and a spa, as well as extensive service and programming enhancements at the athletic center and golf course. In total, Brasada Ranch is entitled for 750 single family residences and 300 overnight “keys.” To date, 359 of the 750 homesites have been sold and 20 homes are expected to be completed by the end of the year, bringing the total number of custom homes on property to 71, in addition to 88 individually owned cabins.
The buyers of Brasada Ranch real estate mirror those that choose to travel to the area, with Portland, Eugene and Salem residents representing upwards of 70 percent of the purchase activity, followed by Northern California and Washington (roughly 15 percent respectively). The reasons for purchase vary considerably; 50 percent of the current homeowners reside on-property year-round and 50 percent reside on-property part of the year.
“When we purchased the property the end of 2010, we knew the real estate market would remain soft for a few years so we focused our efforts on building the resort brand and driving overnight visitation, which is up more than 500 percent,” said McLean. “It comes as no surprise that our guests have become our primary source of real estate sales. Now that the real estate market is thriving again, with 60 homesites and 15 homes sold in 2013 alone, and with a significant increase in home building activity, we are very happy to be able to provide equal focus to real estate and Club development starting with the spectacular Hat Rock Homesites.”
All of the companies associated with the improvement of the Hat Rock Homesites are based locally, including Taylor NW, WH Pacific, Resort Resources, Central Oregon Electric, Cascade Natural Gas, and Avion Water.