Bend’s housing market crash has turned out to be an opportunity for several developers who have bought up more than 900 residential lots that were left undeveloped.
The Bulletin reports that an examination of Deschutes County deed records shows developers picked up the majority of the lots in two dozen subdivisions between 2009 and 2012.
In 18 of the subdivisions, the previous developer lost the properties to foreclosure after the housing market fizzled and collapsed in 2008.
The housing crash came after a frenzy of new subdivision building to accommodate a population boom in Central Oregon.
According to the city, 333 subdivisions were platted between 2000 and 2009, compared with the 136 that were platted in the 1990s.
Property values plummeted, sparking a flurry of new activity by developers.
Information from: The Bulletin, http://www.bendbulletin.com