Author’s Note: This article was originally written in 2009 and market conditions have changed.
The Reserve at Gearhart is the newest development in Gearhart, Oregon and is also the largest. The development has more than 125 building sites, most about 10,000-12,000 square feet in size. Lots first became available for purchase in 2006, and have been discounted repeatedly since. The first (and some would argue the best) lots sold for over $400,000 in ’06, and the remaining lots have been slowly discounted to under $150,000 today. One advantage of building in the Reserve is the community sewer system, it eliminates the need for a separate septic system hooked to each home. There’s lots of open space and wildlife habitat in the Reserve neighborhood, and the local elk herd is frquently spotted in the area.
For most of 2008-2009 there was a surplus inventory of new homes available in The Reserve, as well as many lots. Several of the new homes were discounted heavily starting in the spring of 2009 and it had the intended result. Gearhart Homes LLC sold 4 new homes in a very short time, setting the trend for others in to follow: Discount, and they will come. Discounts of over $100,000 on homes was not uncommon, and the lone resale that I’m aware of recently sold for about half of the orginal 2006 purchase price. As the Gearhart real estate market begins to stabilize lot prices at the Reserve have done the same, flattening out at $80-100,000. The Reserve at Gearhart is finally coming into its own, new home starts have been steadily popping up for the last 6 months, including several custom builds.
The location is ideal with easy access to the highway and just walking distance to the ocean beaches. The community also includes a community center and a park complete with playground equipment, fire pit, gazebo and BBQ’s.
