The harshening of conditions in the Luxury real estate market has prompted one real estate agent to get off her tush and try doing something about dropping interest in million dollar plus homes in Oregon

Photo Credit - Anthony Dimaano/ The Bulletin

Faced with falling interest in some of the million dollar properties listed, realtor Sophie Bielefeld invited local agents who specialize in houses priced at over a million dollars to join her “luxury property network.”

The group meets once a month to discuss ways of creating interest in their listings, and although no sales have resulted from the network just yet, Ms. Bielefeld, who is also a property developer seems hopeful. “The Bend Bulletin,” a central-Oregon-based online newspaper reports:

The number of luxury homes or properties worth $1 million or more has increased in Central Oregon in the past decade due to rising property values, rising construction costs and demand from new residents and second-home owners, Bielefeld said.

It’s not just sprawling homes or 10-acre properties with spectacular mountain views that are rising in value, however. Bielefeld said the cost of land in some areas has risen so much that even large homes without luxury upgrades may reach $1 million in valuation by the time construction concludes.

Bielefeld said there are approximately 165 properties on the Central Oregon Multiple Listing Service for homes, or homes with acreage, worth $1 million or more. Sales of those homes jumped in 2004 during the housing boom and reached a high of 95 last year, according to the Central Oregon Association of Realtors.

According to a report published by the Bratton Appraisal Group, based in Bend, there are currently 104 single family homes priced at more than $1 million in Bend. Based on sales over the previous year, this equates to a thirty month supply. Six months’ supply is considered normal.

The Luxury Property Network has a blog here. It’s just a pity they are not based in Arkansas. The Luxury property in Arkansas domain name is still available.