I have been trying to find out who to speak with about some of the many vacant lots in the Stevenson area. I finally got a response from a person at the Royal Bank of Canada (RBC) which was a lender for failed CAM development. I spoke to a VP last year about the market value of some existing inventory in North Bonneville so I sent him an email last week and he actually got back to me with a name and contact information of another person that should be handling this area. I also received a phone call from a very helpful lady from RBC’s California office that is further assisting me in getting the information that I need to maybe move some product for them. The products they have are finished homes and home sites with home sites being now the majority of their holdings. Of course a bank like this will sell off the houses as fast as they can but will hold onto the home sites until the market recovers a little to say that dirt is cheaper to hold onto than houses. In addition they have the holding power to do this so the old adage that he who has all the gold makes all the rules stands true here! The home sites that RBC has in Stevenson are in a neighborhood called Hidden Ridge. It is a wonderfully developed community in my opinion but you have 40+/- lots all in one area in Stevenson. That means that it will take many years to absorb this neighborhood because of the lack of target buyer depth. Simply put not enough buyers in the price range to take down this many lots in any reasonable timeframe.

Unless these lots were drastically reduced in price so that you could sell a house on a lot for around $150k it will take quite sometime to move all the lots. Even at $150k in this economy you need to have 40 +/- people that can qualify for a loan that want to live in the same neighborhood in the Columbia River Gorge. That is a challenge for anyone at any price! I would like to however get the information so that we can sell some of them as there are interested parties and as I stated earlier it is a very nicely laid out neighborhood. So keep an eye out for an upcoming announcement for when these lots become available and get one for yourself!!!