Property value escalates
- Holly M. Gill
- Madras Pioneer - News
> The property which is destined to become Metolius' first new subdivision in decades -- Roy Heart Estates -- is a prime example of the rapid increase in value Jefferson County has seen over the past year.
Located north of Dover Lane, on the east side of Metolius, the property was purchased by the city of Metolius in 1974, for $9,100. The city built its sewer treatment plant on the land the following year, and operated the plant there until a new plant was up and running west of Highway 361 in July of 2003.
"A couple years ago, we reclaimed it, removed the sewer sludge, worked the land and recompacted it," said Nels Hansen, longtime city councilor.
Once the property was cleaned up, the city put it up for sale, and sold it on Sept. 20, 2005, for $385,000, to Lance and Valerie Loy, and John and Cindy York, of Redmond, doing business as Met-Ly Investments LLC.
Less than six months later, Met-Ly Investments sold the property to Metolius Land Development LLC, owned by Mark Pacheco of Bend, for almost four times what they paid for it. Met-Ly sold the 12.5-acre parcel for $1.5 million on March 15.
Hansen wasn't too disappointed by the city's loss. "At the time we put it on the market, the market wasn't that hot," he said.
Bill Bellamy, the agent of record for Metolius, said the price increase reflects what has happened to land values over the past year.
"When I listed the property for $35,000 an acre, that was the going price," he said, noting that it was at the upper end of the market range. "I didn't think they'd get it."