Gearhart voters say no to the annexation of the Highlands and Palisades communities. No votes total 312 or 74.46%. Yes votes total 107 or 25.54%. Thje figures are from the final unofficial tally from the Clatsop County Elections Department. Mayor Kent Smith says the opposition was very well organized: “Their communications with the public were very persuasive.” The Highlands gated community favored annexation, but opponents including residents of the Palisades didn’t like the idea of a gated community. Opponents also say sentiment hadn’t changed since annexation was turned down about eight or nine years ago. Palisades residents were also concerned that the city might put a road or street in to connect both the Palisades and the Highlands. Mayor Smith says Gearhart only loses about $56,000 in tax revenue from the loss of the additional tax base. Only Gearhart voters voted ion the issue.

Related: City of Gearhart to annex the Highlands & Pacific Palisades?

Original Article Here: Gearhart voters reject annexation of Highlands and Palisades

Single Family Median Sales Price for Gearhart 2002-2009

In my last post I stated that 2009 wasn’t what I expected for the Gearhart, Oregon real estate market, and as the year comes to a close I still feel the same way. All though the number of units sold was up compared to 2008, the market didn’t feel much better overall in my opinion. There’s still about 2 weeks left in the year, and currently there’s two pending sales that will likely close before the year is out. With that in mind, here’s a few interesting things I found comparing this year (through today) with last year:

Gearhart Single Family Res. Properties 2009 YTD 2008

• Units Sold 33 27
• High Sale  $1,750,000 $1,800,000
• Low Sale  $155,000 $207,000
• Number Sold Under $500,000 26 15

Gearhart Residential Land/Lots 2009 YTD 2008

• Units Sold  5 18
• High Sale  $360,000 $885,000
• Low Sale  $80,000 $110,000

For your viewing pleasure I also added the chart showing median sales prices for Gearhart from 2002-present. The chart isn’t exact but does show the peak in late 2006 or early 2007 that resulted in a backup of inventory and the beginning of property value decline. The most interesting part of the graph to me was the relation between median sales prices from this year compared to 2005. My gut feeling has been that Gearhart has fallen back to about 2005 property values, but that was just a hunch without any specific research. We’re not quite there yet, and it’s hard to predict if we’ll get there. However, something to keep in mind going forward is we could get there which means a little further decline in values. On a side note I think it’s interesting that we did see a little activity in Pinehurst and The Rese

Original Article Here: 2009 Was A Mixed Bag For Gearhart Real Estate

Also, the new construction Reserve home at 503 Diamond Lane just had a price reduction to $494,000!

Original Article Here: Reserve info added, new price on custom home

Boundaries for the proposed annexation stretch from the equivalent of 13th Street north to near Del Rey Beach Road and will include the Highlands and Pacific Palisades subdivisions. The total area, west of U.S. Highway 101, is 129 acres and includes 153 property owners.

If the council approves the annexation Wednesday, it could become effective in November, said City Manager Dennis McNally.

McNally said the Gearhart City Council initiated the annexation a year ago by asking him to send annexation consent forms to the area’s property owners.

In return, the city received signed consent forms from 64 percent of the property owners, McNally said.

At least 50 percent of the property owners, 50 percent of the acreage and 50 percent of the area’s value must be represented on the consent forms to create a so-called “triple majority” that triggers an annexation. The City Council must also approve it.

Full Story Here

Original Article Here: City of Gearhart to annex the Highlands & Pacific Palisades?