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It's HOT! Investors escape to the cool, green Oregon Coast for climate safe STR's
Part of the reason I invested in the Oregon Coast in 2018 was I thought to myself, "In twenty years this is going to be a great escape."
My intuition served me well just two years later when the Pandemic hit, we fled LA to enjoy our 2020 summer and haven't really looked back since. Fast forward nearly six years and the rest of the world is catching up...or catching on fire?
This is not a political post, but I can guarantee the first comment is, "I don't pay attention to climate when investing." Well, then clearly you aren't paying attention at all..The world is changing (and warming) and the effects seem to be accelerating much faster than anyone has anticipated. I've got plenty of 'proof' because I've seen it with my own eyes. The water in the Intracoastal in South Florida is much higher at high tide than it was when I was a kid, the summers ARE hotter and the winters are shorter. Storms are stronger. The heat is problematic. Wildfire threat (especially for RE investment) is potentially catastrophic.
Unfortunately, there aren't any places completely isolated from climate effects. We might not live like it, but we are interdependent on our environment and nature. One region of the country with natural abundance that offers present and future sanctuary is the Oregon Coast. Often 10-20-30 degrees cooler than the inland Valley's the OR Coast is a remote but accessible refuge.
Here are some other factors and reasons the OR Coast makes a prime second home or vacation rental destination (for now and presumedly into the future!):
- Sparsely populated. Increasingly demanded. The largest city on the Coast, Coos Bay/North Bend combine for a population of less than 25k. There is a genuine housing shortage of all kinds on the coast, long term rentals included. The expansion of remote work and general affordability has driven an influx of young and retiring families to coastal communities. Coos Bay in particular was primarily a timber town and has had some difficult economic periods since it's hey day, but the downtown has grown up, there's yoga, a farmer's market and even a new Starbucks (which by the way you buy the brand new building they lease from!) lol..seriously though.
- Natural splendor and resources. If you had to live off the grid (or just at a slower pace) the OR Coast would be a challenging environment but one that also offers plentiful water, food and refuge.
- Warming weather. If there's a downside to the coast it's the erratic weather. It's cold, wet, windy and foggy at times. It's entertaining, but in the doldrums of winter it gets redundant. If there's a bright side..winters are getting less intense and summers have always been idyllic. They say it'll rain less and be more sunny on average in the decades to come..
- Low wildfire risk. On the very coast, generally wildfire risk is lower than inland for the aforementioned reasons. The marine fog layer and dampness keep trees fairly saturated. Wildfires do come down the southern river valleys as occurred in recent years in Gold Beach and Port Orford, but usually not all the way to the shoreline.
- Attainable Assets. Until the pandemic, the Oregon Coast was very off the radar and while market demand and valuations have steadily climbed, there is still relative value to be found. From oceanfront vacation rentals to multi family complexes to RV Parks, boutique hotels or storage and industrial facilities, Oregon real estate investment opportunities come in spades. In contrast to our neighbors north, south and east of the border valuations are still reasonable and returns rationale. If location is key, coastal property (high up out of the flood zone) especially if there will be less of it...should continue to command a premium.
- STR Permissions. For forward thinkers, funding a beach retreat can be the next logical action plan. One strategy for acquiring a coastal vacation property or future primary can be to secure and operate the property as a mid or short term rental to help sustain or offset the investment. Although most cities and counties have implemented STR rules or restrictions, in comparison to other regions active and licensable vacation rentals in Oregon are still very acquirable. In fact on average we consistently support a dozen or so coastal STR investors annually acquire and launch five star AirBnB's.
- Pacific Wonderland. Even if you won't invest in Oregon, you should visit for a recharge (I know of a few good AirBnB's!) You could play golf at one of the top public courses in the world, surf, fish world class waters, hike, dune buggy, or nothing at all. Either way it should be nice and cool on the coast.
Have you ever visited the Oregon Coast, what's your favorite beach? Mine is Battle Rock in Port Orford.. Is climate or the costs of owning a property in more 'risky' areas something you consider when investing?
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Real Estate Agent California (#02071578) and Oregon (#201231202)
- 541-800-0455
- https://anthonywong.fathomrealty.com/Oregon-coast-vacation-rentals
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