With all the new business openings and closings and mergings we’ve reported as of late, add Talisman Club as shuttering at the end of January. The downtown Corvallis jewelry store is located at 311 SW Madison Ave.
Also, these last few weeks have seen several reversals of fortune at NuScale Power. But, the problems started earlier when Inflation and higher interest rates derailed a longtime planned six-reactor project in Utah last year – and that news, in turn, spurred a group of investors to sue the company.
Earlier this month, NuScale announced it would lay off 154 employees, mainly in research, which does not bode well for staff at their Corvallis facility.
NuScale President and CEO John Hopkins said: “Our US Nuclear Regulatory-approved, industry-leading SMR technology is already many years ahead of the competition. Today, commercialization of our SMR technology is our key objective, which includes near-term deployment and manufacturing.”
A release from NuScale elaborated that the company is “taking steps to transition from R&D to commercialization and aims to focus resources in key strategic areas as part of its growth and to strengthen its position going forward”.
Do You Need a Dam Career: Oregon State University is hosting a number of jobs events these next few weeks – think everything from legal careers to civil engineering, and a bunch of career and job hunt skills workshops too. Great for students, future students, and alums. Click here for their schedule, and to learn more.
Before Local Housing, a Note on Lending: The real estate market in the mid-valley took a breather over the holiday season. Interest rates hit their peak at over 8% just before Thanksgiving. Positive news from the Federal Reserve influenced a reduction in rates that dropped into the mid 6’s for well qualified buyers about a month later, and are now holding steady as we move into the new year.
FHA and VA present a little lower rate when compared with conventional financing, although they may have more upfront fees.
According to Samantha Alley of ReMax/Integrity, “The effect of this reduction has a been a stirring of buyers who have been sitting on the sidelines for months. Well presented and competitively priced properties are seeing a steady bump in showings that is resulting in offers that are at or slightly above full price.”
What Mid-Valley Housing Did Last Quarter: Over the last quarter of 2023, the real estate markets in Corvallis, Albany, and Lebanon have exhibited distinctive patterns, supported by key statistics.
Albany became a particularly tight market, which is evidenced by a mere 1.90 months of total inventory. Alley said, “This distribution among active listings, properties under contract or pending, and those sold in Q4 underscores the competitiveness and speed of transactions, favoring sellers who can capitalize on the limited available properties by properly preparing and pricing to the market.”
Meanwhile, Corvallis presents a slightly more balanced scenario with total months of inventory at 2.02. Of our local market, Alley says, “The interplay between active listings, under contract or pending properties, and sales during Q4 indicates a real estate environment that provides opportunities for both buyers and sellers. The market leans toward seller advantage, but with a touch of equilibrium, creating a landscape where real estate transactions can occur with a degree of flexibility.”
Yes, you read that right, the Albany market – at least during Q4 of last year – became even tighter than the Corvallis market.
Meanwhile, in Lebanon, the real estate dynamics reveal total months of inventory at 2.82, suggesting a market that leans more towards buyers. Alley said, “This higher inventory level provides potential homebuyers in Lebanon with a more extensive range of choices and potentially stronger negotiation positions. Sellers, however, should strategize to position their properties effectively in a slightly more competitive market.”
As we move into Q1 and Q2 of 2024 the expectation is that interest rates will hold or reduce a little further, creating more demand on a market that has limited inventory. If this happens, it is predicted that we will see a return of a more competitive market for buyers, although it is not expected that we will see the frenzy that existed in 2021 unless there is another substantial drop in interest rates.
Median sale prices over last quarter were $552,500 in Corvallis, $431,000 in Albany, and $370,000 in Lebanon.
People on the Move: The Arts Center has hired Jill Myer as their new Development Coordinator. She earned her BFA from the University of Montana and was an AAP Residence Artist in 2020. The Arts Center says she comes with firsthand knowledge of how vital their mission is to the artists they work with, and the wider community.
Over at the Corvallis School District, Lauren Wolfe has been hired as finance director, effective December 20, 2023. Wolfe has worked as the business services manager for the Corvallis School District since 2021. Before that, she worked as the business manager for the Monroe School District.
Also at Corvallis Public Schools, Kim Patten has been hired as the operations director, effective December 20, 2023. Ms. Patten has worked for the Corvallis School District since 1998 as the facilities office manager, bond project coordinator, maintenance supervisor, and most recently, the facilities and transportation director.
Patten will oversee the district’s food and nutrition services department in her new role. She will also maintain oversight of district facilities, transportation, and custodial departments.
And Now, Your Business Events Calendar…
Start Your Business in Six Weeks: This Small Business Development Center class is for folks preparing to start their own business. It’s a six-part part class that takes you through all the essentials of starting your business – from identifying your ideal customer and target market, to pricing your product and understanding startup finances, to developing your sales and marketing plan. Through classes and individual coaching, you will create a solid foundation on which to launch your business to the next level.
$349, but scholarships are available. Offered by Zoom. Starts Tuesday, Jan 23, runs from 6:30 to 7:50 pm. Click here to learn more and register.
Business After Hours: This Corvallis Chamber event is back after the holidays – and it’s conveniently located at their office for this month. Space is limited, so click here to register by Jan. 24. There’s snacks and beverages! Starts at 5:30 pm, Thursday, Jan. 25, at 420 NW 2nd, in Corvallis.
Ladies Network and Mixer: An evening of networking and mingling with like-minded women. This in-person event is the perfect opportunity to connect, share ideas, and build meaningful relationships in a relaxed and welcoming atmosphere. 5:30 to 7 pm, Monday, Jan. 29, tickets are $12, but you do get a $12 drink credit. This event is at 4 Spirits in South Corvallis. Click here to register.
Corvallis Young Pros: This month’s evening get-together will be art filled – and it’s a great opportunity to meet people. 5 to 7 pm, Tuesday, Jan. 30 at The Arts Center, 700 SW Madison Av., Corvallis
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