Archive for the ‘Idaho City Real Estate’ Category

Wilderness Ranch 2014 Report and 2015 Forecast

January 29, 2015

stats2015coverThe Annual review of Real Estate sales in Wilderness Ranch and East Boise County for the 2014 year and the 2015 Forecast.

By: Paul Heim & Darcelle Sander of The New View Team at Silvercreek Realty Group

News and Headlines: Boise has made the top ten for best places to live in many polls, forums and magazines over the years and this year Boise wasn’t left out. Time rated Boise #1 out of Nine cities. The criteria for cities to make the list included a thriving economy, a booming cultural scene, quality health care, and a growing university.

You can also download this report directly here.

Year at a Glance: The first two quarters of the year had a lot of momentum but things across the valley seemed to go into a small lull late July through early November. Value increases in the Treasure Valley spiked the first half of the year then we saw some decline in prices the second half, but overall finished about 2013 values.

Oddly enough, just following the midterm elections the market picked up considerable speed and Nov and Dec finished pretty strong. In fact most Agents and Title Companies said it was one of the busiest Decembers they had seen. Low gas prices and a drop in interest rates may contribute to a strong spring.

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East Boise County Statistics
report02•    There were 74 home sales in 2014 out of 136 listings.  Close to a 50% absorption rate and on par with 2013
•    Of which 4 were Short Sales
•    13 of the homes sold were Foreclosed Home sales (distressed)
•    13 Current Pending Sales as of Jan 8th 2015
•    Highest priced sale $479,000 in Osprey and lowest priced $30,000  with 204 sq ft
•    Currently 40 active listings as of this report
•    Average Days on Market (DOM) 100 days
•    Average list price to actual sale price was only 5% difference

We were privileged to be a party to 8 of the sales transactions in Wilderness Ranch in 2014 and we have two current pending sales from 2014 slated to close mid Jan 2015.

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Wilderness Ranch Statistics
•    There were 14 Home Sales out of a Total of 23 Listings.  Counting pending sales that is an 80% absorption rate.
•    Zero Short Sales.
•    4 of the homes sold were Foreclosed (distressed).
•    4 Current Pending Sales as of Jan 8th 2015.
•    Highest Priced sale was $309,900 and lowest priced sale was $100,000 (bank owned).
•    Average non distressed home value was $236,356 .
•    With a average price per square foot of $118.36.
•    Average list price to sale was 4%.
•    Currently there are 5 active home listings.
•    Average DOM, 98 days.

2015 Forecast:

report1•    What a year 2014 was, a bit of a roller coaster at times it seemed.   Overall growth in values in the Treasure Valley increased from 5 to 7% on average depending on location.  The biggest gift of the year was the falling gas prices.  How and when this will this affect the economy and Real Estate is yet to be seen.

•    Sustained lower interest rates will hopefully make for a solid Spring.  However the low interest rates can’t last forever, sooner or later they will start to climb.

•    Boise has seen a lot of commercial growth in expectation of its influx of population.  This will continue to help the Boise area market.

•    Expect New Construction to pick up this year as the price gap between existing homes and new homes narrow.

There is much rumor that HUD, Fannie and Freddy may loosen some on lending standards and qualifications this year.   

•    They are also lowering PMI fees (Post Mortgage Insurance) from 1.35 to .85 as it was a very high cost on FHA loans.  This may increase the median sales price as more people will be able to qualify for a slightly higher priced home. However here is hopping they don’t let lending become too loose again.  But it is the government so I guess we can trust them right?  As an example: on a 200k loan that would be equivalent to a monthly savings on your mortgage of $83.00.

•    There may be attempts (as rumor goes) to try to repeal or amend all/or parts of the Frank Dodd Act.  If that does occur then only time will tell how that will ripple over to the housing market.  It could create a slightly more speculative real estate market which could be a blessing or a curse depending on your situation.

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General News and Local Economic Forecast:  
We saw some long time residents move on this year like Tim & Fran Schaaf, Rich and Kari Doran, Steve and Karen Byrne, Tracy and Kevin Hocevar and they will be missed.   But we also received a number of new residents that will add to the overall community and become new friends and neighbors.

Late in the Spring we will be scheduling/planning a welcoming party for new residents.  Everyone will be invited to attend.  This will allow you a chance to get to meet them and them you.  Stay tuned for details!

If you ever have any questions or care to know where your value is currently, please always feel free to contact us anytime.  Always happy to help!

To stay up to speed remember to visit www.WildernessRanchHomes.com and for Boise County in general visit www.BoiseCountyHomes.com and if you get a chance stop in and please give us a like on facebook www.facebook.com/WildernessRanchHomes .

 

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2012 Wilderness Ranch Idaho Annual Real Estate Sales Report

February 4, 2013

NewViewFBLogo                                                                     

Our Annual Review of Real Estate sales in Wilderness Ranch for 2012 and your 2013 forecast.

By: Paul Heim & The New View Team

Wow what a year!  While I had forecasted in last year’s report that we had passed the bell curve and would see an increase in market values for 2012, the market surpassed what anyone had expected or predicted.  We saw an unprecedented turn around in the Treasure Valley real estate market.  Overall values increased anywhere from 10% to 15%. These gains were primarily in homes under $350,000 but higher priced homes benefited also.

What were the causes and effects?  What we witnessed was a market correction.  It showed that homes had become undervalued.  I like to use the Circuit City analogy.  ‘Best Buy won the war’, … however I would bet Circuit City had way more customers the last four months they were open during  their  ‘Going Out of Business Sale’.  Best Buy had no way to compete with their prices those last months, but after their biggest competitor was finally gone, they knew they would see a spike in their growth and profit.

Likewise, as the banks ‘Going Out of Business Sales’ (foreclosed homes) were nearing a completion, the average seller was not able to compete with these prices.  We then entered a period of contraction.  This simply means we had more buyers than available listed properties.  Supply and demand rules ensued.

With the low inventory of listings on the market, we often dealt with multiple bids in the Valley when homes were priced competitively.  But how did Boise County and Wilderness Ranch fair in comparison? 

In 2012 East Boise County finally crossed an important barrier.  For 18 months we had no sales over $230,000 and that was causing difficulty in appraisals.  Not that the value wasn’t there in higher priced homes, just that appraisers couldn’t validate them for the lenders and the lenders need the appraisals to issue the loans.   The New View Team was able to complete two high-end sales (Boise County, but not in WR) very early spring, (cash deals) that helped remove that barrier and set precedence for every other sale and refinance that occurred moving forward in 2012.

Boise County tends to lag behind the Boise Valley (Ada County) by six to twelve months typically.   The Boise Valley saw a noticeable turn in the market starting the fourth quarter of 2011 so we anticipated it to carry over to Boise County by spring, but as summer set in it happened better than anyone had expected.  No complaints here!

Here are some graphs to illustrate key trends in the Boise Valley and East Boise County Real Estate Markets

Idaho Mountain Real Estate Stats

Homes in Idaho

How home sales compared in Boise County Idaho and Wilderness Ranch 2003 through 2012

2013 Forecast:

Boise is still seeing a contraction as developers try to re-group and get approval on new parcels through the hoops of planning and zoning for building.

I expect to see more homeowners (who were previously tight on the current value vs. what they owe) attempt to list in 2013, now that values have increased.  Nationally, home prices are predicted to increase 1% to 3%, but I predict Treasure Valley real estate increases to be somewhere between 3% to 5% conservatively.

In part, this projected increase will be due to a rebound in land values, which affects ‘over all’ home values.

Boise County, I believe, will see the START of a land recovery in Spring of 2013.  Whether it will do as good as housing did in 2012 is yet to be seen.  If you are looking to invest, then NOW may be a good opportunity to consider land, prior to a potential rebound.

I would suspect we will see more building and new construction homes taking place in Boise County in 2013.

There are some other exciting things happening in Boise County potentially for 2013 and we will keep you updated with them as the year progresses.  Some highlights are:

–          The opening of the Hot Springs in Idaho City which will help this end of the county economically.

–          Dr Matt Nelson’s new Family Practice office, which will be located directly across from the old Rock’s Lodge.

If you have any real estate related questions, please feel free to call or email us anytime, or visit our website!  We would love to hear from you.

Paul Heim & the New View Team

(208) 344-5700 – office

(208) 794-8175 – Paul Mobile

http://www.NewViewRE.com

Wilderness Ranch 2011 Annual Real Estate Report

February 1, 2012

Annual review of real estate sales in Wilderness Ranch for 2011 and forecast for 2012.

The city of Boise and the Treasure Valley area was a mixed bag.  We actually saw a price increase of about 3% in homes under $150,000 mostly due to low interest rates, affordability and bank owned opportunities.  Many were multiple bid situations.  East Boise County always seems to lag the Valley in the curve.

So how did Wilderness Ranch fair for 2011 in the real estate market.  Sales and values were below average but considering the market and economic climate there were some pros and cons.

For starters in 2011 there were no sales in all of East Boise County over $230,000 which was extremely uncommon. I expect that trend to break this spring.

We had a total of 14 sales in Wilderness Ranch and two in Hidden Bowl, our close neighbors.  Of which I was party to 11 of the transactions in Wilderness Ranch, four of which were land sales.   I also moved two homes in Hidden Bowl off Daggett Creek.  Land sales were dismal as most people were taking advantage of  the competitive pre-owned homes market.

There were a total of 22 Home listings in WR for 2011 with 10 home sales; that makes a 45% absorption rate from list to sale which is phenomenal when compared to the rest of E. Boise County.  Our number of home listings were pretty average and much lower than the last three years as we have sold a lot of the excess inventory that was held over from the 2008 and 2009 market.

East Boise County in all had 134 Home listings (not including WR) and 43 Home sales; which was basically a 32% absorption rate.  So WR has consecutively outsold the County in general year over year. Proving that WR is a good place to buy with.

I currently have four homes pending sale in WR, two are short sale and two are non distressed.

Now for the nitty-gritty of it;  Of those WR sales there were seven that were distressed property; i.e. bank owned and/or short sale.  However I expect to see less distressed property in 2012 which I will cover in our forecast.

To summarize;

  • 22 Homes listed in all
  • 10 home sales
  • 4 land sales
  • 45% Absorption rate on homes sales (odds of your home selling) which was above the 2010 average.
  • Average Days on market was 85,
  • Average list price was $152,
  • Average sold price was $137,74
  • Average price per sq foot was $71.71
  • Highest price per square foot was $100 per sq foot
  • Lowest sales price per square foot was $41 per sq ft.
  • There are 2 non distressed pending sales
  • There are 2 short sale pending sales

The overall average was skewed by a few smaller lower quality and bank owned properties, but I would determine the average value of a well cared for home in WR at around $85 to $103 per sq foot depending on quality of finish, views, acreage and other amenities.

So how did we compare to the rest of  East Boise County?  There were 59 home and land Sales in total (not including WR), of which we had;

  • 134 Homes listed in all (not including WR)
  • 43  Home Sales
  • 16 land sales
  • 32% absorption rate for home sales
  • 98 Average days on market
  • $111,457 Average list price
  • $103,802 Average sold price
  • $57.64 Average price per sq ft

2012 REAL ESTATE FORECAST;

The Federal Reserve has alluded that it will maintain its current interest rates through 2012.  Which I had anticipated since they want everyone focused on the elections.

As we all know we’re not out of the woods yet; but barring any unforeseen economic crises (holds breath) I do believe we are past the bell curve on the foreclosure market. We will yet see many more homes complete the foreclosure process and banks still have a back flow to list.  However as the year progresses we should start to see a gradual decline.  I suspect another 18 months before this market really becomes a part of our past.

I don’t foresee too much activity in land sales for 2012, though it more than likely will be an improvement over the last two years.

My anticipation is we will see a few more home listings this year than last year and as long as pricing is right and interest rates stay low, my goal is to increase our absorption rates by at least 10%.  If you have not had a chance please visit http://www.wildernessranchhomes.com and if your on Facebook send us a like and feel free to post a comment or a picture.

I look forward to assisting each one of you.  please feel free to call or write if you have a question.  Always glad to help.  You may email me at buyboise@gmail.com or phone me at 208 794-8175 Mobile or 208 344-5700 Office

Sincerely,

Paul Heim

New View team

http://www.paulsidahohomes.com

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Tips on Adding a Family Room Addition to your House

August 24, 2009
By: Nazim Nice
As families expand, so do their spatial needs. Suddenly a house that seemed adequately sized for two or three may feel tight when the family increases in size. If a home already has enough bedrooms, a family room addition is often a useful addition to increase the amount of space in a home and increase the functionality.

Where an addition is placed on a house will vary depending on the layout of the home and actual site conditions. If there is space on the site that allows for a family room addition on the main level, I often look for a location near the kitchen. If there is no space on the site, we’ll either look at a location such as in an unfinished basement, or consider adding onto a second story. One recent trend is locating a family space adjacent to bedrooms, especially if the space is located adjacent to kid’s bedrooms. This family room space often becomes the kid’s ‘hang out space’.

Often a family room plays many roles, so it’s important to design the room to allow for the functions you need. Here are some things to consider:

1. While it’s a luxury to have a separate media room, often the space or funds are not available. Consider designing the family room to accommodate movie night by incorporating room darkening black-out shades and the necessary electronic equipment and speakers.

2. If you often need a place for extra guests to sleep, a family room can be converted easily to a sleeping area if you incorporate the right furniture pieces. A sleeper sofa can comfortably sleep two. If additional sleeping space, or individual beds are desired for activities like kid’s sleepovers, then look for furniture such as ottomans and chairs that fold out to single beds. If you have the space, you may also be able to incorporate a day bed. For additional sleeping, look for a day bed with a trundle below.

3. One of the complaints we frequently hear about homes is that the dining room is too small for big family dinners. But when asked how often people entertain large groups, it is usually once or twice a year. A family room addition can help solve this problem if space is designed in for a large table.

4. A oversized table is also useful in a family room because inevitably kids will end up doing their homework where the family gathers. A large table is a perfect multipurpose addition to the family room. To save space, it can even be placed with an end against a wall, and pulled out when additional seating is needed.

Once you’ve identified all the necessary functions that the new family room needs to accommodate, you’ll want to start thinking about details such as fireplaces, the TVlocation, and furniture layouts. The primary issue with incorporating a fireplace in a family room is that it competes for the same space as the TV. There are many ways to solve this problem, with the obvious one being placing the television above the fireplace. Be careful with this solution, though, as it can lead to an uncomfortably high viewing angle. Often incorporating a television that is adjacent to the fireplace, or arranging a seating group that is at right angles where one side faces a television and the other side faces a fireplace can solve this issue.

When possible we like to expand the family room addition to the outside by adding French doors or sliding doors. A deck or patio outside a family room can help make a smaller space feel larger, and in warmer weather the space can open up to the outside.

A well designed family room can serve many purposes if well thought through in the planning stages. This often means thinking ahead and planning the type of furniture, the size and location of the television, and the location of the fireplace. But once you determine all the pieces of the puzzle, they can be assembled into an artful solution that integrates into the existing house and provides a new space that will serve your family well for many years in the future.

The author invites you to visit:
http://www.motion-space.com

Your Boise Realtor

Boise County Homes- Living the Idaho Dream

January 23, 2009

Click Here - Boise Home Search

Click Here - Boise Home Search

by: Paul Heim

 

Do you dream of a Home in the Mountains, living amongst the trees, surrounded by the wonders of nature. All too often such locations are too remote for year around living. Look no farther, the Boise County area is a short drive to the city of Boise Idaho & offers the best of both worlds. Where as an everyday occurrence, the beauty of nature is right in your backyard.  Boise County Homes offers a number of Subdivisions and communities to choose from.  Some premier Subdivisions are Wilderness Ranch, Duquette Pines, Osprey Meadows, Elk Run, Elk Meadows, Timber Mountain & Robie Creek.  Some of the communities are idaho City, Placerville, Centerville, & Clear Creek.  Please contact Paul Heim for Boise County Home Information 208 344-5700.

Boise County sports a variety of recreational activities and wildlife to enjoy such as but not limited to;

 

Geography 

Boise County, Idaho consists of approximately 1,908 square miles, with elevations ranging from 2,700 feet to over 10,800 feet above mean sea level (amsl). The mountainous terrain of Boise County includes the Boise River Mountains, the southern end of the Salmon River Mountains, and part of the Sawtooth Mountains. Federal or State managed lands constitute approximately 84% of the County and border much of the remaining 16% land base that is privately owned. Counties that border Boise County include Ada County, Gem County, Elmore
County, Valley County.
If you would like to know more details and demographics for Boise County please CLICK HERE

If you would like more information regarding Boise County Homes & Property contact Paul Heim today (208) 344-5700 or visit http://www.paulsidahohomes.com

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Discover Boise Idaho Real Estate

January 23, 2009
Click Here - Boise Home Search

Click Here - Boise Home Search

Assisting individuals discover the benefits of Idaho Living.  If you would like to discover what Boise Homes have to offer,  visit http://www.paulsidahohomes.com for Boise MLS Home searches and area information.  Covering the entire Treasure Valley AreaContact Paul Heim today for more information 208 344-5700 buyboise@gmail.com

Idaho is an amazing State. If all the lower 48 states were ironed out flat, Idaho would be the largest; its rugged terrain with towering cliff sides, pine-forested peaks and deep canyons make Idaho’s natural scenery one of the wildest and striking in the U.S. The southern half of the state is much lower in elevation compared to the north. The Snake River forms the western border with part of Washington and Oregon before turning into the state and bisecting the southern half, meandering through the fertile Snake River Plain in the eastern part of the state. The Bitterroot Range serves as a natural border with Montana, and further east, the Clearwater and Salmon River mountains extend for miles into the some of the most isolated regions in America.  If you would like more information regarding Idaho please visit http://www.statemaster.com/state/ID-idaho

For images of Idaho’s majestic features please visit the Photo Book of Idaho Images

Idaho is a life time worth of living,  Experience the difference. We’re committed to helping you find a home to place your heart. In Idaho HEIM = HOME

Paul Heim, Silvercreek Realty Group Call today 208 344-5700 or email me at buyboise@gmail.com


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