The Idaho Statesman reported on the most recent MLS data--home sales up, inventory high, etc. But there are a couple of really interesting paragraphs tucked into the article.

Boise economist John Church, who predicted two years ago that the exodus to Canyon County would reverse itself as gas prices continued upward, said the influx of new Ada County residents will mean renewed interest in Downtown living.

In 2006, over 36,000 residents worked in the greater downtown Boise area (see this). Imagine the positive impact on the environment, traffic flow and the housing market if even a tenth of those workers opted to live downtown somewhere...like in the newly completed Grand Avenue development adjacent to the Linen District (pictured above).

There is a brief mention of the impact of short sales on housing inventory. Our team alone currently has three short sales listed and we just closed on another. Yes, they're a lot of work but if they go through, they're worth avoiding forclosure for. (Visit http://www.boise-short-sales.com/ for answers about short sales.)

The bottom line is, there are a lot of external factors affecting the market. PLaying the guessing game before waiting to buy probably isn't wise. Interest rates are low now, but in an effort to help reduce the price of gas and prop up the dollard, the FED could raise rates any day.

Labels: Boise, Downtown Boise, Economy, Idaho, Idaho Statistics, Short Sales

Kiplinger.com named Boise #4 out of Ten Best Cities to Live, Work and Play.

Almost more interesting than their assesment of the city, is how they determined which ones made the list:

We relied on key numbers such as population growth, percentage of workforce in the creative class, income growth, median growth and cost of living to choose our Best Cities for 2008. But these are only a fraction of the factors we considered. We know that you're a well-educated bunch who appreciate economic opportunities and a high quality of life and put a premium on managing money responsibly -- so cost of living is a priority.

Here are some things they said about Boise that jumped out at us:

How do folks get any work done around here? The skiing, snowboarding, fishing, biking and kayaking in and around Boise are an almost irresistible temptation to desert your desk. Glance northward from the city's orderly downtown business and shopping district, and the majestic slopes of the Boise foothills beckon.

"The city has evolved into a magnet for the arts..." [s]ays Susan Thayer, who relocated four years ago from Albany, Ore., to run sales for Episciences, which makes Epionce skin products.

...the area also cradles smaller technology and e-commerce firms, which come to make the most of low business costs -- about a third less than in California or Washington.

Employers know they'll find a high proportion of college graduates here (37%, compared with the national average of 27%) and that new hires will find plenty of affordable housing.

The average work commute is 18 minutes.

You can watch their walking tour of Boise, but it is a huge disappointment. Their reporter apparently never left the downtown/North End Boise area. She even points to a couple of homes in that area to give you an idea of "Boise home prices!" A word to our out-of-town buyers: if you are looking at homes in the North End to help you determine home prices as a gauge to making a decision about relocating, you should know those are generally the most expensive houses per square foot in the whole city.

For more Boise kudos, read this post.

As part of the information we send to out-of-town buyers, we created a document called "Why You Should Move to Boise." Email us if you want a copy.

Labels: Art, Boise, Downtown Boise, Economy, Growth, Idaho, News, Quality of Life, Real Estate

The 2007 Cost versus Value report has been out, and we haven't linked to it! (If you were on our snail-mail list, you woulc have gotten it in March.) We've been remiss.

Here's the link for the full report.

What you can recoup for a remodeling project depends heavily upon the real estate market and prevailing property values. In a slower market expect to see less payback than you would in a “fast” market.

Also consider the neighborhood: if you remodel your house to twice the size of the other homes on the block, it’s unlikely you will be able to sell at double the price. To add to Leigh's post below, also consider home buyer trends (which are, in turn, influenced by externals like the economy).

Here's another 1-page article (PDF alert!) graphs what they call "the demand for smart growth." Consider: "The weight of evidence from survey research—combined with home-buying trends—suggests a fundamental shift in favor of compact living." Think twice before you build large.

Labels: Home Values, Real Estate, Real Estate Trends, Remodeling