September 2008

There are 9 blog entries for September 2008.

Are you looking for Boise Real Estate short sales? Below is the list of single family homes being offered as possible short sales as of 9/29/08. As you can see, most of the 183 homes being are under $200,000. To see more detail of the homes you have two options:

1) Copy the MLS # and paste it into my Boise Real Estate search.

2) Or, fill out my property request form and I will email you real estate that meets your exact specifications.

If you would like more information about the process of purchasing a short sale or are interested in learning about other real estate investment opportunities please contact me.

For the most current list of Boise Idaho Short Sales click here.

MLS # Area Ask Price Apx SqFt Built
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As of 9/29/08 there are 43 single family homes being offered as possible short sales in Eagle ID.  Below is the list of the available homes for sale sorted by price.   To find more detail on these properties just enter the mls number on my Boise MLS search.  If you would like to see these homes you can request showings.  For an up-to-date list of availble short sales and bank-owned property simply fill out a property request.

If you would like more information about short sales, reo's, or other investment property please contact me at 208-484-2560.

Get the most current list of Eagle ID Short Sales Click Here.

MLS # Ask Price Apx SqFt Year Built Acres Subdivision
98367418 $164,777 1545 1959 0.4 0 Not
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New Homes Hardwood Granite Front Load W/D Fireplace 3/2.5BA

The luxury Kenzie Cove Condominiums are now available in Boise.  You'll be amazed at the quality and luxury finishes offered at this price point!  Features include hand-scraped hardwood, slab granite countertops, full-tile backsplash, custom cabinets and even Toto commodes.

Unlike most condo developments, Kenzie Cove Condos are very private and only adjoin at one wall.  All models feature a main-level master bedroom, dual vanities in master bath, and ample walk-in closet space.  The West Boise location provides a convenient location to the mall, dining, and just a short distance to downtown.

1575 square foot homes for $189,000

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You may or may not be surprised to hear that 10% of the homes for sale in Ada County are being offered as short sales.  As of today, there were 4487 single family homes for sale and 469 were listed as a "Possible Short Sale."  While 10% is a large number, short sales are only accounting for 4% of home sales (within the Boise MLS).  In August, there were 472 sold homes in Ada County and only 19 of those were short sales.

The reason most of these homes never reach closing is because it's very hard to get a response, and approval from the lender.  Right now 89 short sales are "sale pending" waiting for that very thing.  It generally takes 3 to 6 months to get a short sale to closing.  Many deals fall apart during this process due to no response from the

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This sale data below is for single family homes in August 2008.

SE Meridian Home Sales Aug-08 Aug-07 % Change
Sold New Homes 18 8 225%
Average  Home Price  $  244,660    
Median  Home Price  $  221,209    
Sold Existing Homes 10 11 -10%
Average  Home Price  $  251,090    
Median  Home Price  $  240,000    
       
       
SW Meridian Home Sales Aug-08 Aug-07 % Change
Sold New Homes 0 0  
Average  Home Price  N/A   N/A   
Median  Home Price  N/A   N/A   
Sold Existing Homes 8 3 266%
Average  Home Price  $  394,709
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The Eagle Real Estate market is slower than other areas around Ada County.  Particularly, when looking at the ratio between the number of homes for sale vs. the number selling.   For existing homes, there's a 24 month supply of homes.  For new homes, there's a 20 month supply.

The hardest hit part of the Eagle Real Estate market are homes in the higher price ranges.  Just looking at homes over $500,000, there is a 44 month supply. For homes over $1,000,000, there is a 37 month supply.  Compare this to an overall Ada County supply of 8 months.

Eagle home sales are down about 45% compared to August 2007.  Ada County sales were down about 22% from August 2007.

Eagle Existing Home Sales Aug-08 Aug-07 % Change
Total Eagle
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August showed some very promising signs for the Boise Real Estate market.  For two consecutive months, inventory levels have been down year over year.  August 2008 had 11% less homes on the market than a year ago.  Overall home sales are still down about 22% but these reductions in inventory in July and August are the first in almost two years.  These are positive signs that the real estate market may be stabilizing. Most of the inventory decrease was from new construction: August 2007 had 1535 homes for sales while August 2008 had only 1063.  New home sales were only slightly down from a year ago, 144 vs. 130.

This data is for Single Family Homes in Ada County.

Overall Home Sales Aug-08 Aug-07 % Change
Total Listings 4624
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Brighton Homes are guaranteeing their new home prices.  If they lower the price on the model you purchase in the next two years they will write a check for the difference.  They attribute their confidence in the new home prices due to the "lowest cost of material and labor in years."

Brighton Corporation, who owns Brighton homes, is one of the largest developers in the Valley and has been doing business here for over 40 years.   Brighton has a lot of credibility and has been through the highs and lows of the real estate market.

The guarantee program is for thirteen Brighton home models, ranging in size from 1,350 square feet to 2,460 square feet.  Several of these models are currently priced under $200,000. Eligible communities include: Paramount,

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Did you know references to homes square footage are actually just estimates? A homes square footage, one of the most basic principles of a homes value, can easily be miscalculated if not done by a professional. Even then, the measurement is still subject to human error. As a Realtor, I see it often and can tell you these discrepancies can significantly affect a homes value.

Why are there discrepancies on square footage measurements?

1) The question of what to include: While appraisers will use the ANSI standard (see below), others may include areas that should not be calculated. For example, a basement with low ceilings, an attic with sloping ceilings, pop out windows, etc. If you are purchasing a home, be sure to ask about the square footage

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