DISTRESSED SALE STATISTICS

2010 Summary – Ada & Canyon County (Jan – July)
	Distress		Typical		Total
	Count	Percent	Count	Percent
South Nampa (86) – 1260	306	66.38%	155	33.62%	461
NW Meridian – 1030	269	47.70%	295	52.30%	564
SW Caldwell – 1280	253	66.58%	127	33.42%	380
NE Nampa (87) – 1250	227	67.36%	110	32.64%	337
SW Boise-Meridian – 0550	188	50.67%	183	49.33%	371
NW Nampa (51) – 1270	179	61.51%	112	38.49%	291
Eagle – 0900	156	50.65%	152	49.35%	308
W Boise-Garden City – 0650	147	35.77%	264	64.23%	411
Kuna – 1100	136	53.97%	116	46.03%	252
NE Meridian – 1020	132	38.15%	214	61.85%	346
Boise Bench – 0400	115	50.22%	114	49.78%	229
Middleton – 1285	102	62.58%	61	37.42%	163
NW Boise – 0800	90	36.89%	154	63.11%	244
NW Caldwell – 1275	86	59.72%	58	40.28%	144
SE Boise – 0300	83	27.85%	215	72.15%	298
West Boise – 0600	81	41.33%	115	58.67%	196
Star – 0950	73	54.07%	62	45.93%	135
North Boise – 0100	59	27.57%	155	72.43%	214
South Boise – 0500	52	46.85%	59	53.15%	111
SE Meridian – 1000	51	35.66%	92	64.34%	143
SW Meridian – 1010	37	74.00%	13	26.00%	50
Canyon County Other – 1290	25	65.79%	13	34.21%	38
Parma – 1292	16	57.14%	12	42.86%	28
NE Boise – 0200	15	17.86%	69	82.14%	84
Wilder – 1293	10	76.92%	3	23.08%	13
Melba – 1265	9	50.00%	9	50.00%	18
Garden City – 0700	9	37.50%	15	62.50%	24
Greenleaf – 1294	1	16.67%	5	83.33%	6
Grand Total	2907	49.62%	2952	50.38%	5859

 

19 Month Summary for Distress Sales

 

ADA COUNTY
	Distress		Typical		Total
	Count	Percent	Count	Percent
2009
Jan	51	19.17%	215	80.83%	266
Feb	116	38.16%	188	61.84%	304
Mar	182	42.62%	245	57.38%	427
Apr	205	42.98%	272	57.02%	477
May	177	36.27%	311	63.73%	488
Jun	208	32.81%	426	67.19%	634
Jul	197	32.72%	405	67.28%	602
Aug	209	35.48%	380	64.52%	589
Sep	220	34.32%	421	65.68%	641
Oct	212	30.95%	473	69.05%	685
Nov	204	32.54%	423	67.46%	627
Dec	197	46.68%	225	53.32%	422
2009 Total	2178	35.35%	3984	64.65%	6162
2010
Jan	162	53.47%	141	46.53%	303
Feb	181	47.26%	202	52.74%	383
Mar	310	48.74%	326	51.26%	636
Apr	256	34.59%	484	65.41%	740
May	281	38.44%	450	61.56%	731
Jun	289	39.59%	441	60.41%	730
Jul	207	46.31%	240	53.69%	447
2010 Total	1686	42.47%	2284	57.53%	3970
19 Month TOTAL	3864	38.14%	6268	61.86%	10132
CANYON COUNTY
	Distress		Typical		Total
	Count	Percent	Count	Percent
2009
Jan	28	24.14%	88	75.86%	116
Feb	58	53.21%	51	46.79%	109
Mar	105	61.05%	67	38.95%	172
Apr	137	68.50%	63	31.50%	200
May	141	62.67%	84	37.33%	225
Jun	168	59.57%	114	40.43%	282
Jul	158	57.04%	119	42.96%	277
Aug	138	58.97%	96	41.03%	234
Sep	159	62.11%	97	37.89%	256
Oct	180	59.02%	125	40.98%	305
Nov	192	59.63%	130	40.37%	322
Dec	132	58.93%	92	41.07%	224
2009 Total	1596	58.63%	1126	41.37%	2722
2010
Jan	120	75.47%	39	24.53%	159
Feb	142	69.61%	62	30.39%	204
Mar	204	70.83%	84	29.17%	288
Apr	180	52.17%	165	47.83%	345
May	187	57.54%	138	42.46%	325
Jun	218	65.47%	115	34.53%	333
Jul	172	71.97%	67	28.03%	239
2010 Total	1223	64.61%	670	35.39%	1893
19 Month TOTAL	2819	61.08%	1796	38.92%	4615

 

 Distress = Agent gave a “YES” reply to REO, Foreclosure, Possible Short-Sale in MLS.

 

The raw data obtained is accredited to Intermountain IMLS. The statistics , data analysis charts, graphs is done by Hennessey Appraisals.

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ADA COUNTY JULY STATISTICS:

Below is a snapshot of June’s real estate activity for Ada County:

BOISE:

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Eagle Idaho Real Estate Statistics–March 2010

Below you will find statistics regarding the real estate activity during the month of February:

Closed Sales – February 2009
# Closed: 19
Average Sales Price: $407,505
Median Sales Price: $398,000

Closed Sales – February 2010
# Closed: 29
% Change: +52.6%

Average Sales Price: $380,523
% Change: -6.6%

Median Sales Price: $365,000
% Change: -8.3%%

Pending Sales
# Pending: 77
Average Asking Price: $366,665
Median Asking Price: $335,000

Available Homes
# Available: 330
# Vacant: 120
Vacant Percent: 36.4%
Average Asking Price: $459,420
Median Asking Price: $350,000

Data does not include condominiums or townhomes. Data taken from Intermountain MLS on3/5/10 and pertains to single-family residences on lot or acreage.

source: boiseblog.com

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OVER 406 BANK OWNED HOMES FOR SALE IN ADA COUNTY

As you probably know, there is a plethora of bank owned homes for sale in Boise, Meridian, Eagle, Kuna and Star.   Banks are motivated to sell and will typically price these distressed homes 10-30 percent under current market values.  Granted, most do need cosmetic work done prior to move-in such as new carpet, paint, lawn maintenanceand other misc items.  However, there are some bank owned property which the previous homeowner has taken it upon themselves to leave the residence in nasty shape by taking a sledge hammer to walls and doors along with pulling all appliances like the range, dishwasher, disposal and microwave (sometimes water heaters and furnaces, too).  Unless you would like to take on the costs, I suggest bypassing some of the bank owned homes on the market. 

It is also important to not look for only bank owned homes.  There are numerous non-distressed homes on the market (fair market sellers) that must sell.  These homes are priced competitively and do not need the improvements that a foreclosed upon home typically does.  With that, it is important to consider the costs of repairs when deciding whether to purchase a home which needs some love (yet is priced lower than the home down the street) or one that is turn key and ready to be moved into.

Bank owned homes will be prevelant in our market through 2010 and part of 2011.  Would you like a list of bank owned homes forwarded to you?  If so, send me an email with your contact info and I will provide a list of bank owned property currently on the market.

To search the MLS real time Click Here
To obtain a free market evaluation for your home Click Here
To chat with Matthew Le Baron Click Here

Meridian’s Portico mixed-use development marks milestone

Over the last 18 months, the mixed-use development in Meridian called Portico has leased 265,000 square feet of commercial space. That’s about 80 percent of the 327,849-square-foot project at the Eagle Road exit off I-84.

In a commercial real estate market as tough as it is today, development company Gardner Ahlquist has decided the achievement is something to celebrate. At 1:30 p.m. today, Feb. 4, Gov. C.L. “Butch” Otter, Meridian Mayor Tammy deWeerd and other elected officials and corporate leaders plan to gather at the Portico West Building, 3277 E. Louise Drive, on the fourth floor to laud the progress.

“Here, in this anchor location of our med-tech economic development zone, Gardner Ahlquist Development has achieved something great and has demonstrated that an outstanding location and design can help commercial real estate thrive even in a soft economy,” De Weerd said in a Gardner Ahlquist release.

Tenants at the development include:

• St. Luke’s Meridian Medical Center, which purchased an 80,000-square-foot office building for use as an outpatient surgery center and physician offices

• Scentsy Inc., which is moving its headquarters into 67,000 square feet at Portico. Scentsy is a growing manufacturer, designer and marketer of scented, wickless candles

• ESI Construction, construction manager for the project, also moved its headquarters to Portico

• Saltzer Medical Group, which has leased and occupied a 20,000-square-foot office space for consolidation of two clinical locations, including 18 physicians

• A Buffalo Wild Wings restaurant

• Ling & Louie’s Asian Bistro, in a space that will be constructed soon. The restaurant will employ over 100 people.

Also planned is a 175-room upscale hotel from an Idaho-based hotelier. The hotel’s brand has not yet been announced.

Otter takes Portico’s successful leasing as a positive sign for Idaho.

“Meridian’s latest economic development success is one more important signal that the Idaho economy is going to be one of the turnaround stories of 2010 and 2011,” he stated.

How market is faring depends on whether you’re a buyer or a seller

Can the market get any better than this? Can it get any worse than this? Of course the economy will get better by and by and the market will change.

For those looking to lease or buy commercial space in which to operate their business, we feel now is the time to make a deal. For those needing to lease out or sell space they own, now is still a difficult time. Perhaps the best that can be hoped for is to hold on for better times. And for those looking to buy for investment purposes, it’s a mixed bag.

Dr. Peter Linneman, NAI Global chief economist and principal at Linneman Associates, said that the nation’s economy bottomed out in July of 2009. He further stated that the recovery has started at least in the nation as a whole. The housing and auto sectors led us into the recession and will be the last to fully recover. But they too are showing positive signs.

He contends this recession is not a unique event in our history. Certainly it has been rather harsh, but not any more so than those in 1973 to 1975 and 1980 to 1982. So real estate will recover as it did in the past. The vacancy rate will drop, particularly because we have not been building for two years. Rates and prices will start back up after the precipitous fall of 2009. Employment will pick up, albeit slowly.

Nationally, company profits were up each of the last four quarters, prompting a rebound in the stock market. As jobs come back, the economy will pick up substantially and all of this will fuel the commercial real estate market.

To be sure, this is not a normal market. Distressed sales are the norm rather than the exception. But we are working through that inventory. As optimism infects the public, and it always does in this country, prices will continue to rebound and those who miss this market will be looking back at the lost opportunities.

I believe retail will be the first to recover. Location is still the key to this market in which the property’s location, appearance and access are integral to how well the business does. There are only so many great intersections or anchored centers. How many grocery-anchored centers have been built in this valley even in the boom years since 2002? Almost none. If your business depends on traffic past your door, there are only so many good locations. So great retail locations will lead this sector back to health.

Industrial space has traditionally been a tightly controlled commodity in the Treasure Valley. Vacancies are at high levels and there is more flexibility for buyers as to where they locate. But speculative building has not been seen for two years now so the upturn will absorb the vacancy fairly quickly.

Office has never completely recovered since the dotcom bust in 2001. But office rates are below what someone could afford to build and lease out for. Lease rates will increase if just from the inflationary pressure that is bound to flow from the federal deficit.

And the Treasure Valley is still a great place to work and live. Just ask BMC what drew it back here. The population is growing and so will the need for places to conduct business. Look for the first improvements in the office market conditions in desirable areas like Parkcenter, downtown Boise and the Eagle Road and Overland area.

Investments are starting to attract the wise and savvy investors. It will take cash or substantial equity to pick up the best deals. Anyone who still has cash or equity is savvy in my book. Residential lots sold in bulk are at prices less than the improvements costs. Commercial buildings are selling for less than replacement costs. Notes are selling at substantial discounts.

This cannot last. A little staying power here will yield great returns. We will be looking back and asking where did these new players come from. They will be coming from deals they make this year.

So if you have been laid off from your job, this is a recession like no other. But in aggregate this is another in a series of recessions or adjustments. Things will change as they always do but life will go on, the markets will improve and those who take advantage of this downturn will be tomorrow’s movers and shakers.

***

By Ray Frechette

What a shame . . . Eagle’s Legacy Development Headed for Auction

Over 200 lots in the Eagle development noted for its ties to sports stars Mia Hamm, Jack Nicklaus and others are scheduled for auction Dec. 21.

Legacy started building homes in 2008 with plans to develop the first 240 lots in the first phase. Developers planned to have around 1,300 homes on 600 acres eventually.

Ron Jantzen, trustee manager for Pioneer Lender Trustee Services LLC, said the sale is still nebulous at this point. He said it’s scheduled for Dec. 21, but he hasn’t received instructions on the sale and he doesn’t know if it will be postponed or not. The auction was originally scheduled for Dec. 9, but was postponed once already by the lender.

Jantzen said the Legacy process echoes typical auction progression. “A lot of times they’re working out 11th hour deals,” he said.

Legacy’s developer, Eagle-based Idaho Development Services, couldn’t be reached for comment, but in March partner Todd Santiago told the IBR that sales weren’t meeting expectations.

“We definitely planned for peaks and valleys in the housing market, but this just happened to be a deeper valley than I think anyone nationally had predicted or forecasted,” he said. “This particular valley and downturn are obviously longer and more significant that what some of the historical valleys have been in the real estate cycles.”

Santiago said competition from short sales and foreclosures had contributed to slower sales. In March, 26 units (including townhomes) had been built.

 

**originally posted by Dani Gregg w/IBR

Brad Lane

Brad Lane

Brad began his real estate career has an office manager for Century 21 in May 2000.Brad decided to get his Real Estate license in 2004 and joined the AA Realtors team and moved to Keller Williams Realty with AA Realtors. Brad and AA Realtors moved to Trust Realty in August 2007. Brad has experience with all types of buyers and sellers. Brad serves Boise,Nampa,Eagle,Meridian,Star,and Kuna

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