December 2011 Issue Local Market Charts & Trends Page 2-3 New Homes vs Older Homes Page 4 Eagle Home Reviews Page 8 Boise Home Reviews Page 7 Luxury Home Foreclosures Page 12 The American Dream?!? Page 23 PRSRT STD US Postage Paid Boise ID Permit #649 Brought To You By: Front Street Brokers Luxury Home Sales & Investments Ph 208.740.5000, Fx 208.441.0292 877 W Front Street, Boise Id 83702 Front Street Brokers Luxury Home Sales & Investments 877 Front Street, Boise Idaho 83702 Office 208-740-5000 Front Street Brokers.com 89.9FM Boise Real Estate Radio Show Fridays 12-1pm Boise Named in Top 10 Cities to Rebound in 2012 BREN Staff Writer Realtor.com recently released their ―Top 10 Turnaround Towns,‖ a list of the ten cities most likely to begin serious recov- ery of their realty prices in 2012. Cities were identified by comparing local un- employment data, price appreciation, median age of inventory, and supply of available homes. Florida, bolstered by large foreign in- vestments, dominated the list. But two cities in the western region also made it on: Phoenix, Arizona and Boise, Idaho. Realtor.com reported that Boise has seen a dramatic inventory reduction of over 40%, and a list price increase of 14% year to date. The median age of inven- tory has dropped 23% in a year, which means homes are selling faster and for more money. Another positive sign for the Boise Housing Market is rapid re- duction in foreclosures on the market. Mike Turner, Boise real estate agent and owner of Front Street Brokers says, ―I can tell you first hand that any decent foreclosure hitting the Treasure Valley has multiple offers within days or even hours of being listed, and these bidding wars often push the selling price well above the list price.‖ He also notes that, ―The supply of homes under $100,000 in Ada County used to dominate the foreclosure supply but is now almost non-existent. The majority of remaining properties are short sales with offers pending.― Phoenix and other metro areas on the list are experiencing similar trends as the Boise market. It is very likely, with all this posi- tive momentum, that these markets will be the first to see significant realty price appre- ciation in 2012. See Boise real estate charts
See Boise real estate charts New Homes vs Older Homes December 2011 Issue Luxury Home Foreclosures Local Market Charts & Trends Brought To You By: Phoenix and other metro areas on the list are experiencing similar trends as the Boise market. It is very likely, with all this posi- tive momentum, that these markets will be the first to see significant realty price appre- ciation in 2012. Front Street Brokers PRSRT STD US Postage Paid Boise ID Permit #649 Front Street Brokers
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
December 2011 Issue
Local Market Charts & Trends
Page 2-3
New Homes vs Older Homes
Page 4
Eagle Home Reviews
Page 8
Boise Home Reviews
Page 7
Luxury Home Foreclosures
Page 12
The American Dream?!?
Page 23
PRSRT STD
US Postage Paid Boise ID
Permit #649
Brought To You By: Front Street Brokers Luxury Home Sales & Investments Ph 208.740.5000, Fx 208.441.0292 877 W Front Street, Boise Id 83702
Front Street Brokers Luxury Home Sales & Investments 877 Front Street, Boise Idaho 83702 Office 208-740-5000
Front Street Brokers.com
89.9FM
Boise Real Estate Radio Show Fridays 12-1pm
Boise Named in Top 10 Cities to Rebound in 2012 BREN Staff Writer
Realtor.com recently released their ―Top
10 Turnaround Towns,‖ a list of the ten
cities most likely to begin serious recov-
ery of their realty prices in 2012. Cities
were identified by comparing local un-
employment data, price appreciation,
median age of inventory, and supply of
available homes.
Florida, bolstered by large foreign in-vestments, dominated the list. But two
cities in the western region also made it
on: Phoenix, Arizona and Boise, Idaho.
Realtor.com reported that Boise has seen
a dramatic inventory reduction of over
40%, and a list price increase of 14%
year to date. The median age of inven-
tory has dropped 23% in a year, which
means homes are selling faster and for
more money. Another positive sign for
the Boise Housing Market is rapid re-
duction in foreclosures on the market.
Mike Turner, Boise real estate agent and
owner of Front Street Brokers says, ―I
can tell you first hand that any decent
foreclosure hitting the Treasure Valley
has multiple offers within days or even
hours of being listed, and these bidding
wars often push the selling price well
above the list price.‖ He also notes that,
―The supply of homes under $100,000
in Ada County used to dominate the
foreclosure supply but is now almost
non-existent. The majority of remaining properties are short sales with offers
pending.―
Phoenix and other metro areas on the list
are experiencing
similar trends as
the Boise market.
It is very likely,
with all this posi-
tive momentum,
that these markets will be the first to
see significant
realty price appre-
ciation in 2012.
See Boise real estate charts
By Mike Turner
Front Street Brokers
Do you remember the Law of Supply
and Demand from economics class in school? When supply goes down and
demand goes up it will equal higher
prices, and vice versus.
With Real Estate, a good and healthy
year is considered to be when there is
about 6 months of supply of homes on
the market, meaning the total number
sold in a month should equal approxi-
mately 1/6 of the available inventory.
If the inventory levels drop below 6 months it is consider a seller‘s market
and above 6 months is considered a buy-
er‘s market. The national average is
about 8 months of inventory, therefore
on the whole the real estate market in
America is still a buyer‘s market (no
surprise there).
Boise, Idaho on the other hand is experi-
encing and odd phenomenon, where it
has gone from being close to 16 months
of inventory during the crash to being
under 6 months of inventory for most of 2011. Boise has even seen some Year
to Date price increases from this inven-
tory shortage and is positioned to do
very well in 2012.
This rapid reduction in inventory is hap-
pening in a few metro markets around
the nation that got hit very hard by the
real estate crash (like some parts of Flor-
ida, and Phoenix, AZ), which lead ini-
tially to massive price drops for those
markets. However some of these mar-kets are seeing an early rebound because
they are located in high demand areas
for buyers and the home prices are just
too attractive to pass up.
Boise is also located in a state where the
foreclosure process is much faster
than other states, and there-
fore, the back log of fore-
closures is less prominent
like it is in other states,
which are more likely to be held back more significant-
ly in 2012 by new foreclo-
sures entering the market.
Boise is easily one of the
hottest markets to watch in
2012 to see how home
prices will adjust to ac-
commodate their rapid
reduction in supply.
For weekly market updates
and more details about
these charts, subscribe at
FrontStreetBrokers.com
2011 is the Year of Decreasing Supply for the Boise Real Estate Market.
The Gap Forming Between Current
Prices and Available Homes On the
Market Should Help Push Home
Prices Up Soon.
Boise Area Real Estate Market
Has Gone From 16 Months Of
Inventory Down To Below 4
Months, which is easily one of the
lowest levels in the country.
The National Average For
Monthly Inventory On
Market is above 8 months.
2011 is the Year of Decreasing Supply for the Boise Real Estate Market.
PAGE 3
Should you Remodel or Build New? By Jamie Walker Cilley
Front Street Brokers
According to Remodeling Magazine‘s Cost
vs. Value Report for 2010-2011, it‘s very
rare to recoup the cost of a remodeling pro-
ject.
The average cost of a kitchen remodel in
Boise, Idaho is just over $56,000. This in-
cludes updating a 200 square foot kitchen
with 30 linear feet of wood cabinets; a 3×5
foot island; laminate countertops; double
stainless-steel sink; new energy-efficient ap-
pliances and new flooring and paint through-
out. The average value of your new kitchen
when you decide to sell your home? Only
$37,000 – that‘s a loss of $19,000!
A bathroom remodel costing nearly $16,000
is only valued at $9,200 at time of sale. Up-
date an existing 5×7 foot bathroom: Replace
all fixtures to include a porcelain-on-steel tub
with ceramic tile surround; standard white
toilet; solid-surface vanity counter with inte-
gral sink and ceramic tile floor – recoup only
58% of what you just spent!
It might sound extravagant to buy a new
home just because you don‘t like your kitch-
en, but when you take into consideration the
cost, time and aggravation of remodeling, a
newly constructed home makes perfect
sense:
A new home gives you the space, the design
and all the custom features that you want –
right from the start. Unlike remodeling a
used home, your customized new home will
nearly always have a greater resale value
than the original cost.
Additionally, you benefit from lower running
costs due to energy-efficient construction
and gain peace of mind with your new home
warranties. See Jamie‘s ―Reasons to Buy
New‖ list below for more advantages to
consider when deciding whether to remodel
or buy a new home.
JAMIE’S REASONS TO BUY NEW
Brand new homes are one of the easiest ways for any home buyer to get on the
property ladder and start generating substantial equity over the first few years.
New homes are safer than older homes! They feature improved safety features, bet-
ter wiring systems, and must be built according to today’s strict building codes and standards.
New homes are healthier because most hazardous materials have been eliminated
from home building products.
Due to better windows, more efficient heating and cooling equipment, better control
of air infiltration and greater use of new insulation technologies, new homes are twice as energy efficient as homes built prior to 1980.
New homes are less expensive to maintain than older homes. Peace of mind knowing
that you won’t take on immediate unexpected costs to replace a broken appliance or
a leaky roof.
New homes often sell at higher resale values than older homes and carry better war-
ranties.
A new home in a new community allows you to make friends quickly. Everyone in the
neighborhood has recently relocated allowing you to establish immediate bonds and create long lasting friendships.
Pride in being the first owner of a new home that is an expression of your impeccable
style, lifestyle and opinions.
No need to worry about replacing shag green carpeting or outdated burnt-orange
counter tops! You choose exactly what you want and begin enjoying your selections
the minute you move in!
You’re tech-savvy and so is your home! Today’s new homes are being wired to take
full advantage of the latest communication, security, home office and entertainment
technologies.
New homes feature open floor plans that fit the way families live today.
Front Street Brokers is
proud to welcome Jamie
Walker Cilley as their New
Home Sales and Marketing
Director. Jamie has been an active realtor since 1993
For the first time since May of 2007, Boise has seen a year-over-year increase in its
home prices. Every other local market indi-
cator has been steadily positive, so it was only a matter of time before home prices
would start to climb again. With prices currently up 11% year-to-date, this is the
good news most Ada County residents have
been waiting years for.
Other good news numbers: A 50% decrease of on-market foreclosures in the last year,
and a decrease of over 50% in available
homes on the market since its peak.
Can the Boise real estate market realistical-ly say the worst is behind it? Based on these
numbers, ―Yes‖ is a pretty safe answer. Despite high unemployment, the supply of
homes continues to drop steadily and de-
mand keeps increasing.
Now to get the good news out! Mike
Turner, owner and CEO of Front Street Brokers in Boise says, ―Most people I
speak with about the real estate market still
assume Boise has a large amount of fore-closures on the market, and that is simply
no longer true. I think we‘re protected from the worst threat to any recovering
real estate market which would be banks unloading large amounts of backlogged
foreclosures. I think such a supply simply
doesn‘t exist here.‖
Take some comfort in these good news
numbers. Supply and demand are going to catch up to one another in the very near
future, and then we can really start to move forward again.
Good News Numbers for the Boise Real Estate Market
We understand, sometimes you just need to BUILD to get what you want.
The good news at Front Street Brokers is that we have a New Construction Division that is dedicated
to helping you find the best lot and builder match. We know the builders in town that you should speak
with depending on the size, scope, design and budget of your project. We can help you AVOID making
the wrong decision with a builder which can cost you big money and create a nightmare experience.
Here is how you benefit:
1. Finding the Right Lot and Builder: Let our New Construction Team help match you with the
right Builder and Lot, and make sure you are getting the best price for the lot and home you desire.
This includes setting different interviews with a handful of builders we highly recommend and helping you narrow down the best fit for you.
2. Assistance with Financing: Finding good financing options for lots and/or construction loans in today‘s market is very challenging. How-
ever the agents in our New Construction Division have consulted with dozens of banks and can lead you to the best sources for Lot and
Construction Loans available.
3. Have an Ally During the Building Process: As your partner we will have your back and can monitor the project start to finish, and if
needed we can discuss issues with the builder with you or on your behalf in case you are not local at the time of the build job.
There is NO COST for our services.
Let us help you have the best experience building your NEW HOME.
** Call Jamie Walker Cilley with Front Street Brokers to discuss your Building Ideas. She can help point you in the right direction and see what is possible
with your budget. Phone: 208-740-5000. Visit FrontStreetBrokers.com to search for Foreclosed Lots and More!
I’m not a fan of Winter. You can blame it on growing up in Alaska
where it never seemed to be not winter, but I just don’t like being cold, period. And guess what? Neither does your house! But with cold in Idaho being unavoidable, here are some important steps you should take to protect your home during these winter months: 1. FURNACE INSPECTION: It is important to have your furnace pro-fessionally cleaned and serviced before it gets cold. There’s nothing worse than waking up to a cold house and having to wait hours, some-times days, for a repairman to come. Routine maintenance decreases
your chance of this. You may also want to have your ductwork inspect-ed at the same time (or crawl around under the house yourself and do it). Points of disconnection can cost you hundreds of dollars in lost heat. 2. CHECK FOR LEAKS: Air leaks are a common source of heat loss: Gaps in doorways and windows, even hairline ones, let a lot of cold air in. Stand in front of your door. Can you see daylight around the edges? If so—you’ve got a problem. Leaks can be easily and cheaply fixed with weather stripping for doors and caulk for windows, and will save you a
bundle. 3. GET THE FIREPLACE READY: If you have a fireplace, you need to have it cleaned every few years. If you are burning wood throughout the winter, creosote will build up and can cause a chimney fire—the leading cause of house fires in the winter. Also have your chimney in-spected for cracks which can let cold air in. 4. INSPECT THE EXTERIOR OF YOUR HOME: Walk around your house and check for cracks in the foundation or holes in the foundation
vents. Rodents are looking for a place to call home for the winter and your crawl space or basement is the perfect place. Cracks are also a
point for water intrusion. Next, check your roof for loose or missing shingles. With winter storms that bring high winds and snow weight, making sure your roof is secure will prevent further damage. 5. GET RID OF THE WATER: If it’s sitting in your pipes, it’s going to
turn to ice. Start by blowing out your sprinklers if you have them. If they break due to freezing, they are going to leak and flood your house and crawl space in Spring time. Next, detach all hoses from hose bibs. If left connected, the hoses will freeze and ice will follow the source into your hose bib which will also freeze and crack. Installing “freeze free” hose bibs is also an excellent way to protect your exterior faucets. Fi-nally, if you have an older home with an exposed water line, make sure it’s insulated or (better yet) has heat tape to ensure it stays warm. 6. PREPARE LANDSCAPING AND OUTDOOR SURFACES: Trimming
your trees is not only good to keep the tree looking nice, but also im-portant to keep brittle, hibernating branches from falling on your roof during a winter storm. Nothing about that is good. 7. BE PREPARED FOR THE UNEXPECTED: You don’t know when the power might go out, but chances are it will happen at least once this winter. Be ready with flashlights, fresh batteries, candles, and other items to keep your family visible. I also suggest checking smoke detec-tor batteries and installing a carbon monoxide detector as well. Always
better safe than sorry. Hope these tips help you and your home to have an enjoyable, or at least a bearable Winter, and a repair-free Spring!
Jared Cozby has been with Front Street Brokers since 2007. He co-hosts the Boise Real Estate Radio
Show. When not working (which is rare) he can be found on the golf course, though the majority of his free time is spent in the company of his wife and
their son.
If you have any problems with the links PLEASE call us so we can fix the problem for you. 208-740-5000
Boise home reviews
See new home reviews every week at FrontStreetBrokers.com
Our clients see the reviews before anyone else. Become a client and benefit from the best Buyers Agents in town.
PAGE 7
4814 W. ROBERTS RD. BOISE: I‘ve got to say of all the new properties that have sprung up on the market this week, this is the one that got me most excited. I can‟t believe all that is being offered for the $789,000 asking price! I would have guessed this home to be priced easily at a million. 4,450 sq ft, 5 bedrooms, 4 baths, positioned right next to the
Hillcrest Country Club clubhouse (some of the finest golfing and amenities in the state just steps away from your front door). It‘s on a half acre lot, with Boise Bench rim views that are going to make you say, ―Whoa! I get to live here?!‖ This house was built in 1951, so it‘s in an immaculately cared for, established subdivision BUT the home was completely gutted and remodeled a few years ago, so it‘s like getting a brand new home in an area where there haven‘t been new homes offered for 50 years. The kitchen looks straight out of Gourmet magazine, thoughtfully divided into cooking
and bar/entertaining area. Nothing is too heavy-
handed in this home. Warm, contemporary, unique finishes that will stand out against those brown on brown McMansions dotting the out-skirts of town. A TON of money and thought was put into the remodel and care of this place. The yard has gorgeous landscaping, a raised pond, large garden space, and mature trees surrounding a gently sloped yard. Listing Courtesy of
Coldwell Banker Tomlinson.
PRICE:
$1,150,000
BEDS: 4
BATHS: 4.5
4,400 Sq ft
What Mike Turner Thinks
Boise Bench
with Rim
View,
Hillcrest
Country Club
Home
OWN CHEF
DOUGHTY’S KITCHEN
2328 W. TOWERVIEW LN, BOISE: If you listen to NPR, you have to recognize the name Chef Doughty, host of Food for Thought (I‘ve listened for years!) and pillar in the Boise culinary com-
munity. This is a home with a kitchen designed by her up for sale, and as you can imagine–it‘s eve-ry bit as chef-spectacular as you‘d expect. But the rest of the home is equally as impressive. Pri-vately situated on a .73 acre knoll in Somerset‘s only gated cul-de-sac, this house has one of the most beautiful views of the city and foothills. You can even enjoy it from the hot tub on your deck. Nicely landscaped with a fenced yard for children and pets. 3 car garage, 4 bedrooms, 3 baths in a spacious 3,440 sq ft. This includes a daylight basement with 500 square feet that is currently being used as a mother-in-law quarters, but homeowners are offer-
ing a $10,000 allotment to convert the space. This feels like a million dollar property coming in for
well under a million. Listing Courtesy of Silvercreek Realty.
What Mike Turner Thinks
ONE OF A KIND
MODERN HOME ON
NORTH
BOISE RIDGE What Mike Turner Thinks
289 SUMMIT RIDGE: I admit this North Boise ridge home‘s style might not be everyone‘s cup of tea, but if you‘re one seeking something truly unique, and appreciate striking, modern design
this is for you. Set on a ridge in North Boise Heights Subdivision, this home can be best de-scribed as ―cozy industrial.‖ Think of a place James Bond might live and you‘ve got the feel for it! Heavy use of glass, steel, raw wood, and cement is softened by the unbelievable amount of natural light pouring in, and the sweeping views from
every angle. The house wraps courtyard-style around a contemporary pool and patio, and fea-tures several great gallery-style walls to display your art or photography collection. Vacant lot next door owned by three neighbors in order to maintain the view. I guarantee this is going to be one super-stylish owner‘s Boise dream home. Listing courtesy of Keller Williams Boise.
King of The Hill—12 Acre Luxury Home Estate in Star Idaho
Not a lot of people search properties in Star, but only a 5 minute drive from Eagle and in the Eagle school district–this is really more like an Eagle
home. Originally 1.3 million dollars now selling at $599,000. It sits on top of its own hill with incredible 360 degree views of Boise, Bogus Basin, and surrounding foothills. It comes with 12.5 acres (a steal at this price!). Only 1 acre of those is landscaped and needs care, the other 11.5 are a buffer to make sure that your exquisite panoramic views are preserved. 4,829 sq ft, 4 bedrooms, 4 baths, 3 car garage. It has a lot of unique fea-tures and upgrades including a fireplace in the kitchen/nook area, media room with projection screen, and TWO walk-in closets in the master bedroom. Also near a
golf course so you can be out playing early every Satur-day morning. If you‘re lucky enough to snag it, you‘ll feel like you‘re on top of the world in more ways than one. Listed by Century 21 First Place Realty.
of Eagle’s most coveted subdivisions. Two Rivers is an amazing place to live with its extensive landscaping, clubhouse, pool, tennis courts, water features, etc. This home has a great waterfront view, backing up to a park-like, landscaped pond, and there‘s a cool second floor balcony off the master bedroom that really takes advantage of it! This is a for-
mer Parade Home so there is a lot of thought put into customized, upgraded finishes– gour-met kitchen, ceiling treatments, large amount of built-ins. 3,961 sq ft. 5 bedrooms, 2.5 baths, 3 car garage. Here‘s the best part: This home was originally listed at $650,000. Now on
short sale for $450,000. I think as long as you‘re not competing with several other people, you could put in an offer significantly lower than the list price and see what happens. There are two liens on this property so a quick close is unlikely. Listing Courtesy of Realty Defenders, LLC
Right on the river in Eagle’s beautiful Island Woods subdivision, set on just under a 1/2 acre, this home was built in 2000 but looks like it‘s 200 years old–a really strong, timeless, old European mansion style that I think is unique compared to other homes being offered at the same price.
5 bedrooms, 3.5 baths, 5,696 sq ft.. Great room with built-in-flanked fireplace and stunning two story wrap around wall of windows poised to take in the water view. Large room above the garage with a separate entrance that could be a nanny or in-law quarters. Outside, every-thing is meticulously landscaped with large trees and decorative hedges. A low, tasteful iron fence divides the grass from the river so your view is still preserved, but you‘ll feel safe send-ing your kids out to play in the backyard. This home went off the market two years ago at $999,000 and came back on for the same price. Is it the best deal in town? No. Is it one of the
nicest homes in Eagle under 1 Million?
Yes. Listing Courtesy of Woodhouse Group.
Two Rivers Eagle Estate—Quality Built—Great Layout You could move to a manor in the European countryside, or just feel like you did in
this gorgeous home in Eagle’s desirable Two Rivers Subdivision.
Located on a private, gated street, this 4,706 sq ft home has everything: 4 bedrooms,
4.5 baths, river views from the backyard, double ovens and dishwashers in the gour-
met kitchen, an exercise room, tile roof, and outdoor kitchen. It swept the Parade of
Homes awards winning first place for its kitchen, master suite, and interior finishes. When you see the inside, you‘ll understand why! It sits on a generous, beautifully
landscaped half acre lot within walking distance of the community swimming pool.
The owner, a licensed realtor, has kept up the property beautifully inside and out. I
would tell you if there were any downsides to this home, but I can‘t find any.
More information on this and other properties available at :
http://frontstreetbrokers.com/
Listing Courtesy of Silvercreek
Realty Group.
New home on the market in Eagle’s
Castlebury Subdivision. It has all the
European luxury touches of a Tuscan
estate: Custom tile floors throughout, a
floor-to-ceiling interior water feature, lots of molding, arches, windows, and
stone work. There are also modern amen-
ities like a theater room with wet bar.
But I think my favorite feature
(and one I haven‘t seen on any
other house) is the huge 460
square foot sunroom called a lanai.
I picture great, unique, sun-filled Thanksgiving and Christmas din-
ners out here; and enjoying sum-
mer sunsets while staying cool
underneath the ceiling fans and
protected from the mosquitoes. You really have to see it to believe it.
The house is set on an acre, 5,474 square feet (most of it on one level). 6 bed-
rooms, 3.5 baths, 3 car garage. It‘s currently being offered at $599,000 but I think
there might be some wiggle room in that price. It‘s not in foreclosure or on short
sale, but the owners picked it up on a foreclosure in the $400,000 range, so they
might be willing to take less than they‘re asking. Listing Courtesy of Silvercreek
Realty Group.
1063 Island Glenn
Way
1837 S.
Lakemoor
351 W. Rivermont
3473 Donnington What Mike Thinks
What Mike Thinks
What Mike Thinks
What Mike Thinks
For More Information About These Homes or Any Other Eagle Idaho Homes Call Mike at 208-740-5000
ket flying under the radar and it is an unbelievable deal! First of all, I have to
highlight the fact that this home and land started off at 1.2 million and are now listed at
$500,000. That is the equivalent to 60% off at a designer store, and I‘m sure people would be jumping all over this if there were better pictures and marketing of the home and its surround-ings. The property is located in Star, right on the border of Eagle, only 11 minutes out of Boise, but a world away in it what it‘s offering: Nearly 7 acres of your own riverfront property. Walk-ing paths, fishing, hunting, even swimming in the summer and ice skating in the winter, all avail-able right out your back door. The house itself was built in 1995 and has a lot of nice features. There are vaulted wood beam ceilings, a floor to ceiling river rock fireplace, wood floors, surround sound inside
and out. A great wrap around deck with hot tub looking out over your yard with garden space, mature trees, and river view. 3 bedrooms, 2.5 baths, 3,121 sq ft. There‘s also a detached shop/shed with wiring and a wood-stove. The current owners use it as an art and yoga studio but it could also make a nice work-at-
home-but-not-in-the-home of-fice. There are no CC and R‘s on this place, so bring and park whatever you want, and just enjoy the type of country, river-front life you would imagine in a setting like this. Find out
more…Call Mike at 740-5000.
Listed by Windermere/Richard B. Smith
More Waterfront and Acreage Properties can be found by visiting www.FrontStreetBrokers.com and using
our “search” feature. Mike Turner and his team of agents offers honest, entertaining reviews of luxury and other Boise homes for sale. Come have a look!
Riverfront acreage properties
7 Acres on the Boise River for a Steal BANK OWNED ON THE BOISE
RIVER
10499 W. SULTANA LN: This is one of those homes I feel a little conflicted about. On one hand, it‘s amongst the most gorgeous lots and settings I‘ve seen. It‘s in NW Boise, right on the border between Boise and Eagle, about 10 minutes from downtown. Surrounded by a variety of mature trees, with the river on one side and a pond on the other,
a waterfall in the front yard, and 2.5 acres of privacy in a gated community–you could fish for trout in your backyard and never tire of the view. However, the home itself is a little dated (built in 1992) and not really enough square footage or remodeling done for the $995,000 asking price, especially when it‘s bank-owned. It last sold for 1.3 million in 2003, so it‘s down in price, but not as far as I would expect it to be. I‘ll tell you what I think the best plan would be in a minute–first let me give you the rundown on the house itself: 2,876 sq ft, 5 bedrooms, 2.5 baths, theater room with wet bar, and a huge shop with RV bay. It has really dramatic cabin-style features, including soaring ceilings covered
in light logs and a custom log banister. The style might not be for everyone, but if you love that McCall look, then you‘ll love this home. I think it could also be updated or style-altered nicely and for not a lot of money, and again–the lot can‘t be beat. Now here‘s my idea: You could wait for the bank to come down on
the price, which I‘m sure it will do eventually, and then possibly end up in a bid-ding war. Or you could put in a lower offer now and see what happens. Give me a call, Mike Turner, Front Street Brokers, 208-740-
JARED COZBY’S REVIEW OF 2365 W. GRAND TE-TON DR, MERIDIAN: As soon as this property showed up in my inbox, I knew I needed to get the word out because it wouldn‘t last long. Located in Meridian‘s desirable Lochsa
Falls subdivision, this home was built for $517,000 in 2007 and now bank-owned is being offered at only $289,000. This home has 3,545 sq ft, 4 bedrooms, 3 baths–most of the living on the main level with a bonus room, bedroom, and bathroom up above (throw your teenagers up there!). I was struck by the extensive use of high end stone and tile work in this house, as well as the beautiful hand-scraped walnut floors–all lending to an almost castle-like feel, but softened by the
light let in through the extensive banks of windows. Very Small Low Maintenance Yard, which is good for some, but a negative for others. Great schools, great subdivision, but the lots are on the smaller side of what is available today. I think this one is going to generate a lot of activity because of its extensive high end finishes, so give me a call today so you can get in on it if this sounds and looks like your dream home. Jared Cozby, Front Street Brokers, 208-740-5000
Listing Courtesy of Keller Williams.
Luxury foreclosures
BANK OWNED IN
LOCHSA FALLS
LOCH LOMOND
FORECLOSURE
FORECLOSURE IN
QUAIL RIDGE
MIKE TURNER’S REVIEW OF 4182 BRAVEHEART, EAGLE: This property recently went from short sale into foreclosure and at $429,000, it sure is priced like one! 4,212 sq ft with all the material and appliance upgrades you‘d
expect in a luxury home. 5 bedroom, 4 bath, 3 car garage in the Loch Lomond Subdivision at the end of a quiet, private street. But what I find incredible is that it sits on almost 2
ACRES! That‘s where it‘s hard to believe the price. Alt-hough brand new on the market, this home hasn‘t had nearly the traffic I think it should have and my guess would be because there are only 5 poor quality photos of the home which don‘t do it justice AT ALL. Have a look at my video
review which has some more information (including all 5 of the lame pictures). And then give me a call and let‘s go have a look at it. At this price, someone is going to figure out what a steal it is and nab it. Mike Turner, Front Street Bro-kers. 208-740-5000. Listing Courtesy of Silvercreek Realty Group.
VIDEO REVIEW OF THIS AND OTHER PROPERTIES
AVAILABLE AT WWW.YOUTUBE.COM/
FRONTSTREETBROKERS
MIKE TURNER’S REVIEW OF 3988 QUAIL HILL CT, BOISE: What a great opportunity this NW Boise home is! Located in the desirable Quail Ridge Subdivision, this home sold new in 2006 for $600,000. Now bank owned, it‘s
asking price is only $379,900. So there‘s a chance to get in, enjoy this fabulous home, and have tons of equity build up over the next few years. Very well cared for inside and out. This home has 3,000 square feet, 4 large bedrooms with spacious closets, 3.5 baths, bonus room, and 3 car garage.
And you won’t believe the views of the canyon and city! They‘re especially appreciated from the window-wrapped great room and the large, covered flagstone patio. Lots of
hardwood, granite, tile, and upgraded finishes and cabinetry. The lot is on the smaller side (.28 of an acre) but it‘s very nicely landscaped and perfect for someone who would prefer an easy-to-maintain space over a big yard. Give me a call and let‘s see if we can make this home work for you! More information available at http://frontstreetbrokers.com/3988-quail-hill-ct-boise/ or call 208-740-5000 Listing Courtesy of RE/MAX Capital City.
See the best LUXURY HOME FORECLOSURES in Idaho by downloading our free report at: www.IdahoLuxuryForeclosures.com
―Tom has been providing quality work since 1988. He also
does screen cleaning, gutter cleaning, Pressure Washing and
Christmas light hanging.‖
Mortgage Banker Daniel Fullmer NMLS#3710
Affinity Mortgage
208-860-0369
―Dan is a frequent guest on my radio show and my go-to
source for my mortgage questions and loans. Definitely con-
tact Dan when you need a loan.‖
Roofing Company Idaho Roofing Contractors, Inc
Levi Phillips
208-941-4280
―Levi has been helping my clients with their roofing needs
for years. Definitely give him a call.‖
Home Inspections Davin Strand
Bent Nail Home Inspections
208-869-5557
―Davin has been our recommended
inspector for our real estate firm for years for good reason.
He is the best.‖
Hot Tub Cleaning Spa Clean
208-473-4415
―My brother owns this company, and he does an excellent
job. If you own a hot tub, definitely try it out. He deep
cleans the hot tub (including the jets), so it will stay clean
much longer, and makes it like new.‖
Property Management Matt Rubio
Boise Rental Management
208.473.2418
―I refer investors to my brother-in-law‘s property manage-
ment company. Not only is Matt the kind of guy you want in
your corner, he is all business with tenants and helps you
keep your investments profitable.‖
STOP Randomly picking companies out of the phone book, Craigslist, or Google. If you are looking for help, whether it‘s someone to fix your sprinklers or an attorney to draft your
will, then do yourself a favor and ask Mike who he likes to use. Below is quick list of some of
his favorite local companies he uses and recommends. Don’t take a chance with your money
and time. Call 740-5000 or Email [email protected] for a recommendation or pick any company from this list.
Here’s the profile: You bought a home a few years ago. Now you find yourself
upside down in a huge loan. You can technically afford to make the payments,
but you are staring down the barrel of not knowing when or if you will ever have
equity in your home again. You don‘t want to short sale, because you probably
don‘t qualify, and you don‘t want to ruin your credit. Maybe you really like your
home, but are torn given the financial realities. What are your options?
There is a new niche in the real estate and lending world. It is very likely that we
can help by negotiating the principle balance on your jumbo loan and get your
equity back. You must be current on payments, and be able to qualify for a tradi-
tional loan. Your loan must have a principal balance of at least $425,000, no max-
imum. Residential or commercial. Whenever there is a need, the market will pro-vide a solution. Give me a call to discuss your loan situation and we can quickly
see if we can help you.
Gavin McCaleb 208-740-5000
INVESTORS: MAKE 12% ON YOUR MONEY RIGHT NOW!
By Gavin McCaleb Front Street Brokers
Some investors sat on the sidelines this year, watching and waiting. Those who have successfully invested in real estate know that it can be a very pre-dictable and reliable way to increase their wealth. As with any investment, there are risks. And like anything else, the more you quantify and control the risks, the more confidence you can have in your investment. The huge opportunity in today’s mar-ket is with our Lease Option Invest-ment Program. Lease Options are not new. They have always been part of the real estate landscape. It just so happens that right now these deals are very desirable to investors. The first reason is pretty obvious. Homes are priced right again. They are priced at a point relative to the rental mar-kets that you can cash flow pretty handsomely. But many investors don’t want to deal with renters or being a landlord. That’s why lease options are a better deal. Because these aren’t just renters. Think of them as slow buyers. They are slowly buying the house from you, while maintaining it and growing more attached to it. Let me profile the ideal buyer. Right
now there is a large buyer pool that is very valuable to a lease option inves-tor. These buyers have something negative on their credit report within the last couple of years. Maybe they had a foreclosure, a short sale, or a bankruptcy. They don’t qualify for a traditional loan. But many are back on their feet and well on their way to new levels of success. They have good, steady jobs, they have cash to make a down payment, and once placed in a home they have a huge incentive to stay current on payments, they want to be able to take advantage of the incredible pricing we see in today’s market. We give them a lock on a very attractive option price on a home that they chose and that they are tak-ing care of. Our leases are structured so that these tenants are responsible for ongoing maintenance and all mi-nor repairs, making them feel like the owners they are. All our buyers are screened by a loan officer to see what steps are neces-sary for them to qualify for a tradition-al loan. We can keep track of their progress to help them to meet their goal of obtaining long term financing before the end of their option term. So how does an investor take ad-vantage of this situation? Simple. You
purchase a house that one of our pre-screened buyers has chosen. They pay an option fee, plus they pay rent at a slight premium above market rent. Then, at the end of the option term, when they exercise the option, you realize additional gain above what you purchased the home for. If they fail to exercise the option, you can lease it to another tenant - Col-lecting another option premium - just keep it as a rental, or sell it. All of the-se options are very realistic given the pricing we are seeing right now. This is perfect if you have a self-directed IRA or other funds that you just have parked in a low yield “safe” investment account. This is not an investment fund or a security of any kind, it’s just you matched one-to-one with a property that you hold title to. We can manage it, or you can man-age it. We have a list of approved and screened buyers and are always look-ing for more investor partners. If you are interested or want more infor-mation, contact me and I can show you some examples and we can talk about specific numbers. Gavin McCaleb. Call me at 208-890-0591, or email me at [email protected]
If you want to succeed with your
Boise short sale, you really need
someone to represent you. This is
not because you are incapable of
grasping the process. You could
market your home For Sale By
Owner and get a short sale ap-
proved. But what‘s the point?
When the bank takes a discount,
you‘re not allowed to make any
money, so why would you want to
do all the work if you can‘t get
paid?
How do you choose a good Boise Realtor to help with your short sale? I‘ve narrowed
Stay anytime the schedule is open, whether for a night
or a week, for one nominal cleaning fee
Have your family getaway cabin without the fuss
CONTACT JARED COZBY
FRONT STREET BROKERS
208-740-5000
By Mike Turner
Front Street Brokers
Since the nationwide housing market decline
began four or five years ago, there have been
plenty of media reports suggesting that the
American dream of home ownership has
changed. The dream being based on the ad-
vantages of homeownership, one of them being
price appreciation, which, combined with a
―forced savings‖ account of paying off a mort-
gage, made owning a home a great financial
move.
The murmurs began almost as soon as home
prices dropped after the bubble burst. Maybe
owning a home isn‘t as big a part of the dream
as it once was. But surveys show that even in
the toughest of times, Americans still want to
own their own homes. It‘s still part of the
American Dream. And you know what? It still
should be. It used to be that people bought
homes and planned to live in them for a long
time. Homes always appreciated in value, and
paying off a long-term mortgage generally
meant owning a home free and clear right be-
fore retirement – so you could either live your
golden years with no house payment, or you
could sell and use the earnings in retirement.
The bubble changed people‘s expectations,
though. The rapid gains in home values – espe-
cially in the ―sand‖ states like Arizona and
California – led to speculation. Instead of long-
term investments that provided eventual retire-
ment security and tax savings along the way,
houses became cash machines, equity traded
for instant gratification. It was unsustainable,
of course. But the lesson the media says we
should take from the whole situation is that
maybe owning a home isn‘t such a good idea.
What the lesson really should be, however, is
that just like our expectations changed during
the bubble, they must change again now.
Homeownership still has benefits. It‘s just that
expectations have to go back to what they were
pre-bubble. If you were to buy a house now,
for example, you are probably going to have to
plan on living there at least six or seven years
before you will derive the full benefit of appre-
ciation plus principal pay-down. But with such
affordable purchase prices and low interest
rates, you are saving the money you might
have earned in times of steep price apprecia-
tion.
Appreciation will come back eventually, but it
will be the more modest sort, the kind we saw
before the big real estate run-up. Equity will be
available, just not as quickly as it was in the
middle of last decade when you could buy a
home and take cash out on a refinance or flip—
in a matter of months in some cases.
It‘s not a new idea. This is how people used to
see real estate. They also used to see a home as
a place to raise a family, establish roots in a
community, paint
the walls the colors
they wanted, enjoy
the pride of home-
ownership, and not
pay down a land-
lord‘s mortgage with
rent. Those things,
established as bene-
fits long ago before
the bubble, have not
changed. What
changed were the
market conditions
during the bubble.
As for people who
bought homes during
that period— yes, you‘ve probably seen a drop
in your home‘s value on paper. I read a great
article about the dream of homeownership in
the Arizona Republic, a newspaper from a state
that‘s been hit especially hard in the real estate
market. The article addressed the mind-set of
homeowners who bought there during the bub-
ble. From the article:
“Most homeowners who bought during the
boom will likely have to wait at least 10 years
to see their values rebound. But housing advo-
cates say for people to be happy and own a
home, they must stop focusing so much on the
values.
„Almost everyone has lost money on a
house,‟ (Former Arizona Housing Director)
Fred Karnas said. „We have to move on.‟”
Yes, we do, and that moving on includes a kind
of moving back, too. To the expectations
homeownership used to comprise. And really,
a return to more sensible times is a good thing
overall.
THE AMERICAN DREAM Don’t Change It, Just Adjust the Expectation
PAGE 23
This news publication is brought to you by Front Street Brokers.
We specialize in helping buyers find and negotiate the best deals on the market, and we have a long reputation of unique and creative real estate services that give our clients an edge in today‘s market. We hope you find this newspaper informative and you will see the difference you can get in a real estate brokerage who is willing to go the true extra mile for
their clients. For more info go to: www.FrontStreetBrokers.com or call 208-740-5000.
Luxury Home Sales and Investments
The name and logo may be new, the bro-
kerage is certainly not. Previously called
Turner Real Estate Group, they have been
a residential real estate firm based in Boise
for the last 5 years.
Front Street Brokers specialize in luxury home sales and investment properties, and
they have been able to grow their company
while other real estate firms are suffering,
by offering consumers expertise they can-
not find anywhere else.
To Find Out More About Front Street Bro-
kers we invite you to meet us for a quick
visit to see if we are a good fit for your real
estate needs.
Call 208-740-5000 or stop by our new
office at 877 W. Front Street, Boise.
Get Your Free
Subscription To
This Publication
Just Go To:
BoiseRealEstateNewspaper.com
STUNNING MODERN HOME
OVERLOOKING HULL’S GULCH
MIkE TURNERS REVIEW OF 1024 W PARKHILL DR, BOISE: This one-of-a-kind North Boise modern home with exotic flair reminds me of
a custom-made suit: It won‘t fit everyone, but it‘s going to be absolutely per-
fect for the right person. It sits on a hill offering unbelievable views of Hull‘s
Gulch and all of downtown Boise. The extensive use of high end materials is like nothing being built today:
warm, rich hardwoods blend into sleek marble floors and bump against rough
-hewn stone and smooth steel and glass. Other ―wow!‖ features include the unique red-laquered fireplace in the family room/lounge, floating staircase,
wine cellar, and two retractable glass walls that open up the master suite di-
rectly to the outside, and those views that just won‘t quit. And I haven‘t even mentioned the outside yet! The huge 3/4 acre lot feels intimate, broken up into
several dramatic, private gathering areas, including an outdoor kitchen with
wood burning oven. 3935 sq ft.
of dramatic living space. 3 bed-rooms, 3.5 baths, six car garage,
everything freshly remodeled in
2006. I guarantee you won‘t find another home with another
setting like this anywhere else.
For more information contact Mike at 208-740-5000.