All
Members
Companies
Blog
Forums
Podcast
Webinars
    User Log in  /  Sign up
  • Forums
    Newest Posts Trending Discussions Followed Forums Real Estate News & Current Events General Landlording & Rental Properties Buying & Selling Real Estate Deal Analysis See All
  • Education

    Read

    BiggerPockets Blog BPInsights: Expert Analysis Guides Glossary Reviews Member Blogs

    Watch

    Webinars Video Library Financial Independence Blueprint Intro to Real Estate: Rentals

    Listen

    BiggerPockets Real Estate Podcast BiggerPockets Money Podcast BiggerPockets Business Podcast Real Estate Rookie Podcast Daily Podcast (Audio Blog)

    Topics

    Business Operations Finance Finding Deals Property Management Property Types Strategy
  • Network

    Recommended Vendors

    Real Estate Agents Mortgage Lenders Companies Hard Money Lenders Contractors Investment Companies

    Search

    Members Events Jobs
  • Tools

    Calculators

    Rental Property Fix and Flip BRRRR Rehab Estimator
    Wholesaling Mortgage Payment 70% Rule Airbnb

    Services

    BPInsights: Property Insights Tenant Screening Property Management Lease Agreement Packages

    New Feature

    BPInsights (beta)

    Quickly analyze a property address or ZIP Code to compare your rent in your neighborhood.

    Analyze a property
  • Find Deals
    Real Estate Listings Find Foreclosures External Link Ads, Jobs, and Other
  • Bookstore

    Real Estate Books

    Profit Like The Pros Bidding to Buy See all books

    Featured Book

    BiggerPockets Wealth Magazine book cover
    BiggerPockets Wealth Magazine

    Written by financial journalists and data scientists, get 60+ pages of newsworthy content, expert-driven advice, and data-backed research written in a clear way to help you navigate your tough investment decisions in an ever-changing financial climate! Subscribe today and get the Oct/Nov issue delivered to your door!

    Get the Magazine
  • Pricing
Log In Sign up
User
Quick search links
Podcast Hard Money Lenders Books Washington
ForumsArrowBoise Real Estate ForumArrowBoise News - June 2019
  • Newest Posts
    • Newest Posts
    • Unanswered Discussions
  • Trending
    • Top Discussions
    • Trending Discussions
  • Browse Forums
Search Nova
Create post

Boise News - June 2019

6 Replies

  • Share on Facebook
  • Share on Twitter
  • Share on LinkedIn
Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Rentals, and Residential
  • Posts 53
  • Votes 30

Matt Brookshier
Developer from Boise, ID

posted over 1 year ago

This is the June 2019 set of news clippings that I've collected and send to our investors - I hope you find it useful.

Our little company doesn't usually look to make the local news, but we've broken ground on our two homes in Eagle and one large home in Nampa/Caldwell.  All three are spec builds for investors.  We also received design approval from Caldwell for our 24-unit building in downtown Caldwell and have another Caldwell site under evaluation which looks like it will yield 39 total units in 4 buildings.

June 2019 News:

A 2,000-home master planned community breaks ground on the south side of Boise. https://boisedev.com/news/2019/05/31/construction-starts-on-large-2000-home-boise-development-with-new-name/

913-home subdivision is up for approval on the western edge of Eagle. https://www.idahostatesman.com/news/local/community/west-ada/article231044388.html

Caldwell approves 187-home subdivision. https://www.idahopress.com/news/local/caldwell-approves--home-subdivision-off-marble-front-road/article_7c828edb-5954-5a48-92c1-045bdea4f4a8.html

Nampa is raising funds to add momentum to their downtown redevelopment efforts. https://boisedev.com/news/2019/06/07/new-fund-to-help-make-over-nampas-main-street-area/

Micron, one of Boise’s largest employers, has been cutting staff recently. https://www.idahopress.com/news/local/past-and-current-micron-employees-report-job-cuts-micron-silent/article_532e02a8-40ac-5cb3-9a87-7fde69714dc8.html

Downtown to get a new “jewel” office project. https://boisedev.com/news/2019/06/10/11th-and-idaho/

Boise approves changes to Accessory Dwelling Unit (ADU) regulations to allow larger units, but keeps the requirement that the owner live on-site. They will continue to look to other ways to add residential to existing neighborhoods. https://www.idahopress.com/news/local/boise-city-council-reduces-regulations-on-mother-in-law-suites/article_af524d2d-8bd7-5479-818b-c2ea3c67dc7f.html

A new hotel (Fairfield Inn) is planned on the northwest side of Boise Towne Square mall. https://www.idahostatesman.com/news/business/article231432183.html

Jerry’s Market on 27th street is being torn down for a new housing project near downtown Boise. https://www.idahostatesman.com/news/business/article231443793.html

Ada County home prices set another record last month. The median price for a single-family home is $342,990 – up $8,000 (2.4%) from the prior month’s record price of $335,000. This is a 12.5% increase over last May. https://www.idahostatesman.com/news/business/article231477538.html#storylink=mainstage_card3

Another out-of-state developer looking to Boise. This one is converting an old hotel into apartments in downtown. https://www.idahostatesman.com/news/business/article231558938.html

In the not so good news column, Fitch Ratings is estimating that home prices in Idaho are overvalued by 20% or more. It looks to be a factor of home prices rising faster than wages. I’m not so sure that the supply/demand dynamics locally are accurately captured in their analysis but only time will tell. https://www.idahostatesman.com/news/business/article231529863.html

A hearing for a major mixed-use development on 52-acres at the I-84 / Eagle Road intersection. This includes Boise’s first “Top Golf like” facility. https://boisedev.com/news/2019/06/18/eagle-view-landing/

Another downtown Boise apartment building planned. This one is targeting young professionals at rents the developer calls “attainable”. https://www.idahopress.com/news/local/story-apartment-building-going-next-to-downtown-boise-winco/article_6c4fcfd1-5858-57b2-a537-38adb4e95e31.html

Downtown Caldwell is growing enough to start talking about building structured parking garages. https://www.idahopress.com/news/local/2cscoop/could-a-parking-garage-be-in-caldwell-s-future-city/article_6352821d-c669-5e5b-8115-a32c400f8807.html

Another big transaction, this time to a Seattle investment firm. Two downtown high rises have been sold. https://boisedev.com/news/2019/06/19/laird-norton-us-bank-gardner/

Construction activity in the City of Boise (just the City, not the entire metro) have hit the highest levels in 5 years. https://boisedev.com/news/2019/06/20/boise-building-permits-hit-five-year-high/

A new commercial project in Eagle is looking at a condo approach (sales of units rather than leases). https://boisedev.com/news/2019/06/20/new-project-on-the-way-to-mccall-could-add-retail-and-more-before-you-leave-town/

Idaho unemployment numbers are out and continues (for the 18th month) to be sub-3% statewide. https://www.idahopress.com/news/local/idaho-unemployment-rate-remains-under/article_8dbd1c4a-c8ea-5338-9a67-25ee4020d9f7.html

Caldwell and Nampa will “move closer” to Boise – ITD plans to widen I-84 which should significantly reduce commute times. Our opinion: With jobs also moving westward (toward Meridian and Nampa) and the lower cost of housing in Canyon County, this area is expected to see a spike in development growth. https://www.idahostatesman.com/news/local/community/canyon-county/article231805598.html

Albertson’s is adding another store in the fast growing south Meridian area. https://www.idahostatesman.com/news/local/community/west-ada/article232024977.html

Rotate Log in or sign up to reply
user profile avatar
  • Posts 1.8K
  • Votes 1.7K

Corby Goade
Investor from Boise, ID

replied over 1 year ago

Congrats, @Matt Brookshier ! Good stuff happening. 

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Rentals, and Residential
  • Posts 53
  • Votes 30

Matt Brookshier
Developer from Boise, ID

replied over 1 year ago

Thanks @Corby Goade !

Rotate Log in or sign up to reply
user profile avatar
  • Posts 10
  • Votes 2

Cami Bustos
from Idaho

replied over 1 year ago

Is there any news for multifamily developments or is just subdivisions? I'm interested in Caldwell especially.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Tenants, Rentals, and Residential
  • Posts 53
  • Votes 30

Matt Brookshier
Developer from Boise, ID

replied over 1 year ago

@Cami Bustos Multifamily is going up all over the Treasure Valley right now but the bulk of it (almost all) seems to be in Ada County.  The intersection at I-84 and Ten Mile west of Meridian is turning into a cluster of mid-rise office plus some very large multifamily projects.  Harris Ranch in SE Boise is building townhomes, multifamily, etc. and there are several infill projects all around.  The Eagle area is completing a couple of large luxury multifamily projects and has a couple more on tap.

We are very big on Caldwell with the new downtown, family feel and growth in jobs.  We are constructing a 24-unit building just south of downtown.  It will be the first market-rate multifamily built to our knowledge.  There are several new 55+ projects but that is about it.  We are also talking with other investors/developers to act as GC on projects in the Nampa/Caldwell area so there is activity but not to the scale of Boise/Meridian.

One thing to note is that the area does have a lot of four-plex communities being built.  These don't tend to hit the new radar but provide much needed supply.  Right now in Canyon County they are clustering in western Nampa rather than going into Caldwell proper but I think that will change quickly.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subject:
Residential
  • Posts 186
  • Votes 100

Stefan Tsvetkov
Rental Property Investor from West New York, NJ

replied 6 months ago
Originally posted by @Matt Brookshier :

In the not so good news column, Fitch Ratings is estimating that home prices in Idaho are overvalued by 20% or more. It looks to be a factor of home prices rising faster than wages.

Fitch Ratings assessment not inconsistent with what I see. Boise (Ada County) is overvalued 33% as of Q1 2020 based on historical price-income relationship. The most overvalued city in the U.S. at present out of ~800 cities with >50k population.

Rotate Log in or sign up to reply
user profile avatar
Check Rosette Top Subjects:
Rentals and Team
  • Posts 71
  • Votes 37

Jim Paulson
from Boise, ID

replied 6 months ago

Boise has appreciated quicker than lower income wages; however, you don't have to travel too far to adjacent cities/counties with commutes of 30 minutes to an hour to get much less expensive homes / property.  Many people are retiring and moving here and paying cash for homes since we are still much cheaper than major metro areas in the Pacific Northwest and especially cheaper than most of California.

Rotate Log in or sign up to reply
  • 1
Resources Read, see, and learn more!
Link Real Estate Investment Calculators
Link BiggerPockets Blog
Link Path to Purchase
Link Mortgage Loans
Link Find a Contractor
Link Real Estate Agents
Link Hard Money Lenders
Link Real Estate Listings

Top Contributors

Geri May
Geri May
Riverside, CA
9.29
Score
Colby GeDeros
Colby GeDeros
Bend, OR
4.88
Score
Adam Fleck
Adam Fleck
Boise, ID
3.21
Score
Kory McCain
Kory McCain
Boise, ID
3.21
Score

Boise Real Estate Forum Trending Discussions

  • Moving to Boise, let's connect!
    3 Replies
Log in Sign up

Log in

Forgot password?

If you signed up for BiggerPockets via Facebook, you can log in with just one click!

Log in with Facebook

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Let's get started

We just need a few details to get you set up and ready to go!

Use your real name

Use at least 8 characters. Using a phrase of random words (like: paper Dog team blue) is secure and easy to remember.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.

Or
btn_google_dark_normal_ios Created with Sketch. Continue with Google

Why create an account?

Receive a free digital download of The Ultimate Beginner's Guide to Real Estate Investing.

Connect with 1,000,000+ real estate investors!

Find local real estate meetups and events in your area.

Start analyzing real estate properties, we do the math for you.

It's free!

Explore

  • Membership
  • Community
  • Education
  • Marketplace
  • Tools
  • FilePlace
  • REI Resources
  • Perks
  • Glossary
  • Reviews
  • iOS App
  • Android App

Company

  • About Us
  • Press
  • Advertising
  • Careers
  • Stats
  • Contact Us

Important

  • Editorial Guidelines
  • Terms of Use
  • Rules
  • Privacy
  • FAQ

Social

  • Facebook
  • Twitter
  • YouTube
  • Instagram
© 2004-2021 BiggerPockets, LLC. All Rights Reserved.