Who would have thought Idado would be a place where the housing market would skyrocket? Crazy things happen when the world is hit with a global pandemic. Over the past year, we have seen an increase in people leaving big cities and moving to suburban communities. According to KTVB.com Boise Idaho continues to be one of the hottest markets in the West with the median home price surging 72% in four years. If anything, the COVID-19 pandemic exacerbated the area’s housing woes, with more people lured here from major metro areas, such as San Francisco.
People have sought more affordable remote-work housing and an outdoor-centric work-life balance. As cited on noradarealestate.com the median home price in the Boise metro area exceeds $500,000 for the first time in May 2021 and according to the latest report released by Boise Regional Realtors, Ada County’s median sales price set a new high of $523,250, up 8.7% compared to April’s price of $481,208.
Idaho is one of the fastest-growing states in the U.S. and has seen a huge number of new residents migrating from other states around the country. Historically, Idaho has a relatively low cost of living which is a primary reason many are flocking there. As reported by Idahostatesman.com, not only are homes selling for more, they’re selling in record time, “Boise is relatively more affordable,” she said. “It’s got a similarly dry, sunny, arid climate.
The developing tech industry and more people being able to work remotely have also drawn people in.” Boise has a lot to offer. It is part of the beautiful Pacific Northwest region, and Idaho’s capital city offers a low cost of living, a host of fun outdoor activities, and a lively arts and culture scene. As witnessed over this past year, markets with an extensive outdoor list of activities are attractive to home buyers. The Idaho housing market is checking all the boxes.
Sharestates views the Idaho housing market as an opportunity and has forged relationships with borrowers and developers in Boise. Check out some of our recently funded properties.
This investment is for a private loan on a residential portfolio (2 units) property located in Meridian, ID. The Borrower is acquiring the subject property for investment purposes solely. The property is currently occupied and the Borrower will continue to lease out space.
Before:
After:
- Loan amount – $227,000
- Loan Purpose – Bridge
- Property Type – Residential
- LTV – 71%
This investment is for a private loan on a portfolio (2 units) property in Boise, ID. The Borrower is refinancing into a 30-year note to pull additional equity from the stabilized property and to achieve a favorable interest rate.
- Loan amount – $337,000
- Loan Purpose – Cash-out
- Property Type – Residential
- LTV – 75%
