Looking for a house between $105,000 and $150,000 in Boise?

Realtors say there are at least 83 homes in Boise and Meridian within that price range

Joe Jaszewski / jjaszewski@idahostatesman.com

By Joe Estrella - jestrella@idahostatesman.com
Edition Date: 12/05/07

Believe it or not, there is still affordable housing to be had in Ada County.

Bob Smith, a Realtor with in Boise, says there were 83 homes for sale Tuesday in Boise and Meridian with price tags below $150,000.
"Right now, there are homes where a person's mortgage payment would be less than what they're spending now on rent," Smith said. "These homes are great for people with one or two children.
The bargain prices are in contrast to Ada County median home prices that have continued climbing despite the nationwide slump in the residential housing market.
According to the Intermountain Multiple Listing Service, which tracks real estate transaction throughout the Treasure Valley, the median price for a home in Ada County last month was $231,893.
Most of the properties priced below $150,000 are in foreclosure, or have had their prices slashed by owners who have seen their properties languish on the market because of the market downturn, Cavigllano said.
A "shocking number" of the homes are vacant, which gives the buyer leverage because the owner has moved and is eager to sell to avoid having to pay mortgages, she said.
Some of the homes are fixer-uppers. But other are already in livable condition.
"These homes are just sitting there," she said.
The cheapest home on the list is $105,000, the most expensive $150,000. Most fall somewhere in between, including:
An 1,120-square-foot, three-bedroom, two-bath home for $149,900 on Millstone Drive.
A five-bedroom, 1-1/2-half bath, 1,482-square-foot home on West Landmark Street originally priced at $189,900. After 136 days on the market, the owner will now take $147,900.
A two-bedroom home on the Boise Bench with a price that was cut from $149,000 to $143,900 after just 19 days on the market.
"And we're just talking Boise," Cavigllano said. "We haven't even mentioned Meridian, where most of the houses are nicer than the homes in Boise."
Adding to the impetus to get into a home was news Tuesday that interest rates had fallen below 6 percent for a 30-year fixed rate mortgage.
"I don't remember when was the last time rates were that low," said Bob Smith, an associate broker with Re/Max Capital City.
Meanwhile, with homeowners slashing their asking prices, the investors that originally fueled the Treasure Valley housing boom may be starting to come out again. That could give home sales a badly needed lift.
One potential buyers is Jim Coulter, 34, owner of Clean Solution Painting.
Coulter and another investor had been looking at a five-bedroom, 2-1/2-bath house near Fairview Avenue and Maple Grove Road. The price had already sunk from $169,000 to $149,000. Their strategy: make a lowball offer of between $120,000 and $125,000 and hope the owner took the bait. They would then put about $20,000 in upgrades into the home - Coulter would handle most of the work - and put the home on the market next spring.
The deal fell through when the other investor bailed on the deal.
Coulter said he is still looking at low-priced properties that he might be able to acquire by himself.
Cavigllano said that for the first time in a long while, some new homes are being built and sold for less than $150,000.
At the Charter Pointe subdivision near Lake Hazel and Five Mile Road, Hubble Home plans to build three homes priced at $149,990.
"They haven't been built yet, so you can go out there and start picking out your colors," Cavigllano said.
Canyon County offers a much larger choice of low-cost homes. Tracy said 582 Canyon County homes are priced at or below $150,000.
A recent single Hubble Homes listing in Caldwell of a home priced at $109,990 produced 2,000 hits on the Intermountain Multiple Listing Service Web site.
Wayne Forrey, director of Eagle-based Kastera Development, recently told the Boise Metro Chamber of Commerce's Economic Outlook Forum that the local the local housing market has bottomed out, and predicted that recovery would begin in 2008. Falling land, construction and housing costs will help bring buyers back, he said.