January 2024 Market Update

Rejoice, Boise! The sun has broken through the gray haze of inversion season (what is an inversion anyway?), giving locals a much needed reprieve from the winter blues. This spring-like weather is serendipitous to what’s happening in real estate, symbolizing a bright start to Boise’s housing market in 2024. Boise continues to defy negative media expectations with its resilience. Fears of an impending recession have dissipated as economic indicators remain steady, bolstering buyer confidence and fostering a robust housing market here in the Treasure Valley.   Lowest Interest Rates Since May 2023: One of the pivotal factors fueling this dynamic market is the persistently low interest rates, incentivizing buyers to get off the fence and on the hunt for their next home. Mortgage interest rates are at the lowest we’ve seen since May of 2023, reports Housing Wire. With borrowing costs remaining favorable, many individuals find themselves drawn to the prospect of homeownership, encouraged by the stability of the economic climate.   Clear Deficit in Inventory Keeping Home Prices High: This strong demand for housing is met with a persistent challenge: a striking shortage of inventory… nationwide. The scarcity of available homes continues to exert upward pressure on prices, creating an environment ripe for competitive bidding scenarios. For sellers, these conditions represent an opportune moment to list their properties, with the potential for swift sales and attractive returns. We likely won’t see competition at the magnitude of the pandemic market, but a healthy and stable amount breaking Boise’s real estate market out of a sluggish 2023. Supply levels need to increase significantly to match demand, and lower borrowing rates may nudge builders to start building once again.              Our Crystal Ball Says: Oh we wish we had one! There is no definitive way to predict the market. Many factors, including rates, economic conditions, and an upcoming presidential election can change the trajectory of our real estate market. Will it last? We’re not sure, but what we see now is a very active spring-like market as people are on the hunt for homes again. Sellers who are on the market now are going to be at an advantage versus waiting for the traditional spring market. The enthusiasm of this market is contagious, and we look forward to seeing strong sales in the first quarter of the year.  If you’ve been considering selling, reach out to us by phone (208) 870-8292 or email info@lysibishop.com for a no-obligation market valuation of your home and discuss ideal timing for you. We’re already seeing an increase in available homes ahead of the typical spring market and we don’t want you to miss this exciting opportunity to make the most of your home sale.   

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Luxury Living in Boise: Explore These Popular Luxury Neighborhoods

Photo Credit: Lysi Bishop Real Estate Boise has been a hotspot for quality lifestyle and a popular choice for relocation for many years. Those seeking cleaner air, friendlier neighborhoods, and world-class outdoor recreation find Boise to be the goldilocks of luxury residential locations… not too big, not too small. Previous to the pandemic, Boise’s luxury market was primarily long-time residents and their legacy estates. As Boise topped list after list of “best places to…” demand surged and so did our luxury real estate market. Home values skyrocketed as folks from all around the nation looked to find reprieve and a fresh start in the west’s hidden gem. Boise’s luxury market remains strong as the post-pandemic dust has settled. Continue reading if you’ve been considering a move to Boise and looking for a luxury lifestyle amongst the backdrop of rolling mountains, verdant tree cover, and brilliant blue skies. Let us be your guide as we explore Boise’s premier locations and neighborhoods for luxury living.   Luxury Areas by feature: Views: Nestled in the Boise foothills, these neighborhoods offer stunning vistas of Idaho’s rustic beauty and downtown Boise, plus close access to outdoor recreation such as hiking/biking trails and easy access to Bogus Basin Ski Resort. Somerset. This custom-home neighborhood features a range of amenities including a community pool, a five-acre private park, and tennis courts while having ample open space and close access to the foothills trail system. Families are drawn to Somerset for its excellent schools and family-oriented environment. Highlands. With panoramic views, closeby schools, Crane Creek Country Club and golf course (private - membership required for access) all less than 10 minutes from downtown, Highlands has it all. Many homes boast expansive views and/or treehouse settings from their perch on the hillside, and the neighborhood does not follow a traditional grid structure, instead featuring winding roads and low traffic cul-de-sacs.  Quail Ridge. As one of North Boise's most established foothills neighborhoods, Quail Ridge offers a well-planned community full of amenities including neighborhood parks, a swimming pool, pickleball and tennis courts, and community spaces. This neighborhood also has stunning views, abundant wildlife, and is within the Boise school district. Arrowhead Ridge. Perched on a canyon ridge and surrounded by preserved natural areas, this neighborhood provides a tranquil escape while being within the Boise school district and close to Quail Hollow Golf Course! Arrowhead Ridge homes are characterized by custom-built spacious homes, large lots, and a peaceful ambiance.  Harris North. This recently established neighborhood perches at the heights of east Boise. Newly built luxury residences line these streets, featuring close access to Harris Ranch dining/services, the Boise River, foothills trails, Lucky Peak Reservoir, and the Boise Greenbelt.  Table Rock. Located just northeast of downtown Boise, the Table Rock neighborhood features a stunning view of the foothills, Boise River, and downtown. Plenty of hiking trails allow residents to enjoy its scenic beauty and natural landscape. Some of Boise’s most prestigious legacy estates line Table Rock Road. Waterfront: With prime placement near the Boise River, these neighborhoods offer a tranquil escape with everyday opportunities to cast a line and indulge in the endless sightings of wildlife. River Run, The Island, and Spring Meadow. Built on an 120-acre bend of protected wilderness, these adjacent neighborhoods offer serene streets and abundant natural beauty with incredible riverfront sites. River Run and The Island each feature their own community pool, clubhouse, and tennis courts as well as walking paths and direct access to the Greenbelt (including the Bethine Church Trail). Spring Meadow does not have community amenities, however, still enjoys the remarkable tree cover and river access as the former neighborhoods and is within walking distance to southeast Boise’s dining and social hub in Bown Crossing.                                                                                                                               Riverside Village. Located on the banks of the Boise River in Garden City, this community features a tranquil and private setting with mature trees and neighborhood walking paths. Homes feature spacious lots and unique architecture, and the neighborhood enjoys a clubhouse, pool, spa, play area, and tennis courts.                                                                                                                                                                                                                                       Eagle. A luxury hotspot, Eagle waterfront homes feature sprawling lots, enviable square footage, and a peaceful setting. Neighborhoods along the Boise River corridor like Mace River Ranch, Two Rivers, Banbury, Island Woods, and Lakemoor are well-planned developments with pristine entrances, community amenities, plentiful water features, and nearby access to the Greenbelt/Boise River. Eagle offers top-notch dining, entertainment, and recreation, making these residences the complete package.   Urban Living:  North End. Perhaps the most iconic Boise neighborhood, the North End is a historic and eclectic neighborhood known for its tree-lined streets, historic homes, and vibrant local culture. This neighborhood also features incredible walkability/bikeability to downtown Boise and is a part of the highly rated Boise school district. Downtown. Urban living at its finest, downtown Boise offers a wide range of luxury penthouses, condominiums, and apartments. With a lively scene of restaurants, bars, and events right out your front door, downtown Boise is the place to be. Harris Ranch. This master-planned community in east Boise offers a family-friendly, relaxed lifestyle with neighborhood schools (including private Riverstone International School), city parks, hiking and biking trails, and proximity to the Greenbelt and Boise River. Amenities include several pools, clubhouse, fitness center, and this community prides itself on its safety and walkability. East End. With a priceless central location right next to downtown, the East End is a prized neighborhood with a strong sense of community. Containing a mix of historic and newly built homes on streets lined with mature trees, there is something for every homeowner. Warm Springs Avenue, the crown jewel street of this neighborhood, features luxury living in stunning historic homes and is on the National Register of Historic Places.   Work with a knowledgeable expert specializing in luxury: When navigating the luxury market in Boise, it is crucial to have a knowledgeable, experienced real estate agent by your side who knows the luxury market. A specialized agent brings a wealth of experience and an insider's perspective on the exclusive neighborhoods and hidden gems that align with your needs. From identifying properties that fit your parameters to negotiating the best possible deal, a dedicated luxury real estate agent will make this exciting process as smooth as possible. Select your agent thoughtfully when making this substantial investment for an ideal outcome.   A sampling of Boise luxury listings: 2265 S Riverbirch Place. A legacy estate, proudly poised on ~3.5 acres of premium water frontage on the Boise River within Eagle's most treasured residential corridor. This grand custom home embodies the robust longevity of a Mediterranean villa, with sturdy materials softened by a lightened elegance and modern twist.   1560 E Nines Point Lane. This phenomenal foothills home exemplifies ultra luxury in Boise's premier gated community, The Nines. Elevated above the city among rolling foothills, the residence provides expansive views from Crane Creek Golf Course & rolling foothills, to the downtown, sparkling city lights and the Owyhees. The resort-style oasis includes a luxurious swimming pool, separate hot tub, and an infinity edge reflection pool. ~3000sf of outdoor patios are complemented by built-in fire tables & fireplace.   1305 N Harrison Boulevard.  A landmark Queen Anne with a storied history, proudly displayed among the treasure trove of residential architectural heritage on The Boulevard. This exquisitely rare property envelopes five city lots on the corner of Harrison Blvd and Eastman St, making an unmistakable mark in Boise's historic fabric.   605 E Highland View Drive. Established in 1968 as the first house on the city-side of the Highland View ridge, this characteristic Mid-Century Modern residence is defined by its incredible setting and striking interior. The home has been in the care of only three stewards in its lifetime, and has undergone a remarkable transformation from its swinging 60's roots to a sophisticated and refined rendering of modern living.   1 Mesa Vista Drive. This premier rim-front homesite is tucked away at the end of one of Boise's most treasured locations. Legacy properties line this rarely available street, known for its private sprawling homesites, cinematic city views, and unrivaled proximity to downtown.

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The Pros and Cons of New Construction vs. Existing Homes

When you are thinking about buying a home, a major decision is whether you want to build a brand-new home or buy an existing home. Both options bring a unique set of advantages and challenges, and it is important to think about which best fits your lifestyle and needs. Check out this guide to the benefits and downsides of both new construction and existing homes to help you decide which is suited for you!   New Construction: Benefits: Modern and customizable floor plans. When buying a new home, you may have the option to pick or even design your own floor plan, making your home perfect for your needs. Even if the home is already complete when you buy it, it will likely have a modern layout that is more open. Smart Tech and Energy Efficiency. New builds are typically built with adaptability to “smart” tech, such as speaker systems, alarms, lighting, and heating and air systems. These newer appliances are often much more energy efficient, leading to a lower utility bill and greater ease of use. Low Maintenance and Warranties: Because everything in the home (electricity, pipes, roofing, etc) is brand new, maintenance costs are likely to be very low for the first few years. Some builders also offer warranties on different parts of the home, further decreasing maintenance costs for a homeowner.                                                                                                                                                                        New Construction Communities. Recently built neighborhoods, such as Harris Ranch or Cartwright Ranch, may offer community amenities. Whether this is a neighborhood pool, pickleball court, or park, this is definitely a pro to new construction communities.  Downsides: Higher Price. New construction is usually more expensive than a comparable resale home due to current material and labor costs. Risk of Delays. In the case of building a home or buying a home during construction, there is the possibility of delays in the completion of the home. However, this is not the case when buying a new, finished home.   Existing Home: Benefits: Move-in Ready. Existing homes, as long as you are not planning a remodel, are typically ready to move into on the day of closing.  Lower Price. Existing homes tend to be less expensive than new construction homes, making them often the more affordable option.                                                                                                                                                                                      Established Neighborhoods, Landscaping, and Architectural Details. Existing homes can come in long-lived neighborhoods, featuring mature landscaping and trees in both your yard and your neighbors. Existing homes can also feature unique and antique details that cannot be replicated in a new build, giving your home history and character. Downsides: Outdated Floor Plans. Depending on the build date, existing construction is likely to have a more dated floor plan, which could include lower ceilings and closed-in kitchens.  Older Technology and Fixtures. When the home is not brand new, the lighting, sink, and bathroom fixtures may be aged and out of style. The home also will likely not include new appliances or technology integrated into it.This is not always the case, as different owners infuse more modern amenities into a home through remodeling and upgrading. Be aware that not all renovations are created equal, and that you need to do your due diligence to ensure that the ‘new’ stuff was installed properly and to code.                                                                                                                                                                                                                             Not So Energy Efficient. Due to older heating and cooling systems, or poor insulation,  an existing home may not be very energy efficient.                                                                                                                                                                           Potentially More Repairs and Maintenance. Older roofs, heating and air systems, and other aged appliances may lead to unexpected repairs in an existing home.                           

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