Boise an up-and-coming Rocky Mountain city?

[zoso1979]

Originally Posted by grmi66

I'd say a little of both.

[JimBaker488]

Originally Posted by grmi66

I'd say a little of both.

So you are saying first there was excessive speculation including new buyers entering into the Boise housing market followed by an overreaction to the higher prices by an excessive build-up in local housing supply resulting in depressed R/E prices ? OK, think I've got it. So what is the estimation of when the over supply will be drawn down resulting in a return to a normal real estate market in Boise ? How many months or years is that estimated to take ?

[grmi66]

We got here in 2006, so I don't know how much was overbuilt or how fast it built up beforehand. Just know that there were a number of families like ours with cash in our pocket from our houses in California and Arizona who fueled housing prices. For only $25,000 more than what we were selling our house for in Phoenix we bought a house that was twice the size and in a much nicer neighborhood.

Think the biggest reason for the drop in housing prices is that people in Arizona and California can't unload their houses and move to Boise. Houses in our old neighborhood in Phoenix are back down to 1995 price levels. My house value in Boise is dropping, but not quite that bad.

[JimBaker488]

Originally Posted by grmi66

We got here in 2006, so I don't know how much was overbuilt or how fast it built up beforehand. Just know that there were a number of families like ours with cash in our pocket from our houses in California and Arizona who fueled housing prices. For only $25,000 more than what we were selling our house for in Phoenix we bought a house that was twice the size and in a much nicer neighborhood.

Think the biggest reason for the drop in housing prices is that people in Arizona and California can't unload their houses and move to Boise. Houses in our old neighborhood in Phoenix are back down to 1995 price levels. My house value in Boise is dropping, but not quite that bad.

WOW, because I lived and worked in Boise for a little over a year back in the early '90s and that migration of people in huge numbers from California was already in progress way back then, so no wonder that the local RE market there has experienced such dramatic increases in prices with that influx of buyers with high-levels of liquidity for such a long, sustained period of time.