Ahhh, Starweather. One of the mid valley’s gems. Casual yet upscale. Removed yet close in. Open spaces yet intimate. A beautiful array of spectacular homes. And fishing like you read about.
Starweather is located pretty much smack between Ketchum and Hailey with easy access to both. It’s nicely nestled between friendly neighbors in Golden Eagle to the north and Zinc Spur to the south. On the bike path, it’s just as easy to skate ski to Ketchum as it is to bike to Hailey.
The neighborhood is tucked in a beautiful setting of old growth aspens and cottonwoods along the Big Wood River. Spring and summer offers a great mix of all day sun and natural shade. In fall, the autumn reds, oranges and yellows from the aspens are on fire and line the quiet streets.
Large estate properties enjoy prime river front access and views. A nice mix of original and newer homes in an eclectic Read the rest of this entry »
Here is the straight up local foreclosure information directly from Daryl Fauth at Blaine County Title. Thanks, Daryl!
In the years 2000 to 2007, Blaine County averaged 3.5 default notice filings per month.
Of those, an average of 0.6 properties per month went through to foreclosure sale.
Where we are:
In 2008, Blaine County averaged 10.4 default notice filings per month. (197% increase from 2000-2007 averages)
Of those, an average of 4.1 properties per month went through to foreclosure sale. (583% increase from 2000-2007 averages)
In 2009, Blaine County averaged Read the rest of this entry »
A lot of people will tell you that it’s tough to get to Sun Valley.
Fewer flights from fewer locations. A smaller airport that is prone to winter weather delays. Longer drives from popular locations. All valid points.
BUT, once you get here. Once you get here it all makes sense. An insanely cool destination four season resort in the middle of Idaho. An oasis of fun. A hassle free playground with unlimited good time options. Very nice, friendly people. Sophisticated, yet casual. 250 days of sun each year. Restaurants, recreation and killer real estate.
So, the tougher access and remote location is what helps make it great. I mean, when is the last time you waited in a lift line on Baldy? When was the last time you couldn’t find a sweet stretch of river to fish all for yourself on the Wood? When was the last time you got cut off Read the rest of this entry »
Wow. That was fast. It only took 27 days to close on the first two building lots in the Elk Creek Ranch development in Fairfield.
These bank owned lots were taken over recently by Mountain West Bank. We listed the lots very aggressively. The prices were realistic and based on current market conditions. That’s why they sold so fast.
The day I listed the package of 7 lots, I recieved multiple offers. Plus, I had interest from a party to purchase the entire package.
The lots sold for asking price Read the rest of this entry »
Shadow inventory is the phrase we use to describe the distressed properties that have not yet hit the market. In other words, properties that will most likely become short sales or, more likely, bank owned foreclosure sales. Many of these properties currently have had notices of default filed against them. Others are in a state of limbo as they process past the point of default and transfer into the control of the bank. The process can take a long time. There is a considerable lag between when a property goes into default and when it actually becomes available for sale.
The point is, these properties are “waiting in the wings” to become tomorrows distressed and bank owned inventory. Based on the notices of defaults we are seeing in the Sun Valley market, the shadow inventory should continue for some time. For example in January, 31 new notices of default were filed in Blaine County. 14 properties went back to the bank. These numbers have been pretty consistent over the last year. Project these numbers out and I think Read the rest of this entry »
Every month 301,000 people Google the words “Sun Valley”
40,500 people per month Google “Sun Valley ID”
2,900 people per month Google “Sun Valley Real Estate”
1,600 people per month Google “Sun Valley Condos”
880 people per month Google “Hailey Real Estate”
480 people per month Google “Jamie Coulter”
But most of those searches are for a minister in Arkansas who rides a skateboard.
Cap rate is short for capitalization rate. Cap rates are a method to valuate property, typically commercial property. Its the value given to a property when the Net Operating Income (NOI) is divided by the current market value, or sales price. A cap rate can be used as a rough indicator of how quickly an investment will pay for itself. Cap rates are also generally considered a rate of return on your investment. If you are a buyer, the higher the cap rate, the better. And vice-versa if you are a seller.
Here’s an example: A property has an NOI of $100,000, and the price is $1,000,000. The cap rate would be 10% ($100,000/$1,000,000 = 10%). Based on this calculation, you would see a return in 10 years.
I have a sweet little formula, I call IRV, that makes the calculation easy to remember. Call me and Read the rest of this entry »
$75,000 for a 1.22 acre lot in Griffin Ranch. $75,000 for a 1.22 acre residential building lot in one of the nicest developments in the Bellevue Triangle. Amazing.
Where else in Sun Valley will you find a deal like this? I can’t think of one.
Griffin Ranch is a rural ranchette development just a few mintues south of Bellevue in the Bellevue Triangle. It’s still close to town and the valley to the north but it feels like it’s miles away. The existing homes have set the stage for continued high quality construction. too. As part of the devleopment, large tracts of open space have been preserved to maintain the country feel.
Yes, this deal is a short sale but this is an interesting short sale. It was initiated by the bank. In other words, the bank called ths borrower and asked him if he would be interested in a short sale on his property. The bank actually wants to pursue a short sale. This doesn’t happen..at least I have never seen it happen.
Point is, the seller is motivated to do a deal. And apparently the bank is, too. Are you?
Earlier in this foreclosure cycle we are currently experiencing, local real estate agents and appraisers in Sun Valley would discount the value of the bank owned foreclosure properties. In other words, the foreclosure properties were considered less valuable than non foreclosures and therefore not seen as equal. As in, “yes, that property sold but it was a foreclosure so it’s not a good comparable.”
Often we didn’t want to include them as comparables when in determining value of other properties. Now it’s unavoidable. Bank owned and distressed properties are defining our market, they aren’t just influencing it. And not just in entry level properties.
The process started out in the south valley in Hailey and Bellevue but then it started creeping Read the rest of this entry »
In the last week, I have submitted offers for two different clients on two different bank owned properties. On both properties, there were multiple offers from other agents being submitted simultaneously. On one of the properties, there were four offers. Yes, four.
Both of the offers I submitted were for more than the bank’s asking price and one was much higher than the bank’s asking price. Both of the offers were rejected by the bank in favor of offers that “were substantially higher” than our offer. Wow!
So what the heck Read the rest of this entry »