Broken
Records
Page 2
Private
Listings
Page 4
Charts:
Boise Housing
Shortage
Page 8
Boise Housing
Over -
Correcting? Page 7
Boise
Market
Forecast Page 10
Home
Reviews
Page 14
PRSRT STD
US Postage Paid Boise ID
Permit #649
Brought To You By: Front Street Brokers Luxury Home Sales & Investments Ph 208.740.5000, Fx 208.441.0292 877 W Front Street, Boise Id 83702
June 2012 Issue BROKERS Front Street Brokers.com
Home Prices
U.S. Down 2 | Boise Up 5 By Staff Writers
]Front Street Brokers
The Case-Shiller Home Price Index
showed a 1.9% drop in home prices in
the first quarter of 2012 compared to
the first quarter of 2011. This latest
composite report shows the lowest
home price levels since the peak in
2006. Indices display a 35.1% drop in home prices since that peak in the se-
cond quarter of 2006. The cities with
biggest drop in March of 2012 were
Atlanta, Chicago, Las Vegas, New
York, and Portland.
However, some regions around the na-
tion are not experiencing drops but ra-
ther seeing significant price increases,
such as Boise, Idaho, with a 5.1% in-
crease in home prices for the first quar-ter of 2012 compared to the same
months in 2011.
The Standard & Poor's/Case-Shiller
Home Price indices use only 10 and 20
city composites for their analysis on
national home prices. The Federal
Housing Financing Agency (FHFA), on the other hand, tracks home prices na-
tionwide through Fannie Mae and Fred-
die Mac sales. FHFA is reporting home
prices actually increased by 0.6% for
the first quarter of 2012, which paints a
considerably rosier picture than the
Case-Shiller report this month. One
could argue therefore, that the Case-
Shiller Home Price indices may be
missing some important regional price
trends by only tracking 10 to 20 U.S.
cities when compared with FHFA track-ing home sales in nearly every city in
every state for their home price index.
(Continued on page 9)
Available Bank Owned Foreclosures – Boise Metro Down 90% Since Peak (Peak= Sep 2010)
Bank Owned Foreclosures 1.7% of Total Supply – Ada
3.4% of Total Supply – Canyon
Pending New Construction Home Sales Up over 100% - Ada
Up over 200% - Canyon
Total Inventory Homes For Sale Down 63% Since Peak (Peak=Jul 2007) – Ada
Down 66% Since Peak (Peak=Jul 2008) – Canyon
Average Sale Price – Ada Up 8% Year to Date
Up 13% Apr 2011 – Apr 2012
Price Bottom = Mar 2011
Average Sale Price – Canyon Up 9% Year to Date
Up 12% Apr 2011 – Apr 2012
Price Bottom = May 2011
Home Buyer Demand - Ada Up 26% Since Bottom (Demand Bottom = 2008)
Up 10% Year to Date from 2011
Home Buyer Demand – Canyon Up 48% Since Bottom (Demand Bottom = 2008)
Down 11% Year to Date from 2011
Quick Stats
BOISE REAL ESTATE FACTS
By Mike Turner—CEO at Front Street Brokers
Last Week Freddie Mac reported an all NEW
record in Fixed Rate Mortgages.
The 30yr fixed rate mortgage averaged 3.79 for the
week, which is the first time rates on a 30yr FRM have
dipped that low. However, even though this is amazing
news, it seems that those of us in the real estate industry
are starting to sound like broken records.
―Homes have never been more affordable … never been
more affordable … never been more affordable … never
been …‖ well, you get the picture.
And while the message is repetitive, that doesn’t mean
it’s not true. In most areas of the country, home prices
are at or below pre-bubble levels, costing about what
they might have in 2002 or so. In other areas, they are
even further off bubble levels than that.
Also, as you know, the interest rates on mortgage loans
are very low. We’ve probably heard it so many times
that we’re numb to the term, but when you hear
―historically low‖ in regard to mortgage rates, it’s true.
―Historically low‖ as in ―never been this low in history.‖
The problem is we’ve been bombarded so much by this
information that it really doesn’t have much of an im-
pact on us. But what also lessens the impact is the fact
that, separately, affordable prices and really low rates
are sort of abstract concepts.
When you hear a home is priced at what it sold for in
2002, for example, you don’t immediately think, ―Wow,
that’s cheap.‖ When you see a 30-year fixed-rate mort-
gage of 3.9-percent, it might not strike you as being sig-
nificantly different than, say, the 5.5-percent mortgage
you have on your home now.
But how about looking at affordability from a more co-
hesive perspective? Instead of thinking, ―low prices, and low rates,‖ let’s look at mortgage payments. After all, it
doesn’t get any more real than that – it’s what the home
costs you in real dollars each month.
In the 1st quarter of 2012 the National Association of
Realtors showed that the median sales price for residen-
tial real estate was $163,000. The median interest rate on
a 30-year, fixed-rate home loan was 3.95 percent in
March. If you purchased a median-priced home with a
median-rate loan with 20 percent down, your principal
and interest payment each month would be $621.83.
Five years ago, in March of 2007, the U.S. median home
price was $257,600. The median interest rate on a 30-
year fixed-rate loan was 6.40 percent. Assuming 20 per-
cent down again, that’s a principal and interest payment
of $1,289.04.
That’s $621 vs.
$1,289. In other
words, the monthly
cost for owning a
median-priced U.S. home is less than
half of what it was
five years ago.
Looking at it from a
debt-to-income ratio,
the way banks do,
the $621 payment
represents just 15
percent of the U.S.
median monthly in-come. Banks typical-
ly want your house
payment to be no
more than 30 percent
of your household
income. In 2007, the
$1,289 monthly pay-
ment was 30 percent
of the annual month-
ly income of Ameri-
cans in 2007.
A recent price comparison survey showed that it’s now
cheaper to buy than rent in 98 out of 100 U.S. metropoli-
tan areas. If you look at the fact that the cost of the me-
dian home with the median interest rate has gone from
eating up 30 percent of a household’s monthly income to
just 15 percent, you can see why.
If you’re an investor, the news is almost as good. The
rates on investor loans have dropped significantly, too.
They’re not as low as the rates on primary residences,
but if you can put 25 percent down, you can get to with-
in a point or so. And while you might not get all the way down to $621 with a median-priced investment property,
even paying a full point higher gives you a monthly pay-
ment of $699.45 per month.
Considering that rental rates have actually increased
since 2007, the difference in monthly cash flow between
a rental in 2007 and now is enormous.
Maybe looking at the numbers from the monthly pay-
ment standpoint gives you a little different perspective.
I’m not trying to insult anybody’s intelligence by simpli-fying a home purchase into a monthly cost, but the reali-
ty for most of us is that’s exactly what it is. We hear
things like ―lowest prices in a decade‖ and ―lowest rates
in history,‖ but until you sit down and apply it to real
dollars and cents, those phrases can ring hollow. Add in
the fact that we’re kind of numb to them because we
hear them all the time.
If you can only afford or want to afford a max payment
of $1200/month with just 5% down, that will likely get
you a home up to $250,000 with today's rates, and will
give you quite a few nice options in the Boise Idaho market. However, if you wait, and something positive
could happen in the U.S. or European market, for exam-
ple if Greece decides it is willing to work with the EU,
interest rates could go up significantly overnight.
If interest rates bounce back to 6% this summer, which
is still historically low, to stay within your same budget
then the max you could afford is a $200,000 home. This
$50,000 difference in the Boise Real Estate Market is
huge, and you may not be very happy about your options
at that level.
The chart to the left shows the Boise Real Estate Market
having an affordability index reading of 26% in 2008,
meaning that for people living in Boise, on average it
will take roughly 26% of your median income to buy/
own a median priced home. Now in April of 2012, the
affordability index is at 13% which is means it is 50%
cheaper to buy a home now compared to 2008.
(Continued Page 3)
BROKEN RECORDS...BUT NOBODY IS LISTENING
PAGE 3
Letter from the Editor... “I worry that we might not see a really major turna-round in our lifetimes.” - Says Robert Shiller
Seriously…Robert, you may just be the most pessimis-
tic person in the US this housing quarter. When I read
this comment from Robert Shiller, I wondered if he was just fishing for some front page news for his Case/
Shiller Home Price Index, or if he is really that disheart-
ened about the future of real estate?
Despite being on the forefront of housing market track-ing for decades, do you think Robert Shiller avoided
getting burned on his personal real estate during the
crash? Or did he get caught like the rest of us? The rea-
son I ask is, why such negativity? ―…We might not
really see a major turnaround (in housing) in our life-
times‖ is just irresponsible. Is he ignoring over a hun-dred years of proof that housing moves in cycles just
like any other market?
I know in the past I have been labeled an optimist. In
fact, I have clients that poke fun at my optimism all the time. I am a numbers/statistic junkie, probably just like
Mr. Shiller. I look at the data and try to identify trends
so we can better anticipate the future. This first quarter
of 2012 has been LOADED with positive moving trends
in housing. This comes after 4 years or more of progres-
sively disappointing real estate news.
For example, Corelogic, one of the nations leading and
most respected real estate researchers, announced this
month that we have officially hit the bottom, based on
the wave of positive housing statistics coming in each
month. Corelogic’s Chief Economist, Mark Fleming,
says it is the best time to buy a home in 20 years.
Nationally, the inventory of homes on the market is rap-
idly diminishing. The supply of homes shrank over 20% in the last year according to the National Association of
Realtors. NAR also showed that, out of the 146 metro
markets, 144 reported shrinking inventories this past
year. In other words, 99% of America’s housing markets
reported their supply of homes has dwindled over the
last 12 months. This is REALLY significant because
last year at this time the nation showed a
26% increase in inventory.
Even with all this good news in housing, no one is ex-
pecting the real estate market to shoot back up to where
it was. Housing prices will come back slowly; it may
even take 10 or more years to get to the levels we saw in 2006/2007. But to say the housing market may never
see a turnaround in our lifetime is just crazy talk.
I’m not sure if Mr. Shiller simply needs a hug and some-
one to tell him everything is going to be ok, or if he just needs a vacation. Either way, it is clear to me that hous-
ing has already begun to turn around, and I am still plen-
ty alive and kicking to watch it happen.
-Mike Turner
Editor, Boise Real Estate News
(continued from page 2)
Home prices in Boise are very similar to what they were
in 2002, (10 years ago). However, in March 2002 the
average interest rate on a 30 year fixed rate mortgage was 7.01%, so even if you bought a home 10 years ago,
you would have been limited to buying a home up to
$175,000 to keep your $1200/month budget rather than
the $250,000 max price you can get today with the same
budget.
Home mortgage rates have been tracked over the last 50
years, and during that time they have averaged over
8.5%. [See Chart to the right] So to think they will stay
this low for ever is a costly mistake.
Hopefully, now that you’ve seen actual examples, you will be less numb to the impact the next time you hear
our broken record of how affordable it is to buy a home
now, as the interest rate you get for your home loan has
a HUGE impact on the quality of home you can afford.
Article By
Robert Shiller
Mike Turner Front Street Brokers -CEO
877 W Front Street
Boise ID 83702
208 740-5000
FrontStreetBrokers.com
Private listings
NOT ON THE MLS!
THE PROBLEM:
* The hassle of having to drop everything and frantically clean your home for the random, unex-pected showing request from an agent. * Worry that someone will misuse the lockbox on your front door. * Answering questions from neighbors as to why you are moving.
* Wasting time and energy on unqualified buyers asking to see your home. * You’re not certain you want to sell but are curious as to the offers your home may get.
THE SOLUTION:
With a private listing you can avoid: * Having a sign in your yard. * Having your home on the MLS, which causes potential unwanted interaction with agents, neighbors, etc.
* Having unqualified buyers in your home * Constant pressure to drop your list price—You control pricing on private listings
WHY LIST YOUR HOME PRIVATELY?
With our PRIVACY LISTINGS you get the full power of the Front Street Brokers marketing systems to sell your home, without having all the normal has-
sles of listing your home. If we find someone interested in your home either through our brokerage or through another agent, we make sure they are well
qualified and your home definitely meets their criteria before we call you to set up a private showing. Our database of buyers is
likely twice as large as any other brokerage in town, and we use different marketing techniques to sell our homes that most agents
haven’t even heard of. Some of our privacy listings sell within a few days, due to already having a large database of able buyers looking. We have also been able to obtain higher prices on our privacy listings due to the home always remaining at Zero days on the market, buyers
are less likely to lowball the seller, compared to when they see a home listed on the MLS for 90 days+. If a PRIVACY LISTING sounds
like a good fit for you, don’t hesitate to contact us for more information. 208-740-5000 Or go to: PrivacyListings.com
An ideal place to raise a family! Gorgeous semi-custom home in a great neighborhood,
ideally located between Meridian and Eagle (the best of both cities!), close to schools.
Plus, the home is just across the street from the community clubhouse and pool so you’ll have quick, easy access all summer long!
Great modern craftsman style on the exterior and thoughtful traditional finishes in-
side. 3,000 sq ft: 4 bedrooms including a main level master suite, office, and 3 baths.
Lots of upgrades including extensive hardwood, trim work, molding, and built-ins.
Chef’s kitchen opens to the great room and includes granite counters, warm cabinetry,
and stainless steel appliances. There’s also an incredible upstairs bonus area that in-
cludes a full bath, bedroom with walk-in closet, and the ultimate ―man-cave‖ complete
with a full wet bar and outdoor deck access! Fully fenced, roomy .33 acre lot with a
variety of mature trees and garden spot. Privately listed at $335,000. 208-740-5000.
Family Home in Great Location!
Beautiful, one-of-a-kind home located in the picturesque foothill setting of Claremont Heights
Subdivision. Large, gently sloped .72 acre lot with mature landscaping offers a ton of privacy.
And you won’t believe the views! Open foothill and city vistas to be enjoyed inside and out. Some of the best mountain biking in Boise practically in your backyard! Not to mention being
just minutes from downtown.
4,023 sq ft of impeccably cared for space. 4 bedrooms (including 2 master suites), 3 baths in a
tri-level design. Gorgeous detailing includes wood floors, built-in’s, 3 fireplaces, and plank and
beam ceilings. Large kitchen has a great English country feel to it with custom cabinetry, tile
floors, granite counters, and upgraded appliances. The perfect blend of formal and informal
living throughout.
Outside, you’ll have plenty of room to entertain on the huge wrap-around deck. Plenty of yard
to play in as well! The whole lot is nicely landscaped with a variety of mature trees and bushes.
Privacy, location, and views–this home has it all! Privately listed at $819,900.
Call Jenifer Williams, Front Street Brokers, 208-695-6729.
Top of Boise Foothills
Property Details:
2.5 acre lot, beautifully landscaped (over a hundred trees planted). Unobstructed views
of the Owyhee Mountains. 5+ Bedrooms, 7,650 sq ft, huge drive-through shop and
other amenities too numerous to list. Home is in Wilder, a scenic 35 min drive from
Boise. Small subdivision (there are 3 or 4 houses on this street). There is even a small putting green, and grape vines. Perfect country family
home or empty nester spot. Original owners put a ton of
money in this place, and had it on the market for $1.29
million, so the current $525,000 price the sellers have it
at is awesome. Read more of Mike’s review at: http://frontstreetbrokers.com/Wilder-Home
Property Details:
3443 N. Triple Ridge
Pl. Absolutely ideal
family home and horse
property in a desirable Eagle location. Five irrigated acres (water rights) with horse set
up including barn and pasture. 6 huge bedrooms with Jack-and-Jill bathrooms and a spacious master suite. 4,374 sq ft. Year round sunroom with fireplace. Two furnaces
and two water heaters ensure whole-house comfort. Open kitchen with granite coun-
ters. Listed at $625,000. Call me to have a look at the property today: Sandi Rubio,
Front Street Brokers, 208-850-3681
What Mike Thinks
Owner Financing is possible with a minimum down payment of 15%. Contact
Front Street Brokers for more details about this property and/or terms about the owner financing option. Property Details: Price:
$425,000, 4 Bedrooms, 3 Baths, 4 Car Garage, 3,430
sqft, first class landscaping, located in Bear Creek
Subdivision in Meridian. Great family neighbor-
hood with large park inside the sub, and quick prox-
imity to Roaring Springs, the freeway, shopping and
schools. Striking living room off kitchen with wood
timbers and other warm, inviting elements through-
out. See more at:http://frontstreetbrokers.com/Meridian/2011
Property Details:
5806 Duxbury Pier.
If you want all the
attention to detail and
top-of-the-line finish-es you’d find in
a luxury home BUT don’t need a ton of space, then this is the perfect place for
you! Enjoy carefree townhome living in the Ulmer Lane Townhome Subdivi-
sion, a gated community. 1,806 sq ft , 2 bedrooms, 2.5 baths, plus office. Great
outdoor entertaining spaces with mountain and water views. Priced at $336,000.
Call me to schedule a showing: Sandi Rubio, Front Street Brokers, 208-850-
3681
What Mike Thinks
What Sandi Thinks What Sandi Thinks
Eagle Luxury Home
and Horse Property Low-Maintenance
Luxury Townhome
Private listings
NOT ON THE MLS!
Tight Lending may not be the Problem… Maybe it’s us?
YOUR BUSINESS SHOULD BE
LISTED HERE!
Boise Real Estate Newspaper, an extension of Front Street Brokers, works to develop thriving, interactive, and ongoing relationships with our readers, and to educate about the Boise Real Estate Market, community news and houses offered in an informative, entertaining manner. Read by a target demographic of professionals, homeowners, homebuyers, and those just curious about real estate. Live link on Front Street Brokers website with an average of 50,000 monthly hits. Print copies are postage mailed to over 11,00 local households. Emailed out to over 20,000 online views for each issue. Available at free distribution points around our prime 9 th and Front office location (BoDo District). Distribution grows with every issue. Limited time summer rates, Variety of plans to help you work within your budget and marketing goals
Mike Turner, 208-740-5000 , email inquiries to [email protected]
-Reach this audience!- For a price sheet and circulation details
CALL 208-740-5000 Or send email inquiries to [email protected]
By Agents of
Front Street Brokers
There seems to be a lot of talk from consumers and the
media about how tight lending is today for home buy-ing.
I tend to agree that lending is tight and difficult to get
but NOT in regards to buying a home. I see plenty of
difficulties getting loans for commercial property, busi-
nesses being held back from expanding because no one
will lend them money to grow (which is a whole differ-
ent topic of discussion).
But to say that the housing market is being held back
because of tight lending is not a statement I would agree
with. I see banks very willing to lend to homebuyers. The problem is not the banks’ desire to lend to home-
buyers, but rather, the public perception of the lending
process.
You don’t need to have perfect credit and a huge down
payment to qualify for a home loan, but the lending pro-
cess has changed and the public is struggling to come to
terms with it. Many homebuyers fight the process, ulti-
mately delaying or hindering themselves from getting
financing. I see it all the time.
The biggest change to the lending process today is that
loan underwriters need MUCH more information than
they did in the past. A homebuyer must be prepared to
hand over a lot of financial details, and do it more than
once. Having to submit the same information multiple
times often frustrates homebuyers. You’ll be much more
likely to complete the loan process smoothly and suc-
cessfully if you go into the deal knowing to expect that
lenders and underwriters are under a lot of pressure to
have every piece of evidence to prove you are a good
candidate to lend to. They also need to be sure there is
not a threat to their ability to re-sell your loan if neces-sary.
Mark Greene, a contributor for Forbes.com, says,
―Mortgage consumers who enter the mortgage approval
process ready to battle their chosen mortgage lender will
come out with a nightmare story to tell. As the process,
requirements, and guidelines are the same for every-
body, your mindset is the game-changer. Accepting the redundant documentation necessary for lender approval
will make everyone’s life easier.‖
Another thing to realize is that not all loan officers are
created equal. They may offer similar rates on their
loan, but that doesn’t mean that they are experienced in
handling the new guidelines of lending yet.
When seeking home financing, I recommend you ask
around for a referral from someone who had a recent
positive experience. A good lender today understands
the new lending processes well, and knows how to pre-pare you and your loan file for underwriting so far fewer
complications arise before closing.
In fact, I even know a lender that will guarantee your
loan will be completed on time because he is so confi-
dent he can hand over a perfect loan file to underwrit-
ing, and therefore virtually eliminate the threat of delays
or problems before closing.
So, don’t despair about tight lending. The lending mar-
ket is alive and well, and your chances of success are high—just go into the process prepared with necessary
information, the right expectations, and an experienced
loan officer on your side.
Levi Phillips—Owner Idaho Roofing Contractors
208-941-4280
―Levi has been helping my clients with their roofing needs
for years. Definitely give him a call for an estimate on your
roof repair or replacement.—Mike Turner, FS Brokers
Let’s imagine there had been no real estate bubble six years ago. Where might real estate home prices be? National home prices appear to have finally bottomed out in 2012, and by some estimates have fallen to where they should be based on his-torical averages. Essentially this housing crash has erased all the gains received during last decade’s bubble. However, this is
referring to the entire United States housing market as a whole.
What about individual markets?
When examining local markets around America, you can find instances of markets that have over-corrected. This over-correction is most commonly found in areas severely affected by foreclosures. When over 50% of all home sales in an area
are foreclosures over a sustained period of time, you will likely see a housing market that has home prices far below the histori-
cal average trend.
Boise, Idaho, is one such example of a housing market that has over-corrected. The Boise metro area has experienced more than two years of home sales where distressed properties (bank owned homes and short sale foreclosures) accounted for over half of all home sales each month. This has caused Boise home prices to fall steeply over the last four years. Boise’s median home prices peaked in the summer of 2006 at approximately $240,000, and appear to have fallen to their lowest in Spring,
2011 at approximately $140,000. A drop of over $100,000 (or 42%) in a 5 year period! Chances are, if you’re a homeowner,
you’ve felt the sting.
The chart to the right describes what the Boise real estate mar-ket may have looked like if there was no real estate bubble and
home prices continued to increase at a rate of 3% each year.
Analysts at FIVSERV, are predicting that Boise will begin its housing recovery much faster than most other markets, seeing home prices increase close to 7% in 2012 while the national home price increases around -1%. This home price prediction for Boise appears to be accurate, or at least trending that way,
as home prices are well above 2011 numbers year to date.
Mike Turner, a real estate agent with Front Street Brokers and
host of Boise Real Estate Radio says, ―It’s clear when looking at the historical averages of home pricing that the Boise Market has over-corrected. Markets like Boise that have over-corrected will see bigger jumps in home prices in 2012 and 2013 compared to the national average. I expect Boise home prices to increase close to 20% over the next 2 years. However, I don’t see this increase as appreciation, but rather a further
correction to this market.‖
In other words, he is not saying that sellers will be able to sell
their homes for 20% more in two years, but that with fewer foreclosure sales impacting the market, the median home price for Boise should rise close to 20% by the end of 2013.
- By Agents of Front Street Brokers
Has The Boise Housing Market Overcorrected? What if there was no real estate bubble, where would home price likely be today?
Housing Market
Over-Correction?
Boise Rental Management Matt Rubio
208.473.2418
―I refer my clients to Boise Rental Management. Not only is Matt the kind
of guy you want in your corner, he is all business with tenants and helps you
keep your investments profitable.‖ - Mike Turner, FS Brokers
Home Inspector Davin Strand
Bent Nail Home Inspections
208-869-5557
―Davin has been our recommended inspector for our real estate firm for years for good reason. He is the best.‖ - Jared Cozby, FS Brokers
The Supply Of Homes Is Shrinking
MILLION DOLLAR HOME REVIEWS
Check Out More Cool Idaho Homes For Sale At: Frontstreetbrokers.com/Blog
*Private Beach * 7 car garage * $2,995,000 *
Listed with Keller Williams Realty
The number of available homes on the market is similar to what was seen over 10-12 years ago, however the population has grown considerably during that time. This inventory
shortage should help drive home prices up across the valley in 2012 and 2013
PAGE 9
By Mike Turner,
Front Street Brokers Realtor and
Host of Boise Real Estate Radio
Last week on Boise Real Estate Radio, we had Mark Perison, Attorney at Law, in studio. Mark specializes in Idaho foreclo-
sures, and even teaches a class on this subject at the Idaho Real
Estate School.
In speaking with him, I was alarmed to hear some of the horror stories people are experiencing when they attempt to short sell their home. Being a real estate agent who works with homeowners who may need to short sell their homes, this was extremely valua-ble information to help me do my job better and not make an already stressful situation more stressful for my clients. Here is quick recap of the discus-
sion. (Keep in mind this is my interpretation of what the attorney told me, and should not be used as or considered legal advice. You should contact
Mark Perison, 208.331.1200).
A lot of my questions for Mr. Perison were about deficiency judgments. A deficiency judgment is when your lender sues you for the amount of money they lost during a short sale or foreclosure on a property. What homeowners and real estate agents
don’t often realize is, just because your lender al-lows you to do a short sale, it doesn’t mean they will agree to waive their ability to sue you some time in the future. Obviously nobody wants to be sued, so it is important you negotiate to remove or reduce the possibility for lenders to do so. Mark said that if you fail to get your lender to provide a written statement agreeing to waive their right to sue for the deficiency, then the lenders have up to five years to come back and sue you if you short sell your home. Yikes! Therefore, it is
vital that a homeowner goes into a short sale closing with a written statement from their lender removing this threat. And remember, even if you get it in writing, make sure you under-
stand it completely so there are NO surprises down the road.
If you don’t get your lender to completely remove their ability to seek a deficiency, then Mark said it is better NOT to do the
short sale. The reason being that, in the state of Idaho, a lender must sue within 90 days of foreclosing on a home—a difficult
timeframe to work within. On a short sale, however, they have up to five years to sue if they don’t waive the deficiency. That gives them plenty of time to put their case together and come
after the former homeowner. While the lender may ask for a payment at closing from the seller in order to waive the defi-ciency, the good news is that most lenders are agreeing to waive it. But don’t expect it to just happen, or to happen with-
out other complications.
Another thing to consider when contemplating a short sale is second liens. If someone has a second loan on the property, it changes the rules. Second lien holders have an entirely differ-ent statute of limitations on how long they have to sue you after the sale of the home. Doing a short sale rather than a
foreclosure is highly recommended if you can get your first and second lien holders to agree to a payoff amount. It is
difficult, but possible, and--if done correctly--you re-
move all threats of getting sued.
If a homeowner is successful in doing a short sale on their home where the first and second lien holders waive their right to come after the unpaid debt, the next hurdle to jump is the 1099 tax form you will receive. This 1099 shows how much the lender lost due to the short sale of the property. If the amount, for example, is
$100,000, then in the world of taxes you have effective-ly had a capital gain of $100k added to your yearly in-come. This can create a huge tax liability that a home-owner who just lost their home didn’t expect. Be sure to speak with a CPA to understand the possible implica-tions of this tax liability before you short sell your prop-
erty.
There is IRS protection in place if you short sell your home before the end of 2012. This protection essentially
voids the income from the 1099 income reported by your lender. But it only applies to your primary resi-
dence and has other limitations, so read up.
The big take away I got from meeting with a foreclosure attor-ney was that, before someone commits to a short sale, foreclo-sure, loan modification, etc., they need to be sure they fully understand all their liabilities and rights. Speaking with a real estate attorney can help you get answers to your questions and
keep you out of any more hot water.
LEGAL INSIGHTS ON FORECLOSURES AND SHORT SALES
See the FHFA chart showing Home Price Appreciation over the
previous 4 quarters:
While FHFA showed Hawaii as the state with the biggest year
over year gain in home prices, showing a 10.3% increase for the
first quarter of 2012; Boise, Idaho appears to be well into its re-
covery with home prices currently up over 8% Year to Date, and
up 13% since April of 2011. According to Mike Turner, CEO of
Front Street Brokers in Boise, ―The Boise Housing Market is
bouncing back faster than I expected. The inventory of homes
for sale in Boise is at a 10-year low, and demand for housing is
up 26% since bottoming out in 2008. The low supply and high
demand is helping to push our home prices back up.‖
With a handful of cities, and even some entire states, showing
robust upturns in home prices compared to the national average,
the age-old saying that ―real estate is local‖ appears truer than
ever.
** By Agents of Front Street Brokers, a Boise Idaho Real Estate Com-
pany. Phone 208.740.5000
(Continued from page 1)
Chart provided by FHFA
First Sign of Home
Appreciation Since
2007
They say a picture is worth a thousand words, so look at these graphs and charts that indicate Boise
home prices are set to rise in 2012 and 2013. This is real data, not a hunch or rumor like many of
the market opinions these days.
The Boise area market is poised to change significantly in the near future due to segments of its
market disappearing at a rapid pace. To start, I want to focus on homes sold in the lowest price
range. For Boise, those are homes priced below $100,000. This was a segment almost non-existent
for most of the last decade; however, in 2010 and 2011 the Boise market was flooded with below
$100,000 home sales (See Chart 1). To put this in perspective, John Hennessey of Hennessey Ap-
praisals, calculated that in the last ten years, Ada County has sold 2,667 homes priced from $10,000
to $99,999 in MLS. But 1,258 of those sales have been in the last year. Nearly 50% of the sales
below $100,000 in the last 10+ years have occurred in the last twelve months. Shocking!
The surge in home sales in this segment of the market undoubtedly pulled the average Home Price
Statistic down in 2010 and 2011. It could also residually hurt the home price stats in Boise for
2012. However, the amount of available homes for sale in Boise priced below $120,000 is dropping
fast (See Chart 2). Soon there could be so few homes available in this price range that it no longer
weighs down the average and median area home price statistics like it has over the last couple of
years.
The vast majority of homes priced below $120,000 are distressed sales, generally foreclosures and short sales
(See Chart 3).
If the number of available foreclosures (as indicated in red) continues to drop, the average and median sales
price for homes in Boise (as indicated in green) will rise. Already you can see that the majority of non-
distressed (green) sales are priced significantly higher then the distressed sales, a trend that will continue as the
foreclosure market continues to shrink.
If you don’t think we have seen the worst of foreclosures in the Treasure Valley, have a look at Chart
4 which shows the Boise Metro area hit its peak in foreclosures back in mid to late 2010 (about three
years into the housing crisis). Now, eighteen months later, the foreclosure (REO) inventory is down
over 86%.
Even if Boise does see another wave of foreclosures hit the market, it should be protected by some-
thing it didn’t have two years ago: strong demand. Chart 5 shows how demand for homes in Boise is
coming back strong, and therefore would likely absorb any new influx of foreclosures very quickly,
minimizing or avoiding any negative effect to home prices.
New home construction has had six straight years of decline, as shown in yellow on Chart 5. Howev-
er, 2012 has seen new construction sales rise significantly (up over 120%) and is on pace to match the
new home sales numbers we saw in 2007.
With visual evidence to back up my forecast, I feel confident that the Boise real estate market is well
started on its turnaround and looks to make some substantial gains before the end of year.
Visually Forecasting - Boise Housing Market
[Data from Intermountain MLS]
Distressed vs Non-Distressed Sales (Chart is from of Hennessey Appraisals)
RED = Distressed, Green = Non-Distressed
Ada County Demand
[Existing Home Sales = Blue; New Construction Sales = Yellow]
Chart 1:
Chart 5:
Chart 4:
Chart 3:
Chart 2:
[Data from Intermountain MLS]
Analysts at Bank of America say it will take a year to clear excess delinquent inventory in the worst areas such as Miami and Chicago at the current sales rate. However, Phoenix and San Francisco markets should
only take 7 to 8 months.
The Foreclosure sales rate is improving and banks are moving through their inventories at a much faster
rate. According to Corelogic, here are the five states with the highest foreclosure rates:
Florida (12.0 %), New Jersey (6.6 %), Illinois (5.4 %), Nevada (5.0 %) and New York (4.9 %). The five
states with the lowest foreclosure rates were: Wyoming (0.7 %), Alaska (0.8 %), North Dakota (0.8 %), Ne-
braska (1.0 %) and Montana (1.4 %). See chart for the cities with the highest supply of delinquent inventory.
Florida and Illinois have bigger supplies of delinquent properties due in part because they are both judicial foreclosure states, rather than allowing Trustee Foreclosures like they do in California, Arizona, and Ida-ho. The analysts show that states that allow the Trustee Foreclosures are moving through their delinquent
inventories much quicker and will recover faster.
BofA analysts are predicting that home prices will bottom out in the 2nd quarter of 2012, then remain rather
flat through 2013, before surging in 2014. But keep in mind that this is a national prediction, not a local one. The saying ―real estate is local‖ has never been more accurate, as regional and local markets are showing radically different trends and
will likely recover on completely different timelines.
For example, the Boise ID Metro housing market has experienced a 54% drop in distressed inventory since its peak 18 months ago (See Chart). Idaho suffered large
price declines during the crash, but these low prices and Idaho being a Trustee Foreclosure state have helped
lenders and buyers move a lot of distressed inventory over the last year, which should help speed up the re-
covery considerably.
Six states continue to hold over 50% of all shadow inventory, which include: Florida, California, Illinois, New York, Texas and New Jersey. Current levels are 4 times higher than the peak of the housing in summer
of 2006.
The highest concentration of shadow inventory is for loans with loan balances be-
tween $100,000 and $125,000, see chart.
In Boise, ID, year to date over 50% of homes sales have been priced below $160,000. However, available inventory priced below $160,000 in Boise is more than 50% less than it was last year at this time, sitting at 2.5 months of invento-
ry. These kinds of stats have to lead to a higher median price for the area, especially
since foreclosures are declining so quickly.
Therefore, it is my professional opinion that home prices in the Boise ID region will increase significantly in 2012, as they are leading the rest of nation in the recovery by
at least 18 months.
Foreclosure Report | Shadow Inventory
The Bulk of the Shadow Inventory is for the lower Balance Loans Source: Corelogic Jan 2012
I’m a real estate guy. That’s kind of my thing. I look at real estate. I buy real estate. I talk about real estate. I help other people buy real estate. I think about real estate. When I catch a spare mo-ment, I sometimes end up reading about real es-tate. I recently read a blog article that identified the five most common characteristics of a real estate in-vestor. (According to the author.)
They were: 1. They are not victims. 2. They come from professional backgrounds. 3. They are extremely motivated. 4. They are not afraid of hard work. 5. They are constantly learning. Far be it from me to criticize what someone puts on his or her blog. Anyone who has tried to be a consistent blogger will know that it’s tough to come up with fresh content. So I give a little lee-way and say that really, this isn’t a wrong answer, but it sure is, um, unique? I have consumed my share of personal develop-ment material and I will agree that having a posi-tive outlook and tenacity are great characteristics. But I don’t want to be your life coach. For one, you probably can’t afford my hourly life coaching rate; but for two, I just want to sell you some real estate investments that will give you a great return on your money for the least amount of trouble on your part. If you think you might want to invest in real estate here are some characteris-tics I think you should have:
*Information. You need to under-
stand how to acquire real estate and how to profit from it. There are multi-ple ways of doing it.
*Resources. It’s going to take some
money. If you can qualify for an in-vestment loan, you can use that.
Cash will also work. You could also use your re-tirement account.
* Guts. I know, I didn’t want to go all Tony Rob-
bins on you, but in this case I just mean that if we find a deal that meets your investment goals, you have to have the guts to say “yes,” and make the offer. I could make up some additional arbitrary items to add to the list. But instead of doing that, I’ll leave it to you to decide if you have what it takes. If you want to be a real estate investor, you can be. If you aren’t sure how to get started, ask me. I prom-ise that I won’t make you eat fire, or walk across hot coals. At least not right at first.
Find out all about Short Sales at BoiseShortSaleHelp.com
Gavin McCaleb
208-890-0591 [email protected]
THE SORCERER’S APPRENTICE Do you have what it takes to be a Real Estate investor?
Boise Real Estate Radio
Fridays at Noon Hosted by Mike Turner and
Jared Cozby
of Front Street Brokers
89.9FM Listen Live at 89.9FM or on the
web at: RadioBoise.org
We want to give a big THANK YOU to
all of our awesome listeners who called in
and pledged during the KRBX Radiothon.
We raised a healthy chunk of money to
help keep community radio alive and kick-
ing. Thanks for letting us know you like
what we have to say!
Weekly Cash Flow Analysis
Of the Valley’s
Best Investment Property Deals
Receive the inside scoop on the best in-
vestment property deals including de-
tailed Cash Flow and ROI Assessments.
www.CashFlowBoise.com
BoiseShortSaleHelp.com
PAGE 13
100% Jump in New Home Construction!
Fractional ownership at its best! Go in with a few family members to buy this, and suddenly you’ve got a vacation home for
the price of a car!
1/12 ownership starting at $68,000
Rent out one of your weeks and pay for the entire year’s dues
New million dollar luxury cabins
3 bedrooms, 3.5 bathrooms, 3,200 square feet, office, loft for the kids
Stay any time the schedule is open, whether for a night or a week, for one nominal cleaning fee: Year round beauty and activities to enjoy in
McCall
Have your family getaway cabin—hike, ski, fish, swim, golf, and make priceless memories—without the fuss!
OWN A SWEET TIMBERCREST CABIN IN MCCALL FOR JUST $68,000
CONTACT JARED COZBY
FRONT STREET BROKERS
208-740-5000
By Agents of Front Street Brokers
Outstanding news for new home construc-tion in Boise! Hennessy Appraisals and Jere
Webb Publishing both released data show-
ing a HUGE jump in new home construction
activity for the Treasure Valley. In fact, the
number of new home sales is up an incredi-
ble 100% for March and April 2012 com-
pared to the same months in 2011. After six
straight years of decline, that's a more than
welcomed percentage.
Costs for the new construction homes range
from $76 (Hubble Homes) a square foot to $160 a square foot (Syringa Homes), with
the bulk of the activity happening in the
$105-120/sq ft range. Subdivisions every-
where are popping up or expanding, includ-
ing lots of activity in Tuscany, Harris
Ranch, Hidden Springs, and Bridgetower.
Even if they're only building one home, it is
good to see such a lengthy list of Boise area
builders working again.
In February of 2011, there was a 12 month
inventory of available homes on the market-
-nearly twice what is considered a healthy
level. Currently, it's down to a 5 1/2 month
supply, and continuing to drop. Which
leaves local builders working hard to keep
up with the demand. If we stay on pace, our
new home sales levels could reach what
they were in 2002. That's money going to
builders, workers, and their families; money
going to building supply stores; and money
going into the local economy.
54%
75%
120%
108%
Read these and all the other Boise area Home Reviews at
FrontStreetBrokers.com
Group One
Luxury Downtown Condo
Keller Williams
Somerset Heights
Indoor Pool on Table Rock Rd.
INDEPENDENT HOME REVIEWS of the Latest Homes on the Market
at FRONT STREET BROKERS.COM
Group One
1/2 Acre in Surprise Valley
Front Street Brokers
Historic North End Home
Keller Williams
Boise City Views
02 Marketing Group LLC
Hillcrest Golf Course Location
Group One
4.52 Acre Property
Coldwell Banker Tomlinson-EME
Incredible Views
Keller Williams
Creekside in River Run
Group One
Bank Owned Eagle Acreage
Premier Properties Inc
5.10 Acres in Eagle
Group One
43 Degrees North
Waterfront Parade Home Luxury Estate on Short Sale
Silvercreek Realty
02 Marketing Group LLC
PAGE 15
The Ultimate Family Home: Established desirable neighborhood at the end of a pri-vate cul-de-sac, huge yard with playground and sport court. The home has very large
bedrooms, a home theater, an open layout, and it is in great condition. Walking dis-
tance to YMCA, Elementary, Middle, and High School. The perfect home for your
growing family. Big covered patio out back and plenty of room to play in the fully
fenced yard. Kitchen has convenient center island design, solid surface counters, fur-
niture-style cabinetry, and upgraded appliances. Other upgrades include wood floors,
decorative trim and molding, and built-ins. Overall the home has 5 beds, 3 baths,
4,417 sq ft on a roomy .42 acre lot with a 3 car garage.
Listed at $379,000. If you would like to schedule a tour of this or any of our
other homes, call Mike Turner, Front Street Brokers, 208-740-5000.
Cool downtown condo loft, located in Boise on 10th and
Main, in a historic building. Completely gutted and re-
modeled in 2009 with a ton of upgrades. This 2 bed-
room, 2 bath, 1,328 sq ft condo looks brand new, and
offers something unique and special for those seeking downtown living. The interior blends the best of warm,
sleek, and industrial. Extensive exposed brick, contem-
porary lighting, and wood flooring. The open kitchen has
cherry-stained cabinetry, granite counters, custom tile
and stainless steel appliances. Laundry room tucked into the master bath.
Located right upstairs from one of Boise’s best Italian restaurants, and one block
from the Saturday Farmers market and the heart of the city and all it has to offer in
shopping, culture, and dining. Listed attractively at $348,000.
LISTINGS
LUXURY
CONDO
ON 10TH
STREET
LUXURY
HOME AND
ACREAGE
IN EMMETT
FOOTHILLS
You will feel like you’re living in a magazine in this gorgeous Georgian-style home
nestled on a 6.25 acreage property in the scenic Emmett foothills. Enjoy being out-
side the city… but not too far outside!
Inside you’ll find 6,505 sq ft of the most luxurious finishes. 5 bedrooms, 4.5 baths, 3
car garage and RV parking. Fabulous entertaining spaces with plenty of room for guests. Family room, great room, and theater room with stadium-style seating.
Gourmet kitchen features a dramatic planked ceiling, custom cabinetry, professional
appliances, and huge eat-in island.
Outside, you’ll love taking in your country and hill views from the big wrap around
porch. Could also easily convert to a horse property and has irrigation available.
In the Boise/Eagle area, this would easily be a million dollar home–but, with the ben-
efit of a short drive, you get the luxury home AND the 6.25 acres for $737,000.
BOISE
LUXURY
FAMILY
HOME
5.25 Acres in the Heart of
Eagle Wine Country
Sandi Rubio moved to Boise from Seattle with her husband and two daughters, Bella (10) and Rosie (7), and couldn’t be happier! She loves that she is only three miles from the office, yet only 16 miles from the top of Bogus Basin. Where else but Boise could that happen? Sandi specializes in working with buyers and sellers, with a focus on luxury homes and investments in the downtown and North End markets. In her free time, Sandi sings and plays bass guitar in a band, and teaches Zumba and other fitness classes around town.
Sandi Rubio, Front Street Brokers Direct: (208) 850-3681 [email protected] Sandi Rubio
GET MOVING OUTSIDE! By Sandi Rubio,
Front Street Brokers
You've been indoors most of the winter, and finally you feel it -- the warmth of spring
and summer weather, calling you outside.
Why not take advantage of the call? Pleasant temperatures, the smell of spring
blooms and the beautiful landscape of the foothills can not only motivate you to exer-
cise, but help you enjoy it more.
But what should you do once you get out of doors? Here are my top picks for the
average person who is constantly battling the procrastination of getting regular exer-
cise back in your schedule. These are great activities that will help you to enjoy be-
ing outside at the same time you’re exercising your body and heart. Maybe you’ll
even have a little fun, too!
Walking
You say walking's too pedestrian? Actual-
ly, it's one of the best lifetime sports.
It's easy on the joints, you don't need a lot
of fancy equipment, and you can burn cal-
ories, even though it's a more modest
amount compared to some other activities.
250 calories per hour – walking on a flat
surface briskly
Sound daunting with not enough pay off?
The trick is to incorporate additional walk-
ing into your daily life and break the time
into several manageable spurts. Consider
walking the kids to school or the bus stop
in the morning, hoofing it to pick up a bag
of groceries or run errands at lunchtime,
and walking the dog or taking a stroll after
dinner each evening. You could easily
raise that calorie expenditure to 500 calo-
ries per day which is very significant.
Jogging/Running Jogging is terrific for your heart and lungs, and it improves your stamina. If you're
trying to lose weight, obviously running burns way more calories more quickly than
walking.
The key is to start slowly. The general rule is to increase your time or distance by no
more than 10% each week.
306 calories running for 30 minutes at 5 mph (a 12-minute mile).
Cycling Not only is cycling an excellent cardiovascular exercise but Boise is the ideal place
to do it. No matter where you live in the Treasure Valley, the foothills, Greenbelt,
and other free bike trails make it easy to add this exercise into your weekly routine.
While running tends to target the hamstrings (the muscles in the back of your thighs),
cycling uses the quadriceps (the muscles on the front of the thighs) more. Incorpo-
rating both of these exercises decreases the plateau effect and protects you from
overuse injuries. Especially shin splints, sore knees and ankles.
Swimming Swimming is a wonderful cardi-
ovascular conditioner that also
helps tone arms and legs, and
it's very easy on the joints.
I recommend purchasing the
$100 summer family pool pass
through Boise Parks and Rec.
Swimming outdoors in summer
even for just 30 minutes gives
you that “sun time” that so
many of us yearn for.
250 calories for 30 minutes
Hiking Hiking, unlike other activities, provides a relaxing atmosphere for a workout that
doesn't seem like a workout at all. Listening to the birds and a babbling brook, and
enjoying the cool breeze of the forest, provides a break from daily stresses.
Hiking is also a great sport to do along with a friend or spouse. But it does require
some preparation as far as scouting a location that fits your level of experience and
time frame. Check the Boise Rivers to Ridges website for recommended trails. 500 calories per hour
Kayaking If you’ve got some experience or know someone who does, consider hitting the wa-
ter and trying kayaking. Kayaking is primarily an upper-body sport, but it also is a
tremendous workout that targets the back and abdominals.
To prepare your body for kayaking, pay attention to working out your shoulders, abs,
and lower back. It's also important to work on your flexibility.
350 calories per hour
How You Can Easily and Affordably
Save Thousands in Interest
and Knock Years off Your Mortgage
By Bill Zimmerman
Since the housing downturn began around 2007,
most homeowners now view the mortgage on their
primary residence as it always should have been viewed – a significant liability to be reduced and,
where possible, paid-in-full. To help you along
your own path to lower mortgage debt, I'd like to share a free financial tip that will not only help you
personally, but also can be used as a little 'gem' to
share with others.
I'm sure at some time in the past since closing on
your most recent mortgage, most of you have prob-
ably received an "invitation" from your bank or lender to participate in a bi-weekly payment pro-
gram. The idea behind bi-weekly payments is not
new and is, in actuality, a good way to help you pay off your mortgage early and reduce the amount
of interest you ultimately pay the bank by thou-
sands of dollars.
Here's how it works: Basically, you're using the
calendar to your advantage. Instead of paying full
payments on a monthly basis, you'd pay half the normal payment amount very other week. Because
there are 52 weeks in a year, you'd make half your
regular monthly payment 26 times. That means you really make 13 full payments instead of the 12
you'd normally make just sending in your payment
on a monthly basis.
For example, a $150,000 30-yr. fixed mortgage at
4.75% on a bi-weekly payment program would
save a homeowner about $23,000 in interest over the life of the loan AND knock five years off the
total term. Not a bad way to use the calendar to
your advantage! Of course, the benefits are even greater at higher interest rates and with higher
mortgage balances.
Of course, as with every would-be free financial gift, banks are there to exploit it... As I see it, the
two basic problems with lender bi-weekly payment
offers are 1) they usually charge a 'set-up' fee of $200-400 (for doing what, exactly?!?!) and 2)
you're locked into a rigid payment program where
roughly half your monthly mortgage payment is
deducted every two weeks from your checking ac-count. That may not work so well for many with
tight budgets and limited dollars flowing through
checking accounts at widely varying amounts from week to week.
One of the advantages lenders and banks always tout is a bi-weekly payment program with automat-
ic checking withdrawal helps people by imposing
"forced financial discipline" which will help them
in the long run. Although it's true a bi-weekly pay-ment program is definitely beneficial over time
and, granted, there are certainly many people who
could benefit from a little forced financial disci-pline, there exists another solution that both ad-
dresses the financial discipline problem and… is
FREE!
Before I divulge, it's important to understand that
many of the lender-sponsored bi-weekly payment
plans DO NOT apply the mid-month payment to-ward the mortgage until the full month's payments
are received. So, you're really not getting the ben-
efit of saving extra days of interest by paying every other week, anyway! (don't you just love fine
print?!)
Instead of paying yet another bank fee for a bi-weekly payment service that might not function the
way you believe it will and places control of yet
another checking account withdrawal in your mort-gage lender's hands, allow me to share two ways to
do-it-yourself for free:
1) Simply take your current payment, divide it by
12, and add that small extra amount as an addition-
al principal payment to your monthly mortgage
payment or, 2) If you're afraid you'll forget or lack the self-
discipline to be consistent over time, simply set up
a "bill pay" option or a special savings account for this purpose at your favorite bank or credit union
and direct them to send your extra payment amount
directly to your mortgage company as a principal-
only payment on a specific day of the month. Be sure to check with your mortgage company on
their specific procedures for receiving and apply-
ing extra principal payments to be sure they're ap-plied correctly.
With the many different, and sometimes confusing, bank and mortgage lender offers targeted at home-
owners, my hope is this tip can help clarify one of
them while simultaneously providing a free do-it-
yourself alternative. Who says advice is only worth what you pay for it? Sometimes there really
is a free gem out there just waiting for you to find
it…
About the author: Bill Zimmerman is a residential mortgage originator and the Branch Manager for the Eagle, ID, location of Summit Mortgage Corporation (a direct lender based in Plymouth, MN). His 16 years experience in mortgage lending spans a career originating for both lenders and brokers, including co-ownership of a mortgage firm in Eagle from 2000-2008. In addition, Bill operates the local chapter of The Pinnacle Club for Realtors- a free membership for Treasure Valley real estate agents interested in improving their sales and marketing mastery through a continuing stream of quality infor-mation and inspiration from nationally renowned experts (www.ForIdahoRealtors.com). Mr. Zimmerman resides in NW Boise with his wonderful wife, Stephanie, and their seven fun, smart children. For comments or questions, he can be reached by phone (208-939-0002), email ([email protected]) or online (www.zimmermanloans.com).
A Review by AK Turner
I finally made it to Cafe Vicino (va-CHEE-no). This little gem has been open for 5 years now, but it’s not near any of my usual haunts (it’s true, I’m not a Co-op patron), and therefore often out of sight and mind. Thankfully, it’s now on my radar. The restaurant is small, elegant and unpretentious. The service was fan-tastic. Our waitress wasn’t merely adequate, but appeared to genuinely enjoy and take pride in her job. In addition, this is one of those establish-ments that takes extraordinary pains to connect with and support their local community. They source their ingredients locally, give to communi-ty charities and attempt eco-friendliness. But who cares about any of that? Let’s talk food. A party of four, we started with gorgonzola-stuffed figs, wrapped with basil and prosciutto, drizzled with local honey. I had no expectations for what a highly decorated fig should taste like; it was pretty darn good. As a second appetizer, we each ordered a seared scallop on mashed sweet potato with spicy cilantro pesto. The scallops are ordered individually for
$4 each. I’ll be honest, I was nervous. Scallops easily rank in my top 5 fa-vorite foods, yet they are often overcooked, a practice I consider a Crime Against Humanity. Luckily, the folks at Cafe Vicino know what they are doing. The scallop was phenomenal. We tried not to lick our plates and agreed that on a return trip, we’d each consider ordering three scallops as an entre e. They were that good. The house salad exceeded expectations (though anything with feta is likely to exceed my expectations). Then came the entrees. Three of us ordered pasta dishes: cheese-filled ravioli topped with Bolognese; oven baked pasta layered with eggplant, portabello mushrooms, ricotta, che vre, Parmesan, & roasted peppers; and ricotta, sausage and spinach-filled cannelloni (each around $14). The rogue member of our group opt-ed for pan-fried oysters ($20). The pasta dishes were all very good. I can’t comment on the oysters, because Oyster Man decimated them before any of us carb-enthusiasts could pilfer from his plate. The menu offers a variety of other choices, including fish, risotto, lamb, quail, pork and chicken. They also have a few steaks, a T-bone and a rib eye, though at around $30 each, these are on the pricier side. Cafe Vicino is both small and popular, so consider making reservations and leave the kids at home. This is a great place to order a bottle of wine and take your time enjoying the dining experience. And whatever you do, make sure you try the scallops.
RESTAURANT REVIEW 808 W. Fort St. * (208) 472-1463 * www.CafeVicino.com
FREE REPORT
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Homes that have been discounted up to 65%
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Street Brokers when your friends and family are in need of a knowledgeable real estate agent .
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877 W Front St, Boise ID 208.740.5000
June/July 2012 Events Sun Mon Tue Wed Thu Fri Sat
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PAGE 19
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12-1pm
Real Estate
Radio 89.9FM
12-1pm
Real Estate
Radio 89.9FM
12-1pm
Real Estate
Radio 89.9FM
Kegs4Cause 6:00 PM Payette
Brewing Company
Wine Tasting at Botanical Gardens, 2:00 PM
Renaissance Faire,
10 am
Eagle Island
Park
Family Snooze at the
Zoo Overnighter,
7:00 PM
Dia Frampton and
Scars on 45,
Knitting Factory, 8pm
12-1pm
The Writers’ Block
89.9FM
12-1pm
Real Estate
Radio 89.9FM
Idaho Botanical
Private Gardens
Tour, 8am-5pm
Wilco in concert,
Botanical Gar-
dens
6:30 PM
East End Market,
Bown Crossing,
10am-2pm
Drinking with Dead
Women Writers
Book Signing at
Chandlers 6-8pm
First Thursday
Boise Art Museum
Toddler Day
10 am
Family Movie Night
Settler’s Park, 8pm
Nickleback
Idaho Center
6:30 pm
Weiser Oldtime
Fiddle Competition
10 am
Joshua Radin,
Knitting Factory
7:30pm
Boise White-
water
Festival,
Ann Morrison
HAPPY
INDEPENDENCE
DAY!
HAPPY
FATHERS
DAY!
First Day
of
Summer
National
Chocolate
Day
Bastile
Day
Capital City
Public Market
8th St, 9:30 AM
Lyle Lovett
Botanical Garden
7pm
Alive After Five
5-8 pm
Meatloaf
in concert
Eagle River
Pavilion, 7pm
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