John L. Scott Real Estate
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Monday, June 29, 2009

Local Boise Sate nursing student, Tyson Summers, has been conducting radon testing in ten local homes around the Treasure Valley. In addition to this testing, he has created an informational blog w/downloadable brochure to inform the public on both the hazards of radon exposure, as well as detailed information on how to test your own home.

Please visit his blog at http://www.thehazardsofradon.blogspot.com/ for more information and to print the informative brochure.

Posted by Jenna Englund at 6/29/2009 7:24:00 PM
Monday, June 22, 2009

Each Sunday afternoon from 1 PM to 4:30 PM, St Chapelle hosts an outdoor concert w/an off-site caterer available each week to provide food available for purchase. Don't miss out on this opportunity to enjoy the beauty of Idaho's climate and culture this summer!

$15 per person, children 14 and under free
Time: 1PM -4:30PM
Caterer on-site with lunch available for purchase.
No outside Alcohol allowed.
Reserved cabanas available.
Call for pricing 208-453-7840.

View the concert calendar here...http://www.stechapelle.com/visit/wineryevents.asp

Posted by jennae at 6/22/2009 7:56:00 PM
Friday, June 12, 2009

We are thrilled to announce that Nancy Jane Salon is now open at Gramercy Park in Meridian, Idaho! Nancy Jane is a full service hair & nail salon offering exceptional service, welcoming surroundings and all at a comfortable price point.

Their skilled, friendly stylists and nail technicians are dedicated to offering a personalized experience for each of their clients. All three of their nail technicians utilize gel nail products and specialize in luxuriant spa pedicures.

Whether you have been considering a complete hair makeover, or are interested in maintaining your current look, you can trust that the eight stylists at Nancy Jane will carefully match their techniques to your hair type and style. Additionally, Nancy Jane offers the very best in hair products, including Kenra, which is one of the top five growing brands in the industry and trusted by the top stylists.

Nancy Jane Salon is a must for those who want to look and feel amazing. We are so excited that the owner, Nancy Carmine, has chosen to join the emerging retail community at Gramercy Park...as this salon the perfect fit we have been looking for.

To schedule your appointment , call the Nancy Jane Salon at 208-288-1055. 

 


Nancy Jane is located at…
Gramercy Park
1710 S Wells Avenue, Suite 301
Meridian, Idaho 83642
Posted by Jenna Englund at 6/12/2009 8:36:00 PM

HUD Secretary Shaun Donovan announced on May 29, 2009, a program that will allow first-time buyers who use FHA financing to apply the $8,000 federal first-time buyer tax credit toward loan closing costs. In a speech, he announced that FHA-insured loans would allow buyers to turn the credit into cash toward loan costs.

The HUD press release issued May 29, 2009 is published below in in full...

U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan Announces New FHA Loan Permits Using $8,000 First-Time Buyer Tax Credit Toward FHA Loan Closing Costs

WASHINGTON - Speaking to the National Association of Home Builders Spring Board of Directors Meeting, U.S. Housing and Urban Development Secretary Shaun Donovan today announced that the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration's new $8,000 first-time homebuyer tax credit toward the purchase costs of a FHA-insured home. Donovan said that today's action will help stabilize the nation's housing market by stimulating home sales across the country.

The American Recovery and Reinvestment Act of 2009 offers homebuyers a tax credit of up to $8,000 for purchasing their first home. Families can only access this credit after filing their tax returns with the IRS. Today's announcement details FHA's rules allowing state Housing Finance Agencies and certain non-profits to "monetize" up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. Click here to read the FHA's new mortgagee letter.

"We believe this is a real win for everyone," said Donovan. "Today, the Obama Administration is taking another important step toward accelerating the recovery of the nation's housing market. Families will now be able to apply their anticipated tax credit toward their home purchase right away. At the same time we are putting safeguards in place to ensure that consumers will be protected from unscrupulous lenders. What we're doing today will not only help these families to purchase their first home but will present an enormous benefit for communities struggling to deal with an oversupply of housing."

Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent downpayment on the purchase of their home. Current law does not permit approved lenders to monetize the tax credit to meet the required 3.5 percent minimum down payment, but, under the terms of today's announcement, lenders can now monetize the tax credit for use as additional down payment, or for other closing costs, which can help achieve a lower interest rate. Buyers financing through state Housing Finance Agencies and certain non-profits will be able to use the tax credit for their downpayments via secondary financing provided by the HFA or non-profit. In addition to the borrower's own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the downpayment. Today's action permits the first-time homebuyer's anticipated tax credit under the Recovery Act to be applied toward the family's home purchase right away. Unlike seller-funded down-payment assistance, which was a vehicle for abuse, this program will allow homebuyers to shop for the best home price and services using their anticipated tax credit.

According to estimates by the National Association of Home Builders, the Administration's homebuyer tax credit will stimulate 160,000 home sales across the nation - 101,000 of which will be first-time buyers who will receive the credit. Another 59,000 existing homeowners will be able to buy another home because a first-time buyer purchased their home. Given FHA's current market share, it's estimated that thousands of families will be able to purchase a home by allowing the anticipated tax credit to be applied toward their purchase together with an FHA-insured mortgage.

Posted by Mike Pennington at 6/12/2009 6:48:00 PM

Our report is completed for May 2009. And I am happy to inform that amidst the doom and gloom, there is still a positive direction for the market.

With regards to single family resale homes, we have seen closings grow from 183 units in January to nearly double that, at 363 units in May. This surpasses May of last year by 12 units.

Average home prices jumped by $8,000 for Resale homes.

Canyon County and Ada County resale closings have risen consecutively for 5 straight months. Canyon County has more than doubled its closings from 74 units in January to 170 units closing in May. These are very promising numbers!

Ada County Resale inventory has dropped as well as Canyon County. This is the most important element in the overall recovery of the housing market. Supply and Demand!!! The trend for closings will continue for resale homes, as the pending sales are up for the 5th straight month.

Distressed property inventory is holding steady for Resale. The increase in sales has kept these numbers in check.

We have a slightly different scenario for New Home sales. Both counties are down with regards to closings. There are two challenges for new homes: higher than normal levels of resale homes and the shear absence of new sellable inventory. Many of the new homes left are the unwanted children. Much of the most desirable homes are gone and banks are still not willing to ease restrictions on builders at this time. This is helping to feed the resale market! For the builders that are in a position to put inventory up, they will possess a distinct advantage if they have done their homework and put the right product up, at the right price, in the right location.

We will probably see Ada County New Home inventories drop below 500 units. Canyon County could drop below 200 before the year’s end. I do not even have records that go back far enough to show inventories at this level. We would have to comb through the records at the MLS and maybe find levels this low somewhere in the early to mid 1980’s.

We are running at a 5 month supply of New Homes for both Ada & Canyon County. This is hard to believe given our current market conditions. In spite of this, pending new home sales are up by 43 units. A good portion of this is most likely build jobs! Most of the distressed New Homes have been cleaned up!

We are very fortunate compared to other parts of the country. I believe Moody’s is correct in their assessment of Idaho. We will become healthier quicker than most of our Western neighbors. Idaho is still a great place to live and what has always drawn people to Idaho, and the Treasure Valley, continues to bring people and investments here!

We simply need to survive as we are in a recovery and we are making good progress. There is hope out there!!!   

If you would like a copy of this report, please e-mail me at mikepe@johnlscott.com.          

Posted by Mike Pennington at 6/12/2009 6:31:00 PM
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