December 14, 2007

Here's a number you don't see very often: There's a 20 YEAR supply of $500,000+ homes in Snake River Idaho

Emergency parachutes deploy! deploy! deploy! Either the prices in silly places like this come way down to spur demand, or the developers go belly up and the banks and bagholders sell them at any price. Or both of course.

IDAHO FALLS, Idaho - There is such a glut of high-priced homes for sale in southeast Idaho that it could be years before they all attract buyers, experts predict.

"I see a huge slowdown on luxury custom-built homes," said Ryan Nickel, owner of Cherry Creek Mortgage in Rexburg.

Based on the number of homes available for sale and the rate at which they are selling, Jefferson County has a 20-year inventory of homes priced at $500,000 or higher, the Snake River Regional Multiple Listing Service reported. Many of the homes were built in anticipation of future buyers.

"You have investors who are just waiting," he said. "But it's going to have to hit rock bottom."


Anonymous said...

Uh- help me out here - who the hell wants to live in Idaho??

And for that kinda cost?

Stuck in So Pa said...

Anonymous said...
Uh- help me out here - who the hell wants to live in Idaho??

And for that kinda cost?

Uh, cheap potatoes?

Andrew from Russia said...

Equation of the Day: 20-year supply of $500k houses = 2-year supply of $50k houses.

darreningainesvillefl said...

Never understand how they know investors are waiting, are they locked up in a room somewhere, camping outside the State, waiting in a line, do they have a commitee, did they form a union.
No, what people men when they say that is they hope investors are waiting. They are not waiting!

happy homeowner in the stix said...

I'm sure they have fine skiing nine months out of the year.

Ok, maybe ten.

But a half mill for a palace out there isn't any more ridiculous than a 700k California "starter home".

Anonymous said...

So typical of this blog where if it's not L.A. it's not worth living in.

Ten months of skiing? Right.

I would advise you to someday take a trip up to Idaho/Montana/Wyoming. You will be amazed at what you see. White people. English spoken on the streets. Street signs without grafitti. Hospitals ERs without hundreds of Mexicans. Highways with no trash on the side of the road. Oh and yes lots of skiing, hiking, rafting, camping, etc.

Actually don't go. So many of you Cali idiots have done that and decided to stay. Stay in Mexico Norte and leave this area alone.

Pay_Lay_Ale said...

This is the place where $30k/year is a good income and where most people pay 10% of their gross income to the mormon cult (LDS Inc).

If there's a 20 year of supply of homes, that place is F@cked, even more so than CA.

Anonymous said...

Lots of people pay 10% to a cult. Some pay to the LDS, some to the Pope, some to whatever Baptists call their leaders. All religions are the same. No need to pick on Mormons Adolf.

Anonymous said...

How much do they pay people out there? The average household income in Idaho is $175,000?

Cow_tipping said...

South-western Idaho - everyone wants to live here ??? no ???
Cow_tipping. said...

Uh- help me out here - who the hell wants to live in Idaho??

It sounds like Scottsdale, where the average middle-income Joe can buy a luxury McMansion for the small price of living in the hot, barren, dusty, ugly desert.

DaveO said...

Where are all the jobs to pay for these $500,000+ houses?

dutchman said...

Don't know if this still holds true, but Idaho for many years routinely had the highest percentage of millionaires of any state in the country (and during the days when that was a really significant amount of wealth). Just like Texas, there are many wealthy landowners, ranchers, etc., in Idaho and eastern Oregon, but most didn't show it off in the old days. Maybe it's the next generation spending the money.