We’ve been wondering about how the string of mega-developments around Boise, all launched a year or two to mere months before the real estate/finance crash last year, are getting along. The key case would be Avimor.
Avimor is a big development, located in the Boise foothills partway between Eagle and Horseshoe Bend off Highway 55. The developers’ web site offers a by-the-numbers rundown: “684: The number of housing units. The majority would be single-family homes, with about 60 multifamily units such as lofts. 75,000: Square footage of commercial and community space. 1,952: Projected population of Avimor. 830: Total acres in Avimor. 498: Acres of open space and parks in Avimor. 9.5: Miles of public trails in Avimor. 5: Years to build Avimor.”
Note that last: Five years to build, according to the web statement in February 2006. We’re now nearly three years into that.
Their odds of hitting target don’t look great. From a post a few days ago in the Boise Guardian:
Share on FacebookWe got the following from an obvious insider and frankly what they apparently see as a positive sign is pretty weak.
“Avimor has had residents since October. There are three homes closed, two with families living therein. One home is under construction for a family. Another pre-sold home is about to start for yet another family.
“All four families are from the valley and have lived in Idaho for several years. The MLS only has a few spec homes listed which none have sold. Two spec homes have contracts pending, contingent on financing which is almost impossible to get.â€
Even if we give them the benefit of SIX homes sold in the past year, it will take 500 years for them to sell 3,000 homes.
