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:
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We 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.”
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.