Hailey NEW DEVELOPMENT REPORT 2020
HAILEY NEW DEVELOPMENT REPORT 2020 On the verge of the third quarter of 2020, the U.S. real estate market is prepped for active summer. 2019 was marked by surging demand for housing and home prices in most of the country have reached or exceeded their pre-recession peaks. Nationally, interest rates dipped to new low rates as the Federal Reserve made efforts to shore up the credit markets and spur the economy following the second quarter downturn. Additionally, the Covid-19 pandemic has profoundly shifted the demand for rural homes. Consumers are looking to move out of dense urban areas and seek refuge in idyllic rural communities. With the ease of working from home becoming perfected, the transition to mountain towns is more appealing. Covid-19 also brought about some changes to how buyers are touring and purchasing homes. According to the Census Bureau, 30% of new homes that were sold in April were for properties in which construction has yet to begin, a 4% increase from average. All sales growth in April came from homes that are still nothing more than a mix of blueprints and dreams - a possible sign of how the coronavirus outbreak could alter the real estate market. In our local Blaine County market, 2019 was characterized by a shortage of residential inventory throughout the valley in almost all property types and price ranges. Most notably there was high demand and lack of inventory for single family homes in the mid-valley and Hailey. With a rise in median sales price of 5.5% across the market. Vacant Land experienced the largest increases in 2019 in sales and sold dollar volume. In response to the lack of inventory eager buyers are investing in new construction and new residential developments throughout the valley.
HAILEY NEW DEVELOPMENT REPORT 2020 In 2019, the lack of residential inventory in Hailey resulted in prices exceeding or matching pre-recession values. High demand for affordable housing as well as steady economic growth has prompted Hailey City Commissioners and Planning and Zoning Committee to reevaluate the area-of-city-impact for the first time since 1994. Meanwhile developers and local housing authorities are proposing new development projects to increase the housing inventory. New development has a two-fold meaning for Hailey homeowners and homebuyers. New subdivisions, PUDs, and zoning waivers for increased density will increase the housing inventory. More product diversity in the market will create new standards and competitive pricing. This means, if you are a Hailey resident considering selling your property, now very well could be the best time to do so, as the pre-recession prices and lack of competing inventory have created a Seller’s Market. As a homebuyer, if you are considering purchasing property in Hailey, you will have many options to choose from in the following years, more so than the current inventory presents. New developments propose a variety of options from large homesites, to cottages, condos and townhomes, as well as new rentals and ARCH approved housing. The following Hailey New Development Report outlines the approved and proposed development projects within the city, as of 2020. If you are intrigued and would like to learn more about current Hailey residential market, please call me with any questions! 208-721-1744
Table of Contents
A FEW THOUGHTS ABOUT 2019 AND THIS MARKET REPORT
• The inventory of homes and condos/townhomes was down in 2019 (vacant land inventory was up). Buyer demand is strong, but there are simply not enough listings coming on to satisfy this demand. • The highest-recorded Residential sale in Sun Valley history occurred at the tail end of 2019. This is a great sign for the luxury market and suggests that the high-end might see action in the months to come. • Vacant Land had the biggest increases in 2019—a 13% increase in units sold, and a 10% increase in sold dollar volume over 2018. We expect this trend to continue, as there are new developments that have just come onto the market. • The Berkshire Hathaway HomeServices brokerage launched in Sun Valley 2019, and we are proud to be part of this new endeavor. Sun Valley Properties looks forward to being a market leader for years to come. We want to become your Forever Real Estate Brokerage.
Sun Valley Real Estate Activity HISTORICAL LOOK AT THE SUN VALLEY MARKET
Sun Valley has rebounded nicely from the Recession. Our slow and steady growth has been good for buyers, sellers, and for Sun Valley in general. Our market is showing a strong pattern of sustainable growth, in sales, volume, and home values. We have learned that stable, slower-growth year over year is the best thing for buyers and sellers.
ABOUT THIS REPORT • • • • •
All the figures in this report have been generated from the Sun Valley Board of Realtors site on January 1, 2020. The figures do not take into account off-market sales, undisclosed sales prices, FSBOs and other anomalies. The report uses “Median Sales Price” instead of averages, as the Median is more accurately representative of a market’s real activity. The Median Sales Price means that there were an equal number of sales above and below that price. The numbers in each table don’t always add up due to reporting idiosyncrasies, such as Fractional Sales, Garages, Co-listings, Leases and other ways to report a transaction. All “Approved” developments are public information provided by the City of Hailey Planning & Zoning Commission and City Council as of May 2020. Information is deemed to be reliable, but is not guaranteed.
www.bhhssunvalley.com
Love where you Live.
Photo by Sofia Dewolfe
Hailey Area Hailey, the Wood River Valley’s engine, hosts the Blaine County government facilities, the airport, public middle and high schools, and the bulk of the local population. Mountains line both sides of town, with extensive hiking and biking trails out nearby canyons. The Big Wood River meanders adjacent to the western edge of the city. It is accessible from multiple public fishing access points in Hailey. With great restaurants and shopping, as well as a burgeoning nightlife scene, Hailey has emerged as a destination in its own right. The charming Hailey Main St. is famously lit with Christmas decorations during the holidays. Hailey also hosts the local-favorite and classic Fourth of July Parade. Each Hailey neighborhood is rich in character. Hailey boasts a variety of living options from riverside estates, equestrian properties, “Old Town Hailey” bungalows, to new developments. The following new developments will ensure that Hailey remains the vibrant, neighborly, and local hub of the greater Sun Valley area.
“Idaho’s Hometown in the Mountains” Elevation: 5,318ʹ Population: 8,501 (2018)
Local Recommendation : Grab coffee at Café Della. Walk the trails in the Draper Reserve and across the Bow Bridge. Then eat lunch, play bocce ball, and get the mountain biking beta at Power House.
Hailey Market 2019 Entire Hailey Market 2019
% Chg v 2018
2018
2017
2016
Sales
272
-8.4%
297
284
251
Sold Volume
$100M
-5.6%
$105M
$88M
$73.7M
Med Sold Price
$311,000
-1.1%
$314,500
$268,250
$232,500
Hailey Vacant Land Market 2019
% Chg v 2018
2018
2017
2016
Sales
51
34.2%
38
45
36
Sold Volume
$11M
83.9%
$5.9M
$7.2M
$6M
Med Sold Price
$149,900
21.6%
$123,250
$137,000
$120,000
HIGHEST SALE: $6,300,000 AVERAGE DAYS ON MARKET: 255 NEW LISTINGS: 191 ACTIVE DURING THE YEAR: 329
MICRO-MARKET INSIGHT: Vacant Land sales are way up South of Ketchum. Buyers are weighing the costs of of buying pre-existing homes vs building new product. Parcels here remain some of the valley’s best buys.
Hailey Market 2019 Hailey Residential Homes Market 2019
% Chg v 2018
2018
2017
2016
Sales
138
-18.3%
169
139
137
Sold Volume
$65M
-16.6%
$78M
$59M
$49.4M
Med Sold Price
$437,500
12.2%
$390,000
$357,000
$330,000
Hailey Condo/Townhomes Market 2019
% Chg v 2018
2018
2017
2016
Sales
55
1.9%
54
58
40
Sold Volume
$13.5M
7.9%
$12.5M
$13.3M
$7.9M
Med Sold Price
$240,000
6.7%
$225,000
$220,000
$194,000
HIGHEST SALE: $1,985,000 AVERAGE DAYS ON MARKET: 150 NEW LISTINGS: 469 ACTIVE DURING THE YEAR: 710
MICRO-MARKET INSIGHT: The Hailey market had to take a breather after a four-year run of growth. Expect Vacant Land sales to continue to rise as new developments and high home prices tempt buyers and spec builders to build on raw land.
Sunbeam Subdivision Phase 1 Approved
Sunbeam Subdivision Phase 1 Approved • The newest subdivision approved by the city of Hailey is slated for construction on an agricultural field between Myrtle Street and Quigley Drive. The 54-acre, mixed single-family and townhome neighborhood will accommodate a variety of lot sizes. The Sunbeam site was previously annexed to the city in 1981. • The Sunbeam Subdivision will donate a new park to the city of Hailey. Consisting of 9.14 acres, which will be combined with the existing Curtis park for a total of 11.6 acres, the new park will be the largest city park. It is designed to have a natural materials play area, a multi-use turf area, and extensive contours for activities such as sledding.
Cottage Townhomes Cottage Townhomes
Cottage Townhomes Phase Two Park
Phase One Park
Cottage Townhomes
Cottage Townhomes
SUNBEAM SUBDIVISION PHASE 1 • Awaiting Final Plat approval • Infrastructure buildout will begin as soon as possible. • Phase one will include 90 lots • 67 single family lots • 23 Cottage Townhome units
Thoughtful Design Most lots in the subdivision will be oriented for solar access. There will be a requirement in the CC&Rs that all homes be built with conduits to prewire for solar panels. A 10-foot-wide paved bike path will run through the park and much of the neighborhood, providing riders with connections to Old Cutters subdivision to the west and Curtis Park to the south.
ARCH Blaine Manor Approved
ARCH Blaine Manor 706 S Main St. Approved
By purchasing, restoring and building properties in Blaine County, ARCH welcomes into the neighborhood our teachers, police officers, hospital technicians, firefighters, nurses and others who serve the community.
• 2 buildings featuring 30 units each • One building designated for senior housing (age 55+) • One building designated for affordable income-restricted single family rentals • ARCH is a Community Land Trust actively acquiring land and homes to ensure ongoing affordability • For more information contact ARCH: (208) 726-4411 homeownership@archbc.org
ARCH Parcel O Approved
ARCH Parcel O Woodside Sub #15, Parcel O, Block 62 Approved
Preliminary Site Plan May 2020
• 9 proposed single family detached homes • 4 ownership homes will be deed restricted affordable • 4 rental homes will be income restricted affordable • As the City of Hailey owns Parcel O, City employees will have right of first refusal followed, by workers in the City of Hailey, followed by the public • 2 units will be set aside for residents earning 30% or less of the area median income (around $16,000 for a single adult), and reserve remaining units for those earning between 30-80% of area income • For more information contact ARCH: (208) 726-4411 homeownership@archbc.org
Silver River Residences Approved
Silver River Residences 17 West Silver Street Hailey Townsite Block 56 Lots 18, 19, 20 Pending Approval
Silver River Residences is slated to be a three-story, 16-unit residential complex set for the northeast corner of Silver and River streets.
The building will be all electric with solar panels. The utilities will be included in the lease amount. All appliances will be energy saving.
• 16 residential rental units total • 16 parking spaces, of which 7 are covered • 2 studio-units of 333 square feet • 5 one-bedroom units ranging from 540 to 678 square feet • 9 two-bedroom units, which includes three accessible bedrooms, ranging in size from up to 755 square feet • Approximately 1,257 square feet of common useable open space • Silver River Residences aim to create an affordable development in keeping with the Hailey community lifestyle. Construction to begin in this summer, with the goal of completing the project by spring 2021. For more information contact Gary Poole : garysv@msn.com
Quigley Farms Phase 1 Approved
Quigley Farms Phase 1 Blocks 1, 2, 3, 4, 10, 11, & 15 Approved
• Quigley farm is a diverse housing model, food preparation, production, and agricultural center; a recreational destination; an education center • BCRD maintains 15k of winter trails in Quigley Canyon, in addition to a new 5mile Quigley Loop trail along the perimeter of Quigley Canyon for hiking, biking and equestrian activities • Total of 29 lots, including those currently pending for sale • 3 Duplex lots, of which 1 reserved for community housing • 10 single family Garden lots between 0.15-0.18 acre, of which 4 reserved for community housing • 7 single family Meadow lots between 0.68 - 0.93 acre • 9 single family Orchard lots between 0.22 – 0.29 acre • Infrastructure buildout underway summer 2020 • For more information visit quigley-farm.com/ • Available for reservations and accepting contracts with Eeva Turzian, Sun Valley Real Estate Christie’s (208) 720-6906
Sweetwater Duplexes Approved & Available
Sweetwater Duplexes Approved & Available for Sale
New urban design with front porches, mountain views, sidewalks, garages in the alleys and gathering places.
The Sweetwater community offers access to a private pool, 24hour fitness center, outdoor fireplace and grill.
• Total of 26 Duplexes, including those currently pending for sale • Price range : $367,500-$415,000 • 3 bedroom, 2.5 bath; 1,841 sq ft • 2 car garage with extra storage • Currently under construction and available for buyers to walk through and pick their custom finishes • All duplexes come with a heated 2-car garage, granite or quartz countertops, tile and luxury plank vinyl flooring, and more • For more information visit www.sweetwaterhailey.com • Available for sale & reservations with Stephanie Reed Real Estate at (208) 720-8958 OR email stephanie@stephanie-reed.com
Colorado Gulch Preserve Approved & Available
Colorado Gulch Preserve Approved & Available for Sale
Located along Broadford Road, Colorado Gulch Preserve offers a unique and irreplaceable combination of a picturesque setting, privacy, open spaces, and proximity to town.
Adjacent to the Wood River Land Trust's newest nature preserve at Colorado Gulch, consisting of 350 acres of preserved land, including 1.5 miles of frontage on The Big Wood River.
• Total of 27 land parcels, including those currently pending & sold • Parcels range from approximately 0.32 to 0.63 acres in size • Price range : $145,000 - $295,000 • All lots are elevated high on the bench, sunny and perched well above the river corridor • Thoughtful development design and professional landscaping plans capture the best sun exposure, orientation and vistas for your new dream home • For more information visit coloradogulchpreserve.com • Available for sale & reservations with Jamie Coulter, Broker/Owner at Sun Valley Life Real Estate at 208-309-1560 or Jamie@sunvalleylife.com
Old Cutters Approved & Available
Old Cutters Approved & Available for Sale
HOME SWEET HOME. Situated in the middle of the development, a 5-acre park features a playing field for team sports, large covered picnic shelter for gatherings, and playground structure. Located on the north side of Hailey with easy access to trails, public lands, and LAND, HOMES, & COTTAGES downtown. HOMES
• Total of 43 land parcels, including those currently pending & sold • Parcels range from approximately 0.14 to 2.57 acres in size • Price range : $161,975 - $555,500 • Old Cutters offers a range of housing and land parcels from cottage and duplex lots, to spacious single-family residential lots • Spec homes are also offered with five design categories of plans to choose from, but buyers are not limited to those designs • For more information visit luxuryinsunvalley.com/old-cutters • Available for sale & reservations with Anna Mathieu (208) 309-1329 & Michelle Sabina (503) 758-9163 of Windermere Real Estate or annamathieu@windermere.com / michelle.sabina@windermere.com
Northridge Village Approved & Available
Northridge Village Approved & Available for Sale
Nestled between Northridge and Old Hailey on 1st and 2nd Avenues, Northridge Village is an innovative project along the lines of the trend in new pocket neighborhoods. • Total of 24 land parcels, including those currently pending & sold • Parcels range from approximately 0.14 to 0.17 acre in size • Price range : $124,500 - $159,500 • Offering homes sites for homes that will be oriented towards a common tree-lined pedestrian-friendly area with covered porches (alley side), and garages on the back (street side), with beautiful mountain views and totally walkable in-town location • For more information visit 5b-realestate.com/northridge-village • Available for sale and reservations with Anna Mathieu (208) 309-1329 of Windermere Real Estate or annamathieu@windermere.com
More Developments Coming Soon :
Skyview Six 4-plexes Approved • To be developed by Tanner Construction and begin construction Summer 2020 • A total of six 4-plexes • Each 4-plex will consist of two 2 bed/2.5 baths & two 3 bedroom plus 2.5 baths (Concept drawing below) • Investor opportunity, to be for sale per 4-plex building (not unit) • For more information contact Robin Christensen of Berkshire Hathaway HomeServices Sun Valley Properties at (208) 720-2905 or Robin@RobinSells5B.com
South Woodside Urban Renewal District • The city of Hailey and the city of Bellevue are in ongoing negotiations of annexation for the Flying Hat Ranch property. The property belongs to the Eccles family and occupies hundreds of acres between the two cities. • The Hailey City Council advanced two ordinances on March 9th that would revise the city’s area of impact to reflect new geographic boundaries and give residents more certainty about future growth. • Bellevue and Hailey have been at odds in recent months regarding overlapping proposed area-of-city-impact boundaries on the Flying Hat Ranch. The property owners have requested that their entire property be annexed into Bellevue. • ACI maps and ordinances are mechanisms that cities can use to have more input on county development than is otherwise provided for under the county development process. They are also used to designate areas for possible annexation.
South Woodside Urban Renewal District
Local Real Estate & The 2020 Pandemic Sun Valley, like most resort areas across the country, was under quarantine restrictions from March 16th to May 15th. Blaine County and the Sun Valley Resort re-opened, and business is picking up. The following information show how the 12-week quarantine has affected real estate in the Wood River Valley. The chart tracks activity between March 16th to June 10th for the last four years. Keep in mind that 2017-2019 were the three best years for real estate in Sun Valley since the mid 2000s, with 2018 being our best year for Sales and Sold $ Volume since 2005.
2020
2019
2018
2017
Properties Sold
135
202
240
233
Sold $ Volume
$113M
$126M
$183M
$152M
Avg Sold Price
$835,237
$604,195
$722,443
$616,569
Properties Pending
177
251
262
256
Pending $ Volume
$139M
$159M
$158M
$147M
New Listings
327
547
544
536
New Listing $ Volume
$391M
$555M
$492M
$406M
Active Listings in Date Range
1,215
1,446
1,576
1,637
2021 Vision—Looking Ahead WHAT ANAYLYSTS HAVE TO SAY ABOUT THE YEAR AHEAD MORTGAGE RATES Most economists believe that rates will continue to stay in the 3.6%-3.9% range for 2020. These historically low rates will make homes more affordable despite rising prices. (Freddie Mac, Mortgage Bankers Association) HOUSING PRICES Prices will continue to rise nationwide, perhaps as much as 5%-6%, compared to the 3.5% rise in 2019. Lack of inventory and fewer new homes are the main reasons for this. Lowerend and starter home prices will be most affected. And several metro areas are seeing declines. (CoreLogic, Redfin, Arch Mortgage) INVENTORY This is the buzzword in real estate, as in “lack of.” Home-owners are staying in their homes longer than ever. New home starts are at historic lows. Demand is high across the nation, but homeowners are being very cautious. (Redfin) IDAHO Boise is predicted to be the top housing market in the country in 2020. In conjunction with this, home prices in Boise rose more (by percentage) than any other of the top 100 cities in America. (Realtor.com) SUN VALLEY Sun Valley’s inventory of residential homes is down. This will cause buyers in 2020 to more heavily weigh asking prices rather than sales activity to evaluate opportunities. The valley is increasingly busy and buyer demand is strong; as a result, homeowners who put their homes on the market will see increased activity and interest in their homes. Sun Valley should benefit from the fast-growing Boise Market. As more affluent buyers purchase homes in Boise, they will be looking for a nearby getaway, and Sun Valley should be at the top of that list. Our sister company is Berkshire Hathaway HomeServices Silverhawk Realty in Boise/Caldwell, linking our brokerage with Boise buyers.
Love where you Live.
Photo by Sofia Dewolfe
“A home is one of the most important assets that most people will ever buy. Homes are also where memories are made. You want to work with someone you can trust.” – Warren Buffett, Chairman and CEO, Berkshire Hathaway Inc.
KASEY ATKINSON 208.721.1744 www.kaseyatkinson.bhhssvunalley.com kaseyatkinsonsv@gmail.com 411 5th St E, Ketchum, ID
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