Why not buy property in a city that's growing and becoming increasingly popular but not as popular as Portland or Seattle? That seems like a good idea. It's all about the early bird getting properties on the cheap before a town becomes a city.
In Boise, Idaho, there are condos downtown that just seem so cheap when compared to San Francisco, where a condo downtown is well over a million dollars. But these condos in downtown Boise, a few blocks away from the Boise State football team’s stadium (I’m sure you saw or have seen the highlights of the Oklahoma versus BSU game) are in the range of a quarter of a million dollars.
Sure this is Boise versus San Francisco, but the price just seems right. As if you can't go wrong in buying one of these condos--in ten years these condos will double. But how do you know?
These must be good condos to buy…but let’s take a look at what makes a good investment – knowing the area, having lived there, that’s a pretty good starting point – could these condos be rented out for the season? Not just for football games but for conventions in the downtown area. What uses are there for property you buy?
Condo Tips and Reminders:
- Talk with current owners to see if they're happy with the construction of the condo and services
- Review the CC&Rs-Covenants, Conditions, and Restrictions and the homeowner's association dues
- Condos are usually low maintenance - make sure the work is covered in the homeowner's association dues
Would You Be Happier in a Home?
However, the idea of living in Idaho is the opportunity to take advantage of the surplus of space and land, say compared to a big city. Why buy a condo when you can buy a house with a big back yard? But, the condo prices are so low compared to a big city that getting in early could be a big uptick in your financial balance sheet.
Ideally, you’d like to do the reverse, buy a condo in the city and a home in the country. But it all comes down to your goals and what you’re looking for. Let’s take a look further.
Heck, Simplot, the billionaire potato tycoon, even moved into a condo in downtown Boise, and donated his home to the state - for the governor's mansion. Esther Simplot said she and her husband moved out of the home about two and a half years ago, and now live in a downtown condo.
With wife Esther at his side, 95-year-old J.R. “Jack” Simplot spread his hands and declared, “Happy Holidays!” and the couple donated their landmark home to the state of Idaho. There’s just one condition: The huge, 30-by-50-foot American flag that flies above the hilltop home must continue to fly. Gov. Dirk Kempthorne promised that it will.
When I first came to Boise in 1986, I remember being shown the sights, and asking the obvious question: Why is that one hill green, when all the rest are brown? The answer: “That’s J.R. Simplot’s front yard.” Simplot’s 7,400-square-foot, Mediterranean-style home sits atop a giant, green, perfectly mowed hill. Both the green, grassy hill and the huge American flag that flies above it can be seen from all over the city, and even from the air.
Foreclosures are an excellent way to acquire quality real estate for bargain prices. Better yet are pre-foreclosures, which are essentially houses before they have entered the foreclosure stage. For comprehensive information about foreclosures, such as where to locate them, check out our articles:
Off Plan Property & Preconstruction