Catching Our Breath

Now that the residential real estate market in the Treasure Valley area has cooled off, we can take a minute to catch our breath and think about what is happening, about where we are as a city and a region, and what the future might hold.  Was it all a dream?  Did we suffer a bubble?  Will my kids ever be able to buy a home?  When will it get back to normal?  Is it over yet?  I hear variations of these questions nearly every week, and it is interesting to hear how differently long time residents phrase the question, compared to the way more recent arrivals ask it. 

Long time residents seem to look at the valley, and the recent growth, with a certain amount of unbelief.  They feel caught off guard and a little overwhelmed in many cases, by the increased traffic, the new houses popping up where there used to be farms, the changes in school boundaries... all of the things that come with growth.  It is happening TO them, and many don't like it.  The newer residents tend to ask the questions from a different point of view.  Oh sure, there are some "I've got mine, now close the state" types.  Perhaps they've moved here from a more populated place, staked out their space, and now desperately hope it will never change... in our recent elections we had just such a struggle for control in one of the small towns west of Boise.  But I find that attitude to be more the exception than the rule.  Folks who have moved here from other places are usually excited to be here, enthused about the future and all the possibilities, and many talk about the responsibility they feel to make sure the changes are good, and done well.  They recognize the problems that come from growth that just happens, and many have good ideas about things that can be done better here.

The out of state people who were buying up houses sight unseen a year ago are not active in our market right now.  But that is a good and healthy thing for us.  Do you know who is still in the market here?  People who are looking to move here, and to make Boise the next step in their life's dream!  I talk with folks moving here from out of state every week.  And following them here are the big companies that want to do business with them.  Think Cabela's, Kohls, Whole Foods, Urban Outfitters, Microsoft... it's an exciting time here in the Treasure Valley (we need more grocery stores though!).  The Wall Street Journal last week had a very positive article that called Boise "one of the top 10 undiscovered markets that's now being discovered", and comparing Boise's downtown BoDo project to Denver's LoDo. 

No, it wasn't a dream.  No, there is no bubble in the Treasure Valley.  Yes, your kids will be able to buy a home, as long as they don't think that part-time job at the phone kiosk in the mall or at Flying Pie Pizza is their life's calling.  No, it isn't over yet, because the "new" normal is a truly beautiful region that has been discovered by people who want to live and work here, raise their families here, and retire here.  It's a great time for all of us.  Join in!