Second Home Investment Brief

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surveys show that the decision to purchase was affected by lake and water sports (37%); ... 2005. http://www.crmw.org/News%20articles/DK_CSM_1-25-06.htm) ...

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• Publié par: Sportif
• Nombre de lectures: 105
• Langue: Français

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SEcond HomE InVEstmEnt BriEf

5 ThinGs YoU MUst Know BEforE BUyinG a SEcond HomE Important Facts About Your Vacation Home Purchase

1. An ObjEctiVE Look at thE National HoUsinG MarkEt Which Economic Sectors Are Affected?

The media dedicate a significant allotment of air time to the current housing crisis and senseless subprime lending practices. While many experts predict that some parts of the country are heading into a market upswing, the fact remains that the residential primary housing market has cooled.

“While the declines are significant and quite large in some areas, the market still needs to work through its overhang of unsold inventory,” said OFHEO Chief Economist Patrick Lawler.“How much further down that inventory will ultimately push prices will depend on a number of factors, including what happens to interest rates and the overall health of the U.S. economy.” (source: Office of Federal Housing Enterprise Oversight OFHEO, News Release 2/26/08) (soUrcE: REalty Trac- httP://www.rEaltytrac.com/ContEntManaGEmEnt/ PrEssrElEasE.asPx?ChannElID=9&ItEmID=3988&accnt=64847) When considering which areas of the country are most affected by current real estate trends, it is clear that some areas are faring better than others. The northwest remains relatively unresponsive to negative national market trends and Idaho in particular is one of the least-hit states when one reviews foreclosure rates as a whole.

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As a result, many experts say that now is the time to buy primarily for investment purposes because prices are lower. This is evident by the many real estate investors looking to buy inexpensive single- family homes because there are many bank-owned foreclosures.

2. SEcond-HomE OwnErshiP – How it is DiffErEnt and Why Not Following the Trends

While no market segment is immune to national trends, the second-home market typically moves independently from the residential-home market. This market operates alone and is not tied to the same swings and market fluctuations as the nation’s primary home market.

WHAT MOTIvATeS SeCOND-HOMe BuYeRS? There are a multitude of reasons to buy your retirement home now—even if you don’t plan to live in it for years.

“A cottage in the mountains or a house on the beach where you plan to spend the rest of your days doesn’t have to be subjected to the same rigorous evaluation as other investments. In theory, your retirement house won’t be sold until you’re not here to worry about it anymore. What do you care about the rate of return? You’re buying a lifestyle, not a bond. Such thinking clearly resonates with millions of people in their 40’s, 50’s and 60’s who are keeping the second-home market alive. Last year, even as sales of primary residences fell, vacation-home sales rose nearly 5%”. Time Magazine suggests that primary reasons for second-home ownership lie with family. Laying down roots and establishing a fun place for the entire family to get together are what motivate this choice. (source: Time Magazine, ‘Home Free’ 9/17/2007)

WHO ARe THe SeCOND HOMeBuYeRS? Statistics released by the National Association of Realtors (NAR) show that sales of second-home vacation properties continue to set record levels, with 1.07 million closed transactions for the 2006 calendar year. Second homes and investment properties accounted for 40% of all transactions in 2005, according to information released by the National Association of Realtors. “All together, there were 3.34 million second-home sales in 2005; the overall market share rose to 40% from 36% in 2004.” This was the fourth consecutive year of sustained growth, with 850,000 sales in 2003, and 1.02 million in both 2004 and 2005. This upward trend represents values and choices being made by these purchasers. NAR surveys show that the decision to purchase was affected by lake and water sports (37%); golf (29%); theme parks (18%); winter recreation (16%); hunting and fishing (12%); and boating (9%). Over 75% of those surveyed have no intention of renting out their home, and 21% plan on this home becoming their primary residence when they retire.

According to the same surveys, the typical vacation property buyers are investing in properties either close, with 47% under 100 miles from home, or distant, with 43% over 500 miles from home. In 2005, the typical buyers were 52 years old with $80,000 annual income. In 2006, the average age was 44 years old, with $100,000+ annual income.

This significant increase in the number of typical purchasers is a strong indicator that this segment of the real estate market will continue to grow. David Lereah, chief economist for NAR, states: “Vacation home buyers are making lifestyle choices and purchasing for their own enjoyment. The younger purchasers will become a driving force in the second home market over the next decade.” (source: ResortFunding.com, 2007)

FINANCINg TReNDS AND DeveLOpMeNTS Recent adverse trends in sub-prime markets are having no effect on programs designed for second-home buyers. New lending programs are being introduced to further satisfy the demand created by the second- home market. Lot loans are now available to multi-million dollar levels, with limited documentation and verification programs, investment properties, and refinances. Construction loans are also being tailored to this market, the most popular being one-close loans based on appraised value, and including closing costs and interest reserves.

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The newer property types are becoming increasingly popular in resort settings. Lending sources are now available for fractional ownership properties, bringing traditional loan programs to what has previously been a cash-buyers market. Condominium-hotels (condotels) are also becoming a popular second home/ investment property, with a limited number of financial institutions now providing traditional loan programs. (source: Mountain Mortgage, 2007)

“One way to keep costs down is to use a home equity loan on your primary home to help finance your second property. Home equity loans typically carry a lower interest rate than conventional mortgages, and some lenders may loan you up to 125 percent of the appraised value of your home, less existing mortgages.” (source: Lending Tree: Second-home shopping tips -http://www.lendingtree.com/smartborrower/Investment- properties/Second-home-shopping-tips.aspx)

3. Idaho MoUntain WEst REal estatE MarkEt—ThE riGht PlacE to bE The West bucks national trends with a stronger economy and robust growth rates.

“According to USA Today the heart of America’s biggest economic boom is right here in the Gem State.” Idaho was featured on the front page of the nation’s most popular newspaper and praised Idaho’s 4-season climate as a “rugged outdoor beauty.” (source: USA Today, 2007/09. http://www.usatoday.com/news/ nation/2007-09-26-Idaho_N.htm)

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According to the Percent Change in House Prices Period Ended December 31, 2007, Idaho ranks high with 4.55% upward growth. California was ranked last. As other states experience declining overall real estate price drops, Idaho is an exception in the west.

Even with the growth that Idaho has experienced, the state remains relatively untouched from development. Everything is still in the early stages. But the state has approached this growth with measured planning and foresight as evidenced by decisions to dedicate land as wilderness that belongs to the public. (source: Christian Science Monitor: A Plan Blooms, 2005. http://www.crmw.org/News%20articles/DK_CSM_1-25-06.htm)

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4. ThE McCall Idaho ArEa: Still “undiscoVErEd” Poised for growth: It’s just the beginning!

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The chart below shows how property appreciation in Idaho’s capital city compares to the national average.

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As the exception to the rule, residential housing prices in Idaho remain steady. “Despite some media reports of the worst housing market conditions since the early 1990s or since the Great Depression, the recent home price declines have been negligible at the local level. Unlike past local housing downturns, which were accompanied with severe job cuts, the local economy continues to add jobs.”

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Known as “Ski Town USA”, McCall, Idaho is easily accessible from anywhere on the west coast with direct commercial flights to Boise offered throughout the day. The McCall airport itself is a popular destination for private planes offering relatively inexpensive landing fees. McCall is poised for growth and is on its way to becoming the next Sun Valley or Aspen.

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“Booming energy production, strong tourism results, a resilient construction sector buoyed by the continuing influx of new arrivals, a resurgent technology industry—all of these are contributing to making the Mountain West the nation’s strongest economic region.” (source: New West: Defying Trends, Western Economy on the Rise. 11-12-07 http://www.newwest.net/city/article/defying_trends_western_economy_rises/C94/L94/ )

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“The influx of money is creating new jobs in hotels and restaurants as traditional industries like farming and timber fade out. Tamarack ski resort in nearby Donnelly helped super-charge growth in the area. Opened in 2004, the resort, the nation’s newest downhill ski destination, is expected to cost about $1.5 billion when fully completed in a decade or so. Retail sales in the Valley County area increased 30% between 2003 and 2005, according to local research. New members in the McCall Chamber of Commerce include a jewelry store and two art galleries.” (source: Wall Street Journal: New American Gentry 1/19/08)

The New York Timesrecently featured McCall, Idaho, as a “Haven” in the Real Estate section.

“McCall is often compared to the Sun Valley of 20 to 30 years ago when it was a small ski resort. Today’s Sun Valley is a luxury retreat for celebrities and senators who snowboard” says transplanted McCall resident Rich Newman, 53, of Colts Neck, N.J. “I’m right between two ski resorts, and I’m right between two lakes,” he said. “You can’t ask for much more than that. If you’ve ever skied on the East Coast, you’re banging into each other,” Mr. Newman said. “It’s awful. Out there, there’s just so much room.”

The article highlights McCall’s transition into the West’s next up-and-coming resort community, “often compared to the Sun Valley of 20 to 30 years ago, when it was a small ski resort.”

McCall is now attracting homebuyers from across the country to its easy to access recreation, uncrowded ski resorts and small town atmosphere, the article goes on to say.

In describing McCall,The New York Timeswrites:

“This is the kind of place where you can shop in boutique furniture stores or check email messages at coffee shops that have wireless Internet access even as a logging truck weighed down with a load of pines as broad as barrels downshifts to take the curve on Highway 55...Whether on skis, a snowboard, snowshoes or a snowmobile, people come to McCall in winter to play outdoors.” (source: New York Times, Mud- on-the-Boots Town Is Rising as a Resort, 12/22/2006, By MATTHEW PREUSCH)

“McCall is what I imagine Lake Tahoe was like years ago” says local developer Mike Hart. “A lot of our clientele have come to McCall from other major resort areas. They want the chance to capture how Aspen and Sun Valley were 20 years ago,” says Rick Luna, CFO of Blackhawk. McCall’s average price for resort real estate (380,000) is affordable when compared to other destinations, such as Sun Valley ($889,875), Jackson Hole ($1.4 million), and Aspen ($2.5 million). “When resort towns start pricing people out of the market, they being to lose their romance,” says Luna. “Our demographic remembers and connects with the emotional memory of buying a cup of coffee in a coffee shop and having everyone know your name.” (source: Robb Report: Vacation Homes. 2007, June, July)

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The August 2006 edition ofSunsetmagazine featured McCall and the Blackhawk community in an article titled, “Where to buy a cabin: the West’s most popular places to find your second home.” The magazine scouted the Western U.S. for its top 10 hot vacation-home spots, looking for locations with “a growing second home market, great recreational opportunities, relative affordable, and a small-town lifestyle, from art galleries to coffeehouses and farmers’ markets.”

McCall ranked number four onSunset’slist, and was the only Idaho location mentioned. McCall was one of only 10 locations across the Western U.S. selected as a prime second home destination, and the only Idaho location mentioned. Furthermore, Blackhawk was the only McCall-area residential community singled out in the article.

“We scouted around for our top 10 hot vacation-home spots. Our criteria? A growing second-home market, great recreational opportunities, relative affordable (the median price of a vacation home was $204,000 in 2005, according to NAR), and a small-town lifestyle, from art galleries to coffeehouses and farmers’ markets,” the article explained. (source: Sunset Magazine: Where to buy a cabin. 8/2006. http://www.sunset. com/sunset/home/article/0,20633,1208681,00.html)

Statistics from the local Valley County Assessors Office show how the area is responding to the recent surge in popularity. The assessed value of lakefront property is based on a linear foot valuation and has dramatically increased over the past five years.

YEar CascadE LakE payEttE LakE 2003 $1,680 $6,700 2004 $1,680 $10,000 2005 $2,100 $11,000 2006 $3,450 $13,442 2007 $4,800 $20,000 (source: Valley County - Idaho Assessor)

As McCall is “discovered’ the city will follow the trend of it’s resort town cousins by becoming an expensive place to build a second-home, but for now pricing remains a great investment.

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As McCall gains a greater presence in the national media, international attention has also emerged. McCall recently hosted the Masters World Cup Nordic Skiing competition; the largest Nordic skiing event outside of the Olympics with over 1300 international skiers. Quoted by the international Masters World Cup Ski organization, one race participant said about their experience in McCall:

“We have raced in several Masters World Cups throughout the world and enjoyed all of them. Alaska, Calgary, Quebec & Lake Placid were very well organized and each had particular aspects that were special. Switzerland provided decent trails & vistas and Lillehammer had meticulous grooming and protocol. But none can compare to the incredibly friendly people of McCall!” –Murray and Jane Banks Underhill, Vermont – from www.mwc2008.com

5. Blackhawk on thE RiVEr A last-of-its-kind conservation-oriented riverfront community in McCall, Idaho

Located in McCall, Idaho, Blackhawk is a 1551-acre residential development set along five miles of Payette River frontage. Based on an environmentally-thoughtful land plan, Blackhawk offers a limited number of home sites that are situated to protect privacy, view, and wildlife corridors. In addition, more

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than half of the community has been set aside as open space, including a 152-acre wildlife preserve and 13 miles of braided side-channel fish habitat. Built amenities in the current phases of Blackhawk on the River will include a 10,000 sq. ft. community River Lodge with spa facilities, 7.8 miles of hiking and biking trails, and 12 kilometers of groomed Nordic ski trails in winter.

NATIONAL ReCOgNITION Blackhawk has been profiled by the The New York Times, Travel Channel, Sunset magazine, Robb Report, Style Network and other national publications.

Blackhawk on the River was featured in the television show “Great Taste” on a segment for the Second Home & Retirement Destinations series. The program aired nationally on both the Travel Channel and Style Network. Blackhawk is the only community of its kind in the Pacific Northwest selected for the production, reflecting the project’s unique nature and stand-out design.

In its June/July 2007 Vacation Homes issue, theRobb Report (100,000 copies distributed across the country) calls Idaho “The Hottest State in the West” and features Blackhawk on the River as one of two premier communities in McCall. Author Kim Fredricks writes “Blackhawk is doing its part to preserve the land” and points out that owners have “an immediate connection to nature.” She also highlights the affordability of McCall real estate (compared to other resort towns) and covers the unique measures being taken to preserve resources, such as encouraging homeowners to use energy-efficient lighting and incorporating solar technology into new homes.

uniqUE RiVErfront Location Blackhawk on the River offers private, riverfront homesites along 5 miles of the beautiful Payette River. Located only 5 miles away from downtown McCall, Idaho it feels like a world apart because of Blackhawk’s one-of-a-kind location nestled among the old-growth Ponderosa forests and pristine riverfront with white sandy beaches. There is not a better place to enjoy and explore nature.

Uniquely positioned off West Mountain Road, Blackhawk enjoys easy access to both Brundage, 12 miles to the north and Tamarack ski resort, 15 miles south.

Blackhawk was designed to offer privacy and solitude for generations to come with a unique approach to planning. The open space preservation program has been nationally recognized; “almost 500 acres of

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Blackhawk’s land will be set aside as protected space, including a 152 acre conservation easement for a wildlife preserve.” This has recently been expanded to comprise a 364 acre wildlife preserve. (source: Robb Report: Vacation Homes. 2007, June, July)

InsidEr valUE Appreciate the value at Blackhawk!

The previous phases of Blackhawk are now sold out, leaving premium riverfront homesites and featured properties still available. Additionally, many owners found the homesite they fell in love with but wanted to start enjoying Blackhawk right away so they bought a fractional interest in The Bend.

Prices at Blackhawk are a great value. Here’s a snapshot of how Blackhawk compares to other local vacation home offerings.

unmatchEd AmEnitiEs Experience the extras at Blackhawk!

Blackhawk’s 10,000 square foot River Lodge will offer stunning views down the river and will be the only one of its kind in Valley County. The private lodge was designed by McCall’sePikos Land planninG + ArchitEctUrEusing LEED (Leadership in Energy and Environmental Design) principles and nanosolar technology. These innovative techniques are certified by the U.S. Green Building Council to conserve energy and protect environmental quality. This complements the entire design concept for Blackhawk on the River.

The River Lodge is due to be completed in 2009 and will feature: an indoor/outdoor swimming pool, sauna, steam room, massage therapy rooms, great room with a stunning fireplace, catering kitchen, media/conference rooms, recreational equipment checkout room, yoga/pilates room, exercise room, locker rooms, amazing outdoor BBQ kitchen and patio.

Blackhawk may also be explored by horseback along a private trail system. The 30 acre Equestrian Center offers stabling for horses and an on-site Director of Outdoor Pursuits and Environmental Stewardship to lead the adventure. Blackhawk owners and Fractional owners enjoy their own Personal Concierge service.

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enVironmEntally ConscioUs Green principles at work in Blackhawk!

From the beginning, Blackhawk has built a strong reputation on keeping a conservation-oriented community in harmony with the natural and unspoiled location. Partnered with nationally celebrated Epikos Planning, Blackhawk takes special care to preserve the environment and the indigenous species. From the carefully monitored mayfly hatches on private Blackmare Lake, to the trout that run through their backyard in the Payette River, Blackhawk ensures that future generations can enjoy the property in an uncrowded setting.

Builders must adhere to strict guidelines and build with special attention to sustainable development by using reclaimed and natural building materials. At Blackhawk you will experience old-world craftsmanship construction with carefully selected hand-hewn wooden beams and horse-harvested natural beetle-killed wood. Residents’ homes showcase 100-year old harvested barnwood that tells its own story. Blackhawk is building history with pieces from the past of the Old West.

WILDLIFe SpeCIeS ON THe BLACKHAWK pReSeRve The 364 acre Blackhawk Wildlife Preserve is protected forever by a conservation easement and a recent survey found that 214 wildlife species inhabit the area, including 13 that are currently listed as species of special concern. The preserve spans a diverse ecosystem, including wetlands, meadows, riparian areas, and lodgepole and ponderosa pine forests. The area is habitat for duck, geese, herons, sand hill cranes, bald eagles, hawks, song birds, moose, elk, river otters, and beavers, among hundreds of others.

“It is easy for land developers to promise their buyers open space as an amenity for the future. Those developers will eventually go away, however, after which the future of the open space is thrown into doubt. The developers of Blackhawk, however, have decided to carve their pledge into stone, and they should be commended for it.”

“Blackhawk Wildlife Preserve, which totals 364 acres of the project’s 1,551 acres total and stretches nearly two miles along the North Fork of the Payette River. The promise of leaving these acres as pristine habitat for wildlife is not made with fingers crossed, but in writing and in partnership with the Payette Land Trust. The Blackhawk developers have signed a legal and binding agreement with the trust placing the land into a conservation easement, which means there is nothing they or their successors can do to take it back.” (Source: Editorial: Blackhawk Sets the Bar for Other McCall Projects 1/16/2007 From The Star-News Editorial Opinion Column)

“Blackhawk is the first large project in Valley County to draw a line around part of their land and declare it off-limits, forever. It is a grand gesture and should serve as a challenge to those now building planned communities in the region and others who are contemplating such projects.” (source: Sunset magazine. Where to Buy Now: The West’s most popular places to find your second home. 8/2006)

BLACKHAWK CONSeRvATION eASeMeNT Partnering with The Payette Land Trust, Blackhawk signed a conservation easement to protect an additional 212 acres of local environmentally sensitive land. Dubbed as the Blackhawk Wildlife Preserve- South, the conservation easement connects with the existing 152 acre wildlife preserve that was donated by Blackhawk in 2006, and is located south of McCall on the Payette River. “This is a key milestone for both the Payette Land Trust and residential development in Valley County,” said Bob Vosskuhler, executive director of the Payette Land Trust. “Blackhawk is the first developer to permanently protect such an important piece of habitat for McCall’s wildlife through a conservation easement and wildlife preserve.”

The preserve spans a diverse ecosystem that offers abundant habitat for wildlife, and includes one-of-a- kind living wetlands, forested areas, and meadows. According to a Baseline Condition Report prepared by the Payette Land Trust, the preserve provides habitat for over 214 species of wildlife, including 13 species that are currently listed as species of special concern. The preserve is now home to native animals including (but, not limited to) elk, moose, fox, deer, beavers, Bald Eagles, Ospreys, Great Blue Herons and Sandhill Cranes. (source: Blackhawk Press Release 1/30/08)

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YEar-RoUnd ActiVitiEs Non-stop fun at Blackhawk

No one is left out with the myriad of choices available at Blackhawk. Residents love being able to experience what they came here for just by stepping out their back door to enjoy fishing, hiking, horseback riding, cross-country skiing and more.

SKIINg Enjoy 12 kilometers of private groomed nordic ski trails along the river and a warming hut. McCall is home to two major ski resorts, Tamarack and Brundage Mountain which received over 400 inches of fresh snow in 2008. The resorts offer a total of 2,440 acres of lift-served terrain, over 5,000 feet of vertical drop, several terrain parks, and crowd-free expert, intermediate and beginner runs.

SNOWMOBILINg SnoWest, a national snowmobiling magazine, rates McCall among the top 15 areas for snowmobiling in the western United States. “McCall is another one of those mammoth groomed trail systems—500 miles. Cover all that with 150-250 inches of snow each winter and you’ve got a perfect recipe for fun.” (source: SnoWest: the authority for western snowmobiling. Western Guide To Snowmobiling top 15 trails in the west, vol. 34, #8)

FISHINg Blackhawk has five miles of the Payette River’s primary channel and the property encompasses another 13 miles of braided side channels that, in many places, take on the character of small spring creeks. Here on home waters one will find good fishing for acrobatic rainbow trout, wild brook trout and a seasonal run of Kokanee from Lake Cascade. The private Fishing Grotto on the white-sand fishing beach is the perfect spot for a family picnic.

HIKINg & eXpLORINg Residents enjoy 7.8 miles of non-motorized hiking and biking trails right out their back door. Take a morning run, or watch for birds and wildlife on the 364 acre Wildlife Preserve. Elk, fox, moose, herons, sandhill cranes and more are often seen from the trails. Blackhawk’s private trail system even “connects to 500-plus miles of county trails (that) put residents in touch with Idaho’s wilds.” (source: Robb Report: Vacation Homes. 2007, June, July)

BLACKHAWK OuTDOOR puRSuITS pROgRAM Join Blackhawks Director of Outdoor Pursuits and Environmental Stewardship for a wide range of family activities from horseback rides to old-west camp outs. Experience local history and learn about environmental stewardship from our experts.

Contact Blackhawk on thE RiVEr

Blackhawk Sales Office 112 N. 3rd St. McCall, ID 83638 p208-630-5070 F866-501-7879

www.BlackhawkOnTheRiver.com

*Restrictions apply. Visit www.blackhawkontheriver.com/discovery_weekend for offer details and restrictions. The features and amenities described and depicted herein are based upon current development plans and subject to change by the Company in its sole discretion without notice. This material shall not constitute an offer or solicitation in any jurisdiction where the legal requirements for such an offering have not been met. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING.

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