Editor's note: This story has been corrected to reflect Joyce Little is a real estate agent with the Woodhouse Group, not Keller Williams Realty.

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What a difference six months make.

Few if any condominiums in Downtown Boise were selling in August, but since then at least 25 sales have closed or are pending.

"This year has started out great," said Lisa Lyons, director of sales for CitySide Lofts at Myrtle and 15th streets, where 10 units have sold since September and three sales are pending. "It seems we've hit a price, and with the combination of low interest rates and available FHA financing, we've found the market."

Units at CitySide Lofts sell from $159,900 to $350,000, down about 20 percent from prices of $199,000 to $450,000 two years ago.

Sales managers, agents and developers for five projects Downtown said most prices have dropped between 15 percent and 30 percent from 2007.

"That's part of the reason I moved on it when I did," said Taylor Hunt, who hopes to close in March on a 950-square-foot condo in the historic Gem Noble Lofts at 10th and Main streets. The price is about $200,000.

"The price was right, and the interest rate was excellent," said Hunt, who has been renting in the North End.

Interest rates have risen slightly above 5 percent but are still near December's record-low average of 4.71 percent for a 30-year, fixed-rate mortgage.

A TURNAROUND FOR GRAND AVENUE

The Grand Avenue Condominiums, whose struggles hobbled their developer, the nonprofit Boise Neighborhood Housing Services, sold two units in short sales this month. The 20-unit complex at 15th Street and Grand Avenue near the Linen District was built in 2008 but was hard-pressed for sales largely because of its location - separated from the heart of Downtown by the I-184 Connector - and too-high prices, a Statesman investigation last fall found. Only three units sold initially.

So prices were dropped earlier this year from a range of $144,000 to $241,000 to between $115,000 to $199,000, said real estate agent Joyce Little of the Woodhouse Group.

"We're finally getting things sold," Little said.

Federal Housing Administration financing recently became available for the project with the help of Wells Fargo Bank, said Connie Hogland, CEO of Neighborhood Housing Services. As an added incentive for buyers, U.S. Bank is paying 2 percent of the closing costs and one year of the homeowners association dues, she said. U.S. Bank agreed to a price cut on the units last fall.

"We are incredibly grateful U.S. Bank and the rest of them have been willing to work with us," Hogland said. "It's perseverance and it's patience, and knowing with enough time and partners that things can turn around."

BANKRUPT PROJECT SELLS A CONDO

On the upper end of the spectrum, Royal Plaza at 1112 S. Main St. sold a condo last week, developer Bob Hosac said. Royal Plaza filed for Chapter 11 bankruptcy in December and owes its homeowners association $34,000 in dues on unsold units. Prices range from $400,000 to $800,000, down from $469,000 to $925,000 two years ago.

At The Jefferson at 4th and Jefferson streets, prices were $287,000 to $1.1 million two years ago but have been reset to $183,750 to $935,000, said Jacque Neef, sales manager.

Experts said overall condo sales have halted their decline.

"We're at a pretty good point right now," said Bryant Forrester, owner of Urban Concepts Group at Homeland Realty, which specializes in marketing condominium properties.

PRICES UP FOR SOME DESIRABLE UNITS

Prices at The Aspen Lofts - 75 units completed in 2008 at 851 W. Front St. across from the Boise Centre - are the same as they were two years ago: $169,000 to $3.5 million. Developer Scott Kimball said that's because his is the only high rise in the heart of the city, and he believes the market will firm up. So far, 22 units have sold. Kimball expects a buyer's offer on a condo this week and will close on another next week.

Several projects finished in the past two years have plenty of units to sell for now. And developer Clark said he likely will restart interior construction of his Crescent Rim condos near the Boise Depot this summer. Clark halted sales in 2008 after several buyers backed away from purchase plans.

Experts expect demand to begin catching up with supply by next year.

"We're waiting for what's referred to as a tipping point," when demand exceeds supply, Forrester said. "I'm predicting that will be midsummer."

COULD THE FUTURE BRING A SHORTAGE?

There aren't any new projects in the works. That could lead to a shortage in the Downtown Boise condo market eventually, as it takes four years to complete a project, Forrester said.

He and others believe there is a pent-up demand for Downtown condominiums among people in their 30s and up.

"I love the idea of living downtown anywhere," said Hunt, 32. "I like urban living in Boise, Idaho. I love the history of Downtown Boise, and that building in particular."

'IT'S STUNNING UP HERE'

Jeremy Gray and Bron Roberts, his wife, both in their 60s, still own a home on Table Rock Road that they plan to sell when the economy improves. But they wanted to downsize. In July, they bought a 1,600-square-foot penthouse in The Jefferson.

The couple entertain on their outside terrace, which wraps around the southeast side of the building.

"It flows well," he said. "It's quiet. It's stunning up here. There's little parks all over the Downtown."

Gray said he and his wife rarely drive. She walks to work, and he rides a tricycle to the store for groceries. Restaurants and entertainment are within easy walking distance, Gray said.

"The whole city is within five minutes," he said.

Sandra Forester: 377-6464