A developer is betting that wealthy people moving to Eagle from outside of Idaho are willing to pay top dollar for property with water access.
With a price tag starting at $145,000, each quarter-acre lot in Lakeside Retreats at Legacy in west Eagle will include a dock, beach and fire pit.
Mike Louie, the agent at Boise Real Estate Pros, said he expects the custom homes that will be built on the lots will be worth between $600,000 and $700,000. Boise’s Shelburne-Marrs will be the sole builder.
Located south of Floating Feather Road and west of Linder Road, the development will cater to retirees and people approaching retirement age, Louie said.
“We have a lot of cash buyers coming in from out of town,” he said. “Many are coming from coastal towns that still want to have that water look.”
Twenty lots are available now, and 21 more are expected in the fall. Crews are now digging a second pond, and a third pond will round out the development, Louie said.
Each of the lots on ponds will have its own dock and little beach cut out next to the dock. You can go into the water and paddleboard or kayak or fish. Project agent Mike Louie of Boise Real Estate Pros
Lakeside Retreats will be part of the 800-lot, 590-acre Legacy development, which includes a private, three-hold golf course, community pool, clubhouse and a 24-hour gym. Horseshoe Flats LLC, of Caldwell, is the developer, Louie said.
Jere Webb, associate broker at Downs Realty in Eagle, said the developer may struggle to sell lots at the listed asking prices. Webb said Eagle has about a year’s worth of inventory of homes on lots smaller than an acre and 10 months’ supply of waterfront lots, showing weak demand.
“It will be a tough price point given the present availability of lots in Eagle already on the waterfront, especially given that it’s far west of the preferred area in Eagle,” Webb said.
Jennifer Hickey, Louie’s partner at Boise Real Estate Pros said she’s confident in the pricing because few waterfront lots in Eagle, including several listings he represents, are listed for less than $200,000. She said few listings in the area offer direct water access.
“We have already presold some of the lots, as they are highly sought after,” she said.