NEW YORK, NY, July 06, 2021 (GLOBE NEWSWIRE) -- Extreme Biodiesel, Inc. (OTC PINK: XTRM) and its subsidiary, North Star Homes, are taking full advantage of two key phrases to finding success in business—timing is everything and location, location, location. In 2020, Extreme Biodiesel, moved into the robust real estate industry with its acquisition of North Star Homes. The real estate development subsidiary’s 20 years of experience designing communities and meticulously crafting comfortable homes for families in Boise, Idaho, and throughout the Treasure Valley, offers Extreme Biodiesel an excellent opportunity to quickly build a footprint in its newly chosen industry.
Fast forward to 2021 and the company’s acquisition has it ideally positioned to realize strong financial growth as it competes in what is the fastest growing state in the country, and in an area of the state that is pleading for thousands of new homes to be built to meet the exponential growth it's seeing. Tens of thousands of people are leaving a host of states, including California, Oregon, and Washington to plant their flag elsewhere and tens of thousands of them are settling in Idaho.
Keeping up with this growth is the timing that Extreme Biodiesel got exactly right in its acquisition of North Star Homes. And the location couldn’t be any more advantageous because Extreme Biodiesel and North Star Homes are perfectly situated in the nation’s hotbed for real estate at exactly the time new communities and a broader inventory of homes are in high demand.
The problem in and around Boise in both Ada County and neighboring Canyon County is the availability of homes to meet the ballooning demand. The solution is, of course, creating more neighborhoods and building more homes. Extreme Biodiesel, which recently announced plans to change the company’s name to better reflect its current business model in the real estate development industry, said that the company has started horizontal development on 3 of its upcoming projects in the Treasure Valley. This development was made possible with the completion of over 50 available lots that North Star Homes will start vertical construction on this fall.
The company stated that its subsidiary expects to hit sales of 50-plus homes in 2021, while also projecting to reach more than 100-plus sales of their newly built homes in 2022. With demand outpacing supply in and around the Boise real estate market, the area is experiencing a dramatic rise in home prices. This rise presents a real opportunity for North Star Homes to generate strong sales and revenue for its parent company, Extreme Biodiesel.
Mike Pennington is a real estate agent in Boise, and he recognizes the challenges ahead. “A variety of factors, including lack of housing inventory, continue to drive rising home prices. You have little to no supply, and very high demand, so it continues pushing pricing northward.”
In Ada County, the median price for a single-family home was $523,250 last month, a year-over-year increase of about 45.4% from May 2020’s $360,000, according to data from the Intermountain Multiple Listing Service. Meanwhile, the median home price in Canyon County in May 2021, was $410,000, up from $277,018 in May 2020, a 48% year-over-year increase.
The rise is so dramatic that it is even creating a noticeable month-to-month upsurge. Compared to April 2021, median home prices in May 2021 increased about $42,000 in Ada County, and about $10,100 in Canyon County. For builders like North Star Homes, this is a golden opportunity that doesn’t appear to have any end in sight.
Pennington added, “And because there’s no resale inventory, it puts all the pressure on the builders to add to the housing supply. But that isn’t happening at a sufficient pace to meet demand for housing in the area, and there are no indications that demand for housing in the area will decrease anytime soon.”
With the success the company should experience in the Boise housing market and throughout the Treasure Valley, it is very likely Extreme Biodiesel will continue to look for opportunities in the real estate industry. Vinnie Angelos, the Chief Executive Officer of Extreme Biodiesel, said of the acquisition of North Star Homes, “We will build on this acquisition by pursuing strategic growth initiatives, complementary acquisitions and taking advantage of select opportunities as they arise to build a profitable, growing enterprise.”
But, for now, Extreme Biodiesel and North Star Homes have all the work they can handle right where they’re located. Jeff Wills, a real estate agent and the president of the Boise Regional Realtors board, said “Unless 10,000 housing units appear in the market in the blink of an eye, the housing market won't likely change in the near future.”
About Extreme Biodiesel, Inc.
Extreme Biodiesel, which plans to change the company’s name to better reflect its current business model in the real estate market, operates in the real estate development industry with its subsidiary, North Star Homes. The company is currently focused on developing communities and building new homes in Idaho, the fastest-growing state in the U.S. and in a market that is recognizing a dramatic lack of supply of new home inventory to meet the area’s extreme growth and demand.
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