Riverstone condos moving again
Representatives of the Village at Riverstone report they are half way to selling out their luxury condos. A well advertised auction in January led to the sale of 14 units, most of which have closed and 11 are currently in escrow. According to Riverstone representativescurrent totals put them at 50 percent sold.
A flyer for the project boasts, “Up to 55 percent OFF!” This suggests that the folks at Riverstone have realized what much of the housing market ignores, if you price your property right, it will sell.
Cheryl Klein, Sales Consultant for the project says, “The auction showed us what people were willing to pay.” Subsequent, across the board price adjustments have caused the momentum to continue.
This new, more aggressive approach to pricing has attracted investors and users both locally and from around the country. About 25 percent of the total units sold have been bought for rental use. At least one was purchased by an individual to house his business operations. Vacation home owners make up the balance.
A flyer distributed to Realtors this week states that, “Sales Stop for Buildings B and C on March 23, 2010,” indicating Riverstone has some confidence those buildings will sell out at the current discounts and that spring may continue the forward movement as prices inch back up.
Condo sales across the Multiple Listing Service show activity so far this year at 28 total units sold. Distribution seems to be spread throughout northern Idaho with sales reported in virtually all areas of MLS membership. Condos sold directly by SRM Development which owns Riverstone are apparently not reported to the MLS.
Of the 28 units listed and sold through the MLS, 13 were owned by banks. Another three were sold as short sales or below the amount owed to banks by the seller. This indicates that bargain hunters are driving the condo market and many are finding exactly what they are looking for. One Twin Lakes Village condo sold this year for $27,000. The highest price paid so far this year was in Parkside at $470,000.
Currently, there are 364 condos or town houses listed in the MLS. Seven of these are Riverstone condo resales, and most are being sold short.
The beleaguered Morning Star Lodge condos at Silver Mountain are also seeing movement. The MLS reports eight units sold this year, mostly bank owned. Currently there are 36 active MLS listings there with four in “Pending” status.
As seen in all market segments, the law of supply and demand is true to its course. Less demand, more supply, lower prices. Lower prices equal increased demand. In all aspects of the real estate market, foreclosures and short sales have had an impact and prices are more favorable than in recent history no matter what you are looking to buy.
Interest rates fell below 5 percent again last week and those who haven’t yet still have time to take advantage of the tax credit for condos, town houses, single family homes, even houseboats although we didn’t look for those in the MLS.
As properties are absorbed the supply lessens and will ultimately drive prices up again. Just when that will be is arguable.
Visit www.cdarealtors.com to search the Multiple Listing Service or to find a Realtor member who will represent your best interests.
Kim Cooper is a real estate Broker and the spokesman for the Coeur d’Alene Association of Realtors. Kim and the Association invite your feedback and input for this column. You may contact them by writing to the Coeur d’Alene Association of Realtors, 409 W. Neider, Coeur d’Alene, ID 83815 or by calling 667-0664 with your questions or commentary.