More Riverstone condos up for auction

COEUR d'ALENE - Once again the depressed market for condominiums means an opportunity for bargains, as another 19 Riverstone condos go up for auction on Saturday, June 5. And once again, the prices will be slashed to around a third of their original asking price.

This time around it is the Riverstone Village South building that will see condos once priced from $329,000 to $899,900 on the block at minimum bids ranging from $117,000 for a one-bedroom, one-bath unit to $309,000 for a 2,000-square-foot loft, most with views looking over the Spokane River and/or Riverstone Park.

"One big change is FHA has approved a 3.5 percent down payment for a primary residence," said Vance Luksetich, marketing consultant for Tranzon Asset Advisors, which once again is holding the auction on behalf of Zions Bank. That compares to 20 percent last December, when 20 condos in the North building went on the block and 15 sold, most at or near the minimum bid.

Like last year, a 10 percent buyer's fee will be added to all sales. Another change this time is the venue. The previous

auction was held at The Coeur d'Alene Resort, while June's will be held just across the street at The Hampton Inn.

During the December auction, some prospective buyers lost out to other bidders, but had other units they were interested in. Because in some cases they were unsure of the characteristics of their alternate, with three designs available, the auction was moved to the facility, resulting in several additional sales.

"Incredible price discounts and remarkably low interest rates combine to create an outstanding buying opportunity," said Ed Durnil, CEO of the auction firm. "We are thrilled to see such low pricing for these units. The bank insisted on lowering the two- and three-bedroom condominiums by as much as $35,000 below last winter's auction prices in order to get them sold now."

Some of the two-bedroom units that were offered at $172,500 have been reduced to $159,000, Luksetich said.

That is also in part due to the fact that appliances are not included in the latest offerings. However, the model unit is equipped with a full complement of stainless steel appliances by Fred's Appliance, which is offering a $5,443 package including washer, dryer, range, refrigerator, dishwasher and microwave oven, including tax and installation.

An open house is being held noon to 5 p.m. every day in unit 209 of the building at 2050 N. Main St. Buyers must register and qualify, and have a $5,000 cashier's check on hand on the day of the auction, which will begin at 11 a.m. Those who qualify with the seller's preferred lender will need a $2,500 cashier's check.

In addition to the condo auction, at 11 a.m. June 8 four commercial parcels in Riverstone will be up for auction, including the Red Robin pad site and the entire ground floor of the north building, which includes tenants Aeropostale, Zumiez and Buckle. The pad site across from The Hampton and the ground floor of Building C, with 25,420 square feet of space, will also go on the block.

The auction of the commercial properties will be held in what was to have been the Barnes & Noble store at 2129 N. Main St.

For more information about the auction visit www.tranzon.com or call (208) 520-6105, the on-site office.