New Priest Lake lot reappraisals underway
SANDPOINT - An appraisal firm is conducting a second round of appraisals for Priest Lake cottage site lessees who challenged their initial appraisals.
"Right now, all of the folks that went through that challenge process are really anticipating the release of those values and that will help them decide what their next step might be," Idaho Department of Lands Director Tom Schultz said Thursday.
Vicki Mundlin of Auble, Jolicoeur & Gentry, a real property analysis and appraisal firm with offices in Coeur d'Alene, is conducting the reappraisals on approximately 150 lots where the initial appraisals were challenged.
If the reappraisals fall within 10 percent of the initial appraisal the value would be split between the two appraisals. If the reappraisals fall outside that 10-percent range, another appraisal could be done.
"An individual could theoretically get three different appraisals on that same lot," Schultz said, adding that the appraisal process could extend into the winter.
The Mundlin reappraisals could be final within the next couple of weeks.
In the meantime, IDL is gearing up for its first auction of cottage sites at Priest Lake, which is set for Aug. 28 at The Coeur d'Alene Resort.
During that auction, 61 lots will be put on the block. There were originally 62 lots to be auctioned, but one lessee withdrew their lot after IDL announced plans for the Priest Lake auction on July 15, according to IDL spokeswoman Emily Callihan.
The inaugural Priest Lake auction involves lots which were initially part of a land exchange that did not come to fruition.
No dates for subsequent auctions have been set, although Schultz anticipates they will happen sometime next summer with the way the process is tracking.
Schultz said he is reminded of former Boise State football Coach Chris Petersen's remarks to Gov. Butch Otter: "Focus. Focus. Focus."
"If we execute well, it will provide stability at the lake. It will provide a path forward and hopefully raise confidence both in the process and people's ability to acquire those lots," Schultz said.