Neighborhood of the week: New construction/remodels in downtown Cd'A

Do you dream of living in the heart of the action? In a neighborhood where you're a short walk from restaurants, shopping, parks, and markets? Where you can ride your bike to the beach or to the lake? If that's the case, then downtown Coeur d'Alene is the perfect place for you.

But say you want a new, single family home. You don't want to deal with the challenges of owning an older house - which is pretty much what you'll find in an established neighborhood like downtown Coeur d'Alene.

Downtown Coeur d'Alene is generally defined as the area south of Harrison Avenue, east of Northwest Boulevard, north of Sherman Avenue, and west of Coeur d'Alene Lake Drive. Often the Sanders Beach area and the Fort Grounds are included.

If you looked for that new home downtown in 2011, you would have been out of luck - there were no sales of new single-family homes reported through the MLS. But each year since, that opportunity has slowly increased.

In 2012, there were six sales of new single-family homes in downtown Coeur d'Alene, and seven in 2013. In 2014 so far, eight new single-family homes have sold, nine sales are pending, and eight more are at various stages from not started at all to almost complete. (These are just the numbers reported through the MLS; there were other private sales that were not reported.)

A third generation Coeur d'Alene resident, Chad Oakland of Northwest Realty Group is known as Downtown Chad.

"I loved downtown when downtown wasn't cool," he said. He was raised downtown; he and his wife are now raising their four children there. In addition to the other homes he's representing, he's developing Miller's Corner on the corner of 11th Street and Indiana Avenue - nine single-family homes in the $325,000-$400,000 price range, eight of which are already sold.

"This property (Miller's Corner) was the playfield of the Academy of the Immaculate Heart of Mary," Oakland said. "Some of the new residents actually went to school here."

He expected that the homes at Miller's Corner would be purchased by families and couples 30-50 years of age. Instead, they're being bought by baby boomers: 50-75 year-olds who have decided to simplify their lives by selling their 3,000+ square foot homes and downsizing. Now that the market is improving, they have the financial ability and the confidence to buy that new, smaller home. "Those are the people moving into town," he said. "They want a new home, but want to be close to the action."

They're attracted to the proximity of the neighborhood to McEuen Park, so the grandkids will have something to do when they come to visit. "McEuen Park has been a huge draw," Oakland agreed. And when the snow starts to fall, they can close up their new home and head south without having to worry about pipes freezing in an old, drafty house.

That's one of the main benefits to living downtown: the convenience. In minutes, you can be at City Park, Sanders Beach, the public library, Tubbs Hill, or riding the Centennial Trail. You're virtually minutes from every convenience and service you could ever need or want when you live downtown. Not to mention being able to watch the fireworks without having to find a parking place - when it's done, you can simply walk home.

There are a number of options for owning a new home downtown, Oakland pointed out. "Some older homes need so much work, it makes sense financially to tear them down and build new ones," he said. Even with the wide selection of homes available, sometimes folks can't find exactly what they're looking for. So, they buy an older home in that perfect spot, tear it down, and rebuild. "We're seeing more new construction than we have in years downtown," Oakland said. "And there aren't as many homes being repossessed, as our market is stabilizing."

There are lots available where infill homes are being constructed. And, some of the older homes were built on double lots, so they can be torn down and replaced with two homes. A prime example is the home being built at 922 Hastings Ave. When finished, it will be a three-bedroom, two-and-a-half bathroom, 1,822-square-foot single family home with two-car detached garage, featuring a gas fireplace, stainless steel, granite, and a tile shower, and is listed at $279,900.

And then, there are the folks who appreciate the "bones" and character of classic homes, and buy them to remodel. "We've had a number of studs-out remodels downtown," Oakland said. This way, you can enjoy the character of an older home while experiencing the modern conveniences of a new one.

Oakland pointed out that the Downtown Association has done a great job booking events - everything from Car d'Lane to Oktoberfest, marathons and farmer's markets, Art on the Green and this summer's Live After Five concert series. "Anything that happens in Kootenai County, happens in downtown Coeur d'Alene," he said. "A lot of businesses are doing a great job of driving people down there."

"You're selling the lifestyle downtown," he continued. "Subdivisions serve a purpose, but if you have kids and want to eat downtown, you can load up the stroller and walk everywhere."

"We've got that downtown hometown feeling."

When you're ready to move into that new or remodeled house and experience the convenience of living downtown for yourself, call Chad Oakland at Northwest Realty Group, (208) 704-2000.

If you have a neighborhood you'd like to feature, please contact Beth Hanggeli at (208) 659-8367.