Analysis: Want a condo in Cd'A? Good luck

A national trend is small-town, downtown living. The vibrant Coeur d'Alene downtown and Riverstone areas, with their proximity to the lake, river, city park, and Centennial Trail, cater to this desire extremely well.

Coeur d'Alene offers many single-family home choices in the downtown area. These include the Fort Grounds, Sanders Beach, Garden District and more. However, a desire among second-home/vacation home buyers who look for ease of maintenance and the ability to “lock and leave” may have found their answer in condominium ownership.

So much so that we have been experiencing an extreme shortage in condominiums for sale. At the time of this article, there are only two condominiums for sale in the Coeur d'Alene area (zip 83814-83815) of the CDA Multiple Listing Service. A search shows 121 condominiums sold over the past 12 months in this same area.

Condo-building background

Early condo projects (2008-2010) consisted of Parkside (50+ residential units plus commercial units), Ridgepointe (24 units), and Riverstone (200+ units).

Prior to these projects, CDA North (200+ units) and McEuen Tower (22 units) provided the choice for condos in the area. Due to the economic downturn in 2008, all condominium sales slowed drastically before picking up again to some level of norm several years later.

This is certainly not the case in today's market. These same units at Parkside, Ridgepointe and Riverstone that had been difficult to sell are now commanding all-time high prices due to the recent demand. The problem now is a serious shortage of available units for sale. As of today, there is a total of one unit available among these properties.

One may have thought the supply and demand might have equalized somewhat with the recent completion of the area's two downtown luxury condominium projects, One Lakeside (50+ units) and Seven27Front (7 units). Both of these projects have sold out, leaving many potential buyers waiting for something to become available.

The new ‘normal'

Recently, I had taken a “coming soon” listing which provided four days for the seller to prepare the property for showings prior to going on the market. On the morning of the fifth day, I had a contract in hand which the seller accepted.

Another instance, an associate called and left a message to alert me of a new listing he had just taken. I called back. Within only a few hours it was under contract.

This scenario has been playing out over and over for the past year. This is proof that buyers must be ready, willing and able to act immediately if they are to secure property in today's real estate market.

Cd'A condo market

PARKSIDE: 601 Front Ave.; Completed in 2008, Parkside, as the name suggests, overlooks the redesigned McEuen Park, Tubbs Hill, and the north end of Coeur d’Alene Lake. Unobstructed views of the Coeur d’Alene Resort and Marina are provided by units on the west side. 53 luxury residences; Unit(s) for sale: 1; # Sold Past 12 months: 5 Average Price Per SF: $496. Average Sales Price: $1,020,980

RIDGEPOINTE: 1700 Tower Pointe Drive; Completed in 2008, Gated luxury residences on over 10 acres of lush natural surroundings. Within a mile of downtown and near The Coeur D'Alene Resort Golf Course, Sanders Beach, Tubbs Hill, Centennial Trail. Average Sales Price: $943,333. 24 luxury residences; Unit(s) for sale: 0 # Sold Past 12 months: 3 Average Price Per SF: $369. Average Sales Price: $943,333.

RIVERSTONE VILLAGE: 2050-2151 Main Street; An open-air lifestyle shopping destination with condominiums, hotels, shopping, restaurants and a movie theater. Moderately priced condominiums. 200+ units; Unit(s) for sale: 0 # Sold Past 12 months: 20 Average Price Per SF: $336. Average Sales Price: $394,915.

MCEUEN TERRACE: 701 Front Ave.; located in the heart of downtown Coeur d'Alene. Enjoy breathtaking lake, park and verdant mountain views from expansive covered decks. 22 Units; Units(s) for sale: 0 # Sold Past 12 months: 2 Average Price Per SF: $507. Average Sales Price: $1,000,000

COEUR d'ALENE NORTH: 301 1st St.; Located across from the CDA Resort, Independence Point and City Park. Many of these units have lake views. Assigned parking space(s) underground. 200+ Units; Units for sale: 0 # Sold Past 12 months: 6 Average Price Per SF: $324. Average Sales Price: $492,000.

ONE LAKESIDE: 201 1st St.; Completed December 2020; Located in the heart of downtown Coeur d’Alene. A Premiere Luxury Condo / Condotel Project. Awesome views and amenities make One Lakeside the flagship of the urban lifestyle in downtown Coeur d'Alene. Complete with a Club Level which includes an indoor and outdoor lounge, workout facility, meeting room, cooking areas, hot tub, and other amenities. 40 Units; Units for sale: 0 # Sold Past 12 months: 40 Average Price Per SF: $599. Average Sales Price: NA

RIVERFRONT HOUSE 1884-1950 Bellerive: Located in Riverstone, along the river frontage. Walking distance to the Riverstone Village shops and restaurants. Units; 44 Units for sale: 0 # Sold Past 12 months: 6 Average Price Per SF: $406. Average Sales Price: $639,857.

SEVEN27FRONT: 727 Front Ave.; Completed in the summer of 2020; located in the heart of downtown near restaurants, shops, library. Units, 7; Units for sale: 0 # Sold Past 12 months: 7 Average Price Per SF: $486. Average Sales Price: NA

609LOFTS: 609 Sherman Ave.; Built in approximately 2008; Some with lake views. Units, 10; Units for sale: 0 # Sold Past 12 months: 2 Average Price Per SF: $279. Average Sales Price: $785,000.

MILL RIVER: 4444-4576 Greenchain Loop. Units 200+; Units for sale, 0; # Sold Past 12 months: 14 Average Price Per SF: $215. Average Sales Price: $404,827.

TERRACES 2031 Island Green

Units, 30; Units for sale: 0 # Sold Past 12 months: 1 Average Price Per SF: $682. Average Sales Price: NA

MULLAN: 1010 Mullan Ave.

Units, 8; Units for sale: 0 # Sold Past 12 months: 2 Average Price Per SF: $407. Average Sales Price: $636,000.

Others:

3732 N 2nd: 1 Unit - Active Average Sales Price: $280,000. 505 N 3rd: Average Sales Price: $625,000. 2575 N 13th: Average Sales Price: $200,000. 552-572 W Clady: Average Sales Price: $198,950. Multi-Addr Knotty Pine; Average Sales Price: $287,000. Multi-Addr Scotch Pine; Average Sales Price: $276,000. Multi-Addr Spurwing Loop; Average Sales Price: $270,800. Multi-Addr Grove; Average Sales Price: $338,420. 600 W Hubbard; Average Sales Price: $312,250. Multi-Addr Indiana; Average Sales Price: $329,296.

Information is deemed to be reliable, but is not guaranteed. © 2020 MLS and FBS. Prepared by Rick Carr, DB,GRI,GREEN on Dec. 29, 2020.

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About the Broker

Broker Rick Carr of Idaho Lifestyle Properties has lived in the area for over 30 years, over 18 years as a top producing Realtor and No. 1 in condominium sales from 2008-2020.