Neighborhood of the Week: The downtown Coeur d’Alene and Riverstone condominium market
A year ago The Press ran an article I wrote titled, “Analysis: Want a Condo in Cd’A? Good Luck.”
Well, how did that work for you?
The facts are that only 61 buyers were able to snatch up a condo this past year in the desirable downtown Coeur d’Alene and Riverstone areas (see more details below).
Currently, there are only two condominiums showing ACTIVE in the Multiple Listing Service (MLS) for sale in the same areas.
The numbers don’t lie… demand far exceeds availability, and prices are at an all-time high. But you already know that to be the case.
We also know the national trend in small-town, downtown living has become a priority for those looking to escape large metro areas across the country who are subject to the perils that the COVID-19 pandemic continues to create.
The Coeur d’Alene area is one of the most desirable areas for those looking to move. The proximity to the lake, river, city park and Centennial Trail caters extremely well to those looking for a small-town affording so many outdoor recreational opportunities.
Prior to 2021, there were approximately 758 downtown condominiums consisting of Parkside (50-plus residential units plus commercial units), Ridgepointe (24 units), Riverstone (200-plus units), Cd’A North (96 residential units and 116 commercial units), McEuen Tower (22 units), Riverstone Bellerive (44 units) and 609 Lofts (10 units), Mill River (200-plus units) and 1010 Mullan (8 units).
In the past year, 57 new condos were added. One may have thought the limited supply and high demand might have equalized somewhat with the recent completion of two downtown luxury condominium projects, One Lakeside (50-plus units) and Seven27Front (7 units). These projects had mostly SOLD OUT in late 2020 and early 2021.
I am experiencing things that I have not experienced since I began selling condos in 2008. This is the first time I’ve had to create a “waiting list” of buyers who understand they must be ready, willing and able to act immediately if they are to secure property in todays’ real estate market.
2021 Coeur d’Alene condominium market recap:
PARKSIDE: 601 Front Ave.; Completed in 2008, Parkside, as the name suggests, overlooks the redesigned McEuen Park, Tubbs Hill and the north end of Lake Coeur d’Alene. Unobstructed views of The Coeur d’Alene Resort and marina are provided by units on the west side. 53 luxury residences; Units currently for sale: 0. No. sold past 12 months: 3.
RIDGEPOINTE: 1700 Tower Pointe Drive; Completed in 2008, gated luxury residences on more than 10 acres of lush natural surroundings. Within a mile of downtown and near The Resort Golf Course, Sanders Beach, Tubbs Hill, Centennial Trail. 24 luxury residences; Units for sale: 0. No. sold past 12 months: 5.
RIVERSTONE VILLAGE: 2050-2151 Main St.; An open-air lifestyle shopping destination with condominiums, hotels, shopping, restaurants and a movie theater. Moderately priced condominiums. 200-plus units; Units currently for sale: 0. No. sold past 12 months: 18.
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 for sale: 1 (now pending). No. sold past 12 months: 1.
COEUR d’ALENE NORTH: 301 First St.; Located across from The Coeur d'Alene Resort, Independence Point and City Park. Many of these units have lake views. Assigned parking space(s) underground. 96 residential units and 116 commercial units; Units for sale: 1. No. sold past 12 months: 6.
ONE LAKESIDE: 201 First St.; Completed December 2020; Located in the heart of downtown Coeur d’Alene. 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. No. sold past 12 months: 18.
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. No. sold past 12 months: 10.
SEVEN27 FRONT: 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. No. sold past 12 months: 1.
609 LOFTS: 609 Sherman Ave.; Built in approximately 2008; Some with lake views. Located in the Heart of downtown near restaurants, shops, library. Units: 10. Units for sale: 0. No. sold past 12 months: 1.
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Rick Carr is broker/owner of Idaho Lifestyle Properties. Carr has lived in the area for more than 30 years; 19 years as a top producing Realtor and No. 1 agent with the most condominiums sold since 2008. Carr may be reached at 208-818-0188 or Rick@cdaLife.com.
Information is deemed to be reliable but is not guaranteed. © 2021 MLS and FBS. Prepared Tuesday, Jan. 11, 2022.
