Many people were saying Idaho realestate markets were going to get better after the election, well, I am stillwaiting.  North Idaho Real Estate in particular had a rough October.October 07 we sold 397 units, October 08 we sold 242.  An interesting fact,between the price ranges of 400K-450K in NORTH IDAHO, there is 1 pendingsale.  However, the good news; property is still moving.  It may be a greattime take advantage of some of these opportunities.  Below, I am goingthrough two aspects/opportunities of the market, SHORT SALES, andMULTI-FAMILY.  Also, attached is the most complete North Idaho Real EstateMarket SNAPSHOT for your own analysis (I’ve left out land and commercial inthis report – contact me with specific questions).

Short Sales

Short sales continue to infiltrate our market.  A strategy that is surfacingin short sales includes approaching the seller with an offer of 50-60% ofmarket value. The listing agent then present’s the seller’s information tothe bank, starting the short sale process (could take 6+ weeks).  If thebank accepts then the investor gets to buy a property for a great price, ifthe bank counters, the listing agent now knows at what price to market theproperty and the investor does not have to commit OR the investor may beable to SELL THE OPTION to purchase.  A win-win.  If you have interest intrying this approach, let me know.  To see a list of short sale properties,see the below link:

http://www.flexmls.com/link.html?m6o82texya5,7,1

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I just got done doing a nice spreadsheet on all Multi-Family values and
analysis in the North Idaho Region.  If you’re a numbers person and would
like to see the data:
(http://spreadsheets.google.com/ccc?key=p7YWI7QubFKYgPpDoBre2PA)

There are currently 88 active Multi-Family listings in Kootenai County:

49 Coeur d’ Alene

29 Post Falls

5 Hayden

11 MF LAND LISTINGS ACTIVE – 59K (1 Unit) – 600K (21 units)

These range from duplexes to a 14 plex.  The Key Statistics are as follows:

The average price per unit is $109,000.

For sale at $92.95/SQ/FT.

The average multifamily property is for sale at $321,000, has 3 units.

Average Day on Market - 159

Sold Data

45 Total MF units sold in the last year in Kootenai County from 11-05-07 –
Current

Average Sold Price/Unit $96744 (Duplex)

Average Sold $77.00/SQ/FT

The average multifamily property sold for $208,135 for Duplex built in 1979
in CDA

Average Day on Market 125

11 MF LAND LISTINGS SOLD – 44K – 363K

What this tells me is MF properties priced below 90K/unit is a nice buy…See
the list for some of the opportunities in our area

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