This property is a fantastic value nestled above Carlin Bay Marina on Lake Coeur d’Alene. Enjoy everything North Idaho offers (boating, fishing, national forest, hunting, hiking, camping, freedom) at a fraction of the value. This vacant land piece of real estate is priced at only $75,000. See the video below:
Congress today has approved the $8,000 first time homebuyer tax credit through April 30, 2010. In addition, if you have owned a home for 5 years, sell then buy another, you are eligible for a $6500 tax credit. See the attached chart for more info and let me know if you have questions! Thanks, TJB
Hope all is well with you and your family.It has been getting pretty cold at nights around Coeur d’Alene, snow is expected soon definitely before Thanksgiving.In this newsletter, I would like to talk about 4 points:1.North Idaho Real Estate Market Conditions, 2.Commercial Property Sales3.$8,000 Tax Credit Extension4.REO and Short Sales
North Idaho Real Estate Market Conditions
Through October 09’ we are sitting with 8373 listings on the market, a 26 month supply at current selling levels.Last month we sold 317 UNITS (consider that is 634 sides to a transaction – we have around 850 real estate agents in our market area).This is actually an 8% increase in sold unit’s year over year.In the coming months we can expect inventory to drop significantly through January – however- I suspect we will see an increase in REO and short sale listings keeping prices low.Our average sold price now is $200,665 and it is 151 days on the market. The $100,000-$200,000 price range is still the hot price points with up to 29% pending ratios in those price categories.In the upper price ranges – $400,000-$2,000,000 there are 8 pendings and a total of 303 listings.I consider this price point Armageddon for residential units priced above 400K (the average price adjustment is $56K!).Please see the attached PDF files, which include: two year trend lines, Total Market Overview, for more information.
There have been a total of 57 commercial units sold (reported through MLS) in the last year.The average price per SQ/FT for commercial sold is $93/FOOT.Average price adjustment before it sell is 29%.Average sold is $447,496. Of course, many factors come into play (i.e. location) when looking at comparable pricing.Commercial money is still hard to come by and with the restructuring and bankruptcy of CIT it may get even tighter.Watch for commercial REO’s.Community banks appear to be holding most of the commercial REO inventory so you might check with your local banks for their commercial REO list.You can see all commercial inventory here: http://www.NorthIdahoCommercial.comPlease see the attached spreadsheet outlining the sold commercial data.
Late last week a bipartisan plan emerged in the Senate that would continue the $8,000 credit for first time purchasers beyond November 30, but would create a new, smaller credit of $6,500 for people who’ve owned and lived in their houses for five consecutive years and now want to buy another as their principal residence.It looks like this is going to go through.It is nice to see they are giving other buyers – like those that have owned their home for 5+ years an incentive to sell and repurchase.When this passes and you would like to list your home for sale and take advantage of this offer – LET ME KNOW!
Right now there are 112 Real Estate Owned (REO) listings on the market.Over 250 sold in the last year.26 sold last month representing about 8.2% of the closed inventory.You can view the current REO inventory here:
There are over 260 short sales on the market.Certain banks seem to be better than others in negotiating the short sales.My last short sale – we had approval in 1.5 months; my short sale before that 7 months!Big differences.To view the first 200 short sales on the market now see:
Thank you for taking the interest in our real estate market.If you would like specific information please do not hesitate to get in contact with me via email, phone or fax.Have a great Thanksgiving!
HI All, I have created a link for real estate in North Idaho that is on 5+ acres, treed, southern exposure, creek, pond, or river, slightly elevated or rolling elevation, close to Bureau of Land Management or Idaho State Land, private well or private water supply and somewhat close proximity to small/medium sized self sufficient towns.
Here is a search function you can use to peruse/browse this type of property. You can adjust price/acreage and bed/bath if that is important to you.
Further, you can request that I build a portal for you so you can search and save listings in your own account. Let me know if you have interest in this. Currently there are 74 listings that fit this retreat property/survival property profile. Let me know if you would like further information including plats/topos, maps on any of these North Idaho listings.
Further, I have access to Kootenai and Bonner County building and planning to help you with permits (if you need them) and property splits, builder suggestions, alternative energy systems and set-up, and more. Also, if you are a builder or alternative energy supplier/contractor, or have talents/resources you would like to share and would like to be included in my list let me know. TJB
I hope all is well with you this summer! It has been getting hot, a great time to grab friends and family and get on the LAKE! Go take advantage and enjoy what a great place North Idaho is in the summer. This monthly update I want to share information about: 1. Current Inventory, Sold’s, Month Supply 2. Total Market Overviews 3. Vacant Land 4. Foreclosures/Short Sales 5. Keller Williams LUAU Coming Up
1. Looking over July results, it appears fairly optimistic in line with the national housing results that were announced just recently. We sold 308 units in July 09’ (compared with 323, 08’). This is up over the 299 sold in June. The sales also follow the North Idaho trend of summer month sales more than double winter sales (Jan 09’ 120 units sold). If you look at the enclosed trend line stats, you will see what I am talking about. From here on out we can expect inventory to drop a little bit every month then start gaining momentum again in February. Currently, we are at 8,676 listings. If you are a seller, get your property listed to within the top 3 properties in your class (price,quality) if you want it to sell before winter. If you’re a buyer, this market is producing some incredible opportunity for primary residences in all price ranges. The $8,500 tax credit is still in effect until end of Nov. Also, on a side note, legislation just got passed, by Aug 15th loan servicers will begin to modify ANY FHA loans if the mortgagee applies and fits the profile (31% Front End Ratio, 55% Back End Debt) according to the Affordable Modification Program Letter 2009-23. Let me know if you would like more info.
2. Enclosed are the Total Market Overviews (TMO’s) for all of Kootenai County for CONDOS, MULTIFAMILY, and SINGLE FAM. Very interesting to look at, not much activity going on in the duplex/triplex fourplex realm, which may produce some opportunity in the coming year as inventory swells. As banks tighten lending even more, this may force more people to rent. I like the idea of big units 4+ bedrooms ect… Midrange condominiums 300-400K appears to be seeing some action. See the attached TMO’s. Kootenai County Total Market Overview
3. Vacant land inventory on our MLS is up over 3700 parcels available!!!! We sold 407 parcels in the last year. Here are 100 parcels over 80 acres. http://www.flexmls.com/link.html?ou3e0pn4ljn,7,1 You can view all of our land and search specifically for your needs at my http://www.LandCDA.com website.
4. Sellers are starting to price their properties similar to REO pricing. They have to in order to compete. Here is the current foreclosure list; 89 units available now. http://www.flexmls.com/link.html?ou3e0×99732,7,1 If you have interest, 208 REO’s sold in the last year for an average of $93/FOOT. Within 95% of list price. Average Days on Market is only 85 days for an REO, this includes escrow time AVG 45 days….See below for REO sold stats for first 200:
5. Keller Williams Luau – This is coming up Friday August 21, 2009 5-8pm and YOU are invited. 1044 NW BLVD. Food, music and a jumping tent for the adventurous. I hope to see you there!
Have a great remainder of August! As always, if you or anyone you know is looking to buy, sell, invest, lease, property in North Idaho please have them get in touch with me. I would love to work with them. I am always available. CELL 208-660-5785.
JEB COMMERCE used T.J. Barnhart at Keller Williams Realty in Coeur d’Alene, ID to negotiate their commercial lease in a Class A office space in downtown Coeur d’Alene. “We are very excited about our new office space and T.J. got us a fantastic deal” says JEB COMMERCE as they sealed their lease with a grand signing.
I showed JEB COMMERCE 8 different office suites in the downtown Coeur d’Alene area. There is definitely plenty of inventory to choose from in the office space environment. All were vacant units. We were able to use that information as a negotiating tool and we got a great deal. If you or anyone you know is looking to negotiate a commercial, retail, office, manufacturing, industrial lease in the North Idaho region, please forward them my information and I would love to help them out.
1739 16th Street (marked as 1925). Great buy in Post Falls. This property may be the best “acreage” deal in the Post Falls area. Priced aggressively at $239,950, this home boasts almost 1600 SQ/FT and nestled on 5 fenced and cross fenced acres. Includes a horse stall (shed) and a shop. If your looking for space, and don’t mind a little “fixing” up, check out this property. Complete property profile here: http://www.flexmls.com/link.html?ot38fihcxbn,7,1
Coeur d’Alene, Idaho is truly a great place to live. Newsmax Magazine just ranked CDA, North Idaho a top 25 place to live according to lifestyle and ideals. Get the magazine, see the link!Coeur d Alene, North Idaho Top 25 Cities and Towns
I have grappled with this concept for the last couple of days, I figure now is the time to take a stab at explaining inflation effect on property owners, investors, and property buyers. I am no economist, just curious. First of all, I need to explain inflation in my simple mind. Inflation is the price of goods/services going up as a result of the increase in money supply - a decrease in purchasing power. As the FED prints more money it dilutes the value of the money currently in the market driving up prices of goods and services. As a counterbalance to the rise of inflation, the government and/or market raises interest rates. Somehow, unemployment, output and productivity come into play as well.
INCREASE IN FORECLOSURES - Now, as the price of goods and services go up, property owners have to spend more of their income on these items reducing the amount of disposable income. Homeowners that are at the edge of their expenses who do not have savings, become unemployed or have not had increases in salaries will be pinched on making mortgage payments. When a person has to choose between food for family or mortgage, the food will probably win. There will be an increase in foreclosures. Take into account adjustable mortgages as well, when interest rates reset, payments go up making the pinch and foreclosure statistics a whole lot worse.
BIGGER POOL OF RENTERS - When people lose their homes, they are still going to have to have shelter. I think investment properties, rentals, will have a steady availability of tenants. We are seeing this now in North Idaho. Leases/rents are negotiable and reset after a set period of time investors can increase rents based upon inflation creating a hedge that a typical homeowner cannot.
INVEST IN ASSETS THAT CAN PAY OFF YOUR DEBT - Creating hedges in an inflationary environment is key to wealth protection. Inflation hedges include tangibles and goods (commodities). Land and property is definitely an asset but you have to buy right. Finding property deals that are close to the bottom as possible is key. Any good agent can give you a synopsis on the current market conditions in the area you would like to purchase. Good indicators would be level of foreclosures and short sales, active price ranges, and amount of solds/pendings in each price range.
HYPERINFLATION (a long shot) - Lets say hyperinflation comes around - that is - huge increase of inflation month over month. The value of money changes drastically and becomes worth less and less (i.e. it takes much more dollars to purchase the same thing). It makes sense if you have tangibles that increase at the same rate, if you owe 200,000 on your property and a pound of gold is worth 200,000 you can sell and pay off your house. I see having debt as being a plus in a hyperinflationary environment, AS LONG AS, you have assets, tangibles, goods that can counterbalance. The value in this for example, is now you can buy pound of gold for under 16,000. You have got to have a means to create income that is adjusted to inflation on a daily basis.
IN SUMMARY - The key to inflation and the housing market on you, the property purchaser is to make sure you get the best deal you can on a house you have interest in. Be aware of what is on the market, and the direction the market is headed in you area. Act in front of the market. Your real estate agent should be able to help you with local housing information. If you can get a loan, buy an investment property in foreclosure or one that is priced right. If your the property SELLER, get your price in front of the market now! That is where the buyer pool is. If you are backwards in value to loan on your house, shortsale it. Banks are taking losses on their loans, freeing up homeowners that could go into foreclosure. Good luck and let me know if I can help!
Property buyers in the $125-175k price range are the winners in this market. Over 700 options available, including 26 foreclosures! We are almost experiencing a 20% pending ratio with listings available and listings with accepted offers. A buyer can reasonably expect to get a property within 97% of list price. I currently beat that with my clients, I typically get within 90-94% of ask price with buyers I represent. Let me help you navigate the process. Real estate is what I do.
