Do you think waterfront prices have hit bottom yet in Coeur d'Alene?

Asked by Scott Chesrown, Coeur D Alene, ID Tue Jun 22, 2010

I am still seeing quite a bit of homes listed well above the market making me believe waterfront prices still have aways to go before they hit bottom.

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Pam Jank, Agent, Coeur d Alene, ID
Tue Jun 22, 2010
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There are a number of waterfronts holding onto some unrealistic prices for our current market. However, for those that have adjusted there prices to our market, 23 have SOLD in just the past 6-months of this year.

Since January 1,2010 there have been 23 SOLD / Pending Sale Waterfronts in the Lake CDA and Hayden Lake area (not counting the St.Joe, St.Maries, CDA River, etc). Prices ranged from $200,000 to $3,000,000. This is quite a change from the previous few years!

As more of these strategically priced properties sell, those Higher priced ones will be forced to price accordingly. Over the next few months I am sure we will see an equal amount or possibly more of SOLDS/Pending Sales. I have recently SOLD and put several into escrow. The buyers have been watching the market. They felt this is the right time to jump in and negotiate a great waterfront deal! Especially with the interest rates dropping back into the 4% range.

Those that don't put a competitive price on their waterfronts right now, are in for a much longer ride.
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Marla McWill…, Agent, Coeur d Alene, ID
Sun Dec 12, 2010
I think you have a good point, Scott.

Much more inventory than sales, and no real multiple offer situations on waterfront, as there are on the lower priced REO properties. Although, I recently ran across a multiple offer situation on a waterfront property (bank owned, of course!).

Since my crystal ball broke awhile back, hard to say, however, if I were to have to put money on it, I'd say you're right, we have yet to see the bottom.
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Scott Chesro…, , Coeur D Alene, ID
Tue Jun 22, 2010
Wow, got answers from two great agents! THANKS!
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Frank Bennett, , Coeur D Alene, ID
Tue Jun 22, 2010
Scott, I think there have only been four or five lake homes sold so far this year. There is quite an inventory of listings with very little activity. Probably hit the low mark as interest is picking up and we believe waterfront will lead the parade when prices recover. Just a guess.
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