North Idaho Real Estate Blog Keeping the “invisible” property owners of Kootenai County in-the-know, as if you were here on a daily basis. 208.769.9464 * dreamteam @ nidt . com * Author: Christina Ethridge, REALTOR(R)

We’ve just updated our website with this week’s newest rentals now available. If you are looking for a home, condo, town home or apartment for rent Coeur d’Alene, Hayden, Rathdrum or Post Falls, Idaho, check out our website and view photo tours and more information on properties available for rent. You can also get an application and more information about renting from us on our property management website: D&M Management LLC.

Posted under For Renters

We’ve just updated our website with this week’s newest rentals now available. If you are looking for a home, condo, town home or apartment for rent Coeur d’Alene, Hayden, Rathdrum or Post Falls, Idaho, check out our website and view photo tours and more information on properties available for rent. You can also get an application and more information about renting from us on our property management website: D&M Management LLC.

Posted under For Renters

Although the media pundits doing all of the spinning would sure like you to think so!! Here’s my theory, a significant portion of the extreme negative press is being influenced directly by Wall Street - because while Real Estate was going gang busters, the stock market was languishing.

What’s the reality?

“Housing prices have fallen five percent since their peak July 2006, according to the September Standard & Poor’s Case/Shiller monthly index, but the damage isn’t as bad as the financial press makes it out to be. While Robert Shiller, chief economist for MacroMarkets LLC notes that the 1.7 percent drop in 20 index markets is the biggest single slide ever, the aggregrate 4.5 percent year-over-year slide is nothing compared to the 10 percent bath stockholders took just this month.“

The reality is that real estate is still the safest and strongest investment for the average American. It’s the best place to put $10,000 to $50,000 with the ability to use the full value of the investment ($100,000 - $500,000) by either living in it as your main residence or renting it out and having tenants pay the mortgage payments. Yes, ‘fears’ about the economy have influenced second-home and investment home buyers and to some extent has deterred some first-home buyers. But, those that choose to buy vs. rent will continue to do so, despite the media. If you are planning on living in your home for more than 3-5 years, you will always make out better in North Idaho by purchasing as opposed to renting.

Oh, and interest rates just dropped below 6% on conforming loans - for the first time in over a year. IHA and FHA loans are hovering at 5.7% - 5.8% - excellent rates!

Article cited.

Posted under For Buyers, For Investors, General Real Estate

Although the media pundits doing all of the spinning would sure like you to think so!! Here’s my theory, a significant portion of the extreme negative press is being influenced directly by Wall Street - because while Real Estate was going gang busters, the stock market was languishing.

What’s the reality?

“Housing prices have fallen five percent since their peak July 2006, according to the September Standard & Poor’s Case/Shiller monthly index, but the damage isn’t as bad as the financial press makes it out to be. While Robert Shiller, chief economist for MacroMarkets LLC notes that the 1.7 percent drop in 20 index markets is the biggest single slide ever, the aggregrate 4.5 percent year-over-year slide is nothing compared to the 10 percent bath stockholders took just this month.“

The reality is that real estate is still the safest and strongest investment for the average American. It’s the best place to put $10,000 to $50,000 with the ability to use the full value of the investment ($100,000 - $500,000) by either living in it as your main residence or renting it out and having tenants pay the mortgage payments. Yes, ‘fears’ about the economy have influenced second-home and investment home buyers and to some extent has deterred some first-home buyers. But, those that choose to buy vs. rent will continue to do so, despite the media. If you are planning on living in your home for more than 3-5 years, you will always make out better in North Idaho by purchasing as opposed to renting.

Oh, and interest rates just dropped below 6% on conforming loans - for the first time in over a year. IHA and FHA loans are hovering at 5.7% - 5.8% - excellent rates!

Article cited.

Posted under For Buyers, For Investors, General Real Estate

The Landings at Waterford is a beautiful subdivision located in North Coeur d’Alene near the intersection of Prairie Avenue and Atlas Road. The Landings at Waterford began in 2004 and currently is 1/3 built. It is a large sub-division that will eventually encompass well over 2000 residential dwelling units. There are plenty of beautiful bike and walking trailings, wide streets and sidewalks and luscious parks and greenways. The Landings at Waterford is located within walking distance of shopping, fast food and Starbucks!

For the 3rd quarter of 2007, there were 18 homes closed and recorded in The Landings, 8 more are in pending status with 91 expired properties (homes that failed to sell for whatever reasons). There are currently 38 homes available for sale. Based on these numbers alone, The Landings at Waterford appears to have 6.5 months of inventory on the market. This means that if no more homes become available for sale, it will take 6.5 months to sell all of the homes that are currently available for sale.

We have to remember, there is another dynamic going on here. This is a community in which 2 builders are still building brand new homes. This means that although the numbers above show 6.5 months of inventory, it is more likely that The Landings is sitting closer to 9 months of inventory. Why? Because “to be built” homes, ones in which buyers can go and pick their lot and floor plan, are not included in the Multiple Listing Service numbers. This makes the numbers just a bit off.

The average sold price during 3rd quarter was $249,344, which was 98% of the listing price (still a very healthy number) with an average of 159 days on the market.

I’ve included a statistical CMA for your review - available in pdf.

Posted under Market Reports

The Landings at Waterford is a beautiful subdivision located in North Coeur d’Alene near the intersection of Prairie Avenue and Atlas Road. The Landings at Waterford began in 2004 and currently is 1/3 built. It is a large sub-division that will eventually encompass well over 2000 residential dwelling units. There are plenty of beautiful bike and walking trailings, wide streets and sidewalks and luscious parks and greenways. The Landings at Waterford is located within walking distance of shopping, fast food and Starbucks!

For the 3rd quarter of 2007, there were 18 homes closed and recorded in The Landings, 8 more are in pending status with 91 expired properties (homes that failed to sell for whatever reasons). There are currently 38 homes available for sale. Based on these numbers alone, The Landings at Waterford appears to have 6.5 months of inventory on the market. This means that if no more homes become available for sale, it will take 6.5 months to sell all of the homes that are currently available for sale.

We have to remember, there is another dynamic going on here. This is a community in which 2 builders are still building brand new homes. This means that although the numbers above show 6.5 months of inventory, it is more likely that The Landings is sitting closer to 9 months of inventory. Why? Because “to be built” homes, ones in which buyers can go and pick their lot and floor plan, are not included in the Multiple Listing Service numbers. This makes the numbers just a bit off.

The average sold price during 3rd quarter was $249,344, which was 98% of the listing price (still a very healthy number) with an average of 159 days on the market.

I’ve included a statistical CMA for your review - available in pdf.

Posted under Market Reports

Information as reported by the Coeur d’Alene Multiple Listing Service and encompasses all areas that the Coeur d’Alene Multiple Listing Service supports.

Table below reflects data on residential (RS) listings (defined as listings with house built on site, under an acre of real property) sold during a six month period - from May 1st through October 30th of each year reported.

Overall Residential Totals:
For all residential sales during the same time periods, we note a 4% decrease in the total number of sales, 1.5%
increase in total sales volume, 6% increase in average sales price, and 4% decrease in median price. These numbers reflect sales of all residential listings, from the inexpensive mobile homes on rented lots to the high and waterfront properties. In the 6 month period ending on Oct 31, 2006, sales prices ranged from $6,000 to $2,400,000, with n average of 104 days on market. For the 6 month period ending on Oct 31, 2007, sales prices ranged from $5,500 to $5,311,049, with an overall average of 121 days on market.

Approx 72% of the residential sales fall into the $100-299,999 Sales Price Range. Chart below graphically represents percentage of sales from these price ranges.

Current active inventory for Residential listings shows a 9% decrease for the one month period from end of Sep 2007 to end of Oct 2007. There is approx 14% increase in residential inventory levels for the one year period at end of Oct 2006 to end of Oct 2007.

Full pdf format available

Posted under Market Reports

Information as reported by the Coeur d’Alene Multiple Listing Service and encompasses all areas that the Coeur d’Alene Multiple Listing Service supports.

Table below reflects data on residential (RS) listings (defined as listings with house built on site, under an acre of real property) sold during a six month period - from May 1st through October 30th of each year reported.

Overall Residential Totals:
For all residential sales during the same time periods, we note a 4% decrease in the total number of sales, 1.5%
increase in total sales volume, 6% increase in average sales price, and 4% decrease in median price. These numbers reflect sales of all residential listings, from the inexpensive mobile homes on rented lots to the high and waterfront properties. In the 6 month period ending on Oct 31, 2006, sales prices ranged from $6,000 to $2,400,000, with n average of 104 days on market. For the 6 month period ending on Oct 31, 2007, sales prices ranged from $5,500 to $5,311,049, with an overall average of 121 days on market.

Approx 72% of the residential sales fall into the $100-299,999 Sales Price Range. Chart below graphically represents percentage of sales from these price ranges.

Current active inventory for Residential listings shows a 9% decrease for the one month period from end of Sep 2007 to end of Oct 2007. There is approx 14% increase in residential inventory levels for the one year period at end of Oct 2006 to end of Oct 2007.

Full pdf format available

Posted under Market Reports

Just a quick note to wish all of you a wonderful Thanksgiving. Be thankful - for anything and everything. Be thankful for your family (even if they annoy you!!), your friends, your health (no matter how good or bad it is), your life, your business/job, everyday annoyances, everyday pleasures, etc. etc. etc.

The point is, there is always something you can be thankful for, no matter how dire the circumstances or situation. Today I am thankful for my Savior, my family, my friends, my business, my health and you (yes, even the you’s I don’t know personally).

Happy Thanksgiving!!

The Lord your God is with you,
He is mighty to save.
He will take great delight in you,
He will quiet you with His love,
He will rejoice over you with singing.

Zephaniah 3:17

Posted under What the heck!?

I’m just not sure where I stand on this whole issue. I definitely agree that all of the proposed areas are desperately needed (along with some others that are not detailed in this article). I just don’t know if I agree with taxing the masses (via a $20 increased vehicle registration fee) is the right way to go about getting the funding. Honestly, with the massive increase in residential homes (more money via property taxes) and the massive increase in residents (more money via personal income taxes) why can’t the county figure out a way to utilize funding we already have and create a good, “below their means” budget, with room for growth?

Believe me, I fully understand the idea of needing more policemen and firemen and that increases in population increase those budgets. What I don’t agree with is that they really aren’t utilizing what they have, effectively and judiciously. Government entities don’t treat their entities like a business. In other words, they decide to do something and just assume the money will follow, rather than leading by revenue (like the rest of the ‘real’ business world has to do). I’m not going to get into exacting detail, mostly because I don’t have a copy of the county’s budget and haven’t done an in depth analysis of it, nor will I ever. I’m just saying, much like our federal government, there is way too much waste for me to quickly and quietly agree to an increase in fees to me personally.

“A new transportation plan for Kootenai County maps out more than 200 road projects through the year 2030 that would have an estimated total cost of $852 million. The plan for the county, where rapid growth is expected to continue into the foreseeable future, necessitating such heavy infrastructure investments, also calls for adoption by voters of a countywide $20-per-vehicle registration fee that would help pay for road projects.

The plan, called the Kootenai County Metropolitan Transportation Plan, includes $345 million in road projects that would be constructed in the next eight years. It doesn’t, however, include a suggested way to obtain funding for the Huetter corridor, where an expressway is proposed from Interstate 90 north to the U.S. 95-state Route 53 junction at Garwood. The route would enable motorists to bypass the congested eight-mile stretch of U.S. 95 through the northern Coeur d’Alene and Hayden areas.”

Read article here.

Posted under Economics of North Idaho