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)

I have been very behind the times on keeping y’all updated and I sincerely apologize.  I don’t know that I’ve ever truly found the “balance” between truly working with buyers and sellers and keeping this blog updated so that buyers and sellers can stay informed.

Frankly, blogging takes a lot of time.  The beauty is, I very much enjoy my interactions with y’all, both virtually and live.  It’s been busy the past 2 months.

So, what does “busy” mean?

The North Idaho Dream Team LLC is now powered by SKE Realty Group LLC. The brokerage we were affiliated with, GMAC Northwest Real Estate essentially went “belly-up”.  The owners closed down the business and we had all of 24 hours to relocate.  Thank goodness we had already begun the work necessary to form our own brokerage.  It was our intention to open our brokerage in late spring of this year (2009) but with the advent of the actions of our previous brokerage, we opened on January 5th, 2009.  So, it was up to me to do 5 months worth of work in as short of a time as possible - and yes, I achieved that, but not without some downside - one being consistent updates to y’all via this blog.

I also was inaugurated as the local chapter President of the Coeur d’Alene Chapter of the Women’s Council of Realtors. An honor and I very grateful for and am enjoying immensely.

AND, although number of sales are down this year over last year (so far), I’ve been incredibly busy working with sellers (and Chuck has been busy working with buyers) and well, actually ASSISTING you in your real estate transaction is our number 1 priority so this blog became a #3 priority.  But that is OK!

So, although we are still very busy helping you buy and sell real estate, I’m not as busy with the “nuts and bolts” of opening up a new business (SKE Realty Group LLC) as I was in January and February and, I feel as though I’ve “settled in” to my position as President so, I am fairly sure I’m back to keeping you updated on the real estate goings on of Kootenai County.

It is my absolute pleasure to assist you!

Posted under For Buyers, For Sellers, General Real Estate

Here’s what’s been happening in the Kootenai County real estate market in the past 7 days…

Residential Real Estate in Kootenai County:

• 2,521 residential properties are available for sale
• 30 properties received offers and went into pending status.
• 39 properties were closed and recorded (sold)
• 144 properties expired (failed to sell)
• 32 properties were canceled (taken off the market until another time)
• 5 properties were withdrawn (temporarily taken off the market)

Inventory is decreasing which is very typical for this time of the year.  So many people think of it as taking the last gulp of air right around the end of October and start breathing again in March.  The thing is, properties still sell in the winter - people still move.  The key?  Price your home perfectly so it doesn’t languish on the market over the winter months.  Buyers are in a prime position - plenty of options, not much buyer competition.

Multi-Family Real Estate in Kootenai County

• 91 multi-family properties available for sale
• 0 properties received offers and went into pending status
• 1 property was closed and recorded (sold)
• 2 properties expired (failed to sell)
• 0 property was canceled (taken off the market until another time)
• 0 properties were withdrawn (temporarily taken off the market)

There are plenty of Multi-Family properties available right now.  This is a ripe time to buy as properties have been languishing on the market and many sellers are ready and willing to consider lower but serious offers.

Posted under Market Reports

Here’s what’s been happening in the Kootenai County real estate market in the past 7 days…

Residential Real Estate in Kootenai County:

• 2,619 residential properties are available for sale
• 28 properties received offers and went into pending status.
• 31 properties were closed and recorded (sold)
• 65 properties expired (failed to sell)
• 38 properties were canceled (taken off the market until another time)
• 3 properties were withdrawn (temporarily taken off the market)

Homes are still selling, buyers are still buying.  North Idaho Real Estate is still going strong.

Multi-Family Real Estate in Kootenai County

• 93 multi-family properties available for sale
• 0 properties received offers and went into pending status
• 1 property was closed and recorded (sold)
• 7 properties expired (failed to sell)
• 1 property was canceled (taken off the market until another time)
• 0 properties were withdrawn (temporarily taken off the market)

There are plenty of Multi-Family properties available right now.  This is a ripe time to buy as properties have been languishing on the market and many sellers are ready and willing to consider lower buy serious offers.

Posted under Market Reports

Avalon Estates, Post Falls Idaho

Overall Market Analysis for May 2008

Sold / Closed: 0

Pending: 0

Currently for sale: 3
Average list price $229,000
Average square feet 2,105
Current DOM 177

For a PDF of this information, including photos & more details, email me.

More North Idaho residential real estate stats for May 2008:

County:
Kootenai County

By Town:
Coeur d’Alene/Dalton Gardens | Post Falls | Hayden | Rathdrum/Hauser

By Community:
Coeur d’Alene Place | Harmony Place | Hawks Nest | Sunshine Meadows | The Landings at Waterford | Broadmoore Estates | Best Hill Meadows | Bentwood Park | Armstrong Park | Fieldstone | Prairie Falls | Woodbridge | Avalon Estates | Greensferry Landing | Riverside Harbor | Hunters Glen | Northridge |

Don’t see your community? Let me know.

Posted under Market Reports

Harmony Place Market Report January 1, 2008 through March 31st, 2008

There are currently 2 homes for sale in Harmony Place, with an absorption rate of 3.1 months. Absorption rate means that if no other homes became available for sale in Harmony Place, it would take 3.1 months to sell the 2 that are currently for sale. Current homes for sale range in price from $152,900 to $160,000. Days on market range from 32 to 86.

If you want your home in Harmony Place to sell in 3 months or less, you must price it lower than any other comparable within Harmony Place and price it in the bottom 1% of prices for surrounding comparables.

Homes that have sold and closed are averaging $136.02 per square foot with an average of 41 days on the market. Current homes for sale are listed for an average of $150.23 per square foot with an average of 59 days on the market as of today. What does this mean? It means that currently listed homes are over-priced for the current market. Homes that are selling are priced no higher than $136.02 per square foot.

Our advise for owners - sell but price competitively. If you are interested in selling your home in Harmony Place, now would be a good time to give it a whirl. As we all know, the market can and does change on a dime, but it appears to be going in the right direction and advantageous to home owners.

If you would like to know the sell-able market value of your home in Harmony Place, connect with us, there is no obligation.

More North Idaho residential real estate stats for May 2008:

County:
Kootenai County

By Town:
Coeur d’Alene/Dalton Gardens | Post Falls | Hayden | Rathdrum/Hauser

By Community:
Coeur d’Alene Place | Harmony Place | Hawks Nest | Sunshine Meadows | The Landings at Waterford | Broadmoore Estates | Best Hill Meadows | Bentwood Park | Armstrong Park | Fieldstone | Prairie Falls | Woodbridge | Avalon Estates | Greensferry Landing | Riverside Harbor | Hunters Glen | Northridge |

Don’t see your community? Let me know.

Posted under Market Reports

F. Lewis Clark was born in Bangor, Maine, June 21, 1861. In 1884 he established the C. & O. Mill and elevator, the largest flouring mill in the Pacific Northwest. In 1910 Clark built a 15,000 sq. ft. mansion as a summer home in Hayden Lake, Idaho with his wife Winifred. The “Honeysuckle Lodge” was the most expensive home in Idaho at the time.In 1914 Clark mysteriously disappeared and was never heard from again. His wife tried to manage the estate but by 1922 she was forced to sell all of her possessions. In 1989, Monty Danner bought and restored the property. It is now a country inn known as The Clark House.

I found this info by stumbling. Try it, it’s fun!

Google Satellite Map & Streetview

Posted under About the Area, What the heck!?

F. Lewis Clark was born in Bangor, Maine, June 21, 1861. In 1884 he established the C. & O. Mill and elevator, the largest flouring mill in the Pacific Northwest. In 1910 Clark built a 15,000 sq. ft. mansion as a summer home in Hayden Lake, Idaho with his wife Winifred. The “Honeysuckle Lodge” was the most expensive home in Idaho at the time.In 1914 Clark mysteriously disappeared and was never heard from again. His wife tried to manage the estate but by 1922 she was forced to sell all of her possessions. In 1989, Monty Danner bought and restored the property. It is now a country inn known as The Clark House.

I found this info by stumbling. Try it, it’s fun!

Google Satellite Map & Streetview

Posted under About the Area, What the heck!?

Idaho has 264,768 mortgage loans. 3.46% are past due and .07% are ‘in foreclosure’. Idaho’s sub-prime numbers show 14.39% are past due and 5.52% are ‘in foreclosure’.

Kootenai County numbers show 228 properties are currently past due (delinquent over 90 days but no foreclosure proceedings currently filed), 307 are “going into” auction (proceedings have been filed giving the home owner 120 days to either sell or bring current their loan) and 90 are bank owned.

Kootenai County ‘notices of default’ are up in 2007 49.60% to a total of 558 from 2006’s total of 373. This is still lower than our peak in 2001 of 781.

The best bargain, when it comes to buying foreclosure properties is at the ’short sale’ point, not the ‘bank owned’ point. Now, it’s much easier and less time consuming to buy a ‘bank owned’ property vs. a short sale. But, you will get a better deal on a short sale property than an ‘REO’ property. Here’s why: Short sale properties need to be priced 3-5% (or more) below current market value in order to sell prior to foreclosure. REO properties are being priced right at or less than 1% below current market value. This especially holds true in price ranges under $200,000 where we are sitting in a ‘neutral’ to ’sellers’ market in North Idaho.

Read here for more information about buying ’short sale’ properties in North Idaho

Posted under For Buyers, Market Reports

Idaho has 264,768 mortgage loans. 3.46% are past due and .07% are ‘in foreclosure’. Idaho’s sub-prime numbers show 14.39% are past due and 5.52% are ‘in foreclosure’.

Kootenai County numbers show 228 properties are currently past due (delinquent over 90 days but no foreclosure proceedings currently filed), 307 are “going into” auction (proceedings have been filed giving the home owner 120 days to either sell or bring current their loan) and 90 are bank owned.

Kootenai County ‘notices of default’ are up in 2007 49.60% to a total of 558 from 2006’s total of 373. This is still lower than our peak in 2001 of 781.

The best bargain, when it comes to buying foreclosure properties is at the ’short sale’ point, not the ‘bank owned’ point. Now, it’s much easier and less time consuming to buy a ‘bank owned’ property vs. a short sale. But, you will get a better deal on a short sale property than an ‘REO’ property. Here’s why: Short sale properties need to be priced 3-5% (or more) below current market value in order to sell prior to foreclosure. REO properties are being priced right at or less than 1% below current market value. This especially holds true in price ranges under $200,000 where we are sitting in a ‘neutral’ to ’sellers’ market in North Idaho.

Read here for more information about buying ’short sale’ properties in North Idaho

Posted under For Buyers, Market Reports

Southern California real estate investors are hurting. Specifically, the Californians who bought North Idaho properties with negative cash flow are hurting really badly. The problem? They’re paralyzed and the network mortgage advisers aren’t helping them analyze their investments.

What does that last sentence mean? It means that if you haven’t talked to the mortgage adviser, who secured the financing for your investment property in North Idaho, within the last three months, you’ve probably been abandoned.

Q: Why would a loan adviser abandon you?

A (1): He is out of the mortgage business.
A (2): She earned her commission and is on to someone else.
A (3): He “bought” your business from the network promoter; see A(2)
A (4): She has no financial planning background and doesn’t know how to properly plan an investor’s mortgage portfolio.

Pay close attention to answer #4. Your North Idaho real estate investments may be suffering because you have the wrong loan on the property. Many Idaho real estate investors are looking at the potential of LOSING money on their investment because the MORTGAGE wasn’t properly planned.

The best approach for California investors is the liabilities portfolio approach. That requires someone who understands how investments perform and matches the mortgages to help you realize your profit targets. It integrates your financial assets into your real estate assets and plans everything with an end goal in mind.

California Mortgage Planner Brian Brady, a 20 year veteran of financial services, will host a conference call this Thursday, January 31, 2008, at 8PM (California time). Mr. Brady will reveal the 4 mistakes most investors make with a mortgage plan and offer creative solutions to problems. The presentation will last 20 minutes and there will be an opportunity for callers to ask specific questions.

This call is limited to 10 people and is by reservation only. Contact Christina Ethridge to reserve your spot and obtain the telephone number and access code.

Posted under For Investors