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Condos that were once priced at half a
million dollars will hit the auction block this morning in 
Coeur
d’Alene at a greatly reduced price. A national real estate firm
will auction condos at the Riverstone development Saturday morning. A
previous auction was canceled due to lack of interest. Minimum
bids begin at $99,000 for one-bedroom units and two and three bedroom
units begin at $160,000. The units were originally priced between
$300,000 and more than $800,000. Riverstone is a mixed-use development that features retail stores and
condos. The project has been plagued by vacancies due in part to the
recession, restrictions on lending and high-interest rates. The auction
firm hopes lower rates and fewer lending restrictions will help sell
the remaining condos/Tania Dall, KXLY. More here.
Questions: Would you be interested in a Riverstone condo?
D.F. Oliveria is a columnist and blogger for The Spokesman-Review. Huckleberries Online was judged the best 2008 Idaho newspaper blog by the Idaho Press Club. And the best 2007 news blog in the Pacific Northwest by the Society for Professional Journalist. Print Huckleberries is a past winner of the Herb Caen Memorial Column contest by the National Association of Newspaper Columnists. The Readership Institute of Northwestern University cited this blog as a good example of online community journalism.
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mike_s on December 12 at 1:36 p.m.
Who said CDA doesn’t have affordable housing?
MusicalChair on December 12 at 3:36 p.m.
My husband and I toured these condos before the last auction. We were amazed how ridiculously overpriced they were—even at the new lower prices— for nothing more than a plain apartment with a whopping $140 per month condo fee on top of the mortgage payment. Unbelievable. There’s nothing special about them, other than the extra sound-proofing. They should be rented as low income apartments or given to unemployed workers who once worked the mills giving way to this project. Very disappointing.
zelda on December 13 at 11:21 a.m.
I would be worried insufficient about condo fees and maintenance with only a 30-40% occupancy. I’ve read lots of stories about failed condo projects where the elevators don’t work, the security systems aren’t activated, and swimming pools are full of algae. No thanks.
Stickman on December 13 at 3:35 p.m.
As Zelda said, No thanks. Ever.