March 14, 2008 in Business

Business in brief: Home sales on the decline

The Spokesman-Review
 

Sales of homes in Kootenai County from September through February were 13.4 percent lower than the same period a year prior, with 700 houses sold, according to Coeur d’Alene Multiple Listing Service data. That continues a yearly slide since sales for that six-month period peaked in 2004-05.

The median price decreased 4.3 percent to $199,644 for the period, while the average price dropped 2.8 percent to $237,113.

The number of all residential sales, including mobile homes and pricey waterfront houses, declined 12.5 percent. Total sales decreased 11 percent to about $358 million. The median price dropped to $202,089.

For all residential sales, those priced between $200,000 and $499,000 had the biggest decreases in sales numbers.

The supply of homes on the market also has climbed, with 3,047 for sale at the end of February, 511 more than a month prior and 284 more than a year ago.

— Parker Howell

CdA company finances mining

Coeur d’Alene Mines Corp. will raise $200 million to finance two Latin American mining projects, officials announced Wednesday.

The money will be used in the construction of the San Bartolome silver mine in Bolivia and the Palmarejo gold-silver mine in Mexico. The company plans to raise the money through an offering of senior unsecured notes that could be converted into stock.

Becky Kramer

BOISE

Credit Suisse sues Tamarack Resort

Major investment bank Credit Suisse is suing Tamarack Resort, contending the resort defaulted on a $250 million loan.

In a lawsuit filed Tuesday in 4th District Court, Credit Suisse asks a judge to allow it to foreclose on the resort property near Donnelly and collect the more than $260 million it is currently owed for the unpaid loan and interest.

The lawsuit was the latest financial blow to the central Idaho ski resort. The resort’s two major investors, Cross Atlantic Real Estate and VPG Investments, filed for bankruptcy protection last month in federal court. At the time, Cross Atlantic owner Jean-Pierre Boespflug said the move was necessary to protect assets from Credit Suisse.

On Wednesday, Boespflug said in a statement that the Credit Suisse filing “was anticipated by resort management as a normal exercise of remedies.”

“Tamarack is focused on raising new financing and is hopeful that the process is following a positive course,” his statement added. “Judicial foreclosure takes time, which is exactly what Tamarack needs. This time will allow Tamarack to either refinance, add a partner with additional financing or sell the resort to a suitable buyer capable of managing the asset with the continued interest of the community in mind.”

According to the lawsuit, Tamarack Resort was given the loan in May 2006.

The resort failed to make a payment of nearly $5 million due at the end of 2007, the lawsuit alleged. Several extensions were granted, according to the lawsuit. Credit Suisse declared the loan was to be paid by Feb. 20, 2008.

– Associated Press


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