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Coeur d’Alene condo auction postponed again

Fri., July 10, 2009, 1:07 p.m.

An auction for condominiums in a high-profile Coeur d’Alene development has been postponed for the second time.

The auction for 36 units at the Village at Riverstone, which was set for Sunday at The Coeur d’Alene Resort, has been delayed until Aug. 1, in order to allow potential buyers to secure “more attractive financing,” said Nelson Hudes, spokesman for the auction.

“There is interest” from potential buyers, Hudes said. “They’re just trying to put together better financing packages for them.”

The condos, in the Riverstone development along the Spokane River, have been deeply discounted – with minimum prices for the auction that was scheduled Sunday as much as 55 percent down from original list prices. The minimum prices for the one-, two-, and three-bedroom condos ranged from $180,000 to $490,000, down from a range of $329,000 to $899,000. Hudes said he didn’t know if the minimums would change for the rescheduled auction.

The Village at Riverstone is owned by Riverstone Center East LLC, an affiliate of SRM Development.

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