June 2, 2010 in Business

Bank selling discounted CdA condos

19 units being auctioned Saturday at Riverstone
By The Spokesman-Review
 

Condo auction

What: Auction of 19 Village at Riverstone condos in Coeur d’Alene

When: Saturday, 11 a.m.

Where: Hampton Inn & Suites, 1500 Riverstone Dr., Coeur d’Alene

Preview: Open house previews daily, noon to 5 p.m.

The sale of deeply discounted condominiums in Coeur d’Alene continues Saturday with the second auction of units at the Village at Riverstone.

The condos are priced 65 percent less than originally listed, said Edward Durnil, CEO of Tranzon Asset Advisors, a Kentucky-based real estate auction company.

The firm will auction 19 units this weekend, with opening bids set at $115,000 for one-bedroom units, $159,000 for two bedrooms and $219,000 for three bedrooms, Durnil said.

About 700 potential buyers toured condos over the Memorial Day weekend, he said, and open houses continue this week. “We’ve had an incredible response,” Durnil said.

Tranzon also will conduct an auction Tuesday of four commercial properties in the Riverstone development, located between the Spokane River and Northwest Boulevard.

All of the property to be auctioned over the next week is owned by Zions First National Bank, which financed Riverstone for SRM Development of Spokane. The Salt Lake City bank acquired two condo buildings and the commercial lots May 12 after the properties went into foreclosure.

About 60 percent of the 142 Riverstone condos have sold. Zions has 29 units remaining in the Village South building and 20 left in Village North. The buildings are adjacent to the Regal Cinemas theater.

“Our goal is to have 100 percent sold by the end of summer,” Durnil said.

After the auction, condo prices will go up between 18 percent and 25 percent, he added.

Riverstone Center West LLC, an affiliate of SRM Development, still owns the Village West building, which includes units listed for sale on the company’s website from $190,000 to $272,500.

Tranzon in December sold 14 units at auction. Another 30 units in all three buildings have sold since then, Durnil said.

Buyers have been from across the country, from California to Texas to North Dakota, he said.

Last summer, prices ranged from $180,000 to $490,000, compared with the $329,000 to $899,000 originally advertised.


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