New Lake Developments Struggle To Gain Foothold High Prices, Distant Locales Work Against Subdivisions
The blacktop isn’t down yet. The marketing plans aren’t ready.
But just two months after Kootenai County approved Stevens Point Estates, an upscale subdivision on Lake Coeur d’Alene, two lots have sold. The buyers, both from Utah, paid cash.
It’s a promising start for the developer, Wescor Forest Products Co., and a sign of more high-end homes to come on the waterfront.
It also isn’t typical. Kootenai County has few large waterfront subdivisions. Those on the market figure to linger awhile; their high price tags require buyers with deep pockets.
Given the slow pace of sales and the large chunks of undeveloped land, it will take many years before all of Kootenai County’s waterfront is tamed.
About half the waterfront in the county is unimproved, although much of what remains is tough to develop.
“We’ve chewed up most of the good stuff,” said Rand Wichman, a county planner. “The property we have left is very difficult to access or it’s very steep.”
The shortage of prime waterfront is one reason for the lack of large waterfront developments. Cost is another.
“It’s very expensive to put in the infrastructure to make them acceptable,” waterfront appraiser Sandy Emerson said. “Storm water and roads are a couple of the most expensive things.”
At Stevens Point Estates, development costs and the proximity to Coeur d’Alene and the water add up to lots selling for $210,000 to $295,000 a piece - more than twice the average price for Lake Coeur d’Alene lots.
In addition to views and convenience, buyers get exclusiveness. Homeowners will pass through two gates to get to their houses.
Buell Brothers Inc. is working toward final plat approval for The Pointe at Browns Bay near Worley - 24 lots on 104 acres with 1,500 feet of frontage.
The company is owned by Benewah County Commissioner Jack Buell and his brother Robert.
“We are a land and timber company. We are not developers,” Robert Buell said. “When we first looked at this piece, we thought it would be a piece we could develop and leave a little legacy.”
Flooding and a dispute over access caused some delays. County planners also warned that the steep slope and soil on the property would make it a challenge to develop.
But Robert Buell isn’t discouraged.
Within 10 years, “I’d hope all 24 lots would be sold,” he said. “It all depends on this big boom here, how long that’s going to last.”
The Pointe at Browns Bay may be a slow starter, but it’s further along than Powderhorn Ridge.
Powderhorn Ridge Ranch Inc. had big plans for its 220-home subdivision in Powderhorn Bay: a nine-hole golf course, equestrian trails and stable, tennis courts, and a community beach.
But the plans have gone nowhere. Developer Claude Irwin, a Spokane attorney, is accused of directing $347,000 from a client’s estate into Powderhorn Ridge and another corporation he owns.
Now no one can find Irwin, whose company owes creditors more than $3 million.
“Things are a mess,” said Bill Fanning, a real estate agent who did some work related to the project.
Powderhorn Ridge is perched on the west shore of Lake Coeur d’Alene, just north of Harrison and a long drive from Spokane and Coeur d’Alene.
But some day, as the more desirable land is locked up, even remote properties will command a high price.
“There’s always going to be a market” for waterfront property, said real estate agent John Beutler. “As far as what’s available, there’s not a lot.
“And once it’s gone, it’s gone.”
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