Previous auctions of state-owned lots on Priest Lake in North Idaho have drawn little competitive bidding, possibly because of a reluctance to bid against longtime cabin-owners who lease the land.
But this Saturday, nine unleased lakefront lots will go on the auction block.
“Obviously, we think there’s more potential for competitive bidding,” said Sid Anderson, residential program manager for the Idaho Department of Lands. “I know that people are hesitant to bid against a person that built it and currently occupies the structure and still wants it.”
Seven of the nine lots have cabins on them. Successful bidders will get those homes for set prices of less than $50,000. The lots, however – many with sandy beaches and boat docks – have minimum prices ranging from $384,000 to $621,000.
The successful bidders will get full ownership of the properties; the money from the lot sales will go to Idaho’s permanent endowment fund for public schools.
Anderson said he expects “more than one interested party in most of the sites.”
In order to bid, prospective buyers must submit a cashier’s check for $50,000, and be prepared to pay that amount plus the full cost of the improvements, which varies by lot, plus fees on the day of the auction. The balance would be due at closing, which would be within 60 days. Buyers can register online at corbettbottles.com; all properties are sold as-is. Corbett Bottles is the real estate marketing firm conducting the auction.
Anderson said, “I’d certainly encourage them to do their due diligence, contact Corbett Bottles, get information on the properties. … It’s basically the same type of stuff you do when you’re buying any property.” He added, “I guess my only other advice would be: Please come and bid.”
The auction will start at 4 p.m. Saturday at the Coeur d’Alene Resort.
Here are the properties up for auction, all located in Coolin, Idaho:
1 – 3158 Cape Horn Road, 1.5 acres with rustic 1-bedroom A-frame cabin; $504,000 minimum bid for lot; improvements priced at $11,800, including $1,800 application fee.
2 – 48 Lake Trout Lane, 1.2 acres with 1,850-square-foot, 4-bedroom cabin; $474,000 minimum bid for lot; improvements priced at $16,800 including $1,800 application fee.
3 – 1823 Camp Cudge Road, 1.2 acres with 900-square-foot, 3-bedroom cabin; $450,000 minimum bid for lot; improvements priced at $21,800 including $1,800 application fee.
4 – 88 Eight Mile Road, 1.15 acres with 1,300-square-foot, 3-bedroom cabin; $527,000 minimum bid for lot; improvements priced at $21,800 including $1,800 application fee.
5 – 515 Pinto Point Road, 0.3 acres with 1,000-square-foot, 3-bedroom cabin; $384,000 minimum bid for lot; improvements priced at $48,390 including $1,800 application fee.
6 – 148 Hess Point Road, 0.86 acres with rustic cabin; $525,000 minimum bid for lot; improvements priced at $11,800 including $1,800 application fee.
7 – 146 Hess Point Road, 0.86 acres, no structure; $515,000 minimum bid for lot.
8 – 348 State Cabin Road, 1.1 acres with 1,000-square-foot, 1-bedroom cabin; $621,000 minimum bid for lot; improvements priced at $36,800 including $1,800 application fee.
9 – 38 Powerline Road, 0.75 acres, no structure; $475,000 minimum bid for lot.
Subscribe to the Morning Review newsletter
Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter.