Buying in Coeur d Alene - Still desirable

Seems buyers are still flocking to North Idaho. Regardless of declining prices, we still have some of the best, mildest 4 season weather to be found in the US. An undiscovered paradise, Coeur d Alene is still an awesome place to call home! Yes, I'm shamelessly promoting North Idaho, as yes, I am a Realtor SELLING North Idaho! However, the beauty and friendly people cannot be denied. Ask others who live here now, and come see for yourself! Having traveled far & near, I've yet to find a better place to live than NORTH IDAHO!!
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December 05 2010 - Coeur d'Alene
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On your other post, you mentioned 4000 homes for sale, and only 144 sold in the past month? this could go down as one of the WORST supply to demand ratios I've seen anywhere; Typically a balanced market has 5 to 6 months inventory, this one has over 28!

I've been there, I spent a couple weeks on the lake in sandpoint this summer, right next door. Very pretty, nice people beautiful huge lake, but today's 'great deal' is extremely likely to be tomorrow's upside down home.
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December 05 2010
Hi there Roberto...

You are right about one thing -- huge supply, likely a long time before any real recovery.

However, I specialize in foreclosures and most of my deals have 2 to 3 other offers on them.....always seem to be caught in multiple offer situations on the properties that are bank owned.

Unfortunately, many of the homes on the market are sitting, as they are simply over priced. 

Hard for any of us to predict market conditions....heck, my crystal ball broke long ago.

Our multi family properties have investors jumping for joy!    There are properties to buy for $120K to $150K that bring in $1800 to $2000 month.

Closed a 4 plex recently (built in 1995) for $205K that sold in 2006 for $430K .... The rental income is $3,200!    Regardless of where that price goes from this point forward, that property makes a lot of sense to an investor!  :-)))

*** ENJOY ***
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December 06 2010
maria:

similar to my market! I am buying 3/2 condos for 40K, that will rent for $750 to $800....

However, in the neighborhood I want to live, there is a huge supply and not much demand. So, I buy investment properties and wait to buy my own next home, because I believe those prices will drop. [my crystal ball isn't broken at all, my background is mathematics applied to economics] . Its all in the numbers to me!
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December 06 2010
I just want to say how much I agree with you!   Coeur d Alene is beautiful!  Northern Idaho is gorgeous!  We go up to Lake Pend Oreille every summer and can't believe how pretty it is over there.  Best of luck to you!
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December 06 2010
Hey Sarah....

Look me up if you're ever in CDA.... I'll buy you lunch.   We may be able to refer each other business.

Take care....

Marla
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December 06 2010
Just yesterday, a client anxious to make a purchase, because the last 3 properties he wanted were sold out from underneath him said to me, "This is a SIGN of the bottom of the market!"....

I said, that although no one can predict the future, due to the fact that the US is looking at an additional 2.5 million foreclosures coming online in the next year, it seems that we haven't yet seen the bottom. 

Who knows?  I could be wrong.  It is not my place to be an economic advisor, but to locate fine properties that are a good fit with a client.

It's my opinion (and that's an OPINION) that prices could go even lower.  The United States can absorb about 1 million foreclosures per year, so that's a 2.5 year supply.    This 2.5 million foreclosure number is based on the fact that there are 3.5 million folks in the US that are 60 days or more behind on their mortgages.

Life is relatively short and everyone bases their purchase decisions on their current financial position and their long term personal financial plan.    Now is a fabulous time for many people to buy, regardless of whether or not we've hit the bottom....

These days, I'm busy working to pay property taxes on my 20 rental houses and 30 vacant parcels.....not much disposal income to purchase properties personally, which I would LOVEEE to do right now, so it's truly a JOY to assist other investors in their purchases....

Although, I couldn't resist a few choice purchases in Florida.... Bought 2 months ago, and already been offered more than paid! 

Over the years, I've successfully bought and sold in both high and low markets, folks are always asking about my secret to buying right.... no special mathematical equation....well, actually there is ONE secret....

                              **** BUY LOW, SELL HIGH !! ****

Great to hear the many opinions from all the great Realtors/contributors here on zillow!!     Best wishes and Happy Holidays to all!!!
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December 06 2010
no one is disputing whether or not Coeur de lane is a pretty place, it is.

However, on your other thread under selling homes, you mentioned 4000 active listings and a sales rate of 144 in the last month. Seriously, that kind of imbalance is astronomical, 2.5 years of inventory if nobody else ever decides to sell...

For comparison sake, the entire city of Phoenix has 45,000 homes for sale, and last month 7600 sold. A ratio of six months worth of inventory. Even so, Phoenix sales prices have been slowly dropping. A ratio 4 times worse is really hard to even fathom.

Your say above you have 20 rental properties, and yet you have to work hard and don't have much disposable income would give me serious thought. Why would that be the case? Did you buy at terrible price/rent ratios? What is the point of your investing, if the investments merely become another financial burden?

with 20 properties in Phoenix, properly purchased, you would be clearing a minimum of $6000  to $8000 a month, and not need to work at all. Even on cheap condos.

It really is quite simple, the laws of supply and demand are called laws for a reason: They don't change. A market with too much supply relative to demand, will see price drops, period.

Above you quote an investment platitude: "buy low and sell high" in the same post where you disavow any way of knowing what the future price will do. You can't say "buy low, but nobody knows when/where low is" that is just silly.  No crystal balls needed at all, look at supply versus demand. 2.5 years  = terrible, prices will assuredly fall.
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December 06 2010
Disposable income?    I've got one Freshman in college, and a 2nd on his way....  Call me conservative!  :0)     I enjoy buying property more than most women enjoy buying SHOES, but I must slow it down, and concentrate on maintenance, improvements & paying property taxes, etc.    

Vacant parcels bring no income whatsoever, simply property taxes (and HOA fees on the high end lakeview properties).  Although, these are costing money now, they are great long term investments.    :-)    

Forgive me, Roberto, (and more importantly readers) for getting off  track.   I think this thread has become less than helpful and informative to those looking to purchase.....so, I'll check out of the scene here.  Please find me on my profile here anytime.

Look forward to assisting anyone interested in property in Eastern Washington, North Idaho or Western Montana.

Thanks agents and others for all your food for thought!

Marla Lopez @ [contact info removed by moderator]
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December 06 2010
 
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