As we move into Winter, we are all expecting to see another 6 months of stimulus with the extension and expansion of the Home Buyer Tax Credit. The current proposal being worked through the Senate keeps the First Time Home Buyer with an $8,000 credit and for people with ownership for 5 years or more a credit of $6,500. We will keep our eyes and ears open as they iron out the unemployment bill that this extension and expansion is attached to.
Here is a solid commentary on the market from Mortgage News Daily, written by Victor Burek.
Mortgage rates ticked higher yesterday as prices of mortgage backed securities were pressured lower by a selloff in the long end of the Treasury yield curve. To remind readers, as prices of MBS and Treasuries fall, their yields or rate increase...price and yield have an inverse relationship. No major report or headline caused the moved lower, AQ and MG point out that it was a function of Friday's bond market rally being unwound before today's Treasury auction announcement and the FOMC meeting which was ignited by a "Build America Bond" issuance pricing in California. Their brains are complicated but we make a good team! Whatever the reason was, price losses held into the close and the majority of lenders repriced for the worse.
This morning the Mortgage Bankers' Association released the Weekly Mortgage Applications index. This data which tracks the weekly change in the amount of mortgage applications for refinance and purchase loans. An increasing trend in applications is a positive economic indicator. First, the purchase of a new home shows that the consumer feels comfortable enough with their own job security and finances to make a major purchase. Additionally, it will lead to many other purchases such as flooring, furniture, appliances, etc... to fill the home. Next, an increase in refinance activity should give consumers additional cash each month as they refinance to a lower interest rate and payment. With this increased cash flow, the consumer will have more funds to buy items which should increase future consumer spending and corporate profits. For these reasons, market participants track the applications index for signs of future economic momentum.
The report shows that the refinance activity moved higher by 14.5% last week as mortgage rates fell; however, the purchase activity posted a 1.8% decline. The decline in purchase activity is an indication of weaker home sales in the future.
Next we got a peek into the employment situation with the release of the ADP Employment report. This data is similar to the official government report we get on Friday with a couple key differences. First, the ADP report is compiled by a private company, Automatic Data Processing, not the government. Next, it only counts private payrolls and does not take into account government jobs. Historically, this report has varied greatly from the official report but it's accuracy has been improving. Since jobs are so crucial to any economy, market participants track this report to get a gauge on economic momentum but it continues to be of much less significance than Friday's official Employment Situation report.
Expectations called for a loss of 195,000 jobs, but the ADP reports that our economy lost only 203,000 jobs last month (ONLY HAHA). The prior months figures were revised from an initially reported loss of 254,000 to -227,000.
The final data release today was the ISM Non-Manufacturing Index. This data is a survey of 400 non manufacturing firms across the country regarding the strength of their business conditions. Readings above 50 indicate expansion while reading below 50 indicate contraction. Recent reports have shown that non-manufacturing business conditions have been improving with last month's report moving above 50 for the first time since the summer of 2008. Economists surveyed had expected to see continued improvement with a 51.6 reading but the actual reading came in lower at 50.6. With the Fed statement in a few hours, there was no reaction to this report.
Helping to keep the pressure on the fixed income sector to move lower is the announcement from the U.S. Department of Treasury regarding the size of the upcoming auctions next week. The announcement shows that they will offer $40billion of 3 year notes, $25billion of 10 year notes and $16billion of 30 year bonds which is basically in line with expectations.
The big news of the day will be the Fed statement at 2:15est. Today is the conclusion of the Federal Open Market Committee's 2 day meeting which occurs 8 times a year. At these meetings, our nation's monetary policy is set. It is widely expected that they will maintain the current Fed fund rate of 0 to .25%. As always with these meetings, the statement that is released is scoured by market participants for any hint at future monetary policy and their outlook on the economy. I suspect today's statement will be very similar to the last one. They will maintain the current rate "for an extended period" and caution about a slow and but steady economic improvement.
Lakedance Film Festival has gone through some changes since its beginnings four years ago. Its founder, Trevor Greenfield, wanted to bring a world-class event to small-town Sandpoint, Idaho. In the first year, there was no major sponsor, and the event was in the red. For the previous two years, Schweitzer Mountain Ski Resort sponsored the film fest, and last year they went into the black, making a small profit for the first time.
Schweitzer declined to be the backer this year, and Laser Image stepped in. Good timing too, because Lakedance was named to the Top 100 Film Festivals this year.
Three years ago I started the Cedar Street Bridge art show called the Sandpoint Art Break as a two-day event that was put on in support of Lakedance. I have also catered the special events during the fest since its inception, continuing this year through my affiliation with Dish Home Cooking.
The first night, last Saturday on Halloween night, the turnout was so-so, but the following Tuesday the crowd was among the largest ever for the Panida Theater.
I ran the concession stand, Evan's Brothers Coffee Roasters served awesome espressos, and a great time was had by all.
I will blog again later in the week to give you an update, but so far, a nice beginning to our very own Lakedance Film Festival.
When Where to Retire magazine approached me about being interviewed for a feature article, I wondered why they would choose me of all people. Still, the reasons they gave were compelling. With so many REALTORS® dropping out of the business, I have had several closings this year. As the radio host of two successful shows on North Idaho, there are few people that know the region better. As an avid community supporter, sponsoring and volunteering for dozens of charities and events, there are few people that are bigger cheerleaders. Finally, they learned from several sources that I was the guy to talk to.
The article is very accurate about Sandpoint, and there were no misquotes.
With over 100 websites, there are few private individuals that can compare with my web presence. While in a company meeting, our broker, Jeff Bond, suggested that having YouTube videos would help a website's position in Google. So, using my tiny netbook, I put two videos on one of my sites right then and there.
This year those websites are on target to get over 450,000 hits. The websites range from pure real estate business, to art, community support, and a variety of other fields and interests, all about Sandpoint, North Idaho, and Schweitzer Mountain Ski Resort.
Other REALTORS® have to pay web pros to do their sites. They have to hire people to create content and write material. I am a Flash animator, with several published books and works, and have created all content, designed the sites, taken the photographs, and even shot the videos.
One of my sites has been judged one of the four top community websites in North Idaho.
You decide for yourself. Here are some of the dozens and dozens of websites I have created for myself, as well as a couple of others:
Every one of my listings gets special web presence, from enhanced listings on sites like Realtor.com or Trulia, to Craigslist, to even videos on YouTube.
Special listings get their own exciting websites, and some areas get special attention, like the site we prepared for Comeback Bay.
It isn't enough that websites get the message out. We add high-quality print materials on glossy media, way better than plain paper printing.
Is it enough to be providing a strong web presence and good print media? My team continues to do print advertising. Most REALTORS® can't afford to advertise in the rags and magazines that we continue to provide. I was the only REALTOR® to advertise on radio this year. This fits my profile since I am going into my seventh year as the host of two radio shows: North Idaho Business as well as North Idaho Arts & Adventure. This year I have done less than any of the previous five in terms of supporting and providing time and funds to local charities and events. Even so, nine charities and events have gotten over 120 hours of commitment from me, as well as over $12,000 in direct contributions.
This kind of community support and commitment creates a warm and fuzzy feeling from the community. This kind of commitment creates trust. I often hear from various visitors and townsfolk, "You should run for mayor!"
When a writer for Where to Retire magazine was looking for someone to interview that represents what Sandpoint is all about, my name came up over and over. The December issue of the magazine produced a showcase article titled Undiscovered Haven: Scenic Sandpoint, ID. The six page piece covered much about what makes Sandpoint special, and a large part of that article was about our experience here.
We also back all this up by being part of Sotheby's family of companies. Sotheby's has been one of the few brokerages that still attract viable buyers. We have the tools, experience, and savvy that produces sales that are the envy of our industry.
There are a lot of reasons my team and I should help you with your real estate experience in North Idaho, and it starts with cutting-edge technology and a strong web presence. That experience has been years in the making, and the know-how of internet technology can't be replaced with the best of the old-school ways of doing things: footwork, doing our homework, people skills, and just showing up every day with a good attitude to get the job done.
Tomlinson Sandpoint Sotheby's International Realty
Having just closed on 333 Derr Island - a beautiful waterfront home on Derr Island at the mouth of the Clark Fork River and Lake Pend Oreille - I can truthfully say that there are hardly any other agents in North Idaho that have had more success in 2009 selling waterfront than I have had. My waterfront sales have included Bryce closed at $749,000, which had an asking price of $719,000. I also have sold Raptorview for $50,000 over asking price, and got a fantastic water view parcel for another young couple just a month ago for over $200,000 less than just two years ago, and for half of what is being asked for a similar lot in the same development.
Another area that I have excelled in is in finding waterfront listings priced well below the rest of the market. For instance, Derr Island was the best priced actual boatable waterfront in Bonner County. Priced at $499,900, it sold for full price, and had a private airfield as part of the deal. Just yesterday I listed 200' of waterfront on the Pend Oreille River for lower than any other lot: $175,000. This 2.5 acres has an old manufactured on it, but the mobile is given no value. This lot is $75,000+ lower than the competition. Why priced so low. The competition isn't selling at their higher prices. I will also be listing another secondary waterfront home on Comeback Bay for under $300,000. My own vacation home on the Hope Peninsula, with its own dock and secondary waterfront, is also priced below $300,000. This means I have easily cornered the best priced waterfront properties in the county.
Is waterfront selling? Not as well as in recent years. But I am selling waterfront. What is my secret? I show up for work every day, and am the king of websites in North Idaho. Want to know more about my web presence? Read the next blog article.
Gary Lirette, REALTOR® & host of the Tuesday noon local radio shows North Idaho Business as well as North Idaho Arts.
Aerial Picture Tour of Sandpoint and Lake Pend Oreille
There are at least three ways to see the City and Lake Coeur d'Alene: one by helicopter and two by plane. I have been told these are smaller planes, but the tours are great; can't say about the chopper. The choices aren't limited to Lake Coeur d'Alene; Hayden Lake and several smaller bodies of water are minutes away.
Sandpoint Seaplane Service offers a tour around Lake Pend Oreille, but also can fly you over Lake Cocolalla, Twin Lakes, Spirit Lake, and the magnificent Priest Lakes. Lake Coeur d'Alene offers significantly more urban scenery, but still has the feel of wilderness. Lake Pend Oreille is much more pastoral, and Priest Lake is awesome.
These pictures are from a 45-minute tour over Lake Pend Oreille.
Check out this link for more Cool Things to Do around Sandpoint and North Idaho.
Entering Sandpoint, IDaho
Sandpoint, Idaho
Sandpoint City Beach and the Long Bridge
Sandpoint, IDaho
Sandpoint, IDaho
Pack River Estuary
Meandering Pack River
Livermore Lake
Lake Pend Oreille
Lake Pend Oreille
Idaho Club and the wandering Pack River
Idaho Club
Pack River where the Idaho Club begins with Lake Pend Oreille in the background
Highway 200 along Lake Pend Oreille leading out to Hope, IDaho
...and the heavens opened up before us, parting the clouds, for the angels sang on high...
...or at least that's how it felt. For a freakish two weeks we had incredibly unusual cool weather. Gone were the "I could have fried an egg on the sidewalk days" to "Dear Lord, can anybody spare a parka!" Not kidding. The norm of mid-90s to low 100 degree temperatures gave way to nightly lows in the 40s. Plus, given the atmospheric conversion, or is it inversion, daily downpours gave rise to the parting of the Red Sea/Lake Pend Oreille. Okay, enough with the Biblical asides.
Seriously, seemed like daily a deluge would soak us right before show time, then dry for the remainder of the day. Unfortunately, Dyno, our Festival imperial leader, put it mildly when she stated, "It definitely put a damper on this year's festival." For three weeks I had Dyno Wahl on my Tuesday radio show to talk about our premier music fest, then to wrap it a couple of days after it finished.
Festival at Sandpoint 2009 saw great acts like Poco, Boz Scaggs, Blues Traveler, and Clint Black. The Festival is fourteen main performances on eight separate days over a two week period. This year several other musical talents also graced the stage and War Memorial Field to add a more local flava' than the event has had in recent years. For instance, on the Finale Sunday the Festival also has, for the price of an admission ticket, a wonderful wine tasting, during which a couple of different local musical talents played their stuff, much to our delight.
I was there every night but one, either doing my volunteer thing, or helping my friend Gary Peitz with his booth from Dish Home Cooking, and on the last day, having done so for the last few years, putting on the Finale Winemakers Dinner. Last year we had twenty vintners presenting; this year we added five more. So, the dinner served a total of over 70 people.
Another epic sight are the Ospreys that swoop and soar above the crowd. The tall lights meant to illuminate the field for night games also provides nests for several of these raptors. One wonders if they enjoy the music, or do the many people make them agitated enough to do their nightly aerial acrobatics? Certainly there are often crowds there. Maybe it is a mix of both, with this or that Osprey flying to the tunes, while others are protecting their nests with ever vigilant flight.
Getting back to the weather, it seemed like every night, after a brief rain, we would watch the ominous clouds approach, then part and clear above us, only to form again past us and continue with their cats and dogs ways.
So, those who might have come locally or in neighboring communities like Spokane or Coeur d'Alene would look out their windows and see the clouds, and many opted not to attend this year. While ticket sales don't make up the total of revenue needed to operate such a renowned event, it is an important part, as Dyno explained: "While this year was by anyone's yardstick a success, we were down about twelve percent. That may not sound like much, but twelve percent for us is around $60,000. That hurts. So, now that the music is over, we all take about two weeks off, then start the fund raising for next year." The horde of personnel that man the fest are mostly volunteers, but the sponsors and donations are a large part of the total revenue. So, even if we were in the red this year, that was an anomaly. Dyno and her team had already lowered projections given the state of the economy, but things are already looking up for next year.
Setup is mainly done by the army of volunteers. Memorial Field is transformed into a great music venue. This takes about a week prior and after the actual concerts. The tent goes up, hundreds and hundreds of plants are brought in, decorating is days long, and chairs, tables, and signs, along with uncountable other parts and parcels make what appears to be a permanent fixture.
It wasn't always like this. Look back at pictures from a quarter century ago, and the Festival was a weekend concert event where the Spokane Symphony came to town for a few hundred local listeners. Then some local acts got involved. Things kind of changed once Willie Nelson played here. Now, it is a world-class act.
For me, as a simple observer, the Festival seemed like a great success, given the rain and economy. The herds of people seemed as good as previous years, and I absolutely loved every night.
Some of the acts stood out as memory-makers. I especially loved Jonatha Brooke, the Subdudes, and Boz Scaggs was like listening to a CD. Given that his band has been together for half my lifetime, their perfection was a treat. The rain also provided a repeat of last year. The Spokesman Review reported, 'Donavon Frankenreiter is already legendary in Sandpoint because of his performance last year. His set was cut short by thunderstorms, but he then jumped out in the audience and played acoustically, as if around a big campfire, and then ended up at Eichardt's Pub, where he played for hours.' I was at that concert last year, and after leaving went downtown driving on First Avenue then Cedar looking to see where the party was. In front of Eichardt's was a mulling crowd, so we decided to go elsewhere, not knowing who was playing inside. It was just too crowded for us. Oh, brother! This story has become kind of an urban myth, in that Sandpoint only has around 9,000 people, and listening to the stories, you would guess that 10,000 were at Eichardt's that night.
The way it really goes is that they don't cancel because of rain. Truth is the Festival will have any group willing to continue playing unless there is thunder and lightning. So, last year Donavon had the light show, this year it just sprinkled. The fans were intrepid though. At opening bell there are always crowds looking to get in and stake out their favored places with blankets and such, most right in front of the stage. One of the funniest things to watch in Sandpoint is to see the first 100, who are handed numbers for entry, race across the field to throw down the blankets, claiming this or that space as their own. We were so sure, given the soggy field and all, that someone would lose their footing and do some kind of America's Funniest Home Videos kind of flip. Watched every day, and it never happened, but the racers evoked giggles nonetheless.
2009 was a good year for music in North Idaho, and the Festival at Sandpoint did what it does best. It placed smiles on young and old alike, brought a few visitors into town with their accompanying dollars, and lifted spirits for two magical weeks along the shores of the Pend Oreille.
Gary Lirette, REALTOR® & host of the radio shows North Idaho Business as well as North Idaho Arts on KSPT & KBFI in Sandpoint & Bonners Ferry. When you need your real estate questions answered...
Economic outlook for Sandpoint and North Idaho: Summer 2009
By Gary Lirette, Host of North Idaho Business on KSPT and KBFI and Realtor for Tomlinson Sandpoint International Realty.
How are things here in North Idaho? Besides being named to Sunset Magazine's Top 10 Resort Towns this year, Idaho was just named the nation's 8th healthiest state. In Sandpoint and Priest River, several new businesses just opened, including a Jack in the Box, Big 5 Sporting Goods, the Priest River Inn, and Zip's. The new Mountain West Bank building on the way to Priest River now graces Highway 2, and the Panhandle State Bank is a monument downtown. Quest Aircraft hired 60 new employees over the last two quarters, and the Sand Creek Byway is fully underway, as anyone crossing (or parked and not moving) the Long Bridge will attest to.
However, unemployment went up a tick from 8.8% last month to 8.9% for June. Normally, because of summer hiring, we see a substantial lowering in the rate during the summer tourist season, but this year, we should consider ourselves lucky that we are virtually maintaining our current levels. Since the national unemployment figure is at 9.4%, we are actually faring better in our neck of the woods.
I very much enjoy the weekly commentaries by Chris Basset of Metlife. His research is impeccable and insight thoughtful.
Here is what he wrote August 14, 2009:
Commentary: The mortgage market is experiencing a rally this morning spawned by relief that the record-breaking $75 billion three-part Treasury auction is over and by news from the Labor Department indicating inflation pressures at the consumer level remain near record lows.
The Consumer Price Index, the government's broadest gauge of inflation on Main Street, was unchanged in July, following a 0.7% increase in June. Compared to the same period last year, consumer prices have fallen 2.1%, the largest decline in this measure since January 1950. The core rate of consumer inflation, a value which excludes volatile food and energy prices, edged up 0.1%. Compared to last July, the core inflation rate has risen 1.5%, the slowest advance for this metric since February 2004.
In a separate report the government said industrial production rose 0.5% in July - marking its first monthly increase since December of 2007. Most analysts were quick to discount much of this apparent improvement as a temporary result of the federal "cash-for-clunkers" program. The capacity utilization rate, a guesstimate of how much of the nation's total factory and utility production capabilities are actually being used, rose to 68.5% from June's 68.1%. The June mark for capacity utilization was the lowest since records began in 1967.
This morning's mortgage market friendly news is being shadowed by a growing sense among mortgage investors that until the massive wall of government debt overhanging the credit market is dramatically reduced -- it will be difficult if not impossible for mortgage interest rates to move notably below current levels - no matter what the economic data may say about the state of the economy.
The Fed has been the primary buyer in the mortgage market since the first of the year - purchasing roughly 80% of all new mortgage-backed securities coming to market. For the next couple of months the Fed will likely continue to show a solid buying appetite. As of last week, they have spent about $750 billion of the $1.25 trillion they have allocated for the direct purchase of mortgage-backed securities. In their post-meeting statement following this week's Federal Open Market Committee - Fed. Chairman Bernanke put market participants on notice that once the Fed has spent what money they have to spend - policymakers are unlikely to resurrect this particular program any time soon.
The central bank has slowed their average weekly purchases of mortgage-backed securities from $25 billion to something closer to $12.5 billion to try to get a little more mileage out of the available capital - but eventually other buyers will have to step in and take the Fed's place. I have no doubt that will happen - but the likelihood the replacements will make anywhere near the effort the Fed did to be mortgage market friendly is very small.
Next week will be pretty mild with respect to scheduled economic data. Tuesday's 8:30 a.m. dual release of July Housing Starts and Building Permits figures together with the July Producer Price Index will likely draw little more than a passing glance from mortgage investors. Thursday's 8:30 a.m. ET release of the initial jobless claims figure for the week ended 8/15 and Friday's July Existing Home Sales data won't likely be much of a "barn-burner" either.
Here is what he wrote August 7, 2009:
Commentary: The good news from an economic and stock market perspective is that the July headline nonfarm payroll loss was considerably less than expected - which, on the other hand, was definitely bad news as far as the near-term prospects for lower mortgage interest rates is concerned.
The Labor Department reported employers cut 247,000 jobs in July, far less than the 320,000 most economists had projected. The job loss in July represents the slowest pace of job destruction since August of 2008. Last month's fob losses were spread across most sectors of the economy, but the pace of firings appears to have slowed substantially. With fewer workers being laid off, the national unemployment rate eased to 9.4% in July from 9.5% in June - marking the first time the jobless rate has fallen since April of last year. To round out the much improved story from the labor sector - the government revised May and June figures to show 43,000 fewer jobs were lost during those months than had been previously reported.
Those readers that were watching as the July nonfarm payroll data hit the news wire saw mortgage interest rates immediately jump dramatically higher - before improving notably from their worst levels of the day. Following the early "out-of-the-gate" knee-jerk investor reaction -- calmer, cooler traders were quick to pick-up on the fact that the workforce fell by 422,000 workers in July, far exceeding June's decline of 155,000 - an indication that large numbers of unemployed workers have become so disillusioned with current labor market conditions they have simply quit looking for work. My personal opinion is that the full story here is yet to be told.
Boiling all this economic double talk down to its "bare essence", here is the core "so what" factor from today's labor market report. While it is true that employers cut fewer jobs in July than at any other time since last summer, unemployment remains stubbornly high, which means consumers will likely remain very conservative with their spending. Since consumers drive more than 80% of all domestic economic activity the pace of future economic growth will remain extremely anemic - a condition that will significantly limit the velocity of increase for mortgage interest rates over the foreseeable future.
Looking ahead to next week, the members of the Federal Open Market Committee huddle up in a two-day meeting on Tuesday and Wednesday, Uncle Sam will be thrashing around in the credit markets over the middle three-days of the week looking to borrow $75 billion in the form of three- and 10-year notes and a smattering of 30-year bonds. In terms of economic reports Thursday's July Retail Sales numbers and Friday's Consumer Price Index will draw considerable mortgage investor attention.
Be patient . be disciplined . and use the recommendations above as a blueprint as you develop your pipeline risk management strategies during this very volatile period of time in the mortgage market.
Chris Bassett
Relationship Manager 212 N First Ave Suite 103 Sandpoint, ID 83864
A lot of noise has been made over the unemployment rate going up a couple of points since summer quarter.
Looking back on historic figures since 1990, there has not been one year in which the rate did not increase during winter months. The facts are, in that eighteen year period, Bonner County had 47 months of unemployment over ten percent; the highest rate was 15.1% (Thank God for our current low rate); 40 times the rate swung more than two percent; several times the monthly or quarterly change was 4%, 5%, or even up to 8.4%. Why such volatile swings? In a county with under 50,000 full-time residents, seasonal changes because of weather and tourism make great changes the norm. Alarmists sound the bell, but don't actually look at what our area is all about. Compared to the national rates, we are still ahead, and our future does not look bad. Click here to view the Unemployment Rates 1990-2008
Since 1997, the biggest gain we have had in employment is in manufacturing. With companies such as Quest Aircraft, Airtow, Encoder Products, Litehouse Foods, Coldwater Creek, and Thorne Research, we have better than average big company representation. In ten years over 1,000 new jobs have been created in Bonner County. Many think tourism is king. While important, it is only a fraction of our base.
According to Jeff Bond, owner of Tomlinson Sandpoint Sotheby's International Realty, the company had its best September ever this year. Plus, we had sales for our office over 23 million for the month of December 2008. Certainly we have seen a decline in prices. Some estimates for our area are declines of 4%, 6%, and 6% for the last three years. However, we saw increases of 30%, 40%, and 40% the previous three. All in all, we are not doing so bad in real estate. Most values are maintaining, and sales, while not robust, are certainly better than other parts of the country.
Across the country the banking issue has been disconcerting to say the least. Home loans are tougher to get. Borrowers need to have sparkling credit, and according to news reports, 20% down payments are also becoming the norm. For those looking for loans in North Idaho though, the best resources appear not to be national companies, but local sources. Mountain West Bank did not take on the kind of bad loans that bigger banks took on, and recently, a story was sent out by Judy Delucchi about a loan that was falling apart right before closing. Jason Hauck of MetLife (that's right, they make home loans, too!) put together a loan at a decent rate in just one week. The changes with USDA loans are generous. Joseph Cool of USDA in Post Falls says that a family of three can buy a home anywhere in Bonner County, and they can make in excess of $70,000, and even get assistance. There is money out there for loans in the Inland Northwest. Just look down the street rather than around the globe.
Every month I interview new businesses and pour over economic information. Like the rest of the country, we are having difficult times. However, from these interviews, what I garner is optimism and 24/7 commitment to excellence and success. The people here are amazing and friendly, plus hard-working to a fault. We all love the beauty of the area, and are inspired by the lakes and mountains.
So, any way you look at it, whether from the numbers or by the anecdotal conversations with people who work here and run stores, shops, and businesses, we are doing well.
Our major employers are not strapped for funds. Luckily, companies such as Coldwater Creek, Thorne Research, and Unicep Packaging are cash-rich, though the stocks for Coldwater have not been this low since 2003. The current economy is troubling for many, but our area is graced by continued good stewardship of its companies, many of which have national and international business: Coldwater Creek, Quest Aircraft Manufacturing, Buck Knives, Airtow, Easy Docks, Encoder Products, Thorne Research, Unicep Packaging, and Litehouse Foods are all companies with low debt and good cash reserves. Even our banks are among the few that did not make the kind of destructive loans that has put our nation at jeopardy.
Finding out about how many businesses are going under and how many are opening is fluid at best. Cathleen Hyde of the Downtown Sandpoint Business Association said that what people see from the street is not a good indicator of occupancy rates. She explained that the visible storefronts might give the appearance of empty buildings, many have simply moved to inner spaces that were significantly more affordable. In fact, we are down about 20 businesses over last year. However, there have been so many new start-ups, including big box stores like Big Five sporting goods opening on Fifth, and other national chains like Jack in the Box and Subway. The new digs for Mountain West Bank and Panhandle State Bank are stunning additions to our town, and with companies like Parsons hiring for the Sand Creek Byway and Quest continuing to hire, our job situation is a mixed bag.
The current rate of occupancy is virtually no different than 2003-04, though does not approach the 94% we saw in '06-'07. This is probably a good thing though. One of the things that makes Idaho an attractive place to do business are the low costs. We have had a booming economy in some sectors for twenty years. It was not uncommon over the last 3-4 years to see rents in the same high rates as Spokane or even Seattle. With the downturn and closed storefronts, rents have come down to reasonable levels.
Plus, while some businesses have gone under, certainly our rate of bankruptcy is not overt. Idaho ranks 22nd in the nation for bankruptcies, putting it squarely in the middle, and most of the bankruptcies and foreclosures are in areas south of the North Idaho counties of Bonner and Boundary.
Coeur d'Alene is not faring as well as Sandpoint, but predictions are for a fairly rapid recovery even there.
Why do companies, without much of a tax incentive, find Sandpoint and North Idaho so alluring. Check out this video from the Bonner County Economic Development Corporation: http://www.bonnercountyedc.com/business-video.html Basically, one of the biggest draws is quality of life, but there are other reasons.
On their website they explain:
Skilled Employee Pool
Part of the inherent ease of doing business in Bonner County is its bounty of skilled workers. And when you're located in a beautiful area that happens to have a lower cost of living, it's particularly easy to find employees who are excited about being part of your growth and productivity. Additionally, Idaho distributes a Workforce Development Training Fund to help Idaho businesses train their workers, so you can have a knowledgeable team up and running in no time.
Low Business Costs
In Bonner County, you'll also discover some of the lowest workers compensation premiums in the country, thanks to Idaho's emphasis on working safely and productively. And, having already dropped 36% in the last five years, rates continue to fall steadily, making this an ideal time to relocate your business.
Overall, the costs of doing business in Idaho are much lower when compared with other parts of the country. According to the Regional Financial Associates, Idaho is the seventh best state in the country for total business-related expenditures. For example, many companies find their overall energy costs are half of what they would be in other western regions. And gas prices are just as attractive, as the state is conveniently located on a major north-south natural gas pipeline.
Idaho enjoys a business-friendly government that is committed to helping businesses become successful, profitable assets to its communities. And state and local officials have worked hard to ensure a balanced tax structure that has to date resulted in the third lowest per capita tax burden in the West.
One thing not as easily quantifiable is that employees here have an old-fashioned, show up for your shift, work ethic. Until very recently, Idaho had one of the lowest foreclosure rates in the nation in spite of lower wages than neighboring states. Why? Values that still are important here.
Certainly it has become harder to find work. Once a month for the last few the Bonner County Daily Bee has posted the same story about the rise in the number of unemployed...and, of course, it is true. We enjoyed unprecedented low unemployment for the last few years. Still, since 1997 manufacturing jobs increased in Bonner County by over 1,000, Quest just delivered its first aircraft to missionaries, as another wrote last time, Litehouse is always hiring, and though there are few jobs in the Bee, this is not the bellweather for job postings. For instance, there are dozens of jobs listed in NorthIdahoHelpWanted.com , and Sandpoint Online has similar numbers. Other jobs can be found on Craigslist regionally, and on the job search engines like Monster.
Tourism
There have been several restaurants that have closed in the last year, yet we have seen several new ones also: Jack in the Box, 41 South, Subway, Dish to name a few. We saw a real slowdown in summer tourism, much of which can be attributed to the high cost of gasoline, yet we saw few businesses shut down. In fact, in an interview I had on my radio show with Tom Chasse, CEO of Schweitzer Mountain Ski Resort, he explained that bookings for this season were on a par with last year's, and that season was a record breaker for the ski resort. If the throngs that turned out for Sandpoint Winter Carnival are any indicator, then this winter will not be as bad for North Idaho as it has been for many other parts of the country.
According to the Journal of Business, the economic outlook for 2009 expects a soft year for tourism:
Jeanne Gustafson reported that Tourism is expected to slow further in Spokane and North Idaho in the coming year, though event bookings remain strong, observers say. The article went on to state that 2009 group hotel room bookings for events such as conventions so far are up by 2.3 percent compared with 2008, and such bookings for 2010 already have surpassed this year's group bookings.
Coeur d'Alene and North Idaho hope to maintain their current levels for tourism in the coming year, in contrast to double-digit growth in hotel receipts that those areas experienced last year, says Dani Zibell-Wolfe, vice president of tourism at the Coeur d'Alene Chamber of Commerce. The chamber also administers state grants for the North Idaho Tourism Alliance, which promotes tourism in the five northernmost counties in Idaho, Zibell-Wolfe says.
Last summer, Canadian visitors contributed a lot to the economy, choosing northwest U.S. destinations because of favorable exchange rates. Though gas prices were high in the U.S., they were even higher in Canada, Zibell-Wolfe says.
One trend Zibell-Wolfe says is expected to continue is a rise in tourism from areas within a four-hour drive from Coeur d'Alene.
Idaho Foreclosure Rates
Our local newspapers have regurgitated this misleading info about foreclosures, namely that they are skyrocketing. Only six months ago it was reported that Idaho was the eighth best state in the nation. In other words, one of the lowest rates. Now, less than one year later, we are ranked closer to the bottom. Same thing happened with misleading reporting when our unemployment went up two points this winter. But looking at the data since 1990, this is the absolute normal pattern during winter months. Plus, Schweitzer Ski Resort has not even hired its full staff yet.
Here is what ForeclosureResearch.com wrote in December 2008
Gary Lirette, REALTOR® & host of the radio shows North Idaho Business as well as North Idaho Arts on KSPT & KBFI in Sandpoint & Bonners Ferry. When you need your real estate questions answered...
Sandpoint is a jewel that has been recognized by Sunset Magazine as The Best Small Town in the West, and by Outsider Magazine as one of America's Best Small Towns. However, when National Geographic Adventure named Sandpoint one its Top 10 Adventure Towns, they got it right. North Idaho and the surrounds of Sandpoint and Lake Pend Oreille, with the majestic Cabinet, Monarchs and other mountain ranges rising out of Alpine lakes and rivers is opulently beautiful. Camping and RVing is one of the best ways to see the area.
This resource provides access to all the camping areas, and our region's many parks.
3rd Avenue Pier is a 1/4 acre neighborhood park developed in 1995 for the need to provide more waterfront access and to address safety concerns of an old sewer outfall structure that predated the dams. Located on South 3rd Avenue, this park provides: 2 benches, picnic table, swimming and wading areas, 2200 sq. ft. of green space, and 1100 sq. ft. deck.
The 9th Grade Center Park area has a large green space that has been reverted back to the city after the closure and sale of the Junior High School. The park is located on Hwy 2 and Boyer and is 1.6 acres in size. It has a small backstop for youth baseball and softball and has a perimeter fence adjacent to Highway 200.
Albeni Falls Dam Recreation AreaThe Albeni Falls Dam area offers four recreation sites along the Pend Oreille River with sandy beaches, boat ramps and campgrounds. The river's winding path through the mountains offers protection from severe winds, creating a safe place for all types of small boating. Guided tours of the powerhouse may be arranged during the summer months. Albeni Cove Recreation Area near the dam has a boat ramp, swimming and picnic area. Priest River Recreation Site has a boat ramp, camping and dump stations. Riley Creek has a boat ramp, swimming, camping and hiking. Springy Point south of Sandpoint has a boat ramp, camping and an RV dump station.
The Concrete Lake,Sandpoint's new skate park! Located 2102 Pine Street in Sandpoint ID Check it out!
The Dog Beach is a cool little beach not far from City Beach on the side of the Long Bridge. Walk about a couple hundred yards past the Conoco along the bike path 'til you come to the small sandy beach. Since dogs are not allowed at City Beach this is a nice alternative.
Farmin Park is located at 3rd and Main in the heart of downtown Sandpoint. The park was donated to the city by the Farmin family, the bandstand that is in the park was donated by Doug and Ed Hawkins' families, and the sidewalks and path system by the Sandpoint Rotary. The .8 acre park also includes picnic tables and pedestal BBQ's.
Farragut State Park is located 30 miles north of Coeur d'Alene on the shores of Lake Pend Oreille, Idaho's largest lake. Once the world's second largest naval training station, today the 4,000-acre park provides a multitude of recreation opportunities. To the traditional activities of picnicking, swimming, boating, hiking and camping; visitors can add playing disc golf, visiting the Farragut Naval Training Center Museum, taking advantage of the orienteering course, model airplane flyer's field, taking the kids to the playground, and using the horseshoe pits and sand volleyball courts.
Lakeview Park, located at the corner of Ella Avenue and Ontario Street, is a 13 acre park where numerous community events are held, as well as, family picnics and reunions. Lakeview Park contains a picnic shelter, picnic tables, BBQ pits, tennis courts, basketball court, playground area, boat launch ramp, and although not owned or operated by the city, this park is the home of the Bonner County Museum and the Lion's Den meeting facility.
Mickinnick Trail, is a 3.5 mile trail (one-way) that "switchbacks" through 160 acres of huge rock outcroppings, grassy meadows, and old growth timber. It is also graced with spectacular vistas of Lake Pend Oreille, Sandpoint, the Cabinet Mountains and the Pend Oreille River. The top boasts an elevation of 4300' for a total elevation gain of 2150'. The land was originally donated by Nicky Pleass in 1997 to the U.S. Forest Service in memory of her late husband Mick Pleass. Both Mick and Nicky envisioned a scenic trail directly above Sandpoint Idaho. They wanted to preserve this scenic land for future generations and as a gift to the community. In 2005 the trail was opened thanks to grants and partnerships between the Idaho Panhandle Resource Advisory Committee, the City of Sandpoint, Bonner County, Bureau of Land Management, U.S. Forest Service and The Friends of Mickinnick Trail.
Directions: From Sandpoint point your car North on Boyer, Turn Left on Baldy Mt. Rd, Turn Right on Great Northern, Turn Left on Woodland Drive "crossing the tracks" the trail head is just up the road on your Left. :)
Pine Street Park is a 2 acre park located next to City Hall on Pine Street and is an excellent neighborhood park for general play. Pine Street Park has one little league size baseball field, 2 full size basketball courts, picnic tables, and a playground area containing a swing set and slide.
Sam Owen Parkis next to our old home on the Hope Peninsula, 17 miles east of Sandpoint on Highway 200. The campground is run by Forest Service, and was donated by pioneers Sam and Nita Owen. It has 80 camp units, 1 group picnic site, 18 family picnic units, covered picnic shelter with 6 tables, flush toilets, potable water, boat ramp, beach, dump station. Attractions: Lake Pend Oreille, fishing, swimming, boating. There is a fee, with an additional fee for a second vehicle. There is a special day use fee as well.
Sandpoint City Beach is what Sandpoint is named for. While other areas around the lake are decidedly rocky, this is one of the few sandy beaches. It is located on the edge of Lake Pend Oreille and is a good place to swim or just sun. It is also home to many migrating species of birds. City Beach is the oldest and best known park is the City Beach Park which is an eighteen acre park located on Bridge Street. The City Beach is the busiest park in the system and is used for several large community special events. The amenities include: 2 restroom structures, concession area, picnic shelter with BBQ's, 2 boat launch ramps, playground area, tennis courts, basketball court, horseshoe pits, 2 life guarded swim area (in season), 2 marinas, and boat sewage pump out station. The park is open 4am to 11pm. Projects recently completed or underway at the beach include a brand new restroom facility on South Beach scheduled for completion on Nov. 30th and a newly re-shingled roof on the beach hut. View City Beach Slide Show
Sandpoint Community Hall is a log framed structure located at 204 S. 1st Street. This building is listed on the National Register of Historic Places and is one of the focal points of the city. The main portion of the building is log and was constructed by the United Servicemen Overseas (USO) in 1936 for the servicemen stationed at Farragut Naval Station. An addition of 840 square feet was added in 1945 by the Boy Scouts of America and is still used by that organization. The 5400 sq. ft. building contains a large kitchen, large meeting room "floor were just redone", 2 small meeting rooms, and restroom facilities. To reserve this facility contact the City Clerks Office: (208) 263-3317 To download the clean up check list to be turned into the Clerks Office when returning the key Click Here
Sandpoint Outdoor Shooting Range is a 6 acre park located on Baldy Mountain Road and has been improved to its current condition in 1990. Amenities include: 14 covered shooting lanes with benches and stools, pole barn style structure used for weather protection, 12' x 12' secure storage / range master facility, emergency telephone for communication with the City Police Department, and 6' chain link fence around entire range perimeter. Scheduling for the range is through the city and is open to the public only when volunteer range masters are present.
Springy Point Recreation Area is located on the shores of the Pend Oreille (pond o'ray) River with views of the Cabinet and Selkirk Mountains. The campground offers 38 campsites (no-hookups). Park gates lock at 10 pm and reopen at 7 am. Other amenities include a dump station, hot showers, a boat ramp, pay phone, a swimming beach and beautiful sunsets over the Pend Oreille. Area attractions include shopping in Sandpoint, Silverwood Theme Park about 15 minutes south on US 95 and biking or hiking across the Long Bridge into Sandpoint. The Schweitzer Mountain Resort 30 miles away offers mountain biking adventures. Throughout the summer the Festival of Sandpoint provides the camper with the opportunity to attend a concert or symphony. For the bird watchers or moose watchers, a short trip up to the Pack River Area to watch wildlife provides a great day trip.
Travers Park, located on Pine Street, boasts 24.5 acres and has a wide variety of amenities, including 3 full size softball diamonds, a medium size baseball diamond, soccer fields, football fields, and 2 tennis courts. The children play area includes a slide, swing sets, and youth climbing apparatus.
Trestle Creek Recreation AreaEagles are frequent winter visitors along this shoreline and ospreys fish these waters spring, summer, and fall. But these wildlife creatures are not the only visitors. For those who want to take advantage of the great open water access for boating, swimming, or enjoying a picnic, Trestle Creek Recreation Area is a great stop. The day use area maintained by the U.S. Army Corps of Engineers and is complete with boat launch, restrooms, picnic tables, and swimming beach. Privately operated RV parks are adjacent neighbors for extended visits.
War Memorial Field, which is located right next to Lakeview Park on Ontario Street, is dedicated to the memory of the Bonner County servicemen lost in battle during WWI, WWII, Korean, and Vietnam Wars. It has traditionally been named the home field for the Sandpoint High School Bulldogs. The park also hosts the Festival of Sandpoint in July and August and various other community activities throughout the year. The field is used for football, soccer, and baseball. There is a large restroom and concession building for these sport activities. Memorial Field also includes a 2,700 square foot field house, 865 seat capacity covered grandstand, 400 seat capacity portable bleachers, and 140 seat capacity baseball grandstands.
Covered picnic areas at City Beach, Lakeview, Travers, or Farmin Parks are available for reservation. Fee is $30 for the whole day. Reservation notice is posted at the location to advise others of your reservation. To make a reservation, please call Sandpoint Parks & Rec. Department at 263-3613. To print the reservation application Click Here
As usual, my promise is to work 24/7 for my clients, and always be available, not only in areas of real estate, but in mentoring new businesses, finding the right schools, and helping with your job search in this place, your new home.
Sandpoint & North Idaho Waterfront Real Estate Blog
My name is Gary Lirette and my partner and I specialize in waterfront in and around Sandpoint, Idaho. This includes Lake Pend Oreille and the Pend Oreille River primarily, and Lake Cocolalla. To a lesser degree, we also have extensive knowledge of the Priest River, the Moyie and Kootenai Rivers, Pack River, Rapid Lightning Creek, the Clark Fork River, and the lesser lakes around Lake Pend Oreille.
I live on the Pend Oreille River about a mile from Lake Pend Oreille. Many think this is the lake since the river is so wide here, but the lake really begins at the Long Bridge. Jed Sigman, my business partner, also lives on the Pend Oreille River at Gypsy Bay. Just living on the water does not make us experts. Instead of me bragging about the hows and whys, every week as I send info to my waterfront buyers, I will update this blog. At times the info will be very specifically dealing with what those buyers are looking for. Mostly we search for the best value at that moment. Certainly if what you are looking for is that special million dollar property right on the water with its own fabulous dock, we can help. Still, we are constantly searching for the property that is the proverbial 'screamin' deal.' That said, here is this week's info:
August 5, 2009
The Best Primary Waterfront available in Sandpoint currently
When it comes to waterfront, there is still more demand than inventory. The homes can be stunning, but price has always been a hurdle.
Have prices come down? There are still some incredibly overpriced homes on the Pend Oreille River and Lake Pend Oreille in North Idaho.
As of August 5, 2009, leaving out condos and timeshares, there are 92 homes offered with main frontage on Lake Pend Oreille and the Pend Oreille River. For our purposes, we are leaving out homes offered on lesser bodies of water. The average price of those homes is $1,550,646 and median price is $999,000.
Closed sales don't support high prices in this current market, but the truth is most of the sellers of waterfront properties don't have to sell. While closed sales can be used to get a lower offer accepted, the numbers are showing that offers that are too low are simply being rejected.
Secondary waterfront has fared much better, and I have sold three secondary waterfront homes this year.
Bank owned and repos don't find their way to the light of day with waterfront. Banks have preferred partners and buyers, and any professional specializing in waterfront has a long list of clients that are willing to buy great deals when waterfront becomes available. So, those never make the repo lists, rarely get put out as short sales, and fewer still go all the way to foreclosure and get listed on the open MLS.
Here are a dozen homes that have some sense of privacy, better than postage stamp lots, and homes with craftsmanship and character
MLS# 20901542 - 2233 Wooded Acres, Sagle, ID. This home has a great sense of privacy even though it sits on .41 acres. It has a 2-slip dock and has beautiful attention to detail. The only detraction is that Wooded Acres is down the Pend Oreille River about 5 miles down the river from Lake Pend Oreille. However, this is an upscale community down Lakeshore Drive.
Overpriced at the original $899,000. Currently offered at $619,021
MLS# 20901961 - 191 S Camp Bay Road, Sagle, ID. The architecture in this home is strictly lake second home, but with a slightly larger lot - .59 acres - this home, while smaller, has a superlative dock, 150' on the water, which is better than the par 50' or even 100', feels very private, and Camp Bay is one of the premier bays on Lake Pend Oreille.
Overpriced at the original $950,000. Currently offered at $639,000
MLS# 2081289 - 615 East Bottle Bay Road, Sagle, ID. There are two main bays that are the sought after play areas on Lake Pend Oreille: Bottle Bay and Garfield Bay. This home is a half mile past Bottle Bay and is a dream home, with one of the nicest area docks complete with boat lift. Not as private as some of the others with a smaller .31 acre lot. Even has a shoreline cabana, something that couldn't be built under current county guideance.
Overpriced at the original $750,000. Possibly still a bit high at $699,000
MLS# 20900352 - 39 Conrad Vista Road, Laclede, ID. Only fifteen minutes to Sandpoint is Laclede along the Pend Oreille River. This newer home also has boat lift and dock on 100', but with an acre of land, this feels much more roomy than some of the other waterfront homes. The home is detailed to the nines, and is one of the better offerings in this list.
Overpriced at the original $1,250,000. Currently offered at $799,000
MLS# 20902757 - 1799 Wooded Acres, Sagle, ID. Another Wooded Acres property, this home is larger with a larger .65 acre lot. This is what a million dollar home should look like. Big dock has boat lift as well as jet ski lifts. This one has to be seen. While some homes may be overpriced, this home is worth taking a look at. Has a nice sense of privacy.
Might be close to the right price at $895,000 and only listed 30 days. No price reductions yet.
MLS# 2083582 - 3165 Bottle Bay Road, Sagle, ID. In an area of million dollar+ homes, this is what many would consider to be the atypical lakefront estate home. My only issue with this is the interior is dark and a bit dated. Otherwise, the 1.08 acres is one of the larger lots on a premier section of Lake Pend Oreille, and this home is nice.
Way overpriced at the original $1,395,000. Still probably a bit over at $925,000
MLS# 20805054 - 95 Eagle Flight, Sagle, ID. This is the kind of home most of us think of when we think of luxury lake retreats. Almost 2,700 sq. ft. on .54 acres, with all the right touches. Private, cool dock, really beautiful. Closed sales show this home should sell for in the area of close to $1,000,000.
Overpriced at $1,145,000. Now $973,300
MLS# 20902362 - 413 Swan Shores, Sagle, ID. On Gypsy Bay, 8.1 miles down the Pend Oreille River from Lake Pend Oreille, Swan Shores has only homes in this range or better. This well-appointed and comfortable home has a rarity for our area: a sandy beach with 125' of frontage. With 1.77 acres, it is among the largest lots currently available on the water under a million, and has easy access to Sandpoint. Offering perhaps the best privacy on this list.
Overpriced at the original $1,100,000. Still probably a bit high at $990,000
MLS# 2080875 - 222 Stewarts Dr., Sagle, ID. One of two good offerings on Stewarts, this is down Bottle Bay Road about 8 miles. Nice home, nice deck, nice landscaping, but nothing over the top. It is typical of homes offered on the lake with 100' of frontage and .44 acres.
Incredibly overpriced at $1,500,000. Still high at $995,000
MLS# 20902134 - 236 Stewarts Dr., Sagle, ID. While this home has a lot that is just a touch smaller, the home and grounds are a touch better. If I were representing a buyer, I would ask for countertop and some other upgrades. Same as above.
Incredibly overpriced at $1,300,000. Still high at $999,000
MLS# 20900261 - 266 Kaniksu Shores, Sandpoint, ID. This is perhaps our most desired area, being on the Sunnyside Peninsula, mere minutes from downtown Sandpoint. With 1.76 acres this rivals the other large lots, is a brand new home, but does not have a dock yet, and you can certainly see your neighbors. The cachet of the neighborhood and location though make this perhaps the only home worth the asking price in this range.
Overpriced at $1,500,000. Just right at $999,000
May 15, 2009
Waterfront Comparisons for Sandpoint, Idaho
We have had a lot of homes listed as waterfront, but comparatively fewer sales than in previous years.
Here is the pdf of a CMA for waterfront, secondary waterfront, and water view homes that have sold in the last year and are active listings:
Two of our premier waterfront areas in the past have been Sourdough with its own marina, island, tennis courts, etc., and Comeback Bay off Fry Creek and Sagle Slough. Comeback Bay has close proximity to town, Sourdough better views and amenities. Yet there were woefully few sales for over two years on Comeback Bay until this year. Now they have had six closed sales in the last ten months. Sourdough's problem was their overpriced nature. Now that their pricing has come down to earth, that trend will reverse.
This pdf is a list of all the homes that have been listed in and around Sourdough in the last year. Only one has sold:
To give you an idea of what we do for our buyers, when I had a couple interested in buying 160 Sourdough, I went there and took pictures, and even did a video. Here is link to that page: http://www.sandpointid.net/Sourdough.html
April 17, 2009
I haven't updated my waterfront blog since the end of February, and we have had some big changes. First, we haven't had any real and actual waterfront under $500,000 for a couple of years, with the exception of the occasional property. Those were usually snatched up so fast, regular buyers were out of the loop. This year, while we don't have hundreds or even dozens, we have some good buys. While there are some nice homes on some smaller lakes and rivers, most people are looking for Lake Pend Oreille access. Currently, from $399,000 to $500,000, there are seven homes that are on, or have direct access to Lake Pend Oreille, all with water views. There is one that I through in on the Pend Oreille River because it is the least expensive with waterfront, plus it has acreage and is listed for $450,000. There are few properties yet this season with the kind of killer lake views everyone wants. Included in this group is one in Hope.
To view these properties side-by-side, click this CMA link.
Let's be honest, we all would rather pay under $500,000 than over $700,000 or even more. Right now, there are roughly 60-70 homes on Lake Pend Oreille for sale. There are another 20-30 that are on tributaries that have immediate access to the lake. With the exception of the few that I have listed, 90% of those are still over $700,000.
Will all of these better priced homes sell this season? We will likely sell eight out of ten of those, and about twenty of the others if this season is like last year. However, we are heating up right now, and my team represents four of these better priced listings.
For the last three years, many of my clients have indicated to me that the one thing they wanted was waterfront, depending on area, under that magic number. So, we went out of our way to find those properties and get them priced right.
The best two things about these under $500,000 is the current interest rate, and that jumbo loans begin above $417,000. So, even if this is a second home, the rate savings is about one percent or more. Just one extra point higher makes any property cost ten percent more. This can amount to hundreds more a month. Imagine you can put down $200,000 on a home that sells for $750,000. If you could save one percent, then the monthly savings with taxes could be $500 a month. Over the life of the loan, again factoring taxes and insurance, this amounts to a savings of over $125,000. Could you put your child through college for that?
We have improved our assets on our websites to better inform about the waterfront life. Listed below are the links that have something to do with lake life in North Idaho:
As usual, my promise is to work 24/7 for my clients, and always be available, not only in areas of real estate, but in mentoring new businesses, finding the right schools, and helping with your job search in this place, your new home.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Having just closed on 333 Derr Island - a beautiful waterfront home on Derr Island at the mouth of the Clark Fork River and Lake Pend Oreille - I can truthfully say that there are hardly any other agents in North Idaho that have had more success in 2009 selling waterfront than I have had. My waterfront sales have included Bryce closed at $749,000, which had an asking price of $719,000. I also have sold Raptorview for $50,000 over asking price, and got a fantastic water view parcel for another young couple just a month ago for over $200,000 less than just two years ago, and for half of what is being asked for a similar lot in the same development.
...or at least that's how it felt. For a freakish two weeks we had incredibly unusual cool weather. Gone were the "I could have fried an egg on the sidewalk days" to "Dear Lord, can anybody spare a parka!" Not kidding. The norm of mid-90s to low 100 degree temperatures gave way to nightly lows in the 40s. Plus, given the atmospheric conversion, or is it inversion, daily downpours gave rise to the parting of the Red Sea/Lake Pend Oreille. Okay, enough with the Biblical asides.
Festival at Sandpoint 2009 saw great acts like Poco, Boz Scaggs, Blues Traveler, and Clint Black. The Festival is fourteen main performances on eight separate days over a two week period. This year several other musical talents also graced the stage and War Memorial Field to add a more local flava' than the event has had in recent years. For instance, on the Finale Sunday the Festival also has, for the price of an admission ticket, a wonderful wine tasting, during which a couple of different local musical talents played their stuff, much to our delight.
either doing my volunteer thing, or helping my friend Gary Peitz with his booth from Dish Home Cooking, and on the last day, having done so for the last few years, putting on the Finale Winemakers Dinner. Last year we had twenty vintners presenting; this year we added five more. So, the dinner served a total of over 70 people.
the state of the economy, but things are already looking up for next year.
For me, as a simple observer, the Festival seemed like a great success, given the rain and economy. The herds of people seemed as good as previous years, and I absolutely loved every night.
First Avenue then Cedar looking to see where the party was. In front of Eichardt's was a mulling crowd, so we decided to go elsewhere, not knowing who was playing inside. It was just too crowded for us. Oh, brother! This story has become kind of an urban myth, in that Sandpoint only has around 9,000 people, and listening to the stories, you would guess that 10,000 were at Eichardt's that night.
2009 was a good year for music in North Idaho, and the Festival at Sandpoint did what it does best. It placed smiles on young and old alike, brought a few visitors into town with their accompanying dollars, and lifted spirits for two magical weeks along the shores of the Pend Oreille.
By Gary Lirette, Host of North Idaho Business on KSPT and KBFI and Realtor for Tomlinson Sandpoint International Realty.
Oreille River with sandy beaches, boat ramps and campgrounds. The river's winding path through the mountains offers protection from severe winds, creating a safe place for all types of small boating. Guided tours of the powerhouse may be arranged during the summer months. Albeni Cove Recreation Area near the dam has a boat ramp, swimming and picnic area. Priest River Recreation Site has a boat ramp, camping and dump stations. Riley Creek has a boat ramp, swimming, camping and hiking. Springy Point south of Sandpoint has a boat ramp, camping and an RV dump station.
The Dog Beach is a cool little beach not far from City Beach on the side of the Long Bridge. Walk about a couple hundred yards past the Conoco along the bike path 'til you come to the small sandy beach. Since dogs are not allowed at City Beach this is a nice alternative.
k which is an eighteen acre park located on Bridge Street. The City Beach is the busiest park in the system and is used for several large community special events. The amenities include: 2 restroom structures, concession area, picnic shelter with BBQ's, 2 boat launch ramps, playground area, tennis courts, basketball court, horseshoe pits, 2 life guarded swim area (in season), 2 marinas, and boat sewage pump out station. The park is open 4am to 11pm. Projects recently completed or underway at the beach include a brand new restroom facility on South Beach scheduled for completion on Nov. 30th and a newly re-shingled roof on the beach hut. 
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