What are the best values for condos and homes at Schweitzer Mountain? This is a question that I always get from prospective Schweitzer buyers, and I take pride in having found and negotiated some tremendous deals for Schweitzer buyers in the past couple years. Today was the annual Schweitzer property tour for our Selkirk MLS, where we had a chance to preview 38 listings before the ski season gets started.
The best values to me overall are in the middle price levels, from $400 to $600k. Also I would encourage people to consider some of the condos and homes that are not necessarily ski-in/ski-out, as the price/value gets much better for some of these units. The Schweitzer Recreation District started a free ski shuttle on the mountain last season, picking people up from their residences within 15 minutes of calling. There is also a new ski bridge at the end of Telemark Road that makes the ski access to Musical Chairs way better than before for property owners in this neighborhood.
Following are the properties that stood apart as being very good values relative to everything else on Schweitzer:
115 Crystal Run #10 - $299,021 -- 1600 sft, 2bdr, 3 bath -- Ski in/Ski out -- this is definitely one of the best buys on the market in my opinion. Located just above the Village with the ski trail to its door - nothing in this price range on the ski trail other than Selkirk Lodge. There are no rental restrictions. The downstairs garage was converted into a separate studio along with a hot tub room. You could rent out the studio separate from the upstairs main condo. This is a bit dated but you could fix it up pretty nicely.
Snowdrift Condo #B2, listed at $279,000, 750sft, 2/1. Snowdrift is located on the left just before entering the Main Village parking lot. This unit has been completely redone, and the ski and village access is great.
130 Stella Lane #202 -- not on tour, trustee sale taking place on 12/23 with First American. My sources tell me the bank would accept $215,000. The property next door is listed at $385k, near the most recent sale.
20 Snowghost, Cedar Ridge unit 2- $589,000, 2007 sft, 3/3. Very nice unit sold furnished including a huge flat screen, two story townhouse next to the St Bernard with good ski access from the trail behind Chapel Point.
Cornice Condos #202 - $349,000, 1330 sft, 2/2. Very nice, vaulted ceiling, 2+ loft, big jacuzzi tub in master bath, furnished, big fireplace; ski access is average but a very nice place for the money.
369 Telemark Road-- $495,000 -- 2268 sft, single family house, lake views, very nice open floor plan. This is a great house and one of my favorite places on the mountain. The ski access is much better now with the new bridge at the end of Telemark Road. One of the rare single family homes available, meaning no HOA, no rental restrictions or rules. Also has a good rental history.
205 Ullr - $550,000 -- Beautiful residence with high vaulted ceiling near The Ridge. Finishings are very high end including Viking appliances and hydronic flooring. 4bdr 3 bath, 2628 sft. A creek runs by the property. One of the nicer places on the mountain.
Whiplash Circle #10-- $339,000-- also at The Ridge, 9 of the 12 of these condos have sold, with the most recent closing at $365,000. 3bdr, 2.5 bath, and 1918 sft makes it best price per square foot at Schweitzer.
Granite Peaks -- several units still available, now at short sale prices starting at $359,000 for 1700 sft with high end finishes and near Schweitzer Village. Problem was the landscape engineering from the beginning, but these challenges have apparently been addressed.
Also noteworthy is that Schweitzer Resort is moving forward rapidly on the first three homes in their new neighborhood above the Village. Two of these will be sold as 1/8 fractions supposedly under $200k per fraction. The homes look beautiful at this point with unbelievable views. Schweitzer has done a nice job replatting the former Trappers Creek neighborhood into all single family residences, with a new plan that seems to make sense for the market.
I have to admit I am just now jumping on the bandwagon to support our Sandpoint High School football team. I really hadn't been to any high school games that I can remember....well, probably since I was in high school myself.
But high school football in Sandpoint is really a fun and exciting event. We live just a couple blocks from Memorial Field, and I remember earlier in the season hearing an incredible amount of noise coming from the stadium. I had walked down with my dog and my son to check it out, and saw a completely packed house of raving fans cheering on the local high school team.
This support seems to be there for every home game. I have tried to stop in to check it out when I'm around. And its always a good time, with seemingly everyone in town showing up to suppor the team. To me this is quintessential small town living at its best, and I love it!
I'm encouraging my fifteen month old son to pay close attention, as this year's team is pretty awesome. They just won their semi-final game of the 4A division Idaho State High School Playoffs, 20-8, over Hillcrest. This puts them in the State Finals for 4A, which takes place on Nov 20 in Moscow, against Blackfoot HS. I believe this is the first finals appearance for the school in about 15 or 20 years!
We learned some interesting stats at our weekly meeting for Tomlinson Sandpoint Sothebys Intl Realty. Total real estate sales in our MLS year to date is actually slightly more this year than it was in 2002. So why do so many realtors feel so poor right now...because there are So Many Realtors.
In 2002 there were 73 producing Agents (those who had at least one closed transaction), sharing a total of $245 million in revenues (year to date through October). In 2003 there were 79 producing agents in the Selkirk MLS, producing YTD revenues of $325 million. The average Agent that year made $83,000. In 04 as the market was beginning to heat up, there were 107 agents earning an average income of $103 million. The market continued to heat up into early 2007, and has slowed off since then.
THis year there has been $309 million in closed transactions, close to the 2003 mark which at the time was considered an excellent year. This dispels the notion that sales transactions are significantly low and that there is no activity. The big difference however, is that this 309 mil has been shared among 218 Agents, making an average income of just $28,000.
Another factor for us Realtors is that we are spending a great deal more money to market ourselves and our listings than we did 5 or 10 years ago.
What we are seeing right now in this market is many Realtors leaving the business. As difficult as this process is, it seems to be a natural part of the economic cycle and is a painful necessity. The market is likely to remain below where it had been in the boom years from 04 thru 06, which means those of us planning to stay in the business have to buckle down and survive.
As I was getting ready for a quick mountain bike ride the other day, our dog Bentley (a Shih Tzu) gave me the full guilt trip for leaving him at home. I wasn't looking to work too hard anyway, so I figured I'd bring him along and at least let him run around for a bit before or after my ride.
We drove to the trailhead off of Pine Street Loop just past Syringa, and I figured I'd go ahead and ride half a mile in on the flatter part and let Bentley chase after me. I almost turned back in the first couple minutes as he was already falling behind. But every time I started to go back for him he would be coming around the corner. Long story short, we ended up at the top of this fairly substantial climb that ends just off of Janish Drive several miles away. I almost called my wife to meet me at the road to take my little dog back home. But he just seemed to have his A game going, so I headed down and he followed. I was absolutely shocked- this is a pretty fast and long downhill, and Bentley just scampered over everything and basically stayed with me all the way to the car.
What a stud! I'd like to see another Shih Tzu that can hang like that!
Incidentally, this is a great local Sandpoint ride that not many people know about. There are a bunch of ways to go, but essentially this is single track that connects all the way from Pine Street Loop to Janish Drive (way up Baldy Road). There are some relatively technical sections and also tons of fast and fun riding.
It's official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.
In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.
So Who Gets What? The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.
Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.
Deadlines In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
Higher Income Caps in Effect The amount of income someone can earn and qualify for the full amount of the credit has been increased.
Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.
Joint filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.
Maximum Purchase Price Qualifying buyers may purchase a property with a maximum sales price of $800,000.
First-Time Homebuyer Tax Credit - Frequently Asked Questions Here are answers to some commonly asked questions about the tax credit.
What is a tax credit? A tax credit is a direct reduction in tax liability owed by an individual to the Internal Revenue Service (IRS). In the event no taxes are owed, the IRS will issue a check for the amount of the tax credit an individual is owed. Unlike the tax credit that existed in 2008, this credit does not require repayment unless the home, at any time in the first 36 months of ownership, is no longer an individual's primary residence.
What is the tax credit for first-time homebuyers (FTHBs)? An eligible homebuyer may request from the IRS a tax credit of up to $8,000 or 10% of the purchase price for a home. If the amount of the home purchased is $75,000, the maximum amount the credit can be is $7,500. If the amount of the home purchased is $100,000, the amount of the credit may not exceed $8,000.
Who is eligible for the FTHB tax credit? Anyone who has not owned a primary residence in the previous 36 months, prior to closing and the transfer of title, is eligible. This applies both to single taxpayers and married couples. In the case where there is a married couple, if either spouse has owned a primary residence in the last 36 months, neither would qualify. In the case where an individual has owned property that has not been a primary residence, such as a second home or investment property, that individual would be eligible.
As mentioned above, the tax credit has been expanded so that existing homeowners who have owned and occupied a primary residence for a period of five consecutive years during the last eight years are now eligible for a tax credit of up to $6,500.
How do I claim the credit? For those taking advantage of the tax credit in 2009, you may choose to either apply for the credit with your 2009 tax return or you may apply for the credit sooner by filing an amended 2008 tax return with Form 5405 (http://www.irs.gov/pub/irs-pdf/f5405.pdf).
Sandpoint Idaho has once again received incredible recognition in the latest issue of 'Where to Retire', a magazine that is available in every airport in the country.
This article talks about Sandpoint being 'the next great place' to not only retire, but also to live and enjoy the four season outdoor lifestyle and the many cultural events, so unique to such a small town. A fellow Sothebys agent and friend of mine, Gary Lirette, was one of several people interviewed and highlighted in this article.
The article talks all about Schweitzer, Lake Pend Oreille and the beautiful natural amenities we have. It also goes on to discuss the many festivals and cultural attractions. And it touches on the real reason that my family and I chose Sandpoint over so many other outdoor/ski towns...the fact that so many of us have come here for the same reasons, the old fashioned values, neighbors caring for one another, and a place where you are free to be an individual and are accepted for who you are, no pretension.
Finally the article discusses the relatively low prices of real estate, when compared to other towns that share even close to the amenities and quality of life that we enjoy.
Dover Bay Waterfront Resort has selected a core team of Real Estate Agents to represent most of its property sales, including Bayside South condos, Parkside Bungalows, Cabins in the Woods, Cottages at Dover Meadows, Bayside North and Reedwalk Homesites. This new team is comprised of myself, PJ Nunley, Carrie LaGrace, and Brian Harvey, all with Jeff Bond's team at Tomlinson Sandpoint Sothebys International Realty.
TSSIR has and will continue to be the Listing Broker for all Dover Bay real estate transactions. This change has simply reduced the number of Listing Agents on the Dover team. And rather than having two agents responsible for different neighborhoods, the four of us now form a core team sharing equally in the responsibility for all listings.
What this means for the customer and for Dover Bay property owners ...
1) Easier to form relationships with the Dover sales team, as all of us will have our primary offices at the Dover Discovery Center
2) A team approach means we all work together to help our customers. So if one of us is unavailable there should always be someone to help out at the time the customer wants assistance.
3) We are all experts on Dover Bay and all the real estate products offered. This eliminates the need for a customer (or another Agent) to be passed along to several people to get the help they need.
Any outside Real Estate Agents, Property Owners, or interested parties will also be able to call on any of the four of us for help with all of the above listings. We will work closely together to ensure an excellent experience for anyone interested in Real Estate at Dover Bay.
To meet the new Dover Bay team, stop by the Discovery Center at the entrance to Dover Bay or call our office at 208-265-0627.
Fred and Trevor Greenfield have contributed greatly to the cultural aspect of Sandpoint by bringing us the Lakedance Film Festival. In its fourth season at The Panida Theatre, the Lakedance Festival is now one of the top 100 festivals in the country.
The event started on October 31 with a 'Horror on the Lake' Halloween special, airing four of the scariest movies of all time including Texas Chainsaw Massacre and Night of the Living Dead. It then picked up last night for the actual opening night and will take place each evening through Saturday. The first evening was devoted to North Idaho Filmmakers, a category this is growing each year and provides a unique opportunity for our local aspiring filmmakers.
Evans Brothers Coffee, a new coffee roasting business owned by my brother and I, has participated in the Lakedance Festival this year as a sponsor. We donated coffee for the sponsors event at Lakedance on Thursday evening and attended the Friday reception at Laughing Dog Brewery. My brother (the real coffee genius of the partnership- I just do sales and marketing) hosted the first ever espresso bar at the Panida Theatre last night, and will continue to do so through the rest of the week.
It has been fun for us to be involved in this event and we look forward to doing our part to help this and other cultural events thrive in the Sandpoint community. The Lakedance Festival is one of many events unique to our town that really make it special. Of course we have the amazing natural amenities with Lake Pend Oreille and Schweitzer Mountain. But the artistic, musical, and cultural offerings make us a complete destination in my book.
The Sotheby's name has always been synonymous with luxury, and in most every location these offices have the lion's share of the luxury listings. This was certainly the case in Southern California when I lived there, and its definitely the case in Sandpoint and North Idaho.
Here are some interesting stats, showing year to date numbers in the Selkirk MLS through Sept 09.
% of all closed transactions:
Tomlinson Sothebys (TSSIR) $66 million 30%
Century 21 $47 million 21%
Evergreen Realty $19 million 9%
Coldwell Banker $16 million 7%
All Other $73 million 33%
Pretty good numbers for Tomlinson, and these figures seem to have held pretty true in the 25-35% market share year in and year out. However in the high end this dominance is even more pronounced.
All sales greater than $500,0000- TSSIR has almost HALF!
TSSIR $36 mil 47%
C21 $15 mil 19%
Sales greater than $1 million (TSSIR has 77% of the market year to date)
TSSIR $24 million 77% of luxury market closed sales
C21 $15 million
Another impressive stat is in vacant land over $1 million, where TSSIR has 100% of the market year to date.
So in summary, its clear that our office is the best choice for listing or buying high end property. We have a core group of top producing agents who all communicate regularly, work together to get our office listings sold, and who make it easy to quickly find the best values in the market.
As a specialist in waterfront, Schweitzer, and resort properties, my personal average sale has been in the $600s range. While I put the same hard work into helping all of my clients, regardless of price range, I believe that I am in the right position to help this niche of buyers and sellers. To discuss listing your property or to search for properties at Schweitzer, Lake Pend Oreille, Dover Bay, or others, visit www.SandpointResortRealty.com or email me at Rick@SandpointResortRealty.com.
Mandy, Trace, Bentley and I were looking for something to do on Sunday in this in-between Fall season...meaning in-between being able to go swimming in the lake or playing in the snow. So we took the short drive to Faragut State Park just a half hour or so south of Sandpoint.
I had been mountain biking a few times and had a blast on all the fast single track that lines Lake Pend Oreille but had never really taken the time to just walk around and explore. Faragut is really an amazingly beautiful spot on the south end of Lake Pend Oreille, near Bayview. This area is near where the lake hits about 1150 feet deep, and the mountains just shoot up from the water.
With the water level a bit low we were really able to enjoy hanging on the beach, feeding ducks, and my boy's favorite pasttime... throwing rocks in the water!
We did a bit of swinging at the kids park.
And we took a nice family hike on one of the many trails along the shoreline.
Next time we plan to campout in one of the great campgrounds they have set up at the park. Even better we'll make sure to have a boat there for the weekend, along with our bikes. Definitely another cool spot in North Idaho for the whole family!
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