Janna Rankin Scharf, GRI, CLHMS -
The Spokane River runs from the northwestern tip of Lake Coeur d'Alene west through Post Falls to the Washington state line, and beyond.  I have fond memories as a kid swimming and playing in the river behind NIC off of the dike road.  Recently, the beautiful new mixed-use development of Riverstone has taken shape in a reclaimed mill site.  Upscale developments of high end homes and condos line the north side of the river as it snakes into Post Falls.

My sister Kerri Thoreson is a long time Post Falls resident and current City Councilor. Kerri likes to say that the real "Gold Coast" of the Coeur d'Alene/Post Falls area is the Spokane River between Lake Coeur d'Alene and the Post Falls dam. The homes there are spectacular beyond description. Amway millionaires Ron and Georgia Lee Puryear's 28,000 sq. ft. home, nicknamed the River House, is the fairest of them all.  Or at least, the most expensive of them all. 

ACTIVE LISTINGS AS OF 12/31/2009
As of 12/31/2009 there were 25 Spokane River waterfront homes for sale.  This is a reduction of inventory from 8/18/09, when there were 44 single family homes for sale on the Spokane River.   In August, the prices ranged from $324,900 to $19,995,000.  As of 12/31/09 the lowest priced home for sale was $299,000.  The $19,995,000 palatial Amway House, or The River House, built by the Puryears in 1995, is still the highest priced Spokane River waterfront home on the market.  Its MLS description says "Showing this house is like a trip to Disneyland!"  It has 28,468 sq. ft. Here are a couple of interesting facts about this exceptional home.  Property taxes are a whopping $155,000 annually.  The listing price per square foot is $702.34. 

Thirty eight Spokane River waterfront homes were for sale for over $1 Million on 12/31/2009, compared to only 23 back in August.  I'm not sure what to attribute that big increase to.

SOLD LISTINGS AS OF 12/31/09
Only 4 homes sold on the Spokane River in 2009.  As is the case with higher end homes in our market, no matter their location, there is a much higher supply than demand. Statistically speaking, there is an 6 year absorption rate for these Spokane Riverfront homes.  Four sales a year, 25 homes for sale, it would take more than 6 years at our current rate of sales to absorb this inventory. 

The list price to sales price ratios on the Spokane Riverfront homes that sold ranged from 85% to 95% with an average of 91%.  This is a much better ratio than homes selling on Coeur d'Alene Lake saw in 2009.  Those homes sold between 71% and 88% of their final list price, with an average list to sales price ratio of 82%. Remember, this is the listed price at the time of purchase, and doesn't take into account that many of these homes had already had significant reductions from their original list prices.

What this means for you as a buyer is that in all likelihood there will never be a better time to get a super deal on a spectacular Spokane Riverfront home. 

What this means to you as a seller is that your pricing and marketing strategies have never been more critical!  As more homes come on the market with the coming of spring, that absorption rate will become even more grim, unless the numbers of buyers also rebounds significently.

EXPIRED, CANCELED, WITHDRAWN LISTINGS AS OF 12/31/2009
2009 ended with 35 expired Spokane River waterfront listings, 12 canceled, and 1 withdrawn.

PENDING LISTINGS AS OF 12/31/2009
There were no pending listings on the Spokane River at the end of the year.

If you have questions or would like more information about any of these properties, just give me a call. 
I would love to assist you in achieving your Spokane River waterfront real estate goals!

Visit my website for current links to ALL Coeur d'Alene Area Waterfront Homes For Sale.