An Afternoon at a Coeur d'Alene Idaho Real Estate Auction

Janna Rankin Scharf, GRI, CLHMS, SFR - Coeur d'Alene Idaho Real Estate

I had an opportunity to attend a Real Estate auction on a beautiful home at Kidd Island Bay.  This unique home looks remarkably like a big red barn.  Although unusual in appearance, it is a lovely home near the lake with pretty, filtered views of Kidd Island Bay on Lake Coeur d'Alene.  It was built in 1998 with 1800 square feet on 1.3 acres.

Listed for sale with several different brokerages, on and off since 1995, at a peak price of $529,000, the home had finally been lost to foreclosure.  The assessed value is now $275,766.  It was listed as an REO for $165,000.  A previous attempt to auction the home a few months ago was unsuccessful.  Although this was a beautiful home with wonderful amenities in a great location, did I mention that it was in the shape and color of a big red barn? 

Auction day was beautiful with bright blue skies and warm spring breezes.  The turn out on auction day was quite good, I thought.  Bidders had been registered online, and there was a festive feel in the air as bidders, agents and spectators gathered.   

The auction was conducted by Williams & Williams.  Our auctioneer arrived in a shiny red car and quickly set up his sound equipment.  He spoke with a southern drawl and conducted the auction in gentlemanly good humor.  He complimented those of us lucky enough to live here, saying he has never been to a more beautiful place to conduct an auction.  I actually believe he meant it!

As he was reading the auction notes and disclosures to the group, he got a laugh from the crowd as he gave an example of what buying the home "as is" means.  It's like getting married.  You're excited at the wedding with how beautiful your bride is.  But when you wake up in the morning and see her without her makeup on, it's too late to change your mind, she's YOURS!

The auction itself went very quickly.  After the autctioneer read the notes and disclosures, the fun began.  Bidding started at $25,000 with about half a dozen serious bidders as the bids rose.  In the end, the lucky winning bidder snagged the home for $150,000.  And just like that, it was over.

I believe that auctions such as this will become more and more common in our struggling market as sellers look for ways to find buyers for exceptional properties.  It is a creative way to get interest and bring the best price possible in a tough market.