Sandpoint, ID

For those people who are able to disengage themselves from the emotional elements of the current economy, there is incredible opportunity in the North Idaho real estate market. This area did not experience the irrational home appreciation that many cities (ie Bend, OR, Bakersfield, CA, Las Vegas, Phoenix) went through that led to a ridiculous oversupply problem and property values that were supported primarily by investors.

Sandpoint is an area that will continue to attract people for the four season active lifestyle and small town values. Prices are extremely low relative to other resort destinations offering similar amenities i.e. Whitefish, Lake Tahoe, Tamarack. And where values did become out of reach for many people, the market correction over the past couple years has made even waterfront purchases much more of a possibility for the average home buyer.

The inventory of available homes in this market has increased. Most people that are selling in this market are in a position where they really need to sell. Not only does this allow buyers to be in the drivers seat in terms of price, it has also brought back concessions such as owner financing, seller rate buydowns and closing cost credits.

Perhaps the biggest beneficiary in today's market is the first time home buyer. For those that have kept their creditworthiness and have solid employment, there has never been an easier time to buy property in North Idaho. We have the largest selection of homes in 15 years, and the first true buyer's market in 8 years. FHA loan limits are the highest they have ever been at $271, 050, and FHA loan programs are available for as little as 3% down with good credit. There are even 100% financing programs out there now for first time buyers. What's more, interest rates are still extremely low. Once the national economy recovers and investors put their money back into stocks (rather than bonds), interest rates will increase again.

In addition, the federal government is now offering a $7500 tax credit for first time home buyers that purchase before July 2009! This credit will actually be provided with their 2008 tax return if they buy before the end of the year.

It is easy to get caught up in the negative press. But for those that are waiting around for the bottom to drop, I encourage you to get out and see what opportunities there are today. While its true that average values may still decrease, there are screaming deals available today. When you factor in today's interest rates, the tax credict, the excess supply, it just makes objective sense to get out there while you are still in the driver's seat.

To find out about foreclosures and other well priced homes, visit my website at www.SandpointResortRealty.com or call 208-304-5665.

New pricing has just been made available for The Spires at Schweitzer, an 80 acre planned development located off the South Bowl of Schweitzer Mountain. The seller has just announced that he will offer a few lots as 'loss leaders', with pricing starting at $225,000!

The Spires is the highest elevation of any neighborhood at Schweitzer Mountain. Every one of the homesites offers stunning views of Lake Pend Oreille. The community has been very well-planned to preserve not only the view corridors but also ski access to all homesites. Each site is arranged so that the building envelope is essentially the entire lot - the common space has all been built in to protect these view corridors and create a very well laid out community.

Access to The Spires is at the end of Mogul Hill Road, where it turns into Tall Timber Road. There is a grand entrance and a majestic feel as you drive past the first homes. The best part of this community is the incredible ski access from the South Bowl of Schweitzer. From the 'Triple Chair' you ski past all the South Bowl chutes and drop over the boundary lines of Schweitzer. This takes you through some of the best powder runs anywhere in what locals refer to as 'Reservoir Run'. After skiing maybe 1000 or 1500 vertical feet you will find yourself at The Spires community.

The developer has also recently been able to purchase land that will now allow him to create a groomed ski trail from the Spires community that will connect with the Crystal Springs trail system back to the village. This will allow Spires to be marketed as true ski-in/out, by the definition of what an intermediate skier can access. Currently the setup is ideal for advanced skiers and offers the perfect powder run at the end of the day.

While there is quite a bit of vacant land on the market around Schweitzer, most of this has essentially no design guidelines and controls to ensure value into the future. The Spires is one of the best planned developments at a ski resort, developed by a local skier that will continue to be involved for the long run. There is already quite a close-knit community of owners at The Spires. all of whom get together frequently for apres ski get togethers.

If you are looking to be a part of a fantastic development that will be the premier address at Schweitzer for years to come, now is the time to get involved. Give me a call to schedule your personal ski tour!

Rick Evans

www.SandpointResortRealty.com

Marina Town is the premier waterfront condominium at the four season Dover Bay Resort. These condos offer a level of luxury that is difficult to find in North Idaho, with all of the top end fit and finishes, and phenomenal views. The closest competition in the Sandpoint area would be Seasons at Sandpoint, or perhaps the waterfront condos that are still in preliminary stages of development at The Idaho Club. The Idaho Club is pricing their condos from around $2 million, and the developer inventory at Seasons starts around $1 million.

The new Building 1 for Marina Town has just been completed. The two downstairs units have actually been combined into one penthouse for one buyer. However the two upstairs condos are currently available and are drawing quite a bit of interest even in this market. They are both priced around $900,000 and each offers more than 2000 square feet and includes a loft and high ceiling that makes it feel even bigger. Building 1 is perched just steps from the water, and adjacent to the Marina Town private sandy beach. The views from each of these units are phenomenal, with a spacious deck opening from both the great room and the master bedroom. Because each is a corner unit, there is a ton of light and large windows offering water views for almost 180 degrees.

In addition to the private beach, there is a new reflective pool that is being worked on now. This will be an infinity edge pool that provides majestic views and has the feel of dropping into the lake.

Buildings 3 and 7 have now been staked out so that a prospective buyer can get a true picture for just what their view could be. These two buildings have four condos each, all of which are true waterfront yet priced lower because they are setback from the water at an angle. In some ways they offer an even greater view, as they will have unobstructed site lines overlooking the reflective pool to the lake. Prices for these units start as low as $595,000 which is unheard of for luxury waterfront in the area. Two of the four available in building 7 have already been reserved.

Each of the new condo units offers a 2 car garage (as opposed to 1 car in the existing buildings 8 and 9). Another key change has been moving the fireplace from the center of the living and dining rooms to the corner, thus opening up the great room. There are also fireplaces in the master bedroom and an incredible resort-style bathroom off the master.

With the prime location next to the Dover Bay Marina, the Cafe and Market, Fitness Center and Pool, and the miles of trails, Marina Town at Dover Bay is truly a one of a kind offering. This is the only lakefront condominium product to be offered at Dover Bay, and there is a limited amount of inventory remaining.

For more information, photos, etc or to schedule a tour, just shoot me an email or give me a call.

What a fantastic Fall season we have had in Sandpoint, and at Dover Bay! The foliage is amazing, the sun has been shining every day, and the pace has been relaxed and tranquil. For those of us fortunate enough to live at Dover Bay year round, the months of Sept and Oct are one of the best times here.

One of the more overlooked aspects of the Dover Bay location is the incredible mountain biking and hiking trails out our back door. Within two or three minutes from home I can access miles of single track trails in the hills behind Dover that locals call 'Syringa'. These trails are a local favorite and are user-friendly enough to be a great introduction to mountain biking. At the same time there are challenging, more technical routes that can be taken. Picturesque views are offered to the south overlooking Dover Bay and the Pend Oreille River, while to the north you get sweeping vistas of Sandpoint and Lake Pend Oreille from the top of Ravenwood.

Another favorite family activity of ours is to take our two little dogs and walk the miles of flatter trails that meander through the woods and estuaries of Dover Bay itself. The views from the top of Dover Point on the east side of Dover are as good as it gets. We also love started our walk at the beach park and crossing over the foot bridges, doing a couple mile loop that takes you around Browns Inlet.

These walks are when you really appreciate living out here, as we inevitably run into people we know or make friends with new visitors or residents of Dover. The pace here is unhurried and most everyone we meet is very friendly and shares common interests. In fact when we first showed up with our moving van I had two different neighbors show up offering to help out.

Other nice additions to this community have been the pool and jacuzzi, the fitness center, the Cafe, and the Market. We love hitting the Cafe for breakfast on Sunday mornings, overlooking the lake. This is another place that has become a popular local gathering place. The plan is for breakfast and lunch to continue through the winter from Wed through Sunday.

We are now looking forward to a Winter wonderland where we will be able to cross country ski literally out our back door, snow shoe in the nearby hills, access Schweitzer with ease, and finish the day in the lakefront jacuzzi.

Despite the slowing of the real estate market, the ownership of Schweitzer Mountain Ski Resort is continuing to do the behind the scenes work to ensure that our ski resort gets better and better. Last year we saw the creation of the new arrival roundabout, and more importantly the addition of two new ski lifts.

This Winter 08/09 season will see a substantial increase in snow-making ability, with the goal of being able to open for Thanksgiving weekend every year. The installation is the most energy efficient and low impact snow making system available with the latest proven technology. Nine fully automated Techno Alpin M18 fan snowmaking guns will be moved between twenty-three hydrants. These high tech automated snowmaking guns are able to produce 25% more snow for the amount of energy consumed than other types of systems, while being 40% quieter than the average system on the market.. They sense when conditions make snowmaking possible and turn on automatically, and also turn off automatically to conserve energy when conditions are not ideal. The water and air mix can be adjusted
to get just the right density for the purpose, whether it be building a base or topping off the run with fresh powder.

Another exciting enhancement is the additional 6 miles of beginner mountain bike trails that start at the top of the mountain and include skill parks. Having hosted the NORBA races in the past, Schweitzer is already blessed with incredible mountain biking terrain. Many people do not realize that many miles of single track exist below the base of the village, where you can ride single track all the way down the mountain.

This fall several national snowsports magazines spotlighted Schweitzer with special honors. Skiing Magazine editors chose Schweitzer Mountain Resort as "Best Place to Ditch the Crowds" in the magazine's first annual Resort Awards issue. SKI Magazine readers placed Schweitzer in the top 10 resorts in North America for their chairlift system. Powder Magazine claims Schweitzer has the "best park in the Pacific Northwest" and Snowboard Magazine says it's a world class mountain with lots of soul.

Summer lodging at Schweitzer was actually up 25% over last year, with summer lift rides up 5.4%. On the heels of a record breaking winter (in terms of visitors), this is also a great sign for the future.