Dover Bay Resort offering Special Finance Incentives

Dover Bay Resort is now offering incredible finance incentives for standing inventory, to anyone who initiates a Purchase offer before October 1. Dover Bay has worked with Mountain West Bank to create this opportunity, with rates that really provide an exceptional savings. However this is a short term offer that applies to any Purchase & Sale agreements that are initiated by October 1.

For conforming loans (up to $417,000) the following rates are being offered: 3% Interest Rate for year 1, 4% Interest Rate for year 2, and 5% for years 3 through 30. This is based on excellent credit, 10% down, and a primary residence purchase. Second home purchases however should be much the same, except for potentially requiring 5-10% additional down payment. For a Bayside South condo priced at $388,000, your payments would be as follows: $1472/month in year 1, $1667/month in year 2, and $1875/month for the balance. No funny business with these loans- simple 30 yr fixed, but with Dover Bay negotiating what amounts to a 'rate buydown' for its purchasers.

Special finance packages at Dover Bay are also being offered on Jumbo loans (loan amount over $417,000) as well as Home Site Loans. The Jumbo mortgage market has been particularly challenging in the past year because of the lack of a secondary market to purchase these loan funds, and rates have typically been at least 7%. Dover Bay's offer will provide a 5% rate for year 1, 6% for year 2, and 7% thereafter with just 10 to 20% down. Home site loans will be offered with 25% down on a 20 year loan with 5 year call, at 7.5%. Of course all of these rates are subject to change based on market conditions.

For those people who have been sitting on the fence waiting for the right time to purchase the perfect home, this should provide the motivation for many to jump! Coupled with new pricing on the Cabins in the Woods, new floor plans and aggressive pricing for the Cottages and Parkside Bungalows, this is probably the best buying opportunity in the history of Dover Bay.

Signs have been pointing to a real estate market recovery, both nationally and locally in the Sandpoint area. Many don't realize that our market in Bonner County has actually been trending downward going into its 5th year, which is typically the longer end of down market cycles. The price per unit is definitely stabilized, with inventory leveled off in most submarkets. Our office of Tomlinson Sandpoint Sothebys Intl Realty, which accounts for roughly 1/3 of all transactions in the county, has been experiencing incredible volume in closings and pendings over the past couple of months.

To discuss the real estate market and buying opportunities in Dover Bay or the Sandpoint area, please email me at rick@sandpointresortrealty.com, call 208-304-5665, or visit my website at www.SandpointResortRealty.com where you can search the entire MLS and find more detail on Dover and other area developments.