Post Falls, ID

My sister Kerri has long written a weekly column in The Coeur d'Alene Press titled Main Street. She recently began an online version of her column at www.cdapress.com. It is a wonderful place to get a glimpse of the who, what, why, when and where of beautiful north Idaho, often through the lense of her camera. I love this photo she took last winter. (She is also affectionately known as the Bird Lady of Pioneer Ridge.) Check her out online at More Main Street.

Another North Idaho Loan Modification Company, HomeModifier, Gets Busted!

It wasn't long ago that Apply 2 Save went down in legal flames after ripping off scads of vulnerable homeowners trying to make the best of a bad situation. In the news this week is the tale of another loan modification company that didn't deliver what people paid big money for them to do. APS Northwest LLC, operating under the name HomeModifier in Spokane Valley and Post Falls, is being charged with a scam by the Idaho attorney general.

The AG filed legal action in the First District Court this week with an order to hand over tens of thousands in civil penalties for false representation, false advertising, and failing to perform services.

The complaint states, "Defendants accepted thousands of dollars from dozens of consumers for mortgage modification services that defendants never provided, that they were not qualified to provide, and that defendants were not authorized to provide."

BEWARE of LOAN MODIFICATION COMPANIES! I have written several articles about loan modifications and how these companies charge HUGE fees to do something that you can do yourself. In many cases,as with HomeModifier, they take your money and leave you hanging. For some important loan modification information please read:

Loan Modification Scams, Operation Loan Lies and a Ding on Your Credit Report

Loan modifications are FRUSTRATING to attempt to accomplish, and increasingly I am hearing of horror stories from good folks who should qualify but can't make it happen in spite of their best efforts. The facts are that in most cases it is NOT in the lenders best financial interest to modify a loan.

Is the FDIC Killing Short Sales and Loan Modifications in Coeur d'Alene Idaho?

It seems as if they are intentionally trying to make it as difficult as they can. It can seem tempting to someone who is emotionally stressed and financially overwhelmed to pay a fee for not having to personally deal with a lender. But proceed with EXTREME CAUTION!

BEWARE OF LOAN MODIFICATION COMPANIES! Do it yourself and save thousands!

As for HomeModifier, the Attorney General is ordering LLC managers Randy Paul Allen, Travis Wayne Smith and Clint Ty Paulson to pay restitution to everyone who suffered economic damages from their conduct. They have also been ordered to pay attorney's fees and investigation costs, and they can't engage in business in the state of Idaho again. Good!

I caught something out of the corner of my eye this morning.

If you look to the right column of my Blog, on the screen you are reading this on, scroll down a bit and you will see a little Trulia widget that displays a year's graph of the average listing prices in Post Falls as well as Hayden. It says LOCAL REAL ESTATE TRENDS. (For some reason, Trulia doesn't display Coeur d'alene stats, still haven't figured out why.) This morning I noticed the graph showed a very sharp SPIKE in average listing price in Post Falls. HOLY BANANAS, one might think. What the Average Joe would have no idea about, is that on August 9 an exceptional property on the Spokane River in Post Falls went on the market for almost $20,000,000! Right at the time the average listing price in that small town shot up! You can read about the Amway House here.

Now, does that spiked average listing price accurately reflect the real estate market in Post Falls, Idaho? Heavens no!

Another pet peeve of mine is ADOM or average days on market. So many listing agents and sellers will withdraw their property and then relist it, or let it expire, and then relist it, so as to reset the ADOM calendar. Just yesterday I was investigating a property for a prospective buyer. Although it is relatively recent on the market, a search of the history shows it has been for sale since May of 2007. But the current short listing time is what is calculated to determine the ADOM for that house, as well as the ADOM for all homes in town. I ALWAYS check the history of homes I am using as comparables when doing a comparative market analysis for my clients, whether buyers or sellers.

These are just a couple reasons why it is important to have a knowledgable professional to consult with as you strategize your real estate objectives. Knowledge is power, but acurate knowledge takes a little more effort to uncover...

Janna Rankin Scharf, GRI, CLHMS -
Click here to see ALL Coeur d'Alene Area Waterfront Homes for Sale on the Spokane River!

This is part three in a series of seven market reports of waterfront homes for sale on our area's magnificent lakes and rivers. You can take a look at details and photos of all homes for sale on the Spokane River in our MLS by clicking the link above. This list will be automatically updated daily through September 15 with new listings. Sold or expired listings will be dropped from the list. You can find links to the other reports in this series at the end of this post.

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. It was next to a bonfire on the river bank there that my future husband proposed to me! 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, long time Post Falls resident and current City Councilor, took the photos featured here. 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. It tops my list of riverfront homes for sale.

As of today, 8/18/09, there are currently 44 single family homes for sale on the Spokane River, ranging in price from $324,900 to $19,995,000. Yes, that's right, $19,995,000! Twenty three homes have price tags of more than a million dollars!

On the low end, $324,900 will get you great value on an REO, or Real Estate Owned as it is recorded on the bank's balance sheet. A foreclosure. This home sits on 0.67 acres on the bank of the south side of the river. It is 3048 sq. ft. and was built in 1970. Unfortunately, the MLS information doesn't tell us how much river frontage that it has, only that is has a dock. It was originally listed at $599,000 and has been on the market for 381 days.

At the other end of the spectrum is the palatial estate known to locals as The Amway House, or The River House, having been built by the Puryears in 1995 from their Amway fortune. On the market for 8 days for $19,995,000, with an MLS description that 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. The listing broker is offering to compensate a buyer's agent 2.5% of the purchase price, which on a full price offer would translate to a cool $499,875. Call me if you are looking for a good buyer's agent!

Since The Amway House is truly exceptional, let's take a look at the next highest priced "normal" home for sale on the Spokane River. This home has been on the market for 53 days at $8,500,000. It has 11,433 sq. ft. and sits on 9.68 acres. It was built in 2006 and has 420 feet of water frontage. It also has a 3 bedroom, two bath guest house with it's own 3 car garage, and a 1 bedroom, 1 bath cabana. It is actually priced more per square foot than the Amway House, at $743.46.

Only one home has sold on the Spokane River in the past 12 months. 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 a 44 year absorption rate for these Spokane Riverfront homes. One sale a year, 44 homes for sale, it would take 44 years at our current rate of sales to absorb this inventory. 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.

The one sale occurred on May 12 for $1,600,000. Located on the north side of the river in Edgewater at Mill River, it had an original list price of $1,799,000 and was on the market for 100 days. The list to sale price ratio is 89%. The home sits on 0.40 acre and has 4723 sq. ft, and sold for $338.77 per square foot. There is no info in the MLS to tell us how much river frontage it has, but it does say that it has a dock for a 38' boat.

Currently there is one sale pending on the Spokane River, for $1,525,000. It's new constructionlisted by Black Rock Properties in the Mill River subdivision of Coeur d'Alene. It has 3403 square feet and was built in 2007. It has a boat slip but no mention of how much river frontage. The buyer has the opportunity to apply for membership in The Club at Black Rock.