Chris Schreiber CCIM

Hope / East Hope (Bonner County) Idaho

It pretty easy to figure out why people choose the shoreline communities of Hope and East Hope for a full time home or for a place to retreat. Beautiful blue sky, open spaces, some of the most incredible views of Lake Pend Oreille, great places to east, deep water access for year-round (albeit cold in the winter) water access, and miles of untouched national and state forest!

The twin cities of Hope and East Hope lie on the east side Lake Pend Oreille with primary access from Highway 200. The community is serviced by the Bonner County Sheriff's Department, Bonner County EMS, and several volunteer fire departments. Hope and East Hope continue to be a rural community with many residents working to the west in Sandpoint.

This is relatively small submarket within Bonner County and there were only a reported 15 home sales during 2008. The average marketing period was 143 days. Total residential volume was just over $9.5 million and the average discount off the original list price was 12%. Considerably longer marketing period, larger discount from original list and high median sales price are all due to the inclusion of waterfront homes along Lake Pend Oreille. For reference the range of sale prices were from $143,000 to more than $2.3 m.

Inside of the city limits there are a variety of parcel size requirements and many smaller "city lot" sized parcels can be found. Outside the city limits the typical parcel size is a minimum of 5 acres with many areas designated as 10 or even 20 acre minimums.

There were 6 land sales in the community during 2008, total volume of just over $1.3 million, average days on market at 165 with an average discount off the list price at 19%. I expect the list to sale discount will increase in 2009 both due to economic conditions and a change in the method of reporting the figure made by the local MLS.

In general, we expect 2009 will report fairly comparable numbers. Land inventory will continue to be absorbed, homes sales will continue as buyers search for bargains and sellers get more realistic, and overall we will see a return to a more typical sales volume.

Sagle (Bonner County) Idaho

It pretty easy to figure out why people choose the small community of Sagle to call home. Beautiful blue sky, open spaces, proximity to Lake Pend Oreille, Sandpoint, Coeur d'Alene and Spokane, a strong community of residents and a spirit of volunteerism! At least those are a few of the reasons that we call Sagle home.

The unincorporated community of Sagle lies south of the Pend Oreille River and Lake Pend Oreille. Nestled in tree covered rolling hills, the community is roughly divided by Interstate 95 with major east west streets including Dufort Road and Sagle Road. Although there has been talk of incorporation on and off over the course of the past 10 years, there presently is no significant movement to do so. The community is serviced by the Bonner County Sheriff's Department, Bonner County EMS, and the Sagle Fire Department. Sagle continues to be a rural community with many residents working to the north in Sandpoint or further south in Kootenai County.

During 2008 there were 74 homes sold in Sagle with a median price of $285,000. The average marketing period was 123 days. Total residential volume was just over $25 million and the average discount off the original list price was 11%. The median home price is higher than the county wide average, most likely due to the inclusion of waterfront homes along the southern edge of Lake Pend Oreille.

Much of the community is zoned for a minimum of 5 acre parcels with large portions requiring 10, 20 or even 40 acre minimum lot sizes. These rural zoning designations have retained the rural feel of the community with the only true residential subdivision developments being near Highway 95, just south of the Long Bridge.

There were 41 land sales in the community during 2008, total volume of just over $12 million, average days on market at 113 with an average discount off the list price at 12%. I expect the list to sale discount will increase in 2009 both due to economic conditions and a change in the method of reporting the figure made by the local MLS.

In general, we expect 2009 will report fairly comparable numbers. Land inventory will continue to be absorbed, homes sales will continue as buyers search for bargains and sellers get more realistic, and overall we will see a return to a more typical sales volume.

Questions on the Sagle Community ... contact the OnPoint Team at Century 21 RiverStone (208) 263-0311.

Statistical data supplied by Selkirk Association of Realtors, Multiple Listing Service.

Bonner County (Sandpoint) is well known for waterfront living center on Lake Pend Oreille and the Pend Oreille River. Lake Pend Oreille is one of the largest and deepest fresh water lakes in the Northwest region, if not the county but the majority of the 100+ miles of shoreline is dedicated national, state or local park land and is relatively untouched.

In terms of real estate, there were 38 waterfront homes sold on the river/lake during 2008, totaling over $25 million in volume. The typical home required a 12% deduction from the original list price and 150 days on average prior to acceptance of an offer. The median waterfront home price was $550,000. In 2009, we expect that the deduction of list price will increase as will the average days on market. This is due to a combination of the effects of the national economic crisis and a change in the way the local association tracks these figures.

In terms of land, most waterfront parcels are sold on a price per front basis. Peak pricing can be found on smaller parcels closer into the City of Sandpoint or the City of Hope. The lowest price per front foot is found along the Pend Oreille River. What's the typical range? Price per front foot ranges from just under $20,000/front foot to as low as $1,500/front foot. Topography, access, utility availability, view orientation, water depth and many other key factors come into play when considering waterfront. During the past year we also witnessed some major changes in the way waterfront land will be permitted to be developed in the future. Conservation concerns have increased the required buffers between the water line and new construction, fees have been increased for dock permits and dock transfer permits, and septic requirements have become considerably more stringent.

By the numbers, there were a reported 16 waterfront land sales in 2008 with a total volume of $7.4 million, average days on market at 183, and an average discount off the original list price of 14%. It should be noted that with a change in the MLS system in 2008, it's definitely possible that some sales were not properly categorized as waterfront. However, the data that is available shows that waterfront land sales activity substantially slowed in 2008.

In 2009, we expect that sellers will continue see the realities of today's market, list and sell property at market oriented prices. However, with much of the waterfront owned as second homes or investment property, we may see quite a few parcels removed from the market all together. Most people active in the marketplace feel that long term Sandpoint will be a major destination in years to come, so why sell now when the market is depressed?

Need more information on waterfront in the region (Lake Pend Orielle, Pend Oreille River, Priest Lake, or Lake Coeur d'Alene) ... contact the OnPoint Team at Century 21 RiverStone (208) 263-0311.

Statistical data supplied by the Selkirk and Coeur d'Alene Association of Realtors, Multiple Listing Services.

Pend Oreille County is one of the northern most counties in the State of Washington, bounded by Idaho the east, Stevens County to the west, and Canada to the north. Much of Pend Oreille County is comprised of forest land with the river valleys lined with large scale farms. Agriculture remains the largest economic driver in the county. Newport is the county seat and home to the county courthouse and administrative offices.

2008 was a solid year for real estate in the county. There were 98 residential properties sold over the course of the year. The average marketing period was 109 days. Total residential volume was just over $17 million and the average discount off the original list price was 11%.

In terms of land sales activity, 2008 was slower than prior years. There were 63 land sales in the county in 2008, total volume of just over $5 million, average days on market at 152 with an average discount off the list price at 14%.

I expect 2009 will report fairly comparable numbers. Land inventory will start to get absorbed, homes sales will continue as buyers search for bargains and sellers get more realistic, and overall we will see a return to a more typical sales volume.

Questions on Pend Oreille County ... contact the OnPoint Team at Century 21 RiverStone (208) 263-0311.

Statistical data supplied by Spokane Association of Realtors, Multiple Listing Service.

Boundary County is the northern most county in the State of Idaho, bounded by Washington to the west, Montana to the east, Bonner County (Idaho) to the south and Canada to the north. Much of Boundary County is comprised of forest land with the river valleys lined with large scale farms. Agriculture and tourism remain the two largest economic drivers in the county. Bonner's Ferry is the county seat and home to the county courthouse and administrative offices.

2008 was a solid year for real estate in Boundary County. There were 97 residential properties sold over the course of the year. The average marketing period was 150 days. Total residential volume was just over $19 million and the average discount off the original list price was 10%.

In terms of land sales activity, 2008 was considerably slower than prior years. In my opinion there was a flurry of development and subdivision that occured starting in 2005 and topping out in 2007 into early 2008. As an oversupply of lots came to the market and the national economy slowed, land sales activity was the first to reflect the slow down. There were 51 land sales in the county in 2008, total volume of just under $5 million, average days on market at 137 with an average discount off the list price at 20%.

I expect 2009 will report fairly comparable numbers. Land inventory will start to get absorbed, homes sales will continue as buyers search for bargains and sellers get more realistic, and overall we will see a return to a more typical sales volume.

Questions on Boundary County ... contact the OnPoint Team at Century 21 RiverStone (208) 263-0311.

Statistical data supplied by The Selkirk Association of Realtors, Multiple Listing Service.