Monday, May 30, 2011
Thursday, March 31, 2011
Scott Chesrown named 2010 Top Sotheby's Real Estate Agent for Sales Volume & Units Sold in Coeur d'Alene.
Sandpoint, Idaho - March 9, 2011 - Coeur d'Alene real estate broker, Scott Chesrown, was named Top Agent for Sales Volume and Top Agent for Units Sold in 2010 for Tomlinson Sotheby's International Real Estate in Coeur d'Alene, Idaho.
Scott Chesrown, who previously operated the Black Rock Properties real estate brokerage, joined Tomlinson Sotheby's International Realty Coeur d'Alene in September of 2010 and specializes in luxury properties such as those found at the acclaimed Golf Club at Black Rock as well as waterfront homes in and around North Idaho.
"The market has been very difficult for the types of properties we specialize in," says Mr. Chesrown, "but we stayed true to our dedication for marketing fine properties throughout the area and have seen the smart investors begin entering the market again. Our hard work, level of marketing and communication has definitely begun to pay off."
The Tomlinson Sandpoint Sotheby's and Tomlinson North Idaho Sotheby's offices began operating under the same ownership at the time Chesrown decided to join the Sotheby's network. By taking ownership of both offices, the company will now be viewed as a regional organization that specializes in top-tier, luxury real estate in Sandpoint, Coeur d'Alene and the greater North Idaho region.
"The Sandpoint office had tremendous success in the top-tier market with well over 75% market share of properties sold above $1 million in their area throughout 2010," says Chesrown. "The exceptional brand has the same opportunity for success in Coeur d'Alene, if not more, and I am excited to be part of the foundation of that success."
To learn more about Tomlinson Sotheby's International Realty, visit TSSIR.com. For more information on Scott Chesrown and the Black Rock Properties Group visit BlackRockFineHomes.com.
Scott Chesrown, who previously operated the Black Rock Properties real estate brokerage, joined Tomlinson Sotheby's International Realty Coeur d'Alene in September of 2010 and specializes in luxury properties such as those found at the acclaimed Golf Club at Black Rock as well as waterfront homes in and around North Idaho.
"The market has been very difficult for the types of properties we specialize in," says Mr. Chesrown, "but we stayed true to our dedication for marketing fine properties throughout the area and have seen the smart investors begin entering the market again. Our hard work, level of marketing and communication has definitely begun to pay off."
The Tomlinson Sandpoint Sotheby's and Tomlinson North Idaho Sotheby's offices began operating under the same ownership at the time Chesrown decided to join the Sotheby's network. By taking ownership of both offices, the company will now be viewed as a regional organization that specializes in top-tier, luxury real estate in Sandpoint, Coeur d'Alene and the greater North Idaho region.
"The Sandpoint office had tremendous success in the top-tier market with well over 75% market share of properties sold above $1 million in their area throughout 2010," says Chesrown. "The exceptional brand has the same opportunity for success in Coeur d'Alene, if not more, and I am excited to be part of the foundation of that success."
To learn more about Tomlinson Sotheby's International Realty, visit TSSIR.com. For more information on Scott Chesrown and the Black Rock Properties Group visit BlackRockFineHomes.com.
Sunday, January 2, 2011
2011 Coeur d'Alene & Sandpoint Real Estate Market Forecst
This is the time of year where every real estate site and agent is posting their 2011 real estate market forecast. So, we thought we would do the same. Our thoughts on next year’s housing market will not come as a surprise to our long-time readers, as we are constantly measuring and reporting the current state of the Coeur d'Alene real estate market for our readers and clients. And for those of you involved in real estate as your business, we are sure you already have that gut feeling about what we are going to say.
We have projected and reported falling home values in Kootenai County for the past three years. We will continue to do so now for certain sectors of the market in 2011. While it is no fun to be the bearer of bad news, I think it is important to have a great understanding of the Coeur d'Alene & Sandpoint, Idaho housing market if you are buying or selling anytime soon. Like any time of NORMAL real estate activity, there are good signs and bad signs and you just need to take the information we give you and formulate your own opinion about what 2011 will bring for home buyers and sellers.
Year-Over-Year Home Sales Report
One quick way to see what is going on in the market is to study year-over-year results for home sales. Did we sell more in November of this year compared to November of last year? How does 2010 compare YTD to 2009 or 2008 YTD? This is great trend information that let’s us know the current state of the housing market.
Looking at the data, it is pretty simple to say there is a dramatic improvement in home sales in 2010 over 2009. With an overall increase in sales of 13.5%, it is clear we are on the right track. Nearly every price point in the market experienced gains except for the 140-160k and 180-200k price points. However, it is important to note that those two price points were undoubtedly affected by the 8,000 tax credit that expired earlier this year. Buyers more than likely rushed out in late 2009 and early 2010 to take advantage of that credit thus pulling sales forward that would have likely occurred later in the year. If it weren't for the tax credit, we probably would have seen gains in those areas as well.
Current Inventory
The next indicator that should give us a glimpse into our near future is the inventory and demand for housing in Coeur d'Alene and Sandpoint. Simply looking at the inventory for our market (the bars in the graph), it is clear there are also signs of improvement. Year-over-year, inventory is steadily declining while sales are slightly increasing. This is a good sign; however, there is still too much inventory for the current demand in the market, thus prices will continue to decline in the coming months.
Other factors to influence 2011 market conditions
Foreclosures, tighter lending standards and jobs.
In the year 2011 there are four more waves of adjustable rate mortgages (ARMs) whose interest rates are set to adjust upwards from their low teaser rates. They are the ten year ARMs from 2001, the seven year ARMs from 2004, the five year ARMs from 2006, and there are even a few three year ARMs from 2008. This will be in addition to the four waves of arms that reset in the year 2010 and many other types of creative financing better known today as "toxic mortgages." As these loans all go delinquent and sell as foreclosed homes, it will continuously pull down the value of real estate no matter what. This will go for most any part of the country. Simply put, there are still foreclosures to come in 2011 which will bring prices down.
As more and more homes go into foreclosure, the financial institutions will have no choice but to continue tightening their lending standards. This means they will require even higher credit scores, better credit reports, bigger down payments, higher fees, higher insurance premiums and much more in order to qualify for a mortgage. This is going to further limit the pool of potential homebuyers.
Unemployment will continue to be an issue for the housing market no matter where you live. As people remain out of work, foreclosures will go up and less people will be buying homes than there would normally be. The less people there are working, the less money that flows into the economy which directly influences the housing market.
The 2011 Coeur d'Alene & Sandpoint, Idaho Real Estate Market Forecast
We discussed the good signs and the negative factors that will influence the housing market in 2011. The question is, which will be more powerful? Any way you slice it, we think nearly everyone will agree that the first quarter of 2011 will be a difficult time in the market. Sure sales are stabilizing and inventory is decreasing, but it isn't happening fast enough. In some sectors of the market, it is safe to say there is a bottom. In others, however, we still have a ways to go before the numbers are convincing. The smart buyers, however, will see the first quarter of 2011 as the best opportunity to buy.
As one of my closest friends once said to me, "I am not interested in all the fluff, just give me the meat and potatoes." So, my friends, here it is: Prices will continue to decline in 2011 primarily driven by the second home market and properties priced over $500,000. Vacant land will continue to be soft as buyers will still be able to buy built product for under replacement value and financing remains difficult. Sales will continue a slight increase, primarily occurring in the summer months and into the fourth quarter. The "smart money" is returning to the market with developers and buyers with cash looking to take advantage of well priced properties. Foreclosures and unemployment will continue to be a drag on the housing market. Waterfront properties and water view properties will continue to lead the sales in the second home market. Inventory overall in 2011 will likely fall due to a lack of new construction. 2011 will be the year of the bottom with growth coming in 2012.
For many, the American Dream is now becoming reality because of the events in recent years. This is good news for the generations entering the housing market and for the Baby Boomers who are also coming into the market and looking to downsize or buy the home of their dreams. The incredibly low interest rates and great buys around the area make this a very good opportunity to buy. Contact a member of the Black Rock Properties Group to help with the buying and selling process in all of North Idaho.
For all graphs associated with this post, visit Blackrockfinehomes.com/blog/
We have projected and reported falling home values in Kootenai County for the past three years. We will continue to do so now for certain sectors of the market in 2011. While it is no fun to be the bearer of bad news, I think it is important to have a great understanding of the Coeur d'Alene & Sandpoint, Idaho housing market if you are buying or selling anytime soon. Like any time of NORMAL real estate activity, there are good signs and bad signs and you just need to take the information we give you and formulate your own opinion about what 2011 will bring for home buyers and sellers.
Year-Over-Year Home Sales Report
One quick way to see what is going on in the market is to study year-over-year results for home sales. Did we sell more in November of this year compared to November of last year? How does 2010 compare YTD to 2009 or 2008 YTD? This is great trend information that let’s us know the current state of the housing market.
Looking at the data, it is pretty simple to say there is a dramatic improvement in home sales in 2010 over 2009. With an overall increase in sales of 13.5%, it is clear we are on the right track. Nearly every price point in the market experienced gains except for the 140-160k and 180-200k price points. However, it is important to note that those two price points were undoubtedly affected by the 8,000 tax credit that expired earlier this year. Buyers more than likely rushed out in late 2009 and early 2010 to take advantage of that credit thus pulling sales forward that would have likely occurred later in the year. If it weren't for the tax credit, we probably would have seen gains in those areas as well.
Current Inventory
The next indicator that should give us a glimpse into our near future is the inventory and demand for housing in Coeur d'Alene and Sandpoint. Simply looking at the inventory for our market (the bars in the graph), it is clear there are also signs of improvement. Year-over-year, inventory is steadily declining while sales are slightly increasing. This is a good sign; however, there is still too much inventory for the current demand in the market, thus prices will continue to decline in the coming months.
Other factors to influence 2011 market conditions
Foreclosures, tighter lending standards and jobs.
In the year 2011 there are four more waves of adjustable rate mortgages (ARMs) whose interest rates are set to adjust upwards from their low teaser rates. They are the ten year ARMs from 2001, the seven year ARMs from 2004, the five year ARMs from 2006, and there are even a few three year ARMs from 2008. This will be in addition to the four waves of arms that reset in the year 2010 and many other types of creative financing better known today as "toxic mortgages." As these loans all go delinquent and sell as foreclosed homes, it will continuously pull down the value of real estate no matter what. This will go for most any part of the country. Simply put, there are still foreclosures to come in 2011 which will bring prices down.
As more and more homes go into foreclosure, the financial institutions will have no choice but to continue tightening their lending standards. This means they will require even higher credit scores, better credit reports, bigger down payments, higher fees, higher insurance premiums and much more in order to qualify for a mortgage. This is going to further limit the pool of potential homebuyers.
Unemployment will continue to be an issue for the housing market no matter where you live. As people remain out of work, foreclosures will go up and less people will be buying homes than there would normally be. The less people there are working, the less money that flows into the economy which directly influences the housing market.
The 2011 Coeur d'Alene & Sandpoint, Idaho Real Estate Market Forecast
We discussed the good signs and the negative factors that will influence the housing market in 2011. The question is, which will be more powerful? Any way you slice it, we think nearly everyone will agree that the first quarter of 2011 will be a difficult time in the market. Sure sales are stabilizing and inventory is decreasing, but it isn't happening fast enough. In some sectors of the market, it is safe to say there is a bottom. In others, however, we still have a ways to go before the numbers are convincing. The smart buyers, however, will see the first quarter of 2011 as the best opportunity to buy.
As one of my closest friends once said to me, "I am not interested in all the fluff, just give me the meat and potatoes." So, my friends, here it is: Prices will continue to decline in 2011 primarily driven by the second home market and properties priced over $500,000. Vacant land will continue to be soft as buyers will still be able to buy built product for under replacement value and financing remains difficult. Sales will continue a slight increase, primarily occurring in the summer months and into the fourth quarter. The "smart money" is returning to the market with developers and buyers with cash looking to take advantage of well priced properties. Foreclosures and unemployment will continue to be a drag on the housing market. Waterfront properties and water view properties will continue to lead the sales in the second home market. Inventory overall in 2011 will likely fall due to a lack of new construction. 2011 will be the year of the bottom with growth coming in 2012.
For many, the American Dream is now becoming reality because of the events in recent years. This is good news for the generations entering the housing market and for the Baby Boomers who are also coming into the market and looking to downsize or buy the home of their dreams. The incredibly low interest rates and great buys around the area make this a very good opportunity to buy. Contact a member of the Black Rock Properties Group to help with the buying and selling process in all of North Idaho.
For all graphs associated with this post, visit Blackrockfinehomes.com/blog/
Wednesday, December 15, 2010
LUXE Magazine to hit mailboxes this week!
We are pleased to announce that our new publication, LUXE Magazine, will hit mailboxes and shelves in the coming days. LUXE is the beginning of a series of methods the Black Rock Properties Group and agents of the new Tomlinson Sotheby’s International Realty will use to provide the highest level of service to buyers and sellers of homes in North Idaho. The first publication of its kind in the area, LUXE will showcase the region’s finest real estate currently for sale - not necessarily the most expensive - while offering new products and services designed to enhance the Northwest lifestyle. We will do this by using a targeted distribution to tens of thousands of qualified buyers over the global network of Sotheby’s International Realty and the Black Rock Properties Group.
LUXE will be produced quarterly and will continue growing with each edition. Issue 2, slated for release on April 1, 2011, will include many more in-depth articles on our area lifestyle.
CLICK HERE to read the current issue or to be included in our FREE mailing, simply send an email to Scott Chesrown with your name and address.
Black Rock Fine Homes
LUXE will be produced quarterly and will continue growing with each edition. Issue 2, slated for release on April 1, 2011, will include many more in-depth articles on our area lifestyle.
CLICK HERE to read the current issue or to be included in our FREE mailing, simply send an email to Scott Chesrown with your name and address.
Black Rock Fine Homes
Saturday, November 13, 2010
Strong sales on Coeur d'Alene waterfront condos in Riverstone and Bellerive.
It was nearly two months ago when the Black Rock Properties Group began the marketing for the Riverfront House Condos in Coeur d'Alene, Idaho. Situated on the shores of the Spokane River, about one mile in from Lake Coeur d'Alene, the Riverfront House Condos have proven to be Coeur d'Alene's best condo buy.
Since our marketing efforts began, Black Rock Properties Group has sold nearly 10 of the 44 units taking the building to being over 80% sold out. With the slow start to the year, we are incredibly proud of the latest accomplishments considering the difficult selling environment.
The average sales price for a condo in Coeur d'Alene in 2010 is just over $161/foot. Bellerive on the other hand, has maintained an average sales price of over $185/foot. The close proximity to the water and being a part of the Riverstone Community has brought added value to the properties.
There are only a few two bedroom units remaining in the Riverfront House Condos. To search for these luxury waterfront condos, click here or contact a member of our team today!
Black Rock Fine Homes
Since our marketing efforts began, Black Rock Properties Group has sold nearly 10 of the 44 units taking the building to being over 80% sold out. With the slow start to the year, we are incredibly proud of the latest accomplishments considering the difficult selling environment.
The average sales price for a condo in Coeur d'Alene in 2010 is just over $161/foot. Bellerive on the other hand, has maintained an average sales price of over $185/foot. The close proximity to the water and being a part of the Riverstone Community has brought added value to the properties.
There are only a few two bedroom units remaining in the Riverfront House Condos. To search for these luxury waterfront condos, click here or contact a member of our team today!
Black Rock Fine Homes
Thursday, October 28, 2010
Evidence that we have reached the bottom in the housing market
I had the privilege of watching Richard Smith, President and CEO of Realogy Corporation, speak about the status of the national real estate market while attending the Sotheby’s Leadership Conference this past week.
Realogy Corporation is a global provider of real estate and relocation services and has a diversified business model that includes real estate franchising, brokerage, relocation and title services. Realogy’s world-renowned brands and business units include Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, The Corcoran Group®, ERA®, Sotheby’s International Realty®, NRT LLC, Cartus and Title Resource Group. Collectively, Realogy’s franchise systems have approximately 14,400 offices and 264,000 sales associates doing business in 99 countries around the world.
Over the last several years, we have all seen the massive amounts of data that has been discussed in the media regarding the health of the real estate market. Prices have been up, down and supply has shown months of improvement only to retreat several months later. Mr. Smith explained that some of the most compelling research came when his organization began analyzing normal turnover in the housing market before the bubble that occurred in 2005.
The research found that turnover in the housing market during a normal year is about 4-5%. Turnover happens in many instances such as change in employment, death or divorce, along with a many number of factors that causes someone to need to purchase a house.
In August, total existing homes sales revived by 7.6 percent to a seasonally adjusted annual rate of 4.13 million units, up from an upwardly revised 3.84 million in July, but the new pace was down 19.0 percent compared with August 2009 sales.
So what does all this data mean? According to the US Census Bureau, there are approximately 78 million homes in the United States. At the current sales pace of 4.13 million units, we are at approximately 5 percent turnover and have remained around this number for several months.
We will need to see several months of improvement before we know if the bottom is solid, but this is good evidence that we are on the path to recovery.For more information, visit Black Rock Fine Homes
Monday, October 11, 2010
Housing supply likely to fall as strong sales continue
COEUR D’ALENE, Idaho — Condominium projects across the greater Coeur d’Alene area are reporting strong sales as the end of 2010 nears. With projects such as Black Rock’s Riverfront House Condos being over 70% sold out, the Village at Riverstone condos nearing 75% sold out and strong sales at both Parkside and Ridgepointe, the supply of condos for sale in Coeur d’Alene will likely fall as 2011 approaches.
The real estate decline in 2008 hit developers of condominiums extremely hard throughout the world. In Coeur d’Alene, projects such as Ridgepointe Towers went back to the bank while others such as the Village at Riverstone held public auctions to clear out remaining inventory. Other projects in the area were forced to slash prices in order to compete with auction and bank-owned prices. This was good news for buyers.
Very few developers, if any, have plans to develop more condominiums in the near future. With strong sales in the condo market, and few projects on the horizon, supply will decline in the coming years. And while this is a good sign for the market, eventually prices will climb due to the lack of inventory and an artificial bubble could possibly form until more inventory can be produced to help meet demand.
Only time will tell how the market will react to a declining supply in housing. Buyers and sellers alike are still fearful to make an investment in real estate even as a bottom nears.
To search for Coeur d’Alene area condos for sale, click here.
The real estate decline in 2008 hit developers of condominiums extremely hard throughout the world. In Coeur d’Alene, projects such as Ridgepointe Towers went back to the bank while others such as the Village at Riverstone held public auctions to clear out remaining inventory. Other projects in the area were forced to slash prices in order to compete with auction and bank-owned prices. This was good news for buyers.
Very few developers, if any, have plans to develop more condominiums in the near future. With strong sales in the condo market, and few projects on the horizon, supply will decline in the coming years. And while this is a good sign for the market, eventually prices will climb due to the lack of inventory and an artificial bubble could possibly form until more inventory can be produced to help meet demand.
Only time will tell how the market will react to a declining supply in housing. Buyers and sellers alike are still fearful to make an investment in real estate even as a bottom nears.
To search for Coeur d’Alene area condos for sale, click here.
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