Coeur d'Alene Poised for Strong Recovery
While the real estate decline began in 2007 for some parts of the country, it wasn't until mid to late 2008 that Coeur d'Alene began to experience the effects of what would be known as the greatest economic collapse since the Great Depression.
Coeur d'Alene, Idaho was essentially undiscovered as a resort and second home destination until around 2002, when many second home buyers flocked to our quaint town thanks to ease of access, the beautiful lake setting and low altitudes that make our town a desirable place to live.
Prices during the bubble in 2005 and 2006 remained relatively cheap compared with other parts of the country. New waterfront construction in the city averaged around $500/square foot during 2005 and 2006. Compare that to a Newport Beach, CA or Boca Raton, FL and one would find prices well over $1,500/square foot for the same quality of construction.
Today, as prices around the country have shown significant declines from 2005 highs, the same holds true for Kootenai County. This relatively low cost of living, compared to other retirement/second home destinations such as Florida or California, makes Coeur d'Alene a desirable retirement and second home option for the upcoming retirement of the older baby boomers. The transition of retiring baby boomers from big family homes to less expensive, low maintenance, lower cost homes will be accelerated and occur quicker due to the current market conditions. The first wave of baby boomers retiring is set to arrive next month as the oldest boomers reach an age of 64 years old. I would predict that many of the slightly younger boomers will be looking for even less expensive empty nester homes sooner than originally planned. Beginning 3-4 years from now, there will be a significant demand for such homes, even new construction since the inventory will soon be inadequate.
I believe that as retiring baby boomers, as well as buyers in the second home market, begin looking at values when comparing options across the country, they will find that Coeur d'Alene simply stands apart. Fresh water lakes, low altitudes, ease of access and lower prices than comparable areas will mean a stronger recovery for Coeur d'Alene in the years to come.
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Buildings are quite expensive and not every person can buy it. However, loans are created to help people in such situations.