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 ...