Luxury condominium units at the Village at Riverstone, in Coeur d'Alene, are set to go on the auction block June 14 at starting bid prices discounted by almost half from their original asking prices, says the Beverly Hills, Calif.-based auctioneer, Kennedy Wilson Auction Group.
Bid prices will begin at $180,000 to $490,000 for new condominiums originally listed at prices ranging from $329,000 to $899,000, Kennedy Wilson says.
The condos are among 122 residential units developed on the second and third floors over retail shops in the 25-acre Village at Riverstone, which is the centerpiece of the 160-acre Riverstone development near the Spokane River northwest of downtown Coeur d'Alene.
The units were developed by Riverstone Center East LLC, an affiliate of SRM Development Inc., of Spokane, which designed them. Executives at SRM couldn't be reached for comment.
The one- to three-bedroom units range in size from 800 to 2,000 square feet of floor space. They have 9-foot ceilings, granite countertops, wood cabinetry, and premium appliances, and they include underground parking, Kennedy Wilson says.
All units will be offered with published reserve prices without any buyer's premium, Kennedy Wilson says.
Buyers who close escrow within 30 days of the auction will be eligible for up to $3,000 toward their closing costs or to buy down interest rates, the auctioneer says.
The auction will begin at 1 p.m. June 14, at the Coeur d'Alene Resort, 115 S. Second.
Kennedy Wilson will host a "How to Buy" informational seminar beginning at noon this Sunday at the Village at Riverstone Auction information office. Registered bidders will learn the auction process, terms and conditions, and registration procedures, closing with a live practice auction, Kennedy Wilson says.
The Village at Riverstone has about 210,000 square feet of retail space, a 14-screen cinema, a parking garage and several restaurants.
The upscale mixed-use development has shown other signs of being affected by the recession.
Late last year, its long-anticipated anchor tenant, Barnes & Noble Inc., cancelled plans to open a 28,000-square-foot bookstore in a building that Riverstone Center built for it.
Another prospective tenant, Park City, Utah-based Hapa Fish Co., earlier indefinitely shelved its plans to lease a 4,000-square-foot structure that SRM had planned to build for it.
Meantime, Riverstone's Web site lists about 20 commercial tenants in the Village at Riverstone with nearly as many vacant suites.
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