Sandpoint: Post Coldwater Creek (Ponderay: for sale, real estate market, rental homes)

[Sagle Sam]

What are everyone's thoughts on Sandpoint's (and surrounding area's) economy and real estate market now that Cold water Creek has been gone a little while??? What are you seeing short term and predicting long term?

Discuss!

[mistyriver]

The wine bar is closed.

[clearwater66]

A staff member at Bonner General told me many Coldwater Creek former employees have their houses for sale and if you look at Zillow, there is a lot of real estate for sale.
I am seeing more vacant downtown commercial spaces than when I first arrived last May.

[Cnynrat]

It does seem that there are more houses on the market then there were at this time last year. By now many houses that have not sold in the summer/fall would be taken off the market over the winter.

That said, I don't sense any significant change in values since last year. I was paying closer attention back then when we were in the market to buy, but I don't see any glaring indications that values are falling. FWIW, Zillow says our home is worth a little more now than it was a year ago, but I realize their values are often not accurate.

[Sagle Sam]

Originally Posted by Cnynrat

It does seem that there are more houses on the market then there were at this time last year. By now many houses that have not sold in the summer/fall would be taken off the market over the winter.

That said, I don't sense any significant change in values since last year. I was paying closer attention back then when we were in the market to buy, but I don't see any glaring indications that values are falling. FWIW, Zillow says our home is worth a little more now than it was a year ago, but I realize their values are often not accurate.

I am seeing this as well. Unfortunately, I think that without any new significant businesses moving into the area right now, that it is only a matter of time that the extra supply drives prices down. I would also theorize that those who lost their jobs and the main source of their household income from CC closing are still trying to scrape by and seek new income locally are hanging on as long as they can. At some point, I think that either their savings will be exhausted and they'll be forced to move elsewhere, or they will stay in the area but downsize or lose their homes to the bank.

I don't think the impact on Sandpoint has been fully realized. My guess is that things will get worse and be bad for at least a couple of years. The area really needs to work hard to attract new industry and business or the pain will be felt for longer. Long term, I think that Sandpoint will be fine and even boom, but some hurting in the short term appears unavoidable.

[Cnynrat]

I think there were about 350 people who worked at Coldwater Creek in Sandpoint. Not to trivialize it, since at the individual level it can be a financial catastrophe, but in the aggregate in a county of 40,000 residents it's not obvious how large an impact that would have on real estate values.

I know some people I've spoken with have told me that a number of ex-Coldwater Creek employees were planning to work at finding ways to stay in the area, including in some cases giving some thoughts to starting their own businesses. Given the desirable aspects of living in north Idaho you can certainly understand a strong desire to try to make that happen.

Time will tell I guess.

[mistyriver]

There are many businesses in Sandpoint that were started by ex-Creekers. My husband used to work there with the guy who started Laughing Dog.
Our realtor in Sandpoint (lifelong Sandpointian) says properties are moving pretty well there in certain price ranges. We've had no trouble keeping our rental homes occupied with good tenants.

[LS35a]

There's a very nice animal shelter that used to get quite a bit of money from Coldwater Creek.

I'm giving them LOTS of money these days - it's a good place and they have lots of animals that need homes.

I strongly recommending supporting them:


Welcome to Panhandle Animal Shelter - Ponderay and Sandpoint, Idaho

[Squidley]

What is Coldwater Creek?

[clearwater66]

Google it