Riverstone to hold another condo auction

COEUR D'ALENE - Developers had big plans for the Riverstone condos in Coeur d'Alene but with half of the units still empty they?ll try and attract new owners by holding another auction.

Next week an auction will be held for some retail space as well as 20 condos. 142 condominiums were built at Riverstone but 58 remain vacant. Some condo owners hope the upcoming auction will help boost sales.

"Everything is in walking distance, convenience is important to me, this is the perfect place to be,? Randy Kinkle said. Before Riverstone was built Kinkle purchased three condos in the facility. He lives in one and rents the other two out. He says it?s an investment he doesn't regret.

?I always look at things as long term and the way these are built, beautiful, the wood finish, everything is top of the line,? Kinkle said.

When Kinkle moved from California to Coeur d?Alene in August of 2007 he was the only person living in his building. Since then Riverstone condos have been slow to sell. For a fourth time auction signs have popped up outside the Coeur d'Alene development. Two of those auctions were called off due to lack of interest but now owners are going to try again.

Twenty bank-owned condos are being liquidated along with retail space. Starting minimum bids for the condos range from $117,000 to $159,000.

?Prices are probably about 35-percent of the original asking price so substantially reduced,? Vance Luksetich, Executive Vice President of Tranzon Asset Advisors said.

Next week two Riverstone auctions are scheduled. A condo auction is slated for June 5th at 11 a.m. at the Hampton Inn. On June 8th the commercial space auction takes place at the Barnes and Noble building on Main Street at 11 a.m.