On the block

Posted: Thursday, Jul 24, 2008 - 04:49:03 pm PDT
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By LINDA BALL
Special sections editor 

KOOTENAI COUNTY — In a bold and innovative move, Shelter Associates will offer three brand-new homes for sale in a sealed-bid auction. There will be no auctioneer and no circus atmosphere, just the opportunity for three home buyers to get a really good deal. 

Art Elliot, who started Shelter Associates in 1978, said all three homes were caught in the market downturn, and he simply wants to get them off his books and move on.

“I’ve been in downturns before, but never before like a light switch turning off,” Elliot said.

As far as he knows, he is the only builder to try an auction to sell excess inventory.

Here’s how it works: All three homes will be open for viewing Aug. 1 through Aug. 3. Friday they will be open from 4-7 p.m., and the weekend hours are 1-4 p.m. Bid packages will be available at each home and at Elliot’s office. You do not need a Realtor to put your bid together.

“The paperwork is relatively simple,” Elliot said.

Four lending institutions will be available to pre-qualify bidders Monday and Tuesday, Aug. 4-5. They are Idaho Independent Bank, bankcda, Mountain West Bank and Wells Fargo. All four lenders will be able to give a bidder a mortgage commitment within 24 hours. Bids are due at the close of business on Aug. 6. The closing cost split will be a standard split and property taxes will be prorated. 

“All four lenders understand that we’re operating in a very tight market and they’ll be diligent in making sure the buyer qualifies, yet offering the best available financing, which is still very good,” Elliot said. “We know we’re going to be taken advantage of, but we’ve been in business 25 years, and will be another 25 years. We want to devote our attention to current and future clients and get these three behind us.”

Elliot said Shelter Associates has several remodeling projects underway now, and three custom pre-sales going up. 

So, what’s up for auction? Elliot takes pride in the fact that he was a “green” builder before the term became a buzz-word. All three of the homes for auction are Energy-Star certified. Elliot said Shelter’s philosophy is to build a high-performance home, healthy, environmentally friendly and cost effective. Shelter is in the process of becoming a certified green builder. 

All three homes are in outlying areas. The Quintessence in Rathdrum’s Lost Creek Estates was built for the 2007 Parade of Homes, so it’s got all the bells and whistles. Elliot and his wife were planning to move into it themselves, but when their existing home didn’t sell, the plan was foiled.

With 3,188 square feet on almost an acre, the original list price on the home was $869,000. The new appraisal is $750,000 and the minimum bid is $675,000. The Quintessence features rich hickory doors and trim throughout. Cherry cabinets in the kitchen set off stainless steel Kitchen Aid appliances including sub-zero refrigerator, compactor and dishwasher. A very large concrete kitchen island/breakfast bar is home to a drop-in Thermador range. A separate area has a wine cooler and bar.

A very pleasant sitting area leads into the master suite. The master bathroom has natural looking tile throughout, with radiant heating under the floor. There’s a huge soaking tub, and double shower with rain head.

The Quintessence also includes 3 more bedrooms, one and half baths and a finished bonus room upstairs.

Not far away in Hauser Lake Heights is the Torchlight. Most of what Shelter Associates does is custom building but occasionally they build a portfolio home, meaning it was designed by Shelter, then modified to fit the client’s needs. This is a portfolio home on .80 acres, with 2,942 square feet; part of that is an unfinished basement framed for two bedrooms, a bath and family room. 

The original list price on this home was $429,900. The current appraisal is $325,000 and the minimum bid is $292,500, far below what Shelter Associates has into the home, as is the case with the other two homes. This home has a nice family feel, with a mud room/laundry right off the garage for shaking off the muck. The kitchen features birch cabinets with a breakfast bar and nice dining area adjacent. The entire upstairs is the master suite with soaking tub, double sinks, tile floor, double shower and large walk-in closet. This home has three bedrooms and two baths finished.

On the east side of Lake Coeur d’Alene not far from the top of Beauty Bay Hill on Highway 97, the final home to be auctioned is a log home in a forested 6.2-acre setting on a hill. With a very open floor plan, all on one level, this home could be perfect for retirees. A detached double garage has a huge bonus room that is just waiting for sheetrock. The original list price on the home was $649,900. The new appraisal is $415,000, and the minimum bid is $373,500. 

“It’s certainly bold — I’ve been very aggressive,” Elliot said. 

He acknowledges that sitting on the homes costs him money every day, not to mention the utilities. 

To get directions to each home, or for more information about Shelter Associates, visit their Web site at www.shelterassociates.com