COEUR D'ALENE -- It's a visible sign of Coeur d'Alene's slumping real estate market: high-end condominiums at the Riverstone Development are being auctioned off again next week after two earlier attempts failed. In July, developers attempted to sell the condos, located off I-90 on Northwest Boulevard, at auction the first time. No one wanted them. The auction of 36 units was canceled. And then canceled for a second time in August. Now, a new company is at Riverstone, trying to unload 19 condominiums. But this time, the auction is bank approved. So one way or another, this auction is going to happen. When the condos were first built, they were sold for around $900,000. On December 12, buyers can get that same condo for about 60% less. The cheapest one-bedroom condo is being sold for $99,000. The auction company, Tranzon, hopes a quick auction equals a quick sale. Prospective buyers say they're intrigued by the low prices. "We're getting on up in years, we're ready to get rid of our business and we'd like a place here that's close to everything," says interested buyer Jim Locke from Troy, Montana. His wife agrees. "I think it's an absolutely gorgeous development," says Karen Locke. "I think it's a sad situation with all the empty storefronts downstairs and the empty condos upstairs." Only one of the 44 units in the building has been sold. Another building across the street is also mostly empty.
