North Idaho Developments & Investments
Property Research not only operates as a local real estate brokerage providing commercial and residential real estate services to our community, but it also functions as a development and investment company. It is in creating and working through these projects that allow us to provide a much higher level of service to our clientele. Not only do we observe the market but we interact with the same entities everyday that circle an investor in the market. Not enough can be said about education received when encountering and overcoming the challenges of real estate investing.
Taking on local projects that range from Mini Storages to Marina's. Either building from the ground up or purchasing and rehabilitating distressed investments for the betterment of the community. Here are the recent examples of projects that our company has taken on and have been successful.
Vista Bay Village Condominiums - 2008-2010
Vista Bay is the farthest marina out of the bay located in Bayview, Idaho. The project sits on a hillside overlooking an 87 slip privatized marina right on the edge of the no wake zone. Vista Bay Marina itself boasts a brand new club house, new docks and slips, new pilings, updated breakwater, new boardwalk, renovated boat sheds, paving, and all utilities stubbed in that you would find in a property located in Downtown Coeur D'Alene.
We developed and sold 3 units each with the same mirrored floor plan. 3 bedroom 2 and a half baths with over 1,700 square feet of living space. This along with the highest level of construction and quality finishing's throughout. Sitting on the deck to one of these units and looking out over the bay is nothing short of special, and something we are extremely proud of. This project has been put on hold due to the recession but we are excited to see it start again once our economy returns so we can offer this fantastic product to more people.
Boileau's Shore's Marina, 2011-Current
If anyone is familiar with Bayview over the last decade they will be the first to tell you both of the extreme progress it has undergone as well as the extreme frustration that has come with it. A couple developers realized what an amazing location Bayview is and entered into projects during the tail of the real estate boom. These developers have since both lost and left their projects behind since the recession and in their wake they have left confusion, frustration, unfinished projects, and bank ownership.
It is here where we see opportunity. Boileau's Shores Marina is an 87 slip public portion of a privatized marina that we purchased out of foreclosure from Washington Trust Bank. At acquisition the project had a myriad of problems. Including electrical and water service to the tenants that had been destroyed, outstanding dues and problems with the parent HOA, and a glaring need for update and care to the marina itself. All of this plus a parking lot that was designed for the marina that was incomplete and had outstanding site disturbance issues with a frustrated Kootenai County
We have eagerly attacked all of these issues. In the last 3 months we have created peace with the HOA, completed a sizable amount of rehabilitation and upgrade to the sheds and slips, and restored electric to our tenants after they have suffered over a season and half without it. As of right now the parking lot is under construction and we expect to have it completed with a satisfied Kootenai County within the month.
Within the next two months we will have completed our rehabilitation of the marina in every aspect, and expect to start lifting the cloud of frustration and lack of customer care that has been held over much of Bayview for so long. Putting customers first and taking care of the product are our top priorities.