Local Area High End Real Estate Slumping

Although this Black Rock North is in Idaho, the decline of this project mirrors the decline in the high-end Spokane real estate market as well.

clipped from www.spokesman.com Black Rock North faces foreclosure Bank files action for $14.6 million against luxury home project on Lake Coeur d’Alene April 3, 2009 in City John Stucke Staff writer Bankers have filed a $14.6 million foreclosure action against one of developer Marshall Chesrown’s ambitious and upscale projects overlooking Lake Coeur d’Alene. Though construction crews built the second golf course, the demand for luxury homes to pay for the project has collapsed. No homes or lots have been sold and the Black Rock North Development group has defaulted. The plans included 206 homes and 325 condo units overlooking the lake. The foreclosure action is the latest sign of trouble with North Idaho’s high-end real estate market. Chesrown also controls the company developing Kendall Yards, a housing and retail project near downtown Spokane. That plan calls for transforming 78 acres along the north bank of the Spokane River into a residential and commercial neighborhood.