Real estate agents are looking for a buyer who loves golf to take ownership of a sprawling compound on the banks of Lake Coeur d'Alene in Idaho. But they warn it might also require a love of competition.
The nearly 7-acre property, known as the Pynewoods Estate, is made up of three separate buildings, a main residence, a guest house and a garden house. In all, the estate has five bedrooms and nine bathrooms; it can sleep up to 16 people, but its outdoor area has enough room to host up to 70 guests for dinner, according to a statement from Sotheby’s Concierge Auctions, the brokerage-auction house collaboration representing the sellers.
The residence includes a gym, a regulation-size pickleball court, reflection pools, private lake access, and a boat slip. It also comes with a reserved membership to the Black Rock Golf and Lake Club, the neighborhood where the house is located. It’s a “rare” offer, according to Sotheby’s, because memberships to the club are otherwise sold out.
Taking all that into account, the auction house and listing agent said they expect bids on the property to start at about $14 million. That's where the enjoyment of a contest comes in: The team anticipates between three and seven bidders will square off for the estate.
“There’s certainly been past interest for it, and we expect to kind of unearth new interest as well, and really bring them all together in this healthy, competitive spirit,” said listing agent Lea Williams of Tomlinson Sotheby’s International Realty, who's working with the auction house.
The amenities make Pynewoods Estate a fit for the kind of buyer who is usually drawn to the Coeur d'Alene area, according to Caitlin Keys, an auction representative at Sotheby's Concierge Auctions, the auction house facilitating the sale.
“This home really is the epitome of a golf life and a lake life,” Keys told CoStar News. “It’s something that has a lot of appeal to today’s buyer.”
Different Sale Strategy
Though the estate is listed for $24.7 million, the sellers are forgoing a typical sale on the open market, and they are instead auctioning off the property. The global online auction is set to open Sept. 19 and accept bids through Sept. 25.
Ahead of the two-week auction window, the auction house is working with Williams to launch both a global and local marketing campaign to “source the ideal buyer” and drive competition, according to Keys.
“At this price point, in what I would describe as ultra-luxury, it’s rarefied air,” she said. “The buyer population is that much thinner at this price point. So we really pride ourselves on creating a sense of urgency for buyers, bringing buyers forward.”
For Pynewoods Estate, Keys said that the “ideal buyer” is likely someone who is looking for access to the Black Rock golf amenities.
“Somebody who probably wants to have a year-round golf lifestyle, but they potentially live … somewhere that is really hot in the summer, and they want to escape from that,” she said.
About That Listing explores how brokers market distinctive properties. Let us know about your unusual listing at news@costar.com.
