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 LifeStyle Real Estate |
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Tips for Buyers & Sellers Waterfront | Secondary & Acreage Your agent should be knowledgeable with the area and with the types of properties that interest you. At LifeStyle Real Estate, we will provide you with market data, information about deeded and leased properties, and a description of all properties available in the Priest Lake area. Our experience will ensure the satisfaction of all parties involved. Waterfront The
unique characteristics of Priest Lake create a real estate market like no other in the
United States. Sixty-five percent of the waterfront property is owned and managed by a
state or federal agency. The historic management policies of these agencies have played a
major role in retaining the natural character of the shoreline. These Deeded Waterfront Property Thirty-five percent of the waterfront properties on Priest Lake are on privately owned, deeded land. Due to the limited supply, the market value of deeded property is significantly higher than leasehold property. The value of waterfront property is generally determined by the amount of lake frontage, and the unit value is by lineal footage. As a rule, deeded waterfront parcels are smaller than leasehold parcels, typically 50 to 100 linear feet of shoreline. Deeded property is subject to property tax; the average mil rate in Bonner County is .0085. Leased Waterfront Property The State of
Idaho Department of Lands manages leasehold properties located on the eastern shoreline of
Priest Lake. Leasehold parcels typically range from 100 to 150 linear feet of shoreline.
The US Forest Service manages western shoreline permit (leasehold) properties.
Improvements to leasehold property must be approved by the managing agency. Past
management policies have encouraged the protection of the natural setting and cabin scale.
When a lease is sold, the buyer assumes the remainder of term of the lease. Buyers
considering the purchase of leasehold property are encouraged to discuss the terms with
the leasing agency, and to research past and current policies which could affect market
values. Neither the State of Idaho nor the USFS will warrant that the leaseholders have
the right to renew in perpetuity... non-renewals, however, are extremely rare. In the
event that a lease is not renewed, agency policy provides for compensation for
improvements. Lease rights are transferred to family heirs. State Lease There are approximately 350 state leasehold cabins. State leaseholders maintain a strong and effective association. Leases are 10 years long; the existing leaseholder has the first option to renew. Revenues from state leasehold property are dedicated by law to the Idaho School Endowment fund. Annual lease payments are due in January. Current lease rates range from $5,000-9,000 per year. Personal property associated with a leasehold property is subject to Bonner County property tax. Improvements to State leasehold properties are limited to 1 dwelling unit and 2 outbuildings. Exterior finishes are subject to approval of the agency. Contact the
State of Idaho Department of Lands for detailed information: (208) 443-2516. Federal Permit (lease) There are
approximately 100 federal permit cabins. The term of the permit are 20 years, with a 10
year notice of non-renewal. All permits are subject to renewal in 2028. Federal leasehold
properties are characterized as more heavily treed than state leases. Current permit rates
range from $6,000-8,000 per year. Modifications to the land or vegetation are
subject to approval by the agency. For information on guidelines check with the USFS: The USFS requires an inspection of a permit property prior to approving a transfer. Forest Service policy stipulates that the property meet certain minimum standards. The seller is typically responsible for making necessary improvements. Contact Debbie Butler at the USFS for detailed information: (208) 443-2512. Secondary Homes & Acreage The State of Idaho holds most of the land on the east side of Priest Lake, and a very limited number of secondary deeded properties are available. Most secondary properties are located on the west side. The topography surrounding Priest Lake is relatively level, with few lake view sites. Since there is
so little privately owned land, it is common for acreage to be bordered on at least one
side by Forest Service land. Acreage will vary in price from $3,000-$10,000 per acre. Purchase Process/Closing Costs It
is customary at Priest Lake for closing expenses
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 Questions? Lisa Thaler - Priest Lake Specialist Lifestyle Real Estate - (208) 661-3154 28329 Hwy 57 Priest Lake, ID 83856 lisa@priestlake.com |
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Information regarding leasehold and deeded properties is presented as a service to our customers and we make every effort to be current and factual. Our legal department, however, requires us to let you know that: No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, changes of price, rental or other conditions, withdrawal without notice, and to any special listing conditions.  |
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| © 1996-2010 Priest Lake Web |
properties
are in turn leased to private individuals who are responsible for the improvements.
Leaseholders have the right to sell the improvements as well as the underlying lease. The
decision of whether to purchase leasehold or deeded property is a matter of personal
preference. The economies of both types of properties are well established. It is common
to purchase both leased and deeded cabins as fully furnished.
