Maybe the after-Christmas sales would be a good time to find what you're looking for. I plan to shop the week after the holidays for a Burberry trench raincoat, although I may end up paying full price.
Ninewest.com: $69.50 on sale! I got it for $99 at the nordstrom sale this fall and it looks far more expensive than its price. Great looking and has a nice inverted pleat in the center back too which is a nice and comfortable detail.
My daughter wants a white trenchcoat. Has anyone seen an affordable one? We found on at Off Fifth, but they only had one and it was the wrong size. it was a Calvin Klein and I can't find another anywhere!
I would check out Club Monaco -- their version has a opera length sleeve with a slight bell shape. Its $249.00
I would also look at Banana Republic -- their version is a bit more classic and retails for $198 BUT if you use the code "January" I believe you get 15% off plus free shipping.
Additionally, check out Zara which should have several different versions of trenches -- the trick with them is that different stores get different styles so what I am seeing in SF may not be what your local Zara may be receiving.