545_S_SilverLake

Millennial homebuyers may have Spokane on their radar

In a recent article published by Inman titled “Which markets are most popular for millennial homebuyers?” the author Deidre Woollard hits on a very hot real estate topic! Woollard points out in the article that millennials will be the largest section of homebuyers for quite some time to come. She writes, “more and more millennials are reaching the point in their lives where they are ready to buy a home, but they are entering a highly competitive housing market that has been plagued by low inventory, especially among entry-level homes…”

The main trend Woolard illustrates through recent studies by Lending Tree is that people buy where they can afford to buy. What does this mean? It truly comes down to two main factors, the city simply must have a combination of decent jobs available and an adequate supply of starter homes to choose from.

So, does Spokane fit that bill?

Spokane is “the center of the third largest urban area in the Pacific Northwest (after Seattle and Portland) and retains the distinction of being the largest city on the Interstate highway and rail corridor between Seattle and Minneapolis, a span of over 1,600 miles.” (Wikipedia)

Realtor.com recently named Spokane the #1 Real Estate Market to watch in the United States in a recent article titled “Cost-Conscious Buyers Are Flocking to These 10 Affordable, Midsize Cities” by April Corbin. The article suggests that because of the “…severe housing shortage, sky-high home prices, and equally towering costs of living in the priciest cities are pushing wannabe home buyers to seek out smaller, more affordable metro markets around the nation.” Corbin argues in her article that Spokane makes sense for those on a budget, as the median home price in the metro is an affordable $269,050 (a bit less than the national median of $274,900) and just over half of what it would cost to live in the Seattle metro area.

And to seal the deal, Spokane was also ranked the 7th most hipster city in the United States on the US Hipster Index outranking Los Angeles (133rd), New York (143rd) and even San Francisco (61st). In case you aren’t hip to the Hipster Index criteria, it draws from five data points… the number of microbreweries, thrift stores, vegan restaurants, and tattoo studios per 100,000 city residents, as well as factoring in the rent inflation for the past year.

With interest rates rising, inventory rates still dwindling and prices still creeping up, for some buyers, the dream of homeownership may require a move… and Spokane may be a perfect fit!

545_S_SilverLake

OPEN HOUSE SATURDAY, JAN 27 (1-3PM)

7108 S Parkridge Blvd, SPOKANE WA 99224
3 BEDROOMS | 3 BATHROOMS | 1,746 SQ FT | 3 CAR GARAGE
$299,000

Stunning two level home in Eagle Ridge! With views off to the NE, this home is ideally situated in the midst of parks, trails, and yet maintains ease of access to Spokane. Main floor entertaining with open concept living space and stainless steel kitchen opens up to a nicely landscaped and fenced backyard. Upstairs is the living area with a spacious master, bright master bathroom, and giant walk-in closet. The other two bedrooms have a jack and jill bathroom between them, pleasant views, and large closets.

7108 S PARK RIDGE BLVD, SPOKANE

545_S_SilverLake

Good News on Hirst

https://www.warealtor.org/resources/news-articles/2018/01/19/good-news-on-hirst
Hirst update by Bill Clarke, Director of Public Policy | Jan 19, 2018

The final Hirst legislation includes the following components:

  • For local building permit and subdivision decisions, local governments do not have to review new exempt wells for “impairment” of instream flows. This reverses the basic legal conclusion of the Supreme Court’s Hirst decision.
  • For projects in basins with Ecology-adopted exempt well limits or mitigation requirements, those rules still govern.  In other basins, specific allowances for new wells are created in statute.  The limit is 950 gallons per day average annual use per connection; other basins are up to 3,000 gallons per day; while other basins (non-GMA counties or areas with no instream flow rules) can again operate under the 5,000 gallon per day exempt well limit.
  • Certain areas of state are excluded from the bill and thus these exempt well allowances:  the Skagit Basin, and the Yakima Basin (Kittitas, Yakima, and parts of Benton County).
  • Existing wells are grandfathered, and deemed to have satisfied the requirement to have a legal water supply under the State Building Code.
  • The bill allows local governments to rely on existing Department of Ecology rulesfor purposes of meeting the requirements of the Growth Management Act.
  • There are no new mitigation or metering requirements tied to well construction or new building permits, and there is a one-time fee of $500.

Additionally:

  • Local committees are established to identify projects to offset impacts to instream flows.  The scope and composition of these committees varies by whether the county completed a Watershed Plan under the state’s Watershed Planning Act.  Local committees may recommend rulemaking changes to Ecology, but the committees themselves are not regulatory.  Ecology retains its current rulemaking authority.
  • $300 million ($20 million per year over 15 years) is allocated to fund projects and local planning efforts to restore instream flows and aquatic habitat.
  • Certain cities and water purveyors are allowed to proceed with water rights permitting, and a Legislative Task Force is established to make recommendations on how new water rights for municipal uses can be mitigated.

Click HERE to see a table prepared by the Washington Water Policy Alliance, with a basin-by-basin breakdown of the applicable exempt well allowances.

Questions on the Hirst Decision?
Email Bill Clarke, Director of Public Policy
Washington REALTORS®

545_S_SilverLake

Spokane Market Update

Results are in for November!
Spokane Real Estate Sales are up 15.6%, Average Price is up 12% and our inventory is still way down!!
Looking to sell? Now is the time! Winter has nothing on this seller’s market! 

545_S_SilverLake

A two-year, $51.9 million community investment plan

“Now we are starting to target dollars to West Plains…” – Ben Stuckart Spokane City Council, President

Article via Jeff Humphrey, SpokaneCity.org

A strategic plan to invest in the quality of life of our city now has a financial plan to go with it.

The Spokane City Council approved a plan to invest $51.9 million over the next two years in the health, safety, infrastructure, urban experience, and financial health of the city. The series of one-time investments accelerate street improvements, encourage development, promote water conservation, and invest in recreation, the arts, public safety, homelessness, and reserves. They are possible because of the city’s financial discipline over the past six years and an improved economy.

“These are all things we planned to do,” Spokane Mayor David Condon said. “The economy is allowing us to accelerate them and make generational, catalytic investments in economic vitality.”

Condon and the City Council have spent more than a year developing a joint strategic plan for the city. The plan, also approved by the City Council, integrates two branches of government, three boards, eight divisions and 42 departments around a one vision, one plan and one voice.

Strategic initiatives focus in four key areas:  Safe and Healthy; Urban Experience; Innovative Infrastructure; and Sustainable Resources. Tactics support increases in median household incomes, property values, livable-wage jobs, bond rating, population growth, and social capital, and building the safest city of like-sized cities.

“This plan shifts the city’s economic development approach to a philosophy of organizational responsibility,” Councilmember Amber Waldref said. “It acknowledges that the city is an important regional economic driver.”

Plan highlights include $10 million to accelerate street improvements by advancing the thin grind-and-overlay pilot on arterials as a longer-term solution to chronic potholes, improving residential and unimproved streets, and making infrastructure investments in the target development areas. Another $12 million has been set aside to keep the focus on the river by completing a 3-mile river side trail, improving river access and leveraging the Riverfront Spokane investment to functionally expand the western boundaries of the park to the Monroe Street Bridge.

Safety remains a top priority with $15 million to purchase public safety vehicles and equipment, increase housing for our most vulnerable, and invest in clean and safe neighborhoods. Another $4.5 million will replenish the city’s rainy day fund and advance centers of excellence in targeted areas.

“Financial discipline is delivering a generational investment in the economic vitality of the community,” City Council President Ben Stuckart said.

Nine different sources of money – new, reallocated and existing – are being spread across approximately 20 different areas. Investments were chosen based on a criteria requiring that projects further a strategic outcome, be achievable without adding ongoing cost, leave the investment source healthy, and return either increased revenue or a cost reduction.

“The plan is unique for Spokane and integrated in its resources and outcomes,” Councilmember Lori Kinnear said.

BuyLand_1

Buy Land—Market Update

“Buy land, they’re not making it anymore.” -Mark Twain

Need some space? Get some acreage!
Check out the active homes for sale with up to 10 acres in the Spokane area HERE: https://goo.gl/RZpT5r

15906_header_img

NEW WEST PLAINS LISTING—COMING SOON! 


Showings by appointment only starting 10/30/17. Please call Chelsea to schedule a showing! (509) 565-1581


Take a deep breath and find your way home to this beautiful Malloy Prairie 5-acre retreat. Built in 1980, 2 bedrooms, 1 bathroom manufactured home– 864 sq. ft. Open kitchen with rustic wooden cabinets and beautiful backyard view. Home also includes heated shop, 1-car detached garage/storage, fenced garden, chicken coop/run, root cellar, outhouse, storage shed.  Acreage is treed, peaceful and private and located only 25 minutes from downtown Spokane (with quick, easy access to the airport and Fairchild AFB).

Scroll through photo slideshow below!
https://flic.kr/s/aHskvFHGJk

15906 S MALLOY PRAIRIE RD

Download Flyer

View Listing Details — Zillow “Coming Soon”

 

921e39

NEW LISTING: 921 E 39th Ave


Call Chelsea to schedule a showing! (509) 565-1581

Charming updated rancher in the heart of the South Hill with private backyard garden, perfect for relaxing or entertaining! Remodeled in 1996, 3 bedrooms, 3 bathrooms – 1,728 sq. ft. Open kitchen with beautiful backyard view and vaulted ceiling skylight. All appliances stay. Two-car garage/shop, additional attached carport, storage sheds, alley access. Desirable main floor living with attached master bathroom, cozy fireplace, sprinkler system, and finished basement. Quiet and friendly neighborhood. Close to great restaurants, shopping, schools, and beautiful parks.


Download Flyer
View Listing Details — MLS

 

 

 

 

 

 

 

 

 

 

CM_SunwestListing_web

West Plains Country Living

20818 W Sunwest Ave, Medical Lake—LINK: https://goo.gl/RD41jn

Charming split-level updated estate on 4.89 acres. Built in 1972, 4 bedrooms, 2 bathrooms – 2,172 sq. ft. Open kitchen with beautiful acreage view and all new appliances. Small horse setup, loafing shed, corral with water, power and fenced pastures. Large irrigated garden area, sprinkler system, setup to install drip-line system. Paved circle driveway, 2 car attached garage and a must-see 40×30 shop ready for your boat, tools and toys! Peaceful country living and only 20 min to downtown Spokane and airport!

Call Chelsea McFarland, Real Estate Broker to set up a showing (509) 565-1581

Download Flyer Here

View MLS Listing Here