Spokane is superfund site central

[coffeepotbend]

No........your wrong.......home prices spiked in Spokane, like they did in the rest of the country. They arrived at the bubble party a little late, and no doubt the party will end a little later then elsewhere because Spokane has always been a step behind the times. You guys are at the top of the bubble, hanging onto to dear lives....but it will be a wild ride to bottom, just like it has been everywhere else. Spokane isn't "different". The principles of wages versus home prices still apply. If it is out of wack....the prices will slowly come down to meet the affordability level.

[Deena160]

We need WendyK or one of the other realitors to chime in on this bubble/spiking issue. Someone awhile back said they'd post some RE stats, but we've yet to see them.
It's my understanding that prices in the Pacific Northwest haven't been as crazy as the rest of the nation. Yes, they have gone steadily up in the last few years--my house is worth nearly double what I payed for it 7 years ago, but my realitor was just showing me the stats and prices in the Puget Sound area haven't taken a dive. In the past year they've leveled off and have only dropped about 3%.
It's just my amateur opinion that Spokane housing looks to have done about the same. I think it looks worse because people inflated the prices of their houses according to what they thought they should get when prices were rising, but now they're having to drop them back down to where they were about a year ago. So, it's not a dive, just taking a step back and leveling off. :~) D

[coffeepotbend]

That's exactly what they were saying in the rest of the country back in 2006. "We're just leveling off". Spokane is where most of the rest of the country was 2 years ago. Houses doubled, like yours did. Did your income double? Could you afford to buy your house today at it's current price, and at your current wages? Do the math and figure that out (please, I'm curious). If not, think about the people coming into Spokane today, the ones that are not bringing California money. Think about newly married couples buying starter homes on the medium Spokane income. Think about the Military Airman and his family? Can the average Joe afford an acceptable house in an O.K. neighborhood?

I'm in Florida. The homes doubled here as well. The same house we looked at in 2005 that was priced at $259K is now around $179K and still dropping (brand new brick homes of 1600-1800 square feet, on .25-.50 acres). The average pay here is around $9 an hour. Plus the 2 big military bases (military pay, civil service pay, GS pay). People did buy the houses at the top of the bubble, and are now foreclosing in droves. also, renting the houses out is not a good option either since rents are nose diving as well. The homes are actually nicer and cheaper here.....and still dropping, so. as I am no expert, I believe Spokane has to drop too. This is just my opinion. I know so many military and civilian people who have to PCS (military move, Government move), who can't sell their house, even though they have it dropped $50-$100K below what they paid. So many of these people are walking away! I'm talking about Airman, up to bird colonels and GS14's!! There is one thing different about Spokane though, Spokane doesn't have outragious home owners insurance (or beautiful beaches minutes from your house). Here, you must pay between $300-$500 a month just for insurance (thanks to hurricanes). That is the one thing that makes me very happy, since I will be buying in Spokane, with eyes wide open. But, I'll be trying to avoid contaminated area's and praying that home prices reach the affordability level by the time we get there. Also, Spokane does have more industry, this area doesn't have as much. Maybe Spokane won't bottom out as bad as here........I'm typing outloud.....LOL.... Time will tell.

BUT;

My big concern is that people really look at the area's they buy and build in. Do your homework. If my posts help one family not build a house on contaminated ground/water, and thus stop them from getting sick or getting cancer, I'll be happy. Do your homework. Get your well water tested for more than e-coli, test it for chemicals as well. We went astray on home prices. They don't bug me as bad as pollution does. I just want people to be educated and aware. Thank you......Peace out....

[northwest1]

I am from CA and own property in Sandpoint, Idaho and several properties in Spokane, WA. Yes, if you want to post your opinion, fine...if you want to establish some facts, back them up with cited links and the like.
Two years ago I purchased 6 properties in Spokane, after, I did some extensive research on the area. Property is well priced because it doesnt have the spikes... I chose to buy properties in the west central neighborhood (yes Felony Flats) which is no different from any other area in any other state going through revitalization. Many of those homes are on the National Historical Registry...by address...with their own registry number! and walking distance to Nordstroms, the new upscale downtown library, the bistros, the upper beautiful Spokane Falls, Colleges, and some of the finest restaurants I have ever enjoyed; Milfords Seafood, Clinkerdaggers, Scratch, Anthonys on the Falls, Davenport Hotel...yes, some of the properties are very runned down, I agree...but some of the properties have been so well preserved and architectually they are gorgeous...the area is really cleaning up nicely and crime reports fewer crimes each year, Cops West are doing an fine job with this area...particularly this year! Yes, even South Hill (which I also have property) has good blocks and not so good blocks.
If you want to take in a sports performance, the new sports arena is right there, the Performing Arts, the Convention Center (Green Construction)...yes, Spokane has some street issues, and they are slow to get things going, but still as I flip back and forth from southern CA every few months, Im amazed how kind and helpful the folks are...and the light traffic is a sweet exchange for the road-rage and warm boring everyday weather in California.
Nothing is perfect in life folks, we all know that, but I will take Spokane, WA hands down anyday, and very soon it will be my full-time home! I am proud of Spokane WA and all it has to offer!

[coffeepotbend]

California money............................................. ....................!!!!!!!!!!!

[kena]

There is no doubt real estate prices in Spokane rose steadily from around 2002-2007. I also think the market has settled and will settle and probably depreciate for a while because prices were starting to get out of whack with other market forces. Nonetheless, there are some important differences between Spokane and other bust markets. For one, many of the hardest hit areas suffered from widespread speculative/investment buying. This investment buying drove up false demand and created an artificial market. I'm sure there was some speculative buying in Spokane but nothing on the scale of markets like Florida, Vegas, Phoenix, etc. At the same time, many of those markets were also being severely overbuilt. Coupled with the investors, the homebuilders were building like crazy based on false demand. In many such areas there are entire subdivisions that are nearly empty. Homebuilding certainly picked up in Spokane but nowhere near the level of other places. Finally, the sentiment here is that lenders here did not utilize the creative financing as much as some of the boom areas. Lenders here still, generally, had a more conservative culture. That coupled with the fact that home prices weren't totally out of reach for many people, led to less of the interest only and ARM financings that have come back to haunt people.

Sure, the Spokane market could still crater. Predicting trends in real estate is very difficult. Because, however, it missed out, to a large extent, on many of the factors causing the bust elsewhere, I feel more confident in the Spokane market than in others.

[Deena160]

Hey, if NW1 is willing to invest money in revitalizing the bad parts of town, who cares where the money comes from? I would feel a little differently if he wanted to bulldoze some woods to build an up-scale neighborhood like what's been happening around here. :~/ D

[coffeepotbend]

Deena160- I agree, if he wants to help Spokane/West central neighborhood be better, and hopefully not become a slumlord, more power to him!