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The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

Here's The Dirt

Spokane condo market: Back to the future

In the reverse of a trend seen over the last few years, two Spokane condo conversions will return to their roots as apartments.

A group of California developers had transformed Manito Court, 2417 S. Grand Blvd., into 14 condos, and Oak Terrace, 1711 W. 7th Ave., into 24 condos. Units at both were marketed at $148,000, but only one sold at Manito Court and seven at Oak Terrace, said real estate broker Tom Crowley.

Renters now can lease them for $750 to $800 a month, perhaps with an option to receive a $400-per-month credit to apply to purchasing them. Both buildings also are offered for sale online.

“They would much rather sell them, because they’ve invested in refurbishing the building,” Crowley said. “They’ve done really a first-class job of making the units almost like new, putting (in) granite counter tops and all-new appliances and new window systems.”

But with condo sales lagging, for-lease signs are sprouting up on a growing number of Spokane condos (Check out the graph for some insight into why developers are not just waiting around for buyers). And Crowley says this is not the first time this has happened.

“This will change,” he said. “It never stays bad, and it never stays good.”

For more analysis, turn to tomorrow's Business page.



Parker Howell tracks growth, development and real estate around the Inland NW.