A housing renaissance in Spokane?
There’s something happening in Spokane that borders on being terrific. To notice just what it is that brings on a lot of joy and is pleasing to the eye, simply take a ride around the city and check out what has been happening in many neighborhoods this past year.
Homes that have sat along many of the city’s streets have taken on a new life. New paint is popping up on most neighborhoods. New siding is being applied, fences are being built, and roofs are being renewed. Spokane is shaping up.
What has caused this local renaissance? The real estate boom, that’s what. There are simply not enough homes for sale for prospective owners who are in the market to buy.
It takes some time to build a home — months, usually. There are construction permits, purchase of the land, and construction crews to do the work. It does take time, even to get the land properly developed for new projects. All of this takes time, a lot of time.
What is the logical solution? If you do take a drive around town you will see a number of homes getting a facelift. These homes have already served their owners for decades. You will see new life in these homes and, by example, it spreads throughout the neighborhood.
The real cause is the very fact that there are not enough available homes for sale in Spokane County to satisfy the demand of all the potential buyers. Last month, the total number of active listings on Multiple Listing Service of the Spokane Association of REALTORS® was 1,344.
That is a very low number of available homes for sale in Spokane. Scarcity has the reputation of causing prices to rise — and they have been rising. We just need more homes to fill the need.
A number of craftsmen have seen an opportunity to purchase available homes for a fair price and then renovate the entire project, which will provide the buyer some options. When this happens, the neighborhoods benefit. Actually, everyone benefits. On your tour of what is happening housing-wise in various areas, if you chose to do so, you will find pockets of homes that are being refurbished that are just beautiful and serviceable.
These homes do not last long on the housing market. We’ve noticed many of these houses getting a new life because of the lack of available homes for sale. These homes appear to be getting somewhat scarce, too. One of the rebuilder groups said they had collectively purchased about 70 of the homes that needed some help and that as soon as they were finished, they sold easily.
As these neighborhoods blossom again, everyone benefits and can take pride in just what is happening in the area. It kind of reminds me of what happened in Baltimore a couple of decades ago. The city had purchased a number of homes that had fallen into disrepair. No one stepped up to buy them until the price for these was about $500. They were homes that had a communal wall connected to another dwelling on either side for the most part. As I remember, the area had been condemned. However, as a result of ownership and the pride in it, the people who purchased them turned the area into one of the best and most interesting in the city.
The area is close to the home where Betsy Ross displayed the flag she had made for the American Continental army troops who marched by on their way to battle with the then-enemy British. I wonder if there may some kind of connection?