Urban condominiums fill significant market niches

There is a vibrancy emerging for Spokane’s urban residents who choose to live, work and play downtown. Urban condominiums are especially important for three Spokane market niches: first-time home buyers, second-home dwellers, and those downsizing for a new, exciting lifestyle.

All home buyers must consider a number of questions when shopping for a home, and one of the most fundamental is: house or condo? The answer really comes down to preference and lifestyle.

According to the 2007 Buyer/Seller Survey conducted by the National Association of REALTORS®, nationwide condo buyers place more importance on neighborhood features, including proximity to work, shopping, restaurants and entertainment areas, public transportation, high-speed Internet access, and reserved parking.

Initially, buying a condo in the city center may seem too expensive for some would-be homeowners, but as gas costs continue to swell, with no signs of slowing, it’s a move that could prove a worthy investment. Commuting downtown from points north, east, south or west of Spokane can now run over $200 per month in gas costs, even before factoring in increased automobile maintenance. In a two-career household, that can mean $400-$500 in monthly gas expenses, and that’s a big bite out of any family budget now. Our European counterparts have known for years how to embrace urban downtown living. For more than a decade, gasoline has spiked to over $4 or $5 per gallon there.

New and newly renovated condos have recently emerged on Spokane’s downtown horizon. The number of urban condo owners who call Spokane home also continues to grow. Nearly 400 condos were sold in Spokane County in 2007, ranging in price from the mid-$50,000 range to more than $850,000. In the downtown core, there were 82 condo units sold in 2007.

Currently in the Spokane Multiple Listing Service, there are 70 active downtown condo listings. Year to date, 31 units have sold downtown, with an average sales price of $214,000. Purchase prices ranged from $69,000 to $550,000.

Whether a first-time buyer, a second-home owner, or those choosing to make an important downsize decision, Spokane residents are maturing in their attitudes and preferences about living downtown.

First-time Home Buyers

At the end of 2002, the average sales price of a single family home in Spokane County was under $125,000. About five years later (as of June 2008), this average has increased to $206,000. With recent appreciation, housing affordability on one income has become out of reach for many singles and young couples. For this reason, condominiums are an attractive option to home ownership.

To own for the first time, young Spokane residents are starting to catch on to the excitement of urban living. Lofts and condos may be smaller in square footage than a single family home on a traditional neighborhood street, but Spokane’s urban cityscape includes desirable amenities, with proximity to our revitalized downtown, upscale restaurants, health clubs, farmer’s markets, and bus routes that link most neighborhoods to the urban business core. Our downtown also offers a growing arts district, the historic newly restored Fox Theatre, the IMAX, the library, and more. Every month more vibrant urban commerce seems to present itself downtown.

Second-Home Urban Dwellers

Seasonal living downtown can offer several “second home” advantages. Spokane’s pleasant climate and recreational offerings during spring, summer and fall have been discovered by those who wish to escape the elements of desert living from various parts of our country, for several of the hottest months of the year. An urban condominium offers a low-maintenance second-home lifestyle, with easy access to all that makes the Inland Northwest great: golf, boating, biking, restaurants, and many other sought-after outdoor pursuits.

Downsizing to Carefree Condo Living

When downsizing, condo style living can offer simplification, and pleasing options which can open a new creative lifestyle for all ages. Many who plan to downsize in space also plan to upgrade in terms of design and amenities. The theme “less is more” also takes on great meaning. While it may be challenging to pare down a full house of furniture into fewer rooms, condo living also can mean less home maintenance, less yard work, lower gas, utilities and insurance bills, and more time to enjoy travel and active lifestyles.

Your Spokane REALTOR® can assist with several important activities for a successful condominium purchase. Buyers are encouraged to:

•Read all condo documents carefully, including the CC&R’s and the condo board’s financial statement.

•Research and review historical maintenance fees and special assessments.

•Examine the building exterior and grounds.

•Talk to residents. Condo residents live in close proximity to each other.

•Study comparables carefully prior to making an offer.

•Contact a Spokane REALTOR® for their expertise in all markets, including the exciting option of city condo living.