A one-of-a-kind luxury condominium recently sold for $2.25 million, setting a record for the most expensive in Spokane County.
The 3,440-square-foot downtown Spokane condo, above P.F. Chang’s in a building formerly occupied by Burlington Coat Factory at 809 W. Main Ave., was initially listed for $2.5 million from May to December of last year.
“We had a showing a month and we gave it a rest through the holidays,” said Kari Hayes, Realtor with John L. Scott Real Estate and listing agent for the property. “We put it back on the market in mid-March and it went under contract in mid-June. In those three months, we had way more traffic than we did in the prior eight months.
“We had three sets of interested parties who looked at the condo more than once. At the end, there was a ton of traffic.”
Spokane County Recorder’s Office records show NGS Trust sold the condo to the James E. Knox Revocable Trust.
Hayes declined to comment on the identity of the seller, citing privacy. A Spokesman-Review article published last year indicated NGS Trust’s principal is a longtime local entrepreneur and business owner who was selling the condo because it “was not being fully utilized in this chapter of his life.”
Brandi Graham-Snow, Realtor with Windermere North who represented the buyer, declined to comment on his identity or whether the condo would be a main or secondary property.
Graham-Snow said, however, the buyer toured other properties in Spokane and was drawn to the quality and location of the Main Avenue condo, which connects to River Park Square via skywalk.
“It’s just so well-appointed, thought out, sleek and contemporary,” she said.
The condo was listed globally via John L. Scott Real Estate’s affiliation with Leading Real Estate Companies of the World, a global relocation network.
There have been three condo sales north of $2 million in the county. The recent Main Avenue condo sale is the priciest per square foot, Hayes said.
A unit in the same Main Avenue building sold for $2 million, or $643 per square foot, in 2016.
Another condo in the Spokane area sold for $2.1 million, or $543 per square foot, in May, according to the Spokane Multiple Listing Service.
“We are record-breaking at $654 per square foot,” Hayes said of the recent downtown Spokane condo sale.
Potential buyers also toured a four-bedroom, three-bathroom condo listed for more than $1.8 million in the same Main Avenue building, but were drawn to the craftmanship of the $2.25 million condo, Hayes said.
“The feedback was that this one was far superior,” Hayes said. “When the seller built it, they didn’t have resale in mind.”
When the condo was listed for sale last year, the market lacked comparable properties in the area, so it was priced based on its design and quality, Hayes said.
“There really aren’t very many condos that have sold for over $1.5 million,” Hayes said. “When you walk into this condo, the fact that it sold that high without a water view is really telling.”
The 2.5 bedroom, three-bathroom luxury condo has a sleek, European modern design with wide plank oak floors; quartz countertops in the kitchen, bathroom and laundry room; a two-sided, custom climate-controlled wine wall and an engineered floating staircase leading up to a second-floor loft.
The master bedroom features built-in dressers, a double-size gas fireplace, large walk-in closet and quartz walls framing a spa-like bath in the bathroom, which also has a walk-in shower and heated floors. Other features include a water filtration system, a state-of-the-art audio/video system, updated kitchen equipment and a Lindsey Adelman chandelier hanging over the dining table.
The work of Adelman, a New York City-based lighting designer and artist, has been featured at the Cooper Hewitt Smithsonian Design Museum in New York City and the Nilufar Gallery in Milan.
Builder Kevin Gunder, of Coeur d’Alene-based Gunder Construction, and designer Toni Brannon, of Spokane-based Toni Brannon Design LLC, partnered to create the custom condo from an empty concrete shell.
The sale will likely raise the bar for future condo listings in Spokane, Hayes said.
A three-bedroom, three-bathroom condo at 1223 W. Riverside Avenue was listed for $2.3 million in July, according to the Spokane Multiple Listing Service.
In addition to condos, single-family home prices have risen sharply in the past year.
Spokane’s median closing price for properties and condos on less than 1 acre was $420,000 in July, according to the Spokane Association of Realtors.
The most expensive single-family home sold in Spokane County this year was a 7,420-square-foot, five-bedroom, five-bathroom property in the Rockwood neighborhood. It sold for more than $2.4 million, Spokane County Assessor’s Office records show.
The downtown Spokane condo sale illustrates that Spokane is growing and evolving, Graham-Snow said.
“Our downtown is attractive and that is drawing people to the condo lifestyle,” she said. “The city itself is a perfect size and people will spend good money for a really high-quality product.”