ISSUE 104
NEWSLETTER
JUNE 2020
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WITH COLDWELL BANKER TOMLINSON to order. After a brief period in which he supervised the immigration of some new staff who were open to a different way of doing things, the revolution was accomplished.
Putting Food on Two Hundred Tables
W
ith nine months under his belt as Executive Chef at Touchmark's senior residential community on South Hill, Alex Stoy, along with key members of his staff, felt comfortable taking a week to attend the Touchmark national conference in Texas during the first week of March. No sooner had he settled in, however, but the phone rang with news that the virus that had been spreading in Wuhan, China had showed up in a nursing home in Kirkland. Stoy immediately ordered all the common beverage stations removed that dot the hallways at Touchmark and other common areas restricted. Two days passed, and the true extent of the crisis began to emerge; he conferred with his staff and issued another order: the dining room was to be closed. Everything had changed. Alex had been brought to Touchmark in May of 2019 to spearhead an overhaul of the community's kitchen. A graduate of SPCC's nationally recognized culinary arts program, he had worked at some of Spokane's leading restaurants before taking a supervisory position at le Catering, which provides high-level cuisine to corporate clients and civic organizations, with diners sometimes numbering in the hundreds. Thus, he was eminently qualified to oversee the transition from a conventional foodservice operation, in which a limited menu of items is prepared are prepared in huge batches and plated out en masse. Touchmark wanted something different. Their community had gradually filled with boomers, most of whom were foodies expecting a varied and diverse menu filled with custom choices and, perhaps most important, made fresh
The task was not only hugely complex, but hugely important. Nothing in the retirement services industry is more important, more crucial than food. Beyond the obvious need to provide wholesome nutrition, with such elements as calories and sodium carefully controlled, the preparation and serving of food is the fulcrum of social interaction in a community, which is, in turn, essential in maintaining a positive mental outlook. An executive chef in such a community must work with specialists in health care and psychology to balance the comfort of reliability with the pleasure of surprise, and stimulation with relaxation. Touchmark's aim in all things is the safety and well-being of their residents, and in the bull’s-eye of that target sit food and drink. No sooner had Alex Stoy's transformation of the Touchmark kitchen coalesced, but Covid-19 raised its very ugly head. Gone were the leisurely meals in the dining room, at which guests were encouraged to linger over coffee and dessert. Now, 150-200 meals had to be prepared to order and delivered by hand by the wait staff to each apartment or bungalow. Behind the scenes, Stoy had to figure out how to maintain variety of his menus while suppliers were telling him that the cuts of beef and pork and types of produce he required were now hard to come by as processing plants closed and cut back. In his earlier duties as Executive Chef, Stoy had had to arrange for service not only in the dining room, but throughout the myriad special events offered by Touchmark to enliven the days of its residents. While we wait for a reliable treatment and vaccine, these events have had to give way to carefully planned celebrations in which at-risk guests can participate safely, celebrations such as the fabulously successful Mother's Day extravaganza, in which families piled into cars, and, along with hobbyists from throughout the region piloting their prized Auburn Cords and Dodge Belvederes, drove around Touchmark's long circular drive, while their loved ones looked on delightedly from their balconies or from their social-distanced lawn chairs. And who do you suppose was tirelessly ferrying the gifts from the cars to the Touchmark staff ready to distribute them? Who but Alex Stoy!
FOUR SPOKANE NEIGHBORHOODS: 2010-2020
T
oday’s Coldwell Banker Tomlinson broker has tools that allow a deeper and more revealing look into the performance of the real estate market than ever before. Here are four graphs that trace the appreciation of values in four unique Spokane County neighborhoods over that past ten years. Can you guess which neighborhoods they are? The key lies inverted below.
A.
We need to be aware that the appreciation rate seems much more dramatic in this neighborhood in part because, when we compare it with the others here, the dollar scale is expanded by being expressed in gradients of $50,000, rather than $100,000 or $200,000. Still, the percentage increase is pretty remarkable: from an average of $80,000 to one of about $180,000 now, an increase of 125% over the ten years covered in this report.
average and median prices 2010 - 2020
B.
While A shows a deep trough in values between 20102015, resulting from the Great Recession, values in B remained steady until July, 2016, when they began a steady ascent, rising from around $235,000 to nearly $340,000 at the present. It is not unusual to see a more gradual increase in an area of lesser risk. This is true of every segment of our economy.
C.
In fact, this neighborhood is the only one that does not exhibit a period of steady, month-over-month appreciation beginning in July, 2016. Homeowners in this neighborhood had to wait until 2018 to see values start to rise appreciably. The reason is that new construction plays a significant role in the real estate market here, and it took longer for banks to begin lending and builders to begin raising their heads above the trenches after being brutalized by the Great Recession.
D.
At first glance, this neighborhood appears to show much greater volatility from month to month than the other three, but, in fact, the reason lies in the fact that this neighborhood contains a much greater diversity in the types of residential construction it contains, from modest patio homes and condos to palatial estates featuring dramatic views and pricey access to aquatic recreation areas. Thus, average prices can swing widely from month to month, depending on which market segment shows the highest proportion of sales. It is most important to note that the trendline in this neighborhood shows the steadiest rise of all four in our study. Your Tomlinson agent has the tools and the knowhow to interpret how these dynamics affect the value of your property, or of the property you may be considering.
KEY:
The information in this report is compiled from a report given by the Spokane Association of REALTOR®’s and to the best of our knowledge is accurate and current.
A=HILLYARD B=SOUTH HILL C=FIVE MILE PRAIRIE D=LIBERTY L AKE
Ingredients 8 lbs. brisket of beef 1 cup brown sugar ¼ cup salt ½ cup pepper ¼ cup garlic
Directions Step 1: Mix all spices and sugar together in a bowl Step 2: Rub the spice mixture on the brisket 1 to 2 hours before cooking Step 3: Heat smoker to 250-275
HOME RECIPES
a touchmark secret: smoked brisket of beef
Step 4: Cook brisket at 250-275 for 6 to 8 hours or until internal temperature reaches 195 degrees
On the occassions when Alex Stoy has presented a barbecue dinner on the patio at Touchmark, the item that disappeared fastest and that garnered the loudest praise was the smoked brisket of beef. Here's his secret:
The Best Ways to Improve Your Home’s Value in 2020
O
ften the debate arises as to which home improvement projects create the most value or return on investment. Opinions differ, of course, but the following projects tend to consistently provide great returns as a percentage of cost input. Some are more extensive than others and as such have a varying cost associated with them. Almost never will an improvement deliver a dollar for dollar return on investment, however, some of the value is derived from the pure enjoyment experienced by the owner(s). 1. Basement Remodel or Finish: Turn basement into a recreational retreat – movie theater, wet bar, open entertainment area – extra bedrooms and bathrooms
typically bring a higher value per square foot than just a large finished space 2. Accessibility Upgrade: Eliminate access restrictions Widen doorways and hallways – be considerate of headers and bearing walls Lever style door hardware No or low-step shower improvements 6. Deck addition: Composite or redwood 8. Attic, basement and crawl space insulation: long term energy savings with relatively low input costs 9. Master suite addition or remodel: this is a big factor in most home buying decisions 10. Entry door upgrade: enhance that curb appeal 11. Upgrade window coverings and blinds: enhance the exterior with shutters or a craftsman style trim upgrade 12. Garage door replacement: insulated door replacement with some windows to add curb appeal and function 13. Turn your T1-11 siding into a board & batten look by adding vertical battens Article by Dale Smith, Realtor®
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
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ISSUE 104 | JUNE 2020 ©2020 Coldwell Banker Tomlinson. All rights reserved. Each office is independently owned and operated. If you currently have an Agent assisting you with the purchase or sale of property, this is not a solicitation for business.
SPOKANE REAL ESTATE MARKET STATISTICS – Market update Price Range
Residential Sold in Period
Residential Active Listings 5/31/20
Residential Listed in Period
Months of Inventory
DOM for Closed Sales
0 - $79,999 $80,000 - 99,999 $100,000- 119,999 $120,000- 139,999 $140,000- 159,999 $160,000- 179,999 $180,000 - 199,999 $200,000 - 219,999 $220,000 - 239,999 $240,000 - 259,999 $260,000 - 279,999 $280,000 - 299,999 $300,000 - 319,999 $320,000 - 339,999 $340,000 - 359,999 $360,000 - 379,999 $380,000 - 399,000 $400,000 - 419,999 $420,000 - 439,999 $440,000 - 459,999 $460,000 - 479,999 $480,000 - 499,999 $500,000 - 519,999 $520,000 - 539,999 $540,000 - 559,999 $560,000 - 579,999 $580,000 - 599,999 $600,000 - 619,999 $620,000 - 639,999 $640,000 - 659,999 $660,000 - 679,999 $680,000 - 699,999 $700,000 - 749,999 $750,000 - 799,999 $800,000 - 849,999 $850,000 - 899,999 $900,000 - 949,999 $950,000 - 999,999 $1000000 + Totals
13 10 30 49 58 136 157 161 183 201 228 190 163 189 120 106 86 63 72 37 30 33 24 22 25 17 16 9 8 11 6 4 10 4 5 3 0 2 3 2484
6 7 4 8 5 11 25 16 30 33 24 23 17 37 40 33 42 25 36 28 25 24 13 23 18 13 15 3 6 5 3 4 10 5 2 7 1 5 22 650
16 14 32 54 61 160 224 198 266 261 294 261 308 248 189 172 165 104 112 95 67 71 52 51 54 32 34 11 12 18 18 11 27 13 5 9 4 8 24 3656
2.3 3.5 0.66 0.82 0.25 0.4 0.8 0.5 0.82 0.82 0.52 0.6 0.52 0.98 1.66 1.55 2.4 1.98 2.5 3.7 4.1 3.6 2.7 5.2 3.6 3.8 4.7 1.66 3.75 2.27 2.5 5 5 6.25 2 11.6 0 12.5 36.6 1.3
27 32 34 41 33 16 14 16 15 12 19 15 24 31 30 29 38 18 33 30 42 27 36 29 34 33 35 68 54 52 9 183 69 14 47 104 0 12 28 24
The information in this report is compiled from a report given by the Spokane Association of REALTOR®’s and to the best of our knowledge is accurate and current.
At first glance, this chart looks pretty uninteresting. And yet, it was not merely spit out by a computer after a millisecond of computation, but compiled over many hours by an actual human at Coldwell Banker Tomlinson. Why? Simply because it provides a genuinely useful and revealing tool for understanding the real estate market. To begin with, it is based on records of every sale of residential property in Spokane County that passed through our Multiple Listing Service between January 1 and May 31 of this year. It breaks them down into narrow pricing bands, and then indicates key attributes of the sales in each band during the same five month period, as well as how many active listings were on the market in each band on the last day of May.
$620,000. Recall that “Months of Inventory” expresses how long it would take to sell all of the listings currently on the market, assuming the same level of sales that occurred since the first of the year. Would you want to throw your home in a pot that will take 3.75 months to sell, or 1.6 months? The chart suggests that setting your asking price at or slightly below the $620,000 figure would be a good idea. Or suppose you have had a house on the market at $325,000 for 45 days. According to the chart, the average house in that price band would have sold two weeks earlier. Maybe it’s time to consider dropping into the next lower pricing band, which shows only two WEEKS of inventory.
These decisions are not obvious or automatic, and should be made with the assistance of And who cares? Well, suppose you wished to your Tomlinson agent. But isn’t it great to sell your home, and your broker showed you have such a clear picture of what the market that it was worth about $620,000. It would is doing? Don’t you prefer to do business in be very helpful to know how many months this way? We sure do! of inventory were currently sitting on the market in the pricing bands on either side of Article by Larry Lapidus, Realtor®
CONTACT ME WITH ANY QUESTIONS OR FOR DETAILED MARKET INFORMATION.