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ISSUE 127
THE PODIUM ANOTHER REASON FOR SPOKANE TO FEEL PROUD BY ERIC JOHNSON
Y
ears ago, I sat in a board meeting for the Spokane County Parks commission and heard a “pitch” for development of the north bank across from Riverfront
Association to provide funding. The actual dollars were generated from a one-time contribution from the city of Spokane while leveraging a state sales tax rebate and lodging taxes. The total funds to
post scores and video for several events at once. To say track people covet this facility is an understatement. In its first track meet, several records were broken, leading some to declare it to
Park in Spokane. The location boasted a giant basalt rock and some brick buildings constructed
construct: $53 million, with the hopes that if you build it they will come.
be one of the fastest tracks in the US. The attention to detail helped secure the 2022
in the early 20th century. Being in real estate, I agreed that the current use was not the “highest
The first quarter of operations has just ended and by any standard the numbers have far
National Indoor Track Championship tournament. But wait, it’s not just all about track. The
and best” of the location. The Podium was the name of the project
exceeded expectations with an economic impact of $15,346,875. The first year is estimated to
facility has already hosted an volleyball tournament (PNQ), and will be the site for a USA
and the proponents posed a strategic use that was unique. This facility was going be one of
produce $35M in economic impact. At this pace, the Podium is scheduled to pay for itself within 2
Wrestling tournament and the 2022 USA Karate national championships. Not bad for the first year!
three west of the Mississippi to offer the utility and meet the standards for NCAA competition. It also
years; virtually unheard-of for a public facility. Well done, Spokane Sports!
Overall, this development should be the model for all organizations who want to plan, fund and build
could be used for volleyball, basketball and wrestling events. The plan seemed logical and ambitious and then of course was the question: who was going to pay for this? Spokane Sports, the organization that spearheaded this development, worked with several entities including Spokane County Parks, Spokane Public Facilities District, Spokane County, Spokane Parks and Hotel/Motel
The amount of thought that went into this facility for track is a testament to the planners. Some of its unique characteristics: 1) The hydraulic track is one of the only tracks in the US that can retract in time for runners to run out flat on one side. 2) The practice track is below the stands away from the main track and spectators, which allows athletes to focus better. 3) The audio/video system is one of few that is able to
a public facility.
Spokane Sports spokanesports.org/podium
DOWN PAYMENT RESOURCE NEW SPOKANE ASSOCIATION OF REALTORS MEMBER SERVICE HELPS CONNECT HOME-BUYERS TO THE DOWN PAYMENT HELP THEY NEED. he Spokane Association of Realtors (SAR) has been busy. With the advent of the Covid-19 pandemic in 2020, the organization, under the direction of its President, Tom Clark, and subsequently Eric Johnson swung quickly into action, interfacing with State and local Departments of Health, conferring with the Governor's office and negotiating with the State Legislature on behalf of
T
Resource to provide its members with guidance through the complex and poorly-understood world of public and private organizations that exist to make home ownership by making cash available for down payments, closing costs, prepaid expenses and repairs. Among many other benefits, this may allow a buyer to obtain a conventional, rather than an FHA mortgage, and thus avoid the sizable payments for mortgage
after the property has been held for 5 years. The amount of assistance ranges, depending on the program, from $5k to $70k. The average check at closing amounts to $18,500, which covers a 5% down payment on a property costing $370,000. How, you might ask, is anyone supposed to master the complexities of all the 37 programs available in Spokane? That is where Down Payment Resource comes in. Since the beginning
its members and of the past, present and future property owners of Washington. As a result, the
insurance that come with such loans. There are many myths circulating about Down
of its service to the Spokane market in early March, its logo appears on every listing in the
tools available to your Coldwell Banker Tomlinson agent can enable you to meet the challenges
Payment Assistance programs. One is that there aren't any; that they all vanished in the aftermath
Spokane MLS, linking that listing with specific information on just what programs, if any, the
posed by today's market. No segment of the public has been more
of the Great Recession. In fact, there are roughly 2,200 different programs available today in the
buyer of that property might be eligible for. It will surprise you, I am sure, to learn that 70% of all
sharply affected by the transformation undergone by Spokane's real estate over the past three years
US. In Spokane alone, there are 37 programs to which 22 agencies provide guidance. Many
listings in the Spokane MLS qualify for at least one program of this kind. Your Coldwell Banker
than buyers entering the market with limited reserves of cash. These buyers have traditionally
believe that down payment assistance is available only to folks earning well below the median
Tomlinson REALTOR®, in cooperation with a qualified lender, may be able to use this exciting
been able to take advantage of FHA-guaranteed loans to secure the homes they want, but the
income. While there are programs that limit themselves to this demographic, others have
new tool to guide you or someone you know off the sidelines and through the door of a new home.
advantages of this resource have compromised by having to compete with less cash-conscious buyers in the multi-offer market in which we find ourselves. The sad result is that these buyers often see their offers rejected so often that they retreat to the sidelines to lick their wounds and wait for help to appear. In an effort to provide that help, the SAR has signed an agreement with Down Payment
annual income limits as high as $160,000. Similarly, while some programs target properties in geographic areas of lower demand, other will provide assistance in securing properties with sale prices as high as $548,000. Many, but not all of these programs expect the funds they provide at closing to be repaid, though at rates near or at 0% interest. In some cases, though, the obligation to repay disappears
Down Payment Resource downpaymentresource.com
Home Recipes with Coldwell Banker Tomlinson
Courtesy of getonmyplate.com
TikTok Deconstructed Sushi Rice Bowl Serves 2 INGREDIENTS • • • • •
1-2 cooked salmon filets (about 4 oz. each) 2 cups cooked rice 1 ice cube 1/2 avocado, diced 1-2 tbsp kewpie mayonnaise to taste
• 2 tbsp soy sauce to taste, Tamari or coconut aminos also work • 2 tsp sriracha, to taste optional • kimchi, to taste optional • 12 roasted seaweed sheets optional
INSTRUCTIONS 1. 2. 3.
NOTES Have leftover salmon that needs to be repurposed? Try this viral 5-ingredient recipe that involves a microwave, rice and … an ice cube?
4. 5. 6. 7.
In a microwave safe bowl, flake your cold salmon until it's broken up into small pieces. Using a fork works best. Add your leftover rice right over the salmon, then place one cube cube in the center, nestling it into the rice. Cover with parchment paper or a paper plate (just make sure steam can View TikTok Tutorial escape) and microwave on high for 2 to 2 1/2 minutes. Remove bowl from microwave and discard any remaining ice. Add soy sauce, mayonnaise and sriracha (if using) and mix with rice/salmon until combined. Top the dish with diced avocado and more mayonnaise, sriracha (optional) soy sauce to taste. At this point, you can enjoy the rice bowl as-is OR add kimchi and wrap the rice mixture in your seaweed pieces and enjoy as mini-wraps!
COMMUNITY EVENTS Barenaked Ladies with Gin Blossoms & Toad the Wet Sprocket
American Heroes’ Weekend May 28 - 30 • 11am - 6pm • Silverwood Theme Park silverwoodthemepark.com• 208-683-3400
June 29 • 7:00pm • Northern Quest Resort & Casino northernquest.com • 509-242-7000 • $49-$99
All military personnel, veterans, police officers, firefighters, and EMS (identification required) Receive FREE admission to the park on these special event days and their immediate family members (spouse and children) also receive a special discounted rate when purchasing tickets at Silverwood’s front gate.
At the BECU Live Outdoor Concert Venue. Rescheduled from 2021.
Patton Oswalt Live: Who's Ready To Laugh? June 5 • 7pm • Martin Woldson Theater at The Fox foxtheaterspokane.org • 509-624-1200 • $50-$60 Patton Oswalt, known for his laugh-inducing specials and guest appearances on television, is coming to Spokane with his newest comedy special Who's Ready To Laugh?
Agatha Christie's Murder on the Orient Express May 27 - June 19 • Thu-Sun • Spokane Civic Theatre spokanecivictheatre • 509-325-2507 • $10-$35 A plot-twist masterpiece that's thrilled mystery lovers from television, radio, film and now theatre. Just after midnight, a snowdrift stops the Orient Express in its tracks. The luxurious train is surprisingly full for the time of the year, but by the morning it is one passenger fewer.
Yellow Brick Road April 7 - July 21 • 7:00pm • $25 • CDA Casino cdacasino.com/events • 800-523-2464 Yellow Brick Road, A Tribute to Elton John, from Augusta Maine, is a full concert tribute, complete with an incredible light show and sound system.
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
@HOME WITH
cbspokane.com
ISSUE 127 | MAY 2022
©2022 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 & Kootenai County Market Snapshots - April 2022
Market Insights BY JONATHAN BICH
Average Sales Price
Current Listing Inventory
Average Days On Market
$458,603
362
8
Up 16.2%
Up 35.1%
Up 14.3%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$423,142
519
1,895
Up 18.7%
Down 20.6%
Down 12.5%
Average Sales Price
Current Listing Inventory
Average Days On Market
$753,359
511
60
Lately I have been asked more and more, “Is the market going to crash?” The simple response to this question is, “No.” There are no indicators for this. Some news outlets may try to hint at this by suppling some flashy headline, or if you are scanning the internet, you’ll discover many articles with those “clickbait” tags of impending doom, but rest assured Spokane is just fine. That shift in the market they are calling a “Correction” because of the increase in home inventory, is our normal springtime movement. Coming out of winter the inventory has always been at its lowest point. As we move into spring, then into summer the inventory levels continue to rise until we hit our high. Here in Spokane that is typically July and August, then as we move into fall, the inventory levels start their decline into winter, and it starts all
Up 29.2%
Down 7.6%
Down 27.7%
over again.
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$592,990
318
1,121
Up 27.6%
Down 22.6%
Down 15.8%
SPOKANE COUNTY
KOOTENAI COUNTY
April 2022, as compared to April 2021. The information in these reports are compiled from reports given by the Spokane Association of REALTORS® and the Coeur d'Alene Association of REALTORS® and to the best of our knowledge is accurate and current.