ISSUE 97 | NOVEMBER 2019
WITH COLDWELL BANKER TOMLINSON
BRANDON RAPEZ-BETTY: HELPING STA BRIDGE THE GAP BETWEEN SPOKANE AND ITS FUTURE Article by Larry Lapidus, Realtor Growing up near the Blackfoot reservation of SE Idaho, the young Brandon Rapez-Betty had lots of talent, but little focus, until he signed up for his high school’s debate team. There, he discovered the power of his own mind to gather and analyze information, form that information into a coherent vision, and then use that vision to change the minds, and perhaps the lives of others. Rather than forging his skill in debate into a lucrative career in law, as one might expect, he instead took a degree in Urban and Regional Planning, laying down the foundation for his current position as Director of Communications and Customer Service at Spokane Transit Authority. A two-year stint in the Peace Corps accounts for the choice he made of the public over the private sector. The Peace Corps assignment in The Dominican Republic, far from providing the delights of a tropical paradise, confronted him with the harsh realities of grinding poverty in a bleak, uninviting desert, where he had the responsibility of aiding residents to acquire the skills and financial backing necessary to create a functioning economy. Though his move to Spokane was at first prompted simply by a desire to take advantage of EWU’s excellent graduate program in Urban Planning, Brandon soon found himself drawn to the social and economic potential of the city, and its need for people with his peculiar combination of skills. Before coming to STA, he worked first with Mayor Mary Vernor’s Sustainability Task Force, and then with the Downtown Spokane Partnership, both devoted to bridging the gaps separating a vision of Spokane from its fulfillment.
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After such an idealistic and visionary background, what would attract someone like Brandon Rapez-Betty to a municipal transit authority? The answer is obvious to anyone familiar with Spokane Transit: it is a team of visionaries, driven by a fierce desire every day they show up to work to make a positive contribution to the quality of life and the economic vitality of the community in which they raise kids, shop, go to church…..and ride the bus. Far from being a detour, Brandon’s position at Spokane Transit represents the fullest expression of his talents, training and commitment to excellence. CEO E. Susan Meyer networks with transit professionals from all over the country…..all over the world, in fact, to make sure that Spokane’s sense of the future and of the best way to get there is as clear and accurate as it can get. This is translated in the hyperactive mind of Planning Director Karl Otterstrom into a dizzying array of projects large and small, all designed to connect Spokanites with their jobs, their schools and their places of worship and recreation. It is finally the responsibility of Brandon Rapez-Betty to convey all of this information, all of these plans, all of these possibilities, to the people of Spokane as forcefully, usably and memorably as humanly possible. Not a brochure, map, sign, Facebook post or webpage relating to Spokane Transit sees the light of day without passing through RapezBetty’s creative crucible. Check out www.facebook.com/ spokanetransit and www.spokanetransit.com to see what we mean.
NEIL JOHNSON: THERE’S NOTHING CLOUDY ABOUT THIS CRYSTAL BALL Population the Key Factor: The real estate market in Spokane County is hinges on the growth of our population: if more people are moving to Spokane and fewer people are leaving, then there is price appreciation. The price appreciation that is created by positive population growth can be moderated by increasing the housing supply, i.e. by encouraging builders and developers to provide more housing. New Construction Will Fall Short: We can determine the amount of housing that needs to be built if we know the rate at which the population is growing. Spokane’s annual growth rate fluctuates from 1% to 1.75%. Thus, if there are 220,000 households in the County and there is 1% population growth, the builders should be providing 2,200 new units. Currently, Spokane County is experiencing about 1.75% population growth, which should translate into 3,850 new units needed to keep the market status quo.
Current projections, however, are estimating only 2400 apartment units and single-family homes to be built this and next year. With apartment vacancy rates at historic lows (about 3%), there is little excess housing available to absorb the pace of growth we are experiencing. Another Year of Rising Prices: We can say with confidence that in 2020, there will not be enough housing to allow for all the new residents wishing to join our community. This, in turn, will create a shortage which will translate to market appreciation (i.e. higher prices) in both rental housing and in the single family housing market. Both investors and residential buyers should be aware that real bargains will be few and far between, and that the buying process will be demanding as ever, making it all the more important to have a team of expert advisers at their side: lender, insurance broker, and title company, all coordinated by their Realtor. Article by Neil Johnson, Partner, Coldwell Banker Tomlinson
COMMUNITY SPOTLIGHT
WHITE CHICKEN CHILI INGREDIENTS (4 servings)
• 1 tablespoon vegetable oil • 3 cloves garlic, crushed • 1 (4 ounce) can diced jalapeno peppers • 1 (4 ounce) can chopped green chile peppers • 2 teaspoons ground cumin • 1 teaspoon dried oregano • 1 teaspoon ground cayenne pepper • 2 (14.5 ounce) cans chicken broth • 3 cups chopped cooked chicken breast • 3 (15 ounce) cans white beans • 1 cup shredded Monterey Jack cheese
INSTRUCTIONS
CROSS.
Eager to please, eager to go on walks or hikes, eager to accept treat, eager to play, love and be loved. #2019-9308
MAMA KITTY. Here’s a scrumptious variation on the savory chili that has long been a family favorite. Believe me, it looks great on the table on these dark, early nights!
1. Heat the oil in a large saucepan over medium-low heat. Slowly cook and stir the onion until tender. Mix in the garlic, jalapeno, green chile peppers, cumin, oregano and cayenne. Continue to cook and stir the mixture until tender, about 3 minutes. Mix in the chicken broth, chicken and white beans. Simmer 15 minutes, stirring occasionally. 2. Remove the mixture from heat. Slowly stir in the cheese until melted. Serve warm.
Mama Kitty is a sweet, gentle cat whose idea of a great home includes comfortable laps for lots of cat naps, toys, food and lots and lots of love. #2019-13888
Interested in adopting or donating? Call SCRAPS Today! 509.477.2532
NOW TRENDING: ALTERNATIVE HEAT SOURCE…THERE ARE OPTIONS fireplace look is no longer the only option available.
Traditional fireplaces and their cousins - wood stove inserts, pellet stoves and gas fireplaces/inserts provide one with many alternative heating source options. Each has its benefits and drawbacks, but there is likely an option that would work for you. These alternate heat sources can bring function and beauty into ones living space – indoors or out.
The old wood-burning, masonry fireplace has little heating benefit, but can be a great place to install a new, clean burning wood or pellet stove insert complete with a fan to circulate warm air within the living space. The new EPA compliant fireplaces allow for their use during periods of poor air quality and they are a great alternative Gas fireplaces provide the most when the power is out. versatility for the homeowner considering they have remote and Be sure in any application you are thermostatic controls available considering, to consult with local and, like many modern appliances, experts and building departments for can be controlled remotely. Gas allowable installations and locations. fireplaces are clean, easy to use and Also, consult with the local air quality can be located just about anywhere. authority to determine when each When considering a gas fireplace type of unit can be used and under consider the popular new linear what conditions. models. The typical ‘squarish’ gas Article by Dale Smith, Realtor®
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
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ISSUE 97 | NOVEMBER 2019 ©2019 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
2018 2019 71 57 55 48 62 50 2019 was 44 $287,985 compared to October The average closed price55for October 59 53 45 40 not represent home values) 2018 when the average price was $264,453. (Does 53 45 35 36 53 39 30 31 52 31 2019 was 28$265,000 compared to October The median closed price35for October 53 median price 37 35 31 not represent home values) 2018 when the was $240,000. (Does 54 43 33 29 55 44 35 23 Closed sales of 56 single family 42 homes36on less than 21 one acre including condos for October 201959 total 846 compared to 45 39 October 2018 when the total was 689. 60 49 44 2016
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2017
MARKET UPDATE
AVERAGE PRICE UP 8.9%
Often, we think of a deal as buying a home for less than the list price. In a hot market, getting a deal may be just getting a home.
MEDIAN PRICE UP 10.4%
Each buyer has different priorities. Do you want to buy a home for less than asking price? You may be waiting a long time. Or is your priority just getting a home? If so, paying the sticker price may be the deal you’ve been looking for.
SALES UP 22.8%
INVENTORY STEADY
Current inventory, as of this report totals 945 properties which represents a 1.2 months supply. NOTE 1: Inventory does not include CTG-Inspection. As an example - Inventory, including CTG-Inspection (now Pend-Inspection) would total 1,368 properties, a 1.6 months supply. NOTE 2: Using the old method inventory is up 2.6% as of this report (1,368 compared to 1,333 last year at this time).
DAYS ON MARKET JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
2016
71
62
59
53
53
52
53
54
55
56
59
60
2017
57
55
53
45
39
35
37
43
44
42
45
49
2018
55
50
45
35
30
31
35
33
35
36
39
44
2019
48
44
40
36
31
28
31
29
23
21
Information comes from the SAR’s Monthly Activity Report which looks at single family residential/site built properties on less than one acre and condominiums.
Although, reading between the lines may reveal some buying tips. Homes with no contract average 50 days on market (DOM), which is double DOM for homes with a contract; these “no contract” homes are priced about 22% more than homes under contract. While “no contract” homes may be overpriced, you can often offer less, which actually ends up being closer to market value, and find that less than list price deal after all. Article by Cody Kerr, Realtor®
CONTACT ME WITH ANY QUESTIONS OR FOR DETAILED MARKET INFORMATION.