As is the case with real estate on both sides of the border in the last couple of years, the market in Spokane Washington has been on a bit of a roller coaster ride. A great location between Seattle to the south and Vancouver to the north has meant that Spokane real estate owners have been spared some of the paroxysms of anxiety felt by owners of Red Hook real estate to the east, but the market is not what it was five years ago. Of course, that is not bad news for all those with a vested interest in Spokane real estate; let's check out some of the highlights of the picture here.
A diverse market
Spokane is home to over 200,000 people, and is also rich in residential history. That means you will find a huge variety of home styles if you are looking to buy on the Spokane market. The size means that you have a population base comparable to that you might find on the Brampton real estate market, but without the competition from nearby big cities.
For home sellers, that is good news, because Spokane is the place to live if you work in the area. There is less worry about traffic congestion and skyrocketing prices, and buyers tend to appreciate the value for money they receive.
The homes on the market run the full gamut one might expect to find in such a city. The downtown area hosts several cutting edge high rise condominium developments as well as average developments of the sort as well. A big advantage in the Spokane market over those looking at similar Riverdale Toronto real estate is, of course, that in Spokane one gets an ocean view for the same price!
Those interested in stand alone, single family homes will also be impressed with what is available on the Spokane market. There are new middle class neighborhoods such as Five Mile Heights. A beautiful neighborhood with fine schools and plenty of green space, the houses here are still priced much lower than similar Scarborough homes back east.
Older areas of the city such as Browne's Addition may appeal to the wealthier people looking to take up residence in the city. Here, you will find mansions built towards the end of the 19th century. Rockwood is the place to look for newer upwardly mobile residences.
Buyer's market
As is the case with most locations, those most likely to benefit from the current market in Spokane are buyers. On average, prices have dropped by ten thousand dollars in the last two months. It's a great time to make an investment!
Hope for sellers
On the other hand, there are bright spots for those looking to sell in the Spokane area. When one looks at the average price of a house for sale in Mississauga Ontario, one sees how the western markets might appeal to someone looking to get their foot in the door of the real estate market for the first time. Values have begun to rebound a little bit, so any investments will begin paying off in the near future.
|