DECEMBER 2023
@HOME N E W S L E T T E R
ISSUE 146
The ZONE REMOVING BARRIERS SO CHILDREN, YOUTH, AND FAMILIES HAVE OPPORTUNITIES TO THRIVE
ounded in 2015, The ZONE is a community initiative, aiming to provide housing opportunities in ways other Washington cities aren’t. Grant funded and community-led, this placebased initiative formed out of a desire to build upon past neighborhood planning efforts with a new, more collaborative approach known as collective impact –
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children in such situations in Washington are below grade level in essential subjects. The ZONE advocates for a shift in the narrative around affordable housing. Large complexes concentrating poverty, detached from essential amenities, have proven detrimental to multigenerational outcomes. Instead, The ZONE
available land for multi-unit housing that aligns with the neighborhood's character can create social capital among renters or owners. As a larger community conversation, they encourage family, friends, and colleagues to: • Include the hidden homeless in your definition of the unhoused.
to design programs that address the diverse needs of homes, schools, and neighborhoods.
champions the idea that affordable housing embedded in neighborhoods provides a bridge to
• Invest in housing personally (buy a rental as a part of your portfolio and make it into a duplex)
Amidst its accomplishments in 2023, The ZONE proudly opened a community-based behavioral
self-sufficiency. Research underscores the effectiveness of
• Change how you talk about the need for affordable housing and envision 3- and 4-
health clinic on its premises, providing crucial support to the local community. Over 26,794 hours of free
mixed-income housing in breaking the cycle of poverty among children. In a noteworthy move, the
bedroom units for families. • Evaluate your assumptions of low-income
after-school and summer programming have been delivered, enriching the lives of young residents. The
Spokane City Council unanimously passed ordinance #C36458, allowing increased housing
launch of a Housing Stability Program for families with school-aged children reflects The ZONE's commitment to holistic community well-being.
density within neighborhoods through Accessory Dwelling Units (ADUs) and multi-family housing. Affirming that housing is a foundational social
A significant focus for The ZONE Steering Committee this year is affordable housing for families. In response to the alarming rise of 'hidden homelessness,' where families double and triple up behind closed doors, the committee strives to address the root causes. Shockingly, 85% of
driver of health, The ZONE emphasizes the importance of accessibility for all community members to ensure thriving families. Encouraging clients to view housing as a retirement investment, The ZONE suggests transforming single-family homes into duplexes or tri-plexes. Embracing
families as neighbors and understand the way to lift kids out of poverty is in mixed income neighborhoods. • Advocate for public and private funds for lowincome residents to borrow to build ADUs.
The ZONE Spokane zone@necommunitycenter.com thezonespokane.org
Spokane’s Housing Affordability Crisis WHAT CAN BE DONE AND WHAT HAS BEEN DONE TO SOLVE IT
oday, we want to shed light on a critical issue that has been gripping our community: the housing affordability crisis in Spokane, Washington. As our city continues to grow, largely due to the influx of residents from larger, wealthier markets, so does the demand for housing, raising the bar to be cleared by residents striving to call Spokane home. In this edition, we will explore the multifaceted aspects of this crisis and the innovative solutions that are being implemented to address it.
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Income Disparities and Homeownership It's a stark reality: a staggering 80% of Spokane County residents currently do not earn a sufficient yearly income to qualify for a loan that would allow them to purchase a home at the median list price. This alarming statistic underscores the growing gap between housing costs and residents' ability to afford them. As the community grapples with this challenge, it's crucial to foster a collective understanding of the financial hurdles faced by the majority of our neighbors.
Zoning Code Revisions in the City of Spokane Recognizing the urgency of the housing affordability crisis, the City of Spokane has taken proactive steps to address the issue head-on. A significant development has been the revision of the zoning code, allowing for higher density construction in residential areas. By embracing this approach, the city aims to maximize land usage efficiently, creating more housing options within existing neighborhoods. This initiative not only addresses the immediate need for more housing but also promotes sustainable urban development. FHFA's Forward-Thinking Measures In a bid to empower first-time homebuyers and alleviate the burden of high down payments, the Federal Housing Finance Agency (FHFA) has taken a progressive stance. The FHFA has recently lowered the minimum down payment on loans for owner-occupied rental income purchases. This move is designed to open doors for more aspiring homeowners, providing an opportunity to build equity and financial stability while simultaneously entering the real estate market.
This adjustment in down payment requirements is particularly significant for those entering the market for the first time, offering a more accessible path to homeownership. By reducing financial barriers, the FHFA hopes to encourage a new wave of homeownership, fostering both personal financial security and contributing to the stability of the housing market in Spokane. Moving Forward Together As we navigate these challenges, it's essential for us as a community to stay informed, engaged, and supportive of initiatives that address the housing affordability crisis. Collaborative efforts between residents, local government, and federal agencies can pave the way for sustainable solutions. In closing, let's remember that a thriving community is one where everyone has the opportunity to secure safe and affordable housing. Together, we can work towards ensuring that Spokane remains a welcoming and accessible place for all.
Home Recipes with Coldwell Banker Tomlinson
Courtesy of Angie DeArth
Chicken Cacciatore Serves 4-6 INGREDIENTS • 8 chicken thighs
• 1 tablespoon garlic, chopped
• 1 red pepper
• ½ cup sliced onions
• 1 orange pepper
• 2 tablespoons olive oil
• 1 yellow pepper
• ½ cup Parmesan cheese
• 28 ounce can whole peeled tomatoes, crushed by hand
• ½ cup Marsala wine
INSTRUCTIONS 1.
Preheat oven to 350°. Bake chicken in oven on cookie sheet for 45 minutes.
4.
Add Marsella wine and cook for about 10 minutes.
NOTES
2.
5.
This is a great entertaining dish. A side of pasta with red sauce works well with this dish AND best news is this dish tastes even better the next day when you warm it up if you are lucky enough to have any leftovers.
Meanwhile, saute garlic and onions in olive oil until transparent. Add sliced peppers and cook until tender.
Take chicken out of oven and put vegetable mixture over the top as well as all the juices from the pan.
3.
Add canned tomatoes, 1 teaspoon oregano, 1 teaspoon basil, ½ teaspoon garlic salt and ½ teaspoon pepper.
6.
Add about 1/2 cup of parmesan cheese and bake for 30 more minutes
SPOKANE HOUSING ARCHITECTURE: COTTAGE STYLE
Nestled amid the scenic landscapes of Spokane, the Cottage-style homes exude a quaint charm that adds a touch of enchantment to the city's architectural panorama. Characterized by their cozy aesthetics and inviting simplicity, these homes embody a timeless appeal that resonates with residents and visitors alike. Spokane's Cottage-style dwellings are often adorned with steeply pitched roofs, creating a silhouette that mimics the fairy-tale cottages of
yesteryears. The architecture emphasizes asymmetry and irregularity, contributing to an organic, unpretentious feel. The exteriors typically feature a mix of materials, such as wood, stone, or brick, enhancing the tactile and visual richness of each cottage. One hallmark of the Cottage style in Spokane is the attention to detail. Delicate craftsmanship is evident in the decorative elements like brackets, lattice-work, and charming shutters that adorn windows. These details contribute to the
whimsical character of Cottage-style homes, creating an ambiance that feels both comforting and idyllic. The scale of Cottage-style homes in Spokane often leans toward the modest, reflecting an intimacy that aligns with the style's historical roots. Despite their smaller footprint, these homes make clever use of space, offering cozy interiors that prioritize comfort and functionality. Beyond their aesthetic allure, Cottage-style homes in Spokane embody a sense of community and warmth. Whether situated in older neighborhoods or new developments, these homes contribute to the city's architectural diversity, appealing to those who appreciate the blend of historical charm and modern livability. In a city where architectural styles vary, Spokane's Cottage-style homes stand as timeless havens, inviting residents to embrace a simpler, cozier way of life. With their storybook charm and intimate character, these homes weave themselves into the fabric of Spokane, creating a sense of enchantment that endures through the seasons.
Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223
@HOME WITH
cbspokane.com
ISSUE 146 | DECEMBER 2023
©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 - November 2023 SPOKANE COUNTY Average Sales Price
Current Listing Inventory
Median Days On Market
$427,185
994
20
Down 2.2%
Up 11.9%
Down 4.8%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$408,000
341
5,140
Up 3.3%
Down 20.5%
Down 18.4%
Average Sales Price
Current Listing Inventory
Average Days On Market
$672,016
1,131
103
Down 7.2%
Up 11.4%
Up 7.3%
Median Sales Price
Residential Closed Sales
Annual Residential Sales
$521,950
196
2,774
Down 4.0%
Down 15.5%
Down 16.0%
KOOTENAI COUNTY
November 2023, as compared to November 2022. 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.
Market Insights The real estate markets in Spokane, Washington, and Kootenai County, Idaho, experienced notable shifts in November 2023. Spokane saw a resilient market with an average selling price of $427,185, marking a 1.0% increase from October and a robust 3.3% growth compared to the previous November. However, the inventory surged by 11.9%, reaching 994, while closed sales dipped by 20.5%, totaling 341 for the month. Year-to-date closed sales stand at 5,140, reflecting an 18.4% decline from 2022. Despite a slight decrease in interest rates to 7.22%, Spokane maintains its status as a sellers' market, boasting a median of 20 days on the market. Conversely, Kootenai County experienced a dip in average sales price by 7.2%, amounting to $672,016, and a corresponding 11.4% increase in inventory, reaching 1,131. November closed sales in the county were 196, contributing to an annual decline of 16.0% at 2,774. Amid these dynamics, buyers are encouraged to consult with their Coldwell Banker Tomlinson agent to explore bargains in both markets, particularly for those willing to make a move during the winter months.