‘Buying up’: $2.4 million home for sale in North Spokane - Spokane, North Idaho News & Weather KHQ.com

‘Buying up’: $2.4 million home for sale in North Spokane

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SPOKANE, Wash. -

There’s a lot to consider when you look at the real estate market in Spokane.  Realtor Tony Vaughn calls the market impressive and says home sales as low as 100 grand in Spokane have a trickle up effect to million dollar houses.

Vaughn explained the ‘buying up’ process while he gave us a tour of a $2.4 million home in North Spokane.  He’s the listing agent for the 10,000 square foot custom built house that sits on 3.6 acres.  The home has 7 bathrooms, 4 bedroom suites, an elevator and high-end finishes, including bathrooms with marble imported from Italy.

Vaughn describes the market as a tree.  He says you need a strong healthy root system to make it grow.  He says a low supply of homes in the low to mid market price range, about a 2.5 month supply, drives up demand and therefore the cost.  People who make money on a sale, will likely spend more on their next buy, especially now with interest rates at an all time low.  Tony calls the move up the housing food chain ‘buying up’.

He describes the market differently, however, when it comes to homes on the high end.  Tony says there’s an ample supply of homes at $500,000 and above, which creates a ‘buyer’s market’.  Still, million dollar home sales are up in the Spokane area.  Tony reports four sales on average in the $1-to-$2 million-range in the last three years.  He says that this year already, there have been nine sales at that price point, with three sales currently pending.

Tony describes the market in detail below:

Year to Date Real Estate Update by Tony Vaughn

The Spokane real estate market has been impressive-currently a seller’s market in the low to mid-range price point, and a buyer’s market in the high end.  With interest rates near or at all time low, this is a great move up market.  According to the Spokane Association of Realtors, the year to date sales report for condominiums and single-family homes on less than an acre from July 2015 to July 2016 indicates that sales are up 3.1%, inventories are down by 15.2, and the average closed sales price is up 8.3% being $211,413 in July 2016 compared to $195,230 in July 2015.  What do these numbers tell us about the higher end market in the Spokane region, and are the higher end market numbers showing similar gains?

 I will be using the price range of $500K and above as higher end.  There are currently 248 homes & condominiums listed at 500K and above in Spokane and Spokane County, with closed sales of 169 for year to date through July 2016, and 49 pending or under contract, compared to 191 total closed sales for the entire year of 2015.

In the $1 million and above price range of condos, luxury homes and estates, there are currently 26 properties listed.  We have averaged 4 sales a year during the past 3 years, and 7 Sales in the 1 million to 2 million range this calendar year, an additional three properties over 1 million are currently pending or under contract, with 5 months of sales ahead of us in 2016.  This price range is extremely impressive.  

If you own a condo or a home in the higher end or luxury price range, and are thinking of selling, what should you expect of your broker in regards to marketing? What options are available? I believe most full service brokerages have an enhanced marketing program for such properties.  Windermere offers their clientele the Premier Properties Marketing Program, international marketing and exposure in addition to Luxury Portfolio International.  

Windermere’s Premier Properties program was created to address the unique needs of the higher end and luxury market. $450,000 and above is the initial price point. Windermere’s network of luxury home experts have a reputation for providing exceptional service to buyers in this price range, and exceptional marketing to sellers who offer them the expected excellence.

If you plan to list a property above $899,900, I would advise having a conversation with your Broker concerning Luxury Portfolio International. This resource features the finest   homes & estates in the world. The firms that make up luxury international are the 500 most powerful brokerages in the world. They feature publications and online presence viewed in over 55 countries, displayed in twelve languages.  They have website visitors from over two hundred countries/territories a month.

For more information about marketing premier properties, consult your real estate broker or visit:

http://www.windermere.com/additional_services/premier_properties

http://www.luxuryportfolio.com/

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