Top Five Gated Communities in Spokane Valley and Liberty Lake Area

  Finding a gated community in Spokane can be a challenge, as they are relatively uncommon in the area. However, if you prioritize security and exclusivity, there are a few gated communities worth considering in the Spokane Valley and Liberty Lake areas. In this blog post, we will explore the top five gated communities that offer privacy, amenities, and a range of home options for potential residents.   #1 Shelley Lake Located in the Spokane Valley, Shelley Lake is a small and private gated community surrounding a picturesque lake. With only 248 houses in the entire community, it offers a sense of exclusivity and security. The homes in Shelley Lake range from modest-sized three-bedroom, two-bath houses to larger, five-plus-bedroom family homes. The community is conveniently situated near Central Valley High School, providing easy access to recreational facilities and open spaces.   #2 Bella Vista Nestled in the back hills of Sullivan in the Spokane Valley, Bella Vista is a secluded gated neighborhood. While most of the neighborhood isn't gated, there is a section comprising 21 homes behind a gate, offering enhanced privacy and security. Bella Vista features a variety of home styles, with houses built in the late '90s and early 2000s. The neighborhood boasts a tranquil atmosphere and is known for its character and individuality.   #3 Whitetail Ridge Situated off 39th in the Spokane Valley, Whitetail Ridge offers a private and serene community environment. The neighborhood has two sections: an established area with around 13 homes built in the last decade, and an extension featuring 24 brand-new homes. What sets Whitetail Ridge apart is the opportunity to work with a community builder to customize your home. This neighborhood provides flexibility in design and offers homes ranging from $700,000 to $1.5 million.   #4 Legacy Ridge Legacy Ridge is one of the largest gated communities in the Liberty Lake area, offering a range of home options and stunning views. With approximately 455 houses and more under construction, Legacy Ridge provides diverse price points and styles. From affordable homes in the low $600,000 range to elite custom homes priced over $2.5 million, there is something for everyone. The community features amenities like hiking trails, a central park, and nearby golf courses.   #5 Trutina by Greenstone Trutina is a unique 55+ gated community located in North Liberty Lake. This vibrant community offers a variety of amenities, including a gym, pool, spa, and numerous classes, fostering a strong sense of community. The homes in Trutina are designed for simplicity, with smaller two or three-bedroom layouts. The neighborhood's prime location near the Centennial Trail provides residents with easy access to outdoor activities and beautiful surroundings.   While gated communities may be relatively rare in Spokane, the Spokane Valley and Liberty Lake areas offer several options for those seeking security and exclusivity. Whether you prefer a small, private lake community like Shelley Lake or a larger, amenity-rich neighborhood like Legacy Ridge, there is a gated community to suit your needs. Explore these top five gated communities and consider the advantages they offer in terms of privacy, convenience, and a strong sense of community.

View more

Expand Your Options: Discover the Bright Future of New Construction Homes

Are you currently in the midst of a home search, feeling the frustration of a limited supply of available homes for sale? You're not alone. The real estate market's busiest season is marked by a scarcity of existing homes. However, there's a silver lining – the thriving market for new construction homes. In this blog, we'll delve into the significant progress being made in new residential completions and explore how it can enhance your home-buying journey.   The Rise of New Home Construction: The graph showcasing new-home completions reveals a notable trend in the housing market. Leading up to the housing crash, builders exceeded the long-term average, resulting in an oversupply and declining home values. Subsequently, the level of new home construction decreased, leading to an inventory deficit that persists today. The current good news is that builders are now matching the long-term average, indicating an increase in newly built homes available for sale.   Momentum in Residential Starts and Permits: Residential starts represent homes where construction has officially commenced. Permits indicate homes where builders are planning to break ground soon. The upward trajectory of both these metrics signifies an encouraging sign of more newly built homes entering the market.   What Does it Mean for YOU as a Home Buyer: Expanding options: With more homes in various stages of construction, your pool of choices has grown. Quick move-in: Explore recently completed homes in your area for a timely relocation option. Customization opportunities: Consider homes still under construction, allowing you to personalize features and finishes according to your preferences. Tailored recommendations: Rely on the expertise of a trusted real estate professional who can guide you based on your unique needs and desired neighborhoods.   If you're struggling to find your ideal home amidst low inventory, it's time to turn your attention to new-home construction. The increasing number of newly built homes, as evidenced by residential completions, starts, and permits, offers a promising solution. Whether you're seeking immediate occupancy or the chance to customize a home to your liking, a knowledgeable real estate agent will be your invaluable resource. Reach out to an expert in your area to explore the exciting possibilities that new construction homes present and embark on a home-buying journey that matches your vision.

View more

The Spokane Housing Inventory Crisis of 2023

  With national headlines often portraying a bleak picture of the housing market, it's crucial to examine the local perspective. In this blog post, we will delve into the real estate market in Spokane, Washington, focusing on the inventory across different sectors. By analyzing the current state of apartment buildings, new construction, resale homes, Airbnb rentals, and additional dwelling units (ADUs), we aim to provide insights into the local market dynamics and their potential effects on homebuyers in the coming years.   Apartment Buildings Spokane has seen a rapid increase in the number of apartment buildings. According to a Journal of Business article, over a thousand units are projected to be added. However, it's important to note that unlike larger cities such as Los Angeles or New York, real estate agents in Spokane typically don't assist with apartment hunting. Prospective renters often rely on platforms like Zillow and Facebook. While the inventory of rental properties is expected to expand due to permits issued for multi-family residential units, rental growth in Spokane has slowed. Over the past year, rent prices have decreased by 1.2%, which, although not significant, marks a departure from the substantial increases observed in the previous years.   New Construction The availability of housing options is a significant challenge in Spokane, prompting the need for more construction. However, the data shows a concerning trend. Over the past decade, the number of new listings for residential properties, particularly new construction homes, has remained relatively stagnant. With an average of around 700-800 new homes hitting the market each year, it would take at least 32 years to bridge the current housing shortage gap of 32,000 units. This insufficiency of new homes entering the market impedes the restoration of a balanced housing market with a six-month inventory.   Resale Homes The inventory of resale homes, or normal residential properties put up for sale by motivated sellers, has been declining steadily in Spokane. Apart from a slight bump in 2022, the number of new resale listings has remained at its lowest point in the last decade. This scarcity of inventory is unprecedented, with levels even lower than during the housing crash of previous years. Consequently, the limited supply of homes, coupled with a decreased number of interested sellers, creates intense competition among buyers, which contributes to the ongoing price growth in Spokane.   Airbnb Rentals Contrary to the national trend, the Airbnb market in Spokane remains healthy. Occupancy rates have experienced only a slight decrease, while rental rates have reached peak highs in June 2023. Spokane's status as a non-destination city, where tourism is not the primary driver, contributes to the stability of the local Airbnb market. Consequently, the predicted wave of Airbnb listings flooding the market is unlikely to materialize in Spokane, as the city's rental revenue from Airbnb properties continues to increase.   Additional Dwelling Units (ADUs) ADUs, which allow homeowners to build small units in their backyard for rental purposes, have become a hot topic in Spokane. While the number of permits issued for ADU construction has shown some growth, it remains relatively modest. However, there is potential for future development. Washington state law is set to change by 2027, enabling homeowners to convert ADUs into condominiums, thereby increasing their value and marketability. Investing in properties with larger lots in Spokane's opportunity zones could offer substantial long-term benefits for those looking to build ADUs and capitalize on the upcoming changes in legislation.   The real estate market in Spokane faces significant challenges, primarily driven by a lack of inventory across various sectors. Despite some growth in apartment buildings and ADUs, the pace of new construction and resale homes remains insufficient to meet the demand. This scarcity of housing options contributes to rising prices and a competitive market. While Spokane's Airbnb market remains resilient, the anticipated wave of listings is unlikely to affect the local market significantly. To address the housing shortage, increased efforts are required to add inventory and provide more affordable options for homebuyers in Spokane.  

View more