Docstoc

RER-TOC-Fall2006

Document Sample
RER-TOC-Fall2006 Powered By Docstoc
					       THE REAL ESTATE REPORT
              Regional Research on
          Spokane and Kootenai Counties




Volume 30, Number 2
  Fall 2006




Published semiannually by the
Spokane-Kootenai Real Estate Research Committee
                                                     TABLE OF CONTENTS



                                                                                                                                       Page

SUMMARY ...............................................................................................................................       3
SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE .....................................                                                        15
PAST AND CURRENT OFFICERS .........................................................................................                          20
ACKNOWLEDGEMENTS AND SUBSCRIPTIONS ................................................................                                          21
MAP OF SPOKANE AND KOOTENAI COUNTIES ................................................................                                        22
SKETCH OF SPOKANE COUNTY..........................................................................................                           23
SKETCH OF KOOTENAI COUNTY ........................................................................................                           24



FEATURE ARTICLES

"Residential Infill Development in Spokane Valley” .................................................................                         27
“The Spokane Community Indicators Initiative” .......................................................................                        33
“Pacific Northwest Regional Economic Analysis Project”........................................................                               37
“Specialized Data Products of the Journal of Business” .........................................................                             39



DATA SECTIONS

         SPOKANE COUNTY ECONOMIC INDICATORS

            Population....................................................................................................................   43
            Population Projections ................................................................................................          44
            Spokane County Population by Age Group and-Sex .................................................                                 45
            Drivers License Surrenders in State of Washington...................................................                             46
            Drivers License Surrenders in Spokane County ........................................................                            48
            Residential Electrical Customers ................................................................................                50
            Resident Labor Force and Employment Trends.........................................................                              52
            Nonagricultural Wage and Salary Employment Trends .............................................                                  54
            Personal Income (U.S. Dept. of Commerce) ..............................................................                          56
            Personal Income (Avista Corporation)........................................................................                     58
            Household and Family Income Distribution ................................................................                        59
            Comparative Household, Family, and Per Capita Income .........................................                                   60
            Deposits at Financial Institutions ................................................................................              61
            Taxable Contracting Sales..........................................................................................              62
            Spokane County Taxable Retail Sales .......................................................................                      63
            Cost of Living Index.....................................................................................................        64
            National Production, Inflation and Interest Rate Indicators ........................................                             65
            Foreclosures on Deeds of Trust..................................................................................                 69




                                                               (continued)
                                          TABLE OF CONTENTS
                                              (continued)


                                                                                                                               Page
SPOKANE COUNTY REAL ESTATE ACTIVITY INDICATORS

 Residential Building Permits .......................................................................................                73
 Residential Building Permits, C-40 Series ..................................................................                        75
 Assessor's Geographic Area Data
  Map............................................................................................................................    76
  Lots Platted................................................................................................................       77
  Condominium Units Filed..........................................................................................                  78
 Assessed Property Values and Taxes........................................................................                          79
 Sales of Single-Family Dwellings (MLS Data) ............................................................                            80
 Sales of Single-Family Dwellings by Percent in Geographic Areas...........................                                          86
 Prices of Sold Single-Family Dwellings ......................................................................                       88
 Median Price Home Sales Comparison......................................................................                            89
 House Price Index of the OFHEO ..............................................................................                       90
 New Construction and Existing Residence Unsold Inventory ...................................                                        92
  New Construction.....................................................................................................              93
  Existing Resale Residence ......................................................................................                   98



SPOKANE COUNTY HOUSING INVENTORY

 Housing Stock (Total Spokane County) ...................................................................                           105
 Housing Stock (City of Spokane)..............................................................................                      106
 Housing Stock (City of Spokane Valley)...................................................................                          107
 Spokane County Home Ownership Rate..................................................................                               108
 Housing Affordability Index .......................................................................................                109
 Housing Affordability Index for First Time Buyers ....................................................                             114
 Residential Rental Rate Survey ................................................................................                    119



SPOKANE COUNTY VACANCY SURVEYS

 Apartment Vacancy Survey ......................................................................................                    147
 Mobile Home Park Space Vacancy Survey..............................................................                                167
 Survey of Competitive Office/Retail Space in the Spokane CBD ...........................                                           169
 Survey of Suburban Office Space (Current Geographic Areas) ..............................                                          178
 Survey of Suburban Office Space (Previous Geographic Areas) ............................                                           180
 Survey of Medical Office Space................................................................................                     181
 Survey of Suburban Retail Space (Current Geographic Areas) ..............................                                          182
 Survey of Shopping Centers (1992 - 1997) ..............................................................                            184
 Survey of Industrial Space ........................................................................................                185


                                                     (continued)
                                              TABLE OF CONTENTS
                                                  (continued)


                                                                                                                                   Page
   KOOTENAI COUNTY

     Population.................................................................................................................    191
     Population Projections .............................................................................................           192
     Population by Age and Sex......................................................................................                193
     Drivers License Surrenders in State of Idaho and Kootenai County ......................                                        194
     Residential Electric Customers ................................................................................                196
     Employment .............................................................................................................       198
     Personal Income (U.S. Dept. of Commerce) ...........................................................                           200
     Personal Income (Avista Corporation).....................................................................                      201
     Household and Family Income Distribution .............................................................                         202
     Comparative Household, Family and Per Capita Income .......................................                                    203
     Deposits at Financial Institutions .............................................................................               204
     Taxable Sales...........................................................................................................       205
     Mortgage Recordings...............................................................................................             206
     Foreclosures.............................................................................................................      207
     Residential Building Permits ....................................................................................              209
     Lots Platted...............................................................................................................    211
     Condominium Units Platted .....................................................................................                212
     Net Assessed Property Value ..................................................................................                 213
     Residential Sales......................................................................................................        214
       Current Geographic Reporting Areas ..................................................................                        215
       Prior Geographic Reporting Areas.......................................................................                      220
     House Price Index of the OFHEO............................................................................                     223
     Residential Active Listings.......................................................................................             225
     Kootenai County Housing Stock ..............................................................................                   246
     Kootenai County Home Ownership Rate.................................................................                           247
     Housing Affordability Index ......................................................................................             248
     Apartment Vacancy Survey .....................................................................................                 251
     Mobile Home Park Space Vacancy Survey.............................................................                             259



ADDENDA

   PARTICIPANTS .......................................................................................................... 263
   REAL ESTATE PROFESSIONAL ASSOCIATIONS IN SPOKANE COUNTY ......... 266
   REAL ESTATE PROFESSIONAL ASSOCIATIONS IN KOOTENAI COUNTY ........ 267
   DEVELOPMENT OFFICIALS IN SPOKANE COUNTY............................................. 268
   DEVELOPMENT OFFICIALS IN KOOTENAI COUNTY............................................ 269
   OTHER NORTHWEST REAL ESTATE RESEARCH REPORTS............................. 270
   REAL ESTATE-RELATED WEB SITES..................................................................... 271
          SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE


The Spokane-Kootenai Real Estate Research Committee is a non-profit corporation which
provides a means for developing a reliable data base of statistics and trends in real estate and
related activities in Spokane County, Washington and Kootenai County, Idaho. The
organization publishes a semi-annual report of its findings. In addition to important real estate
statistics, these reports include feature articles on major topics affecting the region.
Membership in the organization is composed of professionals in real estate, mortgage lending,
economics, higher education and government. Those groups, as well as employers and real
estate investors, will find this report a valuable reference tool for decision making and long
range planning.

                                          OFFICERS:
                         Carrie Oja, 2006 Chairman (208-667-0664)
                     Connie Bischoff, 2006 Vice-Chairman (509-353-5663)
                        Grant Forsyth, 2006 Treasurer (509-359-6517)
                      Dale Strom, Administrative Officer (509-625-6325)

                                  SUBCOMMITTEE CHAIRS:
                      Phil Kuharski, Research Guidance (509-326-7755)
                     Connie Bischoff, 2007 Market Forum (509-353-5663)
                        Gary Swartout, Internal Audit (509-353-6787)

                                      REPORT EDITOR:
                                  Dale Strom (509-625-6325)

                            FEATURE ARTICLE COORDINATOR:
                                 Carl Durkoop (509-747-0999)

            SPOKANE COUNTY MEMBER ORGANIZATIONS AND TRUSTEES:
                                   The Appraisal Institute
                                Bruce Jolicoeur (509-747-0999)

                                 Auble, Jolicoeur, & Gentry
                                  Dave Auble (509-747-0999)
                                  Scot Auble (509-747-0999)
                                 Carl Durkoop (509-747-0999)


                                          (continued)
SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE
                      (Continued)


                 Avista Corporation
             Randy Barcus (509-495-4160)

                  Barrett Associates
              Steve Barrett (509-458-0362)

                 Berberet Consulting
              Meri Berberet (509-226-2448)

           Coldwell Banker NW Commercial
              Tim Redfern (509-789-8581)

            Eastern Washington University
             Grant Forsyth (509-359-6517)

                 Fernwell Building
              Tom Power (509-459-0623)

                 First American Title
              Crystal Miller (509-456-0550)

          Institute of Real Estate Management
                 Tom Hix (509-623-1000)

          Intervest Mortgage Investment Co.
               Len Crosby (509-363-5128)

                Journal of Business
              Greg Bever (509-456-5257)

                 Kiemle & Hagood Co.
              Alison Bantz (509-838-6541)

               McVicars & Associates
             Bob McVicars (509-458-2726)




                      (continued)
SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE

                      (Continued)



              Rental Directory of Spokane
              John Cornett (509-325-6531)

            Spokane Association of Realtors
              Rob Higgins (509-326-9222)

    Spokane City Community Development Department
                Dale Strom (509-625-6325)

           Spokane City Planning Department
              Louis Meuler (509-625-6096)

    Spokane County Building and Planning Department
               Bruce Hunt (509-477-7233)

          Spokane County Labor Relations Unit
              Rick Mendoza (509-477-5922)

          Spokane Home Builders Association
               Joel White (509-532-4990)

               Spokane Housing Ventures
                Steve Gill (509-232-0170)

          Spokane Valley Planning Department
            Greg McCormick (509-688-0023)

             Tomlinson-Black Management
              John Bennett (509-623-1000)

                      U.S. Bank
              Gary Swartout (509-353-6787)




                       (continued)
 SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE

                        (Continued)

        Washington Center for Real Estate Research
              Glenn Crellin (1-800-835-9683)

     Washington State Employment Security Department
                 Jeff Zahir (509-532-3188)

                 Washington Trust Bank
               Connie Bischoff (509-353-5663)




KOOTENAI COUNTY MEMBER ORGANIZATIONS AND TRUSTEES:

                Beebe, McKernan, & Daboll
                Jack Beebe (208-667-0485)
                Josh Beebe (208-667-0485)

             Century 21/Beutler & Associates
                Carrie Oja (208-773-0106)

           Coeur d'Alene Association of Realtors
                   Vacant (208-667-0664)

                   FirstBank Northwest
                Katie Marcus (208-664-4992)

             Freeman Duncan, Attorney at Law
              Freeman Duncan (208-773-8720)

                Idaho Commerce and Labor
           Kathryn Tacke (208-769-1558, ext. 3984)

                    Lakeshore Realty
            Anne Anderson, CCIM (208-665-2443)




                         (continued)
SPOKANE-KOOTENAI REAL ESTATE RESEARCH COMMITTEE

                       (Continued)


                 Morse and Company
                Ed Morse (208-667-5583)

                Mountain West Bank
              Dennis Keim (208-415-5321)

                    North Idaho Title
               Rick Brown (208-765-3333)

                 Panhandle Area Council
        Jim Deffenbaugh (208-772-0584, Ext. 3005)

            Parkwood Business Properties
              Charlie Nipp (208-667-4086)

       Pioneer Title Company of Kootenai County
             Crystal Gorman (208-699-8326)

              Real Estate Economics, Inc.
              Dave Eacret (208-265-6470)

              George Smith Partners, Inc.
               Brian Reid (208-659-4047)

             Stewart Title of Coeur d’Alene
             Roxann Caldwell (208-664-8101)




SEATTLE AREA MEMBER ORGANIZATIONS AND TRUSTEES:


              Palmer Groth & Pietka, Inc.
              Reid Erickson (206-343-7477)

                Windermere Real Estate
               Mike Rahmn (206-695-5959)
             REAL ESTATE PROFESSIONAL ASSOCIATIONS IN SPOKANE COUNTY


Name of Group                     Contact Person                         Phone No.

Spokane Mortgage Lender's         Tom Kuhn, President (2007)             467-1260
 Association                      Craig Rinker, Vice President           328-6000
Association of Professional       Cheleena Frye, President (5/06-5/07)   328-3828
 Mortgage Women
Spokane Association               James Young, President (2007)          467-7400
 of REALTORS                      Patti Boyd, President-Elect                  ---
                                  Rob Higgins, Executive V.P.            326-9222
Spokane Home Builders             Larry Kloetsch, President (2007)       466-3166
 Association                      Joel White, Executive Officer          532-4990
Inland Empire Rental              Roger Trainor, President (6/06-5/07)   879-3537
 Association                      Chris Pasquale, President-Elect              ---
                                  Joy Peck, Executive Director           535-1018
Building Owner's and              Jamie Traeger, President (2007)        927-7747
 Manager's Association            Neil Muller, President-Elect           838-3501
 www.bomaspokane.org

Spokane Real Estate               Mark McLees, President (2007)          622-3554
 Trader's Club                    Jamie Traeger, Vice President          927-7747
International Right-of-Way       Dennis Benda, President (2006)          536-1965
 Assoc., Inland Empire Chapter   Claude Kaler, Vice President            495-4441
The Appraisal Institute           Mike Kirchoff, President (2007)        835-2069
                                  Jeff Lembeck, Vice President           326-4130
National Assoc. of                Sam Wood, President (2006)             534-2000
 Independent Fee Appraisers       Vacant, Vice President

National Association of
 REALTORS Institutes, Societies and Councils:
 *Society of Industrial           Dave Black, Mbr CCIM, MBA, & SIOR      623-1000
   and Office REALTORS
*Certified Commercial            Earll Engle, President (2007)           622-3550
  Investment Members (CCIM)      Dean Stewart, Vice President            924-7747
*Institute of Real                John Stejer, President (2007)          482-0308
   Estate Management              Denise Harfield, Vice President        467-6654
            REAL ESTATE PROFESSIONAL ASSOCIATIONS IN KOOTENAI COUNTY



Name of Group                         Contact Person                              Phone No.


Associated General Contractors   Paul Franz, President (2006)                 (208) 263-0538
 of America, Inc.                Interstate Asphalt
                                 Randy Steed, First Vice President            (208) 378-7300
                                 Steed Construction
                                 Michael Gifford, Executive Vice President    (208) 344-2531
                                 Karen Cotton, Planner/Manager – CDA          (208) 772-6068


Coeur d'Alene Association
 of REALTORS®, Inc.              Pat Hartman, President (2006)                (208) 765-5554
                                 Kenn Gimbel, President-Elect                 (208) 664-9221
                                 Vacant, Executive Officer                    (208) 667-0664


Idaho Association of             Chuck Anderson, North Idaho Representative   (208) 667-0707
 Mortgage Brokers                Northwest Mortgage


North Idaho Building             Ron Mahuron, President (2006)                (208) 772-2029
 Contractors Association         M & W Construction
                                 Charlie Rens, First Vice President           (208) 664-1461
                                 Coldwell Banker Schneidmiller
                                 Chris Rogers, Executive Officer              (208) 773-2021
                                 SKETCH OF SPOKANE COUNTY

Spokane County was first organized in 1858 from part of Walla Walla County. Five years later it was
voted out of existence by the Territorial Legislature and merged into Stevens County. In 1879 it was
recreated and named after the Spokane Indians; the name means "children of the sun". It is located
in the northeastern part of the state and is bounded by Idaho on the east. The county was first visited
by fur traders in 1810, who established Spokane House as a trading center. Two years later, the
Pacific Fur Company built Fort Spokane. Missionaries arrived in the county in the 1830s. The first
permanent settlements in the county were established in the 1870s and the county's prosperity was
assured with the arrival of the Northern Pacific Railroad in 1890. Today Spokane County has a
varied economy based on services, manufacturing, agriculture, and wholesale and retail trade. Its
county seat, Spokane, is the second largest city in the state and is a regional transportation, financial
and cultural center.

      AREA: 1,763.6 square miles                   INSTITUTIONS OF HIGHER EDUCATION:
       Ranking in state: 19th                       Eastern Washington University, Cheney
                                                    Gonzaga University, Spokane
                                                    Intercollegiate College of Nursing, Spokane
      POPULATION (April 1, 2006):       443,800     Spokane Community College, Spokane
       Unincorporated:                  123,411     Spokane Falls Community College, Spokane
       Incorporated:                    320,389     Washington State University, Spokane
       Percentage of state:              6.96%      Whitworth College, Spokane
       Density: 251.6 persons per
                     square mile
                                                   PRINCIPAL ECONOMIC ACTIVITIES:
                                                   Wholesale and Retail Trade
                                                   Service Industries
      LEADING CITIES:                              Health Care and Medical
       Population (April 1, 2006)                  Business and Personal Services
       Airway Heights                     4,840    Primary and Fabricated Metal Products
       Cheney                            10,130    Machinery Manufacturing
       Deer Park                          3,135    Electric and Electronic Equipment
       Liberty Lake                       5,805    Transportation Equipment
       Medical Lake                       4,510    Printing and Publishing
       Millwood                           1,645    Food and Kindred Products
       Spokane, county seat             201,600    Lumber and Wood Products
       Spokane Valley                    87,000    Agriculture
      ETHNIC BREAKDOWN:
      Spokane County                2000 Census CLIMATE: Spokane - elevation 1,875 feet
       Single-Race                      406,386    Average         JAN APRIL JULY OCT
         White                           381,934   Max Temp        32.7 58.5 83.9 58.3
         Black/African American            6,659   Min Temp        21.0 36.7 55.7 37.7
         American Indian and                       Mean Temp       26.9 47.6 69.8 48.5
           Alaska Native                   5,847   Precipitation
         Asian                             7,870    in inches      2.04 1.10 0.57 1.21
         Native Hawaiian and Other                 Average Annual Maximum Temperature: 58.0
           Pacific Islands                   666   Average Annual Minimum Temperature:        38.0
         Other Race                        3,410   Average Annual Mean Temperature:           48.0
        Two or More Races                11,553    Average Annual Precipitation: 16.15 inches
      * Hispanic Origin                  11,561

*Hispanic is not categorized as a separate racial breakdown and is counted in the other
categories as well.
Compiled by: Spokane City Community Development Dept (Dale Strom 509-625-6321)
                                  SKETCH OF KOOTENAI COUNTY
Kootenai County is situated 100 miles south of the Canadian border, with Montana to the east and
Spokane, WA. to the west. Kootenai, the 4th most-populated county in Idaho, is home to the
Coeur d'Alene Indian Tribe. The city of Coeur d'Alene was named after this Native American
Indian Tribe, and serves as the county seat. The area is blessed with a temperate climate and
four distinct seasons. The county is known for its spectacular scenery and recreational
opportunities at the many lakes and forests. Interspersed with the forests and lakes are roughly
123,000 acres of farmland. The county's major crops are wheat, bluegrass seed, and barley. The
major industries include forest products, agriculture, manufacturing, retail trade and services.
Tourism is also playing an increasingly important role in the economy.

       AREA: 1,240 square miles                            INSTITUTIONS OF HIGHER EDUCATION:
       48.9 % rural                                         North Idaho College (NIC)
       51.1 % urban                                         Lewis-Clark State College
                                                            (Branch @ NIC)
       POPULATION (2006):        121,135                    University of Idaho
        Density: 97.7 persons per                           (Branch @ NIC)
                  square mile
                                                           LARGEST EMPLOYERS:
        LEADING CITIES (2006):                             (Not Ranked by Size)
         Coeur d’Alene         37,677                       Crown Pacific
         Dalton Gardens         2,339                       GTE Northwest
         Hayden                10,941                       Coeur d'Alene Press
         Post Falls            21,614                       Hagadone Hospitality
         Rathdrum (2004 est.)   5,316                       Idaho Forest Industries
                                                            Kootenai Medical Center
       ETHNIC BREAKDOWN (2000):                             Louisiana Pacific
        Single Race       106,941                           Silverwood Theme Park
            White                       104,168             Templin's Resort
            Black/African American          183             Tidyman's
            American Indian and                             Harpers Furniture
              Alaska Native               1,334
            Asian                           539
            Native Hawaiian and
              Other Pacific Islands          74
            Other Race                      643
         Two or More Races               1,744
        *
         Hispanic Origin                 2,528             CLIMATE: (Coeur d’Alene)
                                                           Elevation - 2,180 feet
       PRINCIPAL ECONOMIC ACTIVITIES                       AVERAGE         SPR SUM FALL WIN
       Construction                                        Max Temp        73 82      68  38
       Lumber and Wood Products                            Min Temp        44 51      38  26
       Wholesale and Retail Trade                          Average Annual Temperature    45.2
       Service Industries                                  Average Annual Precipitation  24.0
       Manufacturing                                       Average Annual Snow           50.0
       Agriculture
*
    Hispanic is not categorized as a separate racial breakdown and is counted in the other categories as well.
    Source: Panhandle Area Council (Jim Deffenbaugh 208-772-0584, Ext. 3005)

				
DOCUMENT INFO