At Home With Coldwell Banker Tomlinson - October 2022

OCTOBER 2022

@HOME N E W S L E T T E R

ISSUE 132

READY FOR TAKEOFF THE GROWTH OF SPOKANE INTERNATIONAL AIRPORT AND ITS REGIONAL EFFECT ON THE REAL ESTATE MARKET.

BY BRITT DETIENNE, SPOKANE INTERNATIONAL AIRPORT

lose your eyes for a minute, and picture a piece of land that practically no one can get to. It may be behind a barrier, man-made, natural or legal. Regardless, it is inaccessible. What is it worth? Practically nothing. Now picture a dirt road put through to it,

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Things are really taking off at Spokane International Airport. Whether flying out on a business trip or a vacation getaway, passenger traffic is returning. In 2022 the Airport is on pace to match 2018 total passenger totals and continues to recover towards their pre-pandemic peak of over 4

counter locations for airlines to use. It is expected to be complete in 2025.

The project will deliver several benefits, including an upgraded passenger experience, improved and more energy efficient facilities, and more gate capacity to help our current airline partners

extending from a remote highway. Our piece of land may not be worth much, but the value is certainly

million passengers. The Airport is served by eight airlines: Alaska, Allegiant, American, Delta, Frontier,

expand service to new cities as well as allow new airlines to enter the market. It will also significantly

greater. Now consider what would happen to its value if it became easily accessible to anyone who wished

Southwest, Sun Country and United Airlines.

Nonstop service is available to 20 destinations

impact the region’s economy by creating 1,164 jobs, bringing $87 million of additional household revenue

to visit it; its value would be limited only by its desirability, wouldn't it?

throughout the U.S., including Atlanta, Boise, Chicago, Dallas Ft. Worth, Denver, Everett, Las

to the region and generating over $313 million of economic activity in Washington state.

The point of this little exercise is to illustrate how much of the value of a piece of real estate

Vegas, Los Angeles, Minneapolis, Oakland, Orange County, Phoenix, Phoenix-Mesa, Portland,

Things aren’t just busy at the terminal. To help accommodate anticipated increased parking

depends on how easy it is to reach, and for how many people. The only way to ensure that a city is

Sacramento, Salt Lake City, San Diego, San Francisco, San Jose and Seattle.

demand the Airport is adding nearly 500 parking spaces to its Economy Lot. Construction is

accessible as easily as possible to the greatest possible number of people is to locate an

In order to meet the needs of current and forecasted future passenger traffic the Airport has

underway and the expanded lot is expected to be operational in mid-November. In addition, new EV

international airport nearby, as we have here in the Spokane-Coeur d'Alene area. It is a simple, but much overlooked fact that we owe much of the value of our homes and commercial properties to the presence of the Spokane International Airport. It is comforting to know that this fact is not lost on the management of our airport, which goes to work every day to maximize its utility to the rapidly changing needs of our region.

commenced on the Terminal Renovation and Expansion Program (TREX). TREX is the first substantial investment in terminal building expansion and renovation in over two decades.

The first phase, the C Concourse Expansion Project, is a $150 million expansion adding three new gates, replacing current ground boarding gates with three passenger loading bridges, modernizing existing gates and adding six ticket

charging stations are being added to the Garage and Outside Lots. The Garage stations are anticipated to be available later this year, while the Outside Lot stations will be available for use in Spring 2023. The Airport is also building a Rail-Truck Transload Facility that could support transportation of raw materials and commodities for area manufacturers. Construction is nearly complete on the facility, which is slated to open next year.

Poole’s Public House ROOTED IN A TRADITION OF OF ENTREPRENEURSHIP

BY ANGELA NAVEJAS

mong the many attractions of our region, one of the most remarkable is its openness to entrepreneurship.

Think of the contribution made by the few citizens who envisioned the ’74 World’s Fair in place of a gritty railroad yard, or the imagination that has allowed Jim Frank to turn part of it into Kendall Yards! In no segment of our economy is this entrepreneurial bent more apparent than in the restaurant industry, and among the many outstanding entrepreneurs in that field are Scott and Lisa Poole, both homegrown entrepreneurs, who own and operate Poole’s Public House restaurants.

This local family owned business is doing it right. They contribute generously to our community on a regular basis, sponsoring local youth sports teams, donating to non-profits, and supporting their

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Ruby Rd was the first of the family’s restaurant endeavors. After receiving positive feedback from the community at their first location, The Pooles decided to share their passion for food and service on the South Hill, opening their location at 5620 S Regal St. in 2016. It has since become a place where people love to gather.

Of course, no small business is always challenge-free. Like many restaurant owners since the emergence of Covid-19, the Pooles have experienced hardships and obstacles, but that did not stop them from doing everything necessary to provide for their employees, among which are numbered their three sons: Trevor, Tyler and Tony.

As Lisa Poole tells it, “My husband and I lived on our savings and we were able to apply for the PPP programs as well as others, to make sure that our staff and family still had income and we were

offering to-go orders. During these times, they were in awe as they watched their staff put countless hours and boundless energy into seeing that the restaurants provided the experience for which they were founded.

Having navigated the increased cost of food, labor and energy, the Pooles report that things have began to return to normal. In fact, the Poole family has recently opened Mossuto’s Italian restaurant on the North Side and are grateful to be able to see their business grow, while creating a legacy that will live on for generations to come. Their kids have each assumed the responsibilities of part ownership in the family business.

So the next time you are headed out to eat, check out one of the Poole family’s restaurants and support local!

employee’s passions, while still prioritizing their delicious menu and providing a fabulous dining experience. While dining at any of their many locations, you will enjoy amazing dishes and a fun family establishment where you are always greeted with a smile and invited to watch your favorite sports team on one of their many tv’s.

In 2013, the Northside location at 12310 N

able to financially keep everyone afloat during those challenging times.” Committed to the principle that it is the people that make their business special, the Poole family wanted to ensure that everyone was taken care of.

They are grateful for their loyal customers and the enormous support they received from the community, which allowed them to stay open

Poole’s Public House poolespublichouse.com

Home Recipes with Coldwell Banker Tomlinson

Courtesy of Hollie Tuell

Corn Soufflé Serves 8 INGREDIENTS • Bag of frozen corn • Can of creamed corn • Box jiffy corn bread mix

• 1 egg • 1 stick butter • Salt and pepper to taste

INSTRUCTIONS 1.

2.

3.

4.

Preheat oven to 350 degrees Lightly butter a 2-quart casserole dish Combine all ingredients and mix well Pour into casserole dish and bake 45 – 55 minutes

NOTES This simple and delicious corn casserole is a little bit cornbread and a little bit creamed corn soufflé.

It's easy and a hands down favorite side dish for the holidays and family gatherings!

COATS 4 KIDS 2022 IS NOW UNDERWAY

With winter just around the corner, we at Coldwell Banker Tomlinson are back collecting coats for the annual Coats 4 Kids drive, to help kids in need of warm winter clothes.

collecting coats – and we are continuing to do so again this year.

The official collection begins October 1 and runs throughout the month of October. Collected

Coats 4 Kids is an area-wide annual fall event hosted by 4 News Now, celebrating its 38th year. Since its launch in 1985, over 400,00 coats have been collected, cleaned and distributed.

Coldwell Banker Tomlinson REALTORS® throughout our region have worked in the past as liaisons with local schools and businesses in

coats are professionally cleaned at ALSCO and then delivered to local community centers for distribution. The coats will be distributed in early November.

We want to make sure every child in our area has a warm coat to wear this winter. What can YOU do to help in this year’s campaign?

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Check your closets for any gently used coats you would like to donate.

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Bring them to any Coldwell Banker Tomlinson office or call your Coldwell Banker Tomlinson REALTOR®. They will be happy to pick up your donation. We need all coat sizes.

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Donations of new coats and monetary donations are also most welcome. Your contributions will put smiles on many, many children in our community!

Coldwell Banker Tomlinson 4102 S Regal St, Suite 201 Spokane, WA 99223

@HOME WITH

cbspokane.com

ISSUE 132 | OCTOBER 2022

©2022 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 - September 2022 SPOKANE COUNTY Average Sales Price

Current Listing Inventory

Median Days On Market

$453,815

1,081

17

Up 9.9%

Up 68.4%

Up 240.0%

Median Sales Price

Residential Closed Sales

Annual Residential Sales

$406,750

544

5,245

Up 7.0%

Down 36.1%

Down 15.1%

Average Sales Price

Current Listing Inventory

Average Days On Market

$682,331

1,187

81

Down 11.7%

Up 60.8%

Up 5.2%

Median Sales Price

Residential Closed Sales

Annual Residential Sales

$524,900

317

2,774

Up 2.9%

Down 23.6%

Down 20.9%

KOOTENAI COUNTY

September 2022, as compared to September 2021. 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 Much good news swims on the surface of this month’s Market Snapshot, while, at a greater depth, the Bad News Monster lurks.

There is good news for both buyers and sellers. For buyers in both Spokane and Kootenai counties, available listings have increased over 80%.

What is more, they are staying available for more time than just a few days. The Spokane MLS reports that 99.3% of sales that closed in September were at list price – the lowest figure since Fall of 2019. This means that sellers are a bit more flexible, and that buyers have a chance to negotiate, not only on price, but on other buyer-friendly contingencies which have been largely off the table for the past two years.

Meanwhile, in the sellers’ half of the court, prices have continued to rise, despite slowing sales and increased inventory, indicating that the equity gains of the past few years are real and enduring.

The monster of the deep, of course, is inflation, and it has two heads: one looks like a viral sphere punctured by a thousand tiny spikes; the other resembles a Russian dictator. Together, they have snarled or sanctioned supply chains, causing worldwide inflation, which has compelled organizations like our Federal Reserve to increase interest rates.

Hence, the dramatic decline in closed sales, not only in our region, but throughout the country.