How to Get a $47,000 Discount on a New Construction Home in Spokane
Yep, you read that right. Most people know by now that the Spokane Real Estate market has not experienced the steep decline in values that many other locations have seen. Although listing inventory is high and total sales have declined, we’ve held fairly steady on prices. But that doesn’t mean there are not great buying opportunities here.
One of Spokane’s largest and most reputable home builders, Sullivan Homes, went into court receivership in early August. Spokane attorney Nancy Isserlis was appointed as the receiver of Sullivan Homes' assets, which included 32 homes and 72 building lots, with a combined list price of $20.7 million.
Here’s a link to the story that ran in the newspaper: Sullivan Homes Files to Liquidate: http://www.spokesmanreview.com/breaking/story.asp?ID=15928
My husband and I recently represented the purchasers of one of Sullivan’s new construction homes in the new Bidwell Park development. While the offer process took several extra days than what is typical, after a few back and forth counters we signed around a deal at $318,000 on a beautiful home that was listed at $364,900. That’s $46,900 or 13% off the asking price, (which originally started at $379,850). How’s that for built-in equity?
Sullivan has always built a good home, with quality materials and workmanship. So if you are looking for new construction, this is a great opportunity. There are still dozens of Sullivan homes available in some of Spokane’s nicest developments – Legacy Ridge, Canyon Bluffs, Morningside Heights, and Bidwell Park to name just a few.
If you would like a list (or a tour!) of the homes that are still available, just let me know. Because there are several different lenders holding the paper on these homes, there are no guarantees on how each will respond to offers. But it is a great opportunity to get a screaming deal on a new house.