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Affordable no longer?: Once-inexpensive West Central area sees rising housing costs.
- Article from:
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Spokesman-Review (Spokane, WA)
- Article date:
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July 5, 2006
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Copyright informationCOPYRIGHT 2006 The Spokesman-Review. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Melodie Little
Jul. 5--Patrick Malone knows firsthand what a proposed upscale development can do to property values in a low-income neighborhood.
When he purchased his historic home in West Central Spokane in 1994, investors were snatching up properties at an accelerated rate because of Metropolitan Mortgage & Securities Co.'s planned Summit project. That project would have created an urban village with townhouses, shops and offices.
Two years and many renovations later, Summit never materialized and his home appraised for less than that the $97,000 purchase price plus improvements.
"We were kind of upside-down in the property at that point," said ...
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