Browne's Addition: Condos & Historic Home face off on Riverside Ave.

Aside from the Riverside & Peaceful Valley neighborhoods, Browne's Addition has probably undergone the most dramatic changes in the past few years.  Two big, pricey condos - all the rage along Riverside Avenue in Browne's Addition - are going head-to-head with one high-end historic home.

The ye old French Chateau (Riverside Elms) has one remaining unit for sale at $627,000. West Riverside Condos has one unit asking $675,000.  The Mayor Olmstead home is asking $699,000.  All are within blocks of each other, and all have virtually the exact same view.

Here are the key unique amenities as described in each listing:

Ye old French Chateau (3 bed 2 baths) 9 photos (8 pano).  10 year tax abatement. Heated driveway.  Security system.  Elevator.  Water softener. 2 car covered parking.  Walking distance to downtown.  Gas hot water tank.

West Riverside Condos - (3 bed 2 baths -1,851 sqf) 9 photos.  Mentions it is a penthouse (REALLY just the 3rd floor).  11 ceilings (11 foot?).  40 skylight?  Heated garage (2 spaces). 8 years on tax abatement.  Curved glass wall.

Olmstead House - (5 bed 5 bath - 4,400 sqf)  1 photo.  Total rennovation and remodel - heating, insulation, cooling, electrical, & plumbing.  3 gas fireplaces.

The newer condos seem to really hype things up a bit more than the historic house.  Calling the 3rd floor of a building a penthouse seems a stretch.  And when did a water softener become a selling point?  The historic home seems modest in it's description even though it was built for a former mayor of Spokane.

So, here's how we'll play this:  You tell us which one will sell first and why - go crazy with the comments.

Comments

[LukeB]

My bet's on the Olmstead House to sell first. I toured it about a month ago and it's beautiful inside. Plus, unlike those condos, it actually has a decent square footage for the price.

[MK]

I'm betting on the Chateau thing because money can't buy taste.

[John Speare]

Olmstead. My sister lived in that house when it was a falling apart apartment. She lived in the west/2nd floor apt. a sex offender lived in the downstairs west apt. charming place. this was like, 88 or so. crazy to think that (then) s-hole would ever be put on the market for $700k.
my father and I once changed out the transmission on my sister's subaru on a super cold fall day where the wanky place to the west now stands. not that any of that matters to anyone... even me.

[Leio]

Question: How much money on taxes is saved through the abatements? I don't own a home so I'm not really sure what the rates are in Spokane. The house definitely seems like the better deal. However, the exterior on the house is god awful. If I was going to buy that house, I'd want to invest in painting it. The picture also makes it look like the exterior could use some work as well, but it is hard to tell. So what kind of prices are we looking at over a 10 & 8 year period with taxes included?

[Kevin Wiedmer]

From a purely regentrification view point the House has it hands down, but so many of the people that are buying into the downtown area are big into downsizing and reducing their home maintenance (big plus for the Condos)
of course the condo selling prices did not mention their HOA fees ??

[james]

I've visited your site on and off over the years. A friend of mine just informed me that my house was here so I came for a look.
It's entertaining to read about the "god awful" paint job. I expected alot more of that when I painted it. I've actually been surprised at how many people love the paint job, it was my "San Francisco painted lady". I appreciate the positive comments from those that have toured the home and I have heard from numerous people who have lived in it at various times. Most are amazed what it now looks like....
When I bought the home. It had been foreclosed on, had a feral cats living in it and was a devastated mess. It was due to some great contractors assisting me that the restoration was even possible. [without Cort at Architectual Woodwork, the trimwork would've never been possible- most of the original was destroyed over the years] I came from Denver and have been overwhelmed by the support I recieved from so many people in Spokane who love old houses.
My bet is on mine selling first....keep up the good work on your page :)

ps-the exterior was stripped to bare wood, primed, and coated with three coats of paint, all the damaged shingles, siding, and trim were repaired (over 3 monthes)...there's nothing exterior to do except replace the roof in 4 or 5 years.
Regarding taxes, I recieve no abatement, my understanding is that it is only for new construction north of Riverside Ave.