Tri-City Area and Real Estate Blog

The Bridge-to-Bridge/River-to-Rail riverfront makeover project has unanimously brought the City of Kennewick and Port of Kennewick commissioners together in a spirit of cooperation, thus allowing them to begin the process of creating the vision and planning for the future development of Kennewick’s rivershore. The Port of Kennewick has added many upgrades to the Clover Island area and that will feed into future plans. Both agencies also agreed to work together on how development should proceed for the Vista Field Airport and the adjacent Three Rivers Entertainment District. All of these improvements will add much to the economic stability of the Downtown Kennewick area with upscale real estate developments, tourism, business growth and recreational activities.

Once again the Tri-Cities has resisted the downward trend of property values across the nation, and finds itself in contrast with rising property valuations. Franklin County has been the fastest growing county in the state for the last two years and also one of the fastest growing in the nation. Officials in Franklin County expect values to continue to rise at an average of 3-4 percent as they prepare to mail out revaluation notices within the next month. Benton County anticipates remaining at the current level.

Many other communities within our state are facing devaluation at a significant rate which in turn decreases their tax base. For many its been decades since they’ve lost ground in property valuations. According to a recent market survey in the Tri-Cities, the first quarter of 2010 shows that the median residential resale price encompassing the bicounty area is $176,600, thus being an almost 6 percent increase over the entire year of 2008.

Franklin County continues to see it’s main increase in values due to the development of West Pasco and some large farms. Meanwhile, there are some pockets of decrease in the county, mostly around the Connell area because of unspecified market conditions there.

Much of the success of the Tri-Cities’ ability to remain strong, is due to the stimulus money that came into the Hanford cleanup projects, however, many individuals and organizations have worked diligently to diversify our community so that not all economic strength comes from strictly the Hanford area, but instead comes from growth in agricultural, food processing, and tourism dollars. They have been very successful in their endeavors which in turn have created the economic stability that the Tri-Cities and surrounding communities enjoy today.

Anyone who has lived here in the Tri Cities over the past 1o years or more has seen the expansion that has become West Pasco and in fact, has made Pasco the 2nd largest of the Tri-Cities. According to recent US Census figures, that growth has landed Franklin County, Washington in the record books as the 18-fastest growing county in our country, and that is a distinction that no other Washington county can claim.  Last summer the county’s population sat at 77,355 which was a 56.8% increase since the year 2000. Housing in that part of Pasco has generated some welcome revenue for the city, however the cost of services has risen to accomodate the growth. Schools in Pasco grew to address the needs of 5,600 new students with the addition of 3 new elementary schools, one middle school and a new high school.  This part of our Tri-Cities is filled with affordable housing, family-friendly neighborhoods, easy access to the freeway and wonderful goods and services along the Road 68 corridor.  These attributes combined with economic stability and its proximity to the Columbia River make west Pasco and Franklin County a most desirable area in which to live.