Kitsap Real Estate Blog

New Homes In Port Orchard - Market Report

New homes in Port Orchard are perhaps the most exciting opportunity for first time and move up buyers throughout the entire Puget Sound region.

Port Orchard real estate also known as South Kitsap real estate will likely be the focus for a number of major regional and national builders for quite awhile.

Take D.R. Horton, Quadrant Corporation and and Chaffey Homes for instance. They have tied up thousands of acres of Kitsap County real estate land with potentially more than 10,000 new home sites in an area that will be easily accessed from the I-5 corridor over the second Tacoma Narrows Bridge scheduled for completion later in 2007.

Greater Port Orchard also known as South Kitsap county is home to some 140,000 residents from the Pierce and Mason counties borders up to Gorst. In spring of 2007 there were approximately 164 new homes on the market immediately available for purchase with another 104 under contract.

Inthe last six months from roughly November 2006 through April 2007 217 new homes were sold at an average sold to list ratio of 100.3%.

Smaller builders offer very attractive semi-custom and custom home options on rural lots or in-fill lots that the larger homebuilders cannot manuever efficiently. Homes from these builders tend to be larger with larger lot sizes and are typically in-fill developments.

The larger builders have price on their side because they are often vertically integrated companies with resources from standing timber to the finished home and can slice a bit of the margin here and a bit of the margin there for impressive value delivered in large volumes.

Know your stats. That is the only way to have the knowledge to negotiate the right price for your new homes in Port Orchard.

Bremerton real estate bears watching. Bremerton is a growing community in Kitsap County real estate. With a population of 34,580 people in 2005 Bremerton has historically been the urban center of rural Kitsap County real estate.

Due primarily to military deployments Bremerton actually lost population from 2004 to 2005. Despite the loss of population average home sale prices for Bremerton Wa real estate rose dramatically with an average gain of about 16% for 2006. That could be due in part to the fact that Kitsap county ranked 7th in the state for family income at $51,982 in 2005. Kitsap County as a whole ranked the lowest for population growth of the six counties including Kitsap, King, Snohomish, Pierce, Mason and Jefferson in 2006.

Bremerton plays a larger role in the economy of the county because it is the site of the Puget Sound Naval Shipyard and a homeport for several U.S. Navy ships. With over 13,000 civilian employees plans for the shipyard and homeport affect the economic outlook for the entire Kitsap County. During World War II employment at the shipyard grew to over 80,000 people. Housing was scarce and much of the housing stock in existence today was constructed with orders from the military. Much of that older housing stock was actually pretty good quality but today many real estate investors and homeowners are buying Bremerton Washington houses on developed lots to tear them down and re-build.

The State of Washington recently reported strong growth in the construction and services sector which partially offset osses at the shipyard due to a re-organization of the mix of activities conducted there. While is has slowed from that torrid pace average Bremerton Washington houses average sale prices may rise 5-8% again in 2007, particulary because of the successful development of Bremerton condos along the waterfront. That combined with massive public investment in the ferry-Kitsap Transit intermodal development, government office buildings, a waterfront park and convention center, marinas, hotels and street retail has everyone buzzing about the bright future of Bremerton. Some of those people working in the more than 130,000 jobs in downtwon Seattle, only half of whom living in the city own their homes, might well be attracted to lower cost housing in a newly developed exciting small urban center less than an hour commute away by water. Forward looking people investing in real estate might well see many opportunities with a move to Bremerton as an attractive Seattle area real estate alternative.

PO City Council: Visualize 55 Feet - Kitsap Sun (Subscription)

This article from the Kitsap sun reports on deliberations taking place on thew Port Orchard City Council about building height limitations in downtown Port Orchard real estate. It is timely and important, particularly now because of the success of downtown Bremerton real estate developments over the past 2 years with more to come.

Full disclosure: I have represented many downtown property owners in buying and selling Port Orchard real estate and will likely continue to do so.

The height limit discussion has alot to do with the economics of developing the land under the old buildings there now. There is lot of nostalgia associated with downtown Port Orchard. There are things about it that I would miss too if it were to change.

The problem is that the utility and road infrastructure, parking and mostly the condition of the buildings will hold back attarction of new businesses and residents who could contribute to the cultural and economic vitality of our home, Port Orchard. I respect the opinions of those who hold an opposing view but no one can claim that the commercial community of downtown is vibrant and growing.

Commercial property owners in downtown will need sufficient density in order to justify the cost of building new, attractive buildings that provide new opportunities for businesses and residents alike. Building heights are one regulatory method but due consideration must be given to density bonuses to encourage development. There is enough room to incent developers to take the enormous risks involved and protect views while creating agreat new downtown that anyone would enjpy looking itself.

More later.

technorati tags:Port, Orchard, real, estate, Bremerton, real, estate

Blogged with Flock

Housing market strong in February - Bizjournals.com

I have added another article for readers of my blog about Kitsap real estate housing market trends. We did experience a dip in activity in November and December last year. January was neutral but my figures coincide with the conclusions in this article. I don’t expect the immediate return of the ‘05-06 price frenzy but if you would like to buy real estate in Kitsap County, particularly a home to live in, I wouldn’t sit on the fence waiting for prices to fall further.

technorati tags:Kitsap, Real, Estate, housing, prices

Blogged with Flock

Passenger-only runs will end in Bremerton - Seattle Post Intelligencer

Like it or not, fast, affordable transit connections to I-5 counties is important for Bremerton real estate. There are many companies that have employees on both sides of the Sound. The loss of passenger only service could have a negative effect on companies looking to relocate from Seattle and therefore job growth. This in turn would impact Bremerton real estate values.
I know that Dick Hayes and Wendy Clark of Kitsap Transit are always looking for good ways to make Kitsap County real estate operate smoothly and be more attractive for our native population and those looking to join us. I am sorry that their efforts fell short of the voters expectations but hats off to them for exercising some ledership on the question.
See what you think:

technorati tags:Kitsap, County, real, estate, Bremerton, real, estate

Housing market strong in February - Washington Business Journal

Wow, with all the national news about slumping housing prices take a look at this!

KING5.com (subscription)

Housing market strong in FebruaryWashington Business Journal, DC - 23 hours ago Housing prices rose last month, jumping nearly 15 percent from February 2006, causing some real estate experts to say it’s a “strong seller’s market.” … February home sales climb Seattle Times all 12 news articles

technorati tags:Kitsap, real, estate, housing, prices

Downtown Bremerton | Bids for New Tunnel Come In Too High - Kitsap Sun (Subscription)

Read this article about the Bremerton Tunnel Project. What will the effect be on Bremerton real estate values?

technorati tags:bremerton, real, estate

Big Port of Bremerton Tax Increase Shocks Property Owners - Kitsap Sun (Subscription)

Tax money used to fund marina development in Bremerton real estate.

Take a look at this article from Steve gardiner at the Kitsap Sun. It is talking about a $90/year tax bill to fund the development bonds for expansion of the Bremerton marina. If you like what is going in Bremerton with all of the new development inspired or directed by the efforts of Mayor Cary Bozeman it seems a bit unsatisfying to carp about paying for the improvements.

I also admire the work of the Kitsap Consolidated Housing Authority and their role in the development of the mid-rise condominiums along Bremerton’s waterfront. So, do you not like the Port Of Bremerton jumping in to do their part. Yes, it will mean changes, like so many others discussed in this blog. But I would wager that on the average Kitsap county real estate owners stand to gain a lot more than $90/year as the result of the marina development. I know, there may be other considerations and we all will have some nostalgia for Kitsap, the way it used to be.

I like the new look in Bremerton and think it will be an even more fun and important center of commerce and elegant living with all of the good looking new developments there. Read the article and tell me what you think.

“The port established an Industrial
Development District last year to help pay for an expansion to the
Bremerton Marina. The marina work will cost $22.9 million, with $4.5
million coming from the federal government.

When the port received a $3 million check in April from the
Department of Commerce, Port Commissioner Bill Mahan said the rest
would come from general obligation bonds.”

technorati tags:Kitsap, real, estate, Bremerton, real, estate

County expands buffer coverage - North Kitsap Herald

Kitsap Real Estate Shocker

This is a huge decision for property owners, fish and fowl in Kitsap County. I only recently heard about this but the impact is huge. Will this action help save the Sound? Is the cost worth the benefit? What else could be done to help save habitat and restore fish and gane populations around the shoreline? How could property owners benefit from conservation and enhancement efforts? What do you think?

technorati tags:Kitsap, real, estate

Port Orchard | Height Limits Debated - Downtown Charm Lost in … - Kitsap Sun (Subscription)

Will Port Orchard Lose Its Charm?

Recent sales in downtown Port Orchard real estate have raised alarms among certain residents and property owners about what the new owners may wish to do with their acquistions.

(Full Disclosure: I have represented one of the larger purchasers in several transactions and been the listing agent in many of the sales)

I love Port Orchard. I also love what is can be. Responsible developers should always take into consideration what the existing residents concerns are and every effort should be extended to see that everyone wins in the process of redevelopment. That being said, this is extremely difficult to do when almost no one understands all of the possible ramifications of change. This is what makes people uncomfortable.

This article by Chris Henry of the Kitsap Sun accurately reflects those concerns. What is left unsaid is the context of decades worth of public debate and private transactions that lead up to this hearing. Many of the Port Orchard civic leaders have long held concerns about the vibrancy of downtown. It is undeniable that the physical condition of many of the buildings leaves a lot to be desired and that this constrains the prosperity ofits businesses and employment opportunities for residents.

Because Port Orchard real estate is the topic of my commentary a good, actionable plan to improve the downtown with a view to its future would likely have the effect of raising property values throughout South Kitsap real estate. Some view this as positive, some would not. Read the article to see what you think.

technorati tags:port, orchard, real, estate, kitsap, real, estate