Tag Archives: housing

Home sales remained strong in November

RealEstate_FILE01_21275712_ver1.0_640_480Real estate sales activity remained elevated in Kitsap last month, as did home prices.

Pending sales in the county were up 16 percent in November compared with November of 2015, while closed sales were up 30 percent, according to Northwest Multiple Listing Service. 

A sales surge was reported across the Puget Sound region.

“November’s pending sales for the four-county area of King, Snohomish, Pierce and Kitsap were the highest since 2005,” John L. Scott CEO J. Lennox Scott noted in a NWMLS news release.

“Every time interest rates increase 0.5 percent we see these surges because buyers become anxious about increasing rates – but on a historical basis rates are still amazing,”

Those eager buyers competed over a dwindling supply of home listings.

In Kitsap, 330 new listings came on the market in November, bringing the number of homes for sale in the county to 758. Inventory was down only 1.3 percent from November of 2015, but still very low compared with previous years.

Homes sold in Kitsap in November fetched a median price of $280,000, up about 8 percent or $21,000 from the same time last year.

Here’s a graphical look at Kitsap real estate market trends:

And here’s a map showing real estate stats by submarket. Hover your mouse over each area for details.

More apartments planned near North Kitsap High School

woodcreekOwners of two apartment complexes near North Kitsap High School plan to add an additional 24 units, according to a site plan review application filed with the city.

The units would be divided among three new buildings on the same property as the existing Peninsula Glen and Woodcreek apartments on Hostmark Street.

More parking and landscaping will be added, according to a notice of application published Nov. 11.

The apartment owners also are seeking to combine the two lots through a boundary line adjustment. The 10-acre property is zoned residential high.

Both Peninsula Glen and Woodcreek recently sold and are now managed by Pacific Living Properties. 

The full notice is posted below:

NOA PeninsulaGlenWoodcreekSPR by Tad Sooter on Scribd

Developer shares plans for Rolling Bay project

sunrise-square

A Bainbridge developer plans to seek approval this fall for a project that will bring new homes, shops and a restaurant to the island’s Rolling Bay center.

Click to enlarge
Click to enlarge

Sunrise Square, which came before the city’s Design Review Board in 2015, will be located on Sunrise Drive, just north of the intersection with Valley Road.

Rolling Bay Land Co. owner Lisa Martin said she expects construction to begin by next summer, if permitting goes smoothly. The development could be ready for tenants in by early 2018.

 Plans for Sunrise Square include 6,700 square feet of residential space (both detached homes and apartments), 4,100 square feet of commercial space and a 2,300-square-foot freestanding restaurant.

Martin and architect Russ Hamlet, who’ve teamed up on several eco-friendly projects, emphasized energy and water efficiency in the design of Sunrise Square.

Click to enlarge
Click to enlarge

Geothermal and solar systems will help offset the development’s energy needs, Martin said.

Buildings in Sunrise Square will feature vacuum toilets that use far less water than even low-flow toilets. Waste will be composted before it’s discharged into the development’s septic drain field.

The western portion of the 2-acre parcel will be left undeveloped as an open space meadow.

Rolling Bay Land Co. is seeking tenants for the future development. Leasing information and more designs are posted below.

Renderings courtesy Rolling Bay Land Co. and Studio Hamlet

Stalled Poulsbo apartment project may be moving again

It’s been a few years since we’ve had any news to report on the Edward Rose project, a massive residential development planned for the corner of Highway 305 and Bond Road in Poulsbo.

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Kitsap Sun file art | Click to enlarge

That changed this Thursday, as the city announced pre-application materials had been filed for the development, which would create 552 apartment units, 160-units of senior housing, a commercial plaza, and 34 acres of landscaping and open space, spread across 57 acres.

Access would be from Bond Road and Highway 305, with a connection to Vetter Road also planned.

A pre-application meeting is scheduled for Oct. 4. The pre-application process allows developers to informally discuss plans with city staff because filing a land use application.

A master plan for Edward Rose was approved in 2011, but the project never broke ground.

Edward Rose & Sons is a development company based in Michigan.

Application filed for Bainbridge Landing development

apartments.overview
A view from the southwest corner of the site.

Plans are moving ahead for a 140-unit housing development near the Winslow ferry terminal.

Bainbridge Landing would incorporate 115 apartments and 25 town homes on a 4.7-acre lot on Ferncliff Avenue, just north of the Harbor Square condominiums.

bainbridge.landing
Site plan. Click to enlarge.

Owners have submitted subdivision and site plan review applications for the project, according to a notice published by the city Friday.

Comments will be accepted for the next two weeks.

The site plan for Bainbridge Landing shows town homes and lofts surrounding a U-shaped apartment building.

A portion of the project bordering Ferncliff Avenue would be set aside for a park.

Olympic Property Group is spearheading the project. Charlie Wenzlau is the architect.

Here’s the full set of plans included in the application:

Wave of home listings buoyed market in July

B0015078797--870950A wave of new listings hit Kitsap’s real estate market in July, helping to replenish — if only slightly — the county’s scant supply of homes for sale.

Other Western Washington markets enjoyed a similar influx of listings, Northwest Multiple Listing Service reported.

“We might actually be starting to move very slowly back toward a more balanced market,” OB Jacobi, president of Windermere Real Estate, said in a news release.

In Kitsap, 654 homes came on the market in Kitsap in July, raising the total number of available listings to 944.

Inventory was still down 10 percent from July 2015, but that marked a major improvement from January, when there were 30 percent fewer homes on the market compared with the previous year.

Pending sales remained strong in July, up 7 percent from 2015, while closed sales dipped. The county’s median home price was $290,000, up about 5 percent.

Here’s a map showing real estate data for Kitsap County submarkets. Hover your mouse over each area to see local stats:

91-unit apartment complex approved in Poulsbo

One street side elevation
A street-level view of one Arendal apartment building

Poulsbo has given the green light to a 91-unit apartment complex planned for Viking Avenue. 

arendal.siteThe Arendal Apartments will be built on 7.6 acres just south of the intersection with Highway 305 and up the road from Fish Park. A wetland occupies the east side of the property.

Apartments will be divided among four buildings, each with between 11,000 to 12,000 square feet of floor space, according to a notice of decision issued by the city Thursday.

Plans include 174 parking spaces. About a quarter of the spaces will be under buildings. Access will be from a single entrance on Viking Avenue.

A club house, playground, barbecue area, bicycle storage and dog park are also planned.

The applicant for the project is Viking Avenue Properties, LLC., headed by Kelly Clark of Kingston.

You can read the full notice of decision below, and find a detailed staff report here (big PDF file).

NOD Arendal

Housing development approved in Winslow

The City of Bainbridge Island approved a 28-home housing development at the northeast corner of Wyatt Way and Madison Avenue in Winslow.

wyatt.cottages
Click to enlarge

Wyatt Cottages will be built on two parcels bordering an apartment complex and the Madison Tot Lot (see the embedded site plan).

Madison Avenue Development and the island’s park district had discussed a land swap that would have relocated the tot lot to the corner of Wyatt and Madison.

That plan was unpopular with park-goers and eventually nixed.

According to documents posted by the city, the park district and developer did agree to an easement which will allow the access road for the development to cross the southwest corner of the park district’s tot lot parcel.

In exchange, the district will be able to use the new driveway for park access.

According to a project narrative filed last year, Wyatt Cottages is designed to be a “low scale, walkable neighborhood of single-family homes.” Each house will have a private garden space and a roof oriented to maximize exposure for solar panels.

Comments on the land use decision will be accepted through May 27.

Commercial real estate roundup: Bainbridge development sells for $17 million

hildebrandA Bainbridge Island mixed-use development and a Port Orchard Walgreens building were among the prominent commercial properties that changed hands during a busy first quarter of 2016.

All told, 102 commercial parcels sold in January, February and March for a combined $111.1 million, according to county assessor’s records. 

Sales of large apartment complexes, including Santa Fe Ridge, Bremerton Gardens and Admiral Manor, accounted a large portion of that total. I detailed those sales in a recent rundown of apartment transactions.

Below is a look at some of the notable commercial sales of the year so far, plus a couple from the end of December that didn’t make my last roundup.

Madison Square, Bainbridge — $17.5 million

hildebrand.map

Sale date: March 9

Assessed value: $13.9 million

Sold by: Madison Square LLC. to LBG Bainbridge LLC.

Description: Seven tax parcels on Hildebrand Lane, south of the Island Village shopping complex. Buildings include a mix of retail, office and apartments.

Notes: The seller is a corporation headed by islander Michael Burns. LBG Bainbridge LLC is a subsidiary of Lord Baltimore Group Ltd., and lists a Vancouver, B.C. mailing address.

The same buyer also purchased the adjacent Camelia apartments for $4.6 million this year, and bought a commercial cluster in Poulsbo which I describe below, all from Burns.

Liberty Center, Poulsbo — $5.93 million

liberty.centerSale date: March 9

Assessed value: $5 million

Sold by: Liberty Centre LLC. to LBG Bainbridge LLC.

Description: Three buildings with a combined 30,000 square feet of space on 2 acres on the northeast corner of Liberty Road and Highway 305.

Notes: See notes above. Major tenants include John L. Scott and Key Bank.

Grow apartments, Bainbridge — $5.2 million

grow_cooperext3
Courtesy Grow Community

Sale date: Feb. 4

Assessed value: $973,560

Sold by: Bainbridge Community Development to Clarke Properties LLC.

Description: Two tax parcels at the southeast corner of Wyatt Way and Grow Avenue where the “Cooper” rental apartments were constructed as part of the Grow Community project.

Three-story, 10-unit buildings were slated for each parcel, according to city planning documents.

Walgreens building, Port Orchard — $5.18 million

walgreens

Sale date: Feb. 11

Assessed value: $3.26 million

Sold by: McCandless Port Orchard LLC. to Lease Fund II LLC.

Description: A 15,000-square-foot pharmacy building on 1.8 acres at the northeast corner of Lund Avenue and Bethel Road.

Notes: Across the street from the Bethel Junction shopping center, which also sold recently.
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