Tag Archives: real estate

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.

Commercial real estate roundup: Church sells development land in Silverdale

newlifePrime Silverdale development land in changed hands in August when Newlife church sold its 8-acre property on Clear Creek Road to The JWJ Group of Silverdale for $3.75 million.

Newlife bought the parcels in 2008 with plans for a Central Kitsap campus. The church is now building a worship and training center in the former Silverdale Regal Cinemas building.

The Clear Creek sale was among a number of high profile commercial real estate transactions completed in August and September. Some we’ve already written about, like the sale of undeveloped land in College Marketplace and the former American Marine Bank headquarters on Bainbridge.

But there were still plenty of deals to catch up on. Here’s a look at other major commercial sales from August and September with details from the county assessor’s office and additional sources:

College Marketplace, Poulsbo — $8.22 million

Sale date: Aug. 31

Sold by: MUFG Union Bank to Olhava Investment Group LLC

Description: More than 60 acres of development land in Poulsbo’s College Marketplace master plan area, zoned for a mix of business park, commercial and residential uses.

Notes:  The buyer was Hotel Concepts of Seattle, which plans a 110-room hotel on five acres near Home Depot. Land not needed for the hotel is back on the market. Union Bank took over the land in a foreclosure sale last year.

Clear Creek land, Silverdale — $3.75 million

clear-creekSale date: Aug. 16

Sold by: Newlife Church on the Peninsula to The JWJ Group LLC

Description: Two parcels totaling 8.6 acres west of Clear Creek Road, just north of Greaves Way and The Trails at Silverdale shopping center. 

Notes:  Newlife bought this property in 2008 with plans to build a campus there. The church is now building a center near the Silverdale YMCA.

Former American Marine Bank, Bainbridge — $3.65 million

columbia-bankSale date: Aug. 22

Sold by: Columbia State Bank to Old Mill Place Propertiess LLC

Description: Original American Marine Bank headquarters at 249 Winslow Way. Constructed in the 1940s. Now home to Columbia Bank.

Notes:  The property was purchased by islander George Lobisser as an investment. The Columbia Bank branch will remain in place.

Peninsula Glen Apartments, Poulsbo — $2.84 million

peninsula-glenSale date: Aug. 3

Sold by: Ronald and Linea Montplaisir to Pen Glen LLC 1

Description: An apartment complex on five acres on Hostmark Street, east of North Kitsap High School.

Notes:  The same buyer purchased the neighboring Woodcreek apartments, and has plans to add 24 units to the combined properties. 

Sonic Drive-in, Poulsbo — $2.6 million

poulsbo-sonic_Sale date: Sept. 8 

Sold by: Columbia Property Managers LLC to SB Poulsbo LLC

Description: A newly-constructed fast food restaurant on 1 acre at the intersection of Viking Avenue and Highway 305. 

Winslow Way building, Bainbridge — $2.5 million

winslow-waySale date: Sept. 29

Sold by: DLG Leasing LLC to Michael and Darden Burns LLC

Description: An 11,660-square-foot commercial building on 1 acre at 253 Winslow Way West. 

Notes: Home to Seattle Children’s Bainbridge Bargains Boutique.

Olympic Place II, Poulsbo — $1.87 million

olympic-iiSale date: Sept. 26

Sold by: Roben Family Limited Partnership to James Lane C LLC

Description: A 34,000-square-foot commercial building and parking lot on 3 acres at 1050 NE Hostmark Street, east of Highway 305. 

Notes:  Built in 1984, according to a listing.

Hardware building, Kingston — $1.8 million

henerySale date: Aug. 25

Sold by: Kingston Center LLC to HH & Sons LLC

Description: A 14,400-square-foot building on 1 acre on Highway 104, next to the Food Market

Notes:  Home to Henery Hardware. It appears the Henery family just bought the building from owners of the shopping center.

Former Sound Publishing plant, Bainbridge — $1.45 million

soundSale date: Sept. 13

Sold by: Sound Publishing Properties Inc. to Day Road Industrial Park LLC

Description: Two commercial buildings on 4.5 acres in the Day Road industrial area. 

Notes:  The main building once housed Sound Publishing printing presses and the Bainbridge Review newsroom. Now home to Salisbury Woodworking.

Former Frontier Bank, Silverdale — $1.4 million

frontierSale date: Aug. 9

Sold by: MUFG Union Bank to SKBA LLC

Description: A 14,000-square-foot bank building on 1 acre at the corner of Silverdale Way and Myhre Road.

Notes:  One of several Frontier Bank branches acquired by Union Bank when Frontier failed.

Lighthouse restaurant, Port Orchard — $1.39 million

b0017143761-187742Sale date: Sept. 8

Sold by: 429 Bay Street LLC to Kashi 201 Williams LLC

Description: A 9,250-square-foot restaurant at 429 Bay Street on the Port Orchard waterfront. 

Notes:  New owner Ali Kashi plans to open a Cheers Bar & Grill in the landmark restaurant building in January.

Robinswood Apartments, Kingston — $1.34 million

robinswoodSale date: Sept. 14

Sold by: 17th On High LLC to Kim Pax LLC

Description: An apartment complex at 10434 Highway 104 next to Reliable Storage.

Sunnyslope land, South Kitsap — $600,000

Sale date: Aug. 31

Sold by: Davies Pearson PC (trustee) to Assemblies of God Loan Fund

Description: Four parcels totaling about 26 acres on Victory Drive, near the intersection of Sunnyslope Road and Highway 3, and a duplex on Jones Drive in Port Orchard.

Notes:  This was a forced sale. The land was formerly owned by South Kitsap Family Worship Center.

CLICK HERE TO SEE MY COMMERCIAL REAL ESTATE ROUNDUP FOR APRIL THROUGH JULY.

Port will discuss sale of Bremerton waterfront property Tuesday

Parkignlot_7988144_ver1.0_640_480Port of Bremerton commissioners will discuss the terms of an agreement Tuesday to sell a premier waterfront development property above Bremerton Marina.

According to port CEO Jim Rothlin, the commission is weighing a $4.5 million offer from development firm Sound West Group to purchase the Washington Avenue property. By law, the port can’t sell the land for less than fair market value.

Sound West partner Mike Brown told me the firm is interested in creating a mixed-use development on the 2-acre site.

The port bought the land from Kitsap Consolidated Housing Authority in 2009 for $3.5 million to provide parking for the marina. The district put the property on the market last year with an asking price of $5 million. bremerton-property

Port CEO Jim Rothlin said the goal of the sale would be to pay off the debt from the purchase while still maintaining parking for boaters.

“At the time of the purchase the port’s intent was always to see development occur there at some point that would help increase growth and economic development for the community,” Rothlin said prior to a Nov. 8 public hearing on the potential sale.

“But the priority was really to make sure we secured parking for the marina and were able to pay off debt on that property as well.”

South Kitsap resident Roger Gay was the only member of the public to offer comment. He urged commissioners to be upfront with the public about the process and the potential impact development of the property might have on the marina.

“You need to have those answers no ahead of time as much as possible,” Gay said.

Port commissioners vowed to only agree to a sale if parking for the marina was preserved.

The commission will review a purchase and sale agreement for the property at its regular meeting, scheduled for 6 p.m. Tuesday at Bremerton National Airport. Approval of the port’s 2017 budget also is on the agenda.

Real estate: Home sales haven’t fallen off this fall

ferncliff01_23090926_ver1.0_640_480The real estate market typically cools off each fall. Not so much this year.

Pending sales were up nearly 21 percent in October compared with October of 2015, according to statistics from Northwest Multiple Listing Service.

Competition helped keep home prices elevated. The median price for homes sold in Kitsap in October was $292,000, an increase of 13 percent ($33,500) from last year.

“The market in Kitsap is still very active,” John L. Scott Poulsbo manager Frank Wilson said in an NWMLS release.

An influx of new listings continued, with 424 homes listed in October. But brisk sales drove down inventory.

The months supply of homes — the number of months it would take to sell off all the homes for sale if no new listings were added — dipped to 1.93. Real estate professionals consider a market balanced when it has a four- to six-month supply of homes.

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

And here’s a map displaying real estate stats by submarket. Wave your mouse over the map to see specifics:

PSE selling surplus land in Port Orchard

1604_102Puget Sound Energy is selling an undeveloped property off Mile Hill Drive where a substation was planned.

Realty Marketing/Northwest listed the 7.5-acre property in a fall auction catalog released last week, with sealed bids due by Nov. 15.

The sale includes portions of two long parcels stretching north off Mile Hill Drive and a smaller parcel connecting to Baby Doll Road (see inset image). The land is zoned commercial and could be developed as apartments or “entry level housing,” according to Realty Marketing/Northwest.

PSE spokesman Ray Lane said a substation was planned on the property 25 years ago.

“However, our electric load in that area is static,” Lane said. “We have no plans to construct a substation in the near future, and when we do, we don’t need that much land.”

PSE will hang onto 2 acres along Mile Hill Drive in case a substation is needed in the future.

Apartment rents keep climbing in Kitsap

b0016037975-446099Average rent for apartments in Kitsap climbed to $1,186 in the third quarter of 2016, marking the 10th-straight quarter rents have increased in the county.

Per-unit rent at large apartment complexes has risen $109 since the start of the year, according to Tom Cain of Apartment Insights Washington.

Port Orchard and Bremerton reported the largest rent increases in the West Sound region in the third quarter.

Vacancy rates remained low in Kitsap, with 4.35 percent of units available.

The market was tightest in Port Orchard where just 3.32 percent of apartment were vacant, while Silverdale’s vacancy rate jumped to 5.21 percent.

Cain said a balanced rental apartment market typically has a vacancy rate of 5 percent.

Here’s a graphic showing apartment rental trends in Kitsap:

Real estate report: Supply of homes for sale is gradually increasing

After scraping bottom last winter, the supply of homes available for sale in Kitsap increased gradually since March.

Notably, the number of home listings active in September nearly matched the number reported in September of 2015 (see chart below).

There were 593 listings added last month, a 21 percent increase from the previous year, according to a report from Northwest Multiple Listing Service.

Based on the stats, Kitsap remains squarely a seller’s market.

Real estate professionals consider a market balanced when it has a four- to six-month supply of homes, meaning it would take four to six months to sell off all the houses available if no new listings were added.

B0015078797--870950Kitsap had just a  2.15-month supply of homes in September. In other words, the market would need about 1,000 more active listings or a slowdown in sales to achieve some balance.

But even an incremental increase in supply could be good news, as sales activity didn’t cool off all that much in September.

Pending sales were down in the county from August to September — as is typical for the season — but were up 13 percent from September of 2015. The 448 deals closed in September marked a 15 percent increase from 2015.

Home prices remained elevated. The median price for houses and condominiums sold in September was $284,999, a 10 percent jump from last year.

Here’s a graphical look at Kitsap real estate trends.

And here’s a map showing real estate stats by submarket. Wave your clicker over each area to see details:

Commercial real estate roundup: South Kitsap timberland sells for $9M

b0012744021-852179A massive swath of South Kitsap changed hands this summer.

In June a buyer paid $9.25 million to McCormick Land Company for nearly 2,000 acres of timberland south of McCormick Woods.

The deal highlighted a busy spring and summer for commercial land transactions in Kitsap County. Below is a roundup of other high-profile sales recorded from April through July, with details from assessor’s documents and additional research.

This list doesn’t include the $20 million sale of the Silverdale Ridge apartments, which I reported on earlier this year.

Keep in mind these are property transactions, and the businesses occupying these properties may not have changed hands.

McCormick timberland — $9.25 million

Sale date: June 22

Sold by: McCormick Land Company LLC to Bar MH Timber WA LLC.

Description: More than 1,800 acres of timberland divided into 166 tax parcels, located south of McCormick Woods and east of Bremerton National Airport.

Notes:  McCormick Land Company also recently sold off its residential development land surrounding McCormick Woods.

I’m working to get in touch with the buyers of the timberland to find out what their plans are.

Best Western, Bainbridge Island — $7.25 million

bestwestern

Sale date: June 29

Assessed value: About $4 million

Sold by: Bainbridge Island Commons LLC. to BB Hotel LLC.

Description: A four story, 51-room hotel on 2.7 acres at 350 NE High School Road.

Notes:  BB Hotel LLC. has a Honolulu mailing address. Continue reading

Kitsap real estate market was still hot in August

Kitsap’s real estate market ended the summer season with a bang.

Listings, sales and prices were all up in August, according to the latest numbers from Northwest Multiple Listing Service. 

More “for sale” signs popped up across the county last month, with 591 new listings added. About 970 homes were available in August, down 6 percent from August of 2015, marking a slight improvement in inventory from earlier in the year.

Sales continued at a torrid pace. More than 630 homes were pending in August, a 13 percent increase from last year. Closed sales were up 22 percent.

Kitsap’s median home price (including condominiums) bumped up to $292,000, up 12.3 percent from August of 2015.

Here’s a graphical look at real estate trends in the county:

And here’s a map showing real estate statistics by submarket:

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: