Monthly Archives: May 2016

Real estate update: More homes came on the market in April

ferncliff01_23090926_ver1.0_640_480Kitsap’s depleted inventory of homes for sale received a much needed injection of new listings in April.

A total of 568 new listings were added last month, 71 more than were added in April 2015, according to Northwest Multiple Listing Service. The influx raised the total number of active listings from 566 in March to 655 in April.

0411_KitsapIndicator_MonthsSupply_KSThough surely welcome, the added listings did little to ease the tight market.

The inventory of available homes remained 22 percent lower than in April 2015, and 56 percent lower than in April 2012.

Sales were steady last month, with 584 transactions pending, up 5 percent from the previous year. The county’s median home price hovered at $270,000, up 7 percent year-over-year.

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) eased slightly to 1.83 months.

A market is generally considered balanced when it has a supply of four to six months. Kitsap’s market still strongly favors sellers.

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

And here’s a map showing April real estate stats by submarket. Wave your clicker each MLS area for details. Drop me a note if there are other stats you’d like to see included:

Two pot stores approved for same Port Orchard shopping center

PO.pot.storesSoon shoppers will be able to look out the window of one Port Orchard marijuana store and see another marijuana store across the parking lot.

A shop called Kitsap Cannabis was approved by the Liquor and Cannabis Board last week for a space at 1739 Village Lane SE, in the South Park Village.

It joins the descriptively named A Recreational Marijuana Store, already licensed at 1762 Village Lane SE, in the same shopping center.

Kitsap Cannabis is the seventh recreational marijuana store approved in the Port Orchard area, and the 16th in Kitsap. The state plans to license up to 20 retailers in the county.

Below is a chart showing retail marijuana sales trends: Continue reading →

Big apartment complexes are selling in Kitsap

2Q==Kitsap’s rental housing market is hot and investors have taken notice.

At least eight large apartment complexes sold in the past year for a combined $174 million, according to county records.

One Los Angeles investment group, Benedict Canyon Equities, appears to have acquired four apartment complexes in Silverdale for more than $30 million each. My calls to Benedict Canyon were not returned.

Here’s a rundown of major apartment sales since the start of 2015, ranked by sale price:

TreeTops, Silverdale — $40.25 million

treetopsSale date: Dec. 11, 2015

Assessed value: $20.2 million

Sold by: Treetops Investors LLC. to Tahoe Lane Apartments LLC.

Location: 1206 NW Tahoe Lane, off Ridgetop Boulevard NW.

Notes: Benedict Canyon Equities is the listed taxpayer.

Wellington, Silverdale — $38.25 million

wellingtonSale date: Sept. 24, 2015

Assessed value: $19.99 million

Sold by: GFS Wellington LLC. to Gemini Wellington Fee Owner LLC.

Location:  3435 NW Kensington Lane, off Randall Way.

Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.

Santa Fe Ridge, Silverdale — $37.5 million

santa.feSale date: Jan. 29, 2016

Assessed value: $21.75 million

Sold by: SK Santa Fe Ridge LLC to Santa Fe Ridge Apartments LLC.

Location: 1410 NW Santa Fe Lane,  off Ridgetop Boulevard.

Notes: Benedict Canyon Equities is the listed taxpayer.

Madison at Ridgetop, Silverdale — $31.25 million

madisonridgetopsSale date: Sept. 24, 2015

Assessed value: $18.12 million

Sold by: GFS Ridgetop LLC. to Gemini Ridgetop Fee Owner LLC.

Location: 11150 Voyager Lane NW, off Ridgetop Boulevard NW.

Notes: This property is part of TruAmerica’s portfolio. TruAmerica has its headquarters at the same address as Benedict Canyon Equities.

Bremerton Gardens, Bremerton — $13 million

9k=Sale date: March 9, 2016

Assessed value: $12.67 million

Sold by: Bremerton Stephanus I LLC. to Bremerton Fee Owner LLC.

Location: 4038 Mountain View Drive, off lower Wheaton Way in Manette

Notes: The new owner is an affilliate of New Standard Equities of Los Angeles. They plan major renovations.

Admiral Manor, Bremerton — $5.83 million

B0012880399--834114Sale date: Jan. 22, 2016

Assessed value: $5.49 million

Sold by: Admiral Manor LLC. to Project S12 LLC.

Location: 145 Bloomington Ave., off Burwell Street.

Notes: The owner is an affiliate of The Stratford Company of Seattle. They plan major renovations.

Camelia, Bainbridge Island — $4.57 million

cameliaSale date: March 9, 2016

Assessed value: $2.19 million

Sold by: Ihland Apartments LLC. to LBG Bainbridge LLC.

Location: 235 Camelia Loop NE, just southeast of the library off Madison Avenue.

Notes: The new owner appears to be an affiliate of a Vancouver, B.C. company. (Corrects a HQ location I listed earlier.)

Woodcreek, Poulsbo — $3 million

woodcreekSale date: Sept. 8

Assessed value: $1.53 million

Sold by: Woodcreek Associates to Poulsbo 40 LLC.

Location: 2160 NE Hostmark Street, across from Poulsbo Middle School.

Notes: New owner is based in San Diego. This complex was originally subsidized by a federal loan, but was recently converted to market rate apartments.

UPDATE: This post was updated to reflect that the Wellington and Ridgetop apartments are owned by TruAmerica.

Assessed values are for the 2016 tax year. Check back this week for a roundup of major commercial real estate sales from the first quarter of 2016.