"Kitsap County Peninsula is the “Resort Destination” at your doorstep. Offering amazing values in the Luxury marketplace this county provides more value for less."
Kitsap has a population of 251,000. Whether you are visiting art galleries on the island of Bainbridge; Bremerton’s historic Navy Docks and waterfront; Hansville’s waterside communities of Pont No Point and Driftwood keys; The city of Kingston, beautiful and accessible just 30 minutes from Edmonds, Poulsbo the proud Scandinavian town also known as “Little Norway on the Fjord”; Port Orchard the county seat and first incorporated city of Kitsap, Home to Differential Energy Global the fast growing high tech light company, Silverdale the growing geographic, commercial center, and home to Silver City Brewery; Or the stunning panoramic mountain and sunset views of Seabeck, Lofall, and Hood Canal Drive.
The 254 nautical miles of affordable waterfront property that defines Kitsap County is never far away.
All of these places I just mentioned, are located between 30 minutes and no more than 1 hour 45 minutes from down town Seattle. The peninsula is accessible by the largest ferry system in the United States (carrying 22 million passengers in 2014 alone), by car (just 1h 20 minutes to the center of Kitsap), even quicker by personal boat (only taking 20 minutes to arrive in Bremerton vs the 1 hr it takes with the Bremerton ferry), or if you would prefer to take the high road…. the peninsula is serviced by Kenmore Air.
We also have 28 marinas hidden throughout our many coves. 7 world class golf courses to play rounds on…. and are just over an hour away from the hundreds of miles of trails, camping, and vistas offered by the World Renowned Olympic National Park. The mountains are an unforgettable sight no matter where you are on the peninsula…. But especially when you are kayaking, crabbing, fishing, or shrimping right across from their foothills or if you prefer, enjoying the view with a glass of wine on your private beach.
Kitsap attracts many types of people. We see retirees looking to move out of the city, a large population of medical service professionals attending the new state of the art Harrison Hospital in Silverdale (which is set to build yet another building). We see families who are looking for a peaceful, private, environment with highly rated schools to raise their kids. Young professionals & Entrepreneurs who enjoy the freedom of working from home with high speed internet. And of course Second Home Buyers looking for retreats on the water or stunning acreage at a great value.
We have two markets in Kitsap. Because of its proximity to Seattle (just 30 minutes away) the Bainbridge market enjoys a relatively higher price point than the rest of Kitsap County. The Luxury market qualifies at $1.1million on the island. Where the rest of Kitsap County qualifies at about $725,000. This means that at $725,000 homes offer a similar physical value to those with much higher prices elsewhere.
Last year about 32% of our Luxury sales were second home sales. There were a total of 200 luxury sales in our market (44% of those being waterfront sales).
Now I would like to give you a quick comparison. The average price/sqft of +1mil Waterfront home sales in 2014.
– King County: 683 $/sf
– Bainbridge Island: 454 $/sf
– Kitsap (exclude BI): 322 $/sf
As you can see, you can find amazing value for your clients in Kitsap County.
On a personal note: The Kitsap County Peninsula holds a special place in my heart. I have spent over 3 years traveling outside of the United States to over 25 countries. I have lived as a dive instructor in Thailand, worked for over 5 and a half months in Australia, Hiked 100 miles through the Overland Trek in Tasmania, and Canoed the National Parks in Quebec… yet I always find myself arriving in wonder on the beautiful Kitsap Peninsula nestled between the Cascades, Seattle, and the Olympic Mountains… it is one of the most spectacular places in the world.
We encourage you to look just a little bit further, Kitsap has a lot to offer and we guarantee you will find value, beauty and an amazing lifestyle if you just open the door…
Or in this case hop on a ferry!
If you have questions feel free to reach out to Irene Wurden or Myself. We are the second and third generation Brokers in our family and have been working in Kitsap County since 1972. We are happy to share our world with you.
May 27, 2015, Broadmoor Golf & Country Club, Seattle WA
Panel: Keith Wells (Lake Chelan), Pat O'Day (San Juan Islands), Lisa Hatem (Maui), Chris Wurden (Kitsap Peninsula), Wally Gudgell (Orcas Island), Jay West (Cabo)
More than 100 agents came together on May 27 for the monthly Windermere Premier breakfast to network and learn about the growing vacation/second home market. This month's panel consisted of agents from popular second home markets in Cabo, Lake Chelan, Maui, Orcas Island, Kitsap Peninsula, and San Juan Island.
The overall message was that the second home market is still in recovery mode. Those areas located in the Pacific Northwest say that their proximity to Seattle and its growing economy’s starting to have a positive impact in their markets. For example, the Kitsap Peninsula is seeing an uptick in second home owners wanting a reprieve from the city. The same is true on San Juan Is and where 80% of the homes are vacation properties. San Juan has an abundance or waterfront homes for sale, many of which are well under a million dollars. On Orcas, 60% of their market is priced at $900,000 and above, and prices are expected to see double digit appreciation next year.
Maui is a different story; they actually have a shortage of inventory which is driving up prices. They're seeing a lot of international and cash buyers, even for homes priced in the multi-mil ions. Los Cabos’s still recovering from last year's hurricane which brought the real estate market to a standstill. Thiers a buyer's market and 20% of their inventory is luxury listings priced at $l million and above.
Special thank you to the six agents who took the time to share their insights on the second home market in their local areas.
Bellow are the Featured Properties in Kitsap County at the Event.
We track several key indicators to determine the current state of the market and anticipate future trends. If you would like to know what's happening in your neighborhood, give us a call. We've got the data and expertise to help you make an informed decision.
CURRENT PRICE TRENDS: PRICES WILL RISE!
This report is for all of Kitsap County excluding Bainbridge Island as their statistics throw the rest of the county oﬀ. The median price for 2014 is $220,733 down –2% from 2013. Low inventory is still a problem which is keeping upward price pressure on our existing market. Homes that are priced well and in good showing condition seem to be selling well, often receiving multiple oﬀers especially if they are in particularly good locations. Interest rates are holding steady and Windermere continues to be the market leader in the county for 2014 with a 31% market share of the dollar volume. Our Windermere economist predicts prices will continue to rise in 2014 by 1% to 2% and interest rates should continue to be exceptional!
MARKET ACTIVITY: INCREASED!
Inventory took a sharp dip in January but then recovered very nicely by March and stayed very steady until Holiday time in November. We currently have 856 home available as opposed to 1340 homes available at the end of August – a 36% reduction. There were 3217 sales in 2014 vs 2926 in 2013 – a 10% increase in volume of sales. We anticipate seeing another large increase in inventory coming on the market by March so if you are thinking of selling, now is the me while inventory is low. Prices have leveled oﬀ with no signiﬁcant signs of deep reductions as long as sellers price at market value. Absorption of inventory varies between area and price range.
FINANCIAL MARKET TRENDS: GREAT TERMS!
Interest rates fluctuate regularly, particularly in today’s market. A 30 year fixed rate mortgage today will cost approximately 3.75 – 4%. Don’t wait for better terms!
Remember, every 1% increase in interest rates reduces your purchasing power by approximately 10%. Don’t miss this extraordinary opportunity to purchase a home near the bottom of the market, with fantastic interest rates!
– Irene & Chris Wurden
"There are very few people in the world like her. She is probably the closest person I know who wears a Halo.
And you can quote me on that."
– Ron Corcoran
What an amazing woman! She is an inspiration to us all here at the Wurden Team. We hope to be like her at 80!
A daughter, a mother, a grandma, and a great grandma. We love you June!
– Irene & Chris Wurden
Online Article can be found here: Kitsap Sun
We look forward to working with you in the New Year.
Reach us any time. We are here for you!
Irene & Chris Wurden
Mother & Son Real Estate Team
Windermere West Sound Inc.
We are so proud to be a part of this amazing Community! Together with the generosity of donors like you we have helped raise over $1.1 million for the Windermere Foundation. All of these proceeds go directly to social service organizations that helped hundreds of families meet their basic needs.
DONATIONS & GRANTS Update through 2014 Quarter #3
At the Wurden Team we are proud to donate to the Windermere Foundation every time we bring a sale to a close. If you've bought or sold a home with us, then you are a part of the Windermere Foundation, and you have made a positive difference in the lives of your neighbors in need! This Year together we have made 28 direct donations to the Foundation! We cannot express enough how privilidged we are to work with all of you!
More information on specific programs can be found here. As well as the opportunity to donate to this important cause.
Have a fantastic day,
Irene & Chris Wurden