Carole's Blog

Short sales small percent of Gig Harbor home sales  National media hypes short sales and bank-owned properties as a large part of the market, but in Gig Harbor they represent a smaller portion of Gig Harbor home sales than the casual observer might think. Key Peninsula is not as fortunate but still better than many parts of the country. 22.6% of Gig Harbor home sales in the past six months have been bank-owned or short sales and 41% in Key Peninsula. This compares to figures as high as 80% of all sales in Las Vegas and 50% in Phoenix and Southern California and parts of Florida. North Las Vegas currently has one in 50 homes in some stage of foreclosure, and in parts of Phoenix it is one in 20 homes, and some areas of southern California it is one in 50 homes. In Washington State one in 834 homeowners is in financial trouble with the bank but in Pierce County it is one in 418 owners, making it the highest rate of foreclosure in the state. Dissecting short sales and bank-owned numbers--7% of Gig Harbor home sales have been short sales and 15.5% bank-owned. Key Peninsula's stats are a bit gloomier. Short sales represented 6.4% but bank-owned made up 28% of all sales. Pierce County, in the past six months, turned out 35% of sales as short sales and bank-owned units. So our Key Peninsula fits the county norm. An interesting side note is the pending sales. Pending sales (transactions not yet closed) indicate 25% more short sales or bank-owned are in the current mix than have closed in all the past 6 months. There are 85 pending in Gig Harbor and 32 in Key Peninsula while sales in those categories only total 64 and 43 respectively. This is not a surprise to Realtors or buyers who have tried to negotiate short sales with lenders. Many of the transactions written will never close due to difficulty of working through one and sometimes two lenders. Many buyers become frustrated with the situation and move on to other good deals in the marketplace. Bank-owned homes run the price gamut, with 19 under $250,000, 13 between $250-500,000 and 7 over $500,000-in fact running all the way up to $1m and above. This is the place the buyers can be certain the lender wants to sell and a sale can be completed. Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be reached at 549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com

Short sales small percent of Gig Harbor home sales  National media hypes short sales and bank-owned properties as a large part of the market, but in Gig Harbor they represent a smaller portion of Gig Harbor home sales than the casual observer might think. Key Peninsula is not as fortunate but still better than many parts of the country. 22.6% of Gig Harbor home sales in the past six months have been bank-owned or short sales and 41% in Key Peninsula. This compares to figures as high as 80% of all sales in Las Vegas and 50% in Phoenix and Southern California and parts of Florida. North Las Vegas currently has one in 50 homes in some stage of foreclosure, and in parts of Phoenix it is one in 20 homes, and some areas of southern California it is one in 50 homes. In Washington State one in 834 homeowners is in financial trouble with the bank but in Pierce County it is one in 418 owners, making it the highest rate of foreclosure in the state. Dissecting short sales and bank-owned numbers--7% of Gig Harbor home sales have been short sales and 15.5% bank-owned. Key Peninsula's stats are a bit gloomier. Short sales represented 6.4% but bank-owned made up 28% of all sales. Pierce County, in the past six months, turned out 35% of sales as short sales and bank-owned units. So our Key Peninsula fits the county norm. An interesting side note is the pending sales. Pending sales (transactions not yet closed) indicate 25% more short sales or bank-owned are in the current mix than have closed in all the past 6 months. There are 85 pending in Gig Harbor and 32 in Key Peninsula while sales in those categories only total 64 and 43 respectively. This is not a surprise to Realtors or buyers who have tried to negotiate short sales with lenders. Many of the transactions written will never close due to difficulty of working through one and sometimes two lenders. Many buyers become frustrated with the situation and move on to other good deals in the marketplace. Bank-owned homes run the price gamut, with 19 under $250,000, 13 between $250-500,000 and 7 over $500,000-in fact running all the way up to $1m and above. This is the place the buyers can be certain the lender wants to sell and a sale can be completed. Carole Holmaas is an Associate Broker with Windermere Real Estate, licensed since 1967. She may be reached at 549.6611 or Carole@ISellGigHarbor.com. Her blog may be followed at http://blog.ISellGigHarbor.com

Gig Harbor WA Salt Waterfront Home for Sale on Raft Island. Vintage 1966, this 4000sq ft daylight rambler waterfront home has good bones. Stunning views of the Olympics, with 80' of medium-low bank, warmer water for summer swimming & boating with pebble beach & new bulkhead. Currently 5 bedrooms, 2 kitchens & 2 fireplaces. Plus an additional upland lot. Renew & polish this diamond in the rough. Second lot across street is included. This is listed at an astonishing price of $559,000. Raft Island was named because, from a distance, the island appeared to some sailors be a floating raft. Two men who claimed the entire island in 1889 first settled Raft Island, clear-cutting and shipping logs out from the early settlement period of the 1880s. The second-growth timber was used for pilings, saw logs, and mine props in the 1920s. Large rafts of logs were harvested from throughout the Henderson Bay area, including the island. In the late 1920s, the entire island was purchased and used it as a hunting and recreational resort, his home later becoming the Catholic Church camp. He brought electric power to Raft Island. The bridge to Raft Island was built over the narrow, tidal channel on the south side. Presently 190 families live on the island. There are three community beaches and parks. Call me at 253.549.6611 for more information about this or another salt waterfront  home for sale or visit me at Windermere Real Estate in Gig Harbor. Area residents have consistently demonstrated their strong commitment to provide a high quality public education to nearly 10,000 students. The district enjoys a statewide reputation for meeting the educational needs of today's students who become tomorrow's leaders. In addition, Gig Harbor has nearly a dozen private schools. The Harbor History Museum is located on Gig Harbor Bay and allows visitors a place to experience the history of Gig Harbor. The Museum is in the process of relocating to a new multi-million dollar facility, highlighted by the Shenandoah, a purse seiner built in a Gig Harbor shipyard and the Midway schoolhouse. While Gig Harbor was once most known for its fishing and logging, it is now also known for its numerous art galleries, art walks and art shows. Two theatre companies in Gig Harbor provide entertainment including dinner theatre and summer outdoor theatre. The Gig Harbor area is ideal for enjoying water-related recreation. Whether you prefer water skiing, power or sail boating, kayaking, fresh or salt water fishing, scuba driving, windsurfing, clamming, beachcombing or swimming, the secluded harbors provide excellent moorage and docking facilities. There are four state parks. Boat ramps are located near the major bays. Gig Harbor operates a waterfront park, a park on Crescent Creek, a boat-building facility and a pioneer farm. Eight golf courses offer year-round golf close to Gig Harbor. Numerous events are scheduled throughout the year, largely centered on the Gig Harbor waterfront, including farmers markets, outdoor cinema, Tuesday night music at the park, and lighted holiday boat parade. Youth and adult baseball, basketball, football, gymnastics, dance, and soccer programs are provided through community organizations. Two local pools provide swimming opportunities for the community and swim clubs. Carole Holmaas is an Associate Broker at Windermere Real Estate. She may be reached at 253.549.6611 or Carole@ISellGigHarbor.com