Kitsap Condo Market

[Lake Hills Renter]

[Alan]

Wow! A fall from $435k to $300k is just over a 30% drop... per year!

Let's see, if prices are going up then that means prices will go up. If prices go down then that means they have to go back up.

[rose-colored-coolaid]

I'm just relieved that it didn't take place in WA. That's Kitsap County FloriCaliZonaVegas right? Wait, let me look that up.

OK, Google told me that we are talking are talking about WA state here. But at least it's east of the mountains. I mean, who would pay $435k for a condo surrounded by desert rather than mountains and water anyways. Maybe I had better double check my geography here.

My bad. According to Google Earth, Kitsap county actually borders the Puget Sound, kind of like Seattle. They also apparently have a nice view of some mountains called the Olympics.

I've looked at all the possible explanations for this precipitous decline. Based on the fundamentals of not being in WA and not being near water or mountains, I can tell you these declines aren't really happening. It's probably just an artifact of the median measurement being a little flaky sometimes.

cheers!

[Alan]

I know. Kitsap doesn't have land use regulation! Right? Also, they use old motor oil to fertilize their lawns.

[RottedOak]

What I think is absolutely hilarious is the paper's ability to un-ironically quote the most stereotypical realtor comments possible:

"From here, it's only going to go up." (Lee Avery)
"It's a great time to buy." (Maureen Buckley)
"We are starting to see more and more buyers who have been on the fence now making their move ..." (J. Lennox Scott)

If I didn't know for sure that these are real people, I might think that the reporter made up the story as a parody of the insipid, robotic responses that RE professionals have in every single article about the RE downturn. I could literally take a random list of prominent area realtors and another list of commonplace RE-booster quotes, mix them up in a hat, and use them write an article that no one would know was fake. I don't think even the realtors would realize it!

[mike2]

$300K still seems like an awful lot to pay for a condo outside of downtown, let alone in Kitsap.

[Alan]

[Nell Plotts]

The Kitsap County RE market isn't uniform. Bainbridge Island prices are a lot different than Poulsbo or Bremerton.

Funny this week: checking in at Virginia Mason the receptionist confirmed "Bainbridge Island" then said "Fantasy Island?" Patient responded, "You were at our last City Counsel meeting?" All got a good laugh.