Bremerton Condo... madness!

http://www.windermererealestate.com/pro ... rside.html

I don't know how many they started out with, but there are over 30 listed for sale. I looked at the most expensive listing online, and found this information under the neighborhood tab.

1) Listing # 25094906
2) Nearby Averages

Price:
1) $1,750,000
2) $486,238 ($136,500 - $1,750,000)

SqFt and Dollar per SqFt:
1) 2,607 $671.27
2) 1,143 $405.57

On Market:
1) 718 Days
2) 376 Days

So what do you all know about them?

Comments

  • Those condos are part of the so-called Bremerton downtown revitalization project. Being located near the Seattle ferry, the targeted buyer would be the affluent downtown Seattle commuter.

    If you look at the May 2007 North West Multiple Listing Service statistics for condos in Kitsap County, you will see that the YoY median price change for condos is +97%. That increase is due to sales of these condos.
  • I wonder if anyone other than Specu-vestors are buying them?

    $400,000 to $1.75m for a waterfront condo... which is only an hour boat ride from Seattle.
  • I strongly suspect that Puget Sound Naval Shipyard workers are not buying them at those prices.
  • Living in one of those condos would make for a nice commute to the PSNS...

    It would be interesting to know, how much the real estate run up caused property tax windfall, is fueling the downtown revitalization.
  • Apparently $31 million of federal funds will be spent to build a tunnel to the ferry.

    http://www.wsdot.wa.gov/Projects/SR304/BremertonTunnel/
    ..
  • That will be interesting...

    PDF of final configuration
  • Those condos are just spitting distance from one of the worst neighborhoods in the entire state. My aunt was murdered there back in '88. It just plain sucks.

    Why people would spend that kind of money to live there is beyond me. Bummerton doesn't have that kind of income to justify those prices.

    Why commute to Seattle from Bremerton when you can do it from Bainbridge? At those prices, you could find a decent place on BI and have money left over. Crime is lower, and you don't have to live next to one of the major eye-sores in the entire PNW.
  • edited June 2007
    Eleua,

    Wow! That's really too bad about your aunt.

    I agree. If you could afford a condo at $400,000 to $1.75 million (as quoted above), why in the world would you want to live in downtown Bremerton. You could definitely buy something ranging from decent to way more than just decent on Bainbridge Island with much better ambience for those prices (assuming you don't think a shipyard is scenic).
    ..
  • ....to keep a PNW Bubble from exploding!!!

    Bremerton....yep that is where I would move if I were wealthy.... :wink:
  • SeattleMoose gets it.
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