About Bremerton's West Bremerton

During the month of October there were 68 homes that sold in Bremerton. That is 14 homes less than in September. Seems odd since the NWMLS has reported such a surge in October Puget Sound wide due to the then planned end date of the first time home buyer tax credit. These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I's were dotted and the T's crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner's name!

I can get lost in stats. They aren't much fun and they really are boring to write about but they still fascinate me. I can spend hours doing different types of searches on the NWMLS (NorthWest Mulitple Listing Service) site that us agents use to track and compare homes in the area. I search by price, by square footage, by area and find it fascinating to compare years or areas.

In our area of Bremerton we have seen some huge changes in price over the last couple of years. Yes, Bremerton home owners have lost a significant amount of equity and in some circumstances we probably have neighbors that owe more on their home than what they can sell it for. Of course this is a cycle and as cycles go we haven't been hit as hard as other areas of the country. Some statisticians have said there will be areas of the housing market that will totally recover by 2014 and some not until 2034.

I think those areas that hit the ultimate highs will have a longer recovery period. In the Bremerton area we of course had some good years but remain an area that has solid employment and where home-ownership still was reachable by the younger generation. In some areas of King County a first-time home-buyer price was in the high $300,000's.

I have sold several homes to first-time home-buyers this year who qualified for the $8,000 first-time home-buyer tax credit.

According to the Puget Sound Business Journal on September 17th, the Internal Revenue Service reports that 26,000 residents of Washington state have taken advantage of the $8,000 first-time homebuyer’s credit offered by the federal government.

Here are some stats - just because

Bremerton Homes Sold August and September 2009
Average List Price: $227,490
Average Sales Price: $221,220
The average square footage of the property was 1756 and the average Days on Market - or the amount of time it took to sell the property was 123

Bremerton Homes Sold August and September 2008
Average List Price: $256,277
Average Sales Price: $250,570
The average square footage of the property was 1733 and the average Days on Market was 126

Bremerton Homes Sold August and September 2007
Average List Price: $278,129
Average Sales Price: $277,099
The average square footage of the property was 1760 and the average Days on Market was 78

Bremerton Homes Sold August and September 2006
Average List Price: $277,908
Average Sales Price: $277,099
The average square footage of the property was 1812 and the average Days on Market was 67

During the month of July there were 95 homes that sold in Bremerton. (That is 17 more sold homes than in June.) These Bremerton homes actually had a transfer of home ownership. Contracts complete and Lender funds available the home buyer and seller signed all of their documents as escrow prepared the closing packages. Once all the I's were dotted and the T's crossed there where deeds recorded at the Kitsap County courthouse that transferred the property into the new home owner's name!

Not a bad time to purchase a home in Bremerton, Washington.  In fact it is a great time if you are a 1st time home buyer and qualify for the $8,000 tax credit - CREDIT! NOT loan! Read the information I have written about the program here

• $8,000 First Time Homebuyer Tax Credit | Who is Eligible in Kitsap County
• It's Official - 1st Time Homebuyers Receive $8,000 Tax Credit Windfall!
• $8,000 First Time Homebuyer Tax Credit | Want your money Now?

Check out some of Kitsap County Real Estate Market Data here - Kitsap County Real Estate Market Data FYI

What do these numbers mean?  Is it a good time to buy? Is it a good time to sell. It all depends on your individual situation.  I would rather buy in a buyers market and I would rather sell in a buyers market if I have to buy another home with the proceeds.  I am a fan of the NORMAL market - everyone can feel more comfortable and real estate transactions are not as stressful. 

If you would like to find out the value of your home please feel free to contact me via phone or email. I would be more than happy to supply you with a FREE Market Analysis.

If you would like to purchase a home in the Kitsap County Real Estate Area please give me a call or contact me via email. We can discuss your future plans and I can set you up on an email campaign to receive the hot new listings quicker than YOU can find them.

Bremerton Real Estate 2009 Market Reports

• Bremerton Real Estate | February Homes SOLD
• Bremerton Real Estate | March Homes SOLD

Authored By: Jo Soss : WestSoundLive.com

Check this out from Bremerton’s Mayor Bozeman’s October Newsletter….

Bremerton Housing Authority Receives 20 Million Dollar Grant
Congratulations to Executive Director Kurt Wiest and the Board of the Bremerton Housing Authority for being awarded a Hope 6 grant of 20 million dollars to be used in the redevelopment of the Westpark Housing Community. Only five grants were given out by HUD throughout the country. These funds will allow the Housing Authority to move ahead with the redevelopment of the 60-year-old low-income housing community. New housing and support services will be built in the next five years. This has been a goal of mine since I was elected seven years ago.

If you are not aware of the WestPark Sub-Area Plan, you can read all about “Re-Envisioning Westpark” at the City’s website.  (Westpark Sub-Area Plan)  This project is so exciting and fascinating to me.  Located just off Highway 3 on Kitsap Way, you know the exit where Denny’s and DQ are.  Right across from the newer Fire Station #2 located at 5005 Kitsap Way. 

Westpark was originally constructed in 1941 as temporary housing for shipyard workers during the time that was World War II and Bremerton played an important roll in keeping the Navy prepared.  Westpark today is owned and operated by the Bremerton Housing Authority.  The “re-design” of Westpark was envisioned in 2006 with the Westpark Sub-Area Plan and was adopted per Ordinance 4998 in February 2006.  The Sub-Area Plan is the development standards for the transformation.  Click on the below links to read about all the exciting projects!

• I. Introduction
• II. Public Process & Comp. Plan Consistency
• III. Westpark Sub-Area Plan
• IV. Zoning & Development Regulations
• V. Design Guidelines

Westpark – from what some would call “slums” to high quality design!

From the City of Bremerton’s Website: 

Westpark is envisioned as an urban mixed-use, mixed-income, pedestrian oriented community. In the new Westpark, a variety of types and styles of housing will meet the needs of a range of income groups, and retail and commercial opportunities will satisfy everyday shopping needs.

The Bremerton Housing Authority's website has posted the following information about community meetings that are now in progress.

Community meetings are scheduled to discuss the changes.  They will be on Thursdays, September 25, 2008 running through October 30, 2008 from 6:00 – 7:30 pm at the WP Community Center at 76 Russell Rd, Bremerton.

The 82-acre Westpark site is located in West Bremerton, bounded by Kitsap Way on the north, Oyster Bay Way on the east, and State Route 3 on the west.