Living the Northwest Dream - Part 3: Housing Demand Equals Opportunity
There is a market study confidence that the housing demand in Kitsap County (Puget Sound) conveys, which includes the City of Bremerton, WA., has been shaping up to deliver real estate returns surpassing anything anyone has seen in the Greater Seattle area since the end of the Great Recession in 2012. As one seasoned landowner and developer Mark Goldberg knows, this is not conjecture. It is based on solid facts resulting from various indicators that are used to measure and assess housing markets. The most important indicator is market demand.
The net demand in Kitsap County (excluding Bainbridge Island) is enormous. What do we mean by this? Over 4,000 housing units are needed to meet existing demand. This is a resulting demand beyond what is in the pipeline of existing projects scheduled for construction and planned through 2022 according to a market study by CBRE. This imbalance translates into sustained upward pressure on rents.
The lack of affordable housing is a huge national problem and it’s even a bigger problem in the Seattle metro area because land prices are high whereby reducing the opportunity for developers to acquire land at affordable prices. If the land cannot be acquired at reasonable prices, affordable housing can be negatively impacted. There is an answer to this problem that can be found to the west of downtown Seattle across the bay in the City of Bremerton and in other areas of Kitsap County.
Disclosure. The founder of Exclusive C.A.R.E. is a licensed real estate broker in the State of California and the Exclusive Listing Agent for three entitled sites for multi-unit development in the City of Bremerton, WA. Her real estate license is held by NAI Capital, Inc., Pasadena, CA; CA DRE# 01076984. She is a broker-associate and has had a career in commercial real estate investments for over 25 years.