Canterwood Market in Gig Harbor, Washington

Since my last posting of Northwest Multiple Listing data, the activity in the Canterwood community of Gig Harbor includes:

The property at 13216 Bracken Fern Dr NW is new to the market. It is listed at $795,000. It has a 2010 assessed value of $648,100 and was last on the market in 2008 at $999,950. That listing was later reduced to $819,000. It seems it was last purchased in 2007 in a foreclosure action at $575,300.

4914 Foxglove is back on the market. It had had a pending sale originally reported February 19th. It is listed at $949,000. It had been reduced $30,000 on the 7th of February, 2011. Its 2010 assessed value is $641,400 and it was last sold as a vacant building site in 1994 for $161,010.

The listing at 12518 Tanager DR NW has been reduced $48,000 and is now at $1,200,000. It’s the second price reduction since coming on the market August 22, 2010. It had initially come on the market at $1,289,000. Its 2010 assessed value is $848,400 and it was last purchased in 2008 at $1,290,000.

Originally purchased in 2008 for $682,500, the property at 4712 Towhee was reported pending February 22nd. Currently it is listed at $459,000 and is indicated as a short sale. Originally it came on the market at $749,950 on August 18, 2008. The 2010 assessed value is $576,600.

4807 Old Stump also has a pending sale. Actually, it appears a contingent offer reported on December 20th, 2010 has now become a pending sale. That occurred on February 22nd, 2011. The 2010 assessed value of this home is $684,400 and it was last purchased in 1998 for $517,000. Originally it was listed August 31, 2010 at $607,000 but was later reduced to $560,000.

After 679 days on the market, the new construction at 12311 Osprey is also being reported as pending. It had originally came on the market in 2007 at $950,000, a price that was increased to $995,000 for a short time, but was last reduced to $650,000 on the 24th of February. The 2010 assessed value is $753,400. As of January 5, 2011 the property became bank owned.

Another bank owned property at 5216 Old Stump is also reported pending February 24, 2011. It is listed at $319,900. The home was last purchased at $276,500 in 2000 and the 2010 assessed value is $347,400.

The only Canterwood closed sale reported was a vacant lot on Osprey that sold for $149,950.

On the bright side, while not specific to the Canterwood area or Gig Harbor, I've personally had huge turnouts for my open houses the past two weekends. What was most interesting though, it seemed the majority had homes already on the market and were looking to move up or they had already made plans to get existing homes on the market. Honestly, it’s been a while since I’ve seen that type of response. Nonetheless, it was very positive.

Gig Harbor, Canterwood Community Update

Since my last posting, Canterwood real estate activity includes:

The home at 12918 50th has just been reduced from $519,000 to $495,000. It was last reduced $33,000 on the 17th of January. This property is indicated as a short sale. The 2010 assessed value is $635,000 and it was last purchased in 2005 at $790,000.

4417 Foxglove is new to the market and is a Rush presale. Prior sale information is not available and the 2010 assessed value of the vacant lot is $160,000.

After expiring and coming back on the market the same day, the listing at 4914 Foxglove, listed at $949,000, is reported as having an offer pending inspection. The 2010 assessed value is $641,400 and it was last purchased in 1994. The property was originally listed the end of last March at $979,000.

Canterwood Market Update

Last week, one Canterwood pending sale and no closed sales were reported through the MLS. The single pending sale involved a bank owned vacant lot at 12020 45th that was listed for $65,000. It had last been sold in 2007 for $287,500. The 2010 assessed value is $178,000.

Also reported were two new listings, of which one was a relist, three listings with price adjustments and three expired listings. Of the new listings, 4506 126th, a relist, is now bank owned and has been listed at $599,900. The 2010 assessed value is $691,000 and the lot was last purchase in 2001 for $150,000. Prior to be taken over by the bank, the property had been initially listed last February for $950,000. Gradually the price was reduced and eventually ended at $790,000. That listing expired last November.

The other new listing is at 13004 Muir and it came on the market at $675,000. It was last purchased in 2001 for $375,000 and has a 2010 assessed value of $548,500.

Of those properties with price reductions, 12311 Osprey is now listed at $650,000, reflecting a $49,950 price reduction. The home was built in 2007 by RC Barrett Development and initially came on the market in May of 2007 at $1,299,995. It has been on the market most of the time since. The 2010 assessed value is $753,400.

The listing at 4809 133rd was initially listed in June of 2009 at $890,000. Last week the price was reduced to $799,000, a single reduction of $91,000. This home was last purchased in 2001 for $515,000. The 2010 assessed value is $643,700.

12404 Osprey was last purchased in 2007 for $975,000. The 2010 assessed value is $844,600. Initially it was listed in January of 2009 at $1.7M but after numerous previous reductions, it was further reduced $250,000 last week and is now listed at $1.15M.

The reason I make reference to the 2010 assessed values of these properties is many buyers are using it as an informal gauge. In comparing recent closed sales to the 2010 assessed value, there are a high percentage of homes which are selling below the 2010 value. Unfortunately, 2011 assessed values will again be lower yet.

For market information specific to you, please call:

Ken Thiemann, Managing Broker
Director, Tacoma/Pierce County Association of Realtors
Real Property Specialist & Consultant
Providing Information and Results You can Trust!
Windermere Professional Partners
(253) 370-5626 FAX: (253) 565-1371