Thursday, March 18, 2010

Tacoma Narrows Bridge Toll Thankfully Not Going Up

The headline in today's New Tribune states that the Tacoma Narrows Bridge toll will not be raised in the foreseeable future. Whew! The idea of a higher bridge toll had Gig Harbor residents shaking in their boots. I personally feel that the threat of the toll rising has kept the housing recovery from blossoming in Gig Harbor the way it has started to in Tacoma. Here's the part that I find interesting... The bridge toll does not (in most cases) make it more expensive to live in Gig Harbor. On the contrary, Gig Harbor is less expensive. Why? Property taxes. If you take comparable homes tax assessed at $400,000 in Gig Harbor, Tacoma and University Place, Gig Harbor has much lower property taxes. Here is the approximate breakdown:

Gig Harbor $3900 per year
Tacoma $5200 per year
University Place $5700 per year

So, it costs Gig Harbor homeowners $1300 less than Tacoma in taxes and $1800 less than University Place. Now, if you calculate tolls for a commuter with a Good to Go Pass who crosses the bridge 5 times a week for 50 weeks a year (they need 2 weeks off for vacation) the cost is $687.50. Add in a second family member who crosses 3 times a week for 50 weeks (they get a vacation too) and you have a grand total of $1100 per year in tolls. Not bad. A savings of at least $200 per year.

I applaud the Transportation Commission not raising the bridge toll during this recession. I also think that as Realtors we need to counsel our clients who refuse to live in Gig Harbor simply because of the bridge toll that they need to calculate their total cost of living. They may find that it saves them money to live in Gig Harbor. Plus, it's so darn pretty over there...

Tuesday, March 16, 2010

California Housing Market on Rebound

My father, who was a commercial real estate broker for 25 years, always said that real estate trends start in California. If that's the case then this article from today's LA Times is very promising for Tacoma area home values. Check it out...

California Housing Market on Rebound

Wednesday, March 10, 2010

Helping Homeowners from Foreclosure



I am very proud to announce that I have just earned the Certified Distressed Property Expert designation. There are so many homeowners in some kind of distress right now that I decided to get additional, extensive training in how to handle short sales. The primary goal is always to keep a homeowner in their home, but unfortunately that is not always possible. When that is the case then saving a home from foreclosure through short sale has a far less negative impact on a seller's credit history and ability to purchase a home again in the future. If you or anyone you know are a distressed property owner (or may become one) please give me a call and we can discuss your options.

Monday, March 1, 2010

Pendings are WAAAAYYYY Up

I was looking at the NWMLS hot sheet this morning and noticed that a lot of houses went "pending inspection" over the last few days, including one of my listings. In fact, I have noticed a definite increase in pendings over the last few weeks. Also, there has been a real increase in open house traffic on Sundays. All the Realtors in my office have been commenting on it. So, I thought I'd take a quick look at how many Pierce County homes went "pending inspection" in December, January and February. By the way, "pending inspection" means that a buyer's offer has been accepted by the seller and the buyer is formally under contract to purchase the home. Here are the results:

December: 27 homes went "pending inspection"

January: 123 homes went "pending inspection"

How many do you think went "pending inspection" in February? How does 386 sound? Holy smoke! That's a huge jump. I had to run my numbers twice to make sure I didn't make a mistake. It's great to know that consumer confidence in the Pierce County real estate market is improving.

Gig Harbor Cuisine is Diversifying


Be still my beating heart... Gateway to India has opened a restaurant in Gig Harbor. Finally Gig Harbor has Indian food!!! And a great vegetarian menu too. The kabuli channa is awesome. (That is garbanzo beans slow cooked in a spiced tomato sauce.) I often made the trek to 6th Ave in Tacoma for my Indian food lunch buffet fix. Now there is no need to cross the bridge. Here's the address: 6565 Kimball Dr. See you there!