New construction woes in Gig Harbor
The real estate market is hurting, even in Gig Harbor. There are some great opportunities in real estate due to this market shift, but let’s make sure we’re not confusing great opportunities with a stable market. The fact that our market is so unstable is exactly what is creating so many great opportunities.
Major home builders are finding Gig Harbor to be a tough road right now. Quadrant Homes, seen by many to be the counter force that would show the others how it’s done, seems to be the latest victim. I received an email stating that Quadrant was walking from their Gig Harbor new home project, The Ridge at Gig Harbor (in Gig Harbor North next to the Costco and YMCA). I called to confirm, and it seems that Quadrant will honor the home sales that have already been contracted at The Ridge, but building will stop for the time being. When I asked if they would resume building in the future or try and sell of the lots to other developers, they told me they didn’t know yet. I guess new construction homes in Gig Harbor in the mid-$200’s just wasn’t realistic.
Quadrant isn’t the only builder in Gig Harbor that is in trouble. 19 homes sit at Crescent View Estates on Peacock Hill, 1 has a contingent offer, the other 18 sit unsold after nearly 2 years. Chelsea Park on Hunt St is also having problems. Ron Hendrickson has successfully closed 4 homes, and Mike Paul just sold his first. Bennett Homes still sits with no sales. Bennett also hasn’t sold a single home in Harbor Hill, behind Target. ”Little Boat North” has sold 9 in there. Bask has yet to sell any homes in the upscale Salmon Bay Estates on Fox Island.
What do I gather from this? New home subdivisions are a tough go in Gig Harbor. Finding a builder to build you a custom home in Gig Harbor seems to be a much safer, better option. Gig Harbor is desirable largely due to all of the homes with space and privacy. This new trend of urban housing didn’t seem to take off. If you want a new home in Gig Harbor, while there are several options, I’d encourage you to take a look at the 1.46 acre building site I have listed, owned by a custom builder! It may be your least expensive and most equitable option!
When you’ve got 4 minutes to spare, enjoy this little parody on the real estate industry.
