The Washington State Ferry improvements are a win for Kitsap Peninsula real estate.
The beautiful Kitsap Peninsula region is located directly across from Seattle and offers a quieter, relaxing life much more connected to nature. Kitsap is just a short hop on the famous WA State Ferry or a drive across the impressive Tacoma Narrows Bridge.
The Kitsap Peninsula is blessed with an abundance of natural beauty and many opportunities to enjoy safe and healthy outdoor recreational activities all year round. The Kitsap Peninsula region is a year-round destination for family recreation and nature based activities. You’ll find dozens of county, city and state parks that offer access to beaches, trails, shelters, picnic areas and skate parks
Many individuals and families looking for a place to live near Seattle are drawn to the opportunity to live with quick access to miles of the shoreline, wide-open spaces and fresh air that include multiple waterfront communities lined with marinas and beaches.
The most northern route is the Edmonds to Kingston ferry. It generally opens between 5:30 and 7A.M. each day. The ferry service ends at 11:45 PM.
Another ferry to Kitsap Peninsula is the Seattle to Bainbridge Island Ferry. This ferry opens around 6 AMin the morning and ends services at 6:25 P.M.
The most common route is the Seattle to Bremerton Ferry. It opens at 7:35 A.M. and closes services at 10:30 P.M.
The fourth and final ferry to Kitsap Peninsula is the Fauntleroy to Southworth Ferry. The ferry starts its services at 5:10 in the morning and ends its services at 11:45 at night.
The largest ferry system in the U.S., Washington State Ferries, expects ridership to grow 30 percent by 2040, which breaks down to 1.2 percent each year. The Seattle-Bainbridge route, which currently has the most walk-on passengers, is projected to have the most walk-on passenger growth.
Passenger capacity will be increased on the Seattle-Bainbridge and Seattle-Bremerton routes, according to the long-term plan. State ferries also recommended adding ferries to the Edmonds-Kingston and Fauntleroy-Vashon-Southworth routes.
Also, related to Kingston, WSDOT is working with local businesses, citizens and Kitsap County to develop potential solutions to improve traffic flow in the city and allow for downtown enhancements. The proposal would relocate travelers to Northeast 1st Street in order to accommodate travelers heading to and from the Kingston Ferry Terminal. This is also a consideration for the feasibility of constructing a ferry holding lot on property owned by WSDOT near Lindvog Street. Construction funding for both the relocation of ferry traffic onto Northeast 1st Street and new holding near Lindvog Street/SR 104 area have not been identified. Engineering and environmental review is underway.
In other plans, thirteen boats will be due for retirement before 2040, according to state ferries. The agency plans to replace those boats as well as introduce three new vessels. Five of those newly built boats will be electric-hybrid vessels. Electric hybrid propulsion and terminal electrification will be the ferries’ second highest capital expenditure over the next 20 years with the largest chunk of funding going towards preserving and replacing vessels, building a relief fleet, and preserving terminals.
Real Estate Impact
It was recently reported that about 130 homes have been sold in Kitsap County, where Bremerton is located. The figure might not seem significant until you consider that these homes were all sold above $700,000! Investors are taking notice. It seems that Kitsap Transit did not just open a new transport route but also a new luxury real estate market. High-end properties in Kitsap are typically on the market for just 60 to 90 days. There are even reports of homes being snapped up in just days. The most in-demand properties in the area are waterfront homes that provide access to private beaches and views of the nearby Olympics Mountains. Luxury home buyers generally look for homes that offer deluxe amenities and are practically move-in ready. There is an important link between Kitsap and Seattle. Seattle, one of the biggest metropolises in the country, offers all the conveniences and excitement of a major city. Kitsap County, just across the water, offers more laid back living with gorgeous views of islets and mountain ranges.
For residents owning high-end properties in Seattle, Kitsap is attractive for buying a second home for both investment or as a getaway from the urban bustle.
The local real estate market is still striving to balance supply and demand, and current conditions here make it more of a seller's market. Additional real estate figures show that home values have increased at four times the rate of inflation since December 2014. With attention now also directed toward surrounding counties, both buyers and sellers are thrilled. Now is an excellent time to invest in a home in either Seattle or Kitsap County.