GIG HARBOR, WA. (December 4, 2013)– Realogics Sotheby’s International Realty, the Northwest’s premier full-service, global real estate brokerage has announced its exclusive listing of Paddock Wood Ranch and Estates in Gig Harbor, WA. The 88-acre land portfolio includes an operational 23-acre equestrian center complete with indoor and outdoor dressage arenas, 29 horse boarding stalls and a dozen 1-1/2 to 2-1/2 acre fully-developed lots adjacent to private woodlands with riding trails. As part of the entitlements more than 20-acres have been dedicated to land conservancy while countless environmentally-conscious practices at the equestrian center promote a low impact operation.
“Paddock Wood Ranch and Estates is likely the finest assemblage of land in the South Sound to hit the market since the recession and its timed with a market rebound and demand for new construction,” said Jamie Michaud, the listing broker with Realogics Sotheby’s International Realty. “We feel this property is uniquely positioned with flexibility from the equestrian operations, inclusion of fully-serviced lots and presents an option for a larger planned unit development.”
Michaud refers to the opportunity to develop the dozen single family home sites in addition to up to five more estate-sized properties on additional acreage within a master association. The individual property owners could own and manage the equestrian center and maintain access to the horse trails that are woven through the gated land assembly. Alternatively a family could acquire the entire portfolio, construct a main house on the 23-acre primary parcel and enjoy the equestrian estate as a private ranch in the heart of the metro area. The development potential of harvesting timber and building through adjacent lots could be part of a long term land bank within one of the most sought-after regions in Puget Sound.
In addition to local developers, experts believe the property will be of particular interest to homebuyers from California given the impacts of Proposition 30, which has made the Golden State the most taxed region in America. Passive income earners earning more than $1 million per year are taxed upwards of $11,500 per month in California where they are not in Washington State.
“No income tax is just one of the reasons we’re known as the Evergreen State,” muses Dean Jones, Owner of Realogics Sotheby’s International Realty. “We’re enjoying a steady stream of high income earners from California who are acquiring principal residency in Washington State. We know the same to be true in other tax-friendly states such as Nevada and Texas. We offer a very comfortable climate for the equestrian industry and real estate is far more affordable when compared with other West Coast markets, especially for an estate such as Paddock Wood Ranch.”
To be sure the luxury residential real estate market in and surrounding Gig Harbor has improved considerably over the last year. According to the Northwest Multiple Listing Service, the volume of sales over $1 million doubled in the region reaching 20 closings over the 12 months compared with just 9 in the prior year. Michaud says prevailing trends are for buyers from central Puget Sound finding greater value in the South Sound as well as Californian’s opting for affordable, tax-friendly locales. Her delegation has been travelling to California to personally present properties to network affiliates.
Meanwhile, the Urban Land Institute’s “Emerging Trends of 2014“, calls out the Seattle Metro Area as the nation’s sixth-strongest market overall for investment. San Francisco is first, followed by Houston, San Jose, New York and Dallas/Fort Worth. Seattle is No. 7 for both development and homebuilding.
“The tides are rising and new construction is back,” adds Michaud. “Gig Harbor is experiencing a steady recovery, which sets the stage for an increase in high value sales of both waterfront and premium estates in the area. After five years of correction and recovery, our market is poised to support Paddock Wood Ranch and Estates as a master planned development. Despite rising home prices, Gig Harbor provides a relative value compared with other equestrian-oriented properties found in the Seattle/Bellevue metro area.”
About Realogics Sotheby’s International Realty (www.RealogicsSothebysRealty.com) – Artfully uniting extraordinary homes with extraordinary lives Realogics Sotheby’s International Realty has emerged as a leading sales and marketing brokerage firm in the Pacific Northwest. Recently recognized by the Puget Sound Business Journal among the fastest growing private companies in Washington State for 2012 and 2013, the boutique real estate firm of approximately 75 brokers has branch offices in downtown Seattle, Bainbridge Island and downtown Kirkland. The collective consistently ranks among the top producing offices within the markets that it serves.