Quote:
Originally Posted by Ayles
Mind blown... The $795k place above ended selling for 896k.
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Holy crikey, that's insane.
And I thought the market here was nuts. I live in a little town called Poulsbo, population about 10,000. It's a Scandinavian settlement whose claim to fame is a historic bakery and a cool Viking statue. For a long time, people who lived here worked for the Navy, so the median income in Poulsbo was something like $40K.
Then someone realized that Poulsbo was "only" an hour and a half commute from the Amazon offices in downtown Seattle (by car and ferry), and you could get waterfront property for "cheap." Now, a 3 bed 2 bath zero clearance house in downtown Poulsbo rents for $2200/mo, and anything with a view is easily $750K. Properties are going on the market on Friday afternoon and getting pulled off Monday with numerous offers above list. Everyone is talking about how "real estate in Kitsap is such a great investment!" and saying things like "They're not building any more land!" It's got all of the symptoms of a bubble.