| Five years ago, the somewhat remote but beautiful Key Peninsula was home to one real estate agency, which has served the community for many years. Now, perhaps in a sign of what is yet to come to this rural area, three major names in real estate, as well as a small firm, are competing for the market.
A few months ago, Windermere Key Realty moved from its longtime location in Key Center to the site of a former restaurant off State Route 302, just past Wauna. While owner Steve Skibbs was remodeling his new building, a John L. Scott broker announced the opening of an agency right next door. In September, the former Windermere building was purchased by one of its own agents, Janna Munson, who decided to open a RE/MAX office.
“It’s a very, very inviting market. We feel we’re a little bit ahead of our time with the potential Key Peninsula will have,” said Jeremiah Durham, broker of John L. Scott Key Peninsula.
John L. Scott currently has seven agents, which is the maximum it can accommodate in its present building. Plans are to move to a bigger building by early next year. The current building, which was previously leased, is on the left side of Windermere. The new one, which has been held up by zoning and permitting issues, is just on the other side of Windermere. Mavi Macfarlane, property manager, said the owner has not decided yet whether she will re-lease the smaller building or keep it as an annex. Plans call for as many as 40 agents in the long term, and already some are on the waiting list, ready to come on board as soon as more space is available.
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Macfarlane says with the new services being added in Gig Harbor, from a new hospital and a YMCA to a variety of shopping, and with the congestion improved after the opening of the new Tacoma Narrows Bridge, Key Peninsula is becoming a more attractive place. “Now the Key Peninsula is only 15 to 20 minutes away from those services and the properties are still affordable there,” she said. “This is really the last frontier for the medium priced homes with acreage… I definitely see the hottest market on the Key Peninsula in the next 15 to 20 years.”
That is good news for home buyers and developers, but maybe not so good for the local residents, many of whom moved to the area to enjoy a quiet lifestyle in a rural setting. Even the opening of a new Burger King two or three years ago brought some concerns regarding the rural character of the community being changed. Pierce County Councilman Terry Lee, who represents the area, has said in previous interviews that with the miles of shorelines and the beauty of the area, only the Narrows Bridge traffic was keeping people away, and predicted that once the new bridge is built, people will line up at Key Peninsula’s door.
As one of the longtime residents put it at a community meeting, “Nine out of 10 Washingtonians don’t know where the Key Peninsula is, and we like it that way.”
To help prevent random development, Lee secured funds for the creation of a 20-year comprehensive plan by a community-based board. The plan, which has been reviewed by the planning commission and a county committee, will be up for the adoption by the full council in October. During the two-year process of developing the plan, the community planning board has struggled with the issue of allowing growth while maintaining the character of the community. The population of the Key Peninsula, currently at around 17,000, is estimated to grow by nearly 3,000 people by the year 2020. Of the plan area’s 38,000 acres, about 34 percent of land is still vacant (not including open space or resource lands). In the Rural-10 zone, which makes up 92 percent of the land, more than 17,000 acres are either vacant or undeveloped, and there is a capacity of nearly 7,300 dwelling units.
New home building activity has been brisk during the booming real estate market two-three years ago. Even with the current slowdown of the market, the growing base of local real estate agents said they feel good about the potential of the area — and they’re ready for the competition.
“There are still a lot of buyers out there looking for a good deal. Agents are trained on keeping up with trends and targeting them. We’re not fearful of the market,” Durham said. “I welcome the competition. I think, honestly, there is enough for all of us.”
Munson, whose RE/MAX Red Door opened in mid-September, currently has three agents but has plans for about 15. She said she decided to start her own agency because she didn’t want to move from Key Center with Windermere Key Realty, and she chose RE/MAX because of its national presence and name recognition. “The market is not a problem,” she said. “We just have to work hard.”
If everyone’s plans come to fruition, the Key Peninsula can see as many as 80 or more real estate agents based locally. That may force Green Acre Homes Realty, which has been on the Key Peninsula for three years, out of business. The locally owned realty leased the building that is now occupied by John L. Scott, but had to move out at the end of September once the lease expired, and was struggling to find a location.
According to one agent from Green Acre, “We’re getting squeezed out… We may have to close doors. It’s very disappointing.
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