I have to agree more with Brenna on this one. There are several houses in downtown that have seen significant declines in value and many are continuing to drop and still not selling. Canterwood, too, has seen major price reductions.
Bottom line is that the long term investment you're looking for, either place would be a good option for you. Both very desirable, both higher than average sales prices, both tailored to very different lifestyles and desires.
There are a couple of homes in Canterwood now for under $500k (unheard of a few years ago) and even a condo under $400k. Meanwhile there's a beautifully restored home directly across from the Eddon Boatyard with a nice view of the Harbor for $485k.
This market has created very good values in both areas, and your choice should depend mostly on your lifestyle preference.

Historically, real estate in general is a good long-term investment. If you are looking to purchase a home for yourself, I would recommend the area that best fits your lifestyle. If you are a golfer and like the gated community feel, Canterwood is the place for you. If you prefer the walkability of the harbor and it's beautiful views, you might prefer that. I don't think you can go wrong long-term in either area, but I recommend making the decision based on where you personally would be happy living.

I think both areas would be a good investment right now. It depends on where you want to live. Some people enjoy being downtown, in the heart of the action that takes place in our community. There is great walkability downtown, and the waterfront is always bustling with people, festivals, farmers market, etc. Check out this link for a list of annual events held there:
http://www.gigharborguide.com/page.php?id=895

Downtown is unique and there is a LIMITED supply. In a sense it is like waterfront or view property. Never a bad investment, especially when the market is down.

On the other hand, some folks enjoy the peace of mind that comes along with a gated community, like Canterwood. It is also a good place to go for walks since traffic is fairly low and there are parks and tennis courts to walk to, not to mention the world class golfing that is available. The clubhouse and pool are also available for use with membership, although you don't have to live in Canterwood to be a member.

Historically, Canterwood has been able to fetch a higher dollar amount than other neighborhoods in Gig Harbor. New community members often find Canterwood to be a "safe" place to land, I think because it is aesthetically pleasing. Often after living in Canterwood for several years, those same people discover more about Gig Harbor's neighborhoods and branch out to outlying area. Resale has typically been good, however, right now Canterwood is plagued with high inventory, which consequently has lowered house values throughout. If you like the feel of the neighborhood, it is probably a good opportunity to buy into it.

I hope my answer helped you. If you have any more questions about the area, feel free to ask. I have lived here the majority of my life and love it here!

Best of luck to you.

Brenna Harrington
http://www.welcome2gigharbor.com

A home in Downtown. Canterwood prices have seen decreases while downtown maintains good values, and popularity among the masses as opposed to course living that is more of a lifestyle. A lot of downtown is being rejuvenated while Canterwood is just maintaining. If you'd like I can send you listings of recently sold and active in both areas to compare for yourself.