Thank you for your answers. I looked at a piece of waterfront property in downtown. It has been a commercial site forever, never a home on it. The city has zoned almost the entire waterfront as single family. This does not make for an investment friendly town. It will not attract visitors to the downtown area either. Who wants to walk by a private home rather than a book shop or restaurant. I also have heard the recent debacles with "roundabouts" and traffic lights. I am all for keeping the quaint look, spirit and history, but as it is done I do not see It helping investors in that part of town, which is the core. I have withheld significant investment $s to do more due diligence.

I suppose it depends on what type of investments you are looking for. There are some, but not many, multi-family homes in Gig Harbor, and commercial buildings are limited. If you're looking for single family homes that you can rent, then I would say "Yes," Gig Harbor is a great place. Many folks who have temporary assignments to the Seattle area (military, Boeing, etc) who choose not to buy but want to live in a small community with great schools choose to rent in Gig Harbor. Our market is favorable to buyers at this point, and while home prices decline (though only slightly), rents are creeping up.
In terms of City Council decisions, those investors are building entire new developments. If you are a builder looking to put in a small plat, now isn't a great time. We really have an influx of new construction subdivisions, many of which are having a tough time selling.

I believe Gig Harbor is a terrific place for real estate investments. We are currently in a Buyer's Market, which means there are a lot of properties on the market with prices substantially below those seen in the last few years and absorption rates (the number of listed homes as compared to days on market) shows that our "supply" of real estate properties exceeds the current "demand." Although prices have dropped in Gig Harbor, they have not declined to the extent seen elsewhere. With the addition of the second Narrows Bridge, a new hospital (opening early in 2009), Costco, the YMCA, Uptown
Center, shops, restaurants, theaters - Gig Harbor has still managed to retain the quaint historic waterfront that makes it a destination spot for tourists and residents alike.