Gig Harbor Mediterranean villa listed at nearly $6M as WA’s tax landscape shakes up luxury market

One of Gig Harbor’s most striking properties, a Mediterranean villa on a bluff overlooking Puget Sound, is on the market for nearly $6 million.

Real estate agent Jennie Wetter told MyNorthwest that there is more high-end inventory available in 2026 than she has seen in years, and that homes are taking longer to sell.

When asked whether the state’s millionaires’ tax is playing a role, Wetter said Washington’s tax landscape is absolutely part of the conversation across the luxury market and is pervasive in Gig Harbor, but noted that the reasons sellers are listing are nuanced.

“The reasons people are selling are layered. That said, Washington’s evolving tax environment is part of the calculation for many sellers,” Wetter shared. “I won’t pretend that conversation isn’t happening because it is. I believe many of our ‘would-be’ buyers for these homes are reconsidering Washington luxury home purchases.”

However, Wetter said that luxury real estate in Gig Harbor rivals Seattle and the East Side in waterfront views and amenities. She added that the Gig Harbor market offers luxury at a cheaper price point.

“I believe the marketability of our area will remain strong,” Wetter said. “When an extraordinary property becomes available, it creates real opportunity for buyers who have been waiting for something truly rare.”

Gig Harbor villa unlike anything else in the area, agent says

The villa in Gig Harbor is selling for $5,795,000 and boasts 1.21 acres, three bedrooms, five bathrooms, and a guest house. Wetter acknowledged the price tag is well above the norm for Gig Harbor, but said this isn’t your typical listing.

“I’ve sold luxury properties in and around Gig Harbor for decades, and of the thousands of homes I have seen or sold, this one ranks very near the top as one of Gig Harbor’s most impressive and special,” Wetter said. “Truly a ‘trophy.'”

The home, described by Wetter as “French chateau with Italian villa flair,” features 21 sets of French doors, white oak floors, and 20-foot ceilings lined with western red cedar, along with custom-designed lighting fixtures.

“What makes this home and property so special is its architectural singularity,” Wetter said. “It’s simply incredibly rare to find a fully realized Mediterranean villa of this scale and detail in this area.”

Along with the sprawling villa, the estate features a gated courtyard overlooking the Sound just outside the mouth of Gig Harbor Bay. Wetter called the location and views second to none, noting the property sits near historic downtown Gig Harbor and offers panoramic views stretching from the Narrows and Vashon Island to Commencement Bay, Point Defiance, and Mt. Rainier.

To learn more about the estate, visit Zillow’s website.

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