Archive for the 'Wasilla Real Estate News' Category
4147 S Gon Fishin Drive, Wasilla Alaska August 15th, 2009
The photo above was taken on August 12. It is the lot picked out by a member of our armed services currently deployed in Afganistan. Pacific North Construction is building a house for him on this lot. I will be documenting the building of the house so that he can keep track of the construction.
At least weekly we hope to put up short video clips so that he can watch his house being built. Of course, the rest of the world can watch as well.
This will be a 5 star plus energy rated home. It is 1,850 square feet with 4 bedrooms, 2 1/2 baths, a nice kitchen, fireplace in the living room and lots of upgrades. The base price on this house is $235,000. If you would like a house like this, or another quality home by Pacific North just give me a call at 907.232.7900 or email [email protected]
Feel free to click on the video links below:
8/13/2009 Nothing there but the culvert for the driveway.
8/15/2009 Driveway in, well in, and excavation begun.
9/5/2009 Framing up!
9/15/2009 Walls and 2nd floor in, as well as windows!
9/25/2009 Siding on!
Some Foreclosures Are More Than A Bargain August 12th, 2009
If you aren’t careful you will get more than you bargain for.
I had an inquiry today about a property that is currently on the market for an amazingly low price. This house was puchased new only a few years ago for almost $230,000 and is now on the market for much less.
I happen to know a little about this property because I wrote about it on this website more than one year ago. It was a sad story, you can read it here.
When I heard about the set-back violation I knew that the owner was going to have to walk away from the home. There was no way we were going to be able to sell it for anything close to her purchase price. It wasn’t worth the money. It was quite a hard lesson for a young widow.
It is now priced so low that it might be possible to buy the house and budget enough money to have it moved back without over spending for the home. It will probably sell to someone willing to do just that…then again, maybe the owners will have to drop the price more.
I’m sorry, I can’t identify the property on this public website, but be careful out there, you might get more than you bargain for.
Appraisal Fees Should Be Paid By The Buyer August 9th, 2009
Alaska is one of the few states, and perhaps the only state, where it is customary for the seller to pay for the appraisal in a transaction. This should change and I believe it will change in the next few years as a response to the new regulations regarding the relationship between appraisers, buyers, sellers, and lenders.
The appraisers job is to give the lender an unbiased assessement of the value of the property on which they are making a loan. If the value comes in high enough it makes the lender feel comfortable with the value of their collateral in case the borrower defaults on the loan and they have to resell the property.
For some reason it has become customary in Alaska that the seller pay for the appraisal even though it is actually part of the buyer’s cost of the getting a loan. The appraiser works for the lender, not the seller, and it is the buyer who chooses to work with the lender. If the buyer were paying cash or if the seller were financing the property there would be no need for an lender or an appraiser.
I have written before about this issue… Who Should Pay For The Appraisal I think the time has come for this to change.
Claire and Barb Ramsey wrote an article in the Anchorage Daily News, The Appraisal Code Needs Work. Among other things, they note that the cost of appraisers has recently risen as a consequence of the new Home Valuation Code Of Conduct.
The additional cost does not go to the appraiser but to the middle-man companies called Appraisal Management Companies, many of which are owned by the lenders. In fact, these middle-man companies will tend to drive the quality of appraisals down because they are shopping for the lowest rates and fastest turn-around times from the appraisers while tacking on a fee themselves for this service.
So the appraisers will be making less while working harder, the lender and the buyer will be receiving a inferior product, and in Alaska the seller is paying the increased cost for this inferior product. All this is the result of the government trying to “fix” a problem.
Bottom Line, it’s time for the sellers to stop paying for the appraisal. It’s really a lenders cost since they are the ones that require the appraisal. Of course, we all know that banks don’t pay for anything so they will have to charge it to the people getting the loan, the buyer.
Canadair Ducks At The Palmer Airport July 27th, 2009
Had to stop and take a photo of the two “Ducks” at the Palmer Airport. Every summer there is a regular air force at the Palmer airport. They have a lot of cool planes. I don’t know what they all are but I like them.
I’ll have to try to get photos of them all. I think the two in the photo are fire bombers that can scoop up water from lakes on the fly and drop it on the fires.
Market Memo For July 14-20, 2009 July 21st, 2009
Wasilla and Palmer Real Estate Statistics for the month of July 14-20, 2009. These statistics are for single family homes in the whole Mat-Su Borough.
The total inventory continues to grow. It is already higher than it has been for any of the 111 Market Memos I have done over the last couple years.
|
|
Average Price | Median Price | DOM | |
| New | 38 | $284,687 | $229,950 | . |
| Total Active | 972 | $285,934 | $239,000 | 135 |
| Pending | 28 | $208,723 | $202,000 | 103 |
| Closed | 20 | $185,726 | $185,500 | 97 |
Builders continue to keep busy building 5 star energy rated homes. It is a good option for buyers to combine the $7,500 energy rebate with the lower utility costs and maintenance costs of a new home. First time home buyers are also able to add the $8,000 to the $7,500 so that they have an extra $15,000 to spend or put against their mortgage after they move in.
If you would like more info on how this works just give me a call at 907 232-7900.
Marty Van Diest, Tele 907.232.7900 / marty[at]valleymarket[dot]com
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