This particular article is taken from REALTOR^R Magazine Online:

Six Common Housing Problems that Spook Buyers

Potential home buyers with lots of homes to choose from can be easily spooked by disclosures and the results of property inspections — even when the shortcomings are typical for homes of a certain age.

In a jittery market such as this one, it’s critical to give buyers tools and knowledge so they can decide which problems are serious.

Judi Seip, an associate with Coldwell Banker in Southern California, tells her clients to accompany the inspector so they can put the problems in perspective. Anything a handyman or an electrician could fix in a few hours isn’t worth worrying about, she says.

Here are six common issues that trouble buyers and some factors to weigh:

1. Water damage. Evidence of water damage frightens buyers, but all water damage isn’t serious. Minor leaks generally cost no more than a few hundred to repair. Get an estimate.

2. Missing permits. Ask the home inspector if the work was done well and meets code requirements, even though a permit wasn’t issued.

3. Code violations. How expensive is the repair? Ungrounded electrical outlets are common in old houses and easily fixed.

4. Cracks in the garage floor. Ask the inspector whether these cracks suggest other related problems. Generally these don’t affect the structure of a home.

5. Termites. Termites and termite damage are very common in many parts of the country. It’s important to get rid of them and to get a clear sense of how bad the damage is.

6. Foundation cracks and other foundation issues. Older homes often have cracks in the foundation. Get an expert to inspect the problem and estimate — what if anything — needs to be done.

Source: The Mercury News, Margaret Steen (10/19/07)

This particular article is taken from REALTOR^R Magazine Online:

Self-Employed Workers Struggle to Get a Mortgage

• More documentation. Along with two years of tax returns, self-employed borrowers might be asked to provide a profit-and-loss statement, bank statements, and proof that they've been in business for at least two years. A letter from their accountant probably won’t be good enough.

• Fewer tax deductions. Savitt says self-employed workers who plan to buy a home in the next year or two might want to forgo some deductions. "Make sure you can show as much income as possible," he says.

• Larger down payments. An old-fashioned 20 percent down is very persuasive.

• Excellent credit. A credit score of 720 or higher will give self-employed borrowers some choices.

• Patience. Even for well-off business owners, qualifying for a mortgage is "not that smooth, easy no-brainer like it used to be," Savitt says. "If you want it to be quick, you're paying a higher price."

As written by The Girdwood High School Now Task Force Chair, Phil Livingston:

On October 15, 2007 The Girdwood High School Now Task Force introduced for approval by the Girdwood Board of Supervisors the Memorandum of Understanding in support of a Charter High School in Girdwood. This effort has been immediate and ongoing for the 25 years I have lived in Girdwood. We now have a real chance of achieving the goal.

The day of the October GBOS meeting, three Girdwood cars crashed because of icy roads. One of those cars held two students on their way to school. This is a ‘High School’ issue but it is also a ‘Safety’ issue. . It is clear that Girdwood students and parents deserve the opportunity to make a choice whether they attend a High School in Girdwood or travel the Seward Highway daily to attend school in Anchorage.  Regardless, the Girdwood Charter School is optional. Girdwood students can go to Anchorage schools if they and their parents choose.

We need the support of everyone who has an interest in seeing Girdwood as a mature community and a four seasons resort. We need a lot of things in Girdwood to accomplish that vision. We have the opportunity for a high school now.

The salient facts are below but before you get distracted please send me an email stating that I can include ‘you and yours’ on the signature list supporting the new Girdwood Charter High School. Diana Livingston, Larry Cash, and I are meeting with Mary Jane Michaels and Bill Mehner on Monday October 22. The more people we have on our list of supporters at that meeting the better. The issue with HLB and MOA is the allocation of a five acre site for the school near the new Girdwood Library and Community Center. There are both non profit and commercial users competing for this land. Without that site we are back at square one. No high school until some indefinite time in the far distant future. If you have a specific question please call me now.

The facts:

1. The Charter School project is self funding based upon the Federal and State grant programs for new charter schools. The original Charter School statute for Alaska is AS 14.03.250.  The full text of the Federal legislation funding these grants is: 

http:/www.ed.gov/legislative/FedRegister/announcements;/2007/o62007dc.html

The point above is with the State/Federal Charter School grant funding available the Girdwood Charter School requires no financial or facilities support from Anchorage or the Anchorage School District.  This is a win-win for Girdwood high school students, the Charter School sponsor, Chugach School District, Anchorage and the Anchorage School District.

2. The new Charter High School Task Force has requested the cooperation of the Anchorage School District in developing a program partnership with them like those they already have statewide with other districts, as well as with UAA and APU. Sports activities, special classes, or other educational opportunities available in either district should be available to all students. This cooperating partnership should be an ‘automatic’.

3. Carol Comeau, Superintendent of the Anchorage School District, has stated on two occasions at meetings here in Girdwood that it is unlikely that any Girdwood high school funding would be forthcoming from the ASD before 2020. She has further stated that the bonding process would require approval of Anchorage in its entirety. This is a difficult situation for Girdwood as proven by Eagle River and other outlying communities. It means an ASD high school for Girdwood is a long time in the future.

It is clear that the number of high school students available in Girdwood does not meet any current criteria or priority for the Anchorage School District. The Girdwood Charter School is basing its initial enrollment on forty students. The Anchorage School District needs a much larger enrollment to even consider a High School in Girdwood.

4. The Molly Hootch Act (Tobeluk v. Reynolds, C.A. No. 72-2450) provided schools for all Alaska Communities. Girdwood has a population of 2,000 but is passed over because it is a suburb of Anchorage. We need a high school for all the reasons enumerated in the MOU, but considering the potential of a successful Alyeska Resort, this is a particularly important step for the long term vision of Girdwood as a four season resort and an economic engine for the State.

This is a win/win for Girdwood, Girdwood students, Anchorage, the Anchorage School District, and the Girdwood Valley Chugach School District Charter School.

I have attached the MOU (l.b5z.net/i/u/6082596/f/Girdwood_Valley_School_MOU_10-07.pdf) and would appreciate your signature by fax or email statement of support for the new Girdwood Valley High School.

Many Thanks,

Philip K. Livingston

Chair, Girdwood High School Now Task Force

907-783-3163 -  907-230-3753

FAX 907-783-2639

At last week's Land Use Committee meeting, Karen Zaccaro rolled out a Space Needs Assessment for Little Bears Playhouse.  This exciting assessment allows for several years of growth for this valuable community resource.  Given that a site has not been identified, no action was requested, or taken, by the Committee.  Heritage Land Bank is actively engaged in helping to identify a suitable location and it may be incorporated in the Area Master Plan currently under way for the 220 acres of the New Girdwood Town Site commonly referred to as the "Squirrel Cages".

We have reached an important and vital moment in Girdwood's history.  The Alyeska Resort Master Plan will soon be going through the public process.  Prior to submitting this Plan to the Municipality, the Resort has asked several Girdwood residents and business owners to begin circulating this Plan in order to let the people of Girdwood have advanced knowledge of what they have been working so diligently towards all summer.

The goals of this Master Plan are to create the following Resort environment:

• FAMILY FRIENDLY - Lower area with lower slope angle.  Kids Ranch and Ski School facilities in two locations.  Magic carpets.  Ski in and ski out designs.
• PEDESTRIAN FRIENDLY - Separate automobiles from pedestrians.  Winner Creek trail head at south parking lot.  View corridors.
• FOUR SEASON ADVENTURE DESTINATION - Music venues.  Walking trails.  Biking trails.  Nordic trails.  Outdoor Adventure Area (may include Terrain Park, Mountain Coaster, and Zip Line).  Race terrain. 
• THIRD PARTY PARTICIPATION - Retail lease opportunities.  Commercial lease opportunities.  Food and beverage lease opportunities.  Lodging facilities.
• ENHANCED PARKING AND ACCESS - Parking lots at north and south ends of development.  Underground parking at Village.  Facilitates day skier use of Alyeska Tram and balances use of mountain access.
• ENVIRONMENTALLY RESPONSIBLE - Low density (much lower density than that proposed by previous owner).  Small scale of buildings (no high rise buildings).  Protected wet lands.  Added water features.  Preservation of trees and open areas.  Pursuit of economically viable bio mass and hydro opportunities.  Carbon footprint offset through "Green Tags" program. 

In addition, key elements to be improved on the mountain in support of a self sustaining Resort include:

• NEW AND REALIGNED LIFTS AND TRAMS
• HIKING AND MOUNTAIN BIKING TRAILS
• ENHANCED SNOW MAKING
• IMPROVED SKI AND SNOW BOARD TERRAIN
• ADDITIONAL SKI AND SNOW BOARD TERRAIN

This is only a brief and general description of the Plan.  For more information, be sure to see it presented by the Resort.  The Resort will be presenting their plan to the Land Use Committee on Tuesday November 13 and the Board of Supervisors on Monday November 19.  Planning and Zoning will hold a public hearing in Girdwood on Monday December 10.

These meeting dates are important.  Not only will you have the opportunity to learn more, but it is crucial that if you support the vision as described above that you come out and show your support as those in attendance will have the ability to vote on this Plan.

For a copy of the Alyeska Resort Master Plan, click on the following link:  .b5z.net/i/u/6082596/f/Area_Master_Plan.pdf .  This is a 3 MB file.  You may need to right click on the link and save the file to your computer.

I also have a large print out of this Master Plan in my office if you would like to drop by and take a look.

1.  If the property has been on the market for a while, the Seller will negotiate price.  There are many reasons a property may have been on the market for awhile.  Maybe the Sellers had an offer that fell through because the Buyer couldn't qualify, possibly the property was listed at a higher price initially and after several days on the market the Sellers reduced their price, or maybe the Seller had an emergency and the property couldn't be shown for several days.  Just because a property has been on the market for more than the average number of days, does not mean the Seller will negotiate their listed price. 

2.  If I make an offer, the Seller can't sell to anyone else while I am negotiating with him and/or the Seller must address my offer first if I was the first one to submit an offer.  Neither of these is true.  Up until the Buyer and the Seller have come to an Agreement (fully accepted offer), the Seller can choose to accept a different offer and stop negotiating with you.  Additionally, if more than one offer is presented to the Seller, the Seller can choose to accept either offer without notifying both Buyers that more than one offer was received.  The thing to remember is that all offers must be presented to the Seller regardless of whether the Seller is currently negotiating an offer or not.  Then it's the Seller's decision as to how they would like to proceed and negotiate with the Buyers. 

3.  A full price offer can't be rejected by the Seller.  Yes, a Seller can reject a full price offer.  There are several other terms to an offer other than just price.  The Seller does not have to accept any offer, even full price offers. 

4.  Discount Brokers or F. S. B. O. save Sellers money.  Not true according to The National Association of REALTORS (N. A. R.) statistics.  N. A. R. indicates that Sellers end up with a much higher sales price when using a full service REALTOR, up to 10% more on average. 

5.  Assessed Value is Market Value.  Unfortunately, this is not true either.  Assessed values rarely accurately depict actual market values.  In fact, I have seen as much as a 15% difference between assessed value and market value in Girdwood.  If you want to know what the market value is of your home, give me a call or send me an e-mail.  It would be my pleasure to provide you with recent sold and pending comparable sales. 

Enjoy your weekend!

At last night's Land Use Committee meeting, Larry Daniels, of Alyeska Resort, announced that the Resort's new base area Master Plan will be presented to the Committee at the next meeting that is scheduled for Tuesday November 13th.  These meetings are traditionally held at the Glacier City Hall; however, the location may change due to the potential of heavy attendance.  Keep your eyes and ears open. 

The Master Plan, according to Larry, encompasses approximately 130 acres and extends from the current parking lot north through the existing base area to the northern boundary of the Resort's current real estate holdings.

Presentation of the Master Plan to the Girdwood Board of Supervisors will reportedly take place in November as well.  Municipality of Anchorage Planning and Zoning will be presented with the Plan on December 10th at a meeting to be held in Girdwood.

There is plenty of opportunity to check out the Plan and give your input.

This particular article is taken from REALTOR^R Magazine Online:

For Most Buyers, the Mortgage Market Is Healthy

It's important to track market statistics because the market is always changing.  An effective real estate Licensee must understand the current market trends in order to better advise Buyers and Sellers.  When looking at market statistics, particularly in a small market like our market, it is important to look frequently enough to see the trends as they happen, but not so frequently that there is not enough data to be analyzed. 

I look at market statistics on a quarterly basis and I look at market statistics by segment.  Here is what I have found this year through September 30 for Girdwood and Turnagain Arm:

Homes

$11.34M in Homes have been sold. 

The average sales price was $436,100. 

The average time on the market was 131 days.

Sellers received 96.6% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $403,600, the average time on the market has increased from 38 days, and what Sellers can expect to receive has dropped from 98.0%. 

So far this year, 26 Homes have been sold as opposed to 15 during the same period last year.

In a small market, one must sometimes read between the lines.  Of the Homes that have sold this year, two of them were on the market for between 18 and 24 months, and five of them sold for over $600,000.  Homes over $500,000 have notoriously long marketing times and prior to this year there has only been one sale over $600,000.  In excluding these seven sales, the average time on the market for Homes that have been sold this year is 85 days and the Sellers received 96.4% of the list price.

Of the Homes that RE/MAX of Alyeska has marketed and sold this year, the average time on the market was 108 days and the Sellers received 97.2% of the list price.  These figures were certainly affected by some challenging Homes we chose to market.  We took on a handful, and have sold, four Homes over $600,000 this year, including two new construction Homes that were marketed from the time they were foundations.

Condominiums

$7.43M in Condominiums have been sold. 

The average sales price was $232,200. 

The average time on the market was 89 days.

Sellers received 97.5% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $221,000, the average time on the market has increased from 69 days, and what Sellers can expect to receive has dropped from 99.0%. 

So far this year, 32 Condominiums have been sold as opposed to 22 during the same period last year.

Of the Condominiums that RE/MAX of Alyeska has marketed and sold this year, the average time on the market was 70 days and the Sellers received 100.1% of the list price. 

Vacant Land

$1.18M in Vacant Land has been sold. 

The average price was $196,700. 

The average time on the market was 258 days.

Sellers received 95.3% of the list price. 

Interestingly, when compared to last year, the average sale price has risen from $172,400, the average time on the market has increased from 78 days, and what Sellers can expect to receive has dropped from 96.0%.

So far this year, 6 pieces of Vacant Land have been sold as opposed to 15 during the same period last year.

RE/MAX of Alyeska has not sold any Vacant Land yet this year, but we have two pieces of Vacant Land under contract and scheduled to close and record in October.

Looking ahead, I think we are going to see average marketing times shorten some because many of the properties that sold early this year had been on the market for some time whereas many of the properties that have sold as of late had only been on the market a short time.

So what does all this mean?  It means that the market has softened.  It does not mean that it is a Buyer's market.  It does mean that it is a stable market and that whether you are a Buyer or a Seller it is a good time to buy or sell real estate in Girdwood and this is further indicated by the fact that overall activity in the market has increased by 49% year-to-date.  However, Sellers do need to keep in mind that they have absolutely got to price their properties at the market price because Buyers have choices and they have absolutely got to have their properties marketed in the proper channels.

The reason we have been successful in this changing market is we know what is happening in the market and we have made minor adjustments to our proven and consistent marketing plan.  According to National Association of REALTORS statistics, about 80% of Buyers begin their property search online.  A STRONG online presence in the proper channels is an absolute must in marketing real estate.  We have 27 websites that funnel traffic to our main website of www.GirdwoodHomes.com .  This is in addition to the marketing we do on the two most comprehensive and most widely used websites used by Buyers, www.remax.com and www.realtor.com .  Of the Buyers who have purchased, or are purchasing, real estate with RE/MAX of Alyeska so far this year, 47% of them found us through the web.  Only 43% of the properties listed for sale this year have actually sold or are under contract to sell; however, 60% of the properties listed by RE/MAX of Alyeska this year have sold or under contract to sell.

All statistics are derived from data provided by the Alaska M. L. S.