The first quarter of 2009 comes to a close today and with this comes an opportunity to take the pulse of the Girdwood real estate market.  There were eight sales during the first quarter and they consisted of one Residential sale, four Condominium sales, and three Vacant Land sales.

The one Residential property sold during the first quarter was on the market for 466 days and sold for 90% of List Price.  With just one Residential sale, it is difficult to draw any conclusions.

Condominiums sold during the first quarter were on the market an average of 106 days (an improvement over 2008 of 15 days) and sold for an average of 96% of List Price (no change over 2008).

Vacant Land sold during the first quarter was on the market an average of 118 days (a dramatic improvement over 2008 of 124 days) and sold for an average of 96% of List Price (a slide of 2% over 2008).

Currently, there are four Residential properties Pending.  Two of these four Pending Residential properties are contingent upon the sale of another property owned by the Buyers.

We continue to be busy working with motivated Buyers and answering many inquiries.  In fact, activity on our website (84% of Buyers begin their search online) has remained unchanged since late last summer.

I think we'll see a fairly dramatic change during the second quarter of 2009 in the Girdwood real estate inventory.  There are a number of the properties "on the market", but not necessarily "in the market" and they either need to have their prices reduced to a point where they will sell or just come off the market.

For Immediate Release
March 18, 2009
Media Contact:
Amy Quesenberry – (907) 754-2592 – amy@alyeskaresort.com

GIRDWOOD, AK

Alyeska Resort in Girdwood, Alaska is proud to host the World Telemark Freeskiing Championships and the 6th Annual Jeff Nissman Telepalooza Festival, a 5 day celebration from April 1– 5 that brings together members of the telemark community for a series of clinics, races, ski demos, live music, Beacon Park games and lots of fun. 

The World Championships will take place April 1 -3 and will showcase the best telemark skiers in the world on Alyeska’s challenging terrain.  Competition categories are Junior’s, Men’s, Women’s, and Master’s, and competitors will be judged on line choice, fluidity, control and aggressiveness. Registration will be Tuesday, March 31 from 4:00 - 7:00 pm at the Sitzmark Bar & Grill.

Telepalooza weekend Fun Races include an Uphill/Downhill, Dual Slalom and Classic Race and lots of kid’s events.  The Sitzmark will host nightly parties with live music and “Wild West” themed costume contests, and door prizes with $30K in adventures, gear and gift certificates. Proceeds from this year’s charity raffle will go towards the non-profit group, Friends of the Chugach Avalanche Education Center in honor of Jeff Nissman. Telepalooza lodging packages at The Hotel Alyeska are available by calling 907-754-2111.

Next up, Alyeska Resort will host the U.S. Alpine Championships on March 23-31, 2009, and the Subaru Freeskiing World Championships on April 8-12, 2009. 
Alyeska Resort, located 40 miles south of Anchorage, is Alaska's premier year-round resort.  Tucked amid the Chugach Mountains, Alyeska Ski Resort offers world-class skiing and snowboarding with stunning views of the Turnagain Arm and an average snowfall of 742".  The 1,400 acres of terrain with 2,500 feet of vertical rise, are serviced by nine lifts including a 60-passenger aerial tramway.  Ski-in/ski-out access available from The Hotel Alyeska which features the luxurious Spa at Alyeska, dining at the Seven Glaciers, Sakura and the Aurora Bar and Grill.  For information on ski packages and rates, and current mountain conditions, call Alyeska Resort at 1-800-880-3880 or visit www.alyeskaresort.com .

The Girdwood Board of Supervisors has approved the Forest Fair Committee's Site Plan.  This year's Fair is to be held Friday July 3rd from 11 AM to 8 PM, Saturday July 4th from 11 AM to 8 PM, and Sunday July 5th from 11 AM to 6 PM. 

The parade will begin at 11 AM on July 4th. 

Camping will be allowed in designated areas only and campers will be subject to searches. 

The Fair will be employing professional security services and has contracted former Alaska State Trooper, and Girdwood resident, Mike Opalka as their head of security.

The Girdwood Board of Supervisors is contributing $5,000 towards the cost of professional security services, but has levied a flat fee upon the Fair Committee of $5,000 in order to recoup the Girdwood community's costs.  This is in sharp contrast to the recommendation from Municipality of Anchorage Department of Parks and Recreation who lobbied to see the Girdwood Board of Supervisors levy a user fee, vendor fees, and a $.50 per cup beer tax.

For more information, click here for the Forest Fair website.

The Subcommittee formed to locate alternative sites for the Chugach Electric Substation has located three sites and presented these to Chugach Electric.  These three sites are as follows:

• Ruane Road Industrial Area
• Gravel Pit at Seward Highway MP 89.5.
• Mental Health Trust land at northwest corner of intersection of the Seward Highway and the Alyeska Highway.

Chugach Electric will decide whether or not relocation to each site is feasible or not feasible.  For each site that is feasible, Chugach Electric will provide the following:

• Amount of land required.
• Overview of the work.
• Cost estimate.
• A "net out" of the cost for the work proposed at the current substation.
• An estimate of the per meter assessment necessary to cover the cost of relocating the substation.

The above is due back to the community by May 15, 2009.

Daily Real Estate News  |  March 11, 2009

Pricing Disagreement: What Is a Home Worth?

Homebuyers and the real estate professionals they choose to sell their homes don't always agree over what the property is worth, and many buyers think both of them are setting prices too high, according to a survey by HomeGain.com Inc.

The survey found that 63 percent of home owners believe the price their practitioner recommended is too low. About 45 percent of sellers think prices should be 20 percent to 30 percent higher, while 14 percent believe their home should be priced a whopping 30 percent higher.

Meanwhile, 21 percent of home buyers say the homes they are considering are overpriced by up to 10 percent; 32 percent say prices are 10 percent to 20 percent too high; and 6 percent say homes are more than 21 percent over priced. Only 18 percent believe homes are priced fairly.

“Home owners know that prices have fallen, but that somehow doesn’t apply to them because they have ‘upgraded vinyl’” or something, Pamela Frey-Primiani of Keller Williams Realty in Sicklerville, N.J., says. “Sellers have got to be realistic in their expectations. An overpriced home in these times does nothing — no showings, no offers, just whining from sellers that it’s all someone else’s fault that the home hasn’t sold.”

Source: HomeGain.com Inc. (03/05/2009)

I know we work hard for our clients, but I just crunched the numbers and here is what I found:

Sellers who have RE/MAX of Alyeska market and sell their property sell 69 days sooner and receive 2% more proceeds on average.

Buyers who have RE/MAX of Alyeska represent them in the purchase of their property pay 2% less on average.

Put us to work for YOU!

Alyeska Resort hosted an open house to present their Mountain Plan today from 1 PM to 5 PM in the Kahiltna Court (the room formerly known as the Prince Court.....).  On hand were Resort management, as well as representatives from the Department of Natural Resources, and representatives from the Resort's engineering firm.  Between this open house and other discussions I have been a part of with the Resort, it sounds as though the attention, wisely I might add, is focusing on the mountain itself and how to deliver an even better "product".  Both summer and winter maps were on hand today with concepts clearly depicted. 

Most striking is an upgrade of Chair 6, a replacement of Chair 4 with a high speed detachable quad, removal of the existing Chair 1, a "recycling" of the existing Chair 4 to an alignment similar to that of Chair 1 with the base being in the vicinity of the corner of Von Imhoff Drive above the top terminal of Chair 3, and the addition of a Glacier Tram from the top of the existing Tram to the ridge which will access terrain on both sides (Virgin Creek side in the future) of the Headwall and Max's via a hike along the ridge over the Shadows.  Momentum, from my perspective, seems to be increasing with respect to opening new terrain sooner rather than later through the construction of the Glacier Tram; this, to me, seems like an efficient way to open a considerable amount of terrain while giving Alyeska Resort about 3,500' of vertical relief.

Summer concepts include a study of the installation of a Mountain Coaster, the construction of a network of mountain biking trails, and a potential zip line down the North Face.

Exciting things are in the future!