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Test Your Real Estate Knowledge with a Quiz!

by Connie Yoshimura

1. Did total gross dollar volume of sold residential listings increase or decrease between 2017 and 2018?

A. Increase by 4.3%

B. Decrease by 2.8%

C. Increase by 1.1%


2. Did condo volume increase or decrease during the same time?

A. Decrease by 2.4%

B. increase by 4.2%

C. Increase by 1%


3. What about multi-family sold volume?

A. Increased by 2.5%

C. Increase by 0.3%

D. Decrease by 1.3%


4. Did all sold property types increase or decrease?

5. So how would you characterize the 2018 Anchorage real estate market?

A. Same as in 2017       B. Slight decline

C. Imperceptible increase?


6. Based on January 2019 sold stats compared to 2018 what impact did the earthquake and government shutdown have on the market?

A. No impact                    B. Decrease of 12.6%     

C. Decrease of 15.2%      D. Increase of 2%


7. Based on 2018 single family building permits, circle the top four residential builders?

Colony Builders, MGJ,   Spinell Homes, Merit Homes Trevi Builders, Crown Pointe, Hultquist Homes,   John Hagmeier Homes, Troy Davis


8. Name the most popular condo subdivision in Anchorage

9. What is the lowest down payment amount available for a conventional loan, assuming a 700+ credit score?

A. 3%          B. 5%       

C. 10%        D. 15%


10. What is the maximum triple zero down VA loan amount?

A. $726,525      B. $550,000      C. $650,000


11. What is the median price of a pre-owned home in Anchorage?


12. What was the median price of a new construction Single family home in Anchorage?


13. According to preliminary plats approved by the MOA in 2018, there are _______ lots to be developed in 2019.


14. How many are in Anchorage?          


15. How many are in Eagle River?


16. What will be the average price of a new single family lot with public water, sewer and a publicly dedicated road in Anchorage?

A. $125,000       B. $135,000       C. $150,000


17. Will Anchorage experience appreciation in the residential market in 2019?  And if so, what do you think it will be?

A. 0.8%        B. 2.8%       C. 3.6%        D. Above 4%


ANSWER KEY:  1. C     2. C    3. C    4. Increase by .8%    5. C    6. B    7. Spinell Homes, Hultquist Homes, John Hagmeier Homes, Troy Davis  8. WestGate    9. A    10. A    11. $372,096    12. $561,500    13. 138    14. 43    15. 95    16. C    17. B

A Look Back at 2018’s New Construction Stats

by Connie Yoshimura

All the state and local economists have predicted Alaska’ recession will end the latter part of 2019.  Let’s hope so for the sake of the new construction industry which has lost over 900 jobs in the past three years. This chart shows an average 22 percent decline  in dollar volume for all new building permits issued by the MOA over the past three years.  Those permit values include single family, duplex, multi-family, commercial and remodeling/alterations. In particular, there have been less than 200 single family permits for each of the past three years, compared to 276 in 2015 or on average more than a 25% decline. Duplex permits have also had a substantial decline. Also hard hit has been the multi-family category which peaked at 369 units in 2015 and has had more than a 50% decline per year since then.


The average single family building permit has a value of $391,757 which does not include the cost of the land. The average duplex permit is $507,034. The MOA doesn’t differentiate between a duplex built for a single owner vs. a duplex condo where each side is sold separately. The vast majority of duplex permits are for the individual units sold separately which have an average value of $253,517. This number also does not include a land value. For comparison sake, the average single family home sold in 2018 for $371,883. There were 921 condos sold in 2018 for an average price of  $204,631. However, that value included smaller stacked condo units as well as duplex condos which are townhouse style. These runaway construction costs are directly attributable to Anchorage’s land scarcity, increased regulation for both vertical and horizontal construction and higher material costs. Despite the lack of construction jobs, labor costs continue to rise as many sub and specialty contractors moved to the lower 48 where their skills are in high demand.

 

Anchorage’s most prolific    single family builders include Spinell Homes and Hultquist Homes. They are also Anchorage’s top duplex builders. Spinell had a total of 48 units while Hultquist Homes had 38. The most popular new home communities include WestGate, Alyeska Basin, Resolution Pointe, Denali Estates, the Terraces, Huffman Timbers, Eagle Crossing and Powder View. The competition for buyers is not so much between builders or communities but with the resale properties which on average have a lower asking price by as much as $100,000 for the same square footage. Nevertheless, buyers love new not only because of new’s higher energy efficiency standards but more contemporary changes in floor plans on how space is utilized and lower maintenance and unexpected repair costs.  

 

  

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Dwell Realty
561 E. 36th Ave., Suite 200
Anchorage AK 99503
907-646-3600