Glacier City Real Estate News 1st Quarter 2022

Fifty third edition, July 20 Ort\ st 1

Quarter Property Sales Report Girdwood / Turnagain Arm Jan 1- March 31, 2022

One home, two condos, and no vacant land sold in the Girdwood area January 1st through March 31, 2022.

PRESENTLY, THERE ARE 19 PENDING MLS SALES FOR THE TURNAGAIN ARM MLS DISTRICT Never before has there been such a dramatic increase in the volume of MLS Sales for Turnagain Arm! We are living in unprecedented times!

Homes - 150 Snowmass Circle is the lone closed residential listing for the area.

This home features a unique three-star gable design, and an open floor plan on the ground floor. It has a very Girdwoodian Alpine feel with a wood fireplace, large treed lot, carport and storage building. This home is well suited as a full time family residence and is within a very short walk to the Double Musky.

Condos - 330 Hightower Road B202 & 350 Hightower Road C206 (Snow Raven condos) are the two sold condos for this quarter. These condos are newer for Girdwood, started in 2001 with a local developer. Girdwood’s own Vic Duncan of Alaska Log Builders performed the construction. These are solid and well designed with in-floor radiant heat, and an all on one level, two bedroom, two bath floor plan. Each unit has its own individual boiler and a deck engineered to hold a hot tub.

All of them will have pended for sale by the time this publication hits your mailbox.

There are 6 Residential Sales Pending Currently. 162 Alpina Way is a Spinell Homes New Construction property that pended with 0 days on market. 597 Alyeska Highway is a second new construction home that sold with 0 days on market. 206 Huot Circle in Indian is a 1984 construction home with 4 plex adjacent to Indian Valley meats that pended with 0 days on market. 115 Chateau Place is a 1974 construction 1032 sq ft home that listed at $599,000 and sold with 13 days on market. 148 Jewel Mine Road is a 1980 construction 2076 sq ft home that listed at $650,000 and pended with 3 days on market. 153 Juniper Drive is a 1971 construction home at $575,000 that pended with 3 days on market.

150 Snowmass Circle

There are a record 11 condos pending currently. Seven of those are new construction and it’s likely that a remaining 3 associated with the Bell Townhomes off Alyeska Highway sold before hitting MLS. Six of the new construction units are from the Powder Run condos being built on Gunnysack Mine Road just off Alyeska Highway. There are two pending vacant land sales in Chugach Park View Estates in Indian and one vacant land sale available in Portage.

330 Hightower Road #B202

Broker Summary

We are seeing an unprecedented surge in sale in Girdwood Valley. We should see this begin to impact Bird Creek and Indian as the price of homes and vacant land in Girdwood valley rise dramatically. We can’t tell for certain yet how much prices have risen due to so many properties still being in pending status, however I can see trends emerging. No two homes in Girdwood are alike, however, when we see smaller older homes such as the chalet on Chateau priced at $599,000 with multiple offers, you can safely assume that the price on smaller older What in the world is happening with homes is in the $600 per square foot range. real estate sales in Girdwood and For Condos sales we can see the trend Turnagain Arm? Four new Residential emerging for off mountain condos. As recently as two years ago the average sales listings hit the market April 1st. price for a Snow Raven condo was in the $350,000 price range.

350 Hightower Road C206

Today, there is pending and sold data to support that the average price of an MLS Snow Raven sale is in excess of $550,000. That is a price per square foot of $523.

Last Active List Price

Days on Market

Bed/Bath

Res /Lot Sq foot

150 Snowmass Circle

$875,000

1

4/3

2,333 / 25,439

330 Hightower Road #B202

$480,000

2

2/2

1,099 / Condo

330 Hightower Road #B202#104

$425,000

3

2/2

1,096 / Condo

Property Address Girdwood AK

Glacier City Realty, Inc. • 907-738-1910 ½Info@GlacierCityRealty.com Sam Daniel, Broker 907-227-4626½Rebecca Reichlin, Associate Broker 907-441-8125½Loretta Ortiz-Daniel, Realtor 907-227-4142½ Jackie Collins, Realtor 907-947-0494½Angela Carswell, Realtor 907-231-6137 ½Emily Lewis, Realtor 907-382-0118

r 90

Girdwood

7-441-8125 | Jackie Collins, Realtor 907-947-0494 | Ang

PO Box 550 Girdwood, AK 99587

2014

Glacier City Realty - Honesty and Integrity in everything we do On-mountain we are seeing even more aggressive bidding with one pending sale of an Alyeska East studio condo listed at $360,000 selling with 6 offers for what I can only imagine will be well in excess of $400,000.00. Although there are currently no vacant land sales in Girdwood, it would be safe to assume that the price of typical 1/4 acre lot with utilities adjacent is going to move up from an average of $150,000 a few years ago, to well over $200,000 in today’s market.

More New Construction on the Way In addition to the Powder Run condos and the Bell Townhomes mentioned earlier, the new Glacier City Center is beginning construction and will include a total of 10 townhome style condos, small distillery, commercial meeting space and sandwich shop on Hightower Road above the Post Office and across from the Snow Raven condos. On the horizon, the Holton Hills Subdivision is in the planning process. This would be the largest residential development in Girdwood history and could happen as early as 2023.

Sellers are seeing a huge increase in the value of their homes occurring before their eyes in a market where many Buyers are waiving inspections, appraisal gaps, paying cash, and offering delayed occupancy to Sellers if they so desire.

Historically Girdwood inventory has become available on an irregular and staggered basis for the last 10 years or more. Property owners across the spectrum (residential, condo, and vacant land) are beginning to realize that they have a real opportunity to sell their properties at prices they probably never imagined.

What will the summer hold in store? I predict we will see a minimum of 10 residential sales, 4 condos, and 2 vacant land sales in the second quarter of this year. They are actually already pending!

So that’s my shot at humor in this newsletter :-) We will likely see an increase in the number of sales in Bird Creek and Indian this summer. The accelerated price increases we are currently seeing will continue. The pace of increases will moderate some when interest rates reach a point that Buyers purchasing power is significantly diminished. Any interest rate below 7% is The Perfect Storm- The Covid historically low. We are a long way from pandemic dramatically increased demand that still. worldwide for real estate in Alpine, and especially ski resort, towns. The stock Local brokerages need your support! market until very recently was producing Ten years ago, at least half the properties huge gains and allowed many people to listed and sold in Girdwood were by cash out some assets to invest in real Girdwood based brokerages. Today that estate, and now we are seeing a rise in is not the case. Inventory in Anchorage is interest rates that is pouring gasoline on down almost 20% compared to a year the fire for Buyers who are anxious to ago, so more and more real estate purchase before interest rates push up so professionals are selling in Girdwood— much their buying power is reduced. which they have every right to do.

Sam

Rebecca

Loretta

Jackie

However, it’s the locals that know the Turnagain Arm market best. Does the real estate professional you know have experience selling in every condo association in Girdwood valley? Are they familiar with treated post foundations and septic systems? Do they know what is happening with the Girdwood Land Use Committee or the Girdwood Board of Supervisors? What the school is like?

When the transfer site is open? Local real estate professionals will have the answers that others may not. At Glacier City we have three Realtors in Girdwood that are full time residents and three in Anchorage that know the Girdwood and Anchorage markets. We will earn your business if you give us a chance. We have been publishing this newsletter for the last 14 years and many property owners see us as the trusted source of real estate information in the four valleys. Which we appreciate. Please consider supporting this publication by sharing our name with those you know who are considering Buying or Selling.

Timely information on Turnagain Arm and Anchorage Real estate news Check out the Glacier City Realty Facebook page. I provide a 2-minute recap of the market every week as well as my thoughts on the future of Girdwood valley as seen thru the eyes of a 30 year resident and real estate professional. You may not always agree with my take on things, but you will get timely and up to date information on a weekly basis. Then there is always that device called a phone.

Loretta, Rebecca, Jackie, Angie, and Emily as well as myself, are all available and ready to help. You can find more information at www.GlacierCityRealty.com

Angie

Emily

The sales report is based on the Alaska MLS, Inc. for 1/1/2022 -3/31/22 but not compiled or published by Alaska MLS, Inc. Data maintained by Alaska MLS, Inc. may not reflect all real estate activity. The information used in this publication is copyrighted by Alaska MLS, Inc. 2021and no portion may be reproduced, redistributed, or retransmitted without the expressed consent of o Alaska MLS, Inc. Further, by Alaska MLS, Inc. doesn’t guarantee the accuracy of the information contained herein