Glacier City Real Estate News
4 homes, 5 condos and 2 vacant land Alaska Multiple Listing Service sales occurred January 1st - March 31st, 2023.
Homes - 162 Alpina Way is a new construction home custom built in Cabana Land (also known as Alpine Estates) by Spinell Homes. No pictures of the finished home were provided through MLS so little is known about the floor plan or finishes. Spinell is one of the two largest home builders in the Anchorage area. Inventory in Girdwood, Bird Creek and Indian is extremely low. Partially due to the higher prices of older homes, we should expect to see more new home sales, realizing the majority of vacant land suitable for construction belongs to the Heritage Land Bank/Municipality of Anchorage.
115 Hottentot Mine Road- is 1940’s construction home that was remodeled from the studs out with all new finishes, appliances and upgraded electricity. As is often the case “down valley” homes tend to sell to those wishing to live in Girdwood full time as opposed to second home buyers. The Seller subdivided the original lot spinning off a lot zoned for a duplex. *Hats off to Jeremy Hurst of 49th Star Surveying for his professional assistance with that process
377 Toadstool Drive- located down valley off the mine roads area is a vintage home built by longtime local carpenter Eddie Genzwell. He also built the original Round House near the top of Mt. Alyeska. Located on a 1/2-acre lot, this property included a small warehouse style building great for owner storage (visible down by the DOT highway yard and near the railroad whistle stop).
225 Sproat Road- sold twice in the last few years and has several upgrades and improvements. These include a large open ground floor, open concept living room and kitchen, views of the mountains and natural light. The former owner nurtured and developed the lawn (a rare sight in Girdwood).
These four homes sold for an average of 113% of their original list price after an average of two and a half days on market. Keep in mind that with new home custom construction the percentage of increase over the original list price is tied to the type of finishes and upgrades the Buyer decides on.
Condos - 150 Hightower Road #303 (Ski View Condos) located across from the Crow Creek Mercantile in the New Girdwood Townsite is an increasingly popular association. Prices trend lower than condos on the mountain plus there are many advantages to the location including proximity to the Forest Fair, Park, the Mercantile, restaurants, clinic, post office, school and the soon to be built distillery slated for construction on Hightower Road across from the Snow Raven condos.
115, 121, 146 and, 152 Powder Run Lane (Powder Run Condos) are located down valley on Sproat Road. These townhome style condos were built by Moises Gutierrez of MGJ Building Group LLC. The project has a sleek Scandinavian feel to it with simple lines, open spaces, big windows and private two car garages. The final product looks like it will stand up well to Alaskan winters and I am sure most of the Buyers are pleased with their decision to purchase new construction and lock down a price that would have been considerably higher were it available today.
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Girdwood, AK 99587
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The theme of this quarter is multiple offers and above list sales price
Vacant Land - Lot 7A1 Hottentot Mine Road - This new lot was created from the short plat of the lot 115 Hottentot Mine Road sits on. The lot has an approved driveway permit onto Alyeska Highway (uncommon for new construction in Girdwood). This Seller chose to take a 1940’s house remodeled it and develop two additional home sites. It’s just what the valley needs, given the current housing crisis, in my professional opinion
198 Higher Terrace came with a set of custom house plans by Trevi Builders. Lots in this location are typically sloping and have magnificent views.
Broker Summary - This quarter we saw one new construction and four existing construction, five condos and two vacant land sales. New construction is happening in Girdwood! It makes sense when you consider what existing construction costs to buy and renovate. With new construction you pick the finishes, sometimes the floor plan, and have control of your budget to a greater degree than when you are in a multiple offer situation and doing an “as is” purchase, which the current market often requires to become the Buyer. By the time your property is completed you have built in equity due to the rate prices are increasing.
You can then convert new construction to a conventional (lower interest) mortgage. For those with the financial ability to buy new construction (who can find a lot) it may make financial and economic sense. Looking Forward - One group of folks that I think we will see starting to consider a sale are the baby boomers who have children and grandchildren in the lower 48 or who seek warmer climes in their retirement years. They are looking at the price they can get for their aging Girdwood homes (Yes, it’s still very much a Seller’s market in Girdwood).
We all love the outdoors, the people and the community For many the prospect of maintenance, snow shoveling and driving Turnagain Arm at some point may give way to parlaying that asset into their hopes and dreams for the future.
We as Realtors, help folks move forward with their hopes and dreams!
I have lived in Alaska since 1971 but am not as keen on shoveling snow as I once was. Girdwood has also changed tremendously since I was able to land a job as the Community School Coordinator at Girdwood School back in 1986. Change is inevitable, come slowly or quickly but there is no stopping it. Whether it’s finding ways to provide community/workforce housing or just trying to earn a living wage in the “wood”, in many ways life is more challenging for the 20 and 30 something crowd than it was when I came to town.
The spring and summer season is upon us and we will see plenty of new construction continue to happen. The pace of sales should pick up slightly this summer however I do not foresee an appreciable increase in the volume of sales without some good economic news to accompany it. If you are looking at your options and interested in learning more about what your home, condo, or lot could fetch in the market please give one of our Realtors a call.
We know Girdwood and can maximize your return on your investment. I tell folks listing is our strongest asset as a brokerage. That’s because of the expertise, knowledge, and care we provide to our clients, Sellers, and Buyers alike.
