Crane & Associates Realty

Kenai & Soldotna Real Estate Market Update

Last week I blogged about the state of our local Real Estate Market here in the Kenai & Soldotna area, I stated in last week’s post that I did not believe we had an increase in foreclosures in our market but did not have any data to confirm this belief. Aaron Swanson from Residential Mortgage e-mailed me some foreclosure date to back up my blog this morning.

 

One in 555 households in the Unites States is in some stage of foreclosure. Statewide, Alaska has one in 1088 homes in foreclosures and here on the Kenai Peninsula only 1 in every 5046 households are in the foreclosure process. For comparison, California which has seen some of the highest rates of appreciation over the last several years and is now suffering a down market has a rate of 1 in 258 homes are in the foreclosure process.

Given this information, I believe we are sitting pretty good in our Market here on the Kenai Peninsula

With interest rates still hovering around 6%, it’s still an excellent time to buy your home in the Kenai & Soldotna area.

Give me a call or shoot me an e-mail for all of your Real Estate needs.

Foreclosure data compliments of Aaron Swanson @ Residential Mortgage, thank you Aaron!

If you didn’t catch Aaron Swanson’s article on our Real Estate market on the Kenai Peninsula then you can still catch it here.  With all of the doom and gloom news that we hear from the lower 48, it makes one wonder if we are experiencing the same problem here on the Kenai Peninsula?

All of the data says no we are not experiencing a meltdown or even a down market. Are we seeing our normal seasonal slowdown around the holidays? Yes. Have we seen an increase in foreclosures in our market? Not to my knowledge. We are seeing roughly the same numbers of foreclosures & foreclosure inspections as we have had in the past few years. The market in the greater Kenai & Soldotna area has seen good steady growth over the last couple of years, particularly in entry-level homes and waterfront properties. In the Soldotna market we have been seeing about 11% appreciation in home values over the last few years with a 10 year average of 4.6% which is a good steady rate of appreciation that is sustainable. Click on the graph to view the market data for the past 10 years in the Soldotna market.

Being a member of Allen F. Hainge’s elite Cyberstars (a by invitation only network of less than 200 real estate professionals around the country who use technology to better serve their clients) we often give updates on each of our markets around the United States. While there are areas that are experiencing a down market, there are still many markets that are similar to ours and experiencing strong growth contrary to what the national media would have you believe. Unlike the market in Florida & Las Vegas, to name a few, that have had amazing growth the last few years, they are now experiencing the worst of the down markets.

I hear a lot of questions about if this is still a good time to buy. The answer is a big YES! With interest rates looking at going below 6% again and with over a 8 months supply of homes on the market (anything over 6 months of supply is considered a buyers market) this is a perfect time to buy your new home. For current interest rates or for other mortgage questions, give Aaron Swanson a call at Residential Mortgage or visit his website @ http://www.alaskasbestmortgage.com.

Finally some good news in the media that is relevent to our own market, and not about something that is happening thousands of miles away.

Keep checking back for market updates, I’ll be posting more soon.

*The information or data used in this publication is copyrighted by AK MLS, Inc. 2007 and no portion may be reproduced, redistributed or retransmitted without the express permission of AK MLS, Inc. Further, AK MLS, Inc. does not warrant the accuracy of the information or data contained herein." The accuracy of this information is not guaranteed.

Just in time for the Holidays, enter to win $1,000.

Visit our sweepstakes page and sign up, it's that easy!

Don't forget that this weekend is Progress Day's in Soldotna.  This will the 47th annual Progress Days celebration.  Parade will start at 11:00 am with activites to continue afterwards at the Soldotna Creek Park. 

Hope to see you there!

Things are pretty much wrapped up with the Caribou Hills Fire.  55,648 total acres were burned and is currently about 80% contained.  No official total of cabins & outbuilds lost is avaible, last official count is 80+ cabin, & 100+ outbuildings.  All equitment has been released from the fire.  They will continue to monitor the fire from the air daily. 

Jim Matti has put together a slide show, which I can converted to pdf's.

Part 1, Part 2 & Part 3, thanks for the pictures Jim!

Oilwell road and the flight restrictions have all been cleared.

Hope everybody has a great & safe 4th of July weekend.  Remember fireworks are not allowed on the Peninsula!

Looks like we are at about 70% contained and around 55,000 acres or so.  We probably won't get much more than that as the eastern line of fire is on the refuge and they want a minimal impact.

7/1/07 New Update

Check out the cool map, it shows how the fire progressed on each day

Progression Map,  New updated Topo Map

Yesterday with the warmer temps & winds, there were having flare ups all over.  The helicopters & hot shot crews were busy getting them knocked back down.

The restricted airspace will be lifted from 10pm to 8am everyday unless conditions change drastically.  Fire is at 55,000+ acres and 66% contained.

Last nights updated press release

Wedding gift led to sparks that grew into Caribou Hills blaze

WILDFIRE: Work had just begun on land that was to hold the cabin intended for soon-to-wed couple.

By BRANDON LOOMIS
bloomis@adn.com

Published: June 27, 2007
Last Modified: June 27, 2007 at 10:37 AM

New Maps

Another Map

Here are some of our pictures from last nights trip in.

Our Cabin

cabin

forest behind cabin

more forest

hillside where cabin use to be

looking to the south

Charlies road before

Charlies road after

Spared

Well one would have thought thats what was going on by the long line of cars & trucks waiting at the end of the pavement at 7pm last night.  Like a shot from a cannon @ 7, we were off like a herd of turtle's up Oilwell road.

What a difference a week can make.  On our way in you could see smoke still rising from tree stumps and wood chip piles.  It was amazing to see so many cabins that had survived, 6 days ago I didn't think there would be a single one left standing.

The fire appeared to burn very hot & fast in some areas, and would skip over a patch and then continue on burning.  You could see a nice green tree standing right next to a completely burnt tree, just makes you wonder.

I'll upload our pictures from last nights trip in a little while.

Newest Map, 55,000 acres

Taxpayers Claim for reduction of Assessment

Acres & Percent burned by Ownership

Flight Restrictions Map

Click on the Link for updated pictures from the hills

Caribou Hills Fire Pictures

Click on the link to view "After the Wildfire".  Covers things to exspect and be awere of as everybody heads into the hills.

After the Wildfire

According the newest public update, they have reached 43% containment of the fire.  The high winds forecasted for the yesterday & today did not materialize, which was a big help to the fire fighters.

There will be no public meeting tonight as they are opening up Oilwell road tonight @ 7.

Tuesday Morning update

Jim Matti's weather station is back online.

Click on the links below to view his fire updates with pictures.  Thanks for the updates & pictures Jim!

Update #1, Update #2

The news everybody has been waiting for!  They are letting us in tomorrow night to check our cabins.  From 7pm till 7am the next morning, Oilwell will be open on this schedule at conditions permit.

Read the full press release here