Purpose of this Market Analysis is to help determine how to fairly price a house coming on the market: 

To be able to show it to the right market of buyers and sell within a normal marketing time period.

As always, there are fewer buyers in the market for a quality, higher priced  home;

however, they are out there!

The Neighborhood:  Valdez!
Competitive Market Analysis
Property Information

Current Owner: Pat & Carol Welch

Legal Description:  Lot 47 Block 2 Mineral Creek Heights Subdivision
Property Address:
Street:
 1201 Mineral Creek Drive
City:
 Valdez
State:
 Alaska
Zip:
 99686
 
Local Average Marketing Time: varies - 120  (in days)

 Property Details
Over-improved:  No - located on a unique water view lot Located in area of nicest  homes in town
Condition: Excellent   Very Good   Fair   Poor Bedrooms/Baths:  3 bedrooms/ 3 baths + sauna
Square Footage: 2872 Age:  1980
Lot Size: 13,064 Garage:  Double


Comparable Sales : List in order of comparability       

Photo

  Subject 1 Hisey house 2 Kennedy 3
Address  1201 Mineral Creek Drive 556 Cliffside 1104 Min Crk Dr 1600 Alaska Ct
Condition  Very Good Excellent Very Good Very Good
Square Feet

2872 - tri level

 

 2750 +/- 60

   2032 

+   630 bsmt

 2288
Subject Prox.  NA 2 houses over 1/2 mile 2 miles
No of Bd/Bth

3bedrooms/3Baths:

1st=1 main=1/2

Master bath=1.5

 3/3 5/3 4/3
Lot Size  13,064 9,360 10,528 9048
Garage  Attached double double  double  double
Age  1980 1995 1983 1997
Sale Date  NA 3/2/01 Colby 2003 Dec, 2002
Days on Market  NA 210+ one year + 6 months?
Orig list price  NA $475,000 $285,000 $275,900
Sales Price  NA $440,000 $265,000 $265,000
Extras
  • fireplace
  • water view
  • custom design
  • sauna
  • jacuzzi
  • new boiler
  • corner lot 
      

 

Summary Comments Current market activity is slower on houses over $250,000.  

This tri-level home has been well-maintained and has a most sought after location, on a hill above other homes in the neighborhood & with water view.  Unique custom design.

Still prospective buyers would prefer newer homes over existing - concerns over ongoing maintenance;

Suggested asking price for selling in a 90-120 marketing period would be $325,000 - $335,000


Comparable Listings : List in order of comparability   This would be the direct today competition

Photo

 
Subject 1 Sweeney 2 Provant 3  East 4  5
Address  1201 Mineral Creek Drive 100 Meals -Sweeney Home 3201 Falcon Dr - RR sub 1130 Ptarmigan 309 Winter Park 1613 Dewey Ct
Condition  Very Good Excellent Excellent Excellent good Excellent
Square Feet

 2872

 tri level

 2855 2713 3035 2247 2351
Subject Prox.  NA 1 mile 6 miles 1/2 mile 1 mile 2 miles
No of Bd/Bth  3/3 3/3.75 3/2.75 5/3 3/2.5 4/3
Lot Size   2.33 acres 22,735 12,571 8820 9351
Garage Attached double Detached double Attached double Single Attached double Attached double
Age   1967 1995 1991 1993 2000
Sale Date NA On market On Market On Market On market New on market
Days on Market NA 1 year approx 60 days 10 months + 90 60?
Original List NA $569,000 $345,000 $340,000 $279,000 $314,000 ?
Current List NA $569,000 $345,000 $284,900 $279,000 $279,900
Extras
  • fireplace
  • water view
  • custom design 
  • New furnace

 
  • New furnace
  • Fireplace
  • New Propane Heatalator
  • new roof
  • water view
  • 20" logs
  • quiet treed lot
  • tri-level
  • custom home
  • Built around a huge wood stove
  • higher than normal ceilings
  • cul-de-sac location, nice yard
  • cul-de-sac location
  
Brief Comments   Outstanding water view - Difficult road access, up steep hill - Highest priced home in Valdez Not much activity, says listing agent, in houses priced over $250,000 In a higher priced home, with other homes to choose from, buyers are not willing to choose a single garage    
Summary Comments Note:  New houses are being built in Winter Park Subdivision, those that are  approx 1700 sq ft and single car garage pre-sold at $210,000 - so limited to smaller families; 3 bedrooms, 2 baths, 8800 sq ft minimum sized lot, close to other lots

Additionally some are larger, in the 2100 sq ft size and pre-sold for $240,000;  One house is 2600 sq ft and presold at $350,000.  These are mostly buyers upgrading from the zero lot lines.

Last year there was a building slump compared to prior years and this year.  With Alyeska moving so many families out of town, the buyers were waiting to see what was coming on the market and what the prices would drop to, before wanting to build new.
 

Note:  There are 3 raised modulars - some with stick built additions that are currently on the market for $194,900 - $222,500  Two are located in Robe River Subdivision; one is in town
 
Is access road paved? yes & driveway Property Is: Area Values:
Rural x Stable
Suburban Increasing
Small town Urban Decreasing
Realty/Company Name:
Phone:
Fax:
Report Completed By: Diann Hursh, Broker
Date:  June 28, 2003
e-mail address:


Prior to accepting a buyer's offer, seller must provide

 State of Alaska Residential Real Property Transfer Disclosure Statement

Additional comments regarding market area, conditions, area growth/decline, crime activity, hazards, repairs needed, etc.

Deck off the dining room is scheduled to be redone; foundation - roofline of the sun rooms off the living and master bedroom have been done; some prospective buyers might consider upgrades to the kitchen.

Market activity is expected to drop with the reassignment by Alyeska of 40 families last year; however, with an influx of Coast Guard personnel, that has been not as dramatic as anticipated; there are noticeably more rental vacancies in the past 12 months; and very few military are home buyers.  Homes don't sell as quickly in the last year as they did over the prior 10 years.

Since Valdez is a small community, the crime rate is very low, which of course appeals to families raising children; however, the selection of goods to purchase is limited, and many people travel to Anchorage to shop.  In a year a new hospital will be built.  This will attract more retirees to Valdez who otherwise feel they need to be near modern medical facilities.