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:  (in days)

Purchase Price:  NA

 Property Details
Over-improved:  No - located on a unique water view lot Located in area of nicest  homes in town
Condition: X-Excellent Good Fair Poor Bedrooms/Baths:   3 bedrooms/ 3 1/4 baths + sauna
Square Footage: 1904 Age:  1980
Lot Size: 13,064 Garage:  Double
Is the subject property currently listed for sale?

If yes then, DOM:
Listed Price:
Has the subject property been listed in the last 12 months?

If yes, between the dates: and Listed Price:
Type: SFR
PUD
Condo Dues per month?
Brief Comments


Comparable Sales : List in order of comparability       

Photo

  Subject 1 Hisey house 2 Kennedy 3 4 5 6 7
Address  1201 Mineral Creek Drive 556 Cliffside 1104 Min Crk Dr 1600 Alaska Ct 875 Cottonwood 705 N. Glacier 311 Lowe 3209 Falcon -RR Sub
Condition  Very Good Excellent Very Good Very Good Very Good Good Good Very Good
Square Feet

2872 - tri level

 

 2750 +/- 60

   2032 

+   630 bsmt

 2288 2299 3000 1950 1700
Subject Prox.  NA 2 houses over 1/2 mile 2 miles 1 mile 1 mile 1 mile 6 miles
No of Bd/Bth

3bedrooms/3Baths:

1st=1 main=1/2

Master bath=1.5

 3/3 5/3 4/3 3/2.75 5/3 4/2 3/2
Lot Size  13,064 9,360 10,528 9048 8800 cul-de-sac larger sized 9254 1/3 acre
Garage  Attached double double  double  double double double single double
Age  1980 1995 1983 1997 1994 1979 1979 5 years
Sale Date  NA 3/2/01 Colby 2003 Dec, 2002 June, 2003 Aug 15, 2003 May, 2003 August, 2002
Days on Market  NA 210+ one year + 6 months? 90? 30 -Sold quickly Many months 30 days
Orig list price  NA $475,000 $285,000 $275,900 $240,000 $210,000 $235,000 $225,000
Sales Price  NA $440,000 $265,000 $265,000 same? $205,000 $210,000 -per bank appraisal $225,000
Extras
  • fireplace
  • water view
  • custom design
  • sauna
  • jacuzzi
  • new boiler
  • corner lot 
              
Brief Comments I would recommend comparing the house to other houses, and then add $17,000-$25,000 for the extra value of a water-view lot        Open design with 3 levels

Buyers for this house were Coast Guard who most likely purchased sight unseen

 This is to show that even modulars with a good location & lots of space have sold recently for a very good price  
It is surprising that such a small house sold for this price - Buyers feel more comfortable with newer homes
 
Summary Comments Current market activity is slower on houses over $250,000


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 ?    
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   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

Construction Sub-Structure Upkeep Neighborhood
Cement Block
Brick
Frame
Stone
Stucco
Wood
Other		 Slab Foundation
Basement
Crawl Space		 Needs Paint
Damaged Siding
Broken steps
Rotting wood
Broken windows
Wall cracking
Cracked driveway
Cracked sidewalk
Missing shingles
Clutter		 Board ups
Close to industry
Close to commerce
Graffiti
Fire damage
Is access road paved? Property Is: Area Values:
Rural Stable
Suburban Increasing
Urban Decreasing
 
Neighborhood: Price Range:   to   Predominant Value  
Age Range:   to   Predominant Age  
As-Is Value:
Repaired Value:
Estimated Cost of Repair:

Realty/Company Name:
Phone:
Fax:
Report Completed By: Diann Hursh, Broker
Date:
Your e-mail address:


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

 State of Alaska Residential Real Property Transfer Disclosure Statement

Addendum   

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