Submitted by Anonymous on Sun, 10/14/2007 - 05:00.
Fairbanks Alaska real estate market is stable
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The Fairbanks real estate market is staying stable, thanks to some important factors.
There is strength in the local economy, resulting in low vacancy rates and a healthy job market. Demand is strongest in residential properties selling at less than $200,000. But for sellers, competition is high in the $300,000 category as well, said Fairbanks North Star Borough Assessor Patrick Carlson.
“Properties continue to transact for those that are priced right,” Carlson said. “Unlike many markets nationally, the Fairbanks market did not increase at nearly the rate found in those markets.”
The Fairbanks commercial sector remains healthy, as well, Carlson said. “The military and resource extraction industries are doing well, as (are) the service and tourism categories,” he said.
Anchorage, Wasilla and Matanuska Valley housing sales are more or less mirroring the national trend, said state economist Neal Fried. But the boosts in military personnel stationed at Fort Wainwright and Eielson Air Force Base, both in the Fairbanks area, is likely affecting the demand for housing in the region.
Fort Wainwright spokeswoman Linda Douglass said the involuntary extension of the nearly 4,000 soldiers serving in Iraq likely contributed to the recent demand for housing. Douglass said the most recent population figures - through June 30 - show that roughly 6,200 soldiers with 7,300 dependents reside in Fairbanks.
Douglass said new housing units are being constructed to accommodate the soldiers and their families, and renovations on previous buildings are in the works, as well.
“We have eight-plexes that were built in the Ô50's and Ô60's (that we're) changing into four-plexes to accommodate bigger families,” Douglass said. “There are several projects underway.”
Source: http://www.alaskajournal.com/stories/101407/hom_20071014004.shtml
There is strength in the local economy, resulting in low vacancy rates and a healthy job market. Demand is strongest in residential properties selling at less than $200,000. But for sellers, competition is high in the $300,000 category as well, said Fairbanks North Star Borough Assessor Patrick Carlson.
“Properties continue to transact for those that are priced right,” Carlson said. “Unlike many markets nationally, the Fairbanks market did not increase at nearly the rate found in those markets.”
The Fairbanks commercial sector remains healthy, as well, Carlson said. “The military and resource extraction industries are doing well, as (are) the service and tourism categories,” he said.
Anchorage, Wasilla and Matanuska Valley housing sales are more or less mirroring the national trend, said state economist Neal Fried. But the boosts in military personnel stationed at Fort Wainwright and Eielson Air Force Base, both in the Fairbanks area, is likely affecting the demand for housing in the region.
Fort Wainwright spokeswoman Linda Douglass said the involuntary extension of the nearly 4,000 soldiers serving in Iraq likely contributed to the recent demand for housing. Douglass said the most recent population figures - through June 30 - show that roughly 6,200 soldiers with 7,300 dependents reside in Fairbanks.
Douglass said new housing units are being constructed to accommodate the soldiers and their families, and renovations on previous buildings are in the works, as well.
“We have eight-plexes that were built in the Ô50's and Ô60's (that we're) changing into four-plexes to accommodate bigger families,” Douglass said. “There are several projects underway.”
Source: http://www.alaskajournal.com/stories/101407/hom_20071014004.shtml
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