Originally designated as a US Air Force Base, Ladd Field began life as a small six square mile base; a strategic staging point for ferrying Allied aircraft to Russia. In 1961 Ladd Air Force Base was transferred to the US Army, thus beginning its life as Fort Wainwright. Wainwright was named in honor of General Jonathan Wainwright; a West Point graduate and decorated officer who served as the Senior Field Commander of US and Philipino forces under General MacArthur during World War II.
Located just east of the City of Fairbanks and west of North Pole, Fort Wainwright is an integral part of our community. We take great pride in welcoming the men and women who serve at Fort Wainwright into the Fairbanks community. We're proud of your service and honored to have you call Fairbanks home.
Many of you have requested and spent a great deal of time vying for a slot at Fort Wainwright primarily because Alaska is an outdoor enthusiasts paradise. Within a few hours drive we have some of the best hunting and fishing opportunities imaginable. From the White Mountains to the Brooks Range to the unparalleled beauty of Prince William Sound, Alaska has it all. Enjoy your time in Alaska... you might find you never want to leave! Call or email us for a free relocation package. We would love to welcome you to Fairbanks.
Fairbanks New Construction - Bucking the national trends
A report out today says that nationwide, sales of new homes dropped to a 12 year low in December, ending the worst sales year since records began in 1963.
The report, issued by Shobhana Chandra of Bloomberg News, says that despite builder’s reduction in inventory, they failed to keep pace with the decline in sales. The price of new home fell to 11.3% from one year ago to an average of $219,200. Sales are off 26%, the most since records began in 1963.
As the saying goes, "All Real Estate Is Local." National trends notwithstanding, local factors such as supply and demand, location, proximity to desired schools and employment, utilities, etc. predominately drive the housing market. How does the national trend compare to the local Fairbanks real estate market?
Comparing December 2007 sales of Fairbanks new construction to the previous year shows we lost a little ground with respect to both units sold and the average sales price. The number of new Fairbanks homes dropped 45% while the average sales price dropped 8.3% from the previous year.
If we look at the selling price history for Fairbanks new construction (to include North Pole) we see that prices have risen 14.2% in the past two years; 36.1% since 2002 and 53.4% since 1999. While external factors are pushing prices down somewhat, looking at the long term trends it seems to indicate that Fairbanks real estate, specifically Fairbanks new construction is still a good investment.
What does a new home in Fairbanks look like? The average Fairbanks new construction home is 1,648 square feet, has 4 bedrooms, 2 full baths and enjoys a .82 acre lot serviced by pubic utilities. Of the 52 currently listed, 28 are single family homes, 17 are zero lot lines, 6 are condos and 1 is a duplex.
Moving to North Pole new construction, the average home is 1,575 square feet, has 3 bedrooms, 2 baths and sits on a .77 acre lot with only 35% being serviced by public utilities. Of the 45 currently listed, 38 are single family homes, 4 are duplexes and 3 are condos.
There are many advantages to buying a new construction home over an existing home. Given the rising cost of utilities one of the main benefits is that new homes are much more energy efficient. There is often less general maintenance on new homes built with low or no maintenance materials. New homes can also be tailored to fit your personality; depending on the stage of construction, builders often give buyers a choice of cabinets, countertops, flooring, fixtures, appliances and finish materials. Then there are the emotional draws of a brand new home such as knowing you are the first person or family to fill the closets and cabinets and being the first person to sink into the spa tub in the master suite.
Whatever you're looking for, make sure to perform your due diligence with respect to the builder as well as the property itself. While we have some very unique homes, Fairbanks is proud to have some incredible craftsmen shaping our new neighborhoods. If you have questions or would like more information about new homes in Fairbanks or North Pole, please don't hesitate to contact us. Don't forget to check out our
Located 26 miles east of Fairbanks, Chena River State Recreation Area is a 254,000 acre park and one of the jewels of Interior Alaska. Whether you're into camping, hiking, rock climbing, canoeing, rafting, 4 wheeling, skiing, ice fishing, dog mushing or wildlife viewing, you can find it all a hour and a half drive from Fairbanks.
Chena River State Recreation Area contains 3 maintained campgrounds, Rosehip, Tors Trail and Red Squirrel Campgrounds located at Mile 27, 39.5 and 42.8, respectively. These are all dry camp sites designed to accommodate everything from tent campers to larger motor homes. Although no power or dump stations are available, each campsite is level with easy access and has a picnic table, fire rings and public restrooms. Both Rosehip and Tors Trail are on or adjacent to the Chena River, so fishing and boating activities abound. Red Squirrel is across the street from the river and features a lake frequently visited by the local moose population.
In addition, and probably more used, are the many river access points where campers are found en masse during the summer months. One of our favorite spots for spending a summer weekend is across the street from Tors Trail parked right on the river. The top right picture was taken from the door of our RV. There's nothing like the sound of a rushing river to fall asleep or wake up to. Fees to camp in the park are very inexpensive at $10 per site; camping at any of the river access points is totally free.
Don't own an RV? Not into tent camping? There are seven State Park public use cabins that are available all year. A quick check shows every weekend except one is reserved through April. Summer reservations should be made very early in the season as weekends are typically not available for last minute trips.
The Twin Bears Camp is great for groups looking for a place to get away to. There are 13 cabins capable of housing up to 100 guests, a dining and recreation hall bordering a beautiful secluded four acre lake. The facilities are available for rent all year, although power and running water are only available from June through August.
Into rafting/canoeing? The Chena River is rated as a Class II river with the upper portions of the river being the most difficult to navigate. Depending on where you start and end your trip, float times range from a few hours to 3-4 days for the trip from Mile 44 Chen Hot Springs Road to Fairbanks. Most day trips originate at the 44 Mile access(the 3rd Bridge) and end at Tors Trail river access (top right photo), which usually take 5-6 hours. Find canoe rentals
Standing midstream with fly road in hand is another great way to spend an afternoon (or weekend). Although the Alaska Department of Fish and Game has designated the Chena River as catch and release only, there are four stocked ponds at mile 30, 42.8, 45.5 and 47.9 where anglers can catch their dinner; all are stocked with rainbow trout and grayling. ADFoG Sport Fishing Brochures
The park features numerous established and off-the-grid trails for hikers and motorized users to enjoy. One of the more popular is the Granite Tors which is a 15 mile loop leading to large granite outcroppings formed between 70 to 90 million years ago. It's not uncommon to find amateur and experienced rock climbers scaling the tors and surrounding outcroppings.
Angel Rocks is much shorter, at 3.5 miles, but is slightly more difficult. The first mile is relatively easy but there's a healthy climb beyond that point. The views are incredible and worth every ounce of effort. There are also numerous trails for atv's or snowmachines throughout the park. The Chena Hot Springs Winter trail runs from 26 mile Chena Hot Springs Road to 50 mile Chena Hot Springs Road, which is just a hop, skip and jump from Chena Hot Springs Resort. Many of these trails are used all year for snowshoeing or cross country skiing, so be mindful of those folks if you decide to let the 'ol iron dog run.
If you spend any amount of time in the park, you'll find that for all the human activity, the park is home to an abundance of wildlife. Moose are very common sights inside the park, but bears (both black and grizzly), wolves, foxes, lynxes, and coyotes all make the occasional appearance. Squirrels, rabbits, porcupines, beavers, otters, martins, minks as well as various birds all call the park home. Bears and You is a good read if you plan on spending any amount of time in bear country.
Although not in the park, Chena Hot Springs Resort, at the end of Chena Hot Springs Road and just outside the park boundaries, is a fantastic place to explore. Soak in the indoor or outdoor natural mineral hot springs, 'chill' in the worlds only year-round ice palace or spend the night in the hotel or guest cabins and watch the Northern Lights light up the winter sky.
Whatever your outdoor recreation desires, the Chena River State Recreation Area has something to offer everyone.
Located 26 miles southeast of Fairbanks (9 miles southeast of North Pole), Eielson began life as a Satellite of Ladd Field, currently Fort Wainwright Army Post. Construction began in 1943 with the completion of two runways, each 6,625 feet long. Closed temporarily at the end of World War II, the base was reopened in 1946. Eielson's first operation unit, the 57th Fighter Group, consisted of P38 Lightenings, P51 Mustangs, and P80's, the first jet fighter used by the United States. The 354th currently flies the F16 'Viper.'
As a community we are proud to have two military instillations in our hometown. We take great pride in welcoming the men and women who serve at Eielson Air Force Base and Fort Wainwright into the Fairbanks community. We're proud of your service and honored to have you call Fairbanks home.
Many of you have requested and spent a great deal of time vying for a slot at Eielson primarily because Alaska is an outdoor enthusiasts paradise. Within a few hours drive we have some of the best hunting and fishing opportunities imaginable. From the White Mountains to the Brooks Range to the unparalleled beauty of Prince William Sound, Alaska has it all. Enjoy your time in Alaska... you might find you never want to leave! Call or email us for a free relocation package. We would love to welcome you to Fairbanks.
As a kid I was never really fond of roller coasters. I had this irrational fear that at any given curve in the track we would just keep going forward and plunge off into a dark abyss. It probably didn't help that my cousin would always sit beside me and scream "WE'RE GONNA CRASH." Come to think of it I never really liked him that much either. As I've aged I've come to like roller coasters less and less, especially where financial markets are concerned.
That, however, is exactly what we are experiencing lately and it looks like this morning is not going to be an exception. So far the DOW has been rocking and rolling this morning dropping from 12,900 to 11,880 and now back to 11,969. It seems the market isn't exactly happy with the FED's emergency rate cut decision.
Given the market volatility lately, it's not surprising the FED elected to move ahead with cuts. The FOMC decided that stimulating, or attempting to stimulate, the economy was more important worrying about inflation.
This morning the Open Market Committee lowered the Federal funds rate, the rate at which commercial banks lend to each other, from 4.24% to 3.50%. The FOMC also opted to lower the Discount Rate, the rate at which member banks borrow money directly from the FED, 50 basis points to 4.00%.
Why the emergency rate cut? Worldwide markets smell blood in the water where the US economy is concerned. The selloff this morning was a result of a skittish Wall Street concerned whether the cuts are enough to stop the tailspin the financial markets are in.
Bernake and the FOMC are widely expected to announce yet another rate cut at their regularly scheduled January 29th meeting. Will it be enough? That seems to be the $64MM question.
In sifting through the reports from Countrywide, Bank of America, Wachovia, Merrill Lynch, Morgan Stanley and JP Morgan, it appears we've hit a milestone where writedowns are concerned. As of Friday the above players total writedowns were hovering just above $80 billion.
Add to that mix concerns over whether MBIA will slide down the same road as Ambac and lose its AAA credit rating due to mortgage loses and we have some pretty dismal news. Together MBIA and Ambac guarantee a collective $2.4 trillion in debt. Although no payouts have occurred due to claims on their CDO portfolio, the obvious concern is they don't have the capital to cover any major loses. The inability of these two players to underwrite any additional debt is a major concern.
I suppose all that's left is for us to tighten our seat belts and hold on. It's going to be one helluva ride.
Well, it looks as though we hit a new low this week. Total sales volume slipped 29.1% over last week. Climbing this week is our average days on the market, which spiked more than 78% to 170 days. The absorption rate is also up this week 56.9% to 10.8 months. This represents a 125% increase since the second week in November. The average selling price is up this week to $233,483. Although we've see some short term volatility, the overall trend is still positive. View additional market reports on our website.
Are you using your BAH benefits to your best advantage? If you're in base housing or renting off base, you should consider using your BAH to build equity while you're stationed in Alaska. The average price of a new/newer single family home in North Pole is $232,400. Factoring in local property taxes and hazard insurance would bring your mortgage payment to $1,680+/-. Why not let Uncle Sam make your mortgage payment for you?
Assuming a modest growth of 3% per annum, at the end of your tour, your home would be worth approximately $260,000; an equity increase of almost $28,000. That's money that would have remained in Uncle Sam's coffers been used to pay your landlords mortgage. Put your BAH benefits to work for you.
With a higher than normal inventory of homes for sale and low long term interest rates for veteran buyers, this is a good time to buy or invest in Fairbanks real estate.
Ok, just for the record I haven't totally lost my marbles. I know right where I left them. :) Last night around 8:00 the boss and I noticed that it had started to snow. By the time we woke up this morning there was snow everywhere. Mother Nature dropped 10.5" on us last night.
Ah, the beauty of new fallen snow. Now, where are the keys to the snowmachine. I'm going to play... as soon as I finish the driveway, that is.
The Scene of Our Driveway This AM - 10.5" of Snow. Gotta love it! Click Photo's To Enlarge
Although the Fairbanks Alaska real estate market isn't blazing, we're still moving forward. Total market volume jumped slightly this week to $2.99 Million while our average sales price dropped slightly to $199,845. The good news is that the days on the market dropped 11% to 100 days. The absorption rate also fell this week to 7.29 months; a slight drop from last week but still significantly higher than the first half of 2007.
In even better news, the average 30 year fixed mortgage rate fell to 5.500% this week with the 15 year fixed rate falling to an average 4.875%. FHA/VA rates have been holding steady at 5.500%.
I know from talking with many of you, the uncertainty in the market keeps you from moving ahead with your plans to buy a home. That's certainly understandable. If your goal is to make a 'quick buck' by flipping a property; this probably isn't your best market. However, if you're looking to purchase a home to live and build a life in, this is a great time for you to be actively shopping. Rates are low, inventory is abundant and sellers are relatively eager to see a SOLD sign go up in their front yard. While annual appreciation has slowed somewhat, Fairbanks real estate still posted a 5.1% increase in the average sales price over 2006.
The 9th Army Band, stationed at Fort Wainwright, has an upcoming concern performance on February 02, 2008 at the Noel Wien Library.
Tuba Player MSG Roger Ridenour leads the ensemble that features 1SG James Thaxter and SFC Andrew Phelps on trumpet, SGT Dale McSwain on horn, and SGT Vincent Lawyer on trombone. 9th Army Band Sample Performance.
Request a performance of the 9th Army Band at a military function (PDF) or a civic performance. If you haven't heard the Band perform, you should make time to come hear them play. They truly do a magnificent job.
Following this performance, the 9th Army Band will perform on February 23rd at Fur Rendezvous Parade in Anchorage, April 11th at the Red Cross Ball here in Faibanks and May 21st at the IDEA Graduation, also in Fairbanks.
Pioneer Park is a 44 acre park dedicated to preserving and showcasing life in Interior Alaska. Created in 1967 for the Alaska Centennial Expo, marking 100 years since the Alaska purchase. Park attractions include:
◊ Gold Rush Town: A collection of 29 historical cabins and Gold Rush era houses including the former home of Judge James Wickersham, the Original First Presbyterian Church (The first Church built in Fairbanks: 1904) as well as Georgia Lee's house, which is rumored to have been a house of ill repute.
◊ Palace Saloon & Chena Hotel: Built in 1906, the saloon survived a fire that ravaged downtown Fairbanks and was later moved to Pioneer Park in '67.
◊ Riverboat S.S. Nenana: A National Historic Landmark, the S.S. Nenana plied Alaskan waters delivering people and supplies to river towns from 1933 until her last voyage in 1954.
◊ Harding Rail Car: In 1923 President Warren Harding traveled to Nenana, Alaska where he drove a golden spike, signifying completion of the Alaska Railroad.
◊ Alaska Air Museum: Showcasing the history of aviation in Alaska and housing 14 civilian and military aircraft.
◊ Pioneer Hall: Houses the Pioneer Museum featuring Gold Rush memorabilia and an art exhibit by Alaskan artist C.R. "Rusty" Heurline depicting life in and the settlement of the Alaska Territory.
◊ Crooked Creek & Whiskey Island Railroad: A operating narrow gauge railroad that circumnavigates the park.
◊ Tanana Valley Railroad Museum: Features a fully restored 1899 Tanana Valley Railroad Engine #1, which is the oldest working steam locomotive in Alaska.
◊ Mining Valley: A recreation of a Gold Rush era mining operation containing a working replica of a gold mining sluice gate.
◊ Alaska Salmon Bake: Known around the state for cooking world class King salmon, steaks, and ribs; all grilled over an outdoor alder wood fire with dining in a beautiful park like setting in Mining Valley.
◊ Mini Golf, a large playground & picnic areas, an operating merry-go-round from 1915, a community civic center, and the Fairbanks North Square & Round Dance Center can also be found in the park. Pioneer Parks sits on the bank of the Chena River, which runs through Fairbanks. In the summer vendors rent bicycles as well as kayaks and canoes for visitors who are up for a little Last Frontier adventure.
Although Pioneer Park is open all year, the Gold Rush Town Shops, restaurants, carousel and railroad are only open during the summer season; Memorial Day through Labor Day. Free parking is always available and overnight RV parking is available for a nominal fee.
If you haven't already done so, it's time to file for your 2008 Alaska Permanent Fund Dividend. Application booklets have started to hit resident mailboxes, but if you want to qualify for early deposit, you must file your applicaton with the Department of Revenue Permanent Fund Division online.
To qualify for a PFD, you must have been an Alaska resident for the entire calendar year preceding the date you apply for the dividend and you must intend to remain an Alaska resident indefinitely at the time you apply.
* October 2, 2008 - Early Bird Direct Deposit * October 16, 2008 - Direct Deposit * November 14, 2008 - Check mailed (10-14 days for delivery)
The Alaska Permanent Fund was established in 1976 shortly after oil began flowing from the North Slope through the Trans-Alaska Pipeline. Managed by the Alaska Permanent Fund Corporation the fund began with an initial investment of $734,000 and has a current balance of approximately $40 billion.
"At least 25 percent of all mineral lease rentals, royalties, royalty sales proceeds, federal mineral revenue-sharing payments and bonuses received by the state be placed in a permanent fund, the principal of which may only be used for income-producing investments."
The fund is managed by a board of trustees appointed by the Governor; Chair Steve Frank, Vice-Chair Bill Moran, Nancy Blunck, Carl Brady, Patrick Galvin and Emil Notti and Executive Director Michael Burns.
Fund Investments
Stocks - Publicly traded stocks make up 53% of the funds total market value. View the Funds top 50 stock holdings. A complete list of the APFC's stock holdings can be viewed here (.PDF). Current value of stock holdings is approximately $21.3 billion.
Bonds - Domestic & Foreign Bond funds make up 29% of the funds total market value. APFC staff manages 80% of their domestic bond portfolio with the remainer of their domestic bonds and foreign bond investments being handled by numerous external managers. Current value of bond holdings is approximately $10.5 billion.
Real Estate - Industrial, multi-family (residential), office and retail real estate make up 10% of the funds total market value. APFC's real estate investments are located throughout the United States. 25% of real estate holdings are held in REIT's and other miscellanious real estate investment categories. Current value of real estate holdings is approximately $4 billion
Alternative Investments - 4% of the funds value is hend in Hedge Funds with an additional 4% in private equity. Current value of alternative investments is approximately $2.5 billion
A brief overview of the Funds dividend calculation can be found here (.PDF). The 2007 PFD amount was $1,654. As fund payouts are based on 5 year averages, we expect to see a significant increase in the amount of the 2008 dividend, bringing the individual dividend amounts close to $2,000 per eligible Alaskan.
Home Page - Showcase Homes - Real Estate Retriever - Client Testimonials - Realty Blog - Our Newsletter About Fairbanks - Market Reports - Buyer's - Seller's - Photo Tour- Contact Us - Realtor Referrals - Privacy Policy Each Office is Independently Owned and Operated. The information published within this Internet website has been deemed by Jesse Clifton Real Estate, LLC (www.the-spouses.com) to be accurate and truthful. The statements contained within this document should not be considered as all inclusive. Jesse Clifton Real Estate, LLC reserves the right to change / alter any information, including listing price and/or terms. For the latest up to date information, contact Jesse or Kathy Clifton. Jesse Clifton Real Estate, LLC dba Carriage House Realty is a licensed Real Estate Brokerage and operates under the authority of the Alaska Real Estate Commission. Carriage House Realty is a member of the Greater Fairbanks Board of Realtors and the Fairbanks Multiple Listing Service.
Jesse & Kathy Clifton, Spouses Selling Houses Jesse Clifton Real Estate, LLC dba Carriage House Realty 410 Dunkel Street Fairbanks, Alaska 99701 Direct: 907.699.6024 Fax: 866.421.4339
Stocks - Publicly traded stocks make up 53% of the funds total market value. View the Funds 