Our Family Business

Not only am I a Realtor, but I am partner with my husband, David Webster, in his business David Webster Carpentry. He is a General Contractor with a Residential Endorsement--licensed and bonded. We've built two houses which we've sold over the past two years and are presently finishing a third in the same neighborhood as these two you see here. Our houses are built to 5* and 5*+ energy ratings. Our daughter Susannah and her husband own "Tough But Fair Construction" and are licensed subcontractors. When she is building with him, then you might see a "Webster and Daughter Carpentry" sign around town, as well! The two of them are building two houses right now--one is a 956 square foot home with 2 bedrooms and 2 baths and a one-car garage right beside this cozy Craftsman-style ranch we built on Forest Glen Drive two year's ago. The second one is going to be for Susannah and Matt and little Beatrix on some land up off West Hill. You can follow the progress of this home by going to their Blog at www.westhillhouse.blogspot.com Susannah usually posts every couple weeks or so their progress on their home.

We have another lot in the neighborhood of the houses above. If you're interested in having something built for you just let me know!

Holidays!!!

With the return of the Light at Solstice, the celebrations of Love and Hope at Christmas and Hanukkah I am reminded over and over how grateful I am for my family, my many friends, and my clients who keep me laughing, loving and learning. Wishing everyone the happiest of times! I look forward to the next year full of health and prosperity and a new promise for peace and goodwill around the world.

Winter Visitor

Sometimes the winter visitors in Homer and Anchor Point can surprise you. Here's a hungry moose eating my peppermint outside the door while granddaughter Beatrix takes it all in stride!

There's always something interesting in Homer, Alaska!

Some Things for Fun!!!

My clients Kevin and Kammi just sold their remote cabin through me (see the write-up on the cabin on a previous page), before I had a chance to share their Blogs with you--so for fun, check out what Kevin is doing with his cutting-edge film/video business http://frontiermediaarts.blogspot.com/, and Kammi's wonderful Cosmic Hoops blog and website http://www.cosmichoops.net/. Also, little Spencer Co's Blog is getting a lot of attention just because it's so darn cute--he was born in that remote cabin of theirs http://spencerkuanco.blogspot.com and now shares his mom and dad with his new little sister, Marina Penelope Pearl Co. Kevin and Kammi are perfect examples of the vibrant young families that populate Homer and continue to "keep Homer weird" (AND WONDERFUL!!!)

841 Goldberry Court

This lovely 2.73 acre lot is located just off West Hill Road almost to the top at the end of a great cul-de-sac. This is a "flag lot" (which means it's shaped like a flag at the end of a flagpole). The "pole" of the flag is its driveway, which carries you deep into the property shown here. Lovely and private, you will have your own great view of the Kenai Mountains. This property is listed at $60,000 and would make a wonderful lot for your new home. Email me for more information!

152 West Danview

This is a great little building lot right in Homer proper, just a hop, skip and a jump from South Peninsula Hospital (http://www.sphosp.com/). This lot has a paved street and City utilities, including water and sewer. As you can see, there's a mountain-top view from the front of the lot; from the back and definately from a second story you would see Kachemak Bay. This photo was taken from the front of the lot. You have neighbors across the street and neighbors on each side of you. This is a great neighborhood just off Main Street. This area is zoned "Office-Residential" so you could have an in-home business here. Other offices in the neighborhood include a physical therapy office, a structural integration office, two surgeon's offices, and a dentist's office. However, there are only residential buildings on this portion of West Danview, so you still have that neighborhood feel. The owners are asking $45,500 for this lot; if you can find a lot in Homer with these amenities and cheaper than this, I'll eat my hat!!!

Homer Real Estate News

Yesterday (Wednesday) my broker, Philip Alderfer, was one of the presenters on KBBI Radio's "Coffee Table" program (www.kbbi.org), talking about the real estate market in Homer. Some of the information he presented was as follows:

"The Good News: On average, MLS brokers sold 110 residential homes per year (including condos and multi-family’s) in the Homer area* between 2002 and 2007. In 2008 we are on pace to sell 90+. While that is a decline, the market has not totally gone away.

The Bad News: Between 2002 and 2007, MLS brokers sold an average of 120 vacant lots per year in the Homer area and in 2008 we are on pace to sell only 65-70. As I see it, the Homer “land bubble” has popped. 2006 was the high water year for land, with 160 closings. The market has slid 60% since then, to the level we see today.

What about inventory? Inventory levels remain high, especially for a softening market. With nearly 120 homes available in the Homer area, we currently have 12-14 months inventory available, excluding any new listings. And with more than 200+ vacant lots in Homer, alone, and sales of less than 100 / year, land inventory far exceeds current demand.

So what about sales prices?: In 2002, the average Homer-area home price was $143,600. In 2007 the average home price rose to $247,300, an increase of 72% over 7 years. However, in 2008 the average home price will fall, to approximately $215,100, a 13% YoY decline. While average lot sale prices rose from $35,700 to $83,400 between 2002 and 2007, the average lot sales price was $85,920 in 2008. With inventory levels remaining high, I would expect this average price to fall, perhaps significantly, over the next 1-2 years. (Nor are dramatic price fluctuations unusual. Between 1998 and 1999, average lot sales prices fell by 13% and between 2001-2002 they fell again by 19.6%)

Finally, High-end homes are most likely to experience pricing pressures: While the average home sales price was $215,000 in 2008, the average list price was far in excess of that, at $353,000. This reflects appreciation in the perceived value of the underlying land and increasing building materials costs on new construction. However, in 2008 RE brokers will sell only 8-10 homes priced at $350,000 or more. And as of today, there are 46 homes listed at or above $350,000, nearly 5 years of available inventory.

Now, more than ever, we must council “aggressive pricing” with our Sellers, especially at the high end. Lower priced homes must be in perfect condition, priced well, and immediately “show-able.” And for our buyers it is a great time to go shopping. Interest rates are likely to fall as the Feds work to stimulate consumer spending. However, they will be quick to reverse rates as soon as they sense any strength in the broader economy. So, if buying a home is a goal for the next year or two, let’s encourage clients to think about buying now!

Lastly, as always, the best measure of economic strength in a community is jobs, jobs, jobs! " So this was Philip's take on the market, and I agree with him.

Now if you're a seller of raw land, you shouldn't get discouraged. Part of hiring a Realtor to sell your property is getting it priced right and marketed agressively. That's where I come in. If you have property to sell, give me a call or email me and we'll talk about how to position your piece of property in today's market! Don't despair! What seems like a challenge is really just an opportunity!

Just for Fun

Check here for all the houses between Homer and Anchor Point that have sold between October 1st and December 1st flexmls

Homer's Market

People ask me all the time about how Homer's real estate market is doing, and I always answer the same: We have a small market (76 houses sold so far this past year) but we're steady, selling between five and nine houses per month. Modest houses under $250K seem to be selling the best; it's harder for houses over $300K to sell, and they are often on the market for a longer period of time. Homer doesn't have much of an economic base--fishing and the timber industry has flattened over the past few years, and our tourist industry's success in any given year depends on the amount of discretionary money that can bring folks here. A combination of bad weather and a dicey economic forecast does not bode well for our fishing charter, eco-tourism, restaurant and gallery industries during their brief seasons. That being said, there are plenty of individuals and families who are self-employed or employed by one of our major employers (the Feds, the State, the Borough, the City, the hospital, the school district, Homer Electric Association, or our many service-related businesses) and they know about the wisdom of the forced savings account and the tax benefits of home ownership. So even though a lot of our Homer real estate home and land purchases are driven by our wonderful view and by people who come here and then decide to live here, there is a steady market of folks who already are here who want to own a home. Thus the on-going predictability in our sales numbers.