Year End Market Report – Central Kenai Peninsula

YEAR OVER YEAR COMPARISON

This Year: 1/1/2012 to 10/10/2012

Last Year 1/1/2011 to 10/10/2011

Area
Number Sold - Last YearNumber Sold - This YearPCT %Average Sale Price - Last yearAverage Sale Price - This YearPCT%
300 - North Kenai26 3742138,013202,392
305 - Kenai485922197,374208,871
310 - Kalifornsky Beach 516629222,788211,273
315 - S of Soldotna 128-33203,042203,625
320 - Kasilof 1915-21146,774100,327
330 - Soldotna 4135-14217,010241,950
335 - Ridgeway2924-17244,271292,496
340 - Sterling 3938-2237,759235,995
345 - Funny River 81475184,188243,357
Residential Totals:2732968206,509218,759
Grand Totals:2732968206,509218,759

The first ten months of 2012 have been more active than the same period in 2011 with an 8% increase in the number of properties sold and a 6% increase in the average sales price. The bulk of the increase in properties sold have been centered in North Kenai, Kenai and K-Beach, while other areas experienced a drop in the number of sales from the prior year. Most local markets have benefited from an increase in average sales price.  North Kenai  was the big winner for sellers with a 46% increase in average sales price.

 

Oil and gas exploration and production continues to be a positive economic force with a positive outlook for the next year.  We are seeing increased interest in exploration in the inlet and other areas by independents producers. Several new gas wells are being drilled in Kenai. The gas storage facility has been completed and is ready to address peak winter demand. Interestingly we are seeing a surge in new commercial construction from North Kenai to Soldotna.  We are very lucky to have oil and gas, along with tourism and commercial fishing to support our local economy.

Click to search Kenai real estate.

 

Who Needs MIP in the Kenai Peninsula?

WHAT IS MIP?

What is this mysterious PMI and why does it effect your payment with MIP? Yes I know it.

Is private mortgage insurance and it adds to your monthly payment with mortgage insurance premium, but what is it for?  Most first time home buyers in the Kenai, Soldotna, K-Beach and surrounding areas  may think it covers them if they default on the mortgage, right. Sorry that is really not how it works. Private mortgage insurance is to cover a possible loss to the investor if the defaults and the property foreclosed upon.  It does not relieve you the borrower of the debt owed our your obligation to repay.

Some mortgage insurance premiums are paid in lump sums other as a monthly  payments. The premium is substantial and can last for years.  So why would anyone pay for it? Private mortgage insurance allows many homeowners the opportunity to own when they otherwise would have been declined for a loan. It also allows for a lower down payment on most loans.

When considering a loan be aware that PMI varies substantial between loan programs and can vary within the same loan program dependent upon your cash down payment and credit score.  When considering a loan ask your lender these four questions:

•    Do I need private mortgage insurance?
•    How much will it cost?
•    Does the premium change if I place more money down?
•    When will I stop paying the mortgage insurance premium?

Welcome to Team Feeken Blog

We will keep you updated about real estate in the heart of the beautiful Kenai Peninsula. When I travel outside of Alaska, people ask “Where is Kenai?” Well that would be 150 miles south of Anchorage and 75 miles before the end of the road at spectacular Homer, AK. We invite you to come live and play on the Kenai! The Kenai River is home to world class King Salmon fishing, but don’t overlook the Reds, Silvers or trout. Hunting is a favorite hobby for many, although most say it is time spent with nature and friends that is the lure. Don’t be far from your camera. You never know when moose, bear, caribou, wolves, fox, eagles, swans or just stunning scenery will present itself. Hiking, biking, kayaking and boating are all at your doorstep. So come on over!

36903 Kalifornsky Beach Road – Sold

Looking for that beach front home that allows easy access to beach walks and stunning views of mountains, glaciers, beautiful sunsets, dancing northern lights and passing boats? All are easily viewed from this 3,568 sq. ft. home with four bedrooms, three baths, office & family room. The kitchen is a cook’s dream with large five burner WOLF stove, custom cabinets with pantry, dish drawers, dry storage, etc… Delight in the real wood floors in kitchen, living and dining room, cozy soapstone stove, very private master retreat with MILLION DOLLAR VIEW! The lower level bedrooms and family room also enjoy an INLET VIEW. Storage is no problem with a detached 700 sq. ft. garage set up for projects and adjacent shed. Don’t overlook the raised garden beds, small greenhouse, and fenced dog area with dog house that matches home. Breathtaking views are complimented by a nicely landscaped yard surrounding the home on 1.77 acres a short distance from Kenai or Soldotna.

This property was so great it recently SOLD.

44580 Kylee Court Soldotna, AK 99669

Enjoy this lovely custom Ridgeway home just outside of Soldotna.  Imagine living with custom hickory cabinets, tile floor in kitchen & dining room, built-in hutch and office with built-in desk and cabinets. The master suite has a soaker tub and separate shower with two heads. Enjoy the summer on your patio off the dining room. Very large 3 car garage, 16’x 20′ shed, landscaped yard.