Condominiums Have Changed

Condominiums aren’t what they used to be. The two-story duplex condo development where every condo looks the same, is a thing of the past except in the resale market. Ever since one major condo builder got into financial trouble about four years ago and was forced to stop building, site design, exterior elevations and interior amenity packages have dramatically changed for the better. When you have a low cost leader in the market place, who ignores good site design and exterior elevations, and builds simply on square footage, other builders are forced to lower their standards in order to compete. So a lot has changed for the better in the past few years. Just take a look at the condos entered into the Spring Preview and you can see it for yourself.

Condos have become the starter home for many young Alaskans who can’t afford the new construction single family home that’s now priced over $310,000, if you’re lucky enough to find one. Some new entry level condos have great rooms, granite countertops, ten foot ceilings, 42 inch cabinets and wood laminate flooring. Location close to work plays an important part in choosing a condo for first time buyers. Close to work means more recreational time and less gas money, something we’re all very cognizant of these days. Two condo developments that are strategically located are Glenn Abbey Condos and Campbell Park Place. Glenn Abbey is about seven minutes away from the military base and Campbell Park Place is in the UMED district off Tudor Road and Laurel.

Glenn Abbey Condos start at $229,500 and both styles are brand new to the Anchorage market. The Glenn plan includes two bedrooms, 2.5 baths, a garage long enough for your truck but the real bonus is in design with a 300 square foot plus finished third floor loft. Call it a man cave, an exercise room, media room, or quilting room, whatever you wish you had, these condos are just being finished and will be a real surprise in the market place. The Abbey plan has three generous sized bedrooms, 2 baths, three walk-in closets, a laundry room and a computer nook—all on the second floor. It functions like a real two-story home.

The up and coming UMED district is home to students, health care workers, teachers, muni officials and even retirees who like the buzz this area of town is creating. Campbell Park condos is located next to Campbell Creek greenbelt. You can actually walk out your front door to fish in the creek, go rafting or just walk your dog along the trail. And, yes, pets are allowed! These condos start at just $187,000 and a new plan now has garages plus a loft at $235,000. Hultquist Homes pays all allowable closing costs as well as offering a lot of square footage for under $200 a foot.

There’s a plethora of other new condos coming out of the ground as well. Lumen Design/Build has condos with accessible rooftops in East Anchorage, Government Hill and South Anchorage. These are condos designed for move-up, move-down buyers and start at $310,000. They’re contemporary inside and out. A real breath of fresh air in the condo market!

Coronado Park in downtown Eagle River will be opening up early summer. It’s a condominium development that ultimately will see a build out of 168 condos ranging in size from 800 square feet to over 2,000. Michael Quinn Construction will be the first builder in the development with a new plan never before built in Anchorage or Eagle River. The plan will have a three car garage, first floor office plus a dynamite main living level with southern exposure! Downtown living in Eagle River is just as popular as it is in Anchorage. The ability to walk to the grocery store, the bank, Starbucks and the movie theatre has age old appeal that never goes away. Coronado Park will have extensive landscaping, open space and sidewalks! It’s a new site plan for our market and will offer a variety of price points for first time home buyers as well as downsizers. Check it out this summer.

As a realtor who is the listing licensee and developer in some of the above mentioned developments, I’m pleased to be a part of these changes in the marketplace. The old saying of ‘you get what you pay for’ could never be truer than it is today. Good site planning, landscaping, architectural diversity, interior amenity packages all cost money to create but in the long run, buyers and the overall market are better off for these changes.

Welcome to a new condo market! It’s about time.