Alaska Real Estate Podcast

Joining the conversation is Mike James, a 25-year Senior Vice President of the Commercial Real Estate Division at Berkshire Hathaway HomeServices Alaska Realty, and a lifelong Alaskan.

This episode is a deep dive, not a highlight reel, and it covers more ground than the title lets on. I sat down with Daniel Mckenna-Foster from the Municipality's Planning Department to talk through the update to the Anchorage Wetlands Management Plan.

We explored why so much of Alaska development runs into red tape long before a shovel hits dirt. We also talked about why I still, to this day, call certain split-level homes "breeder boxes."

Episode Breakdown:

What Actually Counts as a Wetland in Anchorage?

• There are really two different definitions in play. The U.S. Army Corps of Engineers defines a wetland as "waters of the United States" under federal jurisdiction. Separately, the Anchorage Wetlands Management Plan has its own definition and its own regulatory map, more like a zoning layer than a federal designation.
• The two usually overlap, but they can diverge. A site can fail the federal test and still be fully protected locally, or vice versa.
• Until a few years ago, the Municipality actually held a general permit that let it make some federal wetlands determinations directly. The Army Corps declined to renew that permit around 2021, so Anchorage lost that authority for lower-class wetlands.

The A, B, and C Wetland Classifications, Explained

• Anchorage still uses a local A, B, and C classification system for wetlands, separate from federal jurisdiction. Class A is the most sensitive and is rarely developable at all, something like an actual lake is extremely difficult to fill.
• Class B wetlands can be developed, but a project above a certain size has to go through the Watershed and Natural Resources Commission for review and mitigation.
• Class C wetlands are the most flexible: a developer can typically get a straightforward permit and move forward with mitigation, without the added commission review.
• Anchorage's official wetlands map is more than 10 years old, and wetlands boundaries genuinely shift over time, sometimes because of climate change, sometimes because of something as random as a broken water pipe creating a low point that later got mapped as a wetland.

What Is a Wetlands Bank, and How Does the $75,000 Fee Actually Work?

• A wetlands bank is essentially a trade-off system. If you're developing in an area where a wetland already isn't very functional, paying into the bank funds the protection of a healthier wetland elsewhere, in perpetuity. Instead of trying to preserve a small, degraded pocket in the middle of a developed area.
• Great Land Trust is the main wetlands bank both the Municipality and private developers use in the Anchorage area, though Heritage Land Bank, a municipal entity, is also involved in assembling and holding some wetlands-related parcels.
• I shared my own experience developing Huffman Timbers, where I had to pay $75,000 into a wetlands bank to develop a portion of the property classified as wetlands.
• Daniel was candid that there isn't a precise, published formula for that number today. The Municipality has generally followed the Army Corps of Engineers' methodology, which weighs how much water a wetland holds, how functional it is, and how it fits into the larger drainage system.
• Giving developers real clarity and certainty on cost before they commit to a project is one of the top priorities of this update.
• Daniel pointed out that some of Anchorage's most unrecognizable former wetlands prove how much has changed: Blueberry Lake, near Benson and Northern Lights in Midtown, was a real lake decades ago and is completely gone from the landscape today. On the flip side, the Target-anchored redevelopment at Sea Street and 100th shows wetlands can be incorporated well: that project kept some wetland area as part of the site's landscaping instead of paving over it entirely.

Federal vs. Local: The Two Different Wetlands Rules You're Actually Dealing With

• The Army Corps of Engineers regulates "waters of the United States" under federal jurisdiction. The Anchorage Wetlands Management Plan protects wetlands based on local drainage and community value, which is a related but separate interest.
• A site can be a wetland under one definition and not the other. Daniel used Blueberry Lake as an example: it likely wouldn't qualify as a federally jurisdictional water today, but it would absolutely still be protected under the local plan because of the drainage function it performs.
• Getting an official federal jurisdictional determination from the Army Corps currently takes 18 months or longer, which is part of why this update aims to give developers a clearer sense upfront of which path they're on.

The Due Diligence Steps Every Developer Should Take Before Buying Land

• Start with the Municipality's GIS wetlands layer to see if a parcel is mapped as a wetland, whether it's a single-family lot or a 20-acre commercial site.
• If the map looks wrong or outdated, a licensed firm can complete a new delineation, which can potentially update the official map once certified.
• If wetlands are confirmed and the parcel is above a certain size, it goes to the Watershed and Natural Resources Commission for review and possible mitigation measures.
• Daniel's blunt advice is this: Budget for a third-party consultant early. It's an added expense. But it can save far more money than it costs by avoiding a bad purchase or a drawn-out fight with the Army Corps.

A Smarter Way to Build on Partially-Wetland Lots

• Right now, if part of a lot is wetlands, current subdivision rules can make it hard to use the developable portion efficiently.
• The Municipality is looking at expanding use of cluster housing, cottage housing, narrow-lot housing, and conservation subdivisions, so a builder can concentrate density on the buildable part of a lot instead of losing units to the wetland.
• My own pitch on the show: pair that with zoning exceptions tied to wetlands, so a lot that might only support one large home today could instead support two or three smaller homes around a preserved wetland used as shared open space.

Could Wetland Banking Credits Become the Next Bottleneck?

• Wetlands banks let developers buy mitigation credits instead of restoring wetlands themselves, but Anchorage's supply isn't unlimited, and credits are tied to specific geographic regions.
• I raised a real concern on the show: one large project, like an airport expansion, could use up a meaningful share of the credits we have. Daniel agreed that's worth tracking as part of this update, and flagged Heritage Land Bank as a group already active in this space that could potentially play a bigger role.

Why the 2018 Earthquake Still Matters for New Construction

• Anchorage is also updating its seismic layers map, which has largely relied on observations from after the 1964 earthquake. The science of how earthquakes move, laterally versus vertically, has advanced significantly since then.
• My take: in the residential properties that saw the most damage in 2018, poor soils and inadequate site preparation were often a factor. As we get better mapping, permitting should come with real requirements around excavation and foundation work in vulnerable soils, not just broader restrictions on where people can build.

What's a "Breeder Box," and Why Doesn't Anyone Build Them Anymore?

• Early in my career, I gave split-entry homes an unofficial nickname: the "breeder box." You walk in the front door into a landing barely wide enough for a person and a half, then choose to go up or down. I got some pushback for the name, but anyone who has stood in one of those entries knows exactly what I mean.
• Baby boomers, the generation that has driven Alaska's housing market since the day the troops came home after World War II, largely built and bought those homes. Now that same generation increasingly wants something different: smaller, single-level, high-quality homes, often as a second home, and many don't mind an attached unit or an HOA.
• Tearing down and rebuilding isn't the easy fix it sounds like either. A single-family teardown alone can run $30,000 to $40,000 before construction even starts, and tariffs and post-pandemic cost increases have made that more expensive over the last decade. It's genuinely cheaper to work with an existing structure than to start over, if the zoning would only allow it to be reconfigured.

Where This All Connects: Red Tape Shows Up Everywhere

• An outdated wetlands map, an 18-month wait for a federal jurisdictional determination, and zoning that won't allow a smaller home next to a split-level are three different problems with the same root cause: rules that haven't kept pace with how Anchorage actually needs to grow.
• Whether it's wetlands or housing type, the fix Daniel and I kept circling back to is the same: more flexibility to concentrate density and variety where it makes sense, instead of forcing every lot in a zone into an identical mold.

"Clarity and certainty, those are two of the priorities of this project." — Daniel Mckenna-Foster

What's Next

• The wetlands update officially kicked off this fall, with initial mapping and delineation review underway now.
• A public open house is tentatively planned for November or December to share technical findings and policy direction, with the goal of completing the full update by 2027.
• The Municipality wants to hear from residents and the development community throughout the process. Reach out directly if you have questions or ideas.

Resources

Anchorage Wetlands Management Plan project page: muni.org, Environmental Planning Daniel Mckenna-Foster, Municipality of Anchorage Planning Department: (907) 343-7918 Berkshire Hathaway HomeServices Alaska Realty: bhhsalaska.com. If you have questions or just want to chat, feel free to email us at [email protected]

Connie Yoshimura number: 907-229-2703

Credits

©2025 Alaska Real Estate. All rights reserved.

A few weeks ago, Lottie let me ask the questions about her story. This time, she turned it around on me. This episode is mine, in my own words.

We covered where I come from, how a trained poet ended up building homes in Alaska, and why, at 81, I'm still not ready to stop.

Episode Breakdown:

Growing Up as an Outsider Shaped How I Built My Career

• I'm 81 years old, born in 1945, and I come from a Japanese American family. My father was born in the United States, which makes him Nisei and makes me Sansei, third generation.
• I was raised by my Caucasian grandparents in Iowa, the only minority child in my grade school and high school. I'm also an only child, so I never had the built-in network that team sports or a big family can give you.
• I still carry those feelings of being an outsider today, but I've come to see it as part of what pushed me to work harder.

From an Award-Winning Poet to a Career in Real Estate

• I trained as a poet at the Iowa Writers' Workshop and was one of ten young writers nationally to win a scholarship through the College English Association and the Book of the Month Club.
• I wrote under a pseudonym at the time. In the early 1960s, female poets and writers faced real prejudice, and I didn't want to be poor or, frankly, miserable chasing a career where most writers never make a living.
• Real estate found me by accident after that. I loved residential real estate right away, because people come to you at the most important moments of their lives: marriage, birth, death, divorce, and job changes. I feel honored to hear those stories.

Why I Cried the Whole Way to Alaska

• I moved to Alaska with my boyfriend at the time, driving up the Alcan Highway. I cried the entire way and knew absolutely no one when we arrived.
• Since I didn't have a network, I started doing open houses just to meet people. That's how I built my start in this business.

Why I Fell in Love with New Construction

• My family's history had a real impact on this. During World War II, my family, like thousands of other Japanese American families, lost nearly everything they owned except what could fit in a single suitcase.
• I think that history is part of why building new homes, creating something rather than just holding onto what's left, has always meant so much to me.

Why I Moved From Working With Builders to Land Development

• I worked with a variety of builders early on, but the relationship is one-sided. You help them, guide them, and build their name, and once they're successful, they often feel like they don't need you anymore.
• So I moved into residential land development instead. If I control the lots, builders have to come to me.
• I still don't do vertical construction. A single building has about 6,000 parts to it, and I'd rather deal with land and trees than tenants calling in the middle of the night.

What Keeps Me Comfortable in Alaska

• There are 156 different languages spoken in the Anchorage school system. Growing up as the only minority child in a small Iowa town, that diversity is part of why Alaska feels like home to me.
• I've also seen firsthand that women haven't fully caught up in commercial lending, even with more female CEOs than ever. I credit a lot of my own opportunities to a longtime relationship with a female lender.

Why I'm Still Working at 81

• Between Palmer and the Municipality of Anchorage, I currently have more than 100 acres of residential development. I still have home sites to fill.
• I take my health seriously to keep up with it: physical therapy, tracking my steps daily, and regular weekend walks with Lottie and a longtime friend.

My Advice for Anyone Starting or Changing Careers in Real Estate

• Only join a group or take on an activity if you truly love it. Showing up to a chamber lunch you don't care about won't build your business, but serving on a committee for something you're passionate about will.
• Knowledge is your most valuable asset. CPAs tend to do well in commercial real estate because of their financial background. Engineers are often the hardest professionals to train into this business.
• Not everyone will share your exact goals, and that's fine. What matters most is honesty and knowledge, starting with being honest with yourself.

"You have to be honest with yourself first before you can be honest in regards to your career." — Connie Yoshimura

Resources

Iowa Writers' Workshop, University of Iowa: writersworkshop.uiowa.edu

Berkshire Hathaway HomeServices Alaska Realty: bhhsalaska.com

If you have questions or just want to chat, feel free to email us at [email protected]

Connie Yoshimura number: 907-229-2703

Lottie Michael number: 907-242-7603

Credits

©2025 Alaska Real Estate. All rights reserved.

Listeners have been asking to know more about who we are and how we got here, so this episode is Lottie's story, in her own words.

We covered how a Lebanese immigrant family shaped her path into real estate. The deal that accidentally turned her into a commercial broker.

Her decades-long habit of buying Berkshire Hathaway stock before we ever became a Berkshire Hathaway office. Then we talked about the tradition she's most proud of outside of work.

Episode Breakdown:

How a Lebanese Immigrant Family Shaped Lottie's Path Into Real Estate

• Lottie was raised in Anchorage after her family immigrated from Lebanon when she was an infant.
• She says selling is in her genes. As a child, she saved money every summer from selling Christmas cards door to door, and by 18 she had saved enough to buy her first house. Which she owned until about five or six years ago.
• She took her real estate licensing exam about six months before she was legally old enough to hold a license, making her the youngest licensed Realtor in the state at the time.

The Deal That Accidentally Turned Lottie Into a Commercial Broker

• Lottie started in residential, selling duplexes and small apartment buildings, which is a common path into commercial real estate.
• In the early 1970s, a residential client wanted a duplex. She couldn't find one. So she called a local developer who had a 32-unit apartment complex for sale instead, four buildings, eight units each, three bedrooms and two baths per unit. Her client bought it.
• After the deal closed, she got nervous that she hadn't served her client as well as she could have. So she pursued commercial real estate education through the National Association of Realtors and earned her CCIM designation in 1983. That's when she decided to focus on commercials exclusively.

Why Lottie Buys Berkshire Hathaway Stock, Not Just Sells Real Estate

• Around 1999 or 2000, Lottie started watching financial news every morning and kept catching Warren Buffett interviews.
• She did a little research on him and decided to buy her first share of Berkshire Hathaway stock. She's attended Berkshire Hathaway shareholder meetings for about 15 years since.

How Berkshire Hathaway Came to Alaska Real Estate

• Lottie and I met decades ago when I was a guest speaker at an Anchorage Board of Realtors meeting during her term as board and MLS president.
• Years later, I called her about exploring a move to a national franchise. We researched a couple of options together in Seattle and passed on both.
• A few years after that, I found Berkshire Hathaway. Lottie couldn't take on an ownership stake at the time. But she wanted in, so we split it: I lead the residential side, and she leads the commercial division.

Lottie's Annual Lebanese Feast

• Every year, Lottie takes a couple of days off to cook a full Lebanese feast for family and friends
• This year's feast drew about 150 people, smaller than last year's 220 to 225 because the fish were running. But she called it one of the most fun yet.

What's the Biggest Mistake Investors Make When Buying Commercial Property?

• Lottie says watching for a "for sale" sign to pop up on a building is not a real investment strategy.
• Her advice: find a broker who understands your needs and let them go to work for you, the same way you wouldn't look for a brain surgeon by driving around looking for a good sign.

Lottie's Advice for Anyone Starting a Real Estate Career

• Treat it like a career from day one, with the same respect any career deserves, and you'll be compensated accordingly.
• If working on commission feels intimidating at first, consider starting as an assistant to an established broker to get a feel for the business with a steadier paycheck.

"As soon as you start treating this career as a career, with the respect that a career deserves, you'll be paid and compensated accordingly." — Lottie Michael

Resources

Lottie Michael, CCIM, Berkshire Hathaway HomeServices Alaska Realty: bhhsalaska.com/anchorage/lottie-michael-ccim

CCIM Institute: ccim.com

If you have questions or just want to chat, feel free to email us at [email protected]

Connie Yoshimura number: 907-229-2703

Lottie Michael number: 907-242-7603

Credits

©2025 Alaska Real Estate. All rights reserved.

This episode is a little different. No guest, just Lottie and me, going back and forth on everything we're seeing in the market right now, commercial and residential, in Alaska.

We covered a lot of ground: why Sea Street is busier than either of us has ever seen it, what's really driving home prices, a rebate program most buyers don't know exists, and an idea I have that might ruffle a few feathers.

Episode Breakdown:

The Commercial Market on Sea Street Is as Busy as We've Ever Seen

• Lottie says the commercial market is as strong as she's seen it in years, with a lot of owners deciding to sell or downsize while values are high.
• It's not one-directional. A medical practice called her the same morning to say it's expanding its footprint by 50%, so brick and mortar is not disappearing, it's shifting.
• New brokerage franchises are also moving into the Anchorage market.

Why We Think Everyone Is Going Back to the Office

• We both believe professionals, real estate agents, doctors, attorneys, accountants, are expected to show up and be taken seriously in their work, even if they take a day or two a week remotely.
• Lottie shared an embarrassing moment: she once took a work call from home with her puppy barking the entire time.
• Lesson learned: jot the idea down at 2 a.m., but take the call from the office.

What's Really Driving Home Prices in Alaska Right Now

• Inventory has increased, but multiple offers are still common in the $400,000 to $800,000 range.
• Builders can't build for less than about $350 a square foot, which puts most new homes between $850,000 and $1.2 million.
• My advice for first-time buyers is: get on the ladder however you can. Even a 40 or 50 year old two bedroom condo for $200,000 counts. One young buyer I know skipped the single-family home and bought a duplex instead, living on one side while a tenant helped cover the mortgage.

Why We Choose Local Businesses Over Amazon

• Lottie doesn't order from Amazon and explained why: local businesses like Home Depot, Office Depot, and Costco pay property tax, employ local managers, and reinvest in the community, even as franchises.
• Her point isn't political, it's practical: those dollars stay local and support the same neighborhoods we're trying to grow.

Why Homeownership Still Builds Stronger Communities Than Renting

• We talked about the GI Bill after World War II, which gave veterans a path to homeownership and helped build generational wealth in a way renting never has for a tenant.
• Rental property ownership has also shifted. It's increasingly a REIT out of New York rather than a neighbor with a couple of fourplexes, and REIT-owned units tend to pass tax and utility increases straight through to tenants.

The $10,000 Rebate Most Alaska Buyers Don't Know About

• The Alaska Housing Finance Corporation offers a $10,000 rebate to buyers of new construction homes that meet a 5-Star Plus energy rating, at any price point.
• I think it's the best homeownership program to come out in the last couple of years, since the cost to a builder to qualify is mainly a blower door test, nowhere near $10,000.

My Idea to Turn Empty Neighborhood Parks into Affordable Housing

• Anchorage has more parks per capita than almost anywhere in the country, and a lot of them sit empty because families don't feel safe letting kids play unsupervised.
• My pitch: some of these parks already have road, water, sewer, gas, and electric access. A smaller footprint, designed around a shared green space families can see from their windows, could add real affordable housing without losing the park entirely.
• Lottie pushed back, and fairly: this would likely affect lower-income neighborhoods that need their parks the most. We didn't fully resolve it on air, but it's a conversation worth having.

What to Expect for the Rest of 2026

• I expect the residential market to stay flat through the rest of the year, with more inventory coming in over the summer but buyers staying cautious at 6.25% to 6.5% mortgage rates.
• Lottie remains bullish on commercials, expecting the strong pace on Sea Street to continue with solid financing still available.

"The biggest mistake you can make is not to buy." — Connie Yoshimura

Resources

Alaska Housing Finance Corporation, New Home Construction Rebate: ahfc.us/buyBerkshire Hathaway HomeServices Alaska Realty: bhhsalaska.com

If you have questions or just want to chat, feel free to email us at [email protected]

Connie Yoshimura number: 907-229-2703

Lottie Michael number: 907-242-7603

Credits

©2025 Alaska Real Estate. All rights reserved.

Should you wait until you can afford your dream home? Is a $60,000 remodel really worth it before you sell? And does landscaping actually increase the value of your property?

In this episode, I answer some of the most common real estate questions I hear from buyers and homeowners across Alaska. From first-time buyers trying to get into the market to homeowners wondering whether to renovate before selling, we talk through practical decisions that can make a real difference over the long term.

Episode Breakdown:

Why Getting on the Housing Ladder Matters

• One of the biggest mistakes I see is waiting for the "perfect" home. If a single-family home isn't within your budget today, that doesn't mean you should sit on the sidelines.
• A condo or townhouse can still help you begin building equity while home values continue to appreciate.
• With inventory remaining tight in Alaska and across the country, buying what you can afford today may put you in a much stronger financial position tomorrow.

Understanding the Risks and Rewards of 100% Financing

• Many first-time buyers ask whether 100% financing is a good idea. The answer depends on your financial situation and your willingness to understand the risks.
• We talk about how these loan programs have helped many buyers become homeowners, why appreciation plays such an important role, and why it's important not to stretch beyond your financial comfort zone.
• Interest rates will change over time, but buying within your means can give you more flexibility for the future.

Does Landscaping Really Add Value?

• A beautiful yard certainly makes a home more enjoyable, but not every landscaping project increases resale value.
• I share why practical landscaping often matters more than elaborate gardens.
• I explore how Alaska's climate should influence your plant choices, and why buyers should think about long-term maintenance instead of creating features that may only appeal to a small number of people.

Should You Remodel Before Selling?

• Many homeowners assume a major renovation will increase the value of their home. In many cases, that's simply not true.
• If you're planning to sell within the next few years, expensive kitchen or bathroom remodels may not deliver the return you're expecting.
• Instead, simple improvements like fresh paint, updated flooring, and a professional cleaning often make a much bigger impact while keeping costs under control.

"Buy whatever it is that you can afford to buy because you're going to have appreciation." — Connie Yoshimura

Resources:

If you have questions or just want to chat, feel free to email us at [email protected]

Connie Yoshimura number: 907-229-2703

Lottie Michael Number: 907-242-7603

Sponsorship:

This episode is brought to you in part by Berkshire Hathaway HomeServices Alaska Realty. Transform your real estate journey with expert guidance. Check out their services: https://www.bhhsalaska.com/

Credits:

©2025 Alaska Real Estate Podcast. All rights reserved. Music by SoundStripe.

Strong communities don't happen by chance. They take thoughtful planning, difficult decisions, and leaders willing to balance today's needs with tomorrow's growth.

In this episode of Insider Real Estate, host Connie Oshimura sits down with Anna Brawley, Chair of the Anchorage Assembly, to discuss the biggest issues facing Alaska's largest city. As a trained city planner, Brawley brings a thoughtful perspective to local government. Anna explains how housing, infrastructure, zoning, affordability, and public policy all work together to shape Anchorage's future.

This episode offers valuable insight into the decisions shaping the city's growth. If you're involved in real estate, development, public policy, or simply care about the future of Anchorage, you will enjoy this episode.

Episode Breakdown with Timestamps

• Anna Brawley outlines her priorities following her re-election as Chair of the Anchorage Assembly.
• She explains that housing remains one of the city's biggest challenges and says meaningful progress will require long-term changes rather than quick fixes.
• Her goal is to keep moving important housing initiatives forward while maintaining focus on the issues that matter most to Anchorage residents.

Why Infrastructure Is a Major Housing Challenge (00:01:00 – 00:02:45)

• The conversation examines one of the biggest barriers to new housing: infrastructure.
• Many parts of Anchorage still lack basic utilities such as water and sewer lines.
• Brawley explains that current regulations often require developers to pay for public infrastructure, making smaller housing projects difficult to finance.
• She also discusses the need for stronger federal support, noting that transportation projects receive consistent funding while underground infrastructure often does not.

• Brawley discusses the tools the city can use to encourage more housing.
• She explains how zoning reform, tax incentives, and simplifying the municipal code can help reduce unnecessary delays and improve the permitting process.
• While the Assembly cannot directly manage permitting staff, clearer regulations can make approvals faster and more predictable for everyone involved.
• The discussion also explores the financial challenges facing both developers and homebuyers, including construction costs and high interest rates.

• The conversation shifts to Alaska's unique political environment.
• With a relatively small population spread across a vast state, elected officials are highly accessible to residents.
• Brawley reflects on how that close connection creates both opportunities and challenges for local government, where every decision receives close public attention.

• Brawley encourages the community to rethink how housing and development are discussed.
• She explains that conversations often become divided between developers and neighborhood groups.
• while overlooking the needs of future residents, renters, young families, and essential workers who also deserve a place in the discussion.
• The episode explores why addressing housing shortages requires balancing different perspectives instead of viewing growth as a conflict between opposing sides.

• The discussion concludes with a broader look at community responsibility.
• Brawley acknowledges that change can be uncomfortable, but argues that maintaining the status quo comes with its own costs.
• She believes Anchorage must be willing to have honest conversations about housing, land use, and long-term planning if the city hopes to remain affordable and economically competitive.
• Connie Yoshimura closes the interview by thanking Brawley for her leadership and expressing confidence in the planning perspective she brings to the Assembly.

Themes Discussed

• Housing affordability in Anchorage
• Infrastructure and public investment
• Zoning reform
• Permitting and land use
• Infill development
• Homeownership opportunities
• Federal infrastructure funding
• Community planning
• Local government leadership
• The future of Anchorage

"We cannot continue with the status quo. There is a huge cost if we do."

— Anna Brawley

• Anchorage Assembly: https://www.muni.org/
• Municipality of Anchorage Zoning Code
• Federal transportation funding programs
• Environmental Protection Agency (EPA) clean water funding
• Housing infrastructure funding
• Tax incentives for housing development
• Infill development strategies

Thank you for listening to Insider Real Estate, the podcast exploring the people, policies, and projects shaping Alaska's communities.

If you enjoyed this episode, please subscribe, leave a review, and share it with someone interested in real estate, housing, urban planning, or Alaska's future.

Join us next time as we continue exploring the conversations shaping real estate and community development across Alaska.

How is Alaska preparing for the next generation of energy?

In this episode of Alaska Insiders, we sit down with Curtis, CEO of the Alaska Energy Authority (AEA), as the organization celebrates its 50th anniversary. Curtis shares how the AEA has evolved from managing energy infrastructure to leading some of Alaska's most ambitious projects.

Curties discusses expanding the Bradley Lake Hydroelectric Facility and modernizing transmission lines and improving energy access for rural communities.

The conversation also explores why reliable energy infrastructure is essential for economic growth. The continued role of natural gas. Then what the future could look like if projects like the Susitna-Watana Hydroelectric Project move forward.

Episode Breakdown with Timestamps:

Alaska Energy Authority at 50 Years (00:00:34 – 00:02:32)

• Curtis introduces the Alaska Energy Authority and explains its mission as a public corporation serving communities across the state.
• He discusses the AEA's broad responsibilities, including managing the Bradley Lake Hydroelectric Facility. Supporting rural energy infrastructure. Administering the Renewable Energy Fund, and operating the Power Cost Equalization program.
• Curtis also shares that the authority manages approximately $1.7 billion in public energy assets.

Expanding the Bradley Lake Hydroelectric Project (00:02:59 – 00:06:14)

• Curtis explains the AEA's largest current infrastructure project: expanding Bradley Lake.
• He describes the engineering behind the expansion, including drilling a five-mile tunnel through a mountain using an electric tunnel boring machine and raising the dam by 16 feet to capture additional water.
• Once completed, the project is expected to increase Bradley Lake's generating capacity by roughly 40 percent, with power production beginning around 2030.

Strengthening Alaska's Railbelt Power Grid (00:06:15 – 00:09:27)

• The discussion turns to the importance of upgrading Alaska's transmission infrastructure.
• Curtis explains that Bradley Lake currently supplies about 10 percent of the Railbelt's electricity and discusses a federally funded project to improve transmission reliability.
• He also introduces plans for a 40-mile underwater transmission cable across Cook Inlet, creating a continuous electrical loop between the Kenai Peninsula and Anchorage to improve redundancy and system reliability.

Supporting Rural Alaska Through Energy Programs (00:09:28 – 00:13:03)

• Curtis explains how the Power Cost Equalization (PCE) program helps reduce electricity costs for rural Alaskans through a billion-dollar endowment.
• He also discusses the AEA's partnership with the Denali Commission and new EPA funding that will upgrade bulk fuel storage facilities in remote communities.
• These investments help ensure reliable energy delivery in regions where diesel generation remains essential.

Why Energy Is a Bipartisan Priority (00:13:04 – 00:14:51)

• Curtis shares why energy infrastructure continues to receive strong bipartisan support.
• He explains that lawmakers across Alaska recognize reliable, affordable energy as a shared priority because it benefits every community regardless of political differences.
• According to Curtis, long-term infrastructure investments succeed when everyone focuses on the same goal: strengthening Alaska's future.

The Continued Role of Natural Gas (00:14:52 – 00:18:25)

• Although Alaska is investing heavily in renewable energy, Curtis explains why natural gas remains a critical part of the state's energy mix.
• He discusses its role in heating homes, powering electrical generation, and supporting economic stability while reflecting on how Alaska's original hydroelectric plans shifted after significant natural gas discoveries in the 1950s.

Why Reliable Power Drives Economic Growth (00:18:26 – 00:19:24)

• Curtis reflects on how dependable energy infrastructure influences business investment throughout Alaska.
• He explains that reliable electricity is often taken for granted but remains one of the most important factors businesses consider when deciding where to invest and grow.

Revisiting the Susitna-Watana Hydroelectric Project (00:19:25 – 00:25:35)

• Curtis discusses renewed interest in the Susitna-Watana Hydroelectric Project, one of Alaska's largest proposed energy developments.
• He compares its potential to Bradley Lake, explaining that Susitna-Watana could generate more than 600 megawatts of electricity. Which is nearly five times Bradley Lake's output and supply as much as 75 to 80 percent of the Railbelt's power needs.
• The discussion also explores updated construction estimates, financing opportunities, and how federal investment tax credits could significantly reduce project costs.

Building Alaska's Energy Future (00:25:36 – 00:26:53)

• Curtis closes the episode by emphasizing that reliable energy is the foundation of a healthy economy.
• He encourages Alaskans to look beyond politics and continue investing in infrastructure that supports economic development, strengthens communities, and prepares the state for future growth.

Themes Discussed

• The Alaska Energy Authority's 50-year legacy
• Expanding the Bradley Lake Hydroelectric Project
• Modernizing Alaska's Railbelt transmission system
• Rural energy infrastructure and Power Cost Equalization
• Federal investment in Alaska's energy future
• The future of the Susitna-Watana Hydroelectric Project
• Natural gas and renewable energy working together
• Why reliable infrastructure fuels economic growth

Key Quote from the Episode

"Energy is one of those issues that affects every Alaskan. When we invest in reliable infrastructure, we're investing in the future of our communities and our economy." — Curtis

Connect with Alaska Insiders

Linkedin: https://www.linkedin.com/newsletters/alaska-real-estate-newsletter-7392084851316838400/

Credits

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We'll be back with another episode featuring the people and projects building what's next for Alaska.

show notes

Want to learn about the million-dollar market in Alaska? I’m excited to share this conversation with two experts on this topic. Teresa Thomas, a top mortgage producer with Global Credit Union, and Daniel George of Berkshire Hathaway HomeServices Alaska Realty joined me to break down insights on Alaska’s million-dollar real estate market.

Meet Teresa Thomas and Daniel George

• Teresa Thomas brings over 20 years of mortgage origination experience with Global Credit Union. She specializes in creative financing solutions, including 100% financing on approved credit for conforming loans, along with niche programs for doctors, veterinarians, and dentists. She also helps buyers navigate appraisal gaps and structure competitive offers in fast-moving markets.
• Daniel George is a licensed realtor with over 20 years in the real estate industry and nine years as an active agent. He works with Berkshire Hathaway HomeServices Alaska Realty and focuses on Anchorage’s luxury market, including new construction, high-end homes, and investment properties. He also brings an investor’s perspective as a long-time rental property owner.

Market Demand & Competition

• Anchorage continues to see strong demand and low inventory, with homes moving quickly and an absorption rate of just over one month.
• Competition is intense, with buyers using cash offers, appraisal gap coverage, and escalation clauses to win properties, sometimes exceeding the asking price by $300,000.

Lending in the Luxury Market

• While cash offers often win, financing options still play a major role. Jumbo loans in Alaska can reach around $2 million, and specialized programs support buyers, including 100% financing options within conforming limits and doctor loan programs.

Buyer Trends & Market Insights

• Luxury buyers include medical professionals, oil and tech workers, upper military, entrepreneurs, and aging homeowners using home equity to upgrade. Desired features include main-floor bedrooms, three-car garages, ADUs, and pools. Over 51% of homes sold are ranch-style, reflecting strong demand for single-level living.
• Homes in the $1M–$1.5M range often sell in under 30 days. Experts encourage buyers to prepare early with strong lender relationships and competitive strategies, as appreciation continues at just over 4%, and rates are not expected to drop significantly.

“If you're someone who's in the market for a four- or five-bedroom home… you've got to be ready to jump quickly. You've got to be pre-qualified.” — Daniel George

“A cash offer is almost always going to win. But if somebody is struggling to come up with that additional appraisal gap, what we can do is 100% financing on approved credit.” — Teresa Thomas

Resources

• If you're looking for commercial real estate opportunities in Alaska, contact Lottie Michael at [email protected] or 907-242-7603.
• For help buying or selling residential real estate in Alaska, contact Connie Yoshimura at 907-229-2703.

Sponsorship

This episode is brought to you in part by Berkshire Hathaway HomeServices Alaska Realty. Transform your real estate journey with expert guidance. Check out their services: https://www.bhhsalaska.com/

Credits

©2025 Alaska Real Estate Podcast. All rights reserved. Music by SoundStripe

Sight-unseen transactions can be some of the most challenging deals for agents to navigate. These types of deals often need the right protections in place from the very beginning because the financial stakes are so high. I’m joined by Berkshire Hathaway Services realtor Tamara Garner, who works closely with military buyers and sellers. She breaks down how to successfully navigate the challenges that come with sight-unseen transactions.

Navigating Sight Unseen Transactions

• Sellers are often nervous about working with sight-unseen buyers because they’ve never met them before. It can be hard to know their previous home style, or their likes and dislikes.
• Tamara says you have to take the time to really get to know your clients in sight-unseen transactions. Ask questions like whether they have pets or what type of neighborhood they want to live in. You can also research their past addresses to better understand their preferences and lifestyle.
• When it comes to home inspections, do a detailed walkthrough and act as the buyer’s eyes, making sure nothing is missed.

Winning Multiple Offers in a Hot Market

• Tamara shares a unique challenge of getting offers accepted in a competitive market, especially in the $400,000 to $600,000 price range where multiple offers are common.
• Her strategy includes:
• Monitoring the market daily
• Maintaining strong communication with listing agents
• Using escalation clauses
• Presenting tailored options to clients
• She explains that with sight-unseen deals, you must communicate that your buyers are serious, actively searching, and already submitting offers, and that they’re ready to move quickly when the right property comes up.

VA Loans & Assumptions

• Although Tamara initially wanted to save VA loans for a future episode, we couldn't pass up the opportunity to discuss them here.
• She breaks down VA loan basics, including entitlement and the nuances of zero-down financing, explaining that some buyers may still need a down payment if their entitlement is being used on another property.
• Tamara also discusses VA loan assumptions, noting that a non-VA buyer can assume a VA loan, but the loan cannot be assumed again by another non-VA buyer.

Market Advice for Sellers and Buyers

• When preparing to sell a home, Tamara's advice is to invest in professional cleaning services. A professional cleaner can make the home look its best, which may attract more buyers and potentially lead to stronger offers.
• She also recommends getting a home inspection before listing the property. Addressing potential issues upfront can help prevent surprises during the selling process, and buyers may be more comfortable moving forward when they can review a recent inspection report rather than paying for one themselves.

"With sight-unseen deals, you have to communicate that your buyers are serious, actively looking, and ready to move quickly when the right property comes up." - Tamara Garner

Resources

• Would you like to get in contact with Tamara Garner? Give her a call at 907-341-7022.
• If you're looking for commercial real estate opportunities in Alaska, contact Lottie Michael at [email protected] or 907-242-7603.
• For help buying or selling residential real estate in Alaska, contact Connie Yoshimura at 907-229-2703.

Sponsorship

This episode is brought to you in part by Berkshire Hathaway HomeServices Alaska Realty. Transform your real estate journey with expert guidance. Check out their services: https://www.bhhsalaska.com/

Credits

©2025 Alaska Real Estate Podcast. All rights reserved. Music by SoundStripe