Fairbanks, AK

First time buyers of Fairbanks, Alaska homes get up to an $8,000 Rebate!

The "American Recovery and Reinvestment Act of 2009" recently signed into law improves the Federal tax credit to first-time Fairbanks homebuyers. This is a credit back to first time Fairbanks homebuyers or a credit against taxes currently owed to Uncle Sam.

How does this apply to Fairbanks homebuyers? To qualify for the tax credit...

• You have to be a first time home buyer; meaning the borrower(s) can not have owned a home at anytime in the last three years;

• Your income can't exceed $75,000 for a single borrower or $150,000 for a married couple;

• The purchase must be for a principle residence. The credit doesn't apply to investment properties or second/vacation homes and;

• The purchase dates must fall between January 01, 2009 and December 1, 2009.

Unlike the previous homebuyer tax credit, this one isn't a loan and you aren't required to repay the money, unless you sell the home within the first three years. This is a perfect solution for our military servicemembers. Folks PCSing into Eielson Air Force Base or Fort Wainwright Army Post who are first time homebuyers can and should take advantage of this opportunity.

How it works:

Folks buying a home in Fairbanks or the surrounding communities will receive a income tax credit equal to 10% of the purchase price with a maximum tax credit of $8,000. The average price of a single family home in Fairbanks is $242,000, meaning just about everyone will qualify for the maximum tax credit.

The $8,000 is a credit against your current tax obligations. If you owe $10,000 in taxes, after the tax credit is applied, you'll owe $2,000. Likewise if your tax bill is only $5,000 you can expect a $3,000 rebate.

Fairbanks Alaska Real Estate - December 2008 Market Review

Yes, the title says December. It's been a busy month for the Fairbanks estate market... or at least it has for our office. End of month stats will ultimately tell the tale if it's market wide.

We saw some surprising numbers in December. Although the number of Fairbanks homes sold was down 19% over December 2007, we saw a near 36% increase in sales over November 2008. Many folks I spoke to were expecting the December numbers to be quite bleak.

Homes in Fairbanks spent less time on the market in December than almost any other time in 2008. June and July had an average days on the market of 90 & 96, respectively. December came in third place with 100; a full 24% lower than in November.

Of the homes we sold in December, more than 50% were competing with at least one other offer. What does this all mean? It means if you're serious about buying a home in Fairbanks, you shouldn't stay on the fence. There are good values to be had and in some cases, generous seller concessions. You might get a better deal if you wait, but chances are good that you could end up with heartburn over the one that got away.

Fairbanks Alaska Condominiums... All the benefits of home ownership without all the work. Sound good? If so, a Fairbanks condominium might be perfect. Fairbanks has a wide variety of condominium projects to choose from starting with a cozy 1 bedroom 1 bath flat for $88,000 to a stunning new condominium development on the Chena River for $350,000.

Most Fairbanks condominium fees include heating oil/natural gas, water/sewer, lawn care, snow removal, refuse service, structural insurance and building maintenance. There are a handful of condominiums that include everything listed above except heating oil/natural gas. For those select developments the condominium fees are generally considerably less.

Although 2008 brought an increase in the average cost of a Fairbanks Condo, it also brought a slightly longer marketing time and fewer condo's sold overall. Many buyers said the rising HOA dues were a significant factor in their looking at other housing options. Several area condo associations saw their monthly dues climb past the $600/month mark.

Search the Fairbanks MLS for available condominiums then call or email us with any questions or to arrange a personal tour.

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Below you'll find a comprehensive list of the condominium developments in Fairbanks and North Pole as well as the reported sales, average price, days on the market and homeowners association dues.

Advanced Townhomes Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	2	$194,000	68	UNK
2006	22	$189,200	215	$328.11
2007	2	$206,000	77	$446
2000	1	$194,000	55	$458

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Aurora Estates Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$77,900	38	$250
2000	1	$78,000	10	$263
2001	---	--	--	--
2002	1	$84,900	6	$273
2003	---	--	--	--
2004	3	$106,800	6	$289
2005	---	--	--	--
2006	---	--	--	--
2007	---	--	--	--
2008	1	$150,000	270	$420

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Beaver Springs Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$95,500	15	UNK
2001	2	$95,075	7	$100
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	3	$119,433	57	$100
2006	1	$132,500	37	$100
2007	---	--	--	--
2008	1	$118,000	321	$0.00

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Complex 825 Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	---	--	--	--
2007	2	$165,000	32	$295
2008	---	--	--	--

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Blevins Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	0	--	--	--
2000	0	--	--	--
2001	1	$48,000	228	$250
2002	1	$50,000	N/A	$263
2003	0	--	--	--
2004	0	--	--	--
2005	1	$83,000	56	$263
2006	2	$85,250	223	$283
2007	1	$55,000	312	$220
2008	---	--	--	--

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Bryn Mawr Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	3	$64,333	52	$227
2000	3	$65,800	48	$227
2001	3	$71,667	84	$235
2002	1	$69,600	4	$224
2003	---	--	--	--
2004	4	$95,225	16	$253
2005	6	$103,717	30	$306
2006	4	$116,350	39	$353
2007	5	$128,300	19	$384
2008	5	$113,200	66	$386

Castle Place Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	14	$60,236	97	$163
2000	13	58,712	335	$175
2001	27	$57,300	352	$173
2002	7	$60,539	20	$161
2003	---	--	--	--
2004	8	$81,350	9	$170
2005	3	$87,667	20	$191
2006	8	$91,862	80	$232
2007	2	$109,326	35	$207
2008	6	$105,000	57	$242

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Cedar Plaza Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$34,500	112	$150
2001	3	$48,167	334	154
2002	1	$45,500	1	$150
2003	---	--	--	--
2004	2	$49,900	5	$150
2005	---	--	--	--
2006	---	--	--	--
2007	1	$70,000	8	$200
2008	1	$85,000	38	$275

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Dartmouth House Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$26,000	7	$150
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	1	62,500	15	$170
2005	---	--	--	--
2006	1	$67,500	145	$200
2007	---	--	--	--
2008	---	--	--	--

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Destinations North Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	---	--	--	--
2007	---	--	--	--
2008	---	--	--	--

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Denali Estates Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	1	$117,500	1	$280
2000	3	$100,333	57	$231
2001	1	$87,500	80	$226
2002	2	$112,950	162	$263
2003	---	--	--	--
2004	1	$132,500	8	$284
2005	1	$140,000	53	$248
2006	4	$154,000	44	$302
2007	---	--	--	--
2008	---	--	--	--

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Eagles Nest Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	7	$190,018	102	$363
2006	9	$205,190	224	$363
2007	2	$216,250	35	$362
2008	3	$205,000	262	$387

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Eldorado Estates Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$110,500	42	$249
2000	1	$125,000	205	$259
2001	4	128,500	278	274
2002	5	$112,500	189	262
2003	---	--	--	--
2004	1	$137,000	31	$270
2005	6	$160,500	21	$385
2006	2	$164,500	72	$385
2007	4	$162,500	42	$416
2008	3	$171,667	99	$344

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Georgetown Commons Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	1	$45,000	55	$194
2000	8	$57,867	140	$203
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	1	$89,900	4	$UNK
2005	4	$82,475	22	$236
2006	2	$96,750	18	$255
2007	1	$92,500	3	$246
2008	1	$125,000	7	$296

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Gold Crest Estates Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	1	$87,500	115	$100
2000	---	--	--	--
2001	4	$98,975	35	$100
2002	1	$127,890	4	$100
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	1	$155,000	7	$160
2007	---	--	--	--
2008	1	$152,250	94	$170

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Hamilton Estates Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$74,000	55	$237
2000	4	$95,833	81	$225
2001	1	$77,000	58	238
2002	2	$68,250	114	231
2003	---	--	--	--
2004	3	$91,333	26	$263
2005	---	--	--	--
2006	3	$109,750	19	$335
2007	3	$127,167	42	$328
2008	2	$130,750	47	$342

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Linck Estates Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	1	$170,000	53	$362
2003	---	--	--	--
2004	1	$165,000	216	$350
2005	---	--	--	--
2006	1	$185,000	84	$350
2007	2	$187,500	66	$390
2008	1	$195,000	127	$448

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Marika Royal Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	2	$91,200	35	$230
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	1	$160,000	111	$380
2006	---	--	--	--
2007	1	$169,000	27	$400
2008	---	--	--	--

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Mayfair Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	1	$149,500	139	$325
2005	9	$142,111	68	$325
2006	4	$148,000		--
2007	--	--	--	--
2007	2	$153,500	48	385

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Nantucket Square Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	12	$113,625	73	$280
2005	17	$121,393	57	$287
2006	8	122,158	49	$272
2007	7	$137,486	19	$294
2008	4	$143,000	35	$509

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Park South Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$46,500	59	90
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	1	$55,000	21	$165
2005	---	--	--	--
2006	1	$78,000	138	$125
2007	---	--	--	--
2008	1	$69,900	33	$275

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Regency Park Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$39,500	43	$220
2000	---	--	--	--
2001	3	$39,000	66	$220
2002	1	$45,000	22	$220
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	3	$67,467	53	$260
2007	1	$69,900	186	$250
2008	1	$90,000	20	$300

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Ridgetop Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$52,125	43	$195
2000	1	$60,000	41	$200
2001	---	--	--	--
2002	1	$68,500	3	$190
2003	---	--	--	--
2004	---	--	--	--
2005	3	$87,333	30	$222
2006	5	$89,100	40	$266
2007	1	$105,000	N/A	$360
2008	---	--	--	--

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River Bend Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	---	--	--	--
2007	1	$350,000	N/A	$185
2008	1	$350,000	164	$185

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Riverside West Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	3	$88,800	77	$254
2000	2	$104,200	22	$266
2001	4	$110,875	19	$264
2002	4	$119,800	62	261
2003	---	--	--	--
2004	1	$149,900	52	$272
2005	2	$141,000	48	$290
2006	1	$186,000	45	$295
2007	---	--	--	--
2008	---	--	--	--

River View Villas Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	3	$72,833	71	$255
2000	1	$77,000	N/A	$250
2001	2	$78,250	27	$250
2002	1	$83,000	8	$250
2003	---	--	--	--
2004	---	--	--	--
2005	1	$126,000	80	$305
2006	1	$130,500	45	$295
2007	2	$135,500	34	$370
2008	2	$144,500	26	$370

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Sprucewood Court Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	1	$47,000	55	$175
2000	3	$46,500	92	-$178
2001	1	$53,000	2	$185
2002	---	--	--	--
2003	---	--	--	--
2004	1	$70,000	71	$185
2005	1	$75,000	12	$205
2006	3	80,427	58	$218
2007	1	$88,000	N/A	UNK
2008	1	$79,500	124	250

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Sun West Estates Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	3	$54,833	70	$192
2000	3	$67,167	21	$231
2001	---	--	--	--
2002	3	$63,300	16	$207
2003	---	--	--	--
2004	6	$90,583	44	$245
2005	4	93,960	41	$290
2006	2	$96,250	69	$304
2007	1	$106,000	7	304
2008	1	$103,000	N/A	311

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Tanana Manor Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$42,000	116	$185
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	1	$78,900	59	$303
1007	--	--	--	--
2008	--	--	--	--

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The Villages Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	5	$105,000	61	$275
2005	9	$96,000	76	$262
2006	5	96,980	84	$332
2007	1	$131,000	58	$400
2008	1	$85,000	41	$370

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Townsite Commons Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$95,500	13	$145
2001	1	$95,500	N/A	$150
2002	1	$109,000	39	$157
2003	---	--	--	--
2004	---	--	--	--
2005	1	$145,000	42	$175
2006	2	143,950	37	$175
2007	---	--	--	--
2008	---	--	--	--

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University Estates Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	---	--	--	--
2001	2	$55,500	285	$275
2002	6	$56,132	603	$275
2003	---	--	--	--
2004	4	$83,375	22	$275
2005	1	$96,000	66	$175
2006	---	--	--	--
2007	5	$104,380	68	$400
2008	---	--	--	--

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University Manor Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$88,125	256	$132
2000	---	--	--	--
2001	2	$85,250	28	$189
2002	---	--	--	--
2003	---	--	--	--
2004	1	$124,900	30	$305
2005	1	$125,000	121	$289
2006	---	--	--	--
2007	1	$164,000	24	$312
2008	---	--	--	--

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University Park Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	3	$47,000	109	$235
2001	3	$48,672	55	$248
2002	4	$46,875	57	$243
2003	---	--	--	--
2004	7	$65,928	134	$246
2005	4	$73,750	62	$273
2006	2	$81,375	30	$290
2007	4	$74,225	16	$315
2008	---	--	--	--

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Village Green Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	---	--	--	--
2000	1	$83,000	28	$295
2001	---	--	--	--
2002	---	--	--	--
2003	---	--	--	--
2004	---	--	--	--
2005	3	$136,633	20	$350
2006	3	$150,083	84	$417
2007	3	$160,833	41	$458
2008	1	$161,650	55	$385

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Wickersham Place Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	-1	$75,000	167	$200
2000	1	$68,000	8	$200
2001	3	$70,167	100	$255
2002	1	$83,700	48	$261
2003	---	--	--	--
2004	---	--	--	--
2005	---	--	--	--
2006	1	$82,000	N/A	$255
2007	1	$130,000	23	346
2008	1	$99,900	72	$407

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Williamsburg Commons Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	1	$75,000	135	$245
2000	5	$74,300	83	$259
2001	1	79,500	107	$UNK
2002	3	$80,000	60	$251
2003	---	--	--	--
2004	3	$99,333	6	$261
2005	4	$91,500	41	$301
2006	---	--	--	--
2007	1	$114,500	29	$380
2008	1	$135,000	50	$491

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Woodridge Park Condominium
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	2	$30,950	204	$215
2000	2	$40,000	219	$180
2001	1	$47,000	87	$160
2002	1	$54,000	37	$160
2003	---	--	--	--
2004	2	$69,250	27	$203
2005	2	$60,000	32	$207
2006	2	$67,850	92	$250
2007	2	$81,500	34	$287.50
2008	---	--	--	--

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Woodside North Condominiums
Year	Units Sold	Average Price	Average DOM	Average HoA Dues
1999	5	$124,300	68	$150
2000	2	$125,750	4	$150
2001	4	$134,125	20	$160
2002	5	$138,940	19	$160
2003	---	--	--	--
2004	3	$147,467	21	$162
2005	5	$184,300	34	202
2006	6	$202,833	76	$266
2007	4	$846,000	110	$269
2008	1	$189,250	91	$435

One thing we're constantly asked by folks relocating to Alaska is about our weather. What are the winters like? Do you have 24 hour sunlight in the summer? How do you survive when it's -40 (or colder)?

If you're headed to Alaska just to start a new chapter in life or relocating with Eielson Air Force Base or Fort Wainwright Army Post, this should give you an idea of what you're in for. Having called Alaska home for almost 30 years I can tell you there's no place quite like The Last Frontier.

The truth is we do have some cold winters, but the summers more than make up for them. Our summers are moderate, dry and generally not very windy. I don't know that we broke the record for coldest winter this year or not, but we came awful close. There were a couple of times it registered 65 below zero at our house in North Pole.

Fairbanks is often described as an arctic desert. Most of the precipitation in the Interior is from our annual snowfall. Summers are fairly dry although some years, like 2008, can bring record rains the the Interior. It's certainly not something we see often.

As a rule, winters in the Interior are dark. With the onset of the summer solstice, we begin losing daylight. Initially no more than a few seconds, but eventually we lose up to 6-8 minutes of daylight a day. In the depth of winter, the sun barely creeps above the horizon. On a cloudy day or a very cold day with heavy ice fog, you can expect to not even see the sun. Sounds bleak, I know, but December 21st marks the turning point where we start gaining sunlight. By May 15th the sun doesn't set until after 10PM, and even then there's plenty of light to enjoy any outdoor activity you can imagine.

New regulations adopted by the Alaska Department of Fish and Game dramatically effect military hunters and fishermen...fisherwomen too... or is it fisherpeople? Either way, this is great news.

Prior to the new regulations being adopted, folks stationed at Eielson Air Force Base and Fort Wainwright Army Post, that had been in Alaska less than 12 months, were required to pay nonresident fees for a fishing and hunting license and related game tags.

A long overdue change to the ADFoG regulations will allow permanently stationed active-duty military personnel and their families to purchase nonresident hunting and fishing licenses at resident prices. An annual sport fishing license is now $25 and an annual combination sport fishing and hunting license is only $48. Can it get better than that? Sure. Active members of the Alaska National Guard or Reserve may qualify for a free hunting or fishing license.

Although it's a little early to break out your fly rod there's still plenty of time left to bag a few grouse or ptarmagain before the end of the season. Here are a few links to keep you on track and out of the sights of the ADFoG Troopers.

Military License/Tag Informaton (.PDF)

Purhcase Hunting and Fishing Licenses

Small Game Seasons (.PDF)

Big Game Hunting Regulations

Interior Alaska Game Management Units (.PDF)

Sport Fishing Publications (ADFoG)

If you're not a member already, consider joining the Alaska Outdoors Council. It's sole focus is the preservation of outdoor pursuits in Alaska - hunting, fishing, trapping, firearms ownership, and public access - and conservation of the habitats upon which they depend. It's the best $25 you could spend.

Stay safe & God bless.