Abe and Wags Wagner’s Blog

Southwind 65        $855,827

SunRidge V2         $430,000

1138 Tanyard       $160,000

1454 Gebhart       $178,000      

Thank you to all who enjoy our updates! Always know that we do post these updates on our Newsletters Page on our website so if in the future we may seem to be late please check our site, your spam system may be blocking our message.January 2008 Newsletter

In this newsletter:

1. 2007 Market Review: Mountain Market Adjustments

2. Preview: 2008 Market Area expectations.

3. Seven Springs: FIRST MILLION DOLLAR PLUS TOWNHOME SALE!

4. Hidden Valley: EXCITEMENT ABOUNDS

5. Spread the word: Angel Food Ministries

6. Local: Conservation or Development Opportunity

7. Cold weather + Snowmaking +Big Dump = Skiing!

8. Time to sell?? You have a choice.

9. Team News: New area Blog, Wags PA CRS President.

10. TEK TIP: Supercharge IE 7, Remodeling evaluation, Shift Happens.

1. 2007 MARKET REVIEW When the bulk of your business hinges on the last two quarters, as both mountain markets do, the years statistics can change dramatically! The year end numbers showed market adjustments for both resorts. Let’s take a look at Seven Springs first.

Total recorded dollar volume (new and resale) totaled $37,787,211 down 23% from 2006. A clearer picture appears when the new and resale stats are split. Although new sales at  Southwind were behind last years numbers, with everything SOLD out it’s more of a delivery issue than a market statement. Especially with the recorded prices seeing an 18.16% appreciation. That gave Southwind an average selling price of $642,446.

The last two quarters really tested the resale market ending up with an average selling price of $310,532 which is down 20% from $387,466 in 2006. New listings were down by 8% but days on market were extended. We DID NOT see resale listing inventory EXCEEDING the previous year which can be a sign of a bigger market adjustment.

When you consider last years 37% appreciation in average selling price (without Southwind) the slide in 07 still gives us a positive 17% over the 2 year period. Keep in mind these are average selling prices for all properties, and does not indicate that properties are selling for 20% less, just that the VOLUME of sales is down.

Property prices are still at or near last years prices.  You need to look at the community and floorplan to really see what the market is doing. Having been in RE at 7 Springs from the early 80’s I can share that it is indeed a “unique” market. Even in low cycles these owners have the ability to wait the cycle out.  All in all when you look around the country our numbers are still very healthy for resort resales.

Hidden Valley inched out the 7 Springs market with total recorded sales at 82 vs 80 at 7 Springs. Their total volume came in at $14,778,852, just a bit down from last year. However their average selling price was up 1.07% to $174,353. Still a great divide in numbers between the resorts.  Listings were down from 2006 by  20% (102/128) with asking prices jumping.  See below for more numbers.

2. 2008 PREVIEW:  More inventory and slightly higher prices are what we are expecting, which normally don’t go hand in hand. But with both resorts bringing on NEW CONSTRUCTION COMMUNITIES the current resale prices should inch up. The one caveat to the higher prices is just how much resale inventory comes on the market!

We strongly caution buyers to work with a designated buyers agent (one that is looking out for your best interest) ESPECIALLY if you are considering properties over $300,000. This is where we believe the pain will be felt with the influx of new construction offerings.

There are three factors that we believe will keep our markets chugging along. Demographics is the first with baby boomers still inheriting trillions of dollars for discretionary purchases like second homes.  Number two is our easy driving distance to major areas of populations with deep pockets! Third is the intent of both resort owners to improve the resorts, enhancing the desirability of the resorts and the Laurel Highlands.

Both resorts have aggressive plans for expansion of amenities and overnight lodging. One of the keys is enticing the day trippers to extend their visits to more than just in and out making the Laurel Highlands an even more attractive place to visit and stay!  

3. SEVEN SPRINGS: Something the real estate consumer needs to know is that Seven Springs has acquired Kettler Forlines Resort Homes, Inc. PA business operations. This includes, The Villages at Seven Springs Real Estate Resort Property Sales, the management services for the associations, and the maintenance service for the properties. If there is one thing you take from our updates, for BOTH resorts, is to ALWAYS find out who your agent is representing and if they really are indeed a real estate agent.  

The big news here will be WHERE 7 Springs decides to open up the next new construction site. We’ve heard lots of rumors with the one consistent factor being that it will be announced this year! (We believe this month!) Along with the “where” factor the “what” (price, type, and design) will certainly have an impact on this market.

Yes there is still snow on the slopes but for the second winter it was another green holiday . People forget what tremendous snow making capabilities there are here! The grand opening of the Gunar 6 pack chair lift has cut a 12 minute ride to the top of the mountain to 4 minutes. Skiers will find the speed a very welcome relief to the long lines on that slope. Try out the “Bit O the Burgh” in the ski lodge. It’s the first sports bar on the mountain! Look for the Lodge at Lake Tahoe to disappear spring this year and a new bigger and better one to appear in 2008!

SOUTHWIND Sets the record for the FIRST million dollar plus transfer of a townhome. With all three phases sold out listings for the resale market are beginning to appear.  Everyone is anxiously awaiting the amenity center to be completed this year. Check out our slopeside offerings at AbeandWags.com.

PHEASANT RUN This community also had a sale topping a million! Lot 10 was purchased in 06 for $269,000. Add a 5 bedroom, 4.5 bath, log home and a year later transfer it at $1,550,000. Two other lots were recorded in 2007. Check out this one!

FOURTH QUARTER RECORDED SALES AT SEVEN SPRINGS

0 sales under $100K

1 sales between $101K to $200K

5 sales between $201K to $300K

4 sales between $301K to $400K

2 sales between $401K to $500K

9 sales over $500K

Looking at the entire year here’s how the quarters broke down for total RECORDED sales,

Our in house records break these numbers down by price and new vs resale. We can even tell you if floor plans like yours are selling or sitting (length of time on the market). E-mail ABE@ABEandWAGS.com or give her a call at 412-897-8535 if you’re interested in what’s happening with properties like yours!

4. Hidden Valley: In 2007 for the third year in a row, Hidden Valley recorded sales started out chasing the previous years numbers. The ownership uncertainty made for a rocky first half. Now with the Buncher group forging a new future, sales as well as listings are bouncing back.

We look for this year to be a very good one with opportunities for both buyers and sellers depending upon your price range. New construction will take awhile to get up and running but once it does the lower priced resales should be able to fill a pretty big gap that the new construction prices are sure to create.

Check out Buncher’s proposed changes to the ski area. They are making a mark delivering projects on time and building confidence as they go! In our opinion they are visionaries and we look for many new announcements (land acquisitions, new communities, commercial development)!  

John Harvards restaurant opened as scheduled on Route 31 near their entrance and offers a Hidden Valley Ale. Prices are high compared to other local restaurants outside of the resort so we’ll see how that goes over. We wish them well and recommend you try them out. Let us know what you think on our Blog.

E-mail Abe at ABE@ABEandWAGS.com to find out how your property fits into this market or call her at 412-897-8535.

FOURTH QUARTER RECORDED SALES AT HIDDEN VALLEY

  2 sales under $100K

17 sales between $101K to $200K

  7 sale between $201K to $300K

  3 sales between $301K to $400

  0 sales between $401K to $500K

  0 sales over $500K

Here’s how the quarters broke down for total recorded sales.

5. Spread the Word:  During one of our volunteer activities we were introduced to Angel Food Ministries. Make sure you check out the “Host Tab” for offerings in your area.This non profit organization is for anyone from any financial level. Here is way to help if you know of someone who needs to watch the budget. This organization offers a monthly menu of food for an unbelievable price of $30.00. Our tip is when you go to pick up your food go early and take a insulated bag or a cooler. Many of the churches have no way of keeping the frozen food cold so pick it up early.

6. Local: Conservation or Development? Two parcels that are NOT our listings but of great interest to us as our home is near both, have recently become available. The first fronts on County Line Road on the right as you head up the hill to Seven Springs from Route 711. What’s awesome about this parcel besides the road frontage is the fact that the line for city water runs on this side! This 145 Acre parcel goes back to Roaring Run stream and to the ICV rails to trails.

To get to the second parcel you turn right on Back Creek Road and go .5 miles to the old farm with stone pillars, that sits on the right. This 89 acre parcel abuts the larger piece and also goes down to the stream and ICV rails to trails.

Use our virtual mapping links to see the property on our developments page.

It will be interesting to see if this land will be bought for development or conservation. There are beautiful flowers along the trail and wetlands. It’s hard to say what the best and highest value is!  If you would like additional information about this land contact us.

A rental opportunity awaits you on Rt 31. A good client of ours just purchased the 6000 SF Betsys Collectable building on Route 31 in Donegal across from the pie shop. The building has been re-roofed, painted, and updated. Take it all or subdivide. Call On Line INC. at 412-798-2589  for more information and lease details.   

7. SLOPES OPEN, CONDITIONS WARM: Colder temperatures, 20 inch dump, and “PLENTY OF WATER” available have had the snow guns blasting, so even with the recent summer temps conditions are good.  January 2 was an epic day with up to 24 inches of dry pow on the edges of some slopes. If you are planning a skiing trip and want to track a ski area’s conditions go to www.skireport.com for all resorts in North America. With the warm temps it is like Spring Skiing up here! Don’t expect it to last.

8. Selling your property a 2008 resolution ??  YOU DO HAVE A CHOICE We want to make it clear that if selling your house at Hidden Valley or 7 Springs is a 2008 resolution you are not limited to the agents at that resort. We would like the opportunity to be interviewed for your business. We specialize in representing sellers of resort area homes, offer designated seller agency, and have developed a aggressive and powerful Internet marketing plan that gets homes sold and at top dollar. Our listings appear on more than 15 web sites! We offer experience and dedicated negotiating for you. Thank you for the opportunity to represent you in the sale of your resort home.

9. Team News: Blogging. In November we began posting to our very own Blog. We’re going to give this until April first to see if there is any interaction from you! If not it will disappear. Here’s the intent. We’ll be posting ski conditions, weekly sales, mountain news, and ACTIVITIES. We encourage those of you who  have participated in any of these events will comment on your experience. Example: there is a TelePalooza weekend event Feb 2 and 3,  (free heel skiing) at Seven Springs and invite you to talk about it for other readers. All you need to do is click on the blue comment line, fill in your info, post your thoughts, and get out. Yes, we do have controls to keep our site family friendly.

Our involvement with our REALTOR Associations continues this year. Wags is 2008 PA State President of the Council of Residential Specialists as well as PA State CRB VP. Both these organizations are at the top of the Realtor organizations. Our involvement brings us in touch with the brightest and best of this industry. It is our honor to be chosen a leader of such. Abe has been appointed to the National Association REALTORS committee for International Operations, in addition to being a national director for CRB and NAR. We have been using this experience to market our listings to the world!   

www.ABEandWAGS.com has been rated the top area website again and one of the best in the state by IRED (International Real Estate Digest). This online international real estate website is one of the top online sources for world real estate news. New additions are the virtual mapping links on the property information and development page that allows you to see the location of the property on the resort. The photography is so good you can count the cars in the drive. Just click on the property, zoom to street level, select the hybrid view for best viewing.

10. Tek Tip: As members of the Real Estate Cyber Society we have a  Monthly Newsletter with really neat Internet tips and tricks.  This month features how to supercharge IE 7, cost to value comparison of remodeling, and the Shift Happens video on future trends. This is a 7 minute video with stunning information about the future and is worth the time to watch. Enjoy!

Lots 21 and 21A                 $144,377

1257 Kepple Lane               $164,000

539 Kooser Circle                $168,000

1613 Snowfield                   $168,000

No Recordings this week.

If you’re planning on being in the Laurel Highlands this weekend pack another layer of clothing!! Snow conditions should be awesome as the temperatures have been cold enough for snowmaking all week! It sure looks like the frosty numbers will contine throughout the holiday. Both resorts have activities for kids of all ages. If’ you are able to sneak away next week (Tuesday through Friday) you should “own the mountains!” A term we locals use when we can ski and not have to wait in the lift line!

If you get a chance take a drive into our local town of Somerset. Route 31 East takes you there if you’re at either resort. This weekend is the Fire and Ice Festival. Tonight there are fireworks and all weekend long the ice carvings which you watch being created are on display. Of course there’s a selection of food! Try it out! 

1102  Highlands      $337,500

1101  Highlands      $337,500

5225 Summit View   $299,000

2103 South Ridge    $170,000 

What’s noteworthy about three of these closings is that the properties add into a collection that’s NOW into double digits! IF Hidden Valley were a corporation you’d have to be wondering what’s up!?

No recordings posted this week.

These postings are all recordings found at the Somerset County Recorder of Deeds.

1475 Gebhart  $154,500

These are all recordings as found in the Somerset County Recorder of Deeds.

Mtn Villa 7-5               $287,500

WoodRidge 9056        $300,000