From: Wags [Wags@AbeandWags.com]
Sent: Thursday, January 28, 2010 10:07 AM
To: rwagner@prudentialpreferred.com
Subject: January Laurel Highlands Newsletter from Abe and Wags
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"Abe" Wagner and Robert "Wags" Wagner, Realtors of
Prudential Preferred Realty, Laurel Highlands Office, Donegal PA, in the Laurel
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January 2010
Newsletter
In this
newsletter:
1. Market Overview: December Swing
2. Seven Springs: Market Update
3. Hidden Valley: Market Update
4. Local: Somerset Trust and Nemacolin
Slots
5. State: Budget and Parks
6. National: Flight 93 National Memorial
7. Team News: Blogging, Teaching, Serving
8. Market Snapshot, Marketing updates for
buyers and sellers
9. TEK TIP: Finding property at Hidden
Valley, Tek page
1.Market Overview – Everyone always wants to buy BEFORE
the market begins to recover! We are here to tell you that in the last six
weeks of 2009 we personally negotiated 7 agreements! This is the first sign of
a pulse for our markets. NEVER HAVE
BUYERS HAD THE PRICES, INVENTORY, AND INTEREST RATES THAT ARE NOW AVAILABLE!
The
Pittsburgh market has come around and that should mean ours will be following.
With the stats we watch we believe that this year may very well be the upturn
SELLERS have been awaiting. In other words if you are a buyer, NOW is the time to get into your
mountain home!
Buyers have
great selection with 99 active listings at Hidden Valley and 87 at Seven
Springs. Many floor plans offer at least
two properties to select from with interior conditions and location being key
factors in the buyers’ decision making process.
If 2010 is
our turn around then buyers will begin to see falling inventory which means
fewer choices! Know that once inflation kicks in the interest rates will
start to climb! We share much more in depth statistical information with
our clients. We know it gives them a strong competitive edge as 53% of our 30 listed residential
properties from 2009 were either SOLD OR PLACED INTO AN AGREEMENT THAT’S
WAITING TO SETTLE!!!
2. Seven Springs – The good news is that the number of
resale transfers is up! In 2008 there were only 28 sales recorded, in ‘09 that
number climbed to 39. The catch here is that the average sales price has come down from $391,648 in 2008 to
$326,534 in 2009. Swiss Mountain carried 41% of the 39 resales with Southwind
following with 15%.
Speaking of the Southwind community there were 19 new construction town homes that transferred at an average sales price of $786,738. The average in 2008 was $679,852.
Resales
totaled 6 with an average sales price of $660,000, the 2008 average was
$674,800.
Not all
sellers have embraced the fact that the numbers are lower and that is why, once
again, we strongly encourage you to work with a designated BUYERS AGENT. And if selling, consider us as your listing
agent for cutting edge market information!!
There are
several civil suits filed in Allegheny County against both the Villages and
SunRidge Associations as a result of the fire in February 2008. You can find
them on the Allegheny County web site. Over
half of the 87 active listings belong to these Associations! Finding
financing for these properties has become a challenge! Long time Association
Manager, Linda Zellem, is no longer a part of the management team
3. Hidden Valley
– We had hoped that the increased sales that we saw after the Buncher group
purchased the resort in 2007 would begin a new trend. Unfortunately the
economy, increased inventory, and declining prices at Seven Springs have
derailed our expectations. In 2008 there
were 80 recorded resale transfers. In 2009 there were only 48. The average
sales price here has also declined from $225,266
in 2008 to $210,700
in 2009. Only one of the new South Ridge Place condos has transferred. Active
listings total 98 with several properties headed into their second year on the
market. Our advice is the same on this side of the mountain; make sure you are
working with a designated agent!
4. Local – Welcome Somerset Trust! For those
of you who use County Line Road to get to Seven Springs you’ll remember that
the old post office building on the left has had its share of tenants! Whether
it was ski or sandwich shops they never were able to keep their doors open for
long. Somerset Trust completed their
renovations and opened their facility right before the snow flew! This will
mark their 14th office with 49 ATMs throughout Somerset, Cambria,
Fayette, and Westmoreland Counties.
President
Cook shared the story back in the 40’s when a mountain man came into the
Somerset Bank and applied for a loan to “hook up a rope that would pull people
up the mountain on two wooden slats so that they could ski back down!” Bet
you’ve guessed that it was Adolph Dupre of Seven Springs and the money was for
the first rope tow!
Nemacolin resort has had a change of mind about acquiring
the last gaming license available for the resort category. Back in 2006 they had submitted an
application for a license, but before it could be awarded they withdrew!
At the time
they cited the $25 per person charge requirement for their change of mind. That
fee has been reduced to $10! Another change in the license is that the number
of allowable slots has gone from 500 to 600. Add with table games being added
to the mix the opportunity becomes much more interesting! They’ve announced
that they already have a casino management and marketing agreement with Isle of Capri Casinos.
5.
State – We
know that the new budget will have an impact on the State Parks. Which ones
will be closed or have their hours cut back has yet to be determined. Here is a
link to PA State
Parks to check for revised hours.
Also, the bridge that crossed the Turnpike on the Laurel Highlands
Hiking trail has been closed due to structural damage. This cuts the snowmobile
trail system in half. Those of you on the southern side of the turnpike may
want to go to the grill at the shooting course in Seven Springs for a bite to
eat and drinks. Open on the weekends. Call 814-352-7777 X 7899 for more information and hours.
6. National – Flight 93 National Memorial: Saturday November 7 was the ground turning
day for this 2,200 acre site. Dignitaries such as Secretary Ken Salazar,
Governor Ed Rendell, U S Senator Robert Casey Jr, and others were there to
share their commitment to seeing the project through. As locals with family roots and REALTORS, it is our intent to document
the progress and impact this National Memorial will have on our area. Subscribe
to our BLOG RSS to stay up to
date with events in the Laurel Highlands.
As with
September 11, 2001 the end result will be life changing. Understand that this
area is rural. No city water, no city sewer, no stop lights, no zoning, no
commercial businesses like hotels or major restaurants. We know that fundamental change will be
coming. We welcome the world to this sacred site.
7. Team News - We’re going to be e-mailing our
updates Bi-Annually beginning January 2010. Our Blogs have become our resource
tool for sharing updated market information. They allow us to stay in touch
with people who are concerned with mountain news. The new site is www.LaurelHighlandsLocal.com.
We’re posting monthly sales reports along with community information. Make sure
you sign up for the RSS feed! When you go to our BLOG click the RSS icon in
your browser.
Wags has become
a Director with the Mountain Watershed Association. This important group
protects our pristine watershed and streams. Please support this organization
by becoming a $5 member at www.mtwatershed.com.
Abe has begun her work as 2010 Finance Vice President of the National Council of Real Estate Brokerage Managers.
This association helps to optimize the potential of brokers, managers, team
leaders and agents working under them.
The Visual
Tour program we use to promote our sellers properties to the world has new
applications for social media including a new format for Craig’s List postings.
Our listings may be found on the Pittsburgh, Toronto, and Washington DC
property pages. The views have increased EXPONENTIALLY and may be one reason
why we’ve seen such awesome activity!
8. Market Snapshot We came across some new technology at
the National REALTORS meeting that impressed us so much we subscribed. It is
called Market Snapshot and you can get the actual feed from the West Penn MLS
as to properties for sale, sold, days on market and more. This is the first
time we have seen anything this sophisticated for the consumer. Also, we offer
a program from Prudential and their affiliation with YAHOO that gives you the
potential internet activity on a property if you are considering selling.
Both of these
sites offer the prospective seller or buyer more information about actual
market conditions than ever before. Of course, they don’t tell you the
variables in property that we can, such as MARKET ABSOPTION, condition, floor
plans, or stats from way back! That’s
why REALTORS are still around! To try out the Market Snapshot program go to www.LaurelHighlandsHomeValues.com. Contact Abe@ABEandWAGS.com
to be enrolled on the Prudential Market update.
9.Tec Tip We have learned that if you are
trying to use a mapping system ( such as Bing.com) to find a property at
Hidden Valley the trick is to use the Somerset Zip (15501) and not the Hidden
Valley Zip of 15502. You must use a street address too, such as 123 South Ridge
Somerset, PA 15501! Here is a link to our Laurel
Highlands Map. Our technology newsletter has a great IPhone app and cooking
resource. Go
here for more.
We appreciate
your feedback or questions. Please ask for Abe or Wags personally. Feel free to
forward this newsletter in entirety to any other interested parties.
The Real
Estate Team for all Seasons.
Adrienne "Abe"
Wagner, Associate Broker
CRB, CRS,
GRI, e-PRO, OA, RECS, RSPS, SRES, TRC
412-897-8535
cell AB 065065
Robert
"Wags" Wagner, Realtor
CRB, CRS,
GRI, e-PRO, OA, RSPS
Prudential /
Fine Homes/ Developments Specialists
412-551-1859
cell RS 250265
Prudential
Preferred Realty
3802 State
Route 31 Suite 1
Donegal PA
15628
Office
800-419-7653
Fax
724-593-6123
e-Mail rwagner@topproducer.com
Web Site: www.AbeandWags.com
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