From: Wags [Wags@AbeandWags.com]

Sent: Friday, July 24, 2009 9:04 AM

To: wags@abeandwags.com

Subject: July Laurel Highlands Newsletter from Abe and Wags

You are on the private e-group of Adrienne "Abe" Wagner and Robert "Wags" Wagner, Realtors of Prudential Preferred Realty, Laurel Highlands Office, Donegal PA, in the Laurel Highlands of SW PA, USA.  If this message comes to you in error our apologies. Please let us know and we will clear you from this group. This update is not an attempt to solicit the offerings of other brokers and is for informational purposes only. Properties referred to are those listed or represented by our team and do not represent all properties in market area. All opinions are ours alone.

Before any substantive discussion about real estate with us refer to the PA Consumer Notice.

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.

July 2009 Newsletter

In this newsletter:

1. Market Overview: Buyers Market

2. Seven Springs: First Half Info

3. Hidden Valley: First Half Info

4. Local: Laurel Hill Creek, Donegal Update

5. State: G20 Summit

6. National: Mortgage Interest Deduction and Capital Gains

7. Team News: VA-K, New Blog Site

8. TEK TIP: Google Alerts, technology newsletter.

1. Market Overview If there is anything you take away from reading our updates PLEASE make sure it’s that you should be represented by a DESIGNATED AGENT. Whether you are buying or selling, this market is seeing movements that you NEED to be made aware of PRIOR to making a buying or selling decision. If you are a buyer, working with the listing agent will not generate a fiduciary relationship on your behalf. If you are a seller, allowing your listing agent to bring in the buyer will (in most cases) not generate a fiduciary relationship on your behalf.

Listing inventory for both resort markets continues to grow but the rate is slower than that for the same time last year. That is a positive sign! We do expect to see listing numbers set record highs this year into next. That’s great news if you are a buyer!! Awesome selection, single digit interest rates, and competitive prices are all awaiting you. Check out the table below and see for yourself!

Bedrooms	HV	7S	Price Range
One	10	8	$65,000 - $235,000
Two	19	21	$139,900 - $397,000
Three	25	35	$146,000 - $1,250,000
Four	16	11	$199,900 - $1,250,000
> Four	5	6	$499,000 - $3,500,000
Totals	75	81

The above information is from the WestPenn MLS as of July 23. The market absorption rate indicates that all price ranges at both resorts still favor buyers. SO WHAT ARE YOU WAITING FOR??

2. Seven Springs The good news is that the first half of 2009 resale transfers have exceeded 2008 numbers, 18 sales to 12! The bad news for sellers is that the average sales price for the first six months is off dramatically from the same time frame last year. Believe us when we share that APPRAISERS are watching very closely as not all categories have adjusted to the new numbers. What we mean by this is that historically certain floor plans or property types had a price correlation. You can see from the table above that the numbers vary greatly!

If you’re looking at the Southwind town homes (only one new one left) consider checking out our new single family DeerRidge listing! Professionally landscaped with hot tub gazebo all for $780,000!

The NEW Sporting Clay Lodge opened last month. This beautiful mountain top facility features a 7000 square foot interior with dining, bar, retail, and locker rooms. Even if you are not a shooter you have to stop by for lunch and enjoy the view. See more at Sporting Clays.

For those music enthusiasts out there the Grey Rocks Amphitheater is unfortunately offering fewer concerts this summer. Mark your calendar for Sept 6 though as country singer Phil Vasser will be performing!

3. Hidden Valley Home owners saw an increase in association dues across the board. These new fees are still under the association fees for comparable Seven Springs associations. Property owners here need to be watching the Seven Springs market closely. We believe you’ll see that as the prices continue to come down at Seven Springs the prices at Hidden Valley will also need to adjust.

Transfers for Hidden Valley are substantially off with Jan through June 30 only seeing 18 sales compared to 56 for the same time last year. Average sales prices here have declined too.

Watch for a new venue that previewed over the fourth of July. Hidden Valley has enlisted Double K Stables to provide guided trail rides and horsemanship camps on resort property. Their stables are only minutes away from the resort and there they offer boarding (60 stalls), ample pastures, Kids Kamps, riding lessons, and more! Should be a great addition!

4. Local Laurel Hill Creek – Fishermen friends have shared stories about the water running thigh high in the past, but not anymore. American Rivers (a Washington DC non profit) has listed this Pennsylvania treasure a seven out of ten in "America's Most Endangered Rivers in 2009."  This year's edition highlights missing safeguards that they feel are necessary to protect this creek from "excessive water withdrawals for development and energy extraction."

According to River Facts, Laurel Hill Creek is "16.2 miles long and has been determined by American Whitewater to be a class II+ section." The creek is a tributary of the Youghiogheny River.  Here's a map of how it runs through Laurel Hill State Park. (Make sure you increase the size!)

According to an article in the Tribune Democrat, before ‘09 is over, the Department of Environmental Protection (DEP) will determine if this watershed "deserves a "critical" label that would guide future decisions on how much of its water can be consumed." Timely... considering there are currently three pending tap in applications. Two are renewals for Somerset Boro and Seven Springs.

There was a public hearing on the third permit application for Cooper Springs, a water bottling company. They would like to draw 108,000 gallons daily from Laurel Hill Creek.  DEP has had this application since June 2008. In March, Pennsylvania's new State Water Plan was signed. Here’s a link to help you take action.

Donegal Workshop - We keep trying to impress upon you that there is a huge push, from the top of our state to our locals, to make the Laurel Highlands an INTERNATIONAL TARGETED TOURIST DESTINATION. With this intent will come funding and more opportunities to be involved at the grass roots level. For example here’s the DRAFT from a community meeting. Pay special attention to pages 12 – 14 as they highlight “proposed options” for a much needed visitor’s center! This is a big pdf file as it has lots of pictures. So get a cup of coffee while it downloads!

5. State: G20 Summit - Both Seven Springs and Nemacolin will be hosting dignitaries for the G-20 Summit in Pittsburgh this September. Talk about putting the Laurel Highlands on the MAP! Awesome Exposure! Pittsburgh? Yes, Pittsburgh! According to Anne McGinn of  Fox News,' White House Views, when this group last met in London this past spring they realized that many of them would be in the country for the United Nations General Assembly meeting. That's when President Obama offer to host the meeting.

Here's the reason that was given as to "WHY" Pittsburgh. "It’s an area that has seen its share of economic woes in the past, but because of foresight and investment is now renewed, giving birth to renewed industries that are creating the jobs of the future," shared Press Secretary Robert Gibbs. "And I think the President believes it'd be a good place to highlight some of that stuff."

Back in 1999 is when the G20 originated. In September finance ministers and central bank governors from Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, USA, and the European Union will be welcomed by our three rivers. Their goal is to bring together industrialized and developing economies to discuss key issues in the global economy. That means Financing and their agenda has got to be jammed packed!!

The Huffington Post summed up what we believe is the non-locals perception of our city, "steel, sports, smoke, and smog." We welcome the world to Pittsburgh and know that you will be very impressed with our turn around process.  

6. National You can’t help but wonder what lies before us in 2010 when it comes to increasing mortgage rates, tax hikes, and new appraisal rules. We know we’re supposed to be living in the moment but these are extraordinary times that force you to have a game plan. Consider what your real estate portfolio will look like IF the mortgage interest deduction for first and second homes goes away and the capital gains tax goes from 15% to 33% next year. That’s a potentially big hit on your bottom line and we expect to see more inventory as sellers try to beat the proposed changes. Talk to your tax consultant or financial advisor for their recommendations. Know that we’re here to get your property sold when the time is right!

7. Team News We just got back from Wild Horse Meadows, a new development in Steamboat Springs, CO with its very own GONDOLA! It’s our first VA-K in a long, long time that didn’t involve meetings or agendas!! This community has awesome FOUR SEASON amenities and a regional airport that’s 20 minutes away! Give Kerry Shea a call if you’d like more info on properties still available!! He shared he’d save some good deals for our readers! Check out our slide show and read more about our adventures on our BLOG!!

Blogging, social networking, hey, we’re even following people on Twitter. Anything we can do to get our info and our sellers properties out there is priority one. We decided to open a new Blog called Laurel Highlands Local. The goal is to have it be the place to go for info on what’s happening at our resorts, parks, and communities as so many of our neighbors are at least an hour away! We welcome additions from any and all; just remember we have final say on material! Hope to have it up and posting by September! E-mail Abe your content at Abe@AbeAndWags.com

We are thankful to be able to say that we have had 10 closed transactions so far this year with 3 more in the kitty. They all have ranged in price from $53,000 to $365,000. Our average list to sale price 97.7%! We welcome the opportunity to share our market knowledge and successful sales strategies with motivated parties.

8. Tech Tip Google Alert. Know that we are actively involved in our communities, state, and national issues regarding home ownership as many of you are. However none of us can be in two places at once. We have discovered how to utilize Google Alerts so we’re consistently updated on the issues we need to know about. It works like this, in the search box type Google Alerts. Just follow the directions and in no time you will be receiving e-mail links to the topics you have requested that people are writing about OR stayed tuned to our BLOG! Here is a link to our technology newsletter for some tech tips about searching for places, publishing books on-line, and making warning signs.

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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