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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. Reviewing the chart below you can see what a tough year this was and how much further up it can go!!
|
Year |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
# of Resales |
156 |
155 |
84 |
79 |
80 |
48 |
The average sales price here has also declined. In 2008 it went from $225,266 to $210,700 in 2009. When you look around the US at other resort areas and the hits they have taken on prices both of our Pennsylvania Resorts are holding their own!
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!
The Pittsburgh market has come around and that should mean the resort markets 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 98 active listings at Hidden Valley and 87 at Seven Springs. Many floor plans offer at least two properties to select from with interior merchandising 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!!!
We know for a fact that that more and more people are finding what we already know that the Laurel Highlands offers incredible YEAR ROUND ACTIVITIES!!
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| 2742 Powder Ridge | $273,500 | |
| 471 Gardner Road | $230,000 | |
| 1467 Gebhart Way | $154,000 | |
| 533 Kooser Circle | $180,000 | |
| 2407 South Ridge | $322,000 | |
| 5034 Summit | $279,000 | |
| 1736 Snowfield Drive | $320,000 | |
| 2421 South Ridge Plaza | $310,000 | |
| 1922 South Ridge | $250,000 |
Stayed tuned for the 2009 year end updates on market stats!!
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Last week I attended a public meeting regarding a deep mine application for New Enterprise Stone and Lime. This stone quarry is across the street from Hidden Valley. It wasn't a very large turnout and only three people shared their concerns. We were surprised not to see any representatives from Hidden Valley Resort or the Home Owners Association.
When you're on top of the mountain you can see only a portion of New Enterprise surface mining operations. They propose to deep mine 240 acres for LIMESTONE, NOT COAL. Approximately five and a half additional acres would be surfaced mined to open up an entrance. Here is a link to an aerial map.
Concern arises from the amount of impact the operations may have on the Shaffer Run watershed. Shaffer and Kooser Run are tributaries that may be impacted by the mining. They both feed into Laurel Hill Creek. If you recall, this creek made its way to one of America's top 10 endangered rivers. More recently it made the headlines when a bottling company wanted to with draw 108,000 gallons of water a day. That permit was denied.
The Pennsylvania Department of Environmental Recourses (DEP) is an incredible web site for homeowners. You can search by your zip code or check out their digitized maps to see if there is mining underneath your property! So far 11 of 43 Pennsylvania county maps are posted. Somerset County is still being processed. They even have a Help Desk, the number is 1-800-922-1678.
The DEP has an e-letter that you can sign up for if you would like to keep up with their news! Here's the Link!
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1244 Tanyard $182,500
1807 Eagles Ridge $187,500
1807 Eagles Ridge $187,500
1931 South Ridge $292,000
62 Valley View $133,000
1585 Snowfield $200,000
Recorded sales transfers for the resorts are acquired electronically from records inputted at the Somerset County Court House, Office of the Recorder of Deeds. We review sales in Jefferson (Hidden Valley) and Middlecreek (Seven Springs) Townships on a weekly basis.
Prices do not reflect bill of sales and other out of settlement transfers. Furnishings, which are included in the majority of sales are assigned no monetary value. We do not post transfers that carry $1.00 values.
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PROPERTIES ON THE MARKET 3rd Quarter 2009 MLS 799234 528 Nebo Road Ext, Melcroft 1 BR 1B house on state stocked trout stream. New roof, windows, bath, lighting, insulation, electric bb heat, ONLY$59,000 MLS 797980 112 Hill view Lane, Melcroft 4BR, 1B Renovated home with newer siding, electrical panel, windows, furnace, and insulation. Room for 2 bath, garage $92,500 MLS 797487 8114 StoneGate, Seven Springs 4BR, 3B Furnished Emerald floor plan with custom 4th BR. Ski in and out. Awesome east views. $375,000 MLS 796532 2406 South Ridge Lane, Hidden Valley 3BR, 2B house with garage. Great condition, all furnishings and appliances, great deck and back yard. $323,000 MLS 795770 113 Chipmunk Court, 7 Springs. BIG 4BR, 4 1/2B, townhouse, beautiful furnishings, 3 fireplaces, 2 car GARAGE, overlooks chipmunk pond, end unit, gated MLS 794092 1467 Gebhart Way, Hidden Valley 2BR, 2B townhouse, furnished with appliances, close to all resort amenities. $164,900 MLS 789896 3D4 Mt. Villas 4BR, 3B beautifully furnished, only 4 like this. Close to golf course, shuttle to slopes. $225,000 MLS 788422 1247 Tanyard, Hidden Valley 2BR, 2B with LOFT. Walk to slopes, tennis, and pool, Condo in great shape, furnished and appliances. $179,000 MLS 787408 1150 Gary Road Trent 3BR, 1B newer trailer with kitchen and some furnishings. On .67 acres, block garage, well and septic. $64,000 MLS 782345 Fire Tower Road Building lot with spectacular southern valley views! Location allows you to be at either Seven Springs or Hidden Valley in 5 minutes!! Easy access to hiking and snowmobile trails. $169,000. MLS 778633 330 DeerRidge, 7 Springs, 4BR, 3 1/2 B, Single Family, professionally decorated and landscaped, furnished Tyrol floor plan, custom spa and sunroom. $780,000 MLS 776348 8129 StoneGate, 7 Springs, 4BR, 3B, slope side, mountain views, furnished, appliances, AV, Jacuzzi in MB, garage NEW PRICE $399,000 MLS 772414 163 Quail Drive, Pheasant Run, 7 Springs 4BR, 4B Stunning Lindal custom home in gated community on 5.2 acres. Furnishings, appliances, and electronics go with this home. 2 car GARAGE Shuttle to slopes and resort. $1,250,000 MLS 771909 5314 Summit Vista, Hidden Valley, 2BR, 2B, furnished, decorated, renovated, very clean, front deck NEW PRICE $169,500 MLS 769200 P5 SunRidge, 7 Springs, 3BR, 3B, slope side, walk to pool, furnished, appliances, staged, $355,000 MLS 761532 175 Fern Mountain Road 4BR, 3 ½ Baths, Completed in 2008, premium construction, furnished, 6 flat screens, oversized 2 car GARAGE, 2 acre site. $899,000 MLS 759615 B33 StoneRidge, Seven Springs 3BR, 2 Baths, ski in and out, furnished, CARPORT, bedroom lockout for rental potential. NEW PRICE $228,000 MLS 758483 147 Alpine Heights, Champion 4BR, 4 Baths totally renovated with new kitchen, deck, windows, plumbing and fixtures. Over looks slopes. NEW PRICE $475,000 MLS 736542 Building Lots Guiher Subdivision 5 parcels perked about 2 acres each with hilltop rural views of the Laurel Highlands. Off County Line about 12 miles from 7 Springs. Buyer will have to drill well and install septic. $29K to $34K. RECENT SALES OR UA We are up to 15 closed transactions this year. Take note that we have represented buyers as long as they ARE NOT MAKING OFFERS ON OUR LISTINGS. Our in depth analysis of the market trends enhance the negotiating efforts and success of either a buyer or seller. MLS 784240 62 Valley View, Hidden Valley 3BR, 1.5B, town home with awesome winter views of slopes and trails, $139,000 SOLD $133,000, 95.6% of list, 79 DOM on 10/23/2009 MLS 790110 191 Pletcher Rd, building lot in Laurel Highlands, sloping, cleared, buyer must drill well and install septic $32,000 SOLD 29,800, 93% of list, 14 DOM on 10/5/2009 MLS 777367 125 Route 31, Acme,1BR, 1B Farmhouse with 32X38 concrete block garage, $62,000 SOLD $55,000, 88.7 of list, 43 DOM, on 8/5/2009 MLS 767083 392 Kreinbrook Hill Road, Mt. Pleasant, 3BR, 2B, substantial brick home, 6 acre lot sees Pittsburgh skyline, appliances, 2 car garage $274,000 SOLD, $282,000, 103% of list, 91 DOM, on 8/31/2009 MLS 777481 4704 Swiss Mountain, 7 Springs, 3BR, 3B, Furnished, appliances, Largest Interlaken design, Mountain Views, $195,000 SOLD, $185,000, 92.3% of list, 41 DOM, on 8/19/2009 MLS 749257 Lot 202 Laurel Summit Home site, 2 acres, level, trees, UG utilities; buyer must drill well and install septic $55,000 SOLD $53,000, 96.3% of list, 229 DOM, on 6/17/2009 Research of sales in resort areas not represented by us personally from MLS and courthouse records are kept privately by us in our office. If you want our perception as to property sales history and potential value of your property in this area please contact us directly. We need properties to sell. Properly priced and prepared properties are selling. To see how our " Key to Close" FULL SERVICE marketing plan and REDUCED EXPENSES gets results and GETS MORE MONEY FOR YOU. For a FREE EVALUATION and how your property could do in this market place call me direct at 412-551-1859 or reply to this e-mail. You are authorized to forward this update in entirety to other interested parties. If you have parties who would like to get this e-update directly please have them e-mail me with "LH UPDATE REQUEST". Note, please ask specifically for Abe or Wags if you have questions on a property, market conditions, or how your home fits in this market.
Southwind community. Built 2007 $899,000
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