March 3, 2010
We think this recent post on the PAR blog reflects a REAL impact on this market. The fact the Pittsburgh is undervalued by over 12% also impacts the buyers perception on the value of second homes here. We are seeing a consistant declining in values depending on the resort and community.
Wednesday, March 3, 2010
In 2006, a research study by National City Corp. and IHS Global Insight ranked U.S. housing markets on whether or not median home prices in 299 markets were “priced correctly.”
They found that 213 of the 299 cities selected for the study were over-valued. Number one on the over-valued list was Naples, FL, with a whopping 84 percent of its housing stock selling for more than what was thought to be the “correct” price or fair value. The 2010 follow-up study found that housing in Naples now sells at a 29-percent discount to fair value. Median prices fell from more than $390,000 to about $165,500.
By 2010, only 87 of 330 cities studied were over-valued. The most under-valued market in the 2010 study was Las Vegas at 41 percent below fair value, followed by Vero Beach, FL, down almost 40 percent; Merced, CA, down nearly 38 percent; and Cape Coral, FL, down almost 37 percent.
How do Pennsylvania cities compare? Here are the numbers:
All Pennsylvania cities show evidence of relative price declines from their fair value estimates from 2006 to 2010, except Harrisburg, which extended its over-valuation, and Scranton, which is about the same.
The primary implication of these numbers is that the median prices in the overvalued cities may decline further while the undervalued set (except Pittsburgh) overshot their fair values during the recent years’ declines. The Steel City was slightly undervalued in 2006 and is even more so now.
It is important to note that it is quite possible for over- or under-valuations to persist for some time. Economics and other forces exert pressure on prices to “revert to the mean” but this process may take several months — or even years.
The conclusion of the report observed that for a few years, the average buyer “should forget about home purchases as investments.” But homebuyers, especially in under-valued markets, can expect long-term appreciation as prices approach fair values.
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March 3, 2010
| 53 |
Southwind |
|
$547,000 |
| 4308 |
Swiss Mtn |
|
$225,000 |
| 7 |
Southwind |
|
$630,000 |
We keep a multitude of statistical information and welcome the opportunity to share our market knowledge with motivated parties.
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. We have the ability to search records in Somerset, Fayette and Westmoreland counties to assist our clients.
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
Leave a Comment » | Seven Springs | Tagged: 7 Springs, market report, Market Update, real estate, Seven Springs | Permalink
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March 3, 2010
| 1228 |
Gristmill |
|
$138,000 |
| 36 |
Stonewood |
|
$70,000 |
We keep a multitude of statistical information and welcome the opportunity to share our market knowledge with motivated parties.
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. We have the ability to search records in Somerset, Fayette and Westmoreland counties to assist our clients.
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.
Leave a Comment » | Hidden Valley | Tagged: Hidden Valley, market report, real estate | Permalink
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March 3, 2010
Hidden Valley Resort will present the annual Spring Carnival March 6 - 7, 2010. More than 220 inches of snow this winter have provided awesome snow conditions this March, and the time has come to celebrate the fact that spring is just around the corner! Guests will enjoy a full schedule of games, activities, and entertainment at the third annual Spring Carnival.
Spring Carnival kicks off on Saturday morning with the opening of the Hidden Valley boardwalk. The Ski Lodge plaza level will be converted into a boardwalk scene. Vendors will be selling barbecued goodies, funnel cakes, chocolate delicacies and other treats. The entire family will enjoy contests and carnival games, free caricatures, face painting, and a strolling magician.
There will be a wide variety of events for everyone to participate in during the carnival. The events are all about having fun with the entire family. With seasonal temperatures in the 40s or warmer and hopefully plenty of sunshine, Spring Carnival will be the perfect time to get out and enjoy the incredible snow conditions.
A few events like the Family Obstacle Course and The Captains Awesome Pirate Adventure Race will require people to have skis or a snowboard and navigate various challenges as they descend the beginner area. Other amusing activities include a tug-o-war, snow volleyball, a hula hoop contest, snow rafting and a snow golf – closest to the pin contest. For the more competitive types, the resort offers a Giant Slalom race. The third and final event of the HV Park Series will take place on Sunday, March 7. This event will be a boarder/skier cross competition. There will be a registration fee for the HV Park Series event and the Giant Slalom race. Events that take place on the slopes do require a valid ski ticket.
The kids will also find plenty of fun beyond the boardwalk scene. Youngsters will have an opportunity to play on the Snowcano near the ski lodge or compete in the Kids Crazy Hat and Helmet Race. Hidden Valley is working with the Family Life Fund of Children’s Hospital of Pittsburgh’s Foundation to present the Family Fun Zone and Sweet & Treat Bar. This area will feature children’s crafts, cookie decorating, smoothies and candy. There will be a nominal fee to the Family Fun Zone activities with proceeds benefiting the Family Life Fund.
Make plans to spend the entire weekend at Hidden Valley with our attractively priced lodging packages which start at just $118 per person and includes lodging and ski tickets. Call 814.443.8000 to make reservations.
For more information on the Spring Carnival and everything Hidden Valley has to offer visit our web site at www.hiddenvalleyresort.com.
Leave a Comment » | Hidden Valley, Laurel Highlands | Tagged: Hidden Valley, Laurel Highlands, ski conditions | Permalink
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February 23, 2010
HEADS UP TO ALL CONDO HOMEOWNERS! Especially ones in the banking business that can vouch for what we are sharing! For years we have urged home owners to be active within their master and condominium associations. Add
knowing that your prospective buyer will be able to acquire financing is one more reason to be involved!!
Every day there seems to be a new rule or guideline on the mortgage end that creates another road block in getting qualified buyers approved! It seems there are fewer and fewer banks that are able to keep loans in house. In today’s economy selling the loans to the secondary market appears to be the way to do business. Additionally, even banks that keep their mortgages underwrite to Fannie and Freddie guidelines.
Understandably there are a lot of bad loans on the books and everyone wants that practice to end! However we’re experiencing a swing of over compensating—particularly in the financing of condos. Hidden Valley and Seven Springs Associations are both aware of the scrutiny that has recently been placed upon all associations budgets during the mortgage approval process.
Know that the property in question could be your primary residence condo or a second home condo ANYWHERE IN THE UNITED STATES. With both Freddie and Fannie basically using the same rules here are two for you to check in with your Association Manager. DON’T wait until you’re ready to sell your place, check it out NOW!
Quoting directly from the Freddie and Fannie requirements, does your association “yearly operating budget PROVIDE AT LEAST 10% funding for replacement reserves for capital expenditures, deferred maintenance and replacement costs of major common elements?”
Keep in mind it doesn’t matter how much you have in reserves!! It just matters what you have budgeted!! If you don’t have the 10% it can result in a mortgage denial.
Question two, “Do the project documents provide for the First Mortgagee’s Rights?” They are looking to ensure that there are “no provisions that give a unit owner or other party priority over any rights of the first mortgagee in the case of payment to the unit owner of proceeds from the termination or, insurance proceeds, or condemnation awards for losses to or a taking of units and/or common elements.”
Those of you in the financing arena should be able to share with your association manager the challenges that Freddie and Fannie have created. Understand amending project documents is a lengthy process! But if you need an amendment to be able to secure financing to sell properties within the community it is a necessary step!
Our goal is to keep you in the loop of what it takes to buy and sell property! Hopefully, this information can save you the agony of having a closing cancelled the day before settlement! The “key” to a smooth transaction is knowing what might trip you up before you begin the process!!
2 Comments | Hidden Valley, Laurel Highlands, Seven Springs, Uncategorized | Tagged: condos, fannie, Financing, freddie | Permalink
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February 17, 2010
Our National Association of REALTORS (NAR) has rolled out our newest consumer tool! Houselogic is in response to frustrations of consumers that fall into bogus sites while surfing the Internet for housing information. Sites that promise to help them through their years as home owners and in reality only want to sell them something or capture their information for resale purposes.
Houselogic Web Site
This site begins with 5 tabs at the top of the page, Improve, Maintain, Engage, Taxes & Incentives, Finances & Insurance, and News and Activity. Under each tab you’ll find subcategories that take you into greater detail about the topic you’re investigating. Read it and leave or build a binder with projects that you’ll see through from start to finish!
Houselogic Site Map
For over 100 years the REALTOR Association has championed home owner rights. When you become a FREE member of Houselogic, NAR may ask you to partner on issues or legislation that may impact you as a homeowner. It’s up to you whether to participate in these causes. Remember the people in DC work for us. Hearing from us allows them to best represent their constituents!
Take some time to try out Houselogic and share your thoughts with our other readers. Remember if you are house hunting to search REALTOR.com by zip code (Hidden Valley 15502, 7Springs 15622) for the most up to date accurate information on properties for sale!
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February 15, 2010
When originally designed the SunRidge community was to be the first to have its own chairlift! If you look at the original site plan you will notice the odd shaped parcel between condo buildings H and P. This is where the chair was going to be built. Take a look at the Aerial View from Bing and you can see how the owners in building I and O benefit from the additional back yard green space!
SunRidge has remained one of the most desirable communities in the Villages. The majority of the condos sit on the Village Trail. It also boasts one of the two community clubs. Offering a heated summer pool, hot tub, 4 tennis courts, a tot lot, basketball court and community room within easy walking distance of any owner.
This community offers town homes and condominiums. There are 15 groups of town homes with 4 properties in each group. That adds up to 60 town homes that are all referred to as the North Star floor plans. They range in size from the smallest (North St Star #1) at approximately 1,450 square feet to the largest (North Star #3) at approximately 1,813 square feet.
What makes these designs popular is the first floor master bedroom and garage!! The biggest complaint was that they were not slope side. So you have to walk across the street!
There are 11 condo buildings with each one housing 12 units, that equals 132 owners. You’ll find three levels with each level offering 4 units. The lower level floor plan is called the Gemini, the middle the Libra and the upper the Aries.
The Gemini offers two end and two interior units. There are steps down to the main level. This design has always been appreciated for its back deck and access to walk or ski out. It offers two bedrooms and two baths.
In the middle is the Libra and it also offers two end and interior units. These are the three bedrooms, three baths condos. You always walk up to the main level but then have access to two of the three bedrooms. Upstairs you’ll find the third bedroom, bath and a loft. The majority of the lofts are small but there are a few that were extended. In this community there were never any three bedroom properties that you could ski right out onto the slopes.
On the third level you’ll find the Aries on the end and the Aries Loft in the middle. The Aries floor plan began as a one bedroom, one bath. Finding more space upstairs the two interior designs ended up with a second bedroom in the loft and another bath.
Because this community is so popular the resale prices historically tend to run higher. They all have fireplaces, gas heat, and central air. They were built between 1987 and 1992. All of the properties belong to the Villages Master Association and the condos also belong to the SunRidge Condominium Association.
Leave a Comment » | Seven Springs, SunRidge Community | Tagged: 7 Springs, Laurel Highlands, real estate | Permalink
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February 12, 2010
Daily Real Estate News | February 8, 2010 | Share
4 Reasons to Sell Now
Selling a property in this tough market can seem like a challenge. Here are four factors that actually make this a good time to post a For-Sale sign.
- Sell low and buy low. Because all property values are down, the loss on the property a home owner sells is really only a paper loss because the next property he buys also will be a bargain. If he buys smartly, when prices come back up in a few years, he’ll be in better shape.
- Down-payment help is widely available. While nothing-down loans have disappeared, it is easy to find down-payment assistance for lower-income and first-time home buyers. Programs vary all over the country, but one good way to find them is to search online for “down-payment assistance programs” and the name of your region.
- Your uncle has money to share. Besides the $8,000 first-time home buyer tax credit and the $6,500 move-up credit, there are an array of energy tax credits that can make home improvements pay off in cash.
- Good help is available. Really talented real estate practitioners, contractors, and designers are available and eager for business.
Source: McClatchy Tribune, Kate Forgach (02/07/2010)
Leave a Comment » | Laurel Highlands | Tagged: Hidden Valley, Laurel Highlands, real estate, Seven Springs | Permalink
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February 11, 2010
The 49 Tourism Promotion Agencies representing all 67 counties of the Commonwealth of Pennsylvania have an incredible informational piece that outlines how vital tourism is to Pennsylvania’s bottom line. I’m reciting some facts just in case you don’t have time to open the link!
“Did you know that Tourism ranks as the second largest industry in Pennsylvania! How about, that our state is the 4th most visited state in the country! In 2007, visitors generated a total of $2.8 billion in state and municipal tax revenues (a little more than 10% of the total General Fund Expenditures in 2007-08).
Due to the major tax revenues generated by tourism industry in the Commonwealth of Pennsylvania, each one of our 4.9 million households benefits with $575 in tax savings. Put another way, if not for tourism industry, each household would have to pay $575 in additional taxes to maintain the current level of state services.”
In deed, we as REALTORS focusing our business on Hidden Valley, Seven Springs, and the immediate area in the Laurel Highlands are extremely biased in our support for the tourism industry. “We urge Gov. Rendell and our legislators to maintain FY 2009-10 Tourism Promotion Assistance funding at $8 million – funding that has already been contracted and awarded.
Without this support of a key state industry, the second round of cuts included in the Governor’s FY 2009-10 budget revisions would leave PA’s total tourism promotion expenditures at 65% below FY 2008-09.”
Here is the link that shares how YOUR VOICE can make a difference! Through a call, letter, or e-mail YOU can help to keep tourism a viable factor in our economy!
PLEASE TAKE ACTION TODAY!
Leave a Comment » | Hidden Valley, Laurel Highlands, Nemacolin, Seven Springs | Tagged: Hidden Valley, jobs, Laurel Highlands, Nemacolin, Seven Springs | Permalink
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February 11, 2010
The following letter came to Laurel Highlands Visitors Bureau members. We have permission to re-post in an effort to help spur action! So please read on!
Dear Member,
I want to take a moment to inform you of some recent state funding cuts that will impact the Laurel Highlands Visitors Bureau. These additional cuts were demanded by the Governor’s office after contracts had been awarded to each statewide tourism promotion agency. In an unprecedented move, the state told all entities to return money for sales and marketing projects that had not already been legally committed.
Over the past several years LHVB has seen its state funding for marketing and promotional programs decrease over $300,000. This most recent reduction in funding could mean a potential loss of an additional $200,000 for a total loss of more than a half-million dollars in the past three to four years.
The LHVB, along with the other TPAs across the state, is working with the Pennsylvania Association of Convention and Visitors Bureaus and the Pennsylvania Tourism and Lodging Association to reach out to the Governor’s Office, as well as state legislators to reverse this action. We are apprising them of the potential loss of tax revenues from a decrease in tourism and significant job loss, making the state’s revenue situation even worse. (See attached letter.)
I am also appealing to all LHVB members asking that you express your concern via e-mails, telephone calls or letters to our state representatives and implore them to support Pennsylvania’s second-largest industry. The more calls and letters they receive from their constituents regarding their concerns and dissatisfaction over these additional funding cuts and the affect on LHVB and the tourism industry across Pennsylvania the better the chance of the legislature calling the Governor’s office and demanding the reversal of this devastating decision (to find your state representatives go http://www.legis.state.pa.us/cfdocs/legis/home/find.cfm).
In closing let me say that even with these additional cuts the LHVB is still a very viable organization which is actively promoting the region on behalf of all our members as a premier tourism destination to potential visitors from our primary market areas.
Brad Heiser
Board Chair
Acting Executive Director
Leave a Comment » | Hidden Valley, Laurel Highlands, Nemacolin, Seven Springs | Tagged: Hidden Valley, jobs, Laurel Highlands, Nemacolin, Seven Springs | Permalink
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