Trillium in Bloom this week

April 26, 2010

Trillium Explosion Champion, PA!

It’s a good thing! Trilliums are beautiful spring flowers that return year after year. We have a treasured bed that runs along the Indian Creek Valley Trail (ICV Trail) in Champion.  This is one of the old rail road passages that have been turned into a hiking biking trail. Go to destination 25 on our MAP for the bed location.

 The white ones are by far the overwhelming majority and cover several hillsides. If you look carefully you will be able to find pink and deep maroon flowers scattered amongst the white. You do not have to leave the trail to find all three specimens.  

 Wikipedia shares the plant details including some very interesting facts! A few include, “Trillium seeds are spread by ants and mice! Picking Trillium for its flower can SERIOUSLY INJURE the plant.” Make sure you bring your camera along!

 Living in the Laurel Highlands allows us (and YOU) to take advantage of the best that Mother Nature has to offer. Take a walk soon as their bloom time is short. Keep your eyes open for the yellow trout lilies too! ENJOY!

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Seven Springs, PA New “Premier” Properties

April 22, 2010

Seven Springs had a booth at the 2010 Home and Garden Show in Pittsburgh last month. They had a sign promoting a new community. Locally we haven’t heard any new marketing concerning the newest offerings across the street from the Villages.

Home Show Promotion

But when a home owner shared that there is to be a model open by this Thanksgiving we dug out the original materials. This community was first pitched back in 2008 and tagged “The next Premier Property at Seven Springs Mountain Resort.” It’s in Middlecreek Township, Somerset County.

According to the Feb 19, 2008 article by Kirk Swauger in the Somerset Tribune Democrat the “The townhomes and cottages were designed by renowned resort architect Jack Johnson Co. of Park City Utah. They will have 9-foot ceiling with vaulted family rooms, private patios, and decks.”

Prices then were to range from the high $400,000s into the half million dollar arena. Two to four bedroom properties were in the plans, many with garages. With only a few Southwind properties undelivered the process of another community appears to be underway. The hand out we have has the following disclosure, “The material presented herein is conceptual only, for general information and does not constitute an offer to sell real estate. All details are subject to change at any time. Any decision to proceed with this or any other real estate project is subject to regulatory requirements, including but not limited to a Public Offering Statement and required municipal and State approvals.”

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PAR Its your Move Program

April 15, 2010

It’s Your Move

The Pennsylvania REALTOR Education Foundation (PREF) has a mission to “enhance the professionalism and profitability of real estate licensees in the Commonwealth of Pennsylvania by funding and supporting industry research and the development of timely, relevant and practical educational tools and projects.”

One of those tools is “It’s Your Move.”  What began as a REALTOR outreach program to educate high school students and their parents about renting property BEFORE they sign that first lease has turned into a self study on-line session.  Now there are two impressive power point programs to help you navigate through the transaction! One is geared for the high school level and the other for college.

 The modules below outline the high school course content.

1. Credit

2. Renting a home or apartment

3. Financing

4. Buying a home

 In these days knowing what credit is, how you get it, and why it’s critical to your future success is the building block of the program. Renting a home or apartment reviews the types of properties you may consider, paper work, landlords, rights and responsibilities to name a few! Financing is more about budgeting so that you can pay your bills. Buying a home discusses types of mortgages and has a check list of steps to follow.

 We hope this program will help you to be prepared for your first home away from home! Feel free to use any or all these materials and let us know how they’ve helped you! 

 

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PA Resort Slot License Update

April 10, 2010

A month or so ago we blogged about Nemacolin Woodlands Resort resubmitting an application for the last of the Category 3 (Resort) Slot Licenses. We just had an update from the Pennsylvania Gaming Control Board sharing that there are NOW a total of 5 resorts that have submitted applications.

Below are some links to the 5 resorts and how the local newspapers are reporting on what it would mean to snag that last license! Here’s a map so you can see where they are hail from in Pennsylvania.

Mason-Dixon Resorts, LP
Eisenhower Hotel, Conference Center and Resort, 2634 Emmitsburg Road, Gettysburg, PA 17325
Cumberland Township, Adams County, 

Woodlands Fayette, LLC
Nemacolin Woodlands Resort, Most recent Pittsburgh Tribune Review 1001 Lafayette Drive, Farmington, PA Wharton Township, Fayette County

Penn Harris Gaming, LP
Holiday Inn Harrisburg West, from the Pennsylvania Local News 5401 Carlisle Pike, Mechanicsburg, PA Hampden Township, Cumberland County

Bushkill Group, Inc.
Fernwood Hotel and Resort, East Stroudsburg, PA Middle Smithfield Township, Monroe County

Wyo Gaming, LP
Crown Plaza Reading, Wyomissing, PA Wyomissing Borough, Berks County

The vetting of the applicants and their paper work has no time constraints! We’ll keep you updated!

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Seven Springs, PA 2010 March Resale Transfers

April 6, 2010

2010 March Transfers

B33 StoneRidge   $209,000
4106 Swiss Mtn   $204,000
8067 MeadowRidge   $230,000
3708 Swiss Mtn   $225,000

The first quarter re-sales show that 8 of the 10 transfers at Seven Springs were CASH DEALS. In other words there were no mortgages recorded against the property purchased. In theory that could mean no bank involvement, no appraisal, and possibly no title report.

It could also mean that these folks used a home equity line, cashed out stocks, inherited some money or had it stuffed in their mattress. If you are a CASH BUYER we strongly encourage you to have an appraisal contingency added to your offer.

Sales are up from the past two years where there had been only 6 transfers for the first three months. So is the average sales price, going from $285,641 in 09 to $317,000. From years gone by we can share that when we experience a winter like we just had, sales tend to jump!

There’s plenty of inventory and awesome rates. Whether you are buying or selling make sure you have a designated agent working for you to take full advantage of this market before it is gone!

If you would like to see a monthly active and sold report tailored to your specific criteria and delivered to your e-mail sign up for our Market SnapShot. It pulls information out of the West Penn MLS system. We keep a multitude of statistical information and welcome the opportunity to share our market knowledge with motivated parties.

For EVERYONE, the trick in getting relevant information pertinent to your needs is in the set up! Try going into the advanced screen to tailor the market areas YOU are interested in for buying or selling! Better yet catch up with Abe and she’ll help walk you through!

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Pittsburgh market impacts second homes

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

By Austin Jaffe, Ph.D.

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.”house_on_rolled_bills

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:

jaffe_home_valuesAll 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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Freddie and Fannie Financing

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!!

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Where do our Resort Home Owners Actually Come From?

January 22, 2010

For many years sellers have been under the impression that the majority of BUYERS come out of the DC area. We believe this idea came from the days when both Kettler Brothers and Kettler Forlines Homes were exclusive builders at the resorts. Kettler Brothers were builder/owners at Hidden Valley and Kettler Forlines Homes were building exclusively at Seven Springs for over 25 years. Yes, there is a blood connection but the companies are two separate entities.

Kettler Brothers is known in the DC area for the Montgomery Village community. It was the FIRST planned community. When they became owners of Hidden Valley they marketed extensively to their home owners in MD. Home owners at Hidden Valley invited friends and family up and you would see license plates galore from out of state.

Kettler Forlines Homes was the exclusive builder developer at Seven Springs from the early 80s until 2007. Abe spent 18 years with them beginning with the Swiss Mountain Community through the Villages.  Bus trips from DC made runs every weekend to the resort exposing many to Seven Springs for the first time.

However, Maryland and or DC are NOT our primary buyer source! A year or so ago we ran the zip codes of the home owners from BOTH resorts and found the following. 81% of the home owners at Hidden Valley had Pennsylvania zips showing as their primary residence. Seven Springs came in at 79%. While we were running the stats for 2009 we took a close look at the newest buyers to become home owners. We wanted to know if there was a shift given the challenging economy. 

Zip Codes for 2009 NEW OWNERS at Both Resorts

You’ll see that the purple bar, which is the combined total of both 2009 resort home owners shows that the Pennsylvania trend continues. Note that our information comes from recorded real estate transfers which are public records. Unfortunately some records show the home owners address as the resort address or the title company and then we do our best on Google!

It doesn’t matter where you are coming from! The point is more and more people are discovering the incredible natural resources, amenities, and facilities available in the Laurel Highlands!

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Great snow for upcoming XC events

January 19, 2010

By Larry Walsh, Pittsburgh Post-Gazette

Rick Garstka of Munhall waxed enthusiastic while describing the quality and quantity of snow that has fallen in the Laurel Highlands since Dec. 28:

“Bonanza.” “Heaven sent.” “Phenomenal.”

“We’ve been waiting a long time for this,” said Garstka, the president of the Pennsylvania Cross Country Skiers’ Association. “The season has gotten off to a super start, the best in years.”

And downhill and cross-country skiers, snowboarders, snowtubers, snowshoers, sled-, saucer- and tray-sliders and tobogganists are reveling in it.

“We haven’t seen snowfall like this since the 2002-03 season when we received a total of 208 inches,” said Dick Barron, director of ski and snowboard operations at snow-blessed Seven Springs.

As of 4 p.m. yesterday, the resort had received 57 inches of natural snow since Dec. 28 and more was on the way.

“We’ll have more than 60 inches, perhaps much more, before this system moves on [this] evening,” Barron said.

Seven Springs received the most new snow of any resort in the country — 27 inches — during a 48-hour period this week, according to OnTheSnow.com.

The Web site posts snowfall information it receives from resorts. Top honors for the most new snow in 24, 48 or 72 hours usually goes to the big western resorts.

“We received a total of 78 inches for the season so far,” Barron said. “It’s wonderful.”

Garstka agrees.

“We’ve had smiles on our faces since December,” he said. “We hope to have plenty of snow for our scheduled events in January and February.”

Garstka was referring to the association’s free cross-country lessons for adults and children at Laurel Ridge State Park next weekend and Jan. 23-24, Feb. 6 and Feb. 20. It also has a Nordic Picnic Jan. 23 and the annual Pennsylvania Nordic Championship Races Feb. 7.

The lessons, also offered to those with intermediate skills, will begin at 1 p.m. in front of the rental concession. Although you don’t need to be a member of PACCSA to participate, a trail pass is necessary and can be purchased for $6.

Garstka said beginners will learn double-poling, uphill and downhill techniques and the diagonal stride. The instructors then will take them out on an easy trail to practice what they’ve just learned and will provide individual critiques along the way.

A complete set of equipment — skis, boots and poles — can be rented from the concessionaire at the park (724-455-7303). Rental equipment also is available at Thrifty Ski Rental in Donegal (724-593-6404), Route 31 Board and Ski in Somerset (1-814-443-1282) and Peak Ski and Board near Boyce Park in Plum (412-793-6600).

Be advised: It’s first-come, first-served. Get there early, especially when snow conditions are as great as they are now.

The association has a cross-country ski team — the Yellow Jackets — for children ages 5 to 12. Kids of all abilities, including beginners, are welcome. Garstka said the youngsters learn to ski by using skill sessions and games based on Cross Country Canada’s Bunnyrabbit and Jackrabbit developmental programs.

The team skis Saturdays in January and February at Laurel Ridge State Park and will make occasional trips to Kooser State Park and other locations close to Pittsburgh.

Although registration for this season has closed, parents can learn more about the team by taking their children to the free lesson sessions and/or the Nordic Picnic.

“Cross-country skiing is a great way to stay fit during the winter,” Garstka said. It can be as energetic as you want it to be — from walking pace to race speed.”

A PACCSA membership costs $6 per individual or $9 per family. For more information, go to paccsa.org.

Larry Walsh writes about recreational snowsports for the Post-Gazette.

Read more: click here

 www.ABEandWAGS.com

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Heads UP! Bridge to be Demolished

January 15, 2010

Here’s the story as posted by the PR Newswire today! Many of our readers enjoy hiking or riding snowmobiles throughout the Laurel Highlands. This bridge is midway between the Donegal and Somerset Turnpike Exits. It connects the Laurel Highlands Hiking Trail. Something you should be aware of PRIOR to setting off on your journey! Especially since there is NO DETOUR around it!

Here’s another story from the Somerset Daily American, our local paper that was circulated when the bridge was closed.

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