Blog, News

January 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.

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 14^th 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.LaurelHighlandsPropertyvalues.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