Should I buy a condo in Canaan Valley?
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RyanC
November 28, 2003
Member since 11/28/2003 🔗
160 posts
Hi, I am a first-time poster with a real-estate related question for anyone/everyone that may have some feedback.
I work in DC a few days a week (and work a compressed schedule and am able to telecommute so I always have 3-4 day weekends). I LOVE the Canaan Valley area and would like to purchase a 1 BR condo there to live in (for myself only- no pets or kids), and can stay w/ family closer to work a few days during the week. In addition to liking the area, considering RE prices anywhere within 2 hrs of DC/Baltimore are hyper-inflated as of recent, it looks to be a very affordable alternative, since I don't mind traveling back and forth. My question: I've seen 1 BR (loft) units available at Pendletonheim condos in CV starting from around $20,000, and similar ones at Talheim Village from around $50,000. Is anybody familiar with these places, and if so, are they nice, large enough for 1 person to live in, and how about appreciation potential over the next 5, 10, 20 yrs? Any feedback would be appreciated. If these places are indeed nice (at least nice enough for a starter home/condo), it would definitely be a great way for me to live well, and at the same time, debt-free!

Thanks for any feedback!

johnfmh - DCSki Columnist
November 28, 2003
Member since 07/18/2001 🔗
1,926 posts
I own a condo in the CV and have some well-formed opinions on the subject. However, I won't post those views on the Forum. If you wish, you can e-mail me offline and I will share a few thoughts on the subject: johnfmh@yahoo.com.

Before you e-mail me, however, check out these articles if you have not seen them already:

http://www.dcski.com/news/2003/05_06_2003/realestate.php3

http://www.dcski.com/news/2002/05_13_2002/slopehomes.php

Also, read this article b/c this new development, if it happens, will definitely have an impact on CV real estate (positive or negative--no one knows):

http://www.dcski.com/news/2003/09_30_2003/porte.php3

[This message has been edited by johnfmh (edited 11-28-2003).]

DWW
November 28, 2003
Member since 03/11/2004 🔗
144 posts
We own a studio condo at SS. Paid $145,000. Could probably sell for $170,000 (after five years). Not quite pays for itself (not including upcoming upgrades - new carpet, paint, etc.) Have been satisfied with the "investment", but not a home run (expenses are very high). Remember the days (less than ten years ago) when you could buy one-bedrooms for around $20,000 and lots on Westridge for $25,000. These same now go for $75,000 and $100,000+. Of course Intrawest was the main impetus. New development at SS is somewhat limited (at least its not wide open) - so supply/demand stays in check.

As far as CV - while it doesn't have an Intrawest type impetus, it does have much better location to major markets. $20-$50 sounds reasonable for a nice (I assume) one-bedroom. I would research the Valley's "barriers to entry" the more restrictions on future building, the better for existing property owners remember supply vs. demand is the key). Research the CV municipals long term plans (zoning, infrastructure, development, etc.) Also, ask about the condo association's financial position. Often fees appear low, only to find out that large assessments are on the way.

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