Glut of Properties for sale in CV
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kwillg6
February 20, 2007
Member since 01/18/2005 🔗
2,022 posts
I have noticed a real glut of properties for sale with Canaan Valley area realtors. Just last Fall there were very few listings and those listings had been around for awhile. Probably overpriced. It seems to me that the "correction" which hit the northern Virginia market this past year has yet to slam the valley as evidenced by asking prices. Maybe the owners really aren't anxious to sell and are just speculating. Sooner or later, with this glut, it's gonna be a real buyer's market and the prices will go downhill faster than an out of control boy scout on white lightening.
skiTLINE
February 20, 2007
Member since 12/15/2004 🔗
230 posts
Yep...Several near million dollar listings on winterset. Hell, lots still 300-400k....LOTS. And folks are buying them.

I still chuckle everytime I think what we paid for our end unit in Northwoods
dmh
February 20, 2007
Member since 12/11/2003 🔗
127 posts
Yes, I was in CV this weekend and noticed the same when I looked at the multi-list. There are probably any number of explanations but I think a couple stand out.

First, a number of people that I know listed their properties at very high price just to test the market. They are not particularly motivated to sell but will if someone bites at their overpriced asking price.

The second is the amount of new inventory on the market. There are a number of new developments in the area, including the huge Tuscan Ridge, that will, if my recollection of Econ 101, at some point reach a point where supply exceeds demand and causing prices to fall. I am not sure we have reached that point yet but it has to at least have some impact on rates of appreciation.

Based on little more than my gut, my 20+ years of visiting and owning in the Valley, the new and glorious Corridor H that brings the huge N. Vir. market that much closer, and the natural wonders of CV that are not available anywhere else even close to the DC market, I don't think we will see a huge correction. Or is that wishful thinking.
skiTLINE
February 20, 2007
Member since 12/15/2004 🔗
230 posts
I think you hit the nail on the head. Even taking into acct the large increase in number of homes it is still a small amount when you think of the number of "potential" out of towners looking for a vacation retreat. Prices will probably stay as they are and "IF" anything increase if/when any additional creature comforts are added to the valley.

The valley for the most part is still rather unheard of as far as I know. I still have to in detail explain to friends where Timberline is. Sad to say but I got a bad feeling the next 5 or so years will show a huge increase in the valleys traffic. The CVS store probably wont be able to handle it all. I keep telling the wife we should buy Coyotes
Clay
February 20, 2007
Member since 04/11/2006 🔗
555 posts
Quote:

First, a number of people that I know listed their properties at very high price just to test the market. They are not particularly motivated to sell but will if someone bites at their overpriced asking price.


I don't think we will see a huge correction. Or is that wishful thinking.




Taking the quotes above in reverse order :

1. - as a new Northwoods homeowner, I hope not

2. - I think there is a lot of speculation going on. I think I mentioned it here before, but when I bought in Northwoods, there were two units of the exact same size (1 BR w/loft) for the exact same asking price. I bought one of them for less than the asking price and the other owner relisted their unit for a higher asking price. Based on what I paid, the price for the second unit should have come down, or at least realistically stayed the same. FWIW, I did due diligence from the standpoint that the appraisal used recent, actual sales in Northwoods to validate the price rather than 'working up' sales from the distant past. Does that mean that I paid the right amount? Probably not, but if I paid too much, at least there are others in the same boat

Seriously, I think it's all a matter of perspective - if you invest in a resort property with the sole intent of making a killing, you risk getting burned. We bought because we love to ski and were tired of renting and living out of suitcases. If, when I decide to sell, I can cover what's left on the note, I will be happy.

This is not in anyway to say that I am not EXTREMELY jealous of you guys who bought years ago

Clay
skiTLINE
February 20, 2007
Member since 12/15/2004 🔗
230 posts
Quote:

Quote:

First, a number of people that I know listed their properties at very high price just to test the market. They are not particularly motivated to sell but will if someone bites at their overpriced asking price.


I don't think we will see a huge correction. Or is that wishful thinking.




Taking the quotes above in reverse order :

1. - as a new Northwoods homeowner, I hope not

2. - I think there is a lot of speculation going on. I think I mentioned it here before, but when I bought in Northwoods, there were two units of the exact same size (1 BR w/loft) for the exact same asking price. I bought one of them for less than the asking price and the other owner relisted their unit for a higher asking price. Based on what I paid, the price for the second unit should have come down, or at least realistically stayed the same. FWIW, I did due diligence from the standpoint that the appraisal used recent, actual sales in Northwoods to validate the price rather than 'working up' sales from the distant past. Does that mean that I paid the right amount? Probably not, but if I paid too much, at least there are others in the same boat

Seriously, I think it's all a matter of perspective - if you invest in a resort property with the sole intent of making a killing, you risk getting burned. We bought because we love to ski and were tired of renting and living out of suitcases. If, when I decide to sell, I can cover what's left on the note, I will be happy.

This is not in anyway to say that I am not EXTREMELY jealous of you guys who bought years ago

Clay






Yeppers....you dont want to know what we paid ...and i onlt bought 5 yrs ago
Clay
February 20, 2007
Member since 04/11/2006 🔗
555 posts
<sigh> Well as part of my due dilegence, I know what the sellers paid around the same time and if there was an 'I'm sick' emoticon I would use it here

Nah - good for you. Maybe when Corridor H is finished (if?) I'll be in the same boat I'm just not planning my retirement based on that fact
skiTLINE
February 20, 2007
Member since 12/15/2004 🔗
230 posts
Quote:

<sigh> Well as part of my due dilegence, I know what the sellers paid around the same time and if there was an 'I'm sick' emoticon I would use it here

Nah - good for you. Maybe when Corridor H is finished (if?) I'll be in the same boat I'm just not planning my retirement based on that fact




Seriously though when we bought we were not looking at it as an "investment". It was a place we fell in love with and wanted to be a part of. The financial aspect of it never even crossed our minds. I just knew that at the asking price when we bought it was a still (basically 7k more than when units were sold new.)

If you love it and are comfortable with what you paid then who cares. You have a place to go whenever you want. You own part of the WV Alps and thats all that matters
kwillg6
February 28, 2007
Member since 01/18/2005 🔗
2,022 posts
Todd, Clay, neither of you want to know what my "fire sale" price was when I bought over 13 years ago. We never looked at it as an investment, however, it's nice to know I can walk away from it with a chunk of change in my pocket. We bought for the purpose of using it, not only in winter, but the entire year which we do. We wouldn't give it up for anything. Besides, location, location, location..... think of all the other folks who, when they ski, have to bring everything, park their cars in the lot, walk through mud, ice, etc... are held captive by the resorts cafeteria and prices. I think we have it pretty good! And with the improvements we have made recently, well, I'z jus' a' chillin'
skiTLINE
February 28, 2007
Member since 12/15/2004 🔗
230 posts
hahah....funny Kim

My sister bought hers for something like 50. But it was a mess. We bought a couple years later for not much more but also gutted everything and replaced. Then the next couple years prices seemed to double each year from what we paid.

I forget when they were built originally (1985 I thought) but for the first 15 years prices didnt really budge much I dont think. Then folks found out about Tline and the valley. Glad we got in early but I will NEVER notice the appreciation cause I will NEVER sell.
Roger Z
February 28, 2007
Member since 01/16/2004 🔗
2,181 posts
Gads I rememeber way back when I was in high school, my parents took a look at a slopeside house at T-line (on Salamander), on a 1/3 acre lot that was something like $150,000. They weren't looking seriously at the time, but I'll bet in retrospect they wish they were!
kwillg6
February 28, 2007
Member since 01/18/2005 🔗
2,022 posts
Could've, would've, should've....I don't wear glasses on my a$$ because my hindsight is soooooooo good. But yeah, I've enjoyed my second home in the valley. Don't have to shovel (too much) snow, don't have to cut the grass, am on the slopes after a short 400' walk. About 10 years ago they were selling and auctioning lots in old t-line at bargain basement prices cuz they hadn't sold. Now, your'e looking at 200-400k to buy one. Back then, you could 've bought a dozen for that amount. Sometimes I think I was crazy to buy the house out by Mt Bonner.... then again, if Almost Heaven happens .
Roger Z
February 28, 2007
Member since 01/16/2004 🔗
2,181 posts
You mean your "hiney"sight? Har har.

Ski and Tell

Snowcat got your tongue?

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